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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Aug. 31, 2016	Sep. 23, 2016
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	CARNIVAL CORP
Entity Central Index Key	0000815097
Entity Common Stock, Shares Outstanding		537,602,085
CARNIVAL PLC
Entity Registrant Name	CARNIVAL PLC
Entity Central Index Key	0001125259
Entity Common Stock, Shares Outstanding		216,457,117

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Cruise
Passenger tickets	$ 3,803	$ 3,631	$ 9,217	$ 8,891
Onboard and other	1,146	1,102	3,047	2,918
Tour and other	148	150	190	194
Revenues	5,097	4,883	12,454	12,003
Cruise
Commissions, transportation and other	646	603	1,723	1,671
Onboard and other	171	170	411	395
Payroll and related	494	453	1,488	1,388
Fuel	265	345	648	996
Food	260	255	755	737
Other ship operating	643	582	1,914	1,913
Tour and other	84	82	125	129
Operating expenses	2,563	2,490	7,064	7,229
Selling and administrative	529	484	1,613	1,504
Depreciation and amortization	443	399	1,303	1,206
Costs and Expenses	3,535	3,373	9,980	9,939
Operating Income	1,562	1,510	2,474	2,064
Nonoperating (Expense) Income
Interest income	2	2	5	6
Interest expense, net of capitalized interest	(61)	(53)	(168)	(167)
Losses on fuel derivatives, net	(36)	(197)	(102)	(378)
Other (expense) income, net	(2)	(12)	6	3
Nonoperating (Expense) Income, Total	(97)	(260)	(259)	(536)
Income Before Income Taxes	1,465	1,250	2,215	1,528
Income Tax Expense, Net	(41)	(34)	(44)	(41)
Net Income	$ 1,424	$ 1,216	$ 2,171	$ 1,487
Earnings Per Share
Earnings Per Share, Basic (in dollars per share)	$ 1.93	$ 1.56	$ 2.89	$ 1.91
Earnings Per Share, Diluted (in dollars per share)	1.93	1.56	2.88	1.91
Dividends Declared Per Share (in dollars per share)	$ 0.35	$ 0.30	$ 1.00	$ 0.80

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,424	$ 1,216	$ 2,171	$ 1,487
Items Included in Other Comprehensive (Loss) Income
Change in foreign currency translation adjustment	(366)	80	(294)	(738)
Other	2	21	23	(24)
Other Comprehensive (Loss) Income	(364)	101	(271)	(762)
Total Comprehensive Income	$ 1,060	$ 1,317	$ 1,900	$ 725

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 31, 2016	Nov. 30, 2015
Current Assets
Cash and cash equivalents	$ 462	$ 1,395
Trade and other receivables, net	321	303
Insurance recoverables	102	109
Inventories	314	330
Prepaid expenses and other	355	314
Total current assets	1,554	2,451
Property and Equipment, Net	32,864	31,818
Goodwill	2,964	3,010
Other Intangibles	1,290	1,308
Other Assets	660	650
Total assets	39,332	39,237
Current Liabilities
Short-term borrowings	334	30
Current portion of long-term debt	739	1,344
Accounts payable	704	627
Accrued liabilities and other	1,738	1,683
Customer deposits	3,585	3,272
Total current liabilities	7,100	6,956
Long-Term Debt	8,320	7,413
Other Long-Term Liabilities	1,012	1,097
Contingencies
Shareholders’ Equity
Additional paid-in capital	8,618	8,562
Retained earnings	21,488	20,060
Accumulated other comprehensive loss	(2,012)	(1,741)
Treasury stock, 114 shares at 2016 and 70 shares at 2015 of Carnival Corporation and 26 shares at 2016 and 27 shares at 2015 of Carnival plc, at cost	(5,559)	(3,475)
Total shareholders’ equity	22,900	23,771
Liabilities and Equity, Total	39,332	39,237
Common Stock
Shareholders’ Equity
Common stock	7	7
Ordinary Shares
Shareholders’ Equity
Common stock	$ 358	$ 358

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Aug. 31, 2016	Nov. 30, 2015
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	654	653
Treasury stock, shares (in shares)	114	70
Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	216	216
Treasury stock, shares (in shares)	26	27

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
OPERATING ACTIVITIES
Net Income	$ 2,171	$ 1,487
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,303	1,206
Losses on fuel derivatives	102	378
Share-based compensation	40	38
Other, net	46	19
Adjustments to reconcile net income to net cash provided by operating activities	3,662	3,128
Changes in operating assets and liabilities
Receivables	(35)	(23)
Inventories	15	35
Insurance recoverables, prepaid expenses and other	(10)	94
Accounts payable	88	(23)
Accrued and other liabilities	(5)	(19)
Customer deposits	395	375
Net cash provided by operating activities	4,110	3,567
INVESTING ACTIVITIES
Additions to property and equipment	(2,416)	(1,704)
Proceeds from sales of ships	19	25
Payments of fuel derivative settlements	(231)	(139)
Collateral proceeds (payments) for fuel derivatives	22	(22)
Other, net	(16)	35
Net cash used in investing activities	(2,622)	(1,805)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	301	(625)
Principal repayments of long-term debt	(971)	(772)
Proceeds from issuance of long-term debt	1,044	472
Dividends paid	(721)	(584)
Purchases of treasury stock	(2,110)	(166)
Sales of treasury stock	40	167
Other, net	(9)	(1)
Net cash used in financing activities	(2,426)	(1,509)
Effect of exchange rate changes on cash and cash equivalents	5	(45)
Net (decrease) increase in cash and cash equivalents	(933)	208
Cash and cash equivalents at beginning of period	1,395	331
Cash and cash equivalents at end of period	$ 462	$ 539

General	9 Months Ended
General	Aug. 31, 2016
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.” Basis of Presentation The Consolidated Balance Sheet at August 31, 2016, the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2016 and 2015 and the Consolidated Statements of Cash Flows for the nine months ended August 31, 2016 and 2015 are unaudited and, in the opinion of our management, contain all adjustments necessary for a fair statement. 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 2015 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 29, 2016. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Accounting Pronouncements Amended guidance was issued by the Financial Accounting Standards Board (“FASB”) regarding the accounting for Service Concession Arrangements. The new guidance defines a service concession as an arrangement between a public-sector grantor, such as a port authority, and a company that will operate and maintain the grantor's infrastructure for a specified period of time. In exchange, the company may be given a right to charge the public, such as our cruise guests, for the use of the infrastructure. This guidance required us to record certain of the infrastructure we had constructed to be used by us pursuant to a service concession arrangement outside of property and equipment. On December 1, 2015, we adopted this guidance and, accordingly, reclassified $70 million from Property and Equipment, Net to Other Intangibles on our November 30, 2015 Consolidated Balance Sheet (see “Note 4 - Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis”). The FASB issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is required to be adopted by us in the first quarter of fiscal 2017, and will be applied on a retrospective basis. The adoption of this guidance is not expected to have a significant impact on our Consolidated Balance Sheets. The FASB issued amended guidance regarding accounting for Intangibles - Goodwill and Other - Internal-Use Software, which clarifies the accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license or if the arrangement should be accounted for as a service contract. The amendments will impact the accounting for software licenses but will not change a customer's accounting for service contracts. This guidance is required to be adopted by us in the first quarter of fiscal 2017 on either a prospective or retrospective basis. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of fiscal 2019 by either recasting all years presented in our financial statements or by recording the impact of adoption as an adjustment to retained earnings at the beginning of the year of adoption. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding accounting for Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of fiscal 2020. We are currently evaluating the impact this guidance will have on our consolidated financial statements. Other 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 $148 million and $141 million and $407 million and $398 million for the three and nine months ended August 31, 2016 and 2015, respectively.

Unsecured Debt	9 Months Ended
Unsecured Debt	Aug. 31, 2016
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt At August 31, 2016, our short-term borrowings consisted of euro- and U.S. dollar-denominated commercial paper of $246 million and $85 million, respectively, and euro-denominated bank loans of $3 million with an aggregate weighted-average floating interest rate of 0.2%. In February 2016, we issued $555 million of euro-denominated, publicly-traded notes, which bear interest at 1.625% and are due in February 2021. In April 2016, we borrowed $379 million under an export credit facility, the proceeds of which were used to pay for a portion of AIDA Cruises' (“AIDA”) AIDAprima purchase price. Of this facility, a portion bears fixed and a portion bears floating interest rates. The facility is due in semi-annual installments through August 2027. In May 2016, we entered into four export credit facilities that will provide us with the ability to borrow up to an aggregate of $2.3 billion. Proceeds from these facilities will be used to pay for a portion of the purchase price of four cruise ships, which are expected to be delivered between February 2019 and September 2020. These borrowings will be due in semi-annual installments through September 2032. In May 2016, we exercised our option to extend the termination date of our multi-currency revolving credit facility from June 2020 to June 2021. In addition, the total capacity of the revolving credit facility increased to $2.6 billion (comprised of $1.9 billion, €500 million and £169 million). In July 2016, we borrowed $110 million under a euro-denominated, floating rate bank loan, due in July 2021. In July 2016, we entered into a $168 million euro-denominated, fixed rate bank loan, which was drawn in September 2016 and is due in September 2020. In July 2016, we entered into a $100 million, floating rate bank loan, which is expected to be drawn in November 2016, and is due in November 2021. In August 2016, we canceled an export credit facility that provided us with the ability to borrow up to an aggregate of $201 million to pay for a portion of the purchase price of a Seabourn ship, which is expected to be delivered in November 2016. In August 2016, we extended the termination date of a $100 million, floating rate bank loan, from October 2016 to October 2021. We use the net proceeds from our borrowings for general corporate purposes and purchases of new ships.

Contingencies	9 Months Ended
Contingencies	Aug. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation The UK Maritime & Coastguard Agency and the U.S. Department of Justice are investigating allegations that Caribbean Princess breached international pollution laws. We are cooperating with the investigations, including conducting our own internal investigation into the matter. The ultimate outcome of this matter cannot be determined at this time; however, we do not expect it to have a material impact on our results of operations. 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 the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims and lawsuits will not have a material impact on our consolidated financial statements. Contingent Obligations – Lease Out and Lease Back Type (“LILO”) Transactions At August 31, 2016, we had estimated contingent obligations totaling $364 million, excluding termination payments as discussed below, to participants in LILO transactions for two of our ships. At the inception of these leases, we paid the aggregate of the net present value of these obligations 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 we were to default on our contingent obligations and assuming performance by all other participants, we estimate that we would, as of August 31, 2016, be responsible for a termination payment of $13 million. In January 2016, we elected to exercise our options to terminate, at no cost, the LILO transactions as of January 1, 2017 for one ship and as of January 1, 2018 for the second ship. In advance of the termination dates, if the credit rating of one of the financial institutions who is directly paying the contingent obligations falls below AA-, or below A- for the other financial institution, then we will be required to replace the applicable financial institution with another financial institution whose credit rating is at least AA or meets other specified credit requirements. In such circumstances, we would incur additional costs, although we estimate that they would not be significant to our consolidated financial statements. The financial institution payment undertaker subject to the AA- credit rating threshold has a credit rating of AA, and the financial institution subject to the A- credit rating threshold has a credit rating of A+. If our credit rating, which is BBB+, falls below BBB, we will be required to provide a standby letter of credit for $27 million, or, alternatively, provide mortgages for this aggregate amount on these two ships. Contingent Obligations – Indemnifications Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or other changes in laws which increase our lender's 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 similar indemnification clauses in the past and 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.

+ References

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+ Details

Fair Value Measurements, Derivative Instruments and Hedging Activities

9 Months Ended

Aug. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities

Fair Value Measurements

U.S. accounting standards establish a fair value hierarchy prioritizing 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. When quoted prices 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.

The fair value measurement of a financial asset or financial liability reflects the nonperformance risk of both parties to the contract. Therefore, the fair value measurement of our financial instruments reflects the impact of our counterparty’s creditworthiness for asset positions and our creditworthiness for liability positions. Creditworthiness did not have a significant impact on the fair values of our financial instruments at August 31, 2016 and November 30, 2015. 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 carrying values and estimated fair values and basis of valuation of our financial instrument assets and liabilities not measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2016								November 30, 2015
	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)	$	242	$	242	$	—	$	—	$	647	$	647	$	—	$	—
Restricted cash (b)	37		37		—		—		7		7		—		—
Long-term other assets (c)	108		1		73		34		119		1		87		31
Total	$	387	$	280	$	73	$	34	$	773	$	655	$	87	$	31
Liabilities
Fixed rate debt (d)	$	5,274	$	—	$	5,631	$	—	$	5,193	$	—	$	5,450	$	—
Floating rate debt (d)	4,119		—		4,054		—		3,594		—		3,589		—
Total	$	9,393	$	—	$	9,685	$	—	$	8,787	$	—	$	9,039	$	—


(a)	Cash and cash equivalents are comprised of cash on hand and at November 30, 2015 also included a money market deposit account and time deposits. Due to their short maturities, the carrying values approximate their fair values.


(b)	Restricted cash is comprised of a money market deposit account and at August 31, 2016 also included funds held in escrow.


(c)	Long-term other assets are substantially all comprised of notes and other receivables. The fair values of our 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.


(d)	Debt does not include the impact of interest rate swaps. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on 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 measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2016						November 30, 2015
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents (a)	$	220	$	—	$	—	$	748	$	—	$	—
Restricted cash (b)	25		—		—		22		—		—
Short-term investments (c)	—		—		21		—		—		—
Marketable securities held in rabbi trusts (d)	96		4		—		105		8		—
Derivative financial instruments (e)	—		10		—		—		29		—
Long-term other asset (c)	—		—		—		—		—		21
Total	$	341	$	14	$	21	$	875	$	37	$	21
Liabilities
Derivative financial instruments (e)	$	—	$	515	$	—	$	—	$	625	$	—
Total	$	—	$	515	$	—	$	—	$	625	$	—


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


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


(c)	The fair value of auction rate security included in short-term investments and long-term other asset was based on a broker quote in an inactive market. During the nine months ended August 31, 2016, there were no purchases or sales pertaining to this auction rate security.


(d)	Marketable securities held in rabbi trusts are comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is limited to funding certain deferred compensation and non-qualified U.S. pension plans.


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

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.

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

Sale of Ship

In March 2016, we entered into a bareboat charter/sale agreement under which the 1,546-passenger capacity Pacific Pearl will be chartered to an unrelated entity from April 2017 through April 2027. Under this agreement, ownership of Pacific Pearl will be transferred to the buyer in April 2027.

Valuation of Goodwill and Other Intangibles

The reconciliation of the changes in the carrying amounts of our goodwill was as follows (in millions):



	North America Segment		EAA (a) Segment			Total
Balance at November 30, 2015	$	1,898	$	1,112		$	3,010
Foreign currency translation adjustment	—		(46		)	(46		)
Balance at August 31, 2016	$	1,898	$	1,066		$	2,964

(a) Europe, Australia & Asia (“EAA”)

At July 31, 2016, all of our cruise brands carried goodwill, except for Seabourn and Fathom. As of that date, we performed our annual goodwill impairment reviews, which included performing a qualitative assessment for AIDA, Carnival Cruise Line, Cunard, P&O Cruises (UK) and Princess. Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the weighted-average cost of capital (“WACC”), overall financial performance, changes in fuel prices and capital expenditures were considered in the qualitative assessment to determine how changes in these factors would affect each of these cruise brands’ estimated fair values. Based on our qualitative assessments, we determined it was more-likely-than-not that each of these cruise brands’ estimated fair values exceeded their carrying values and, therefore, we did not proceed to the two-step quantitative goodwill impairment reviews.

As of July 31, 2016, we also performed our annual goodwill impairment reviews for Costa Cruises' ("Costa"), Holland America Line's and P&O Cruises (Australia). We did not perform a qualitative assessment but instead proceeded directly to step one of the two-step quantitative goodwill impairment review and compared each of Costa's, Holland America Line's and P&O Cruises (Australia)’s estimated fair value to the carrying value of their allocated net assets. Their estimated cruise brand fair value was based on a discounted future cash flow analysis. The principal assumptions used in our cash flow analyses consisted of forecasted operating results, including net revenue yields and net cruise costs including fuel prices; capacity changes, including the expected rotation of vessels into, or out of, Costa, Holland America Line and P&O Cruises (Australia); WACC of market participants, adjusted for the risk attributable to the geographic regions in which Costa, Holland America Line and P&O Cruises (Australia) operate; capital expenditures; proceeds from forecasted dispositions of ships and terminal values, which are all considered Level 3 inputs. Based on the discounted cash flow analyses, we determined that each of Costa's, Holland America Line’s and P&O Cruises (Australia)’s estimated fair value significantly exceeded their carrying value and, therefore, we did not proceed to step two of the impairment reviews.

The reconciliation of the changes in the carrying amounts of our other intangible assets not subject to amortization, which represent trademarks, was as follows (in millions):



	North America Segment		EAA Segment			Total
Balance at November 30, 2015	$	927	$	307		$	1,234
Foreign currency translation adjustment	—		(15		)	(15		)
Balance at August 31, 2016	$	927	$	292		$	1,219

At July 31, 2016, our cruise brands that have significant trademarks recorded include AIDA, P&O Cruises (Australia), P&O Cruises (UK) and Princess. As of that date, we performed our annual trademark impairment reviews for these cruise brands, which included performing a qualitative assessment for AIDA, P&O Cruises (UK) and Princess. Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the WACC, changes in royalty rates and overall financial performance were considered in the qualitative assessment to determine how changes in these factors would affect the estimated fair value for AIDA's, P&O Cruises (UK)'s and Princess' recorded trademarks. Based on our qualitative assessment, we determined it was more likely-than-not that the estimated fair value for AIDA's, P&O Cruises (UK)’s and Princess's recorded trademarks exceeded their carrying value and, therefore, none of these trademarks were impaired.

As of July 31, 2016, we did not perform a qualitative assessment for P&O Cruises (Australia)'s trademarks but instead proceeded directly to the quantitative trademark impairment reviews. Our quantitative assessment included estimating P&O Cruises (Australia)'s trademarks fair value based upon a discounted future cash flow analysis, which estimated the amount of royalties that we are relieved from having to pay for use of the associated trademarks, based upon forecasted cruise revenues and a market participant’s royalty rate. The royalty rate was estimated primarily using comparable royalty agreements for similar industries. Based on our quantitative assessment, we determined that the estimated fair values for P&O Cruises (Australia)’s trademarks significantly exceeded their carrying values and, therefore, none of these trademarks were impaired.

The determination of our reporting unit goodwill 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. 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.

The reconciliation of the changes in the net carrying amounts of our other intangible assets subject to amortization, which represent port usage rights, was as follows (in millions):



	Cruise Support Segment			EAA Segment		Total
Balance at November 30, 2015 (See “Note 1 - General”)	$	62		$	12	$	74
Amortization	(3		)	—		(3		)
Foreign currency translation adjustment	(1		)	1		—
Balance at August 31, 2016	$	58		$	13	$	71

Port usage rights are stated at cost. Amortization is computed using the straight-line method over the shorter of the arrangement term or their expected useful lives.

Derivative Instruments and Hedging Activities

We utilize derivative and non-derivative 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. We use interest rate swaps to manage our interest rate exposure 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 non-derivative 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 substantially liquidated. We formally document hedging relationships for all derivative and non-derivative 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 the maturity date of the derivative contract. 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 in the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	August 31, 2016		November 30, 2015
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	10	$	14
	Other assets – long-term	—		13
Interest rate swaps (b)	Prepaid expenses and other	—		2
Total derivative assets		$	10	$	29
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	2	$	—
	Other long-term liabilities	12		—
Interest rate swaps (b)	Accrued liabilities and other	11		11
	Other long-term liabilities	31		27
Foreign currency zero cost collars (c)	Accrued liabilities and other	5		—
	Other long-term liabilities	—		26
		61		64
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	234		227
	Other long-term liabilities	220		334
		454		561
Total derivative liabilities		$	515	$	625

(a)

We had foreign currency forwards totaling $296 million at August 31, 2016 and $43 million at November 30, 2015 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2016, these foreign currency forwards settle through July 2017. We also had foreign currency swaps totaling $409 million at August 31, 2016 and $387 million at November 30, 2015 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2016, these foreign currency swaps settle through September 2019.

(b)

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. These interest rate swap agreements effectively changed $551 million at August 31, 2016 and $568 million at November 30, 2015 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2016, these interest rate swaps settle through March 2025. In addition, at November 30, 2015, 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. At November 30, 2015, 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 settled in February 2016.


(c)	At August 31, 2016 and November 30, 2015, 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.


(d)	At August 31, 2016 and November 30, 2015, 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 derivatives.

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):



	August 31, 2016
	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	$	13	$	(3	)	$	10	$	(10	)	$	—
Liabilities	$	518	$	(3	)	$	515	$	(10	)	$	505

	November 30, 2015
	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	$	73	$	(44	)	$	29	$	(29	)	$	—
Liabilities	$	669	$	(44	)	$	625	$	(29	)	$	596

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



	Three Months Ended August 31,					Nine Months Ended August 31,
	2016		2015			2016			2015
Net investment hedges	$	—	$	(13	)	$	(17	)	$	33
Foreign currency zero cost collars – cash flow hedges	$	2	$	9		$	21		$	(39	)
Interest rate swaps – cash flow hedges	$	—	$	5		$	3		$	8

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 cash collateral to be posted or received to the extent the fuel derivative fair value payable to or receivable from an individual counterparty exceeds $100 million. At August 31, 2016 and November 30, 2015, we had $3 million and $25 million, respectively, of collateral posted to one of our fuel derivative counterparties. At August 31, 2016 and November 30, 2015, no collateral was required to be 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 August 31, 2016 and November 30, 2015 and for the three and nine months ended August 31, 2016 and 2015 where such impacts were not significant.

Fuel Price Risks

Substantially all of our exposure to market risk for changes in fuel prices 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.

Our unrealized and realized gains (losses), net on fuel derivatives were as follows (in millions):



	Three Months Ended August 31,						Nine Months Ended August 31,
	2016			2015			2016			2015
Unrealized gains (losses) on fuel derivatives, net	$	25		$	(137	)	$	121		$	(215	)
Realized losses on fuel derivatives	(61		)	(60		)	(223		)	(163		)
Gains (losses) on fuel derivatives, net	$	(36	)	$	(197	)	$	(102	)	$	(378	)

At August 31, 2016, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices
Fiscal 2016 (Q4)
	June 2012	891	$	75	$	108
	February 2013	540	$	80	$	120
	April 2013	750	$	75	$	115
		2,181
Fiscal 2017
	February 2013	3,276	$	80	$	115
	April 2013	2,028	$	75	$	110
	January 2014	1,800	$	75	$	114
	October 2014	1,020	$	80	$	113
		8,124
Fiscal 2018
	January 2014	2,700	$	75	$	110
	October 2014	3,000	$	80	$	114
		5,700


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

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 non-derivative financial instruments. Our primary focus is to monitor our exposure to and manage the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged.

Operational Currency Risks

Our EAA segment operations generate significant revenues and incur significant expenses in their euro, sterling or Australian dollar functional currency, which subjects us to “foreign currency translational” risk related to these currencies. 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 these segment's revenues and expenses. Any weakening of the U.S. dollar has the opposite effect.

Substantially all of our operations also have non-functional currency risk related to their international sales, which are principally denominated in euro, sterling and Australian, Canadian and U.S. dollars. In addition, we have a portion of our operating expenses denominated in non-functional currencies. Accordingly, we also have “foreign currency transactional” risks related to changes in the exchange rates for our revenues and expenses that are in a currency other than the functional currency. The revenues and expenses which occur in the same non-functional currencies create some degree of natural offset.

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies. Our investments in foreign operations are 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, majority sterling. We have designated $3.5 billion as of August 31, 2016 and $2.6 billion as of November 30, 2015 of our foreign currency intercompany payables as non-derivative hedges of our net investments in foreign operations. Accordingly, we have included $821 million at August 31, 2016 and $509 million at November 30, 2015 of cumulative foreign currency transaction non-derivative gains in the cumulative translation adjustment component of AOCI. These amounts have offset a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During the three and nine months ended August 31, 2016 and 2015, we recognized foreign currency non-derivative transaction (losses) gains of $243 million ($7 million in 2015) and $312 million ($97 million in 2015), respectively, in the cumulative translation adjustment component of AOCI.

Newbuild Currency Risks

Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts and have used non-derivative financial instruments to manage foreign currency exchange rate risk for some of our ship construction payments.

In January 2015, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of Majestic Princess' and Seabourn Encore's euro-denominated shipyard payments. The Majestic Princess' collars mature in March 2017 at a weighted-average ceiling of $590 million and a weighted-average floor of $504 million. The Seabourn Encore's collars mature in November 2016 at a weighted-average ceiling of $221 million and a weighted-average floor of $185 million. If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars.

At August 31, 2016, including the three ships ordered under the Memorandum of Agreement signed with Meyer Werft and Meyer Turku on September 5, 2016, our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild contract payments, which represent a total unhedged commitment of $5.8 billion and relates to Carnival Cruise Line, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess and Seabourn newbuilds scheduled to be delivered through 2022.

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 debt portfolio management and investment strategies. We evaluate our debt portfolio to determine 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 August 31, 2016, 62% and 38% (60% and 40% at November 30, 2015) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps.

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. We seek to minimize these credit risk exposures, 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:


•	conducting business with large, well-established financial institutions, insurance companies and export credit agencies,


•	diversifying our counterparties,


•	having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk, and


•	requiring 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. At August 31, 2016, our exposures under foreign currency and fuel derivative contracts and interest rate swap agreements were not material.

We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia, and credit and debit card providers to which we extend credit in the normal course of our business prior to sailing. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests' cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with these trade receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. We have not experienced significant credit losses on our trade receivables, charter-hire agreements and contingent obligations. We do not normally require collateral or other security to support normal credit sales.

Segment Information

9 Months Ended

Aug. 31, 2016

Segment Reporting [Abstract]

Segment Information

We have four reportable segments that are comprised of (1) North America, (2) EAA, (3) Cruise Support and (4) Tour and Other. 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. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments.

Our North America segment includes Carnival Cruise Line, Holland America Line, Princess and Seabourn. Our EAA segment includes AIDA, Costa, Cunard, P&O Cruises (Australia), P&O Cruises (UK) and ship operations of Fathom, our newest brand. The operations of these reporting units 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 services that are provided for the benefit of our cruise brands and Fathom's selling, general and administrative expenses.

Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and three ships that we bareboat charter to unaffiliated entities.

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



	Three Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2016
North America (a)	$	3,284		$	1,668		$	293	$	272	$	1,051
EAA	1,738			903			161		152		522
Cruise Support	31			12			73		9		(63		)
Tour and Other (a)	148			84			2		10		52
Intersegment elimination (a)	(104		)	(104		)	—		—		—
	$	5,097		$	2,563		$	529	$	443	$	1,562
2015
North America (a)	$	3,111		$	1,647		$	271	$	242	$	951
EAA	1,691			852			162		140		537
Cruise Support	30			8			49		6		(33		)
Tour and Other (a)	150			82			2		11		55
Intersegment elimination (a)	(99		)	(99		)	—		—		—
	$	4,883		$	2,490		$	484	$	399	$	1,510

	Nine Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2016
North America (a)	$	7,823		$	4,368		$	897	$	791	$	1,767
EAA	4,466			2,666			513		450		837
Cruise Support	93			23			196		32		(158		)
Tour and Other (a)	190			125			7		30		28
Intersegment elimination (a)	(118		)	(118		)	—		—		—
	$	12,454		$	7,064		$	1,613	$	1,303	$	2,474
2015
North America (a)	$	7,570		$	4,558		$	830	$	738	$	1,444
EAA	4,273			2,644			511		417		701
Cruise Support	82			14			156		18		(106		)
Tour and Other (a)	194			129			7		33		25
Intersegment elimination (a)	(116		)	(116		)	—		—		—
	$	12,003		$	7,229		$	1,504	$	1,206	$	2,064

(a)

A portion of the North America segment's revenues includes revenues for the tour portion of a cruise when a cruise and land tour package are sold together by Holland America Line and Princess. These intersegment tour revenues, which are also included in our Tour and Other segment, are eliminated by the North America segment's 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

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+ Details

Earnings Per Share

9 Months Ended

Aug. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended August 31,				Nine Months Ended August 31,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	1,424	$	1,216	$	2,171	$	1,487
Weighted-average common and ordinary shares outstanding	737		778		751		778
Dilutive effect of equity plans	2		3		3		3
Diluted weighted-average shares outstanding	739		781		754		781
Basic earnings per share	$	1.93	$	1.56	$	2.89	$	1.91
Diluted earnings per share	$	1.93	$	1.56	$	2.88	$	1.91

Shareholder's Equity	9 Months Ended
Shareholder's Equity	Aug. 31, 2016
Shareholder's Equity [Abstract]
Shareholders' Equity	Shareholders' Equity During the nine months ended August 31, 2016, we repurchased 43.6 million shares of Carnival Corporation common stock for $2.1 billion under our general repurchase authorization program (“Repurchase Program”). On June 27, 2016, our Board of Directors increased the authorization under our Repurchase Program by $1.0 billion. From September 1, 2016 through September 23, 2016, we repurchased 2.3 million shares of Carnival Corporation common stock for $107 million under the Repurchase Program. Accordingly, at September 23, 2016, the remaining availability under the Repurchase Program was $531 million. During the nine months ended August 31, 2016, Carnival Investments Limited (“CIL”), a subsidiary of Carnival Corporation, sold 891,000 of Carnival plc ordinary shares for net proceeds of $40 million. Substantially all of the net proceeds from these sales were used to purchase 891,000 shares of Carnival Corporation common stock. Pursuant to our Stock Swap Program, Carnival Corporation sold these Carnival plc ordinary shares owned by CIL only to the extent it was able to repurchase shares of Carnival Corporation common stock in the U.S. on at least an equivalent basis. During the nine months ended August 31, 2016, our Board of Directors declared a 17% dividend increase to holders of Carnival Corporation common stock and Carnival plc ordinary shares from $0.30 per share to $0.35 per share.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

General (Policies)	9 Months Ended
General (Policies)	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements	Accounting Pronouncements Amended guidance was issued by the Financial Accounting Standards Board (“FASB”) regarding the accounting for Service Concession Arrangements. The new guidance defines a service concession as an arrangement between a public-sector grantor, such as a port authority, and a company that will operate and maintain the grantor's infrastructure for a specified period of time. In exchange, the company may be given a right to charge the public, such as our cruise guests, for the use of the infrastructure. This guidance required us to record certain of the infrastructure we had constructed to be used by us pursuant to a service concession arrangement outside of property and equipment. On December 1, 2015, we adopted this guidance and, accordingly, reclassified $70 million from Property and Equipment, Net to Other Intangibles on our November 30, 2015 Consolidated Balance Sheet (see “Note 4 - Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis”). The FASB issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is required to be adopted by us in the first quarter of fiscal 2017, and will be applied on a retrospective basis. The adoption of this guidance is not expected to have a significant impact on our Consolidated Balance Sheets. The FASB issued amended guidance regarding accounting for Intangibles - Goodwill and Other - Internal-Use Software, which clarifies the accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license or if the arrangement should be accounted for as a service contract. The amendments will impact the accounting for software licenses but will not change a customer's accounting for service contracts. This guidance is required to be adopted by us in the first quarter of fiscal 2017 on either a prospective or retrospective basis. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of fiscal 2019 by either recasting all years presented in our financial statements or by recording the impact of adoption as an adjustment to retained earnings at the beginning of the year of adoption. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding accounting for Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of fiscal 2020. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

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

9 Months Ended

Aug. 31, 2016

Fair Value Disclosures [Abstract]

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

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



	August 31, 2016								November 30, 2015
	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)	$	242	$	242	$	—	$	—	$	647	$	647	$	—	$	—
Restricted cash (b)	37		37		—		—		7		7		—		—
Long-term other assets (c)	108		1		73		34		119		1		87		31
Total	$	387	$	280	$	73	$	34	$	773	$	655	$	87	$	31
Liabilities
Fixed rate debt (d)	$	5,274	$	—	$	5,631	$	—	$	5,193	$	—	$	5,450	$	—
Floating rate debt (d)	4,119		—		4,054		—		3,594		—		3,589		—
Total	$	9,393	$	—	$	9,685	$	—	$	8,787	$	—	$	9,039	$	—


(a)	Cash and cash equivalents are comprised of cash on hand and at November 30, 2015 also included a money market deposit account and time deposits. Due to their short maturities, the carrying values approximate their fair values.


(b)	Restricted cash is comprised of a money market deposit account and at August 31, 2016 also included funds held in escrow.


(c)	Long-term other assets are substantially all comprised of notes and other receivables. The fair values of our 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.


(d)	Debt does not include the impact of interest rate swaps. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.

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 measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2016						November 30, 2015
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents (a)	$	220	$	—	$	—	$	748	$	—	$	—
Restricted cash (b)	25		—		—		22		—		—
Short-term investments (c)	—		—		21		—		—		—
Marketable securities held in rabbi trusts (d)	96		4		—		105		8		—
Derivative financial instruments (e)	—		10		—		—		29		—
Long-term other asset (c)	—		—		—		—		—		21
Total	$	341	$	14	$	21	$	875	$	37	$	21
Liabilities
Derivative financial instruments (e)	$	—	$	515	$	—	$	—	$	625	$	—
Total	$	—	$	515	$	—	$	—	$	625	$	—


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


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


(c)	The fair value of auction rate security included in short-term investments and long-term other asset was based on a broker quote in an inactive market. During the nine months ended August 31, 2016, there were no purchases or sales pertaining to this auction rate security.


(d)	Marketable securities held in rabbi trusts are comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is limited to funding certain deferred compensation and non-qualified U.S. pension plans.


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

Reconciliation of Changes in Carrying Amounts of Goodwill

The reconciliation of the changes in the carrying amounts of our goodwill was as follows (in millions):



	North America Segment		EAA (a) Segment			Total
Balance at November 30, 2015	$	1,898	$	1,112		$	3,010
Foreign currency translation adjustment	—		(46		)	(46		)
Balance at August 31, 2016	$	1,898	$	1,066		$	2,964

(a) Europe, Australia & Asia (“EAA”)

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

The reconciliation of the changes in the carrying amounts of our other intangible assets not subject to amortization, which represent trademarks, was as follows (in millions):



	North America Segment		EAA Segment			Total
Balance at November 30, 2015	$	927	$	307		$	1,234
Foreign currency translation adjustment	—		(15		)	(15		)
Balance at August 31, 2016	$	927	$	292		$	1,219

Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization, Which Represents Port Usage Rights

The reconciliation of the changes in the net carrying amounts of our other intangible assets subject to amortization, which represent port usage rights, was as follows (in millions):



	Cruise Support Segment			EAA Segment		Total
Balance at November 30, 2015 (See “Note 1 - General”)	$	62		$	12	$	74
Amortization	(3		)	—		(3		)
Foreign currency translation adjustment	(1		)	1		—
Balance at August 31, 2016	$	58		$	13	$	71

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 in the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	August 31, 2016		November 30, 2015
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	10	$	14
	Other assets – long-term	—		13
Interest rate swaps (b)	Prepaid expenses and other	—		2
Total derivative assets		$	10	$	29
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	2	$	—
	Other long-term liabilities	12		—
Interest rate swaps (b)	Accrued liabilities and other	11		11
	Other long-term liabilities	31		27
Foreign currency zero cost collars (c)	Accrued liabilities and other	5		—
	Other long-term liabilities	—		26
		61		64
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	234		227
	Other long-term liabilities	220		334
		454		561
Total derivative liabilities		$	515	$	625

(a)

(b)


(c)	At August 31, 2016 and November 30, 2015, 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.


(d)	At August 31, 2016 and November 30, 2015, 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 derivatives.

Offsetting Derivative Instruments



	August 31, 2016
	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	$	13	$	(3	)	$	10	$	(10	)	$	—
Liabilities	$	518	$	(3	)	$	515	$	(10	)	$	505

	November 30, 2015
	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	$	73	$	(44	)	$	29	$	(29	)	$	—
Liabilities	$	669	$	(44	)	$	625	$	(29	)	$	596

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

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



	Three Months Ended August 31,					Nine Months Ended August 31,
	2016		2015			2016			2015
Net investment hedges	$	—	$	(13	)	$	(17	)	$	33
Foreign currency zero cost collars – cash flow hedges	$	2	$	9		$	21		$	(39	)
Interest rate swaps – cash flow hedges	$	—	$	5		$	3		$	8

(Losses) gains on fuel derivatives, net

Our unrealized and realized gains (losses), net on fuel derivatives were as follows (in millions):



	Three Months Ended August 31,						Nine Months Ended August 31,
	2016			2015			2016			2015
Unrealized gains (losses) on fuel derivatives, net	$	25		$	(137	)	$	121		$	(215	)
Realized losses on fuel derivatives	(61		)	(60		)	(223		)	(163		)
Gains (losses) on fuel derivatives, net	$	(36	)	$	(197	)	$	(102	)	$	(378	)

Fuel Derivatives Outstanding

At August 31, 2016, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices
Fiscal 2016 (Q4)
	June 2012	891	$	75	$	108
	February 2013	540	$	80	$	120
	April 2013	750	$	75	$	115
		2,181
Fiscal 2017
	February 2013	3,276	$	80	$	115
	April 2013	2,028	$	75	$	110
	January 2014	1,800	$	75	$	114
	October 2014	1,020	$	80	$	113
		8,124
Fiscal 2018
	January 2014	2,700	$	75	$	110
	October 2014	3,000	$	80	$	114
		5,700


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

Segment Information (Tables)

9 Months Ended

Aug. 31, 2016

Segment Reporting [Abstract]

Selected Information for Cruise and Tour and Other Segments

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



	Three Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2016
North America (a)	$	3,284		$	1,668		$	293	$	272	$	1,051
EAA	1,738			903			161		152		522
Cruise Support	31			12			73		9		(63		)
Tour and Other (a)	148			84			2		10		52
Intersegment elimination (a)	(104		)	(104		)	—		—		—
	$	5,097		$	2,563		$	529	$	443	$	1,562
2015
North America (a)	$	3,111		$	1,647		$	271	$	242	$	951
EAA	1,691			852			162		140		537
Cruise Support	30			8			49		6		(33		)
Tour and Other (a)	150			82			2		11		55
Intersegment elimination (a)	(99		)	(99		)	—		—		—
	$	4,883		$	2,490		$	484	$	399	$	1,510

	Nine Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2016
North America (a)	$	7,823		$	4,368		$	897	$	791	$	1,767
EAA	4,466			2,666			513		450		837
Cruise Support	93			23			196		32		(158		)
Tour and Other (a)	190			125			7		30		28
Intersegment elimination (a)	(118		)	(118		)	—		—		—
	$	12,454		$	7,064		$	1,613	$	1,303	$	2,474
2015
North America (a)	$	7,570		$	4,558		$	830	$	738	$	1,444
EAA	4,273			2,644			511		417		701
Cruise Support	82			14			156		18		(106		)
Tour and Other (a)	194			129			7		33		25
Intersegment elimination (a)	(116		)	(116		)	—		—		—
	$	12,003		$	7,229		$	1,504	$	1,206	$	2,064

(a)

Earnings Per Share (Tables)

9 Months Ended

Aug. 31, 2016

Earnings Per Share [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 August 31,				Nine Months Ended August 31,
	2016		2015		2016		2015
Net income for basic and diluted earnings per share	$	1,424	$	1,216	$	2,171	$	1,487
Weighted-average common and ordinary shares outstanding	737		778		751		778
Dilutive effect of equity plans	2		3		3		3
Diluted weighted-average shares outstanding	739		781		754		781
Basic earnings per share	$	1.93	$	1.56	$	2.89	$	1.91
Diluted earnings per share	$	1.93	$	1.56	$	2.88	$	1.91

General - Other (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
General - Other (Details) - USD ($) $ in Millions	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fees, taxes and charges collected by us from our guests	$ 148	$ 141	$ 407	$ 398

General - Accounting Pronouncements (Details) - USD ($) $ in Millions	Aug. 31, 2016	Dec. 01, 2015	Nov. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Intangibles	$ 1,290		$ 1,308
Adjustments for New Accounting Pronouncement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other Intangibles		$ 70

Unsecured Debt (Details) € in Millions, £ in Millions, $ in Millions	1 Months Ended				9 Months Ended
	Aug. 31, 2016 USD ($)	May 31, 2016 EUR (€) credit_facility	Apr. 30, 2016 USD ($)	Feb. 29, 2016 USD ($)	Aug. 31, 2016 USD ($) CruiseShip	Jul. 31, 2016 USD ($)	May 31, 2016 GBP (£)	May 31, 2016 USD ($)
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	0.20%				0.20%
Proceeds from Lines of Credit			$ 379
Line of Credit Facility, Maximum Borrowing Capacity	$ 2,300				$ 2,300
Number of cruise ships purchased \| CruiseShip					4
Extinguishment of Debt, Amount	201
Line of Credit
Debt Instrument [Line Items]
Number of export credit facilities \| credit_facility		4
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 2,600
Revolving Credit Facility \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity \| €		€ 500
Revolving Credit Facility \| United States of America, Dollars
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 1,900
Revolving Credit Facility \| United Kingdom, Pounds
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity \| £							£ 169
Commercial Paper \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Short-term borrowings	246				$ 246
Commercial Paper \| United States of America, Dollars
Debt Instrument [Line Items]
Short-term borrowings	85				85
Euro-denominated \| Bank Loans
Debt Instrument [Line Items]
Short-term borrowings	$ 3				$ 3
Publicly Traded Notes Euro-denominated Notes
Debt Instrument [Line Items]
Proceeds from issuance of notes				$ 555
Notes, interest rate (percentage)	1.625%				1.625%
Floating Rate Bank Loan Due July 2021
Debt Instrument [Line Items]
Long-term debt						$ 110
Fixed Rate Bank Loan Due September 2020
Debt Instrument [Line Items]
Long-term debt						168
Floating Rate Bank Loan Due November 2021
Debt Instrument [Line Items]
Long-term debt						$ 100
Floating Rate Bank Loan Due October 2021
Debt Instrument [Line Items]
Long-term debt	$ 100				$ 100

Contingencies (Details) - Lease Out And Lease Back Type Transactions $ in Millions	Aug. 31, 2016 USD ($) ship
Loss Contingencies [Line Items]
Estimated contingent obligations	$ 364
Contingent Obligations, Number of Cruise Ships \| ship	2
Estimated termination payment in the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants	$ 13
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB	$ 27

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 (Details) - Financial Instruments Not Measured at Fair Value on a Recurring Basis - USD ($) $ in Millions	Aug. 31, 2016	Nov. 30, 2015
Carrying Value
Assets
Cash and cash equivalents	$ 242	$ 647
Restricted cash	37	7
Long-term other assets	108	119
Total	387	773
Liabilities
Total	9,393	8,787
Carrying Value \| Fixed Rate
Liabilities
Debt	5,274	5,193
Carrying Value \| Floating Rate
Liabilities
Debt	4,119	3,594
Fair Value \| Level 1
Assets
Cash and cash equivalents	242	647
Restricted cash	37	7
Long-term other assets	1	1
Total	280	655
Liabilities
Total	0	0
Fair Value \| Level 1 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 1 \| Floating Rate
Liabilities
Debt	0	0
Fair Value \| Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term other assets	73	87
Total	73	87
Liabilities
Total	9,685	9,039
Fair Value \| Level 2 \| Fixed Rate
Liabilities
Debt	5,631	5,450
Fair Value \| Level 2 \| Floating Rate
Liabilities
Debt	4,054	3,589
Fair Value \| Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Long-term other assets	34	31
Total	34	31
Liabilities
Total	0	0
Fair Value \| Level 3 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 3 \| Floating Rate
Liabilities
Debt	$ 0	$ 0

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 (Details) - USD ($) $ in Millions	Aug. 31, 2016	Nov. 30, 2015
Assets
Derivative financial instruments	$ 13	$ 73
Liabilities
Derivative financial instruments	518	669
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Total	341	875
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Money market funds
Assets
Cash equivalents	220	748
Restricted cash	25	22
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Marketable securities held in rabbi trusts
Assets
Investments	96	105
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Total	14	37
Liabilities
Total	515	625
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Marketable securities held in rabbi trusts
Assets
Investments	4	8
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Assets
Derivative financial instruments	10	29
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Liabilities
Derivative financial instruments	515	625
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3
Assets
Total	21	21
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Short-term investments
Assets
Investments	$ 21
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Marketable securities held in rabbi trusts
Assets
Investments
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Long-term other assets
Assets
Long-term other assets		$ 21

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	9 Months Ended
	Aug. 31, 2016 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 3,010
Foreign currency translation adjustment	(46)
Ending Balance	2,964
North America Segment
Goodwill [Roll Forward]
Beginning Balance	1,898
Foreign currency translation adjustment	0
Ending Balance	1,898
EAA
Goodwill [Roll Forward]
Beginning Balance	1,112
Foreign currency translation adjustment	(46)
Ending Balance	$ 1,066

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization (Details) $ in Millions	9 Months Ended
	Aug. 31, 2016 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,234
Foreign currency translation adjustment	(15)
Ending Balance	1,219
North America Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	927
Foreign currency translation adjustment	0
Ending Balance	927
EAA
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	307
Foreign currency translation adjustment	(15)
Ending Balance	$ 292

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization (Details) $ in Millions	9 Months Ended
	Aug. 31, 2016 USD ($)
Finite-Lived Intangible Assets [Line Items]
Beginning balance	$ 74
Amortization	(3)
Foreign currency translation adjustment	0
Ending balance	71
Cruise Support
Finite-Lived Intangible Assets [Line Items]
Beginning balance	62
Amortization	(3)
Foreign currency translation adjustment	(1)
Ending balance	58
EAA
Finite-Lived Intangible Assets [Line Items]
Beginning balance	12
Amortization	0
Foreign currency translation adjustment	1
Ending balance	$ 13

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Aug. 31, 2016	Nov. 30, 2015
Derivatives, Fair Value [Line Items]
Derivative assets	$ 10	$ 29
Derivative liabilities	515	625
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	61	64
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	454	561
Net investment hedges \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	10	14
Net investment hedges \| Derivatives designated as hedging instruments \| Other assets – long-term
Derivatives, Fair Value [Line Items]
Derivative assets	0	13
Net investment hedges \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	0
Net investment hedges \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	12	0
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	0	2
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	11	11
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	31	27
Interest Rate Swaps \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	551	568
Interest Rate Swaps \| Fair Value Hedging
Derivatives, Fair Value [Line Items]
Interest rate fair value hedge asset at fair value		500
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	5	0
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		26
Fuel \| Derivatives not designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	234	227
Fuel \| Derivatives not designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	220	334
Foreign Currency Forward \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	296	43
Currency swap \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 409	$ 387

Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Aug. 31, 2016	Nov. 30, 2015
Assets
Gross Amounts	$ 13	$ 73
Gross Amounts Offset in the Balance Sheet	(3)	(44)
Total Net Amounts Presented in the Balance Sheet	10	29
Gross Amounts not Offset in the Balance Sheet	(10)	(29)
Net Amounts	0	0
Liabilities
Gross Amounts	518	669
Gross Amounts Offset in the Balance Sheet	(3)	(44)
Total Net Amounts Presented in the Balance Sheet	515	625
Gross Amounts not Offset in the Balance Sheet	(10)	(29)
Net Amounts	$ 505	$ 596

Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details)	3 Months Ended		9 Months Ended
	Aug. 31, 2016 USD ($) counterparty	Aug. 31, 2015 USD ($)	Aug. 31, 2016 USD ($) counterparty	Aug. 31, 2015 USD ($)	Nov. 30, 2015 USD ($) counterparty
Derivative Instruments, Gain (Loss) [Line Items]
Fuel Derivative, Counterparty \| counterparty	1		1		1
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Collateral posted	$ 3,000,000		$ 3,000,000		$ 25,000,000
Collateral required to be received	0		0		$ 0
Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, cash collateral netting threshold, fair value	100,000,000		100,000,000
Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	0	$ (13,000,000)	(17,000,000)	$ 33,000,000
Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	2,000,000	9,000,000	21,000,000	(39,000,000)
Designated as hedging instruments \| Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	$ 0	$ 5,000,000	$ 3,000,000	$ 8,000,000

Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Details) bbl in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2016 USD ($) bbl $ / bbl	Aug. 31, 2015 USD ($)	Aug. 31, 2016 USD ($) bbl $ / bbl	Aug. 31, 2015 USD ($)
Derivative [Line Items]
Gains (losses) on fuel derivatives, net \| $	$ (36)	$ (197)	$ (102)	$ (378)
Fuel
Derivative [Line Items]
Unrealized gains (losses) on fuel derivatives, net \| $	25	(137)	121	(215)
Realized losses on fuel derivatives \| $	$ (61)	$ (60)	$ (223)	$ (163)
Fuel Derivatives 2016 Maturity June 2012 Transaction
Derivative [Line Items]
Barrels \| bbl	891		891
Weighted-Average Floor Price (in dollars per barrel)	75		75
Weighted-Average Ceiling Price (in dollars per barrel)	108		108
Fuel Derivatives 2016 Maturity February 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	540		540
Weighted-Average Floor Price (in dollars per barrel)	80		80
Weighted-Average Ceiling Price (in dollars per barrel)	120		120
Fuel Derivatives 2016 Maturity April 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	750		750
Weighted-Average Floor Price (in dollars per barrel)	75		75
Weighted-Average Ceiling Price (in dollars per barrel)	115		115
Fuel Derivatives 2016 Maturity
Derivative [Line Items]
Barrels \| bbl	2,181		2,181
Fuel Derivatives 2017 Maturity February 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	3,276		3,276
Weighted-Average Floor Price (in dollars per barrel)	80		80
Weighted-Average Ceiling Price (in dollars per barrel)	115		115
Fuel Derivatives 2017 Maturity April 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	2,028		2,028
Weighted-Average Floor Price (in dollars per barrel)	75		75
Weighted-Average Ceiling Price (in dollars per barrel)	110		110
Fuel Derivatives 2017 Maturity Date January Twenty Fourteen Transaction [Member]
Derivative [Line Items]
Barrels \| bbl	1,800		1,800
Weighted-Average Floor Price (in dollars per barrel)	75		75
Weighted-Average Ceiling Price (in dollars per barrel)	114		114
Fuel Derivatives 2017 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	1,020		1,020
Weighted-Average Floor Price (in dollars per barrel)	80		80
Weighted-Average Ceiling Price (in dollars per barrel)	113		113
Fuel Derivatives 2017 Maturity
Derivative [Line Items]
Barrels \| bbl	8,124		8,124
Fuel Derivatives 2018 Maturity January 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	2,700		2,700
Weighted-Average Floor Price (in dollars per barrel)	75		75
Weighted-Average Ceiling Price (in dollars per barrel)	110		110
Fuel Derivatives 2018 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	3,000		3,000
Weighted-Average Floor Price (in dollars per barrel)	80		80
Weighted-Average Ceiling Price (in dollars per barrel)	114		114
Fuel Derivatives 2018 Maturity
Derivative [Line Items]
Barrels \| bbl	5,700		5,700

Fair Value Measurements, Derivative Instruments and Hedging Activities - Foreign Currency Exchange Rate Risks (Details) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 05, 2016 ship	Aug. 31, 2016 USD ($)	Aug. 31, 2015 USD ($)	Aug. 31, 2016 USD ($) CruiseShip	Aug. 31, 2015 USD ($)	Nov. 30, 2015 USD ($)	Jan. 31, 2015 USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI		$ 821		$ 821		$ 509
Foreign currency transaction gains (losses)		243	$ 7	$ 312	$ 97
Number of cruise ships purchased \| CruiseShip				4
Foreign currency contract commitments		$ 5,800		$ 5,800
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps		62.00%		62.00%		60.00%
Percentage of debt bore floating interest rates, including the effect of interest rate swaps		38.00%		38.00%		40.00%
Princess Cruises \| Cash Flow Hedging \| Maximum \| Foreign currency zero cost collars – cash flow hedges
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged							$ 590
Princess Cruises \| Cash Flow Hedging \| Minimum \| Foreign currency zero cost collars – cash flow hedges
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged							504
Seabourn Cruises \| Cash Flow Hedging \| Maximum \| Foreign currency zero cost collars – cash flow hedges
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged							221
Seabourn Cruises \| Cash Flow Hedging \| Minimum \| Foreign currency zero cost collars – cash flow hedges
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged							$ 185
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				$ 3,500		$ 2,600
Subsequent Event
Fair Value, Measurement Inputs, Disclosure [Line Items]
Number of cruise ships purchased \| ship	3

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Aug. 31, 2016 USD ($) ship	Aug. 31, 2015 USD ($)	Aug. 31, 2016 USD ($) Segment ship	Aug. 31, 2015 USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segment			4
Number of Reportable Cruise Brand Operating Segments \| Segment			2
Operating costs and expenses	$ 2,563	$ 2,490	$ 7,064	$ 7,229
Selling and administrative	529	484	1,613	1,504
Depreciation and amortization	443	399	1,303	1,206
Operating Income	1,562	1,510	2,474	2,064
North America
Segment Reporting Information [Line Items]
Revenues	3,284	3,111	7,823	7,570
Operating costs and expenses	1,668	1,647	4,368	4,558
Selling and administrative	293	271	897	830
Depreciation and amortization	272	242	791	738
Operating Income	1,051	951	1,767	1,444
EAA
Segment Reporting Information [Line Items]
Revenues	1,738	1,691	4,466	4,273
Operating costs and expenses	903	852	2,666	2,644
Selling and administrative	161	162	513	511
Depreciation and amortization	152	140	450	417
Operating Income	522	537	837	701
Cruise Support
Segment Reporting Information [Line Items]
Revenues	31	30	93	82
Operating costs and expenses	12	8	23	14
Selling and administrative	73	49	196	156
Depreciation and amortization	9	6	32	18
Operating Income	$ (63)	(33)	$ (158)	(106)
Tour and Other
Segment Reporting Information [Line Items]
Number of cruise ships \| ship	3		3
Revenues	$ 148	150	$ 190	194
Operating costs and expenses	84	82	125	129
Selling and administrative	2	2	7	7
Depreciation and amortization	10	11	30	33
Operating Income	52	55	28	25
Intersegment elimination
Segment Reporting Information [Line Items]
Revenues	(104)	(99)	(118)	(116)
Operating costs and expenses	(104)	(99)	(118)	(116)
Selling and administrative	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating Income	$ 0	$ 0	$ 0	$ 0

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 1,424	$ 1,216	$ 2,171	$ 1,487
Weighted-average common and ordinary shares outstanding (in shares)	737	778	751	778
Dilutive effect of equity plans (in shares)	2	3	3	3
Diluted weighted-average shares outstanding (in shares)	739	781	754	781
Basic earnings per share (in dollars per share)	$ 1.93	$ 1.56	$ 2.89	$ 1.91
Diluted earnings per share (in dollars per share)	$ 1.93	$ 1.56	$ 2.88	$ 1.91

Shareholder's Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 23, 2016	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015	Nov. 30, 2015	Jun. 27, 2016
Equity, Class of Treasury Stock [Line Items]
Purchases of treasury stock				$ 2,110	$ 166
Sales of treasury stock				$ 40	$ 167
Dividends Declared Per Share (in dollars per share)		$ 0.35	$ 0.30	$ 1.00	$ 0.80
Common Stock
Equity, Class of Treasury Stock [Line Items]
Increase in dividend rate (as a percent)				17.00%
Dividends Declared Per Share (in dollars per share)				$ 0.35		$ 0.30
Ordinary Shares
Equity, Class of Treasury Stock [Line Items]
Increase in dividend rate (as a percent)				17.00%
Dividends Declared Per Share (in dollars per share)				$ 0.35		$ 0.30
Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)				43,600
Purchases of treasury stock				$ 2,100
Stock Repurchase Program, Authorized Amount, Increase							$ 1,000
Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)				891
Treasury stock sold (in shares)				891
Sales of treasury stock				$ 40
Subsequent Event \| Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	2,300
Purchases of treasury stock	$ 107
Remaining number of shares available under the Repurchase Program (in shares)	$ 500