Significant Accounting Policies (Policies) |
6 Months Ended |
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May 31, 2026 | |
| Accounting Policies [Abstract] | |
| Consolidated entities | The unaudited consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. |
| Fiscal period | The Company’s fiscal year ends on the Sunday that is closest to November 30 of that year. Each quarter of both fiscal years 2026 and 2025 consists of 13 weeks. All references to years and quarters relate to fiscal years and quarters rather than calendar years and quarters.
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| Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes to the consolidated financial statements. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. Management evaluates its estimates and assumptions on an ongoing basis and may employ outside experts to assist in its evaluations. Changes in such estimates, based on more accurate future information, or different assumptions or conditions, may affect amounts reported in future periods.
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| Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired. Impairment losses are measured and recorded for the excess of carrying value over its fair value, estimated based on expected future cash flows and other quantitative and qualitative factors. Property, plant and equipment, net includes accumulated depreciation of $1.5 billion and $1.4 billion as of May 31, 2026 and November 30, 2025, respectively.
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| Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations Assets and liabilities of a business that meet the accounting requirements to be classified as held for sale are separated in a disposal group. Disposal group net assets are recorded at the lower of their carrying amount or estimated fair value less expected costs to sell. After being classified as held for sale, assets are not depreciated or amortized. Assets and liabilities of a disposal group that meet the accounting requirements to be classified as discontinued operations are presented separately for all current and prior periods in the consolidated balance sheets. The results of discontinued operations are reported in “Net income (loss) from discontinued operations, net of taxes” in the consolidated statements of income for the current and prior periods beginning in the period in which the business meets the held for sale criteria. Net income (loss) from discontinued operations includes direct costs attributable to the business held for sale, and an estimate of costs from corporate functions dedicated to the business, but excludes corporate expenses composed of selling, general and administrative expenses not attributable to any of the operating segments. See Note 2 “Discontinued Operations”. Unless otherwise indicated, the information in the notes to the consolidated financial statements refers only to the Company’s continuing operations.
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| Revenue | Revenue Recognition Effective in the first quarter of 2026, the Company revised its operating policies and procedures for e-commerce transactions. This change results in revenue being recognized upon shipment rather than upon delivery to the customer, in line with the timing of the transfer of control. The impact of the change was not material to the current period consolidated financial statements.
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| Reclassification | Reclassification Certain amounts on the statements of cash flows have been conformed to the May 31, 2026 presentation.
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| Recently Issued Accounting Standards | Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2025 Annual Report on Form 10-K. The Company will adopt ASU 2023-09, Improvements to Income Tax Disclosures, in the Annual Report on Form 10-K for the fiscal year ending November 29, 2026. This new guidance is designed to enhance the transparency and decision usefulness of income tax disclosures, primarily through enhanced disclosures related to the rate reconciliation and income taxes paid. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.
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