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Compensation Plans and Post-Employment Benefits (Tables)
 12 Months Ended
Nov. 30, 2024
Compensation Related Costs [Abstract]  
Schedule of Share Based Compensation Awards Activity
 SharesWeighted-Average
Grant Date Fair
Value
Outstanding at November 30, 202310,289,628 $11.45 
Granted5,746,531 $15.29 
Vested(3,802,982)$13.91 
Forfeited(310,931)$12.71 
Outstanding at November 30, 202411,922,246 $12.48 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
UK Plan (a)All Other Plans
(in millions)2024202320242023
Change in projected benefit obligation:
Projected benefit obligation as of December 1$181 $198 $226 $223 
   Past service cost1 1 18 18 
   Interest cost8 8 12 11 
   Benefits paid(7)(6)(17)(20)
   Actuarial (gain) loss on plans’ liabilities(3)(19)12 (4)
   Plan curtailments, settlements and other— — (1)(1)
   Administrative expenses(1)(1)— — 
   Exchange movements and other(21)— — — 
Projected benefit obligation as of November 30159 181 250 226 
Change in plan assets:
Fair value of plan assets as of December 1196 222 9 10 
Return (loss) on plans’ assets4 (20)1 — 
Employer contributions— 1 17 20 
Benefits paid(7)(6)(17)(20)
Plan settlements— — (1)(1)
Administrative expenses(1)(1)— — 
Exchange movements and other(25)— — — 
Fair value of plan assets as of November 30168 196 8 9 
Funded status as of November 30$9 $15 $(242)$(218)

(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 PlanAll Other Plans
November 30,November 30,
(in millions)2024202320242023
Other assets$9 $15 $— $— 
Accrued liabilities and other$— $— $32 $29 
Other long-term liabilities$— $— $210 $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)20242023
Projected benefit obligation$250 $226 
Accumulated benefit obligation$244 $220 
Fair value of plan assets$8 $9 
Schedule of Net Periodic Pension Costs
The net periodic pension cost recognized in the Consolidated Statements of Income (Loss) were as follows:
UK PlanAll Other Plans
November 30,November 30,
(in millions)202420232022202420232022
Service cost$1 $1 $— $18 $18 $18 
Interest cost8 8 5 12 11 5 
Expected return on plan assets(9)(8)(6)— — — 
Amortization of net loss (gain)2 — — — — 3 
Settlement loss recognized— — — — 1 1 
Net periodic pension cost (income)$2 $1 $(1)$31 $30 $26 

The components of net periodic pension 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 PlanAll Other Plans
2024202320242023
Discount rate5.2 %5.2 %5.2 %5.7 %
Rate of compensation increase2.9 %2.9 %3.0 %3.0 %

Weighted average assumptions used to determine net pension income are as follows:
UK PlanAll Other Plans
202420232022202420232022
Discount rate5.2 %4.3 %1.6 %5.6 %5.4 %3.2 %
Expected return on assets5.6 %4.3 %— %6.0 %3.5 %2.3 %
Rate of compensation increase2.9 %2.9 %2.7 %3.0 %3.0 %3.0 %
Schedule of Defined Benefit Plan AOCI
Amounts recognized in AOCI are as follows:
UK PlanAll Other Plans
November 30,November 30,
2024202320242023
Actuarial losses (gains) recognized in the current year$2 $9 $12 $(4)
Amortization and settlements included in net periodic pension cost$(2)$(1)$(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 PlanAll Other Plans
2025$7 $33 
20267 30 
20277 29 
20288 31 
20298 30 
2030-203450 146 
$88 $298 
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,
20242023
Equities$11 $47 
UK government fixed interest bonds (gilts)157 149 
$168 $196