v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
May 31, 2026
May 31, 2025
OPERATING ACTIVITIES    
Net income $ 801 $ 494
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 1,419 1,346
Loss on debt extinguishment 0 253
Share-based compensation 50 45
Amortization of discounts and debt issue costs 54 60
Non-cash lease expense 85 77
Gain on sales of ships 0 (103)
Greenhouse gas regulatory expense 57 29
Other 101 68
Adjustments to reconcile net income to net cash provided by operating activities 2,566 2,268
Changes in operating assets and liabilities    
Receivables 42 22
Inventories (48) 33
Prepaid expenses and other assets (230) (209)
Accounts payable (4) (10)
Accrued liabilities and other (93) (382)
Customer deposits 1,660 1,596
Net cash provided by operating activities 3,893 3,317
INVESTING ACTIVITIES    
Purchases of property and equipment (1,441) (1,458)
Proceeds from sales of ships and other property and equipment 3 312
Advances to affiliates (46) (40)
Other 3 (5)
Net cash used in investing activities (1,481) (1,191)
FINANCING ACTIVITIES    
Principal repayments of long-term debt (1,247) (5,064)
Debt issuance costs (29) (41)
Debt extinguishment costs 0 (197)
Proceeds from issuance of long-term debt 0 4,082
Dividends paid (414) 0
Share repurchases (381) 0
Other (33) 10
Net cash used in financing activities (2,104) (1,211)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (5) 24
Net increase (decrease) in cash, cash equivalents and restricted cash 303 940
Cash, cash equivalents and restricted cash at beginning of period 1,958 1,231
Cash, cash equivalents and restricted cash at end of period $ 2,260 $ 2,171