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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Nov. 30, 2024
Nov. 30, 2023
Nov. 30, 2022
OPERATING ACTIVITIES      
Net income (loss) $ 1,916 $ (74) $ (6,093)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities      
Depreciation and amortization 2,557 2,370 2,275
Impairments 0 21 470
(Gain) loss on debt extinguishment 76 98 1
(Income) loss from equity-method investments (9) 13 38
Share-based compensation 62 53 101
Amortization of discounts and debt issue costs 141 161 171
Non-cash lease expense 142 145 148
Gain on sales of ships (41) (88) (7)
Greenhouse gas regulatory expense 46 0 0
Other 71 56 65
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities 4,963 2,756 (2,832)
Changes in operating assets and liabilities      
Receivables (49) (180) (171)
Inventories 9 (85) (95)
Prepaid expenses and other assets 352 397 (874)
Accounts payable (26) 77 283
Accrued liabilities and other 167 147 341
Customer deposits 507 1,169 1,679
Net cash provided by (used in) operating activities 5,923 4,281 (1,670)
INVESTING ACTIVITIES      
Purchases of property and equipment (4,626) (3,284) (4,940)
Proceeds from sales of ships and other property and equipment 58 340 70
Purchase of short-term investments 0 0 (315)
Proceeds from maturity of short-term investments 0 0 515
Other 34 134 (97)
Net cash provided by (used in) investing activities (4,535) (2,810) (4,767)
FINANCING ACTIVITIES      
Repayments of short-term borrowings 0 (200) (2,590)
Principal repayments of long-term debt (5,436) (7,660) (2,075)
Debt issuance costs (203) (131) (153)
Debt extinguishment costs (41) (79) (1)
Proceeds from issuance of long-term debt 3,095 2,961 7,209
Proceeds from issuance of common stock 0 5 1,180
Proceeds from issuance of common stock under the Stock Swap Program 0 22 95
Purchase of treasury stock under the Stock Swap Program 0 (20) (87)
Other 1 13 (1)
Net cash provided by (used in) financing activities (2,584) (5,089) 3,577
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8) 17 (79)
Net increase (decrease) in cash, cash equivalents and restricted cash (1,204) (3,601) (2,940)
Cash, cash equivalents and restricted cash at beginning of year 2,436 6,037 8,976
Cash, cash equivalents and restricted cash at end of year $ 1,231 $ 2,436 $ 6,037