Debt (Tables)

9 Months Ended

Aug. 31, 2020

The net carrying value of the liability component of the Convertible Notes was as follows:


(in millions)	August 31, 2020
Principal	$	1,127
Less: Unamortized debt discount and transaction costs	(173)
	$	954

The interest expense recognized related to the Convertible Notes was as follows:


(in millions)	Three Months Ended August 31, 2020		Nine Months Ended August 31, 2020
Contractual interest expense	$	26	$	43
Amortization of debt discount and transaction costs	22		37
	$	47	$	80

Schedule of Annual Maturities of Debt

As of August 31, 2020, the scheduled annual maturities of our outstanding debt were as follows:


(in millions) Year	Principal Payments (a)
Remainder of 2020	$	1,048
2021 (b)	1,702
2022	2,539
2023	6,686
2024	1,174
Thereafter	9,382
	$	22,532

(a)Excluding the Revolving Facility. As of August 31, 2020, borrowings under the Revolving Facility were $3.0 billion, which were drawn in March 2020 for an initial term of six months. The maturities for these borrowings were extended in September 2020 for an additional six months through March 2021. We may re-borrow such amounts subject to satisfaction of the conditions in the Revolving Facility Agreement.

(b)We have a principal balance of $0.5 billion and $0.8 billion of debt outstanding as of August 31, 2020, otherwise due through 2032, for which covenant waivers expire during the second quarter 2021 and fourth quarter 2021, respectively. We are working on extending these covenant waivers. If the covenant waiver extensions are not received, we would be required to prepay the outstanding principal balance.