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v3.25.2

Debt (Tables) | 9 Months Ended
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Aug. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | August 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 (b) | Aug 2027 - Oct 2028 |  | SOFR + 2.00% (c) |  | — |  |  | 2,449 |
Total Secured Subsidiary Guaranteed |  |  |  | 3,098 |  |  | 5,547 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |  |
Notes (b) | May 2028 |  | 10.38% |  | — |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes (b) | Mar 2026 |  | 7.63% |  | — |  |  | 1,351 |
Notes (b) | Mar 2027 |  | 5.75% |  | — |  |  | 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% |  | 584 |  |  | 528 |
Notes | Mar 2030 |  | 5.75% |  | 1,000 |  |  | — |
Notes (b) | Jun 2030 |  | 10.50% |  | — |  |  | 1,000 |
Notes | Jun 2031 |  | 5.88% |  | 1,000 |  |  | — |
EUR Notes | Jul 2031 |  | 4.13% |  | 1,168 |  |  | — |
Notes | Aug 2032 |  | 5.75% |  | 3,000 |  |  | — |
Notes | Feb 2033 |  | 6.13% |  | 2,000 |  |  | — |
Loans |  |  |  |  |  |  |
EUR floating rate (d) | Apr 2025 |  | EURIBOR + 3.25% |  | — |  |  | 211 |
Floating rate | Aug 2027 |  | SOFR + 1.13% |  | 400 |  |  | — |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 1.20% (e) |  | 446 |  |  | 514 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.42 - 3.38% |  | 2,097 |  |  | 2,370 |
EUR floating rate | Oct 2026 - Nov 2034 |  | EURIBOR + 0.55 - 0.80% |  | 2,574 |  |  | 2,590 |
EUR fixed rate | Feb 2031 - Sep 2037 |  | 1.05 - 4.00% |  | 5,439 |  |  | 5,386 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 22,839 |  |  | 19,803 |
Unsecured (No Subsidiary Guarantee) |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Jan 2028 |  | 6.65% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.00% |  | 701 |  |  | 633 |
Loans |  |  |  |  |  |  |
EUR floating rate (d) | Apr 2029 |  | EURIBOR + 1.95% |  | 351 |  |  | — |
Total Unsecured (No Subsidiary Guarantee) |  |  |  | 1,252 |  |  | 833 |
Total Debt |  |  |  |  | 27,188 |  |  | 28,213 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (707) |  |  | (738) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 26,481 |  |  | 27,475 |
Less: current portion of long-term debt |  |  |  |  | (1,417) |  |  | (1,538) |
Long-Term Debt |  |  |  |  | $ | 25,064 |  |  | $ | 25,936 |
(a)The reference rates, together with any applicable credit adjustment spread, for all of our floating rate debt have a 0.00% floor. (b)See “Debt Prepayments” below. (c)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. (d)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. (e)Includes applicable credit adjustment spread.
Schedule of Annual Maturities of Debt | As of August 31, 2025, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
Remainder of 2025 |  | $ | 261 |
2026 |  | 1,426 |
2027 |  | 1,959 |
2028 |  | 5,034 |
2029 |  | 4,832 |
Thereafter |  | 13,675 |
Total |  | $ | 27,188 |

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