v3.24.3
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables)
 9 Months Ended
Aug. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of 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 
 August 31, 2024November 30, 2023
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Liabilities
Fixed rate debt (a)$23,318 $— $23,483 $— $22,575 $— $21,503 $— 
Floating rate debt (a)6,327 — 6,183 — 8,764 — 8,225 — 
Total$29,644 $— $29,666 $— $31,339 $— $29,728 $— 
 
(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.
Schedule of 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
 August 31, 2024November 30, 2023
(in millions)Level 1Level 2Level 3Level 1Level 2Level 3
Assets
Cash equivalents (a)$379 $— $— $1,021 $— $— 
Derivative financial instruments— 3 — — 22 — 
Total$379 $3 $— $1,021 $22 $— 
Liabilities
Derivative financial instruments$— $19 $— $— $28 $— 
Total$— $19 $— $— $28 $— 

(a)Consists of money market funds and cash investments with original maturities of less than 90 days.
Schedule of Reconciliation of Changes in Carrying Amounts of Trademarks
Trademarks
(in millions)NAA
Segment		Europe
Segment		Total
November 30, 2023$927 $237 $1,164 
Exchange movements— 6 6 
August 31, 2024$927 $244 $1,171 
Schedule of Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets
Derivative Instruments and Hedging Activities

(in millions)Balance Sheet LocationAugust 31, 2024November 30, 2023
Derivative assets
Derivatives designated as hedging instruments
Interest rate swaps (a)Prepaid expenses and other$3 $— 
Other assets— 22 
Derivatives not designated as hedging instruments
Interest rate swaps (a)Prepaid expenses and other— 1 
Total derivative assets$3 $22 
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (b)Other long-term liabilities$— $12 
Interest rate swaps (a)Accrued liabilities and other1 — 
Other long-term liabilities19 16 
Total derivative liabilities$19 $28 

(a)We have interest rate swaps whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $22 million at August 31, 2024 and $46 million at November 30, 2023 of EURIBOR-based floating rate euro debt to fixed rate euro debt, and $2.0 billion at August 31, 2024 of SOFR-based variable rate debt to fixed rate debt. As of August 31, 2024 and November 30, 2023, the EURIBOR-based interest rate swaps settle through 2025 and were not designated as cash flow hedges; the SOFR-based interest rate swaps settle through 2027 and were designated as cash flow hedges. Subsequent to August 31, 2024, we terminated a portion of our SOFR-based interest rate swaps with a notional amount of $1.0 billion.
(b)At November 30, 2023, we had a cross currency swap with a notional amount of $670 million that was designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. This cross currency swap was terminated in January 2024.
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
August 31,		Nine Months Ended
August 31,
(in millions)2024202320242023
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component
$— $(10)$— $(1)
Cross currency swaps – net investment hedges - excluded component
$— $1 $— $(3)
Interest rate swaps – cash flow hedges$(33)$25 $(1)$6 
(Gains) losses reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest$(5)$(12)$(25)$(22)
Foreign currency zero cost collars – Depreciation and amortization$— $— $(1)$(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 $2 $7