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v3.25.1

Debt (Tables) | 3 Months Ended
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Feb. 28, 2025
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | February 28, |  | November 30,
(in millions) | Maturity |  | Rate (a) |  | 2025 |  | 2024
Secured Subsidiary Guaranteed |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jun 2027 |  | 7.9% |  | $ | 192 |  |  | $ | 192 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | 2,406 |
Notes | Aug 2029 |  | 7.0% |  | 500 |  |  | 500 |
Loans |  |  |  |  |  |  |
Floating rate | Aug 2027 - Oct 2028 |  | SOFR + 2.0% (b) |  | 2,449 |  |  | 2,449 |
Total Secured Subsidiary Guaranteed |  |  |  | 5,547 |  |  | 5,547 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |
Notes (c) | May 2028 |  | 10.4% |  | — |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Mar 2026 |  | 7.6% |  | 1,351 |  |  | 1,351 |
Notes | Mar 2027 |  | 5.8% |  | 2,722 |  |  | 2,722 |
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% |  | 524 |  |  | 528 |
Notes | Mar 2030 |  | 5.8% |  | 1,000 |  |  | — |
Notes (d) | Jun 2030 |  | 10.5% |  | — |  |  | 1,000 |
Notes | Feb 2033 |  | 6.1% |  | 2,000 |  |  | — |
Loans |  |  |  |  |  |  |
EUR floating rate | Apr 2025 |  | EURIBOR + 3.3% |  | 210 |  |  | 211 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 1.2% (e) |  | 480 |  |  | 514 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 2,290 |  |  | 2,370 |
EUR floating rate | Mar 2025 - Nov 2034 |  | EURIBOR + 0.2 - 0.8% |  | 2,488 |  |  | 2,590 |
EUR fixed rate | Feb 2031 - Sep 2037 |  | 1.1 - 4.0% |  | 5,139 |  |  | 5,386 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 21,336 |  |  | 19,803 |
Unsecured Notes (No Subsidiary Guarantee) |  |  |  |  |  |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.0% |  | 629 |  |  | 633 |
Total Unsecured Notes (No Subsidiary Guarantee) |  |  |  | 829 |  |  | 833 |
Total Debt |  |  |  |  | 27,711 |  |  | 28,213 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (693) |  |  | (738) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 27,018 |  |  | 27,475 |
Less: current portion of long-term debt |  |  |  |  | (1,531) |  |  | (1,538) |
Long-Term Debt |  |  |  |  | $ | 25,487 |  |  | $ | 25,936 |
(a)The reference rates, together with any applicable credit adjustment spread, for all of our variable debt have 0.0% to 0.8% floors. (b)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 2.8% to 2.0%. Se e “Repricing of Senior Secured Term Loans” below. (c)See “2033 Senior Unsecured Notes” below. (d)See “2030 Senior Unsecured Notes” below. (e)Includes applicable credit adjustment spread.
Schedule of Annual Maturities of Debt | As of February 28, 2025, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
Remainder of 2025 |  | $ | 1,122 |
2026 |  | 2,677 |
2027 |  | 4,889 |
2028 |  | 6,691 |
2029 |  | 4,318 |
Thereafter |  | 8,015 |
Total |  | $ | 27,711 |

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