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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables) | 9 Months Ended
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Aug. 31, 2023
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, 2023 |  | November 30, 2022
| 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) | $ | 23,208 |  |  | $ | — |  |  | $ | 21,581 |  |  | $ | — |  |  | $ | 23,542 |  |  | $ | — |  |  | $ | 18,620 |  |  | $ | — |
Floating rate debt (a) | 8,885 |  |  | — |  |  | 7,899 |  |  | — |  |  | 12,074 |  |  | — |  |  | 10,036 |  |  | — |
Total | $ | 32,093 |  |  | $ | — |  |  | $ | 29,481 |  |  | $ | — |  |  | $ | 35,615 |  |  | $ | — |  |  | $ | 28,656 |  |  | $ | — |
(a)The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. 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, 2023 |  | November 30, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (a) | $ | 1,505 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,589 |  |  | $ | — |  |  | $ | — |
Restricted cash (b) | 28 |  |  | — |  |  | — |  |  | 1,988 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | 27 |  |  | — |  |  | — |  |  | 1 |  |  | — |
Total | $ | 1,533 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 4,576 |  |  | $ | 1 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(a)Consists of money market funds and cash investments with original maturities of less than 90 days. (b)The restricted cash amount at August 31, 2023 includes $10 million, which is included in other assets.
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | Europe Segment |  | Total
November 30, 2022 | $ | 927 |  |  | $ | 224 |  |  | $ | 1,151 |
Exchange movements | — |  |  | 12 |  |  | 12 |
August 31, 2023 | $ | 927 |  |  | $ | 236 |  |  | $ | 1,163 |
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, 2023 |  | November 30, 2022
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate swaps (a) | Prepaid expenses and other |  | $ | 25 |  |  | $ | 1 |
| Other assets |  | — |  |  | 1 |
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate swaps (a) | Prepaid expenses and other |  | 1 |  |  | — |
Total derivative assets |  |  | $ | 27 |  |  | $ | 1 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (b) | Other long-term liabilities |  | $ | 9 |  |  | $ | — |
Interest rate swaps (a) | Other long-term liabilities |  | 16 |  |  | — |
Total derivative liabilities |  |  | $ | 26 |  |  | $ | — |
(a)We have interest rate swaps whereby we receive EURIBOR-based floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $70 million at August 31, 2023 and $89 million at November 30, 2022 of EURIBOR-based floating rate euro debt to fixed rate euro debt. As of August 31, 2023, these EURIBOR-based interest rate swaps were not designated as cash flow hedges. As of November 30, 2022, one of these swaps was designated as a cash flow hedge. During the nine months ended August 31, 2023 we entered into interest rate swap agreements which effectively changed $2.5 billion at August 31, 2023 of variable rate debt to fixed rate debt. At August 31, 2023, these interest rate swaps settle through 2027 and are designated as cash flow hedges. (b)At August 31, 2023, we had a cross currency swap totaling $663 million that is designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. At August 31, 2023, this cross currency swap settles through 2024.
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) | 2023 |  | 2022 |  | 2023 |  | 2022
Gains (losses) recognized in AOCI: |  |  |  |  |  |  |
Cross currency swaps – net investment hedges - included component | $ | (10) |  |  | $ | 40 |  |  | $ | (1) |  |  | $ | 72 |
Cross currency swaps – net investment hedges - excluded component | $ | 1 |  |  | $ | (7) |  |  | $ | (3) |  |  | $ | (26) |
Interest rate swaps – cash flow hedges | $ | 25 |  |  | $ | 1 |  |  | $ | 6 |  |  | $ | 10 |
Gains (losses) reclassified from AOCI – cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps – Interest expense, net of capitalized interest | $ | 12 |  |  | $ | — |  |  | $ | 22 |  |  | $ | (1) |
Foreign currency zero cost collars – Depreciation and amortization | $ | — |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |  |  |  |  |
Cross currency swaps – Interest expense, net of capitalized interest | $ | 3 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 5 |

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