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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Aug. 31, 2022
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, 2022 |  | November 30, 2021
| 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) | $ | 20,980 |  |  | $ | — |  |  | $ | 16,431 |  |  | $ | — |  |  | $ | 19,555 |  |  | $ | — |  |  | $ | 19,013 |  |  | $ | — |
Floating rate debt (a) | 13,828 |  |  | — |  |  | 12,004 |  |  | — |  |  | 14,415 |  |  | — |  |  | 13,451 |  |  | — |
Total | $ | 34,808 |  |  | $ | — |  |  | $ | 28,435 |  |  | $ | — |  |  | $ | 33,970 |  |  | $ | — |  |  | $ | 32,463 |  |  | $ | — |
(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, 2022 |  | November 30, 2021
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7,071 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,939 |  |  | $ | — |  |  | $ | — |
Short-term investments (a) | — |  |  | — |  |  | — |  |  | 200 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | $ | 7,071 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,139 |  |  | $ | 1 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
Total | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
(a)Short term investments consist of marketable securities with original maturities of between three and twelve months.
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
November 30, 2021 | $ | 927 |  |  | $ | 248 |  |  | $ | 1,175 |
Exchange movements | — |  |  | (30) |  |  | (30) |
August 31, 2022 | $ | 927 |  |  | $ | 218 |  |  | $ | 1,145 |
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) | 2022 |  | 2021 |  | 2022 |  | 2021
NAA Segment | $ | — |  |  | $ | 273 |  |  | $ | 8 |  |  | $ | 273 |
EA Segment | — |  |  | 202 |  |  | — |  |  | 251 |
Total ship impairments | $ | — |  |  | $ | 475 |  |  | $ | 8 |  |  | $ | 524 |
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, 2022 |  | November 30, 2021
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 |  | 1 |  |  | 3 |
| Other long-term liabilities |  | — |  |  | 2 |
Total derivative liabilities |  |  | $ | 1 |  |  | $ | 13 |
(a)At August 31, 2022, we had no cross-currency swaps. At November 30, 2021, we had a cross currency swap totaling $201 million that was designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. (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 $108 million at August 31, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2022, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments |
|  | August 31, 2022
(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 |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
|  | 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 |
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:
| Three Months Ended August 31, |  | Nine Months Ended August 31,
(in millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Gains (losses) recognized in AOCI: |  |  |  |  |  |  |
Cross currency swaps – net investment hedges - included component | $ | 40 |  |  | $ | — |  |  | $ | 72 |  |  | $ | — |
Cross currency swaps – net investment hedges - excluded component | $ | (7) |  |  | $ | — |  |  | $ | (26) |  |  | $ | — |
Interest rate swaps - cash flow hedges | $ | 1 |  |  | $ | 1 |  |  | $ | 10 |  |  | $ | 3 |
Gains (losses) reclassified from AOCI - cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps - Interest expense, net of capitalized interest | $ | — |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (4) |
Foreign currency zero cost collars - Depreciation and amortization | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | $ | 1 |
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |  |  |  |  |
Cross currency swaps – Interest expense, net of capitalized interest | $ | 2 |  |  | $ | — |  |  | $ | 5 |  |  | $ | — |

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