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Debt (Tables) | 12 Months Ended
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Nov. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | November 30,
(in millions) | Maturity |  | Rate (a) |  | 2024 |  | 2023
Secured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jun 2027 |  | 7.9% |  | $ | 192 |  |  | $ | 192 |
Notes (b) | Aug 2027 |  | 9.9% |  | — |  |  | 623 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | 2,406 |
Notes | Aug 2029 |  | 7.0% |  | 500 |  |  | 500 |
Loans |  |  |  |  |  |  |
EUR floating rate (b) | Jun 2025 |  | EURIBOR + 3.8% |  | — |  |  | 851 |
Floating rate | Aug 2027 - Oct 2028 |  | SOFR + 2.8% (c) |  | 2,449 |  |  | 3,567 |
Total Secured Subsidiary Guaranteed |  |  |  | 5,547 |  |  | 8,138 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |  |
Notes | May 2028 |  | 10.4% |  | 2,030 |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Convertible Notes | Oct 2024 |  | 5.8% |  | — |  |  | 426 |
Notes | Mar 2026 |  | 7.6% |  | 1,351 |  |  | 1,351 |
EUR Notes (b) | Mar 2026 |  | 7.6% |  | — |  |  | 550 |
Notes (b) | Mar 2027 |  | 5.8% |  | 2,722 |  |  | 3,100 |
Convertible Notes | Dec 2027 |  | 5.8% |  | 1,131 |  |  | 1,131 |
Notes | May 2029 |  | 6.0% |  | 2,000 |  |  | 2,000 |
EUR Notes | Jan 2030 |  | 5.8% |  | 528 |  |  | — |
Notes | Jun 2030 |  | 10.5% |  | 1,000 |  |  | 1,000 |
Loans |  |  |  |  |  |  |
EUR floating rate (b) (d) | Apr 2025 |  | EURIBOR + 3.3% |  | 211 |  |  | 678 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 1.2% (e) |  | 514 |  |  | 583 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 2,370 |  |  | 2,756 |
EUR floating rate | Mar 2025 - Nov 2034 |  | EURIBOR + 0.2 - 0.8% |  | 2,590 |  |  | 3,086 |
EUR fixed rate | Feb 2031 - Sep 2037 |  | 1.1 - 4.0% |  | 5,386 |  |  | 3,652 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 19,803 |  |  | 20,312 |
Unsecured Notes (No Subsidiary Guarantee) |  |  |  |  |  |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.0% |  | 633 |  |  | 659 |
Total Unsecured Notes (No Subsidiary Guarantee) |  |  |  | 833 |  |  | 859 |
Total Debt |  |  |  |  | 28,213 |  |  | 31,339 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (738) |  |  | (768) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 27,475 |  |  | 30,572 |
Less: current portion of long-term debt |  |  |  |  | (1,538) |  |  | (2,089) |
Long-Term Debt |  |  |  |  | $ | 25,936 |  |  | $ | 28,483 |
(a)The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. (b)See “Debt Prepayments” below. (c)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 3.0% – 3.4% (inclusive of credit adjustment spread) to 2.8%. See “Repricing of senior secured term loans” below. (d)The maturity of the principal amount of $211 million was extended from April 2024 to April 2025. (e)Includes applicable credit adjustment spread. The net carrying value of the Convertible Notes was as follows:
|  | November 30,
(in millions) |  | 2024 |  | 2023
Principal |  | $ | 1,131 |  |  | $ | 1,557 |
Less: Unamortized debt discount and debt issue costs |  | (19) |  |  | (27) |
|  | $ | 1,112 |  |  | $ | 1,530 |
The interest expense recognized related to the Convertible Notes was as follows:
|  | November 30,
(in millions) |  | 2024 |  | 2023 |  | 2022
Contractual interest expense |  | $ | 86 |  |  | $ | 91 |  |  | $ | 32 |
Amortization of debt discount and debt issue costs |  | 8 |  |  | 9 |  |  | 29 |
|  | $ | 94 |  |  | $ | 100 |  |  | $ | 61 |
Schedule of Annual Maturities of Debt | As of November 30, 2024, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
2025 |  | $ | 1,538 |
2026 |  | 2,683 |
2027 |  | 4,894 |
2028 |  | 8,726 |
2029 |  | 4,328 |
Thereafter |  | 6,044 |
Total |  | $ | 28,213 |

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