Leases (Tables)

12 Months Ended

Nov. 30, 2024

Leases [Abstract]

Schedule of Components of Lease Expenses

The components of expense were as follows:

	November 30,
(in millions)	2024		2023		2022
Operating lease expense	$	215	$	213	$	192
Variable lease expense (a) (b)	$	211	$	116	$	(39)

(a)Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commissions, transportation and other in our Consolidated Statements of Income (Loss). Variable lease expense related to operating leases, other than the port facilities, were not material to our consolidated financial statements.

(b)Several of our preferential berthing agreements have force majeure provisions which were in effect during the pause in guest cruise operations due to COVID-19.

Weighted average of the remaining lease terms and weighted average discount rates are as follows:

	November 30, 2024		November 30, 2023
Weighted average remaining lease term - operating leases (in years)	12		12
Weighted average discount rate - operating leases	5.9	%	5.9	%

Schedule of Maturities of Operating Lease Liabilities

As of November 30, 2024, maturities of operating lease liabilities were as follows:

(in millions) Year
2025	$	228
2026	227
2027	213
2028	200
2029	147
Thereafter	931
Total lease payments	1,947
Less: Present value discount	(545)
Present value of lease liabilities	$	1,402