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Compensation Plans and Post-Employment Benefits (Tables)
 12 Months Ended
Nov. 30, 2020
Retirement Benefits [Abstract]  
Share Based Compensation Awards Activity
 SharesWeighted-Average
Grant Date Fair
Value
Outstanding at November 30, 20172,949,968 $51.82 
Granted951,906 $66.68 
Vested(1,419,218)$45.45 
Forfeited(202,139)$56.57 
Outstanding at November 30, 20182,280,517 $61.57 
Granted1,357,177 $52.17 
Vested(960,693)$53.49 
Forfeited(185,625)$56.13 
Outstanding at November 30, 20192,491,376 $59.97 
Granted9,971,331 $20.72 
Vested(1,641,570)$30.68 
Forfeited(480,361)$50.96 
Outstanding at November 30, 202010,340,776 $26.61 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
UK Plan (a)All Other Plans
(in millions)2020201920202019
Change in projected benefit obligation:
Projected benefit obligation as of December 1$299 $267 $259 $213 
   Past service cost— — 20 17 
   Interest cost5 7 6 8 
   Benefits paid(16)(10)(14)(18)
   Actuarial (gain) loss on plans’ liabilities14 35 13 34 
   Plan curtailments, settlements and other— — (4)— 
Projected benefit obligation as of November 30303 299 280 254 
Change in plan assets:
Fair value of plan assets as of December 1312 278 18 18 
Return on plans’ assets23 43 1 1 
Employer contributions6 2 14 18 
Benefits paid(16)(10)(14)(19)
Plan settlements— — (2)— 
Administrative expenses(1)— — — 
Fair value of plan assets as of November 30325 312 17 18 
Funded status as of November 30$22 $13 $(263)$(236)

(a) The P&O Princess Cruises (UK) Pension Scheme (“UK Plan”)
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheets
The amounts recognized the Consolidated Balance Sheets for these plans were as follows:

UK PlanAll Other Plans
November 30,November 30,
(in millions)2020201920202019
Other assets$22 $13 $— $— 
Accrued liabilities and other$— $— $32 $25 
Other long-term liabilities$— $— $231 $210 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:
November 30,
(in millions)20202019
Projected benefit obligation$280 $254 
Accumulated benefit obligation$272 $247 
Fair value of plan assets$17 $18 
Schedule of Net Benefit Costs
The net benefit cost recognized in the Consolidated Statements of Income (Loss) were as follows:

UK PlanAll Other Plans
November 30,November 30,
(in millions)202020192018202020192018
Service cost$— $— $— $20 $17 $16 
Interest cost5 7 7 6 8 6 
Expected return on plan assets(8)(11)(12)(1)(1)— 
Amortization of prior service cost— — — — — — 
Amortization of net loss (gain)— — 1 4 3 3 
Settlement loss recognized— — — 1 — 4 
Net periodic benefit cost$(3)$(3)$(2)$32 $28 $29 

The components of net periodic benefit cost other than the service cost component are included in other income (expense), net in the Consolidated Statements of Income (Loss).

Weighted average assumptions used to determine the projected benefit obligation are as follows:
UK PlanAll Other Plans
2020201920202019
Discount rate1.6 %1.9 %2.2 %2.9 %
Rate of compensation increase2.3 %2.9 %2.8 %3.0 %

Weighted average assumptions used to determine net pension income are as follows:

UK PlanAll Other Plans
202020192018202020192018
Discount rate1.9 %3.0 %2.6 %2.9 %3.5 %3.3 %
Expected return on assets3.0 %4.2 %4.0 %3.0 %3.0 %3.0 %
Rate of compensation increase2.9 %3.4 %3.2 %2.7 %3.0 %3.0 %
Schedule of Defined Benefit Plan AOCI Amounts recognized in AOCI are as follows:
UK PlanAll Other Plans
November 30,November 30,
2020201920202019
Actuarial losses (gains) recognized in the current year$1 $3 $13 $33 
Amortization and settlements included in net periodic benefit cost$— $— $(8)$(3)
Schedule of Expected Future Benefit Payments Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate during the succeeding five fiscal years are as follows:
(in millions)UK PlanAll Other Plans
2021$6 $27 
20226 25 
20237 26 
20247 27 
20257 29 
2026-203038 143 
$71 $277 
Schedule of Fair Values of Plan Assets
The fair values of the plan assets of the UK Plan by investment class are as follows:


As of November 30,
20202019
Equities$55 $153 
U.K. government fixed interest bonds (gilts)270 159