Fair Value Measurements and Financial Risks (Tables)

6 Months Ended

May 31, 2026

Schedule of Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

Financial Instruments that are not Measured at Fair Value on a Recurring Basis


	May 31, 2026								November 30, 2025
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Liabilities
Fixed rate debt (a)	$	21,622	$	—	$	21,182	$	—	$	23,229	$	—	$	24,167	$	—
Floating rate debt (a)	3,948		—		3,932		—		4,154		—		4,142		—
Total	$	25,570	$	—	$	25,114	$	—	$	27,383	$	—	$	28,308	$	—

(a)The debt amounts above do not include the impact of debt issuance costs and discounts. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.

Schedule of Reconciliation of Changes in Carrying Amounts of Trademarks


	Trademarks
(in millions)	North America Segment		Europe Segment		Total
November 30, 2025	$	927	$	249	$	1,176
Exchange movements	—		4		4
May 31, 2026	$	927	$	253	$	1,180