v3.23.2
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables)
 6 Months Ended
May 31, 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 
 May 31, 2023November 30, 2022
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities
Fixed rate debt (a)$24,298 $— $21,005 $— $23,542 $— $18,620 $— 
Floating rate debt (a)10,213 — 8,812 — 12,074 — 10,036 — 
Total$34,511 $— $29,817 $— $35,615 $— $28,656 $— 
 
(a)The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. 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, 2023November 30, 2022
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash and cash equivalents$4,468 $— $— $4,029 $— $— 
Restricted cash 38 — — 1,988 — — 
Derivative financial instruments— 21 — — 1 — 
Total$4,507 $21 $— $6,016 $1 $— 
Liabilities
Derivative financial instruments$— $41 $— $— $— $— 
Total$— $41 $— $— $— $— 
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— 8 8 
May 31, 2023$927 $231 $1,158 
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets
Derivative Instruments and Hedging Activities
(in millions)Balance Sheet LocationMay 31, 2023November 30, 2022
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)Prepaid expenses and other$— $— 
Interest rate swaps (b)Prepaid expenses and other19 1 
Other assets— 1 
Derivatives not designated as hedging instruments
Interest rate swaps (b)Prepaid expenses and other1 — 
Total derivative assets$21 $1 
Derivative liabilities
Derivatives designated as hedging instruments
Interest rate swaps (b)Other long-term liabilities41 — 
Total derivative liabilities$41 $— 
 
(a)At May 31, 2023, we had a cross currency swap totaling $653 million that is designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. At May 31, 2023, this cross currency swap settles through 2024.
(b)We have interest rate swaps whereby we receive EURIBOR-based floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $69 million at May 31, 2023 and $89 million at November 30, 2022 of EURIBOR-based floating rate euro debt to fixed rate euro debt. As of May 31, 2023, these EURIBOR-based interest rate swaps were not designated as cash flow hedges. As of November 30, 2022, one of these swaps was designated as a cash flow hedge. During the six months ended May 31, 2023 we entered into interest rate swap agreements which effectively changed $2.5 billion at May 31, 2023 of LIBOR-based floating rate
USD debt to fixed rate USD debt. At May 31, 2023, these interest rate swaps settle through 2027 and are designated as cash flow hedges.
Offsetting Derivative Instruments
May 31, 2023
(in millions)Gross Amounts Gross Amounts Offset in the Balance SheetTotal Net Amounts Presented in the Balance SheetGross Amounts not Offset in the Balance SheetNet Amounts
Assets$21 $— $21 $— $21 
Liabilities$41 $— $41 $— $41 
November 30, 2022
(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$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
May 31,		Six Months Ended
May 31,
(in millions)2023202220232022
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component
$(5)$27 $9 $33 
Cross currency swaps – net investment hedges - excluded component
$— $(11)$(4)$(20)
Interest rate swaps – cash flow hedges$(33)$6 $(19)$9 
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest$9 $(1)$10 $(1)
Foreign currency zero cost collars – Depreciation and amortization$— $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
$3 $3 $4 $4