Leases (Tables)

12 Months Ended

Nov. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Expenses

The components of expense were as follows:

	November 30,
(in millions)	2025		2024		2023
Operating lease expense	$	233	$	215	$	213
Variable lease expense (a)	$	209	$	211	$	116

(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.

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

	November 30, 2025		November 30, 2024
Weighted average remaining lease term - operating leases (in years)	11		12
Weighted average discount rate - operating leases	5.4	%	5.9	%

Schedule of Maturities of Operating Lease Liabilities

As of November 30, 2025, maturities of operating lease liabilities were as follows:

(in millions) Year
2026	$	233
2027	227
2028	212
2029	167
2030	133
Thereafter	843
Total lease payments	1,816
Less: Present value discount	(463)
Present value of lease liabilities	$	1,353