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Compensation Plans and Post-Employment Benefits (Tables)
 12 Months Ended
Nov. 30, 2025
Compensation Related Costs [Abstract]  
Schedule of Share Based Compensation Awards Activity
 SharesWeighted-Average
Grant Date Fair
Value
Outstanding at November 30, 202411,922,246 $12.48 
Granted6,025,742 $17.76 
Vested(4,295,161)$13.89 
Forfeited(1,088,724)$14.38 
Outstanding at November 30, 202512,564,103 $14.37 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
UK Plan (a)All Other Plans
(in millions)2025202420252024
Change in projected benefit obligation:
Projected benefit obligation as of December 1$159 $181 $250 $226 
Past service cost1 1 20 18 
Interest cost8 8 12 12 
Benefits paid(6)(7)(19)(17)
Actuarial (gain) loss on plans’ liabilities(9)(3)(4)12 
Plan amendments— — 1 — 
Plan curtailments, settlements and other— — (1)(1)
Administrative expenses(1)(1)— — 
Exchange movements and other7 (21)— — 
Projected benefit obligation as of November 30158 159 259 250 
Change in plan assets:
Fair value of plan assets as of December 1168 196 8 9 
Return (loss) on plans’ assets(5)4 — 1 
Employer contributions— — 19 17 
Benefits paid(6)(7)(19)(17)
Plan settlements— — (1)(1)
Administrative expenses(1)(1)— — 
Exchange movements and other7 (25)— — 
Fair value of plan assets as of November 30163 168 8 8 
Funded status as of November 30$5 $9 $(251)$(242)

(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)2025202420252024
Other assets$5 $9 $— $— 
Accrued liabilities and other$— $— $30 $32 
Other long-term liabilities$— $— $221 $210 
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)20252024
Projected benefit obligation$259 $250 
Accumulated benefit obligation$252 $244 
Fair value of plan assets$8 $8 
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)202520242023202520242023
Service cost$1 $1 $1 $20 $18 $18 
Interest cost8 8 8 12 12 11 
Expected return on plan assets(10)(9)(8)— — — 
Amortization of net loss (gain)2 2 — — — — 
Settlement loss recognized— — — — — 1 
Net periodic pension cost (income)$2 $2 $1 $33 $31 $30 

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
2025202420252024
Discount rate5.5 %5.2 %5.1 %5.2 %
Rate of compensation increase2.7 %2.9 %3.0 %3.0 %

Weighted average assumptions used to determine net pension income are as follows:
UK PlanAll Other Plans
202520242023202520242023
Discount rate5.2 %5.2 %4.3 %5.2 %5.6 %5.4 %
Expected return on assets5.7 %5.6 %4.3 %3.8 %6.0 %3.5 %
Rate of compensation increase2.9 %2.9 %2.9 %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,
2025202420252024
Actuarial losses (gains) recognized in the current year$5 $2 $(4)$12 
Amortization and settlements included in net periodic pension cost$(2)$(2)$(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
2026$8 $31 
20278 25 
20288 28 
20299 27 
20309 28 
2031-203553 153 
$95 $293 
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,
20252024
Equities$12 $11 
UK government fixed interest bonds (gilts)151 157 
$163 $168