Debt (Tables)

6 Months Ended

May 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

			May 31,		November 30,
(in millions)	Maturity	Rate (a)	2025		2024
Secured Subsidiary Guaranteed
Notes
Notes	Jun 2027	7.88%	$	192	$	192
Notes	Aug 2028	4.00%	2,406		2,406
Notes	Aug 2029	7.00%	500		500
Loans
Floating rate	Aug 2027 - Oct 2028	SOFR + 2.00% (b)	2,449		2,449
Total Secured Subsidiary Guaranteed			5,547		5,547
Senior Priority Subsidiary Guaranteed
Notes (c)	May 2028	10.38%	—		2,030
Unsecured Subsidiary Guaranteed
Notes
Notes (d)	Mar 2026	7.63%	—		1,351
Notes	Mar 2027	5.75%	2,722		2,722
Convertible Notes	Dec 2027	5.75%	1,131		1,131
Notes	May 2029	6.00%	2,000		2,000
EUR Notes	Jan 2030	5.75%	569		528
Notes	Mar 2030	5.75%	1,000		—
Notes (e)	Jun 2030	10.50%	—		1,000
Notes	Jun 2031	5.88%	1,000		—
Notes	Feb 2033	6.13%	2,000		—
Loans
EUR floating rate (f)	Apr 2025	EURIBOR + 3.25%	—		211
Export Credit Facilities
Floating rate	Dec 2031	SOFR + 1.20% (g)	480		514
Fixed rate	Aug 2027 - Dec 2032	2.42 - 3.38%	2,176		2,370
EUR floating rate	Oct 2026 - Nov 2034	EURIBOR + 0.55 - 0.80%	2,596		2,590
EUR fixed rate	Feb 2031 - Sep 2037	1.05 - 4.00%	5,523		5,386
Total Unsecured Subsidiary Guaranteed			21,197		19,803
Unsecured (No Subsidiary Guarantee)
Notes
Notes	Jan 2028	6.65%	200		200
EUR Notes	Oct 2029	1.00%	682		633
Loans
EUR floating rate (f)	Apr 2029	EURIBOR + 1.95%	341		—
Total Unsecured (No Subsidiary Guarantee)			1,223		833
Total Debt			27,967		28,213
Less: unamortized debt issuance costs and discounts			(713)		(738)
Total Debt, net of unamortized debt issuance costs and discounts			27,254		27,475
Less: current portion of long-term debt			(1,392)		(1,538)
Long-Term Debt			$	25,862	$	25,936

(a)The reference rates, together with any applicable credit adjustment spread, for all of our variable debt have 0.00% to 0.75% floors.

(b)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 2.75% to 2.00%. See “Repricing of Senior Secured Term Loans” below.

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

(d)See “2031 Senior Unsecured Notes” below.

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

(f)In April 2025, the euro floating rate loan agreement was amended to increase the principal amount by $112 million, extend its maturity from April 2025 to April 2029, amend the loan’s margin from 3.25% to 1.95% and remove the subsidiary guarantee.

(g)Includes applicable credit adjustment spread.

Schedule of Annual Maturities of Debt

As of May 31, 2025, the scheduled maturities of our debt are as follows:

(in millions)
Year	Principal Payments
Remainder of 2025	$	692
2026	1,400
2027	4,958
2028	6,758
2029	4,780
Thereafter	9,378
Total	$	27,967