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

3 Months Ended

Feb. 28, 2023

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 

	February 28, 2023								November 30, 2022
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Fixed rate debt (a)	$	24,275	$	—	$	20,162	$	—	$	23,542	$	—	$	18,620	$	—
Floating rate debt (a)	11,688		—		10,007		—		12,074		—		10,036		—
Total	$	35,963	$	—	$	30,169	$	—	$	35,615	$	—	$	28,656	$	—

(a)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

	February 28, 2023						November 30, 2022
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	5,455	$	—	$	—	$	4,029	$	—	$	—
Restricted cash	35		—		—		1,988		—		—
Derivative financial instruments	—		31		—		—		1		—
Total	$	5,491	$	31	$	—	$	6,016	$	1	$	—
Liabilities
Derivative financial instruments	$	—	$	18	$	—	$	—	$	—	$	—
Total	$	—	$	18	$	—	$	—	$	—	$	—

Reconciliation of Changes in Carrying Amounts of Trademarks

	Trademarks
(in millions)	NAA Segment		Europe Segment		Total
November 30, 2022	$	927	$	224	$	1,151
Exchange movements	—		2		2
February 28, 2023	$	927	$	225	$	1,152

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

Derivative Instruments and Hedging Activities

(in millions)	Balance Sheet Location	February 28, 2023		November 30, 2022
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	6	$	—
Interest rate swaps (b)	Prepaid expenses and other	25		1
	Other assets	1		1
Total derivative assets		$	31	$	1
Derivative liabilities
Derivatives designated as hedging instruments
Interest rate swaps (b)	Other long-term liabilities	18		—
Total derivative liabilities		$	18	$	—

(a)At February 28, 2023, we had a cross currency swap totaling $643 million that is designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. At February 28, 2023, this cross currency swap settles through 2024.

(b)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 $91 million at February 28, 2023 and $89 million at November 30, 2022 of EURIBOR-based floating rate euro debt to fixed rate euro debt. During the three months ended February 28, 2023 we entered into interest rate swap agreements which effectively changed $2.5 billion at February 28, 2023 of LIBOR-based floating rate USD debt to fixed rate USD debt. At February 28, 2023, these interest rate swaps settle through 2027.

Offsetting Derivative Instruments

	February 28, 2023
(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	$	31	$	—	$	31	$	—	$	31
Liabilities	$	18	$	—	$	18	$	—	$	18
	November 30, 2022
(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	$	1	$	—	$	1	$	—	$	1
Liabilities	$	—	$	—	$	—	$	—	$	—

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 February 28,
(in millions)	2023		2022
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component	$	15	$	5
Cross currency swaps – net investment hedges - excluded component	$	(4)	$	(8)
Interest rate swaps – cash flow hedges	$	14	$	3
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	1	$	(1)
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	$	1	$	1