0001803599-22-000108 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	May 31, 2022	Jun. 30, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2022
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	39899 Balentine Drive
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	800
Local Phone Number	747-0583
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CNXC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		52,044,544
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001803599
Current Fiscal Year End Date	--11-30

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Current assets:
Cash and cash equivalents	$ 163,364	$ 182,038
Accounts receivable, net	1,311,715	1,207,953
Other current assets	153,904	153,074
Total current assets	1,628,983	1,543,065
Property and equipment, net	401,716	407,144
Goodwill	2,925,679	1,813,502
Intangible assets, net	1,037,987	655,528
Deferred tax assets	53,104	48,413
Other assets	565,183	578,715
Total assets	6,612,652	5,046,367
Current liabilities:
Accounts payable	110,931	129,359
Current portion of long-term debt	105,000	0
Accrued compensation and benefits	437,516	453,434
Other accrued liabilities	346,204	351,642
Income taxes payable	23,371	33,779
Total current liabilities	1,023,022	968,214
Long-term debt, net	2,197,876	802,017
Other long-term liabilities	501,579	546,410
Deferred tax liabilities	164,073	109,471
Total liabilities	3,886,550	2,426,112
Commitments and contingencies (Note 14)
Redeemable non-controlling interest	2,157	0
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized and no shares issued and outstanding as of May 31, 2022 and November 30, 2021, respectively	0	0
Common stock, $0.0001 par value, 250,000 shares authorized; 52,058 and 51,927 shares issued as of May 31, 2022 and November 30, 2021, respectively, and 51,342 and 51,594 shares outstanding as of May 31, 2022 and November 30, 2021, respectively	5	5
Additional paid-in capital	2,404,281	2,355,767
Treasury stock, 716 and 333 shares as of May 31, 2022 and November 30, 2021, respectively	(118,248)	(57,486)
Retained earnings	589,740	392,495
Accumulated other comprehensive loss	(151,833)	(70,526)
Total stockholders’ equity	2,723,945	2,620,255
Total liabilities, redeemable non-controlling interest, and stockholders’ equity	$ 6,612,652	$ 5,046,367

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2022	Nov. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	52,058,000	51,927,000
Common stock, shares outstanding (in shares)	51,342,000	51,594,000
Treasury stock (in shares)	716,000	333,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Income Statement [Abstract]
Revenue	$ 1,568,101	$ 1,369,878	$ 3,104,153	$ 2,723,156
Cost of revenue	1,009,185	887,149	2,007,103	1,754,377
Gross profit	558,916	482,729	1,097,050	968,779
Selling, general and administrative expenses	402,004	354,505	792,393	705,666
Operating income	156,912	128,224	304,657	263,113
Interest expense and finance charges, net	12,973	6,745	21,743	14,448
Other expense (income), net	(2,545)	(3,546)	(10,161)	257
Income before income taxes	146,484	125,025	293,075	248,408
Provision for income taxes	33,451	42,121	69,503	76,693
Net income before non-controlling interest	113,033	82,904	223,572	171,715
Less: Net income (loss) attributable to non-controlling interest	(109)	0	157	0
Net income attributable to Concentrix Corporation	$ 113,142	$ 82,904	$ 223,415	$ 171,715
Earnings per common share:
Basic (in dollars per share)	$ 2.16	$ 1.59	$ 4.27	$ 3.31
Diluted (in dollars per share)	$ 2.14	$ 1.57	$ 4.23	$ 3.26
Weighted-average common shares outstanding
Basic (in shares)	51,564	51,275	51,596	51,215
Diluted (in shares)	51,990	52,005	51,995	51,928

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
Net income before non-controlling interest	$ 113,033	$ 82,904	$ 223,572	$ 171,715
Other comprehensive income (loss):
#REF!	(7)	(72)	766	(448)
#REF!	(12,944)	17,669	(15,704)	10,599
#REF!	3,138	(7,355)	2,465	(16,526)
Total change in unrealized gains (losses) on cash flow hedges, net of taxes	(9,806)	10,314	(13,239)	(5,927)
Foreign currency translation, net of taxes of $0 for the three and six months ended May 31, 2022 and 2021, respectively	(54,995)	35,433	(68,834)	41,739
Other comprehensive income (loss)	(64,808)	45,675	(81,307)	35,364
Comprehensive income	48,225	128,579	142,265	207,079
Less: Comprehensive income (loss) attributable to non-controlling interest	(109)	0	157	0
Comprehensive income attributable to Concentrix Corporation	$ 48,334	$ 128,579	$ 142,108	$ 207,079

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Statement of Comprehensive Income [Abstract]
Change in unrealized losses of defined benefit plans, tax	$ 0	$ 0	$ 0	$ 98
Unrealized gains (losses) on cash flow hedges, tax	(4,440)	6,048	5,387	(3,793)
Reclassification of net loss on cash flow hedges to net income, tax	(1,078)	2,518	(846)	5,540
Foreign currency translation gain (loss), tax	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Accumulated other comprehensive loss	Former parent company investment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding (in shares)		0		0
Beginning Balance at Nov. 30, 2020	$ 2,302,085	$ 0	$ 0	$ 0	$ 0	$ (3,814)	$ 2,305,899
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	35,364					35,364
Less: Net income (loss) attributable to non-controlling interest	0
Share-based compensation activity (in shares)		161,000
Share-based compensation activity	21,131		21,131
Repurchase of common stock for tax withholdings on equity awards (in shares)				4,000
Repurchase of common stock for tax withholdings on equity awards	(527)			$ (527)
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)
Net income attributable to Concentrix Corporation	171,715				171,715
Ending Balance at May. 31, 2021	2,529,768	$ 5	2,327,025	$ (527)	171,715	31,550	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding (in shares)		51,214,000		4,000
Beginning Balance at Feb. 28, 2021	2,389,278	$ 5	2,314,996	$ (409)	88,811	(14,125)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	45,675					45,675
Less: Net income (loss) attributable to non-controlling interest	0
Share-based compensation activity (in shares)		82,000
Share-based compensation activity	12,029		12,029
Repurchase of common stock for tax withholdings on equity awards	(118)			(118)
Net income attributable to Concentrix Corporation	82,904				82,904
Ending Balance at May. 31, 2021	2,529,768	$ 5	2,327,025	$ (527)	171,715	31,550	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock, shares outstanding (in shares)		51,296,000		4,000
Redeemable non-controlling interest	$ 0
Common stock, shares outstanding (in shares)	51,594,000	51,594,000		333,000
Beginning Balance at Nov. 30, 2021	$ 2,620,255	$ 5	2,355,767	$ (57,486)	392,495	(70,526)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(81,307)					(81,307)
Less: Net income (loss) attributable to non-controlling interest	157
Equity awards issued as acquisition purchase consideration	15,725		15,725
Acquisition of non-controlling interest in subsidiary	2,000
Share-based compensation activity (in shares)		(252,000)
Share-based compensation activity	32,789		32,789
Repurchase of common stock for tax withholdings on equity awards (in shares)				16,000
Repurchase of common stock for tax withholdings on equity awards	(2,912)			$ (2,912)
Repurchase of common stock (in shares)				367,000
Repurchase of common stock for tax withholdings on equity awards	(57,850)			$ (57,850)
Dividends	(26,170)				(26,170)
Net income attributable to Concentrix Corporation	223,415				223,415
Ending Balance at May. 31, 2022	2,723,945	$ 5	2,404,281	$ (118,248)	589,740	(151,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable non-controlling interest	2,266
Common stock, shares outstanding (in shares)		51,664,000		348,000
Beginning Balance at Feb. 28, 2022	2,731,999	$ 5	2,389,403	$ (60,040)	489,656	(87,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(64,808)					(64,808)
Less: Net income (loss) attributable to non-controlling interest	(109)
Share-based compensation activity (in shares)		(322,000)
Share-based compensation activity	14,878		14,878
Repurchase of common stock for tax withholdings on equity awards (in shares)				1,000
Repurchase of common stock for tax withholdings on equity awards	(358)			$ (358)
Repurchase of common stock (in shares)				367,000
Repurchase of common stock for tax withholdings on equity awards	(57,850)			$ (57,850)
Dividends	(13,058)				(13,058)
Net income attributable to Concentrix Corporation	113,142				113,142
Ending Balance at May. 31, 2022	2,723,945	$ 5	$ 2,404,281	$ (118,248)	$ 589,740	$ (151,833)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redeemable non-controlling interest	$ 2,157
Common stock, shares outstanding (in shares)	51,342,000	51,342,000		716,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Cash flows from operating activities:
Net income before non-controlling interest	$ 223,572	$ 171,715
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	73,174	72,225
Amortization	79,525	69,199
Non-cash share-based compensation expense	27,590	15,690
Provision for doubtful accounts	4,422	(2,132)
Deferred income taxes	963	(4,764)
Unrealized foreign exchange loss	470	3,240
Other	(107)	142
Changes in operating assets and liabilities:
Accounts receivable, net	(17,039)	(10,896)
Payable to former parent	0	(22,825)
Accounts payable	(17,777)	(15,033)
Other operating assets and liabilities	(162,309)	(37,446)
Net cash provided by operating activities	212,484	239,115
Cash flows from investing activities:
Purchases of property and equipment	(71,166)	(70,758)
Acquisitions of business, net of cash acquired	(1,565,252)	(3,015)
Other investments	(1,000)	0
Net cash used in investing activities	(1,637,418)	(73,773)
Cash flows from financing activities:
Proceeds from the Credit Facility - Term Loan	2,100,000	(200,000)
Repayments of the Credit Facility - Prior Term Loan	(700,000)	0
Proceeds from the Securitization Facility	848,500	768,500
Repayments of the Securitization Facility	(742,500)	(756,000)
Cash paid for debt issuance costs	(8,863)	0
Proceeds from exercise of stock options	5,200	5,441
Repurchase of common stock for tax withholdings on equity awards	(2,912)	(527)
Repurchase of common stock	(57,850)	0
Dividends paid	(26,170)	0
Net cash provided by (used in) financing activities	1,415,405	(182,586)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,382)	(6,626)
Net decrease in cash, cash equivalents and restricted cash	(18,911)	(23,870)
Cash, cash equivalents and restricted cash at beginning of year	183,010	156,351
Cash, cash equivalents and restricted cash at end of period	164,099	132,481
Supplemental disclosure of non-cash investing activities:
Accrued costs for property and equipment purchases	$ 4,907	$ 6,037

BACKGROUND AND BASIS OF PRESENTATION	6 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	May 31, 2022
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. The Company provides end-to-end capabilities, including CX process optimization, technology innovation and design engineering, front- and back-office automation, analytics and business transformation services to clients in five primary industry verticals. The Company’s primary verticals are technology and consumer electronics, communications and media, retail, travel and e-commerce, banking, financial services and insurance, and healthcare. On December 1, 2020, the separation of the CX business (the “separation”) from SYNNEX Corporation, now known as TD SYNNEX Corporation (“TD SYNNEX” or the “former parent”) was completed through a tax-free distribution of all of the issued and outstanding shares of the Company’s common stock to 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. Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2021 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. All intercompany balances and transactions have been eliminated in consolidation. Risks and uncertainties related to the COVID-19 pandemic 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 the Company’s sites to protect the health and safety of the team. During the three and six months ended May 31, 2022, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as variants caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on the Company’s operational and financial performance, including its ability to execute 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, its 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	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	May 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Accounting pronouncements adopted during the six months ended May 31, 2022 are discussed below. Concentration of credit risk For the three and six months ended May 31, 2022, no client accounted for more than 10% of the Company’s consolidated revenue. For the three and six months ended May 31, 2021, one client accounted for 11.2% and 11.5%, respectively, of the Company’s consolidated revenue. As of May 31, 2022 and November 30, 2021, one client comprised 10.4% and 15.3%, respectively, of the Company’s total accounts receivable balance. Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (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. This standard became effective for the Company in fiscal year 2022 and did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance to ease the potential burden for a limited time 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 this guidance.

ACQUISITION

6 Months Ended

May 31, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITION

ACQUISITIONS:

PK Acquisition

Background

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 expanded the Company’s scale in the digital IT services market and supported 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 strengthened its capabilities in CX design and development, artificial intelligence (“AI”), intelligent automation, and customer loyalty.

Purchase price consideration

The total purchase price consideration, net of cash acquired, was $1,581.0 million, which was funded by proceeds from the Company’s new term loan (the “Term Loan”) under its amended senior secured credit facility (the “Credit Facility”) and additional borrowings under its accounts receivable securitization facility (the “Securitization Facility”). See Note 8—Borrowings for a further discussion of the Term Loan, the Credit Facility and the Securitization Facility.

The preliminary purchase price consideration to acquire PK consisted of the following:


Cash consideration for PK stock (1)	$	1,177,342
Cash consideration for PK vested equity awards (2)	246,229
Cash consideration for repayment of PK debt, including accrued interest (3)	148,492
Cash consideration for transaction expenses of PK (4)	22,842
Total cash consideration	1,594,905
Non-cash equity consideration for conversion of PK equity awards (5)	15,725
Total consideration transferred	1,610,630
Less: Cash acquired (6)	29,653
Total purchase price consideration	$	1,580,977

(1) Represents the cash consideration paid for the outstanding shares of PK’s common stock, which includes the final settlement of the merger consideration adjustment paid pursuant to the merger agreement.

(2) Represents the cash consideration paid for vested PK stock option awards and restricted stock awards.

(3) Represents the cash consideration paid to retire PK’s outstanding third-party debt, including accrued interest.

(4) Represents the cash consideration paid for expenses incurred by PK in connection with the merger and paid by Concentrix pursuant to the merger agreement. These expenses primarily related to third-party consulting services.

(5) Represents the issuance of vested Concentrix stock options that were issued in conversion of certain vested PK stock options that were assumed by Concentrix pursuant to the merger agreement.

(6) Represents the PK cash balance acquired at acquisition.

Preliminary purchase price allocation

The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805, Business Combinations. The purchase price was allocated to the assets acquired, liabilities assumed and non-controlling interest based on management’s estimate of the respective fair values at the date of acquisition. Goodwill was calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The factors contributing to the recognition of goodwill were the

assembled workforce, comprehensive service portfolio delivery capabilities and strategic benefits that are expected to be realized from the acquisition. None of the goodwill is expected to be deductible for income tax purposes.

The following table summarizes the preliminary estimates of fair values of the assets acquired, liabilities assumed and non-controlling interest as of the acquisition date:


	As of
	December 27, 2021
Assets acquired:
Cash and cash equivalents	$	29,653
Accounts receivable	86,955
Property and equipment	11,198
Operating lease right-of-use assets	12,288
Identifiable intangible assets	469,300
Goodwill	1,126,111
Other assets	11,954
Total assets acquired	$	1,747,459

Liabilities assumed and non-controlling interest:
Accounts payable and accrued liabilities	68,438
Operating lease liabilities	12,288
Deferred tax liabilities	54,103
Non-controlling interest	2,000
Total liabilities assumed and non-controlling interest	$	136,829

Total consideration transferred	$	1,610,630

As of May 31, 2022, the purchase price allocation is preliminary. The preliminary purchase price allocation was based upon a preliminary valuation, and the Company’s estimates and assumptions are subject to change within the measurement period (not to exceed twelve months following the acquisition date). The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of identifiable intangible assets acquired, the fair value of certain tangible assets acquired and liabilities assumed, and deferred income taxes. The Company expects to continue to obtain information for the purpose of determining the fair value of the assets acquired and liabilities assumed on the acquisition date throughout the remainder of the measurement period. The Company made immaterial measurement period adjustments during the second quarter of fiscal year 2022.

The preliminary purchase price allocation includes $469.3 million of acquired identifiable intangible assets, all of which have finite lives. The preliminary fair value of the identifiable intangible assets has been estimated using the income approach through a discounted cash flow analysis of certain cash flow projections. The cash flow projections are based on forecasts used by the Company to price the PK acquisition, and the discount rates applied were benchmarked by referencing the implied rate of return of the Company’s pricing model and the weighted average cost of capital. The intangible assets are being amortized over their estimated useful lives on either a straight-line basis or an accelerated method that reflects the economic benefit of the asset. The determination of the useful lives is based upon various industry studies, historical acquisition experience, economic factors, and future forecasted cash flows of the Company following the acquisition of PK.

The preliminary amounts allocated to intangible assets are as follows:


	Gross Carrying Amount		Weighted-Average Useful Life
Customer relationships	$	398,600	15 years
Technology	63,500		5 years
Trade name	5,000		3 years
Non-compete agreements	2,200		3 years
Total	$	469,300

Impact on results of operations

The results of the PK operations have been included in the consolidated financial statements since December 27, 2021. The following table provides the results of operations for PK included in the consolidated statement of operations from the acquisition date through May 31, 2022:


	Three Months Ended		Six Months Ended
	May 31, 2022		May 31, 2022
Revenue	$	123,963	$	207,159
Income before income taxes	2,773		2,980

In connection with the acquisition of PK, the Company incurred a total of $1.7 million and $2.6 million of acquisition-related and integration expenses for the three and six months ended May 31, 2022, respectively. These expenses primarily include legal and professional services, and severance and retention payments to integrate the business. These acquisition-related and integration expenses were recorded within selling, general and administrative expenses in the consolidated statement of operations.

Supplemental Pro Forma Information

The supplemental pro forma financial information presented below is for illustrative purposes only, does not include the pro forma adjustments that would be required under Regulation S-X for pro forma financial information, is not necessarily indicative of the financial position or results of operations that would have been realized if the PK acquisition had been completed on the date indicated, does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon currently available information and certain assumptions that we believe are reasonable under the circumstances.

The supplemental pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the PK acquisition had occurred on December 1, 2020 to give effect to certain events that the Company believes to be directly attributable to the PK acquisition. These pro forma adjustments primarily include:

•An increase in amortization expense that would have been recognized due to acquired identifiable intangible assets.

•An adjustment to interest expense to reflect the additional borrowings of Concentrix on the amended credit facility and the repayment of PK’s historical debt in conjunction with the acquisition.

•The related income tax effects of the adjustments noted above.

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended				Six Months Ended
	May 31,				May 31,
	2022		2021		2022		2021
Revenue	$	1,568,101	$	1,479,640	$	3,137,114	$	2,928,392
Net income	113,438		81,618		219,789		165,853

ServiceSource Pending Acquisition

In May 2022, the Company announced a definitive agreement to acquire ServiceSource International, Inc. (“ServiceSource”), a global market leader in B2B digital sales, for $1.50 per share in an all-cash transaction valued at approximately $131 million, inclusive of ServiceSource’s net cash. ServiceSource is a global outsourced go-to-market services provider, delivering B2B digital sales and customer success solutions that are expected to complement the Company’s existing offerings in this area. The transaction is expected to close in the second half of fiscal year 2022, subject to customary closing conditions, including approval by ServiceSource’s stockholders and regulatory requirements. ServiceSource has established a special meeting date of July 20, 2022 for its stockholders to consider approval of the transaction.

SHARE-BASED COMPENSATION

6 Months Ended

May 31, 2022

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. In December 2021, 523 additional shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan resulting from an automatic annual increase pursuant to the terms of the plan.

In January 2022, the Company granted 137 restricted stock awards and restricted stock units and 129 performance-based restricted stock units under the Concentrix Stock Incentive Plan, which included annual awards to the Company’s senior executive team and retention and new hire awards to staff who joined the Company as part of the PK acquisition. The restricted stock awards and restricted stock units awards had a weighted average grant date fair value of $181.09 per share and vest over a service period of four years. The performance-based restricted stock units will vest, if at all, upon the achievement of certain annual financial targets during the three-year period ending November 30, 2024. The performance-based restricted stock units had a grant date weighted average fair value of $178.58 per share.

The Company recorded share-based compensation expense in the consolidated statements of operations for the three and six months ended May 31, 2022 and 2021 as follows:


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Total share-based compensation	$	12,647	$	9,283	$	27,816	$	16,401
Tax benefit recorded in the provision for income taxes	(3,212)		(2,320)		(7,064)		(4,100)
Effect on net income	$	9,435	$	6,963	$	20,752	$	12,301

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

BALANCE SHEET COMPONENTS

6 Months Ended

May 31, 2022

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS:

Cash, cash equivalents and restricted cash:

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


	As of
	May 31, 2022		November 30, 2021
Cash and cash equivalents	$	163,364	$	182,038
Restricted cash included in other current assets	735		972
Cash, cash equivalents and restricted cash	$	164,099	$	183,010

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 government grants.

Accounts receivable, net:

Accounts receivable, net is comprised of the following as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Billed accounts receivable	$	772,084	$	714,032
Unbilled accounts receivable	546,625		499,342
Less: Allowance for doubtful accounts	(6,994)		(5,421)
Accounts receivable, net	$	1,311,715	$	1,207,953

Allowance for doubtful trade receivables:

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


	Three Months Ended				Six Months Ended
	May 31,				May 31,
	2022		2021		2022		2021
Balance at beginning of period	$	6,904	$	6,239	$	5,421	$	8,963
Net additions (reductions)	2,474		422		4,422		(2,132)
Write-offs and reclassifications	(2,384)		(1,148)		(2,849)		(1,318)
Balance at end of period	$	6,994	$	5,513	$	6,994	$	5,513

Property and equipment, net:

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Land	$	27,529	$	27,677
Equipment, computers and software	516,033		488,270
Furniture and fixtures	90,122		90,442
Buildings, building improvements and leasehold improvements	369,519		364,166
Construction-in-progress	12,751		10,741
Total property and equipment, gross	$	1,015,954	$	981,296
Less: Accumulated depreciation	(614,238)		(574,152)
Property and equipment, net	$	401,716	$	407,144

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Property and equipment, net:
United States	$	111,923	$	101,333
Philippines	79,406		87,548
India	44,454		46,167
Others	165,933		172,096
Total	$	401,716	$	407,144

Goodwill:

The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2022:


Balance as of November 30, 2021	$	1,813,502
Acquisition	1,126,111
Foreign exchange translation	(13,934)
Balance as of May 31, 2022	$	2,925,679

Intangible assets, net:

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2022 and November 30, 2021:


	As of May 31, 2022						As of November 30, 2021
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,727,681	$	(755,432)	$	972,249	$	1,347,961	$	(694,701)	$	653,260
Technology	74,282		(14,802)		59,480		10,835		(8,900)		1,935
Trade names	11,667		(7,295)		4,372		6,724		(6,391)		333
Non-compete agreements	2,200		(314)		1,886		—		—		—
	$	1,815,830	$	(777,843)	$	1,037,987	$	1,365,520	$	(709,992)	$	655,528

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


Fiscal years ending November 30,
2022 (remaining six months)	$	82,532
2023	153,699
2024	139,964
2025	128,441
2026	112,922
Thereafter	420,429
Total	$	1,037,987

Accumulated other comprehensive income (loss):

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


	Three Months Ended May 31, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, February 28, 2021	$	(38,960)	$	12,998	$	11,837	$	(14,125)
Other comprehensive income (loss) before reclassification	(72)		17,669		35,433		53,030
Reclassification of gains from other comprehensive income (loss)	—		(7,355)		—		(7,355)
Balances at May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550

Balance, February 28, 2022	$	(21,972)	$	(4,836)	$	(60,217)	$	(87,025)
Other comprehensive income (loss) before reclassification	(7)		(12,944)		(54,995)		(67,946)
Reclassification of gains from other comprehensive income (loss)	—		3,138		—		3,138
Balances at May 31, 2022	$	(21,979)	$	(14,642)	$	(115,212)	$	(151,833)


	Six Months Ended May 31, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(448)		10,599		41,739		51,890
Reclassification of gains from other comprehensive income (loss)	—		(16,526)		—		(16,526)
Balances at May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550

Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)
Other comprehensive income (loss) before reclassification	766		(15,704)		(68,834)		(83,772)
Reclassification of gains from other comprehensive income (loss)	—		2,465		—		2,465
Balances at May 31, 2022	$	(21,979)	$	(14,642)	$	(115,212)	$	(151,833)

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

DERIVATIVE INSTRUMENTS

6 Months Ended

May 31, 2022

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 mitigate the risk of fluctuations in foreign currency exchange rates on gross margins, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. These instruments mature at various dates through May 2024. 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 foreign currency costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time

period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.

Non-Designated Derivatives

The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the Company’s legal entities that own the asset or liability. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.

Fair Values of Derivative Instruments in the Consolidated Balance Sheets

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


	Value as of
Balance Sheet Line Item	May 31, 2022		November 30, 2021
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,405,674	$	1,415,447
Other current assets	11,376		10,058
Other accrued liabilities	11,930		12,542
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	907,910	$	918,097
Other current assets and other assets	1,252		7,851
Other accrued liabilities and other long-term liabilities	20,916		9,736

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:


		Three Months Ended				Six Months Ended
	Locations of gain (loss) in statement of operations	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Derivative instruments designated as cash flow hedges
(Loss) / Gain recognized in OCI:
Foreign exchange forward contracts		$	(17,384)	$	23,718	$	(21,091)	$	14,393

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
(Loss) / Gain reclassified from AOCI into income	Cost of revenue for services	$	(3,426)	$	7,127	$	(3,011)	$	15,962
(Loss) / Gain reclassified from AOCI into income	Selling, general and administrative expenses	(790)		2,746		(300)		6,104
Total		$	(4,216)	$	9,873	$	(3,311)	$	22,066

Derivative instruments not designated as hedging instruments:
(Loss) / Gain recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(16,148)	$	20,808	$	(17,160)	$	18,041

(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 $16,697.

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

6 Months Ended

May 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS:

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

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

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

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

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


	As of May 31, 2022								As of November 30, 2021
			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	$	90,511	$	90,511	$	—	$	—	$	77,332	$	77,332	$	—	$	—
Foreign government bond	1,667		1,667		—		—		1,446		1,446		—		—
Forward foreign currency exchange contracts	12,628		—		12,628		—		17,909		—		17,909		—
Liabilities:
Forward foreign currency exchange contracts	$	32,846	$	—	$	32,846	$	—	$	22,278	$	—	$	22,278	$	—

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 quoted by banks or foreign currency dealers. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2022 and November 30, 2021.

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

During the three and six months ended May 31, 2022 and 2021, 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

EARNINGS PER SHARE

6 Months Ended

May 31, 2022

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 security. 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.


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Basic earnings per common share:
Net income	$	113,142	$	82,904	$	223,415	$	171,715
Less: net income allocated to participating securities(1)	(1,714)		(1,272)		(3,267)		(2,346)
Net income attributable to common stockholders	$	111,428	$	81,632	$	220,148	$	169,369

Weighted-average number of common shares - basic	51,564		51,275		51,596		51,215

Basic earnings per common share	$	2.16	$	1.59	$	4.27	$	3.31

Diluted earnings per common share:
Net income	$	113,142	$	82,904	$	223,415	$	171,715
Less: net income allocated to participating securities(1)	(1,700)		(1,254)		(3,243)		(2,314)
Net income attributable to common stockholders	$	111,442	$	81,650	$	220,172	$	169,401

Weighted-average number of common shares - basic	51,564		51,275		51,596		51,215
Effect of dilutive securities:
Stock options and restricted stock units	426		730		399		713
Weighted-average number of common shares - diluted	51,990		52,005		51,995		51,928

Diluted earnings per common share	$	2.14	$	1.57	$	4.23	$	3.26

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

REVENUE

6 Months Ended

May 31, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

Disaggregated revenue

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


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Industry vertical:
Technology and consumer electronics	$	466,754	$	417,277	$	936,953	$	830,095
Retail, travel and ecommerce	295,025		231,966		579,942		470,967
Communications and media	273,817		254,860		534,460		503,650
Banking, financial services and insurance	255,583		228,816		498,829		437,900
Healthcare	148,252		115,418		298,388		240,642
Other	128,670		121,541		255,581		239,902
Total	$	1,568,101	$	1,369,878	$	3,104,153	$	2,723,156

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

PENSION AND EMPLOYEE BENEFITS PLANS	6 Months Ended
PENSION AND EMPLOYEE BENEFITS PLANS	May 31, 2022
Retirement Benefits [Abstract]
PENSION AND EMPLOYEE BENEFITS PLANS	PENSION AND EMPLOYEE BENEFITS PLANS: The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three and six months ended May 31, 2022, the Company contributed $26,855 and $48,667, respectively, to defined contribution plans. During the three and six months ended May 31, 2021, the Company contributed $18,967 and $39,141, respectively, to defined contribution plans. Defined Benefit Plans The Company has defined benefit pension and retirement plans for eligible employees of certain 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. Net benefit costs related to defined benefit plans were $2,353 and $5,628, during the three and six months ended May 31, 2022, respectively. Net benefit costs related to defined benefit plans were $3,372 and $6,683, during the three and six months ended May 31, 2021, respectively. On an aggregate basis, the plans were underfunded by $96,016 and $104,689 at May 31, 2022 and November 30, 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	May 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES: Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions. The effective tax rates for the three and six months ended May 31, 2022 and 2021 were impacted by the geographic mix of worldwide income and certain discrete items, which included an additional expense of $9,247 in the second quarter of 2021 related to the change in the Company’s indefinite reinvestment assertion for Concentrix Insurance Solutions due to the then-pending sale, which closed in the third quarter of 2021.The liability for unrecognized tax benefits was $54,302 and $56,308 at May 31, 2022 and November 30, 2021, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of May 31, 2022 and November 30, 2021, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $46,449 and $48,438, respectively. This amount includes net interest and penalties of $8,604 and $8,861 for the respective periods. The net interest and penalties balance for November 30, 2021 includes an immaterial prior period disclosure adjustment to properly present the amount. This disclosure adjustment resulted in no impact to the Company’s consolidated balance sheets or consolidated statement of operations for any period presented. The Company believes that it is reasonably possible that the total amount of unrecognized tax benefits could decrease between approximately $5,348 and $12,108 in the next twelve months; however, actual developments in this area could differ from those currently expected.

- Definition

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

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+ Details

LEASES

6 Months Ended

May 31, 2022

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 operating lease costs:


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Operating lease cost	$	49,738	$	51,122	$	100,540	$	102,563
Short-term lease cost	5,186		3,819		9,523		7,527
Variable lease cost	11,234		10,014		23,218		20,134
Sublease income	(692)		(419)		(1,427)		(891)
Total operating lease cost	$	65,466	$	64,536	$	131,854	$	129,333

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 May 31, 2022:


Fiscal Years Ending November 30,
2022 (remaining six months)	$	95,246
2023	165,178
2024	127,513
2025	81,987
2026	36,444
Thereafter	25,434
Total payments	531,802
Less: imputed interest*	53,261
Total present value of lease payments	$	478,541

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

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


		As of
		May 31, 2022		November 30, 2021
Operating lease ROU assets	Other assets, net	$	461,760	$	489,171
Current operating lease liabilities	Other accrued liabilities	152,418		153,329
Non-current operating lease liabilities	Other long-term liabilities	326,123		354,471

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:


	Six Months Ended
	May 31, 2022		May 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	100,857	$	107,926
Non-cash ROU assets obtained in exchange for lease liabilities	68,238		76,374

The weighted-average remaining lease term and discount rate as of May 31, 2022 and November 30, 2021 were as follows:


	As of
	May 31, 2022		November 30, 2021
Weighted-average remaining lease term (years)	3.63		3.81
Weighted-average discount rate	5.38	%	5.82	%

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	May 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the liabilities ultimately incurred by the Company 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.

STOCKHOLDERS' EQUITY

6 Months Ended

May 31, 2022

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 three and six months ended May 31, 2022, the Company repurchased 367 aggregate shares of its common stock for an aggregate purchase price of $57,850. The share repurchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes. At May 31, 2022, approximately $417,055 remained available for share repurchases under the existing authorization from the Company’s board of directors.

During June 2022, the Company repurchased 92 aggregate shares of its common stock for an aggregate purchase price of $13,764.

Dividends

During fiscal years 2022 and 2021, the Company has paid the following dividends per share approved by the Company’s board of directors:


Announcement Date	Record Date	Per Share Dividend Amount	Payment Date
September 27, 2021	October 22, 2021	$0.25	November 2, 2021
January 18, 2022	January 28, 2022	$0.25	February 8, 2022
March 29, 2022	April 29, 2022	$0.25	May 10, 2022

On June 27, 2022, the Company announced a cash dividend of $0.25 per share to stockholders of record as of July 29, 2022, payable on August 9, 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)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	May 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2021 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2021. All intercompany balances and transactions have been eliminated in consolidation.
Risks and uncertainties related to the COVID-19 pandemic	Risks and uncertainties related to the COVID-19 pandemic 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 the Company’s sites to protect the health and safety of the team. During the three and six months ended May 31, 2022, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as variants caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on the Company’s operational and financial performance, including its ability to execute 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, its 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.
Concentration of credit risk	Concentration of credit risk For the three and six months ended May 31, 2022, no client accounted for more than 10% of the Company’s consolidated revenue. For the three and six months ended May 31, 2021, one client accounted for 11.2% and 11.5%, respectively, of the Company’s consolidated revenue. As of May 31, 2022 and November 30, 2021, one client comprised 10.4% and 15.3%, respectively, of the Company’s total accounts receivable balance.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements	Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (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. This standard became effective for the Company in fiscal year 2022 and did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance to ease the potential burden for a limited time 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 this guidance.

ACQUISITION (Tables)

6 Months Ended

May 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The preliminary purchase price consideration to acquire PK consisted of the following:


Cash consideration for PK stock (1)	$	1,177,342
Cash consideration for PK vested equity awards (2)	246,229
Cash consideration for repayment of PK debt, including accrued interest (3)	148,492
Cash consideration for transaction expenses of PK (4)	22,842
Total cash consideration	1,594,905
Non-cash equity consideration for conversion of PK equity awards (5)	15,725
Total consideration transferred	1,610,630
Less: Cash acquired (6)	29,653
Total purchase price consideration	$	1,580,977

(2) Represents the cash consideration paid for vested PK stock option awards and restricted stock awards.

(3) Represents the cash consideration paid to retire PK’s outstanding third-party debt, including accrued interest.

(5) Represents the issuance of vested Concentrix stock options that were issued in conversion of certain vested PK stock options that were assumed by Concentrix pursuant to the merger agreement.

(6) Represents the PK cash balance acquired at acquisition.

Schedule of Business Acquisitions

The following table summarizes the preliminary estimates of fair values of the assets acquired, liabilities assumed and non-controlling interest as of the acquisition date:


	As of
	December 27, 2021
Assets acquired:
Cash and cash equivalents	$	29,653
Accounts receivable	86,955
Property and equipment	11,198
Operating lease right-of-use assets	12,288
Identifiable intangible assets	469,300
Goodwill	1,126,111
Other assets	11,954
Total assets acquired	$	1,747,459

Liabilities assumed and non-controlling interest:
Accounts payable and accrued liabilities	68,438
Operating lease liabilities	12,288
Deferred tax liabilities	54,103
Non-controlling interest	2,000
Total liabilities assumed and non-controlling interest	$	136,829

Total consideration transferred	$	1,610,630

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The preliminary amounts allocated to intangible assets are as follows:


	Gross Carrying Amount		Weighted-Average Useful Life
Customer relationships	$	398,600	15 years
Technology	63,500		5 years
Trade name	5,000		3 years
Non-compete agreements	2,200		3 years
Total	$	469,300

Business Acquisition, Pro Forma Information

The following table provides the results of operations for PK included in the consolidated statement of operations from the acquisition date through May 31, 2022:


	Three Months Ended		Six Months Ended
	May 31, 2022		May 31, 2022
Revenue	$	123,963	$	207,159
Income before income taxes	2,773		2,980

The supplemental pro forma financial information for the periods presented is as follows:


	Three Months Ended				Six Months Ended
	May 31,				May 31,
	2022		2021		2022		2021
Revenue	$	1,568,101	$	1,479,640	$	3,137,114	$	2,928,392
Net income	113,438		81,618		219,789		165,853

SHARE-BASED COMPENSATION (Tables)

6 Months Ended

May 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense in the consolidated statements of operations for the three and six months ended May 31, 2022 and 2021 as follows:


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Total share-based compensation	$	12,647	$	9,283	$	27,816	$	16,401
Tax benefit recorded in the provision for income taxes	(3,212)		(2,320)		(7,064)		(4,100)
Effect on net income	$	9,435	$	6,963	$	20,752	$	12,301

BALANCE SHEET COMPONENTS (Tables)

6 Months Ended

May 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Cash and Cash Equivalents


	As of
	May 31, 2022		November 30, 2021
Cash and cash equivalents	$	163,364	$	182,038
Restricted cash included in other current assets	735		972
Cash, cash equivalents and restricted cash	$	164,099	$	183,010

Schedule of Restricted Cash and Cash Equivalents


	As of
	May 31, 2022		November 30, 2021
Cash and cash equivalents	$	163,364	$	182,038
Restricted cash included in other current assets	735		972
Cash, cash equivalents and restricted cash	$	164,099	$	183,010

Schedule of Accounts Receivable

Accounts receivable, net is comprised of the following as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Billed accounts receivable	$	772,084	$	714,032
Unbilled accounts receivable	546,625		499,342
Less: Allowance for doubtful accounts	(6,994)		(5,421)
Accounts receivable, net	$	1,311,715	$	1,207,953

Schedule of Allowance for Doubtful Trade Receivables

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


	Three Months Ended				Six Months Ended
	May 31,				May 31,
	2022		2021		2022		2021
Balance at beginning of period	$	6,904	$	6,239	$	5,421	$	8,963
Net additions (reductions)	2,474		422		4,422		(2,132)
Write-offs and reclassifications	(2,384)		(1,148)		(2,849)		(1,318)
Balance at end of period	$	6,994	$	5,513	$	6,994	$	5,513

Property, Plant and Equipment

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Land	$	27,529	$	27,677
Equipment, computers and software	516,033		488,270
Furniture and fixtures	90,122		90,442
Buildings, building improvements and leasehold improvements	369,519		364,166
Construction-in-progress	12,751		10,741
Total property and equipment, gross	$	1,015,954	$	981,296
Less: Accumulated depreciation	(614,238)		(574,152)
Property and equipment, net	$	401,716	$	407,144

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of May 31, 2022 and November 30, 2021:


	As of
	May 31, 2022		November 30, 2021
Property and equipment, net:
United States	$	111,923	$	101,333
Philippines	79,406		87,548
India	44,454		46,167
Others	165,933		172,096
Total	$	401,716	$	407,144

Schedule of Goodwill

The following table summarizes the changes in the Company’s goodwill for the six months ended May 31, 2022:


Balance as of November 30, 2021	$	1,813,502
Acquisition	1,126,111
Foreign exchange translation	(13,934)
Balance as of May 31, 2022	$	2,925,679

Schedule of Intangible Assets

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of May 31, 2022 and November 30, 2021:


	As of May 31, 2022						As of November 30, 2021
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,727,681	$	(755,432)	$	972,249	$	1,347,961	$	(694,701)	$	653,260
Technology	74,282		(14,802)		59,480		10,835		(8,900)		1,935
Trade names	11,667		(7,295)		4,372		6,724		(6,391)		333
Non-compete agreements	2,200		(314)		1,886		—		—		—
	$	1,815,830	$	(777,843)	$	1,037,987	$	1,365,520	$	(709,992)	$	655,528

Schedule of Intangible Assets, Future Amortization Expense

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


Fiscal years ending November 30,
2022 (remaining six months)	$	82,532
2023	153,699
2024	139,964
2025	128,441
2026	112,922
Thereafter	420,429
Total	$	1,037,987

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended May 31, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, February 28, 2021	$	(38,960)	$	12,998	$	11,837	$	(14,125)
Other comprehensive income (loss) before reclassification	(72)		17,669		35,433		53,030
Reclassification of gains from other comprehensive income (loss)	—		(7,355)		—		(7,355)
Balances at May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550

Balance, February 28, 2022	$	(21,972)	$	(4,836)	$	(60,217)	$	(87,025)
Other comprehensive income (loss) before reclassification	(7)		(12,944)		(54,995)		(67,946)
Reclassification of gains from other comprehensive income (loss)	—		3,138		—		3,138
Balances at May 31, 2022	$	(21,979)	$	(14,642)	$	(115,212)	$	(151,833)


	Six Months Ended May 31, 2022 and 2021
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustments, net of taxes		Total
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(448)		10,599		41,739		51,890
Reclassification of gains from other comprehensive income (loss)	—		(16,526)		—		(16,526)
Balances at May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550

Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)
Other comprehensive income (loss) before reclassification	766		(15,704)		(68,834)		(83,772)
Reclassification of gains from other comprehensive income (loss)	—		2,465		—		2,465
Balances at May 31, 2022	$	(21,979)	$	(14,642)	$	(115,212)	$	(151,833)

DERIVATIVE INSTRUMENTS (Tables)

6 Months Ended

May 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

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


	Value as of
Balance Sheet Line Item	May 31, 2022		November 30, 2021
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,405,674	$	1,415,447
Other current assets	11,376		10,058
Other accrued liabilities	11,930		12,542
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	907,910	$	918,097
Other current assets and other assets	1,252		7,851
Other accrued liabilities and other long-term liabilities	20,916		9,736

Derivative Instruments, Gain (Loss)


		Three Months Ended				Six Months Ended
	Locations of gain (loss) in statement of operations	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Derivative instruments designated as cash flow hedges
(Loss) / Gain recognized in OCI:
Foreign exchange forward contracts		$	(17,384)	$	23,718	$	(21,091)	$	14,393

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
(Loss) / Gain reclassified from AOCI into income	Cost of revenue for services	$	(3,426)	$	7,127	$	(3,011)	$	15,962
(Loss) / Gain reclassified from AOCI into income	Selling, general and administrative expenses	(790)		2,746		(300)		6,104
Total		$	(4,216)	$	9,873	$	(3,311)	$	22,066

Derivative instruments not designated as hedging instruments:
(Loss) / Gain recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(16,148)	$	20,808	$	(17,160)	$	18,041

(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)

6 Months Ended

May 31, 2022

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 May 31, 2022								As of November 30, 2021
			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	$	90,511	$	90,511	$	—	$	—	$	77,332	$	77,332	$	—	$	—
Foreign government bond	1,667		1,667		—		—		1,446		1,446		—		—
Forward foreign currency exchange contracts	12,628		—		12,628		—		17,909		—		17,909		—
Liabilities:
Forward foreign currency exchange contracts	$	32,846	$	—	$	32,846	$	—	$	22,278	$	—	$	22,278	$	—

BORROWINGS (Tables)

6 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings consist of the following:


	As of
	May 31, 2022		November 30, 2021
Credit Facility - current portion of Term Loan component	$	105,000	$	—
Current portion of long term debt	$	105,000	$	—

Credit Facility - Term Loan component	$	1,995,000	$	—
Credit Facility - Prior Term Loan component	—		700,000
Securitization Facility	211,000		105,000
Long-term debt, before unamortized debt discount and issuance costs	2,206,000		805,000
Less: unamortized debt discount and issuance costs	(8,124)		(2,983)
Long-term debt, net	$	2,197,876	$	802,017

EARNINGS PER SHARE (Tables)

6 Months Ended

May 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Basic earnings per common share:
Net income	$	113,142	$	82,904	$	223,415	$	171,715
Less: net income allocated to participating securities(1)	(1,714)		(1,272)		(3,267)		(2,346)
Net income attributable to common stockholders	$	111,428	$	81,632	$	220,148	$	169,369

Weighted-average number of common shares - basic	51,564		51,275		51,596		51,215

Basic earnings per common share	$	2.16	$	1.59	$	4.27	$	3.31

Diluted earnings per common share:
Net income	$	113,142	$	82,904	$	223,415	$	171,715
Less: net income allocated to participating securities(1)	(1,700)		(1,254)		(3,243)		(2,314)
Net income attributable to common stockholders	$	111,442	$	81,650	$	220,172	$	169,401

Weighted-average number of common shares - basic	51,564		51,275		51,596		51,215
Effect of dilutive securities:
Stock options and restricted stock units	426		730		399		713
Weighted-average number of common shares - diluted	51,990		52,005		51,995		51,928

Diluted earnings per common share	$	2.14	$	1.57	$	4.23	$	3.26

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

REVENUE (Tables)

6 Months Ended

May 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Industry vertical:
Technology and consumer electronics	$	466,754	$	417,277	$	936,953	$	830,095
Retail, travel and ecommerce	295,025		231,966		579,942		470,967
Communications and media	273,817		254,860		534,460		503,650
Banking, financial services and insurance	255,583		228,816		498,829		437,900
Healthcare	148,252		115,418		298,388		240,642
Other	128,670		121,541		255,581		239,902
Total	$	1,568,101	$	1,369,878	$	3,104,153	$	2,723,156

LEASES (Tables)

6 Months Ended

May 31, 2022

Leases [Abstract]

Schedule of Lease Cost

The following table presents the various components of operating lease costs:


	Three Months Ended				Six Months Ended
	May 31, 2022		May 31, 2021		May 31, 2022		May 31, 2021
Operating lease cost	$	49,738	$	51,122	$	100,540	$	102,563
Short-term lease cost	5,186		3,819		9,523		7,527
Variable lease cost	11,234		10,014		23,218		20,134
Sublease income	(692)		(419)		(1,427)		(891)
Total operating lease cost	$	65,466	$	64,536	$	131,854	$	129,333

The weighted-average remaining lease term and discount rate as of May 31, 2022 and November 30, 2021 were as follows:


	As of
	May 31, 2022		November 30, 2021
Weighted-average remaining lease term (years)	3.63		3.81
Weighted-average discount rate	5.38	%	5.82	%

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 May 31, 2022:


Fiscal Years Ending November 30,
2022 (remaining six months)	$	95,246
2023	165,178
2024	127,513
2025	81,987
2026	36,444
Thereafter	25,434
Total payments	531,802
Less: imputed interest*	53,261
Total present value of lease payments	$	478,541

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

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

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


		As of
		May 31, 2022		November 30, 2021
Operating lease ROU assets	Other assets, net	$	461,760	$	489,171
Current operating lease liabilities	Other accrued liabilities	152,418		153,329
Non-current operating lease liabilities	Other long-term liabilities	326,123		354,471

Schedule of Supplemental Cash Flow Information Related to Operating Leases


	Six Months Ended
	May 31, 2022		May 31, 2021
Cash paid for amounts included in the measurement of lease liabilities	$	100,857	$	107,926
Non-cash ROU assets obtained in exchange for lease liabilities	68,238		76,374

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

May 31, 2022

Equity [Abstract]

Dividends Declared

During fiscal years 2022 and 2021, the Company has paid the following dividends per share approved by the Company’s board of directors:


Announcement Date	Record Date	Per Share Dividend Amount	Payment Date
September 27, 2021	October 22, 2021	$0.25	November 2, 2021
January 18, 2022	January 28, 2022	$0.25	February 8, 2022
March 29, 2022	April 29, 2022	$0.25	May 10, 2022

BACKGROUND AND BASIS OF PRESENTATION (Details)	Dec. 01, 2020	May 31, 2022 market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Primary industry verticals		5
Share ratio, received from distribution	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk - One Client	3 Months Ended	6 Months Ended		12 Months Ended
	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	11.20%		11.50%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage		10.40%		15.30%

ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 27, 2021 USD ($) market	May 31, 2022 USD ($) $ / shares	May 31, 2022 USD ($) $ / shares	May 31, 2022 USD ($) $ / shares	May 31, 2021 USD ($)
Business Acquisition [Line Items]
Acquisitions of business, net of cash acquired				$ 1,565,252	$ 3,015
PK
Business Acquisition [Line Items]
Number of staff members acquired \| market	5,000
Acquisitions of business, net of cash acquired	$ 1,580,977
Gross Carrying Amount	469,300
Acquisition-related and integration expenses	22,842		$ 1,700	$ 2,600
Cash paid for acquisition	$ 1,594,905
ServiceSource International, Inc
Business Acquisition [Line Items]
Cash paid for acquisition		$ 131,000
Business Acquisition, Share Price \| $ / shares		$ 1.50	$ 1.50	$ 1.50

ACQUISITIONS - Consideration (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Dec. 27, 2021	May 31, 2022	May 31, 2022	May 31, 2021
Business Acquisition [Line Items]
Acquisitions of business, net of cash acquired			$ 1,565,252	$ 3,015
PK
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross, Cash Consideration for Stock	$ 1,177,342
Payments to Acquire Businesses, Gross, Cash Consideration for Vested Equity Awards	246,229
Payments to Acquire Businesses, Gross, Cash Consideration for Repayment of Debt, Including Accrued Interest	148,492
Acquisition-related and integration expenses	22,842	$ 1,700	$ 2,600
Cash paid for acquisition	1,594,905
Business Combination, Consideration Transferred, Other	15,725
Purchase price	1,610,630
Cash Acquired from Acquisition	29,653
Acquisitions of business, net of cash acquired	$ 1,580,977

ACQUISITIONS - Purchase Price (Details) - USD ($) $ in Thousands	Dec. 27, 2021	May 31, 2022	Nov. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 2,925,679	$ 1,813,502
PK
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 29,653
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	86,955
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	11,198
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Operating Lease Right-of-use-Assets	12,288
Gross Carrying Amount	469,300
Goodwill	1,126,111
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	11,954
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	1,747,459
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	68,438
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	12,288
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	54,103
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value	2,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	136,829
Purchase price	$ 1,610,630

ACQUISITIONS - Intangible Assets (Details) - PK $ in Thousands	Dec. 27, 2021 USD ($)
Business Acquisition [Line Items]
Gross Carrying Amount	$ 469,300
Customer relationships
Business Acquisition [Line Items]
Gross Carrying Amount	$ 398,600
Weighted-Average Useful Life	15 years
Technology
Business Acquisition [Line Items]
Gross Carrying Amount	$ 63,500
Weighted-Average Useful Life	5 years
Trade names
Business Acquisition [Line Items]
Gross Carrying Amount	$ 5,000
Weighted-Average Useful Life	3 years
Non-compete agreements
Business Acquisition [Line Items]
Gross Carrying Amount	$ 2,200
Weighted-Average Useful Life	3 years

ACQUISITIONS - Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
ACQUISITIONS - Pro Forma (Details) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Business Acquisition [Line Items]
Revenue	$ 1,568,101	$ 1,369,878	$ 3,104,153	$ 2,723,156
Income before income taxes	146,484	125,025	293,075	248,408
PK
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue	1,568,101	1,479,640	3,137,114	2,928,392
Business Acquisition, Pro Forma Net Income (Loss)	113,438	$ 81,618	219,789	$ 165,853
Revenue	123,963		207,159
Income before income taxes	$ 2,773		$ 2,980

- 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
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-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
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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
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-Name Accounting Standards Codification
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-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
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-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
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-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

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

SHARE-BASED COMPENSATION - Narrative (Details) - $ / shares	1 Months Ended
	Jan. 31, 2022	Dec. 01, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)			4,000,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)		523,000
Common stock authorized for issuance (in shares)			1,000,000
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares)	137,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 181.09
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares)	129,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 178.58
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	4 years

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Share-based Payment Arrangement [Abstract]
Total share-based compensation	$ 12,647	$ 9,283	$ 27,816	$ 16,401
Tax benefit recorded in the provision for income taxes	(3,212)	(2,320)	(7,064)	(4,100)
Effect on net income	$ 9,435	$ 6,963	$ 20,752	$ 12,301

BALANCE SHEET COMPONENTS - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021	May 31, 2021	Nov. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 163,364	$ 182,038
Restricted cash included in other current assets	735	972
Cash, cash equivalents and restricted cash	$ 164,099	$ 183,010	$ 132,481	$ 156,351

BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	May 31, 2022	Feb. 28, 2022	Nov. 30, 2021	May 31, 2021	Feb. 28, 2021	Nov. 30, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for doubtful accounts	$ (6,994)	$ (6,904)	$ (5,421)	$ (5,513)	$ (6,239)	$ (8,963)
Accounts receivable, net	1,311,715		1,207,953
Billed accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	772,084		714,032
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 546,625		$ 499,342

BALANCE SHEET COMPONENTS - Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Accounts Receivable, Allowance for Credit Loss, Current	$ 6,994	$ 5,513	$ 6,994	$ 5,513	$ 6,904	$ 5,421	$ 6,239	$ 8,963
Write-offs and reclassifications	(2,384)	(1,148)	(2,849)	(1,318)
Provision for doubtful accounts	$ 2,474	$ 422	$ 4,422	$ (2,132)

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,015,954	$ 981,296
Less: Accumulated depreciation	(614,238)	(574,152)
Property and equipment, net	401,716	407,144
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	111,923	101,333
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	79,406	87,548
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	44,454	46,167
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	165,933	172,096
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,529	27,677
Equipment, computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	516,033	488,270
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	90,122	90,442
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	369,519	364,166
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 12,751	$ 10,741

BALANCE SHEET COMPONENTS - Goodwill (Details) $ in Thousands	6 Months Ended
	May 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,813,502
Acquisition	1,126,111
Foreign exchange translation	(13,934)
Goodwill, Ending Balance	$ 2,925,679

BALANCE SHEET COMPONENTS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Gross amounts	$ 1,815,830	$ 1,365,520
Accumulated amortization	(777,843)	(709,992)
Total	1,037,987	655,528
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross amounts	1,727,681	1,347,961
Accumulated amortization	(755,432)	(694,701)
Total	972,249	653,260
Technology
Finite-Lived Intangible Assets [Line Items]
Gross amounts	74,282	10,835
Accumulated amortization	(14,802)	(8,900)
Total	59,480	1,935
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross amounts	11,667	6,724
Accumulated amortization	(7,295)	(6,391)
Total	4,372	333
Noncompete Agreements
Finite-Lived Intangible Assets [Line Items]
Gross amounts	2,200	0
Accumulated amortization	(314)	0
Total	$ 1,886	$ 0

BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Balance Sheet Related Disclosures [Abstract]
2021 (remaining three months)	$ 82,532
2023	153,699
2024	139,964
2025	128,441
2026	112,922
Thereafter	420,429
Total	$ 1,037,987	$ 655,528

BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	$ 3,138	$ (7,355)	$ 2,465	$ (16,526)
Total stockholders’ equity	2,723,945	2,529,768	2,723,945	2,529,768	$ 2,731,999	$ 2,620,255	$ 2,389,278	$ 2,302,085
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(67,946)	53,030	(83,772)	51,890
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0	0
Total stockholders’ equity	(115,212)	47,270	(115,212)	47,270	(60,217)	(46,378)	11,837	5,531
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(54,995)	35,433	(68,834)	41,739
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	3,138	(7,355)	2,465	(16,526)
Total stockholders’ equity	(14,642)	23,312	(14,642)	23,312	(4,836)	(1,403)	12,998	29,239
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(12,944)	17,669	(15,704)	10,599
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	0	0	0	0
Total stockholders’ equity	(21,979)	(39,032)	(21,979)	(39,032)	(21,972)	(22,745)	(38,960)	(38,584)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(7)	(72)	766	(448)
Accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total stockholders’ equity	$ (151,833)	$ 31,550	$ (151,833)	$ 31,550	$ (87,025)	$ (70,526)	$ (14,125)	$ (3,814)

- 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
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-Section 55
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-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

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-Name Accounting Standards Codification
-Topic 210
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-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)
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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

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instruments in Balance Sheets (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Not Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	$ 1,405,674	$ 1,415,447
Derivative instruments designated as cash flow hedges:
Notional value	1,405,674	1,415,447
Not Designated as Hedging Instrument \| Other current assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	11,376	10,058
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	11,376	10,058
Not Designated as Hedging Instrument \| Other accrued liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	11,930	12,542
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	11,930	12,542
Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	907,910	918,097
Derivative instruments designated as cash flow hedges:
Notional value	907,910	918,097
Designated as Hedging Instrument \| Other current assets and other assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	1,252	7,851
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	1,252	7,851
Designated as Hedging Instrument \| Other accrued liabilities and other long-term liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	20,916	9,736
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	$ 20,916	$ 9,736

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on AOCI and Statements of Operations (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Designated as Hedging Instrument
Derivative [Line Items]
(Loss) / Gain reclassified from AOCI into income	$ (4,216)	$ 9,873	$ (3,311)	$ 22,066
(Losses) gains recognized in OCI	(17,384)	23,718	(21,091)	14,393
Other expense (income), net \| Not Designated as Hedging Instrument
Derivative [Line Items]
(Loss) gain recognized from foreign exchange forward contracts, net	(16,148)	20,808	(17,160)	18,041
Selling, general and administrative expenses \| Designated as Hedging Instrument
Derivative [Line Items]
(Loss) / Gain reclassified from AOCI into income	(790)	2,746	(300)	6,104
Cost of revenue for services \| Designated as Hedging Instrument
Derivative [Line Items]
(Loss) / Gain reclassified from AOCI into income	$ (3,426)	$ 7,127	$ (3,011)	$ 15,962

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	6 Months Ended
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	May 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Existing gains expected to be reclassified	$ 16,697

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Assets:
Cash equivalents	$ 90,511	$ 77,332
Foreign government bond	1,667	1,446
Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	12,628	17,909
Liabilities:
Forward foreign currency exchange contracts	32,846	22,278
Level 1
Assets:
Cash equivalents	90,511	77,332
Foreign government bond	1,667	1,446
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	12,628	17,909
Liabilities:
Forward foreign currency exchange contracts	32,846	22,278
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	May 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Credit Facility - current portion of Term Loan component	$ 105,000	$ 0
Long-term debt, before unamortized debt discount and issuance costs	2,206,000	805,000
Less: unamortized debt discount and issuance costs	(8,124)	(2,983)
Long-term debt, net	2,197,876	802,017
Securitization Facility
Debt Instrument [Line Items]
Credit Facility - Term Loan component	211,000	105,000
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit Facility - current portion of Term Loan component	105,000	0
Credit Facility - Term Loan component	$ 1,995,000	$ 700,000

- 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)					6 Months Ended			12 Months Ended	52 Months Ended
BORROWINGS - Narrative (Details)	Jul. 06, 2022 USD ($)	Dec. 27, 2021 USD ($)	Oct. 30, 2020 USD ($)	Oct. 16, 2020 USD ($)	May 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Dec. 27, 2026 USD ($)	Nov. 30, 2020 USD ($)
Debt Instrument [Line Items]
Principal payments					$ 700,000,000		$ 0
Securitization Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity			$ 350,000,000
Amount outstanding						$ 250,000,000		$ 250,000,000
Securitization Facility \| Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 500,000
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 \| LIBOR \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	80.00%
Securitization Facility \| Commercial Paper Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
Securitization Facility \| Commercial Paper Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	70.00%
Securitization Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	10.00%
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		$ 1,000,000,000		$ 600,000,000
Amount outstanding					$ 0	0		0
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity				$ 900,000,000
Amount outstanding										$ 900,000,000
Quarterly installment amounts						$ 11,250,000
Principal payments								200,000,000
Debt Instrument, Periodic Prepayment								$ 166,250,000
Senior Secured Credit Facility \| New Term Loan
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 2,100,000,000
Senior Secured Credit Facility \| New Term Loan \| Forecast
Debt Instrument [Line Items]
Quarterly installment amounts									$ 26,250,000
Senior Secured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion		0.225%
Senior Secured Credit Facility \| Minimum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Senior Secured Credit Facility \| Minimum \| Not SOFR Rate Loans
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		0.30%
Senior Secured Credit Facility \| Maximum \| SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Senior Secured Credit Facility \| Maximum \| Not SOFR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
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 \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| SOFR Rate Loans
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
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
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
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%

EARNINGS PER SHARE - Narrative (Details) - shares	May 31, 2022	Nov. 30, 2021
Earnings Per Share [Abstract]
Common stock, shares issued (in shares)	52,058,000	51,927,000

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Basic earnings per common share:
Net income attributable to Concentrix Corporation	$ 113,142	$ 82,904	$ 223,415	$ 171,715
Less: net income allocated to participating securities	(1,714)	(1,272)	(3,267)	(2,346)
Net income attributable to common stockholders	$ 111,428	$ 81,632	$ 220,148	$ 169,369
Weighted-average number of common shares - basic (in shares)	51,564	51,275	51,596	51,215
Basic earnings per common share (in dollars per share)	$ 2.16	$ 1.59	$ 4.27	$ 3.31
Diluted earnings per common share:
Net income attributable to Concentrix Corporation	$ 113,142	$ 82,904	$ 223,415	$ 171,715
Less: net income allocated to participating securities	(1,700)	(1,254)	(3,243)	(2,314)
Net income attributable to common stockholders	$ 111,442	$ 81,650	$ 220,172	$ 169,401
Weighted-average number of common shares - basic (in shares)	51,564	51,275	51,596	51,215
Effect of dilutive securities:
Stock options and restricted stock units	426	730	399	713
Weighted-average number of common shares - diluted (in shares)	51,990	52,005	51,995	51,928
Diluted earnings per common share (in dollars per share)	$ 2.14	$ 1.57	$ 4.23	$ 3.26

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,568,101	$ 1,369,878	$ 3,104,153	$ 2,723,156
Technology and consumer electronics
Disaggregation of Revenue [Line Items]
Revenue	466,754	417,277	936,953	830,095
Communications and media
Disaggregation of Revenue [Line Items]
Revenue	273,817	254,860	534,460	503,650
Retail, travel and ecommerce
Disaggregation of Revenue [Line Items]
Revenue	295,025	231,966	579,942	470,967
Banking, financial services and insurance
Disaggregation of Revenue [Line Items]
Revenue	255,583	228,816	498,829	437,900
Healthcare
Disaggregation of Revenue [Line Items]
Revenue	148,252	115,418	298,388	240,642
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 128,670	$ 121,541	$ 255,581	$ 239,902

- Definition

+ References

+ Details

PENSION AND EMPLOYEE BENEFITS PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Nov. 30, 2021
Retirement Benefits [Abstract]
Contributed amount	$ 26,855	$ 18,967	$ 48,667	$ 39,141
Net benefit costs	2,353	$ 3,372	5,628	$ 6,683
Plan underfunded amount	$ 96,016		$ 96,016		$ 104,689

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	May 31, 2021	May 31, 2022	Nov. 30, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits		$ 54,302	$ 56,308
Unrecognized tax benefits that would affect income tax expense if recognized		46,449	48,438
Interest and penalties accrued on unrecognized tax benefits		8,604	8,861
Unrecognized tax benefits decrease amount		$ 5,348	$ 12,108
Additional expense related to indefinite investment assertion reversal	$ 9,247

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Leases [Abstract]
Operating lease cost	$ 49,738	$ 51,122	$ 100,540	$ 102,563
Short-term lease cost	5,186	3,819	9,523	7,527
Variable lease cost	11,234	10,014	23,218	20,134
Sublease income	(692)	(419)	(1,427)	(891)
Total operating lease cost	$ 65,466	$ 64,536	$ 131,854	$ 129,333

LEASES - Operating Lease Liability Maturity (Details) $ in Thousands	May 31, 2022 USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 95,246
2023	165,178
2024	127,513
2025	81,987
2026	36,444
Thereafter	25,434
Total payments	531,802
Less: imputed interest	53,261
Total present value of lease payments	$ 478,541

LEASES - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Leases [Abstract]
Operating lease ROU assets	$ 461,760	$ 489,171
Current operating lease liabilities	152,418	153,329
Non-current operating lease liabilities	$ 326,123	$ 354,471
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Other accrued liabilities	Other accrued liabilities
Operating Lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities

LEASES - Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 100,857	$ 107,926
Non-cash ROU assets obtained in exchange for lease liabilities	$ 68,238	$ 76,374

LEASES - Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)	May 31, 2022	Nov. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	3 years 7 months 17 days	3 years 9 months 21 days
Weighted-average discount rate	5.38%	5.82%

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	6 Months Ended
	Jun. 29, 2022	Mar. 29, 2022	Jan. 18, 2022	Sep. 27, 2021	Jun. 30, 2022	May 31, 2022	Sep. 30, 2021
Equity [Abstract]
Stock Repurchase Program, Authorized Amount							$ 500,000
Common Stock, Dividends, Per Share, Cash Paid		$ 0.25	$ 0.25	$ 0.25
Stock Repurchase Program, Remaining Authorized Repurchase Amount						$ 417,055
Stock Repurchased During Period, Value						$ 57,850
Subsequent Event [Line Items]
Stock Repurchased During Period, Shares						367,000
Stock Repurchased During Period, Value						$ 57,850
Subsequent Event
Equity [Abstract]
Stock Repurchased During Period, Value					$ 13,764
Subsequent Event [Line Items]
Common stock quarterly dividend declared (in dollars per share)	$ 0.25
Stock Repurchased During Period, Shares					92,000
Stock Repurchased During Period, Value					$ 13,764