Compensation Plans and Post-Employment Benefits (Tables)

12 Months Ended

Nov. 30, 2023

Compensation Related Costs [Abstract]

Schedule of Share Based Compensation Awards Activity

	Shares	Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2022	6,380,515	$	22.67
Granted	7,846,092	$	9.64
Vested	(3,195,202)	$	26.22
Forfeited	(741,777)	$	25.22
Outstanding at November 30, 2023	10,289,628	$	11.45

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

	UK Plan (a)				All Other Plans
(in millions)	2023		2022		2023		2022
Change in projected benefit obligation:
Projected benefit obligation as of December 1	$	198	$	298	$	223	$	263
Past service cost	1		—		18		18
Interest cost	8		5		11		5
Benefits paid	(6)		(12)		(20)		(15)
Actuarial (gain) loss on plans’ liabilities	(19)		(88)		(4)		(49)
Plan curtailments, settlements and other	—		(6)		(1)		1
Administrative expenses	(1)		—		—		—
Projected benefit obligation as of November 30	181		198		226		223
Change in plan assets:
Fair value of plan assets as of December 1	222		355		10		12
Return (loss) on plans’ assets	(20)		(116)		—		(1)
Employer contributions	1		2		20		12
Benefits paid	(6)		(12)		(20)		(12)
Plan settlements	—		(5)		(1)		(1)
Administrative expenses	(1)		(2)		—		—
Fair value of plan assets as of November 30	196		222		9		10
Funded status as of November 30	$	15	$	24	$	(218)	$	(213)

(a)The P&O Princess Cruises (UK) Pension Scheme (“UK Plan”)

Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheets

The amounts recognized in the Consolidated Balance Sheets for these plans were as follows:

	UK Plan				All Other Plans
	November 30,				November 30,
(in millions)	2023		2022		2023		2022
Other assets	$	15	$	24	$	—	$	—
Accrued liabilities and other	$	—	$	—	$	29	$	25
Other long-term liabilities	$	—	$	—	$	188	$	188

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)	2023		2022
Projected benefit obligation	$	226	$	223
Accumulated benefit obligation	$	220	$	218
Fair value of plan assets	$	9	$	10

Schedule of Net Benefit Costs

The net benefit cost recognized in the Consolidated Statements of Income (Loss) were as follows:

	UK Plan						All Other Plans
	November 30,						November 30,
(in millions)	2023		2022		2021		2023		2022		2021
Service cost	$	1	$	—	$	—	$	18	$	18	$	10
Interest cost	8		5		4		11		5		4
Expected return on plan assets	(8)		(6)		(6)		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Amortization of net loss (gain)	—		—		—		—		3		4
Settlement loss recognized	—		—		—		1		1		5
Net periodic benefit cost	$	1	$	(1)	$	(1)	$	30	$	26	$	22

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 Plan				All Other Plans
	2023		2022		2023		2022
Discount rate	5.2	%	4.3	%	5.7	%	5.4	%
Rate of compensation increase	2.9	%	2.9	%	3.0	%	3.0	%

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

	UK Plan						All Other Plans
	2023		2022		2021		2023		2022		2021
Discount rate	4.3	%	1.6	%	1.6	%	5.4	%	3.2	%	2.3	%
Expected return on assets	4.3	%	—	%	1.9	%	3.5	%	2.3	%	2.3	%
Rate of compensation increase	2.9	%	2.7	%	2.3	%	3.0	%	3.0	%	3.0	%

Schedule of Defined Benefit Plan AOCI

Amounts recognized in AOCI are as follows:

	UK Plan				All Other Plans
	November 30,				November 30,
	2023		2022		2023		2022
Actuarial losses (gains) recognized in the current year	$	9	$	35	$	(4)	$	(48)
Amortization and settlements included in net periodic benefit cost	$	(1)	$	—	$	(1)	$	(1)

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 Plan		All Other Plans
2024	$	7	$	30
2025	7		29
2026	7		28
2027	7		27
2028	8		28
2029-2033	47		138
	$	83	$	280

Schedule of Fair Values of Plan Assets

The fair values of the plan assets of the UK Plan by investment class are as follows:

	November 30,
	2023		2022
Equities	$	47	$	53
U.K. government fixed interest bonds (gilts)	$	149	$	169