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Debt (Tables) | 12 Months Ended
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Nov. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | November 30,
(in millions) | Maturity |  | Rate (a) |  | 2020 |  | 2019
Secured Debt |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Apr 2023 |  | 11.5% |  | $ | 4,000 |  |  | $ | — |
Notes | Feb 2026 |  | 10.5% |  | 775 |  |  | — |
EUR Notes | Feb 2026 |  | 10.1% |  | 508 |  |  | — |
Notes (c) | Jun 2027 |  | 7.9% |  | 192 |  |  | 192 |
Notes | Aug 2027 |  | 9.9% |  | 900 |  |  | — |
Bank Loans |  |  |  |  |  |  |
EUR fixed rate (c) | Jul 2024 - May 2025 |  | 5.5 - 6.2% |  | 136 |  |  | 154 |
Floating rate | Jun 2025 |  | LIBOR + 7.5% |  | 1,855 |  |  | — |
EUR floating rate (c) | Jun 2025 - Oct 2026 |  | EURIBOR + 2.7 - 7.5% |  | 1,026 |  |  | 77 |
Total Secured Debt |  |  |  |  | 9,393 |  |  | 423 |
Unsecured Debt |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility (expires Aug 2024) | (b) |  | LIBOR + 0.6% |  | 3,083 |  |  | — |
Notes |  |  |  |  |  |  |
Notes | Oct 2020 |  | 4.0% |  | — |  |  | 700 |
EUR Notes | Feb 2021 |  | 1.6% |  | 429 |  |  | 550 |
EUR Notes | Nov 2022 |  | 1.9% |  | 658 |  |  | 605 |
Convertible Notes | Apr 2023 |  | 5.8% |  | 537 |  |  | — |
Notes | Oct 2023 |  | 7.2% |  | 125 |  |  | 125 |
Notes | Mar 2026 |  | 7.6% |  | 1,450 |  |  | — |
EUR Notes | Mar 2026 |  | 7.6% |  | 598 |  |  | — |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.0% |  | 718 |  |  | 660 |
Bank Loans |  |  |  |  |  |  |
EUR fixed rate | Mar 2021 - Sep 2021 |  | 0.3 - 3.9% |  | 32 |  |  | 221 |
EUR floating rate | Mar 2021 - Apr 2023 |  | EURIBOR + 0.3 - 4.8% |  | 1,860 |  |  | 1,596 |
Floating rate | Jul 2024 - Sep 2024 |  | LIBOR + 3.8% |  | 300 |  |  | 300 |
GBP floating rate | Aug 2021 - Feb 2025 |  | GBP LIBOR + 0.8 - 0.9% |  | 881 |  |  | 854 |
Export Credit Facilities |  |  |  |  |  |  |
EUR floating rate | Mar 2021 - Oct 2032 |  | EURIBOR + 0.2 - 1.5% |  | 1,891 |  |  | 963 |
EUR fixed rate | Feb 2031 - Sep 2032 |  | 1.1% |  | 1,159 |  |  | 545 |
Fixed rate | Aug 2027 - Oct 2031 |  | 2.4 - 3.4% |  | 3,131 |  |  | 3,485 |
Floating rate | Feb 2022 - Dec 2031 |  | LIBOR + 0.5 - 1.5% |  | 1,138 |  |  | 174 |
Commercial Paper |  |  |  |  |  |  |
EUR floating rate commercial paper | — |  | —% |  | — |  |  | 231 |
Total Unsecured Debt |  |  |  |  | 18,188 |  |  | 11,211 |
Total Debt |  |  |  |  | 27,581 |  |  | 11,634 |
Less: unamortized debt issuance costs |  |  |  |  | (624) |  |  | (131) |
Total Debt, net of unamortized debt issuance costs |  |  |  | 26,957 |  |  | 11,503 |
Less: short-term borrowings |  |  |  |  | (3,084) |  |  | (231) |
Less: current portion of long-term debt |  |  |  |  | (1,742) |  |  | (1,596) |
Long-Term Debt |  |  |  |  | $ | 22,130 |  |  | $ | 9,675 |
The net carrying value of the liability component of the Convertible Notes was as follows:
(in millions) |  | November 30, 2020
Principal |  | $ | 537 |
Less: Unamortized debt discount and transaction costs |  | (76) |
|  | $ | 461 |
The interest expense recognized related to the Convertible Notes was as follows:
(in millions) |  | Year Ended November 30, 2020
Contractual interest expense |  | $ | 58 |
Amortization of debt discount and transaction costs |  | $ | 50 |
|  | $ | 109 |
Schedule of Annual Maturities of Debt | The scheduled maturities of our debt are as follows:
| November 30, 2020 |  | 2021 |  |  |  |  |
(in millions) | Rate (a) |  | 1Q | 2Q | 3Q | 4Q | 2022 | 2023 | 2024 | 2025 | Thereafter
Secured Debt |  |  |  |  |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |  |  |  |  |
Notes | 11.5% |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 4,000 |  | $ | — |  | $ | — |  | $ | — |
Notes | 10.5% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 775 |
EUR Notes | 10.1% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 508 |
Notes (c) | 7.9% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 192 |
Notes | 9.9% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 900 |
Bank Loans |  |  |  |  |  |  |  |  |  |  |
EUR fixed rate (c) | 5.5 - 6.2% |  | 8 |  | 8 |  | 8 |  | 8 |  | 32 |  | 32 |  | 32 |  | 8 |  | — |
Floating rate | LIBOR + 7.5% |  | 5 |  | 5 |  | 5 |  | 5 |  | 19 |  | 19 |  | 19 |  | 1,781 |  | — |
EUR floating rate (c) | EURIBOR + 2.7 - 7.5% |  | 2 |  | 8 |  | 2 |  | 8 |  | 22 |  | 22 |  | 22 |  | 928 |  | 12 |
Total Secured Debt |  |  | 15 |  | 21 |  | 15 |  | 21 |  | 72 |  | 4,072 |  | 72 |  | 2,717 |  | 2,387 |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |  |  |  |  |
Facility (expires Aug 2024) | LIBOR + 0.6% |  | — |  | — |  | — |  | — |  | — |  | — |  | 3,083 |  | — |  | — |
Notes |  |  |  |  |  |  |  |  |  |  |
EUR Notes | 1.6% |  | 429 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
EUR Notes | 1.9% |  | — |  | — |  | — |  | — |  | 658 |  | — |  | — |  | — |  | — |
Convertible Notes | 5.8% |  | — |  | — |  | — |  | — |  | — |  | 537 |  | — |  | — |  | — |
Notes | 7.2% |  | — |  | — |  | — |  | — |  | — |  | 125 |  | — |  | — |  | — |
Notes | 7.6% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 1,450 |
EUR Notes | 7.6% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 598 |
Notes | 6.7% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 200 |
EUR Notes | 1.0% |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 718 |
Bank Loans |  |  |  |  |  |  |  |  |  |  |
EUR fixed rate | 0.3 - 3.9% |  | — |  | 17 |  | — |  | 15 |  | — |  | — |  | — |  | — |  | — |
EUR floating rate | EURIBOR + 0.3 - 4.8% |  | — |  | 179 |  | — |  | — |  | 1,053 |  | 628 |  | — |  | — |  | — |
Floating rate | LIBOR + 3.8% |  | — |  | — |  | — |  | — |  | — |  | — |  | 300 |  | — |  | — |
GBP floating rate | GBP LIBOR + 0.8 - 0.9% |  | 40 |  | — |  | 375 |  | — |  | — |  | — |  | 93 |  | 373 |  | — |
Export Credit Facilities |  |  |  |  |  |  |  |  |  |  |
EUR floating rate | EURIBOR + 0.2 - 1.5% |  | — |  | 24 |  | 49 |  | 124 |  | 333 |  | 306 |  | 277 |  | 200 |  | 629 |
EUR fixed rate | 1.1% |  | — |  | — |  | 26 |  | 26 |  | 103 |  | 103 |  | 103 |  | 103 |  | 644 |
Fixed rate | 2.4 - 3.4% |  | — |  | 74 |  | 36 |  | 98 |  | 291 |  | 332 |  | 332 |  | 332 |  | 1,576 |
Floating rate | LIBOR + 0.5 - 1.5% |  | 16 |  | 35 |  | 68 |  | 41 |  | 194 |  | 152 |  | 152 |  | 92 |  | 446 |
Total Unsecured Debt |  |  | 485 |  | 330 |  | 553 |  | 304 |  | 2,631 |  | 2,183 |  | 4,340 |  | 1,100 |  | 6,261 |
Total Debt |  |  | $ | 500 |  | $ | 351 |  | $ | 568 |  | $ | 325 |  | $ | 2,703 |  | $ | 6,255 |  | $ | 4,412 |  | $ | 3,818 |  | $ | 8,648 |
(a)Certain of the EURIBOR and LIBOR based loans have 0% or 1% floors, respectively. (b)As of November 30, 2020, we had a $3.1 billion ($1.7 billion, €1.0 billion and £150 million) multi-currency revolving credit facility (the “Revolving Facility”) that was drawn in March 2020 for an initial term of six months. The maturities for these borrowings were extended in September 2020 for an additional six months through March 2021. We may re-borrow such amounts through August 2024 subject to satisfaction of the conditions in the facility. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any undrawn portion. (c)In 2019, these notes and bank loans were unsecured.

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