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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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May 31, 2018
Fair Value Disclosures [Abstract] |
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | Financial Instruments that are not Measured at Fair Value on a Recurring Basis
| May 31, 2018 |  | November 30, 2017
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term other assets (a) | $ | 140 |  |  | $ | — |  |  | $ | 37 |  |  | $ | 101 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 75 |
Total | $ | 140 |  |  | $ | — |  |  | $ | 37 |  |  | $ | 101 |  |  | $ | 126 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 75 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 5,296 |  |  | $ | — |  |  | $ | 5,473 |  |  | $ | — |  |  | $ | 5,588 |  |  | $ | — |  |  | $ | 5,892 |  |  | $ | — |
Floating rate debt (b) | 4,610 |  |  | — |  |  | 4,646 |  |  | — |  |  | 3,658 |  |  | — |  |  | 3,697 |  |  | — |
Total | $ | 9,906 |  |  | $ | — |  |  | $ | 10,119 |  |  | $ | — |  |  | $ | 9,246 |  |  | $ | — |  |  | $ | 9,589 |  |  | $ | — |
(a) | Long-term other assets are comprised of notes receivable. The fair values of our Level 2 notes receivable were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.
(b) | The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on a Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| May 31, 2018 |  | November 30, 2017
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,053 |  |  | $ | — |  |  | $ | — |  |  | $ | 395 |  |  | $ | — |  |  | $ | — |
Restricted cash | 15 |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | — |
Marketable securities held in rabbi trusts (a) | 7 |  |  | — |  |  | — |  |  | 97 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | 6 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Total | $ | 1,075 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 518 |  |  | $ | 15 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 59 |  |  | $ | — |  |  | $ | — |  |  | $ | 161 |  |  | $ | — |
Total | $ | — |  |  | $ | 59 |  |  | $ | — |  |  | $ | — |  |  | $ | 161 |  |  | $ | — |
(a) | The use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
Reconciliation of Changes in Carrying Amounts of Goodwill | Valuation of Goodwill and Trademarks
| Goodwill
(in millions) | NAA (a) Segment |  | EA (b) Segment |  | Total
At November 30, 2017 | $ | 1,898 |  |  | $ | 1,069 |  |  | $ | 2,967 |
Foreign currency translation adjustment | — |  |  | (17 | ) |  | (17 | )
At May 31, 2018 | $ | 1,898 |  |  | $ | 1,052 |  |  | $ | 2,950 |
(a) North America & Australia (“NAA”)
(b) | Europe & Asia (“EA”)
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2017 | $ | 927 |  |  | $ | 252 |  |  | $ | 1,179 |
Foreign currency translation adjustment | — |  |  | (3 | ) |  | (3 | )
At May 31, 2018 | $ | 927 |  |  | $ | 248 |  |  | $ | 1,176 |
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets | Derivative Instruments and Hedging Activities
(in millions) | Balance Sheet Location |  | May 31, 2018 |  | November 30, 2017
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Prepaid expenses and other |  | $ | 4 |  |  | $ | 3 |
Foreign currency zero cost collars (b) | Prepaid expenses and other |  | 2 |  |  | 12 |
Total derivative assets |  |  | $ | 6 |  |  | $ | 15 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Accrued liabilities and other |  | $ | 10 |  |  | $ | 13 |
| Other long-term liabilities |  | 14 |  |  | 17 |
Interest rate swaps (c) | Accrued liabilities and other |  | 9 |  |  | 10 |
| Other long-term liabilities |  | 13 |  |  | 17 |
|  |  | 46 |  |  | 57 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel (d) | Accrued liabilities and other |  | 13 |  |  | 95 |
| Other long-term liabilities |  | — |  |  | 9 |
|  |  | 13 |  |  | 104 |
Total derivative liabilities |  |  | $ | 59 |  |  | $ | 161 |
(a) | At May 31, 2018 and November 30, 2017, we had foreign currency swaps totaling $316 million and $324 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At May 31, 2018, these foreign currency swaps settle through September 2019.
(b) | At May 31, 2018 and November 30, 2017, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.
(c) | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $429 million at May 31, 2018 and $479 million at November 30, 2017 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At May 31, 2018, these interest rate swaps settle through March 2025.
(d) | At May 31, 2018 and November 30, 2017, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these derivatives.
Offsetting Derivative Instruments | Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.
|  | May 31, 2018
(in millions) |  | Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Total Net Amounts Presented in the Balance Sheet |  | Gross Amounts not Offset in the Balance Sheet |  | Net Amounts
Assets |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | (4 | ) |  | $ | 2 |
Liabilities |  | $ | 59 |  |  | $ | — |  |  | $ | 59 |  |  | $ | (4 | ) |  | $ | 54 |
|  | November 30, 2017
(in millions) |  | Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Total Net Amounts Presented in the Balance Sheet |  | Gross Amounts not Offset in the Balance Sheet |  | Net Amounts
Assets |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (8 | ) |  | $ | 7 |
Liabilities |  | $ | 161 |  |  | $ | — |  |  | $ | 161 |  |  | $ | (8 | ) |  | $ | 153 |
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income were as follows:
| Three Months Ended May 31, |  | Six Months Ended May 31,
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Net investment hedges | $ | 16 |  |  | $ | (17 | ) |  | $ | 10 |  |  | $ | (16 | )
Foreign currency zero cost collars – cash flow hedges | $ | (11 | ) |  | $ | 27 |  |  | $ | (10 | ) |  | $ | 35 |
Interest rate swaps – cash flow hedges | $ | — |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 4 |
Unrealized and Realized Gains (Losses) on Fuel Derivatives, Net |
| Three Months Ended May 31, |  | Six Months Ended May 31,
(in millions) | 2018 |  | 2017 |  | 2018 |  | 2017
Unrealized gains (losses) on fuel derivatives, net | $ | 50 |  |  | $ | (2 | ) |  | $ | 82 |  |  | $ | 69 |
Realized losses on fuel derivatives, net | (9 | ) |  | (51 | ) |  | (25 | ) |  | (96 | )
Gains (losses) on fuel derivatives, net | $ | 41 |  |  | $ | (53 | ) |  | $ | 57 |  |  | $ | (27 | )
Outstanding Fuel Derivatives | At May 31, 2018, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:
Maturities (a) | Transaction Dates |  | Barrels (in thousands) |  | Weighted-Average Floor Prices |  | Weighted-Average Ceiling Prices
Fiscal 2018 |  |  |  |  |  |  |
| January 2014 |  | 1,350 |  |  | $ | 75 |  |  | $ | 110 |
| October 2014 |  | 1,500 |  |  | $ | 80 |  |  | $ | 114 |
|  |  | 2,850 |  |  |  |  |
(a) | Fuel derivatives mature evenly over each month in 2018.
At May 31, 2018, for the following newbuilds, we had foreign currency zero cost collars for a portion of euro-denominated shipyard payments. These collars are designated as cash flow hedges.
| Entered Into |  | Matures in |  | Weighted-Average Floor Rate |  | Weighted- Average Ceiling Rate
Nieuw Statendam | 2016 |  | November 2018 |  | $ | 1.05 |  |  | $ | 1.25 |

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