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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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May 31, 2020
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, 2020 |  |  |  |  |  |  |  | November 30, 2019 |  |  |  |  |  |
| 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) | $ | 94 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 62 |  |  | $ | 181 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 149 |
Total | $ | 94 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 62 |  |  | $ | 181 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 149 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 13,061 |  |  | $ | — |  |  | $ | 12,901 |  |  | $ | — |  |  | $ | 7,438 |  |  | $ | — |  |  | $ | 7,782 |  |  | $ | — |
Floating rate debt (b) | 8,362 |  |  | — |  |  | 7,112 |  |  | — |  |  | 4,195 |  |  | — |  |  | 4,248 |  |  | — |
Total | $ | 21,422 |  |  | $ | — |  |  | $ | 20,013 |  |  | $ | — |  |  | $ | 11,634 |  |  | $ | — |  |  | $ | 12,030 |  |  | $ | — |
(a)Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes receivables 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 Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| May 31, 2020 |  |  |  |  |  | November 30, 2019 |  |  |  |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 6,881 |  |  | $ | — |  |  | $ | — |  |  | $ | 518 |  |  | $ | — |  |  | $ | — |
Restricted cash | 15 |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | — |  |  | — |  |  | — |  |  | 58 |  |  | — |
Total | $ | 6,896 |  |  | $ | — |  |  | $ | — |  |  | $ | 530 |  |  | $ | 58 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |
Total | $ | — |  |  | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | $ | — |
Reconciliation of Changes in Carrying Amounts of Goodwill |
| Goodwill |  |  |  |
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2019 | $ | 1,898 |  |  | $ | 1,014 |  |  | $ | 2,912 |
Impairment charges | (1,319) |  |  | (777) |  |  | (2,096) |
Foreign currency translation adjustment | — |  |  | (26) |  |  | (26) |
At May 31, 2020 | $ | 579 |  |  | $ | 211 |  |  | $ | 790 |
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks |  |  |  |
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2019 | $ | 927 |  |  | $ | 240 |  |  | $ | 1,167 |
Foreign currency translation adjustment | — |  |  | (6) |  |  | (6) |
At May 31, 2020 | $ | 927 |  |  | $ | 234 |  |  | $ | 1,162 |
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, 2020 |  | November 30, 2019
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Prepaid expenses and other |  | $ | — |  |  | $ | 32 |
| Other assets |  | — |  |  | 25 |
Total derivative assets |  |  | $ | — |  |  | $ | 58 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Accrued liabilities and other |  | $ | — |  |  | $ | 1 |
| Other long-term liabilities |  | — |  |  | 9 |
Foreign currency zero cost collars (b) | Accrued liabilities and other |  | 2 |  |  | 1 |
Interest rate swaps (c) | Accrued liabilities and other |  | 5 |  |  | 6 |
| Other long-term liabilities |  | 6 |  |  | 9 |
Total derivative liabilities |  |  | $ | 12 |  |  | $ | 25 |
(a)At May 31, 2020, we had no cross currency swaps. At November 30, 2019, we had cross currency swaps totaling $1.9 billion that were designated as hedges of our net investment in foreign operations with a euro-denominated functional currency. (b)At May 31, 2020 and November 30, 2019, we had foreign currency derivatives consisting of foreign currency zero cost collars 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 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 $266 million at May 31, 2020 and $300 million at November 30, 2019 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At May 31, 2020, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments |
|  | May 31, 2020 |  |  |  |  |  |  |  |
(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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Liabilities |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |  |  | $ | 12 |
|  | November 30, 2019 |  |  |  |  |  |  |  |
(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 |  | $ | 58 |  |  | $ | — |  |  | $ | 58 |  |  | $ | (4) |  |  | $ | 54 |
Liabilities |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  | $ | (4) |  |  | $ | 21 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:
| Three Months Ended May 31, |  |  |  | Six Months Ended May 31, |  |
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Gains (losses) recognized in AOCI: |  |  |  |  |  |  |
Cross currency swaps - net investment hedges - included component | $ | 133 |  |  | $ | 18 |  |  | $ | 131 |  |  | $ | 20 |
Cross currency swaps - net investment hedges - excluded component | $ | (43) |  |  | $ | 10 |  |  | $ | (1) |  |  | $ | (1) |
Foreign currency zero cost collars - cash flow hedges | $ | 1 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |
Foreign currency forwards - cash flow hedges | $ | 38 |  |  | $ | — |  |  | $ | 53 |  |  | $ | — |
Interest rate swaps - cash flow hedges | $ | 4 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 1 |
Gains (losses) reclassified from AOCI - cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps - Interest expense, net of capitalized interest | $ | (1) |  |  | $ | (2) |  |  | $ | (3) |  |  | $ | (4) |
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |  |  |  |  |
Cross currency swaps - Interest expense, net of capitalized interest | $ | 2 |  |  | $ | 6 |  |  | $ | 12 |  |  | $ | 11 |
Schedule of Newbuild Currency | At May 31, 2020, for the following newbuilds, we had foreign currency contracts for a portion of our euro-denominated shipyard payments. These contracts are designated as cash flow hedges.
| Entered Into |  | Matures In |  | Weighted-Average Floor Rate |  | Weighted- Average Ceiling Rate
Foreign currency zero cost collars |  |  |  |  |  |  |
Enchanted Princess | 2019 |  | June 2020 |  | $ | 1.04 |  |  | $ | 1.28 |
Mardi Gras | 2019 |  | October 2020 |  | $ | 1.05 |  |  | $ | 1.28 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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