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Compensation Plans and Post-Employment Benefits (Tables) | 12 Months Ended
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Nov. 30, 2024
Compensation Related Costs [Abstract] |
Schedule of Share Based Compensation Awards Activity |
| Shares |  | Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2023 | 10,289,628 |  |  | $ | 11.45 |
Granted | 5,746,531 |  |  | $ | 15.29 |
Vested | (3,802,982) |  |  | $ | 13.91 |
Forfeited | (310,931) |  |  | $ | 12.71 |
Outstanding at November 30, 2024 | 11,922,246 |  |  | $ | 12.48 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
|  | UK Plan (a) |  | All Other Plans
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation as of December 1 |  | $ | 181 |  |  | $ | 198 |  |  | $ | 226 |  |  | $ | 223 |
Past service cost |  | 1 |  |  | 1 |  |  | 18 |  |  | 18 |
Interest cost |  | 8 |  |  | 8 |  |  | 12 |  |  | 11 |
Benefits paid |  | (7) |  |  | (6) |  |  | (17) |  |  | (20) |
Actuarial (gain) loss on plans’ liabilities |  | (3) |  |  | (19) |  |  | 12 |  |  | (4) |
Plan curtailments, settlements and other |  | — |  |  | — |  |  | (1) |  |  | (1) |
Administrative expenses |  | (1) |  |  | (1) |  |  | — |  |  | — |
Exchange movements and other |  | (21) |  |  | — |  |  | — |  |  | — |
Projected benefit obligation as of November 30 |  | 159 |  |  | 181 |  |  | 250 |  |  | 226 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets as of December 1 |  | 196 |  |  | 222 |  |  | 9 |  |  | 10 |
Return (loss) on plans’ assets |  | 4 |  |  | (20) |  |  | 1 |  |  | — |
Employer contributions |  | — |  |  | 1 |  |  | 17 |  |  | 20 |
Benefits paid |  | (7) |  |  | (6) |  |  | (17) |  |  | (20) |
Plan settlements |  | — |  |  | — |  |  | (1) |  |  | (1) |
Administrative expenses |  | (1) |  |  | (1) |  |  | — |  |  | — |
Exchange movements and other |  | (25) |  |  | — |  |  | — |  |  | — |
Fair value of plan assets as of November 30 |  | 168 |  |  | 196 |  |  | 8 |  |  | 9 |
Funded status as of November 30 |  | $ | 9 |  |  | $ | 15 |  |  | $ | (242) |  |  | $ | (218) |
(a)The P&O Princess Cruises (UK) Pension Scheme (“UK Plan”)
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheets | The amounts recognized in the Consolidated Balance Sheets for these plans were as follows:
|  | UK Plan |  | All Other Plans
|  | November 30, |  | November 30,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Other assets |  | $ | 9 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |
Accrued liabilities and other |  | $ | — |  |  | $ | — |  |  | $ | 32 |  |  | $ | 29 |
Other long-term liabilities |  | $ | — |  |  | $ | — |  |  | $ | 210 |  |  | $ | 188 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:
|  | November 30,
(in millions) |  | 2024 |  | 2023
Projected benefit obligation |  | $ | 250 |  |  | $ | 226 |
Accumulated benefit obligation |  | $ | 244 |  |  | $ | 220 |
Fair value of plan assets |  | $ | 8 |  |  | $ | 9 |
Schedule of Net Periodic Pension Costs | The net periodic pension cost recognized in the Consolidated Statements of Income (Loss) were as follows:
|  | UK Plan |  | All Other Plans
|  | November 30, |  | November 30,
(in millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 18 |  |  | $ | 18 |
Interest cost |  | 8 |  |  | 8 |  |  | 5 |  |  | 12 |  |  | 11 |  |  | 5 |
Expected return on plan assets |  | (9) |  |  | (8) |  |  | (6) |  |  | — |  |  | — |  |  | — |
Amortization of net loss (gain) |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
Settlement loss recognized |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Net periodic pension cost (income) |  | $ | 2 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | 31 |  |  | $ | 30 |  |  | $ | 26 |
The components of net periodic pension cost other than the service cost component are included in other income (expense), net in the Consolidated Statements of Income (Loss). Weighted average assumptions used to determine the projected benefit obligation are as follows:
|  | UK Plan |  | All Other Plans
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate |  | 5.2 | % |  | 5.2 | % |  | 5.2 | % |  | 5.7 | %
Rate of compensation increase |  | 2.9 | % |  | 2.9 | % |  | 3.0 | % |  | 3.0 | %
Weighted average assumptions used to determine net pension income are as follows:
|  | UK Plan |  | All Other Plans
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate |  | 5.2 | % |  | 4.3 | % |  | 1.6 | % |  | 5.6 | % |  | 5.4 | % |  | 3.2 | %
Expected return on assets |  | 5.6 | % |  | 4.3 | % |  | — | % |  | 6.0 | % |  | 3.5 | % |  | 2.3 | %
Rate of compensation increase |  | 2.9 | % |  | 2.9 | % |  | 2.7 | % |  | 3.0 | % |  | 3.0 | % |  | 3.0 | %
Schedule of Defined Benefit Plan AOCI | Amounts recognized in AOCI are as follows:
|  | UK Plan |  | All Other Plans
|  | November 30, |  | November 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Actuarial losses (gains) recognized in the current year |  | $ | 2 |  |  | $ | 9 |  |  | $ | 12 |  |  | $ | (4) |
Amortization and settlements included in net periodic pension cost |  | $ | (2) |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (1) |
Schedule of Expected Future Benefit Payments | Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate during the succeeding five fiscal years are as follows:
(in millions) |  | UK Plan |  | All Other Plans
2025 |  | $ | 7 |  |  | $ | 33 |
2026 |  | 7 |  |  | 30 |
2027 |  | 7 |  |  | 29 |
2028 |  | 8 |  |  | 31 |
2029 |  | 8 |  |  | 30 |
2030-2034 |  | 50 |  |  | 146 |
|  | $ | 88 |  |  | $ | 298 |
Schedule of Fair Values of Plan Assets | The fair values of the plan assets of the UK Plan by investment class are as follows:
|  | November 30,
|  | 2024 |  | 2023
Equities |  | $ | 11 |  |  | $ | 47 |
UK government fixed interest bonds (gilts) |  | 157 |  |  | 149 |
|  | $ | 168 |  |  | $ | 196 |

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