Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

May 31, 2021

Fair Value Disclosures [Abstract]

Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

Financial Instruments that are not Measured at Fair Value on a Recurring Basis 

	May 31, 2021								November 30, 2020
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	43	$	—	$	26	$	19	$	45	$	—	$	17	$	18
Total	$	43	$	—	$	26	$	19	$	45	$	—	$	17	$	18
Liabilities
Fixed rate debt (b)	$	19,087	$	—	$	20,880	$	—	$	15,547	$	—	$	16,258	$	—
Floating rate debt (b)	12,389		—		11,872		—		12,034		—		11,412		—
Total	$	31,475	$	—	$	32,751	$	—	$	27,581	$	—	$	27,670	$	—

(a)Long-term other assets are comprised of notes receivable. 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.

Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial Instruments that are Measured at Fair Value on a Recurring Basis

	May 31, 2021						November 30, 2020
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	7,067	$	—	$	—	$	9,513	$	—	$	—
Restricted cash	150		—		—		179		—		—
Short-term investments (a)	2,204		—		—		—		—		—
Total	$	9,422	$	—	$	—	$	9,692	$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	8	$	—	$	—	$	10	$	—
Total	$	—	$	8	$	—	$	—	$	10	$	—

(a)Short term investments consist of marketable securities with original maturities of between three and twelve months.

Reconciliation of Changes in Carrying Amounts of Goodwill

	Goodwill
(in millions)	NAA Segment (a)		EA Segment (b)		Total
November 30, 2020	$	579	$	228	$	807
Foreign currency translation adjustment	—		11		11
May 31, 2021	$	579	$	239	$	818

(a)North America and Australia (“NAA”)

(b)Europe and Asia (“EA”)

Reconciliation of Changes in Carrying Amounts of Trademarks

	Trademarks
(in millions)	NAA Segment		EA Segment		Total
November 30, 2020	$	927	$	253	$	1,180
Foreign currency translation adjustment	—		12		12
May 31, 2021	$	927	$	265	$	1,192

Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets

Derivative Instruments and Hedging Activities

(in millions)	Balance Sheet Location	May 31, 2021		November 30, 2020
Derivative liabilities
Derivatives designated as hedging instruments
Interest rate swaps (a)	Accrued liabilities and other	$	4	$	5
	Other long-term liabilities	4		5
Total derivative liabilities		$	8	$	10

(a)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 $212 million at May 31, 2021 and $248 million at November 30, 2020 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At May 31, 2021, these interest rate swaps settle through 2025.

Offsetting Derivative Instruments

	May 31, 2021
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet		Net Amounts
Assets	$	—	$	—	$	—	$	—	$	—
Liabilities	$	8	$	—	$	8	$	—	$	8
	November 30, 2020
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet		Net Amounts
Assets	$	—	$	—	$	—	$	—	$	—
Liabilities	$	10	$	—	$	10	$	—	$	10

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 net income (loss) was as follows:

	Three Months Ended May 31,				Six Months Ended May 31,
(in millions)	2021		2020		2021		2020
Gains (losses) recognized in AOCI:
Cross currency swaps - net investment hedges - included component	$	—	$	133	$	—	$	131
Cross currency swaps - net investment hedges - excluded component	$	—	$	(43)	$	—	$	(1)
Foreign currency zero cost collars - cash flow hedges	$	—	$	1	$	—	$	(1)
Foreign currency forwards - cash flow hedges	$	—	$	38	$	—	$	53
Interest rate swaps - cash flow hedges	$	1	$	4	$	2	$	4
Gains (losses) reclassified from AOCI - cash flow hedges:
Interest rate swaps - Interest expense, net of capitalized interest	$	(1)	$	(1)	$	(3)	$	(3)
Foreign currency zero cost collars - Depreciation and amortization	$	—	$	—	$	1	$	—
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps - Interest expense, net of capitalized interest	$	—	$	2	$	—	$	12