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v3.25.2

Debt (Tables) | 6 Months Ended
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May 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | May 31, |  | November 30,
(in millions) | Maturity |  | Rate (a) |  | 2025 |  | 2024
Secured Subsidiary Guaranteed |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jun 2027 |  | 7.88% |  | $ | 192 |  |  | $ | 192 |
Notes | Aug 2028 |  | 4.00% |  | 2,406 |  |  | 2,406 |
Notes | Aug 2029 |  | 7.00% |  | 500 |  |  | 500 |
Loans |  |  |  |  |  |  |
Floating rate | Aug 2027 - Oct 2028 |  | SOFR + 2.00% (b) |  | 2,449 |  |  | 2,449 |
Total Secured Subsidiary Guaranteed |  |  |  | 5,547 |  |  | 5,547 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |
Notes (c) | May 2028 |  | 10.38% |  | — |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes (d) | Mar 2026 |  | 7.63% |  | — |  |  | 1,351 |
Notes | Mar 2027 |  | 5.75% |  | 2,722 |  |  | 2,722 |
Convertible Notes | Dec 2027 |  | 5.75% |  | 1,131 |  |  | 1,131 |
Notes | May 2029 |  | 6.00% |  | 2,000 |  |  | 2,000 |
EUR Notes | Jan 2030 |  | 5.75% |  | 569 |  |  | 528 |
Notes | Mar 2030 |  | 5.75% |  | 1,000 |  |  | — |
Notes (e) | Jun 2030 |  | 10.50% |  | — |  |  | 1,000 |
Notes | Jun 2031 |  | 5.88% |  | 1,000 |  |  | — |
Notes | Feb 2033 |  | 6.13% |  | 2,000 |  |  | — |
Loans |  |  |  |  |  |  |
EUR floating rate (f) | Apr 2025 |  | EURIBOR + 3.25% |  | — |  |  | 211 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 1.20% (g) |  | 480 |  |  | 514 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.42 - 3.38% |  | 2,176 |  |  | 2,370 |
EUR floating rate | Oct 2026 - Nov 2034 |  | EURIBOR + 0.55 - 0.80% |  | 2,596 |  |  | 2,590 |
EUR fixed rate | Feb 2031 - Sep 2037 |  | 1.05 - 4.00% |  | 5,523 |  |  | 5,386 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 21,197 |  |  | 19,803 |
Unsecured (No Subsidiary Guarantee) |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jan 2028 |  | 6.65% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.00% |  | 682 |  |  | 633 |
Loans |  |  |  |  |  |  |
EUR floating rate (f) | Apr 2029 |  | EURIBOR + 1.95% |  | 341 |  |  | — |
Total Unsecured (No Subsidiary Guarantee) |  |  |  | 1,223 |  |  | 833 |
Total Debt |  |  |  |  | 27,967 |  |  | 28,213 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (713) |  |  | (738) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 27,254 |  |  | 27,475 |
Less: current portion of long-term debt |  |  |  |  | (1,392) |  |  | (1,538) |
Long-Term Debt |  |  |  |  | $ | 25,862 |  |  | $ | 25,936 |
(a)The reference rates, together with any applicable credit adjustment spread, for all of our variable debt have 0.00% to 0.75% floors. (b)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 2.75% to 2.00%. Se e “Repricing of Senior Secured Term Loans” below. (c)See “2033 Senior Unsecured Notes” below. (d)See “2031 Senior Unsecured Notes” below. (e)See “2030 Senior Unsecured Notes” below. (f)In April 2025, the euro floating rate loan agreement was amended to increase the principal amount by $112 million, extend its maturity from April 2025 to April 2029, amend the loan’s margin from 3.25% to 1.95% and remove the subsidiary guarantee. (g)Includes applicable credit adjustment spread.
Schedule of Annual Maturities of Debt | As of May 31, 2025, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
Remainder of 2025 |  | $ | 692 |
2026 |  | 1,400 |
2027 |  | 4,958 |
2028 |  | 6,758 |
2029 |  | 4,780 |
Thereafter |  | 9,378 |
Total |  | $ | 27,967 |

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