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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Aug. 31, 2021
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
| August 31, 2021 |  | November 30, 2020
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (a) | $ | 19,812 |  |  | $ | — |  |  | $ | 20,470 |  |  | $ | — |  |  | $ | 15,547 |  |  | $ | — |  |  | $ | 16,258 |  |  | $ | — |
Floating rate debt (a) | 12,152 |  |  | — |  |  | 11,432 |  |  | — |  |  | 12,034 |  |  | — |  |  | 11,412 |  |  | — |
Total | $ | 31,964 |  |  | $ | — |  |  | $ | 31,902 |  |  | $ | — |  |  | $ | 27,581 |  |  | $ | — |  |  | $ | 27,670 |  |  | $ | — |
(a)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
| August 31, 2021 |  | November 30, 2020
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7,151 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,513 |  |  | $ | — |  |  | $ | — |
Restricted cash | 178 |  |  | — |  |  | — |  |  | 179 |  |  | — |  |  | — |
Short-term investments (a) | 647 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 7,975 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,692 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Total | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
(a)Short term investments consist of marketable securities with original maturities of between three and twelve months.
Reconciliation of Changes in Carrying Amounts of Goodwill |
| Goodwill
(in millions) | NAA Segment (a) |  | EA Segment (b) |  | Total
November 30, 2020 | $ | 579 |  |  | $ | 228 |  |  | $ | 807 |
Foreign currency translation adjustment | — |  |  | 4 |  |  | 3 |
August 31, 2021 | $ | 579 |  |  | $ | 231 |  |  | $ | 810 |
(a)North America and Australia (“NAA”) (b)Europe and Asia (“EA”)
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
November 30, 2020 | $ | 927 |  |  | $ | 253 |  |  | $ | 1,180 |
Foreign currency translation adjustment | — |  |  | 4 |  |  | 3 |
August 31, 2021 | $ | 927 |  |  | $ | 256 |  |  | $ | 1,183 |
Schedule of Impairment Charges Included in Other Operating Expenses | The impairment charges summarized in the table below are included in ship and other impairments in our Consolidated Statements of Income (Loss).
| Three Months Ended August 31, |  | Nine Months Ended August 31,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
NAA Segment | $ | 273 |  |  | $ | 836 |  |  | $ | 273 |  |  | $ | 1,356 |
EA Segment | 202 |  |  | 2 |  |  | 251 |  |  | 311 |
Total ship impairments | $ | 475 |  |  | $ | 838 |  |  | $ | 524 |  |  | $ | 1,667 |
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets | Derivative Instruments and Hedging Activities
(in millions) | Balance Sheet Location |  | August 31, 2021 |  | November 30, 2020
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate swaps (a) | Accrued liabilities and other |  | $ | 3 |  |  | $ | 5 |
| Other long-term liabilities |  | 3 |  |  | 5 |
Total derivative liabilities |  |  | $ | 7 |  |  | $ | 10 |
(a)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 $192 million at August 31, 2021 and $248 million at November 30, 2020 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2021, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments |
|  | August 31, 2021
(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 |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
|  | November 30, 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 |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 10 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The effect of our derivatives qualifying and being designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:
| Three Months Ended August 31, |  | Nine Months Ended August 31,
(in millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Gains (losses) recognized in AOCI: |  |  |  |  |  |  |
Cross currency swaps - net investment hedges - included component | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 131 |
Cross currency swaps - net investment hedges - excluded component | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |
Foreign currency zero cost collars - cash flow hedges | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 2 |
Foreign currency forwards - cash flow hedges | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 53 |
Interest rate swaps - cash flow hedges | $ | 1 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 5 |
Gains (losses) reclassified from AOCI - cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps - Interest expense, net of capitalized interest | $ | (1) |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | (4) |
Foreign currency zero cost collars - Depreciation and amortization | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |  |  |  |  |
Cross currency swaps - Interest expense, net of capitalized interest | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |

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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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