Debt (Tables)

3 Months Ended

Feb. 28, 2025

Debt Disclosure [Abstract]

Schedule of Debt

			February 28,		November 30,
(in millions)	Maturity	Rate (a)	2025		2024
Secured Subsidiary Guaranteed
Notes
Notes	Jun 2027	7.9%	$	192	$	192
Notes	Aug 2028	4.0%	2,406		2,406
Notes	Aug 2029	7.0%	500		500
Loans
Floating rate	Aug 2027 - Oct 2028	SOFR + 2.0% (b)	2,449		2,449
Total Secured Subsidiary Guaranteed			5,547		5,547
Senior Priority Subsidiary Guaranteed
Notes (c)	May 2028	10.4%	—		2,030
Unsecured Subsidiary Guaranteed
Notes
Notes	Mar 2026	7.6%	1,351		1,351
Notes	Mar 2027	5.8%	2,722		2,722
Convertible Notes	Dec 2027	5.8%	1,131		1,131
Notes	May 2029	6.0%	2,000		2,000
EUR Notes	Jan 2030	5.8%	524		528
Notes	Mar 2030	5.8%	1,000		—
Notes (d)	Jun 2030	10.5%	—		1,000
Notes	Feb 2033	6.1%	2,000		—
Loans
EUR floating rate	Apr 2025	EURIBOR + 3.3%	210		211
Export Credit Facilities
Floating rate	Dec 2031	SOFR + 1.2% (e)	480		514
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	2,290		2,370
EUR floating rate	Mar 2025 - Nov 2034	EURIBOR + 0.2 - 0.8%	2,488		2,590
EUR fixed rate	Feb 2031 - Sep 2037	1.1 - 4.0%	5,139		5,386
Total Unsecured Subsidiary Guaranteed			21,336		19,803
Unsecured Notes (No Subsidiary Guarantee)
Notes	Jan 2028	6.7%	200		200
EUR Notes	Oct 2029	1.0%	629		633
Total Unsecured Notes (No Subsidiary Guarantee)			829		833
Total Debt			27,711		28,213
Less: unamortized debt issuance costs and discounts			(693)		(738)
Total Debt, net of unamortized debt issuance costs and discounts			27,018		27,475
Less: current portion of long-term debt			(1,531)		(1,538)
Long-Term Debt			$	25,487	$	25,936

(a)The reference rates, together with any applicable credit adjustment spread, for all of our variable debt have 0.0% to 0.8% floors.

(b)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 2.8% to 2.0%. See “Repricing of Senior Secured Term Loans” below.

(c)See “2033 Senior Unsecured Notes” below.

(d)See “2030 Senior Unsecured Notes” below.

(e)Includes applicable credit adjustment spread.

Schedule of Annual Maturities of Debt

As of February 28, 2025, the scheduled maturities of our debt are as follows:

(in millions)
Year	Principal Payments
Remainder of 2025	$	1,122
2026	2,677
2027	4,889
2028	6,691
2029	4,318
Thereafter	8,015
Total	$	27,711