v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Feb. 28, 2026
Feb. 28, 2025
OPERATING ACTIVITIES    
Net income (loss) $ 263 $ (75)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Depreciation and amortization 696 654
Loss on debt extinguishment 0 249
Share-based compensation 28 18
Amortization of discounts and debt issue costs 27 30
Non-cash lease expense 42 37
Greenhouse gas regulatory expense 15 6
Other 72 24
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities 1,142 944
Changes in operating assets and liabilities    
Receivables 17 33
Inventories (3) (17)
Prepaid expenses and other assets (149) (64)
Accounts payable (33) (31)
Accrued liabilities and other (296) (443)
Customer deposits 585 503
Net cash provided by operating activities 1,263 925
INVESTING ACTIVITIES    
Purchases of property and equipment (566) (607)
Proceeds from sales of ships and other property and equipment 3 11
Advances to affiliates (37) (9)
Other 3 0
Net cash used in investing activities (597) (605)
FINANCING ACTIVITIES    
Principal repayments of long-term debt (945) (3,448)
Debt issuance costs (4) (24)
Debt extinguishment costs 0 (197)
Proceeds from issuance of long-term debt 0 2,980
Dividends paid (208) 0
Other (9) (1)
Net cash used in financing activities (1,166) (690)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2) (6)
Net increase (decrease) in cash, cash equivalents and restricted cash (501) (376)
Cash, cash equivalents and restricted cash at beginning of period 1,958 1,231
Cash, cash equivalents and restricted cash at end of period $ 1,457 $ 856