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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk (Tables) | 12 Months Ended
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Nov. 30, 2021
Fair Value Disclosures [Abstract] |
Financial Instruments that are Not Measured at Fair Value on a Recurring Basis | Financial Instruments that are not Measured at Fair Value on a Recurring Basis
| November 30, 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) | $ | 19,555 |  |  | $ | — |  |  | $ | 19,013 |  |  | $ | — |  |  | $ | 15,547 |  |  | $ | — |  |  | $ | 16,258 |  |  | $ | — |
Floating rate debt (a) | 14,415 |  |  | — |  |  | 13,451 |  |  | — |  |  | 12,034 |  |  | — |  |  | 11,412 |  |  | — |
Total | $ | 33,970 |  |  | $ | — |  |  | $ | 32,463 |  |  | $ | — |  |  | $ | 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.
Financial Instruments that are Measured at Fair Value on a Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| November 30, 2021 |  | November 30, 2020
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 8,939 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,513 |  |  | $ | — |  |  | $ | — |
Restricted cash | 38 |  |  | — |  |  | — |  |  | 179 |  |  | — |  |  | — |
Short-term investments (a) | 200 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 9,177 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 9,692 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |
Total | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 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 |  | EA Segment |  | Total
At November 30, 2019 | $ | 1,898 |  |  | $ | 1,014 |  |  | $ | 2,912 |
Impairment charge | (1,319) |  |  | (777) |  |  | (2,096) |
Exchange movements | — |  |  | (9) |  |  | (9) |
At November 30, 2020 | 579 |  |  | 228 |  |  | 807 |
Impairment charges | — |  |  | (226) |  |  | (226) |
Exchange movements | — |  |  | (2) |  |  | (2) |
At November 30, 2021 | $ | 579 |  |  | $ | — |  |  | $ | 579 |
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2019 | $ | 927 |  |  | $ | 240 |  |  | $ | 1,167 |
Exchange movements | — |  |  | 13 |  |  | 13 |
At November 30, 2020 | 927 |  |  | 253 |  |  | 1,180 |
Exchange movements | — |  |  | (5) |  |  | (5) |
At November 30, 2021 | $ | 927 |  |  | $ | 248 |  |  | $ | 1,175 |
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).
| November 30,
(in millions) | 2021 |  | 2020
NAA Segment | $ | 273 |  |  | $ | 1,474 |
EA Segment | 318 |  |  | 319 |
Total ship impairments | $ | 591 |  |  | $ | 1,794 |
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets |
|  |  | November 30,
(in millions) | Balance Sheet Location |  | 2021 |  | 2020
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Prepaid expenses and other |  | $ | 1 |  |  | $ | — |
Total derivative assets |  |  | $ | 1 |  |  | $ | — |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Other long-term liabilities |  | $ | 8 |  |  | $ | — |
Interest rate swaps (b) | Accrued liabilities and other |  | 3 |  |  | 5 |
| Other long-term liabilities |  | 2 |  |  | 5 |
Total derivative liabilities |  |  | $ | 13 |  |  | $ | 10 |
(a)At November 30, 2021, we had a cross currency swap totaling $201 million that is designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. At November 30, 2021, this cross currency swap settles through 2028. At November 30, 2020, we had no cross currency swaps. (b)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 $160 million at November 30, 2021 and $248 million at November 30, 2020 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2021, these interest rate swaps settle through 2025.
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.
| November 30, 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 | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Liabilities | $ | 13 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | 13 |
| 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 designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:
| November 30,
(in millions) | 2021 |  | 2020 |  | 2019
Gains (losses) recognized in AOCI: |  |  |  |  |
Cross currency swaps – net investment hedges - included component | $ | (1) |  |  | $ | 131 |  |  | $ | 43 |
Cross currency swaps – net investment hedges - excluded component | $ | (6) |  |  | $ | (1) |  |  | $ | 1 |
Foreign currency zero cost collars – cash flow hedges | $ | — |  |  | $ | 1 |  |  | $ | (1) |
Foreign currency forwards - cash flow hedges | $ | — |  |  | $ | 53 |  |  | $ | — |
Interest rate swaps – cash flow hedges | $ | 5 |  |  | $ | 6 |  |  | $ | 3 |
Gains (losses) reclassified from AOCI – cash flow hedges: |  |  |  |  |
Interest rate swaps – Interest expense, net of capitalized interest | $ | (5) |  |  | $ | (6) |  |  | $ | (7) |
Foreign currency zero cost collars - Depreciation and amortization | $ | 2 |  |  | $ | 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 |  |  | $ | 23 |

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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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