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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk (Tables)
 12 Months Ended
Nov. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Instruments that are Not Measured at Fair Value on a Recurring Basis
Financial Instruments that are not Measured at Fair Value on a Recurring Basis
 November 30, 2020November 30, 2019
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Long-term other assets (a)$45 $— $17 $18 $181 $— $31 $149 
Total$45 $— $17 $18 $181 $— $31 $149 
Liabilities
Fixed rate debt (b)$15,547 $— $16,258 $— $7,438 $— $7,782 $— 
Floating rate debt (b)12,034 — 11,412 — 4,195 — 4,248 — 
Total$27,581 $— $27,670 $— $11,634 $— $12,030 $— 

(a)Long-term other assets are comprised of notes receivable, which at November 30, 2019, included loans on ship sales. The fair values of our Level 2 notes receivable were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.
(b)The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Financial Instruments that are Measured at Fair Value on a Recurring Basis
Financial Instruments that are Measured at Fair Value on a Recurring Basis 
 November 30, 2020November 30, 2019
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash and cash equivalents$9,513 $— $— $518 $— $— 
Restricted cash179 — — 13 — — 
Derivative financial instruments— — — — 58 — 
Total$9,692 $— $— $530 $58 $— 
Liabilities
Derivative financial instruments$— $10 $— $— $25 $— 
Total$— $10 $— $— $25 $— 
Reconciliation of Changes in Carrying Amounts of Goodwill
Goodwill
(in millions)NAA SegmentEA SegmentTotal
At November 30, 2018$1,898 $1,027 $2,925 
Foreign currency translation adjustment— (13)(13)
At November 30, 20191,898 1,014 2,912 
Impairment charges(1,319)(777)(2,096)
Foreign currency translation adjustment— (9)(9)
At November 30, 2020$579 $228 $807 
Reconciliation of Changes in Carrying Amounts of Trademarks
Trademarks
(in millions)NAA SegmentEA SegmentTotal
At November 30, 2018$927 $242 $1,169 
Foreign currency translation adjustment— (2)(2)
At November 30, 2019927 240 1,167 
Foreign currency translation adjustment— 13 13 
At November 30, 2020$927 $253 $1,180 
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets
  November 30,
(in millions)Balance Sheet Location20202019
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)Prepaid expenses and other$— $32 
Other assets— 25
Total derivative assets$— $58 
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)Accrued liabilities and other$— $1 
Other long-term liabilities— 9 
Foreign currency zero cost collars (b)Accrued liabilities and other— 1 
Interest rate swaps (c)Accrued liabilities and other5 6 
Other long-term liabilities5 9 
Total derivative liabilities$10 $25 
 
(a)At November 30, 2020, we had no cross currency swaps. At November 30, 2019, we had cross currency swaps totaling $1.9 billion that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency.
(b)At November 30, 2020, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.
(c)We have interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $248 million at November 30, 2020 and $300 million at November 30, 2019 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2020, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments
Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.
November 30, 2020
(in millions)Gross AmountsGross Amounts Offset in the Balance SheetTotal Net Amounts Presented in the Balance SheetGross Amounts not Offset in the Balance SheetNet Amounts
Assets$— $— $— $— $— 
Liabilities$10 $— $10 $— $10 
November 30, 2019
(in millions)Gross AmountsGross Amounts Offset in the Balance SheetTotal Net Amounts Presented in the Balance SheetGross Amounts not Offset in the Balance SheetNet Amounts
Assets$58 $— $58 $(4)$54 
Liabilities$25 $— $25 $(4)$21 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in income was as follows:
 November 30,
(in millions)202020192018
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component$131 $43 $18 
Cross currency swaps – net investment hedges - excluded component$(1)$1 $— 
Foreign currency zero cost collars – cash flow hedges$1 $(1)$(12)
Foreign currency forwards - cash flow hedges$53 $— $— 
Interest rate swaps – cash flow hedges$6 $3 $6 
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest$(6)$(7)$(10)
Foreign currency zero cost collars - Depreciation and amortization$1 $1 $1 
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest$12 $23 $— 
(Losses) Gains on Fuel Derivatives, Net
(in millions)November 30, 2018
Unrealized gains on fuel derivatives, net$94 
Realized losses on fuel derivatives, net(35)
Gains (losses) on fuel derivatives, net$59 
Schedule of Newbuild Currency
Foreign currency zero cost collarsEntered IntoMatures InWeighted-Average Floor RateWeighted- Average Ceiling Rate
Mardi Gras2020December 2020$1.12 $1.28