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Unsecured Debt | 9 Months Ended
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Aug. 31, 2017
Debt Disclosure [Abstract] |
Unsecured Debt | Unsecured Debt At August 31, 2017, our short-term borrowings consisted of euro- and U.S. dollar-denominated commercial paper of $138 million and $28 million, respectively, and euro-denominated bank loans of $16 million. In January 2017, we borrowed $100 million under a floating rate bank loan, due in January 2022. In January 2017, we entered into an approximately $800 million export credit facility, which may be drawn in euros or U.S. dollars in 2021 and will be due in semi-annual installments through 2033. The interest rate on this export credit facility can be fixed or floating, at our discretion. In April 2017, we entered into two euro-denominated export credit facilities totaling $1.6 billion. The facilities are expected to be drawn in 2021 and 2022 and will be due in semi-annual installments through 2033 and 2034, respectively. The interest rate on these export credit facilities can be fixed or floating, at our discretion. In May 2017, we repaid $620 million of export credit facilities prior to their 2025 and 2026 maturity dates. In May 2017, we borrowed $367 million under an export credit facility. The facility is due in semi-annual installments through April 2028. In June 2017, we entered into a $619 million export credit facility, which may be drawn in euro or U.S. dollars in 2020 and will be due in semi-annual installments through 2032. The interest rate on this export credit facility can be fixed or floating, at our discretion. For the nine months ended August 31, 2017, we had borrowings of $111 million and repayments of $364 million of commercial paper with original maturities greater than three months. We use the net proceeds from our borrowings for payments related to the purchases of new ships and general corporate purposes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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