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Leases (Tables) | 12 Months Ended
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Nov. 30, 2024
Leases [Abstract] |
Schedule of Components of Lease Expenses | The components of expense were as follows:
|  | November 30,
(in millions) |  | 2024 |  | 2023 |  | 2022
Operating lease expense |  | $ | 215 |  |  | $ | 213 |  |  | $ | 192 |
Variable lease expense (a) (b) |  | $ | 211 |  |  | $ | 116 |  |  | $ | (39) |
(a)Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commissions, transportation and other in our Consolidated Statements of Income (Loss). Variable lease expense related to operating leases, other than the port facilities, were not material to our consolidated financial statements. (b)Several of our preferential berthing agreements have force majeure provisions which were in effect during the pause in guest cruise operations due to COVID-19. Weighted average of the remaining lease terms and weighted average discount rates are as follows:
|  | November 30, 2024 |  | November 30, 2023
Weighted average remaining lease term - operating leases (in years) |  | 12 |  | 12
Weighted average discount rate - operating leases |  | 5.9 | % |  | 5.9 | %
Schedule of Maturities of Operating Lease Liabilities | As of November 30, 2024, maturities of operating lease liabilities were as follows:
(in millions) Year |  |
2025 |  | $ | 228 |
2026 |  | 227 |
2027 |  | 213 |
2028 |  | 200 |
2029 |  | 147 |
Thereafter |  | 931 |
Total lease payments |  | 1,947 |
Less: Present value discount |  | (545) |
Present value of lease liabilities |  | $ | 1,402 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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