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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	May 31, 2014	Jun. 24, 2014
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	CCL
Entity Registrant Name	CARNIVAL CORP
Entity Central Index Key	0000815097
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		592,622,537
CARNIVAL PLC
Trading Symbol	CUK
Entity Registrant Name	CARNIVAL PLC
Entity Central Index Key	0001125259
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		215,713,772

Carnival Corporation & Plc Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Cruise
Passenger tickets	$ 2,698	$ 2,613	$ 5,425	$ 5,353
Onboard and other	905	839	1,755	1,683
Tour and other	30	27	38	36
Revenues	3,633	3,479	7,218	7,072
Cruise
Commissions, transportation and other	520	506	1,141	1,123
Onboard and other	115	115	228	242
Fuel	527	555	1,050	1,115
Payroll and related	485	454	965	914
Food	251	238	496	481
Other ship operating	635	603	1,226	1,182
Tour and other	32	16	46	30
Operating expenses	2,565	2,487	5,152	5,087
Selling and administrative	504	449	1,025	908
Depreciation and amortization	409	391	814	780
Costs and Expenses	3,478	3,327	6,991	6,775
Operating income	155	152	227	297
Nonoperating (Expense) Income
Interest income	2	3	4	5
Interest expense, net of capitalized interest	(72)	(78)	(143)	(161)
Losses on fuel derivatives, net	11	(31)	(6)	(59)
Other income (expense), net	11	(5)	11	(2)
Nonoperating (Expense) Income, Total	(48)	(111)	(134)	(217)
Income Before Income Taxes	107	41	93	80
Income Tax Expense, Net	(1)	0	(2)	(2)
Net Income	$ 106	$ 41	$ 91	$ 78
Earnings Per Share, Basic and Diluted	$ 0.14	$ 0.05	$ 0.12	$ 0.10
Dividends Declared Per Share (USD per share)	$ 0.25	$ 0.25	$ 0.5	$ 0.50

Carnival Corporation & Plc Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Net Income	$ 106	$ 41	$ 91	$ 78
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(17)	(72)	100	(280)
Other	(13)	(2)	(18)	14
Other Comprehensive (Loss) Income	(30)	(74)	82	(266)
Total Comprehensive Income (Loss)	$ 76	$ (33)	$ 173	$ (188)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Carnival Corporation & Plc Consolidated Balance Sheets - USD ($) $ in Millions	May 31, 2014	Nov. 30, 2013
Current Assets
Cash and cash equivalents	$ 343	$ 462
Trade and other receivables, net	288	405
Insurance recoverables	299	381
Inventories	383	374
Prepaid expenses and other	312	315
Total current assets	1,625	1,937
Property and Equipment, Net	33,515	32,905
Goodwill	3,226	3,210
Other Intangibles	1,298	1,292
Other Assets	862	760
Total assets	40,526	40,104
Current Liabilities
Short-term borrowings	508	60
Current portion of long-term debt	1,048	1,408
Accounts payable	627	639
Claims reserve	384	456
Accrued liabilities and other	1,136	1,126
Customer deposits	3,698	3,031
Total current liabilities	7,401	6,720
Long-Term Debt	7,880	8,092
Other Long-Term Liabilities	880	736
Contingencies
Shareholders' Equity
Additional paid-in capital	8,345	8,325
Retained earnings	18,485	18,782
Accumulated other comprehensive income (loss)	243	161
Treasury stock, 59 shares at 2014 and 2013 of Carnival Corporation and 32 shares at 2014 and 2013 of Carnival plc, at cost	(3,073)	(3,077)
Total shareholders' equity	24,365	24,556
Liabilities and Equity, Total	40,526	40,104
Common Stock
Shareholders' Equity
Common stock	7	7
Ordinary Shares
Shareholders' Equity
Common stock	$ 358	$ 358

Carnival Corporation & Plc Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	May 31, 2014	Nov. 30, 2013
Common Stock
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,960	1,960
Common stock, shares issued	652	651
Treasury stock, shares	59	59
Ordinary Shares
Common stock, par value (USD per share)	$ 1.66	$ 1.66
Common stock, shares issued	216	216
Treasury stock, shares	32	32

Carnival Corporation & Plc Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	May 31, 2014	May 31, 2013
OPERATING ACTIVITIES
Net Income	$ 91	$ 78
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	814	780
(Gains) on ship sales including impairment, net	(15)	(13)
Losses on fuel derivatives, net	6	59
Share-based compensation	26	24
Other, net	9	28
Changes in operating assets and liabilities
Receivables	105	(139)
Inventories	(8)	5
Insurance recoverables, prepaid expenses and other	160	209
Accounts payable	(13)	82
Claims reserves and accrued and other liabilities	(178)	(139)
Customer deposits	676	582
Net cash provided by operating activities	1,673	1,556
INVESTING ACTIVITIES
Additions to property and equipment	(1,329)	(1,447)
Proceeds from sale of ships	42	70
Other, net	19	4
Net cash used in investing activities	(1,268)	(1,373)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	448	(41)
Principal repayments of long-term debt	(1,401)	(830)
Proceeds from issuance of long-term debt	829	1,837
Dividends paid	(388)	(777)
Purchases of treasury stock	0	(138)
Sales of treasury stock	0	35
Other, net	(7)	(2)
Net cash (used in) provided by financing activities	(519)	84
Effect of exchange rate changes on cash and cash equivalents	(5)	(21)
Net (decrease) increase in cash and cash equivalents	(119)	246
Cash and cash equivalents at beginning of period	462	465
Cash and cash equivalents at end of period	$ 343	$ 711

General	6 Months Ended
General	May 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” The Consolidated Balance Sheet at May 31, 2014, the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended May 31, 2014 and 2013 and the Consolidated Statements of Cash Flows for the six months ended May 31, 2014 and 2013 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2013 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 29, 2014. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Certain prior period amounts have been reclassified in the Consolidated Balance Sheets to conform to the current period presentation. Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. The portion of these fees, taxes and charges included in passenger ticket revenues and commissions, transportation and other costs were [$125 million] and $116 million and [$262 million] and $255 million for the three and six months ended May 31, 2014 and 2013, respectively. During the three and six months ended May 31, 2014 and 2013, repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were [$266 million] and $239 million and [$514 million] and $464 million, respectively, and are substantially all included in other ship operating expenses

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Unsecured Debt	6 Months Ended
Unsecured Debt	May 31, 2014
Text Block [Abstract]
Debt	Unsecured Debt At May 31, 2014, substantially all of our short-term borrowings consisted of euro- and U.S. dollar-denominated commercial paper of $338 million and $136 million, respectively, with an aggregate weighted-average interest rate of 0.5%. In December 2013, we entered into a five-year $150 million floating rate bank loan due five years after the draw date. We plan to draw under this loan by September 2014 and use the proceeds for general corporate purposes. In January 2014, we repaid $200 million of a floating rate bank loan prior to its October 2014 maturity date. In March 2014, we repaid $139 million of a floating rate euro-denominated bank loan prior to its September 2014 maturity date. In April 2014, we repaid $109 million of an export credit facility prior to its April 2023 maturity date. In May 2014, we repaid $300 million of an export credit facility prior to its May 2024 maturity date. In May 2014, we borrowed $554 million under an export credit facility, the proceeds of which were used to pay for a portion of Regal Princess' purchase price. This floating rate facility is due in semi-annual installments through [May 2026.] In May 2014, we borrowed $275 million under a euro-denominated floating rate revolving bank loan facility, the proceeds of which were used for general corporate purposes. This facility has a perpetual term, although we can terminate it at any time and the bank can terminate the facility at any time upon nine months notice. In June 2014, Carnival Corporation, Carnival plc and certain of Carnival plc's subsidiaries amended and replaced their existing five-year multi-currency revolving credit facility of $2.5 billion (comprised of $1.6 billion, €450 million and £150 million) with a new five-year multi-currency revolving credit facility of $2.6 billion (comprised of $1.7 billion, €500 million and £150 million) (the "Facility"), which expires in June 2019. We have options to extend this Facility through June 2021 subject to the approval of each bank in the Facility. The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 40 basis points (“bps”). The margin varies based on changes to Carnival Corporation's and Carnival plc's long-term senior unsecured credit ratings. We are required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. We will also incur an additional utilization fee of 10 bps, 20 bps or 40 bps if equal to or less than one-third, more than one-third or more than two-thirds of the Facility, respectively, is drawn on the total amount outstanding.

Contingencies	6 Months Ended
Contingencies	May 31, 2014
Commitments and Contingencies [Abstract]
Contingencies	Contingencies Litigation As a result of the January 2012 Costa Concordia incident, litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury, loss of life, loss of or damage to personal property, business interruption losses or environmental damage to any affected coastal waters and the surrounding areas, have been and may be asserted or brought against various parties, including us. The existing assertions are ongoing and there are significant jurisdictional uncertainties. The ultimate outcome of these matters cannot be determined at this time. However, we do not expect these matters to have a significant impact on our results of operations because we have insurance coverage for these types of third-party claims. Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. Contingent Obligations – Lease Out and Lease Back Type (“LILO”) Transactions At May 31, 2014, Carnival Corporation had estimated contingent obligations totaling [$391 million], excluding termination payments as discussed below, to participants in LILO transactions for two of its ships. At the inception of these leases, the aggregate of the net present value of these obligations was paid by Carnival Corporation to a group of major financial institutions, who agreed to act as payment undertakers and directly pay these obligations. As a result, these contingent obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our Consolidated Balance Sheets. In the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants, we estimate that it would, as of May 31, 2014, be responsible for a termination payment of [$31 million]. In 2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it. In certain cases, if the credit ratings of the financial institutions who are directly paying the contingent obligations fall below AA-, then Carnival Corporation will be required to replace these financial institutions with other financial institutions whose credit ratings are at least AA or meet other specified credit requirements. In such circumstances, it would incur additional costs, although we estimate that they would not be material to our consolidated financial statements. For the two financial institution payment undertakers subject to this AA- credit rating threshold, one has a credit rating of [AA] and the other has a credit rating of [AA-]. If Carnival Corporation’s credit rating, which is BBB+, falls below BBB, it will be required to provide a standby letter of credit for [$35 million], or, alternatively, provide mortgages for this aggregate amount on these two ships. Contingent Obligations – Indemnifications Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes and changes in laws that increase lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any material payments under such indemnification clauses in the past and, under current circumstances, we do not believe a request for material future indemnification payments is probable.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

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+ Details

Fair Value Measurements, Derivative Instruments and Hedging Activities

6 Months Ended

May 31, 2014

Text Block [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities

Fair Value Measurements

U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:


•	Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.


•	Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.


•	Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent and knowledgeable market participants at the measurement date. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the asset or liability at the measurement date.

The fair value measurement of a financial asset or financial liability must reflect the nonperformance risk of the counterparty and us. Therefore, the impact of our counterparty’s creditworthiness was considered when in an asset position, and our creditworthiness was considered when in a liability position in the fair value measurement of our financial instruments. Creditworthiness did not have a significant impact on the fair values of our financial instruments at May 31, 2014 and November 30, 2013. Both the counterparties and we are expected to continue to perform under the contractual terms of the instruments. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange.

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

The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions):



	May 31, 2014												November 30, 2013
	Carrying Value			Fair Value									Carrying Value		Fair Value
	Carrying Value			Level 1			Level 2			Level 3			Carrying Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	268		$	268		$	—		$	—		$	349	$	349	$	—	$	—
Long-term other assets (b)	[	113	]	[	1	]	[	52	]	[	58	]	110		1		58		50
Total	[$	381	]	[$	269	]	[$	52	]	[	58	]	$	459	$	350	$	58	$	50
Liabilities
Fixed rate debt (c)	$	5,224		$	—		$	5,622		$	—		$	5,574	$	—	$	5,941	$	—
Floating rate debt (c)	4,212			—			4,170			—			3,986		—		3,997		—
Total	$	9,436		$	—		$	9,792		$	—		$	9,560	$	—	$	9,938	$	—


(a)	Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values.


(b)	At May 31, 2014 and November 30, 2013, long-term other assets were substantially all comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.

(c)

The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at May 31, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At May 31, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at May 31, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.

Financial Instruments that are Measured at Fair Value on a Recurring Basis

The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions):



	May 31, 2014						November 30, 2013
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents (a)	$	75	$	—	$	—	$	113	$	—	$	—
Restricted cash (b)	29		—		—		28		—		—
Marketable securities held in rabbi trusts (c)	111		11		—		113		10		—
Derivative financial instruments (d)	—		44		—		—		60		—
Long-term other assets (e)	—		—		20		—		—		17
Total	$	215	$	55	$	20	$	254	$	70	$	17
Liabilities
Derivative financial instruments (d)	$	—	$	38	$	—	$	—	$	31	$	—
Total	$	—	$	38	$	—	$	—	$	31	$	—


(a)	Cash equivalents are comprised of money market funds.


(b)	Restricted cash is primarily comprised of money market funds.

(c)

At May 31, 2014, marketable securities held in rabbi trusts were comprised of Level 1 bonds and frequently-priced mutual funds invested in common stocks and Level 2 other investments. At November 30, 2013, marketable securities held in rabbi trusts were principally comprised of Level 1 frequently-priced mutual funds invested in common stocks and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.


(d)	See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments.


(e)	Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the six months ended May 31, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit.

We measure our derivatives using valuations that are calibrated to the initial trade prices. Subsequent valuations are based on observable inputs and other variables included in the valuation models such as interest rate, yield and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities and netting arrangements. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and fuel derivatives using observable market data for all significant inputs and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated, but not compelled to transact. We also corroborate our fair value estimates using valuations provided by our counterparties.

Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis

Impairment and Sale of Ships

Due to the expected absorption of Ibero Cruises' (“Ibero”) operations into Costa Cruises (“Costa”) in late 2014 and certain Ibero ship-specific facts and circumstances, such as their size, age, condition, viable alternative itineraries and historical operating cash flows, we performed undiscounted future cash flow analyses of Ibero's two ships, Grand Celebration and Grand Holiday, as of May 31, 2014 to determine if these ships were impaired. The principal assumptions used in our undiscounted cash flow analyses consisted of an estimated sales price for Grand Holiday, forecasted future operating results, including net revenue yields and net cruise costs including fuel prices, and estimated residual values, which are all considered level three inputs, and the transfer of Grand Celebration into Costa in late 2014. Based on its undiscounted cash flow analyses, we determined that the net carrying value for Grand Celebration exceeded its estimated undiscounted future cash flows. Accordingly, we then estimated the May 31, 2014 fair value of this ship based on its discounted future cash flows and compared this estimated fair value to its net carrying value. As a result, we recognized a $22 million ship impairment charge in other ship operating expenses during the three months ended May 31, 2014.

In March 2014, we sold Costa Voyager and recognized a $37 million gain as a reduction in other ship operating expenses during the three months ended May 31, 2014. In July 2013, we recognized a $73 million impairment charge related to this ship, and in November 2013 it was taken out of service.

Valuation of Goodwill and Other Intangibles

The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and Europe, Australia & Asia (“EAA”) cruise brands, was as follows (in millions):



	North America Cruise Brands		EAA Cruise Brands		Total
Balance at November 30, 2013	$	1,898	$	1,312	$	3,210
Foreign currency translation adjustment	—		16		16
Balance at May 31, 2014	$	1,898	$	1,328	$	3,226

At July 31, 2013, all of our cruise brands carried goodwill, except for Ibero and Seabourn. As of that date, we performed our annual goodwill impairment reviews and no goodwill was impaired. At May 31, 2014, accumulated goodwill impairment charges were $153 million, which were all related to Ibero.

The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions):



	North America Cruise Brands		EAA Cruise Brands			Total
Balance at November 30, 2013	$	927	$	359		$	1,286
Foreign currency translation adjustment	—		6		—	6
Balance at May 31, 2014	$	927	$	365		$	1,292

As of July 31, 2013, we also performed our annual trademark impairment reviews for our cruise brands that have significant trademarks recorded, which are AIDA Cruises (“AIDA”), P&O Cruises (Australia), P&O Cruises (UK) and Princess Cruises (“Princess”). No trademarks were considered to be impaired at that time.

At May 31, 2014 and November 30, 2013, our intangible assets subject to amortization are not significant to our consolidated financial statements.

The determination of our cruise brand, cruise ship and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. We believe that we have made reasonable estimates and judgments in determining whether our goodwill, cruise ships and trademarks have been impaired. However, if there is a change in assumptions used or if there is a change in the conditions or circumstances influencing fair values in the future, then we may need to recognize an impairment charge.

There have not been any events or circumstances subsequent to July 31, 2013, which we believe would require us to perform an interim goodwill or trademark impairment test.

Derivative Instruments and Hedging Activities

We utilize derivative and nonderivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of fixed and floating rate debt. In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future cash flows attributable to potential fuel price increases, which we define as our “economic risk.” Our policy is to not use any financial instruments for trading or other speculative purposes.

All derivatives are recorded at fair value. The changes in fair value are recognized currently in earnings if the derivatives do not qualify as effective hedges, or if we do not seek to qualify for hedge accounting treatment, such as for our fuel derivatives. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of accumulated other comprehensive income (“AOCI”) until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a nonderivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the fair value of the financial instrument are recognized as a component of AOCI to offset a portion of the change in the translated value of the net investment being hedged, until the investment is sold or liquidated. We formally document hedging relationships for all derivative and nonderivative hedges and the underlying hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions.

We classify the fair values of all our derivative contracts as either current or long-term, depending on whether the maturity date of the derivative contract is within or beyond one year from the balance sheet date. The cash flows from derivatives treated as hedges are classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged. Our cash flows related to fuel derivatives are classified within investing activities.

The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	May 31, 2014		November 30, 2013
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Other assets – long-term	$	1	$	2
Foreign currency zero cost collars (b)	Prepaid expenses and other	3		—
	Other assets – long-term	—		8
Interest rate swaps (c)	Prepaid expenses and other	2		1
	Other assets – long-term	1		5
		7		16
Derivatives not designated as hedging instruments
Fuel (d)	Prepaid expenses and other	9		14
	Other assets – long-term	28		30
		37		44
Total derivative assets		$	44	$	60
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	—	$	4
Interest rate swaps (c)	Accrued liabilities and other	14		13
	Other long-term liabilities	24		13
		38		30
Derivatives not designated as hedging instruments
Fuel (d)	Other long-term liabilities	—		1
		—		1
Total derivative liabilities		$	38	$	31


(a)	At May 31, 2014 and November 30, 2013, we had foreign currency forwards totaling $102 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At May 31, 2014, these foreign currency forwards settle through July 2017.


(b)	At May 31, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.

(c)

We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At May 31, 2014 and November 30, 2013, these interest rate swap agreements effectively changed $864 million and $909 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at May 31, 2014 and November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016.

(d)

At May 31, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2017.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions):



	May 31, 2014
	Gross Amounts		Gross Amounts Offset in the Balance Sheet			Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	91	$	(47	)	$	44	$	(2	)	$	42
Liabilities	$	85	$	(47	)	$	38	$	(2	)	$	36
	November 30, 2013
	Gross Amounts		Gross Amounts Offset in the Balance Sheet			Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	137	$	(77	)	$	60	$	(7	)	$	53
Liabilities	$	108	$	(77	)	$	31	$	(7	)	$	24

The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive (loss) income were as follows (in millions):



	Three Months Ended May 31,						Six months ended May 31,
	2014			2013			2014			2013
Net investment hedges	$	(1	)	$	1		$	—		$	(2	)
Foreign currency zero cost collars – cash flow hedges	$	(3	)	$	(6	)	$	(6	)	$	7
Interest rate swaps – cash flow hedges	$	(10	)	$	1		$	(14	)	$	3

There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our fuel derivative counterparty agreements. These provisions require interest-bearing, non-restricted cash to be posted or received as collateral to the extent the fuel derivative fair value payable to or receivable from an individual counterparty, respectively, exceeds $100 million. At May 31, 2014 and November 30, 2013, no collateral was required to be posted to or received from our fuel derivative counterparties.

The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of May 31, 2014 and November 30, 2013 and for the three and six months ended May 31, 2014 and 2013 where such impacts were not significant.

Foreign Currency Exchange Rate Risks

Overall Strategy

We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and nonderivative financial instruments. Our primary focus is to manage the economic foreign currency exchange risks faced by our operations, which are the ultimate foreign currency exchange risks that would be realized by us if we exchanged one currency for another, and not accounting risks. Accordingly, we do not currently hedge foreign currency exchange accounting risks with derivative financial instruments. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged.

Operational and Investment Currency Risks

Our European and Australian cruise brands subject us to foreign currency translation risk related to the euro, sterling and Australian dollar because these brands generate significant revenues and incur significant expenses in euro, sterling or the Australian dollar. Accordingly, exchange rate fluctuations of the euro, sterling and Australian dollar against the U.S. dollar will affect our reported financial results since the reporting currency for our consolidated financial statements is the U.S. dollar. Any strengthening of the U.S. dollar against these foreign currencies has the financial statement effect of decreasing the U.S. dollar values reported for cruise revenues and expenses. Any weakening of the U.S. dollar has the opposite effect.

Most of our brands also have non-functional currency risk related to their international sales operations, which has become an increasingly larger part of most of their businesses over time, and primarily includes the euro, sterling and Australian, Canadian and U.S. dollars. In addition, all of our brands have non-functional currency expenses for a portion of their operating expenses. Accordingly, these brands’ revenues and expenses in non-functional currencies create some degree of natural offset for recognized transactional currency gains and losses due to currency exchange movements.

We consider our investments in foreign operations to be denominated in relatively stable currencies and of a long-term nature. We partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies, principally sterling. As of May 31, 2014 and November 30, 2013, we have designated $2.4 billion and $2.2 billion, respectively, of our foreign currency intercompany payables as nonderivative hedges of our net investments in foreign operations. Accordingly, we have included $195 million and $234 million of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component of AOCI at May 31, 2014 and November 30, 2013, respectively, which offsets a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During the three and six months ended May 31, 2014 and 2013, we recognized foreign currency nonderivative transaction gains (losses) of $1 million ($18 million in 2013) and $(39) million ($107 million in 2013), respectively, in the cumulative translation adjustment component of AOCI.

Newbuild Currency Risks

Our shipbuilding contracts are typically denominated in euros. Our decisions regarding whether or not to hedge a non-functional currency ship commitment for our cruise brands are made on a case-by-case basis, taking into consideration the amount and duration of the exposure, market volatility, currency exchange rate correlation, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts and have used nonderivative financial instruments to manage foreign currency exchange rate risk for some of our ship construction payments.

In July 2012, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of P&O Cruises (UK) Britannia’s euro-denominated shipyard payments. These collars mature in February 2015 at a weighted-average ceiling rate of £0.83 to the euro, or $307 million, and a weighted-average floor rate of £0.77 to the euro, or $284 million. If the spot rate is between these two rates on the date of maturity, then we would not owe or receive any payments under these collars.

On June 23, 2014, we entered into foreign currency zero cost collars that are also designated as cash flow hedges for the remaining portion of Britannia’s euro-denominated shipyard payments. These collars mature in February 2015 at a weighted-average ceiling rate of £0.81 to the euro, or $305 million, and a weighted-average floor rate of £0.79 to the euro, or $298 million. If the spot rate is between these two rates on the date of maturity, then we would not owe or receive any payments under these collars.

At June 24, 2014 , substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild construction payments for the Seabourn newbuild, which represents a total commitment of [$301 million.]

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ or the shipyards’ functional currency is expected to be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our desire to order new cruise ships.

Interest Rate Risks

We manage our exposure to fluctuations in interest rates through our investment and debt portfolio management strategies. These strategies include purchasing high quality short-term investments with floating interest rates, and evaluating our debt portfolio as to whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt or the early retirement of existing debt. At May 31, 2014 and November 30, 2013, 59% and 41% of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps.

Fuel Price Risks

Our exposure to market risk for changes in fuel prices substantially all relates to the consumption of fuel on our ships. We use our fuel derivatives program to mitigate a portion of our economic risk attributable to potential fuel price increases. We designed our fuel derivatives program to maximize operational flexibility by utilizing derivative markets with significant trading liquidity and our program currently consists of zero cost collars on Brent.

All of our derivatives are based on Brent prices whereas the actual fuel used on our ships is marine fuel. Changes in the Brent prices may not show a high degree of correlation with changes in our underlying marine fuel prices. We will not realize any economic gain or loss upon the monthly maturities of our zero cost collars unless the average monthly price of Brent is above the ceiling price or below the floor price. We believe that these derivatives will act as economic hedges, however hedge accounting is not applied. As part of our fuel derivatives program, we will continue to evaluate various derivative products and strategies.

At May 31, 2014, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices		Percent of Estimated Fuel Consumption Covered
[Fiscal 2014 (Q3-Q4)
	November 2011	1,056	$	85	$	114
	February 2012	1,056	$	88	$	125
	June 2012	1,188	$	71	$	116
	May 2013	864	$	85	$	108
		4,164					44%
Fiscal 2015
	November 2011	2,160	$	80	$	114
	February 2012	2,160	$	80	$	125
	June 2012	1,236	$	74	$	110
	April 2013	1,044	$	80	$	111
	May 2013	1,884	$	80	$	110
		8,484					45%
Fiscal 2016
	June 2012	3,564	$	75	$	108
	February 2013	2,160	$	80	$	120
	April 2013	3,000	$	75	$	115
		8,724					45%
Fiscal 2017
	February 2013	3,276	$	80	$	115
	April 2013	2,028	$	75	$	110
	January 2014	1,800	$	75	$	114
		7,104					37%
Fiscal 2018
	January 2014	2,700	$	75	$	110	14%]


(a)	Fuel derivatives mature evenly over each month within the above fiscal periods.

Concentrations of Credit Risk

As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Our maximum exposure under foreign currency and fuel derivative contracts and interest rate swap agreements that are in-the-money, which were [not material] at May 31, 2014, is the replacement cost, net of any collateral received or contractually allowed offset, in the event of nonperformance by the counterparties to the contracts, all of which are currently our lending banks. We seek to minimize credit risk exposure, including counterparty nonperformance primarily associated with our cash equivalents, investments, committed financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by normally conducting business with large, well-established financial institutions, insurance companies and export credit agencies, and by diversifying our counterparties. In addition, we have guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk. We normally do require collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards. We currently believe the risk of nonperformance by any of our significant counterparties is remote.

We also monitor the creditworthiness of travel agencies and tour operators in Europe and credit card providers to which we extend credit in the normal course of our business. Our credit exposure includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in most of Europe where we are obligated to extend credit in a like amount to these guests even if we do not receive payment from the travel agents and tour operators. Concentrations of credit risk associated with these receivables and contingent obligations are not considered to be material, primarily due to the large number of unrelated accounts within our customer base, the amount of these contingent obligations and their short maturities. We have experienced only minimal credit losses on our trade receivables and related contingent obligations. We do not normally require collateral or other security to support normal credit sales.

Segment Information

6 Months Ended

May 31, 2014

Text Block [Abstract]

Segment Information

We have three reportable cruise segments that are comprised of our (1) North America cruise brands, (2) EAA cruise brands and (3) Cruise Support. In addition, we have a Tour and Other segment. Our segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. Decisions to allocate resources and assess performance for Carnival Corporation & plc are made by the CODM upon review of the segment results across all of our cruise brands and other segments.

Our North America cruise segment includes Carnival Cruise Lines, Holland America Line, Princess and Seabourn. Our EAA cruise segment includes AIDA, Costa, Cunard, Ibero, P&O Cruises (Australia) and P&O Cruises (UK). These individual cruise brand operating segments have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, maintenance requirements, supporting systems and processes and products and services they provide. Our Cruise Support segment represents certain of our port and related facilities and other corporate-wide services that are provided for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours. Our Tour and Other segment also included two ships that we chartered to an unaffiliated entity. In April 2013, we sold one of these two ships and recognized a $15 million gain as a reduction of Tour and Other operating expenses for the three months ended May 31, 2013. Accordingly, subsequent to this 2013 sale our Tour and Other segment includes only one ship.

Selected information for our segments was as follows (in millions):



	Three Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2014
North America Cruise Brands (a)	[$	2,166	]	[$	1,574	]	$	280	$	239	$	73
EAA Cruise Brands	1,438			973			178		157		130
Cruise Support	12			(1		)	44		5		(36		)
Tour and Other (a)	30			32			2		8		(12		)
Intersegment elimination (a)	[	(13	)]	[	(13	)]	—		—		—
	$	3,633		$	2,565		$	504	$	409	$	155
2013
North America Cruise Brands (a)	$	2,113		$	1,487		$	254	$	228	$	144
EAA Cruise Brands	1,327			962			167		147		51
Cruise Support	23			33			26		6		(42		)
Tour and Other (a)	27			16			2		10		(1		)
Intersegment elimination (a)	(11		)	(11		)	—		—		—
	$	3,479		$	2,487		$	449	$	391	$	152

	Six Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2014
North America Cruise Brands (a)	[$	4,286	]	[$	3,107	]	$	577	$	474	$	128
EAA Cruise Brands	2,870			2,012			365		309		184
Cruise Support	37			—			79		14		(56		)
Tour and Other (a)	38			46			4		17		(29		)
Intersegment elimination (a)	[	(13	)]	[	(13	)]	—		—		—
	$	7,218		$	5,152		$	1,025	$	814	$	227
2013
North America Cruise Brands (a)	$	4,237		$	3,018		$	514	$	456	$	249
EAA Cruise Brands	2,760			2,014			331		293		122
Cruise Support	50			36			59		12		(57		)
Tour and Other (a)	36			30			4		19		(17		)
Intersegment elimination (a)	(11		)	(11		)	—		—		—
	$	7,072		$	5,087		$	908	$	780	$	297

(a) A portion of the North America cruise brands’ segment revenues includes revenues for the tour portion of a cruise when a land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands’ segment revenues and operating expenses in the line “Intersegment elimination.”

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
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+ Details

Earnings Per Share

6 Months Ended

May 31, 2014

Text Block [Abstract]

Earnings Per Share

Our basic and diluted earnings per share were computed as follows (in millions, except per share data):



	Three Months Ended May 31,				Six Months Ended May 31,
	2014		2013		2014		2013
Net income for basic and diluted earnings per share	$	106	$	41	$	91	$	78
Weighted-average common and ordinary shares outstanding	776		775		776		775
Dilutive effect of equity plans	2		2		2		2
Diluted weighted-average shares outstanding	778		777		778		777
Basic and diluted earnings per share	$	0.14	$	0.05	$	0.12	$	0.10
Anti-dilutive equity awards excluded from diluted earnings per share computations	3		6		3		5

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

May 31, 2014

Text Block [Abstract]

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



	May 31, 2014												November 30, 2013
	Carrying Value			Fair Value									Carrying Value		Fair Value
	Carrying Value			Level 1			Level 2			Level 3			Carrying Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	268		$	268		$	—		$	—		$	349	$	349	$	—	$	—
Long-term other assets (b)	[	113	]	[	1	]	[	52	]	[	58	]	110		1		58		50
Total	[$	381	]	[$	269	]	[$	52	]	[	58	]	$	459	$	350	$	58	$	50
Liabilities
Fixed rate debt (c)	$	5,224		$	—		$	5,622		$	—		$	5,574	$	—	$	5,941	$	—
Floating rate debt (c)	4,212			—			4,170			—			3,986		—		3,997		—
Total	$	9,436		$	—		$	9,792		$	—		$	9,560	$	—	$	9,938	$	—


(a)	Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values.


(b)	At May 31, 2014 and November 30, 2013, long-term other assets were substantially all comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.

(c)

Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and (Liabilities) Measured at Fair Value on Recurring Basis

The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions):



	May 31, 2014						November 30, 2013
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents (a)	$	75	$	—	$	—	$	113	$	—	$	—
Restricted cash (b)	29		—		—		28		—		—
Marketable securities held in rabbi trusts (c)	111		11		—		113		10		—
Derivative financial instruments (d)	—		44		—		—		60		—
Long-term other assets (e)	—		—		20		—		—		17
Total	$	215	$	55	$	20	$	254	$	70	$	17
Liabilities
Derivative financial instruments (d)	$	—	$	38	$	—	$	—	$	31	$	—
Total	$	—	$	38	$	—	$	—	$	31	$	—


(a)	Cash equivalents are comprised of money market funds.


(b)	Restricted cash is primarily comprised of money market funds.

(c)


(d)	See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments.


(e)	Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the six months ended May 31, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit.

Reconciliation of Changes in Carrying Amounts of Goodwill



	North America Cruise Brands		EAA Cruise Brands		Total
Balance at November 30, 2013	$	1,898	$	1,312	$	3,210
Foreign currency translation adjustment	—		16		16
Balance at May 31, 2014	$	1,898	$	1,328	$	3,226

Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks



	North America Cruise Brands		EAA Cruise Brands			Total
Balance at November 30, 2013	$	927	$	359		$	1,286
Foreign currency translation adjustment	—		6		—	6
Balance at May 31, 2014	$	927	$	365		$	1,292

Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets

The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	May 31, 2014		November 30, 2013
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Other assets – long-term	$	1	$	2
Foreign currency zero cost collars (b)	Prepaid expenses and other	3		—
	Other assets – long-term	—		8
Interest rate swaps (c)	Prepaid expenses and other	2		1
	Other assets – long-term	1		5
		7		16
Derivatives not designated as hedging instruments
Fuel (d)	Prepaid expenses and other	9		14
	Other assets – long-term	28		30
		37		44
Total derivative assets		$	44	$	60
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	—	$	4
Interest rate swaps (c)	Accrued liabilities and other	14		13
	Other long-term liabilities	24		13
		38		30
Derivatives not designated as hedging instruments
Fuel (d)	Other long-term liabilities	—		1
		—		1
Total derivative liabilities		$	38	$	31


(a)	At May 31, 2014 and November 30, 2013, we had foreign currency forwards totaling $102 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At May 31, 2014, these foreign currency forwards settle through July 2017.


(b)	At May 31, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.

(c)

(d)

Offsetting Derivative Instruments [Table Text Block]



	May 31, 2014
	Gross Amounts		Gross Amounts Offset in the Balance Sheet			Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	91	$	(47	)	$	44	$	(2	)	$	42
Liabilities	$	85	$	(47	)	$	38	$	(2	)	$	36
	November 30, 2013
	Gross Amounts		Gross Amounts Offset in the Balance Sheet			Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	137	$	(77	)	$	60	$	(7	)	$	53
Liabilities	$	108	$	(77	)	$	31	$	(7	)	$	24

Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income

The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive (loss) income were as follows (in millions):



	Three Months Ended May 31,						Six months ended May 31,
	2014			2013			2014			2013
Net investment hedges	$	(1	)	$	1		$	—		$	(2	)
Foreign currency zero cost collars – cash flow hedges	$	(3	)	$	(6	)	$	(6	)	$	7
Interest rate swaps – cash flow hedges	$	(10	)	$	1		$	(14	)	$	3

Fuel Derivatives Outstanding

At May 31, 2014, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices		Percent of Estimated Fuel Consumption Covered
[Fiscal 2014 (Q3-Q4)
	November 2011	1,056	$	85	$	114
	February 2012	1,056	$	88	$	125
	June 2012	1,188	$	71	$	116
	May 2013	864	$	85	$	108
		4,164					44%
Fiscal 2015
	November 2011	2,160	$	80	$	114
	February 2012	2,160	$	80	$	125
	June 2012	1,236	$	74	$	110
	April 2013	1,044	$	80	$	111
	May 2013	1,884	$	80	$	110
		8,484					45%
Fiscal 2016
	June 2012	3,564	$	75	$	108
	February 2013	2,160	$	80	$	120
	April 2013	3,000	$	75	$	115
		8,724					45%
Fiscal 2017
	February 2013	3,276	$	80	$	115
	April 2013	2,028	$	75	$	110
	January 2014	1,800	$	75	$	114
		7,104					37%
Fiscal 2018
	January 2014	2,700	$	75	$	110	14%]


(a)	Fuel derivatives mature evenly over each month within the above fiscal periods.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Segment Information (Tables)

6 Months Ended

May 31, 2014

Text Block [Abstract]

Selected Information for Cruise and Tour and Other Segments

Selected information for our segments was as follows (in millions):



	Three Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2014
North America Cruise Brands (a)	[$	2,166	]	[$	1,574	]	$	280	$	239	$	73
EAA Cruise Brands	1,438			973			178		157		130
Cruise Support	12			(1		)	44		5		(36		)
Tour and Other (a)	30			32			2		8		(12		)
Intersegment elimination (a)	[	(13	)]	[	(13	)]	—		—		—
	$	3,633		$	2,565		$	504	$	409	$	155
2013
North America Cruise Brands (a)	$	2,113		$	1,487		$	254	$	228	$	144
EAA Cruise Brands	1,327			962			167		147		51
Cruise Support	23			33			26		6		(42		)
Tour and Other (a)	27			16			2		10		(1		)
Intersegment elimination (a)	(11		)	(11		)	—		—		—
	$	3,479		$	2,487		$	449	$	391	$	152

	Six Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2014
North America Cruise Brands (a)	[$	4,286	]	[$	3,107	]	$	577	$	474	$	128
EAA Cruise Brands	2,870			2,012			365		309		184
Cruise Support	37			—			79		14		(56		)
Tour and Other (a)	38			46			4		17		(29		)
Intersegment elimination (a)	[	(13	)]	[	(13	)]	—		—		—
	$	7,218		$	5,152		$	1,025	$	814	$	227
2013
North America Cruise Brands (a)	$	4,237		$	3,018		$	514	$	456	$	249
EAA Cruise Brands	2,760			2,014			331		293		122
Cruise Support	50			36			59		12		(57		)
Tour and Other (a)	36			30			4		19		(17		)
Intersegment elimination (a)	(11		)	(11		)	—		—		—
	$	7,072		$	5,087		$	908	$	780	$	297

Earnings Per Share (Tables)

6 Months Ended

May 31, 2014

Text Block [Abstract]

Basic and Diluted Earnings Per Share Computation

Our basic and diluted earnings per share were computed as follows (in millions, except per share data):



	Three Months Ended May 31,				Six Months Ended May 31,
	2014		2013		2014		2013
Net income for basic and diluted earnings per share	$	106	$	41	$	91	$	78
Weighted-average common and ordinary shares outstanding	776		775		776		775
Dilutive effect of equity plans	2		2		2		2
Diluted weighted-average shares outstanding	778		777		778		777
Basic and diluted earnings per share	$	0.14	$	0.05	$	0.12	$	0.10
Anti-dilutive equity awards excluded from diluted earnings per share computations	3		6		3		5

General (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
General (Details) - USD ($) $ in Millions	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fees, taxes and charges collected by us from our guests	$ 125	$ 116	$ 262	$ 255
Cost of Property Repairs and Maintenance	$ 266	$ 239	$ 514	$ 464

Unsecured Debt - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions	6 Months Ended
	May 31, 2014 EUR (€)	Jun. 13, 2014 USD ($)	May 31, 2014 GBP (£)	May 31, 2014 USD ($)	May 16, 2014 USD ($)	May 15, 2014 USD ($)	Apr. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Nov. 30, 2013 EUR (€)	Nov. 30, 2013 GBP (£)	Nov. 30, 2013 USD ($)
Unsecured Floating Rate Euro Denominated Revolving Bank Loan Facility [Domain]
Debt Instrument [Line Items]
Long-term debt				$ 275
Unsecured Floating Rate Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month Year	October 2014
Unsecured Floating Rate Export Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month Year	April 2023
Euro Denominated [Member] \| Unsecured Floating Rate Bank Loan [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month Year	September 2014
Long-term debt								$ 139
United States Dollar Denominated Debt [Member] \| Unsecured Floating Rate Bank Loan [Member]
Debt Instrument [Line Items]
Long-term debt									$ 200	$ 150
United States Dollar Denominated Debt [Member] \| Unsecured Floating Rate Export Credit Facilities [Member]
Debt Instrument [Line Items]
Long-term debt					$ 554	$ 300	$ 109
May 2014 repayment date [Domain] \| Unsecured Floating Rate Export Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month Year	May 2024
Commercial Paper [Member]
Debt Instrument [Line Items]
Debt, Current				$ 136
Debt Instrument, Interest Rate at Period End	0.50%		0.50%	0.50%
Commercial Paper [Member] \| Euro Denominated [Member]
Debt Instrument [Line Items]
Debt, Current				$ 338
Unsecured Floating Rate Export Credit Facilities [Member] \| Unsecured Floating Rate Export Credit Facilities [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month Year	May 2026
Main Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt													$ 2,500
Debt Instrument, Interest Rate Terms	LIBOR/EURIBOR plus a margin of 40 basis points (“bps”)
Line of Credit Facility, Commitment Fee Percentage	35.00%
Main Credit Facility [Member] \| Revolving Credit Facility [Member] \| Sterling Denominated Debt [Member]
Debt Instrument [Line Items]
Long-term debt \| £			£ 150									£ 150
Main Credit Facility [Member] \| Revolving Credit Facility [Member] \| Euro Denominated [Member]
Debt Instrument [Line Items]
Long-term debt \| €	€ 500										€ 450
Main Credit Facility [Member] \| Revolving Credit Facility [Member] \| United States Dollar Denominated Debt [Member]
Debt Instrument [Line Items]
Long-term debt				$ 1,700									$ 1,600
Subsequent Event [Member] \| Main Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		$ 2,600

Contingencies - Additional Information (Detail) - USD ($) $ in Millions	May 31, 2014	Nov. 30, 2013
Contingencies [Line Items]
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB
Lease Out And Lease Back Type Transactions
Contingencies [Line Items]
Estimated contingent obligations	391
Estimated termination payment in the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants	31
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB	$ 35

- Definition

Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.

+ References + Details

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on Recurring Basis (Detail) - Financial Instruments Not Measured at Fair Value on a Recurring Basis - USD ($)
$ in Millions

May 31, 2014

Nov. 30, 2013

Carrying Value

Assets

Cash and cash equivalents

^[1]

$ 268

$ 349

Long-term other assets

^[2]

113

110

Total

381

459

Liabilities

Total

9,436

9,560

Carrying Value | Fixed Rate

Liabilities

Debt

^[3]

5,224

5,574

Carrying Value | Floating Rate

Liabilities

Debt

^[3]

4,212

3,986

Fair Value | Level 1

Assets

Cash and cash equivalents

^[1]

268

349

Long-term other assets

^[2]

Total

269

350

Fair Value | Level 2

Assets

Long-term other assets

^[2]

Total

Liabilities

Total

9,792

9,938

Fair Value | Level 2 | Fixed Rate

Liabilities

Debt

^[3]

5,622

5,941

Fair Value | Level 2 | Floating Rate

Liabilities

Debt

^[3]

4,170

3,997

Fair Value | Level 3

Assets

Long-term other assets

^[2]

Total

$ 58

$ 50

[1]	Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values.
[2]	At May 31, 2014 and November 30, 2013, long-term other assets were substantially all comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.
[3]	The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at May 31, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At May 31, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at May 31, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And (Liabilities) Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions

May 31, 2014

Nov. 30, 2013

Assets

Derivative financial instruments

$ 91

$ 137

Liabilities

Derivative financial instruments

108

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1

Assets

Total

215

254

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds

Assets

Cash equivalents

^[1]

113

Restricted cash

^[2]

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Marketable securities held in rabbi trusts

Assets

Marketable securities held in rabbi trusts

^[3]

111

113

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2

Assets

Total

Liabilities

Total

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Marketable securities held in rabbi trusts

Assets

Marketable securities held in rabbi trusts

^[3]

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments

Assets

Derivative financial instruments

^[4]

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments

Liabilities

Derivative financial instruments

^[4]

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3

Assets

Total

Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Long-term other assets

Assets

Long-term other assets

^[5]

$ 20

$ 17

[1]	Cash equivalents are comprised of money market funds.
[2]	Restricted cash is primarily comprised of money market funds.
[3]	At May 31, 2014, marketable securities held in rabbi trusts were comprised of Level 1 bonds and frequently-priced mutual funds invested in common stocks and Level 2 other investments. At November 30, 2013, marketable securities held in rabbi trusts were principally comprised of Level 1 frequently-priced mutual funds invested in common stocks and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
[4]	See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments.
[5]	Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the six months ended May 31, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit.

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Detail) $ in Millions	6 Months Ended
	May 31, 2014 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 3,210
Foreign currency translation adjustment	16
Ending Balance	3,226
North America Cruise Brands
Goodwill [Roll Forward]
Beginning Balance	1,898
Foreign currency translation adjustment
Ending Balance	1,898
EAA Cruise Brands
Goodwill [Roll Forward]
Beginning Balance	1,312
Foreign currency translation adjustment	16
Ending Balance	$ 1,328

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Detail) $ in Millions	6 Months Ended
	May 31, 2014 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,286
Foreign currency translation adjustment	6
Ending Balance	1,292
North America Cruise Brands
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	927
Foreign currency translation adjustment
Ending Balance	927
EAA Cruise Brands
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	359
Foreign currency translation adjustment	6
Ending Balance	$ 365

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Detail)
$ in Millions

May 31, 2014

USD ($)

Nov. 30, 2013

USD ($)

Jul. 31, 2012

USD ($)

£ / Transaction

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

$ 7

$ 16

Derivative assets not designated as hedging instruments

Derivative liabilities designated as hedging instruments

Derivative liabilities not designated as hedging instruments

Net investment hedges

Derivatives, Fair Value [Line Items]

Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value

102

578

Net investment hedges | Other assets - long-term

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

Net investment hedges | Accrued liabilities and other

Derivatives, Fair Value [Line Items]

Derivative liabilities designated as hedging instruments

^[1]

Foreign currency zero cost collars | Prepaid expenses and other

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

^[2]

Foreign currency zero cost collars | Other assets - long-term

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

^[2]

Interest rate swaps | Prepaid expenses and other

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

^[3]

Interest rate swaps | Other assets - long-term

Derivatives, Fair Value [Line Items]

Derivative assets designated as hedging instruments

^[3]

Interest rate swaps | Accrued liabilities and other

Derivatives, Fair Value [Line Items]

Derivative liabilities designated as hedging instruments

^[3]

Interest rate swaps | Other long-term liabilities

Derivatives, Fair Value [Line Items]

Derivative liabilities designated as hedging instruments

^[3]

Fuel | Prepaid expenses and other

Derivatives, Fair Value [Line Items]

Derivative assets not designated as hedging instruments

^[4]

Fuel | Other assets - long-term

Derivatives, Fair Value [Line Items]

Derivative assets not designated as hedging instruments

^[4]

Fuel | Other long-term liabilities

Derivatives, Fair Value [Line Items]

Derivative liabilities not designated as hedging instruments

^[4]

Fair Value Hedging [Member] | Interest rate swaps

Derivatives, Fair Value [Line Items]

Interest Rate Fair Value Hedge Asset at Fair Value

500

Cash Flow Hedging [Member]

Derivatives, Fair Value [Line Items]

Derivative, Average Cap Price | £ / Transaction

0.83

Cash Flow Hedging [Member] | Interest rate swaps

Derivatives, Fair Value [Line Items]

Interest Rate Cash Flow Hedge Asset at Fair Value

864

909

Maximum | Cash Flow Hedging [Member]

Derivatives, Fair Value [Line Items]

Foreign Currency Cash Flow Hedge Asset at Fair Value

$ 307

Derivative Financial Instruments, Liabilities [Member]

Derivatives, Fair Value [Line Items]

Derivative, Fair Value, Net

Derivative Financial Instruments, Assets [Member]

Derivatives, Fair Value [Line Items]

Derivative, Fair Value, Net

$ 44

$ 60

[1]	At May 31, 2014 and November 30, 2013, we had foreign currency forwards totaling $102 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At May 31, 2014, these foreign currency forwards settle through July 2017.
[2]	At May 31, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.
[3]	We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At May 31, 2014 and November 30, 2013, these interest rate swap agreements effectively changed $864 million and $909 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at May 31, 2014 and November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016.
[4]	At May 31, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2017.

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Parenthetical) (Detail)

6 Months Ended

May 31, 2014

Cash Flow Hedging

Derivatives, Fair Value [Line Items]

Derivative Maturity Month And Year

2015-02

Us Dollar [Member] | Interest rate swaps | Fair Value Hedging [Member]

Derivatives, Fair Value [Line Items]

Derivative Maturity Month And Year

2016-02

Maximum | Interest rate swaps | Cash Flow Hedging

Derivatives, Fair Value [Line Items]

Derivative Maturity Month And Year

2025-03

Fuel Derivatives Twenty Eighteen Maturity Jan Twenty Fourteen Transaction [Domain]

Derivatives, Fair Value [Line Items]

Derivative Inception Month And Year

2014-01

^[1]

Maturing In July Twenty Seventeen [Member] | Maximum | Net Investment Hedging [Member]

Derivatives, Fair Value [Line Items]

Maturity Of Foreign Currency Derivatives Month And Year

2017-07

[1]	Fuel derivatives mature evenly over each month within the above fiscal periods.

Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	May 31, 2014	Nov. 30, 2013
Offsetting Derivative Instruments [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 91	$ 137
Derivative Asset, Fair Value, Amount Offset Against Collateral	(47)	(77)
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	(2)	(7)
Derivative Asset	42	53
Derivative Liability, Fair Value, Gross Liability	85	108
Derivative Liability, Fair Value, Amount Offset Against Collateral	(47)	(77)
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	(2)	(7)
Derivative Liability	36	24
Derivative Financial Instruments, Liabilities [Member]
Offsetting Derivative Instruments [Line Items]
Derivative, Fair Value, Net	38	31
Derivative Financial Instruments, Assets [Member]
Offsetting Derivative Instruments [Line Items]
Derivative, Fair Value, Net	$ 44	$ 60

Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Detail) - Designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Net Investment Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	$ (1)	$ 1	$ 0	$ (2)
Foreign Exchange Option [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	(3)	(6)	(6)	7
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	$ (10)	$ 1	$ (14)	$ 3

Fair Value Measurements, Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions			3 Months Ended		6 Months Ended
	May 31, 2014 USD ($)	Nov. 30, 2013 USD ($)	May 31, 2014 USD ($)	May 31, 2013 USD ($)	May 31, 2014 USD ($)	May 31, 2013 USD ($)	Jun. 24, 2014 USD ($)	Jun. 23, 2014 USD ($) £ / Transaction	Jul. 31, 2012 USD ($) £ / Transaction
Fair Value, Measurement Inputs, Disclosure [Line Items]
Gain on Disposition of Property Plant Equipment					$ 37
Goodwill, Impaired, Accumulated Impairment Loss	$ 153		$ 153		153
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI	$ 195	$ 234	195		195
Foreign currency translation adjustment			$ 1	$ 18	$ (39)	$ 107
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps	59.00%		59.00%		59.00%
Percentage of debt bore floating interest rates, including the effect of interest rate swaps	41.00%		41.00%		41.00%
Foreign Currency Intercompany Payable
Fair Value, Measurement Inputs, Disclosure [Line Items]
Designated debt and other obligations as non-derivative hedges of net investments in foreign operations	$ 2,400	$ 2,200
Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative asset, cash collateral netting threshold, fair value	$ 100		$ 100		$ 100
Cash Flow Hedging [Member]
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative, Average Cap Price \| £ / Transaction									0.83
Weighted-average floor rate (GBP per Euro in July) \| £ / Transaction									0.77
Cash Flow Hedging [Member] \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value									$ 307
Cash Flow Hedging [Member] \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value									$ 284
Costa Voyager [Member]
Fair Value, Measurement Inputs, Disclosure [Line Items]
Impairment of Long-Lived Assets					73
Grand Celebration [Domain]
Fair Value, Measurement Inputs, Disclosure [Line Items]
Impairment of Long-Lived Assets					$ 22
Subsequent Event [Member]
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency contract commitments							$ 301
Subsequent Event [Member] \| Cash Flow Hedging [Member]
Fair Value, Measurement Inputs, Disclosure [Line Items]
Derivative, Average Cap Price \| £ / Transaction								0.81
Weighted-average floor rate (GBP per Euro in July) \| £ / Transaction								0.79
Subsequent Event [Member] \| Cash Flow Hedging [Member] \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value								$ 305
Subsequent Event [Member] \| Cash Flow Hedging [Member] \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign Currency Cash Flow Hedge Asset at Fair Value								$ 298

Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Detail)
bbl in Thousands

6 Months Ended

May 31, 2014

bbl

$ / bbl

Fuel Derivatives 2014 Maturity November 2011 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,056

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

114

^[1]

Derivative Inception Month And Year

2011-11

^[1]

Fuel Derivatives 2014 Maturity February 2012 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,056

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

125

^[1]

Derivative Inception Month And Year

2012-02

^[1]

Fuel Derivatives 2014 Maturity June 2012 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,188

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

116

^[1]

Derivative Inception Month And Year

2012-06

^[1]

Fuel Derivatives 2014 Maturity May 2013 Transaction

Derivative [Line Items]

Barrels | bbl

864

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

108

^[1]

Derivative Inception Month And Year

2013-05

^[1]

Fuel Derivatives 2014 Maturity

Derivative [Line Items]

Barrels | bbl

4,164

^[1]

Percent of Estimated Fuel Consumption

44.00%

^[1]

Fuel Derivatives 2015 Maturity November 2011 Transaction Date

Derivative [Line Items]

Barrels | bbl

2,160

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

114

^[1]

Derivative Inception Month And Year

2011-11

^[1]

Fuel Derivatives 2015 Maturity February 2012 Transaction Date

Derivative [Line Items]

Barrels | bbl

2,160

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

125

^[1]

Derivative Inception Month And Year

2012-02

^[1]

Fuel Derivatives 2015 Maturity June 2012 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,236

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

110

^[1]

Derivative Inception Month And Year

2012-06

^[1]

Fuel Derivatives 2015 Maturity April 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,044

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

111

^[1]

Derivative Inception Month And Year

2013-04

^[1]

Fuel Derivatives 2015 Maturity May 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,884

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

110

^[1]

Derivative Inception Month And Year

2013-05

^[1]

Fuel Derivatives 2015 Maturity

Derivative [Line Items]

Barrels | bbl

8,484

^[1]

Percent of Estimated Fuel Consumption

45.00%

Fuel Derivatives 2016 Maturity June 2012 Transaction Date

Derivative [Line Items]

Barrels | bbl

3,564

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

108

^[1]

Derivative Inception Month And Year

2012-06

^[1]

Fuel Derivatives 2016 Maturity February 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

2,160

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

120

^[1]

Derivative Inception Month And Year

2013-02

^[1]

Fuel Derivatives 2016 Maturity April 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

3,000

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

115

^[1]

Derivative Inception Month And Year

2013-04

^[1]

Fuel Derivatives 2016 Maturity

Derivative [Line Items]

Barrels | bbl

8,724

^[1]

Percent of Estimated Fuel Consumption

45.00%

^[1]

Fuel Derivatives 2017 Maturity February 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

3,276

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

115

^[1]

Derivative Inception Month And Year

2013-02

^[1]

Fuel Derivatives 2017 Maturity April 2013 Transaction Date

Derivative [Line Items]

Barrels | bbl

2,028

^[1]

Weighted-Average Floor Price

^[1]

Weighted-Average Ceiling Price

110

^[1]

Derivative Inception Month And Year

2013-04

^[1]

Fuel Derivatives 2017 Maturity Date January 2014 Transaction Date

Derivative [Line Items]

Barrels | bbl

1,800

^[1]

Weighted-Average Floor Price

Weighted-Average Ceiling Price

114

Derivative Inception Month And Year

2014-01

^[1]

Fuel Derivatives 2017 Maturity

Derivative [Line Items]

Barrels | bbl

7,104

^[1]

Percent of Estimated Fuel Consumption

37.00%

^[1]

Fuel Derivatives 2018 Maturity January 2014 Transaction Date

Derivative [Line Items]

Weighted-Average Floor Price

Weighted-Average Ceiling Price

110

Fuel Derivatives 2018 Maturity

Derivative [Line Items]

Barrels | bbl

2,700

^[1]

Percent of Estimated Fuel Consumption

14.00%

^[1]

[1]	Fuel derivatives mature evenly over each month within the above fiscal periods.

Segment Information Selected Information for Cruise and Tour and Other Segments (Detail)
$ in Millions

3 Months Ended

6 Months Ended

May 31, 2014

USD ($)

May 31, 2013

USD ($)

May 31, 2014

USD ($)

Segment

May 31, 2013

USD ($)

Segment Reporting Information [Line Items]

Number of Reportable Segments | Segment

Revenues

$ 3,633

$ 3,479

$ 7,218

$ 7,072

Operating expenses

2,565

2,487

5,152

5,087

Selling and administrative

504

449

1,025

908

Depreciation and amortization

409

391

814

780

Operating income

155

152

227

297

North America Cruise Brands

Segment Reporting Information [Line Items]

Revenues

2,166

2,113

4,286

^[1]

4,237

^[1]

Operating expenses

1,574

1,487

3,107

^[1]

3,018

^[1]

Selling and administrative

280

254

577

^[1]

514

^[1]

Depreciation and amortization

239

228

474

^[1]

456

^[1]

Operating income

144

128

^[1]

249

^[1]

EAA Cruise Brands

Segment Reporting Information [Line Items]

Revenues

1,438

1,327

2,870

2,760

Operating expenses

973

962

2,012

2,014

Selling and administrative

178

167

365

331

Depreciation and amortization

157

147

309

293

Operating income

130

^[2]

184

122

Cruise Support

Segment Reporting Information [Line Items]

Revenues

Operating expenses

(1)

Selling and administrative

Depreciation and amortization

Operating income

(36)

(42)

(56)

(57)

Tour and Other

Segment Reporting Information [Line Items]

Revenues

^[1]

Operating expenses

^[1]

Selling and administrative

^[1]

Depreciation and amortization

^[1]

Operating income

(12)

(1)

(29)

^[1]

(17)

^[1]

Intersegment Eliminations [Member]

Segment Reporting Information [Line Items]

Revenues

(13)

(11)

(13)

^[1]

(11)

^[1]

Operating expenses

(13)

(11)

(13)

^[1]

(11)

^[1]

Selling and administrative

Depreciation and amortization

Operating income

$ 0

[1]

A portion of the North America cruise brands’ segment revenues includes revenues for the tour portion of a cruise when a land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands’ segment revenues and operating expenses in the line “Intersegment elimination.”

[2]

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2014	May 31, 2013	May 31, 2014	May 31, 2013
Disclosure Basic And Diluted Earnings Per Share Computation [Abstract]
Net Income	$ 106	$ 41	$ 91	$ 78
Weighted-average common and ordinary shares outstanding	776	775	776	775
Dilutive effect of equity plans	2	2	2	2
Diluted weighted-average shares outstanding	778	777	778	777
Earnings Per Share, Basic and Diluted	$ 0.14	$ 0.05	$ 0.12	$ 0.10
Anti-dilutive equity awards excluded from diluted (loss) earnings per share computations	3	6	3	5

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details