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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Feb. 28, 2017	Mar. 24, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
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		536,614,851
CARNIVAL PLC
Entity Registrant Name	CARNIVAL PLC
Entity Central Index Key	0001125259
Entity Common Stock, Shares Outstanding		214,138,487

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Cruise
Passenger tickets	$ 2,804	$ 2,718
Onboard and other	978	923
Tour and other	9	10
Revenues	3,791	3,651
Cruise
Commissions, transportation and other	569	582
Onboard and other	125	117
Payroll and related	519	492
Fuel	297	187
Food	251	247
Other ship operating	661	604
Tour and other	13	14
Operating expenses	2,435	2,243
Selling and administrative	549	551
Depreciation and amortization	439	423
Costs and Expenses	3,423	3,217
Operating Income	368	434
Nonoperating Income (Expense)
Interest income	2	2
Interest expense, net of capitalized interest	(51)	(52)
Gains (losses) on fuel derivatives, net	27	(236)
Other income (expense), net	8	(5)
Nonoperating (Expense) Income, Total	(14)	(291)
Income Before Income Taxes	354	143
Income Tax Expense, Net	(2)	(1)
Net Income	$ 352	$ 142
Earnings Per Share
Earnings Per Share, Basic (in dollars per share)	$ 0.48	$ 0.18
Earnings Per Share, Diluted (in dollars per share)	0.48	0.18
Dividends Declared Per Share (in dollars per share)	$ 0.35	$ 0.30

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 352	$ 142
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	1	(208)
Other	14	6
Other Comprehensive Income (Loss)	15	(202)
Total Comprehensive Income (Loss)	$ 367	$ (60)

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Feb. 28, 2017	Nov. 30, 2016
Current Assets
Cash and cash equivalents	$ 437	$ 603
Trade and other receivables, net	307	298
Inventories	361	322
Prepaid expenses and other	492	466
Total current assets	1,597	1,689
Property and Equipment, Net	32,328	32,429
Goodwill	2,911	2,910
Other Intangibles	1,279	1,275
Other Assets	588	578
Total assets	38,703	38,881
Current Liabilities
Short-term borrowings	169	457
Current portion of long-term debt	1,127	640
Accounts payable	669	713
Accrued liabilities and other	1,766	1,740
Customer deposits	3,734	3,522
Total current liabilities	7,465	7,072
Long-Term Debt	7,796	8,302
Other Long-Term Liabilities	782	910
Contingencies
Shareholders’ Equity
Additional paid-in capital	8,660	8,632
Retained earnings	21,939	21,843
Accumulated other comprehensive loss	(2,440)	(2,454)
Treasury stock, 118 shares at 2017 and 2016 of Carnival Corporation and 28 shares at 2017 and 27 shares at 2016 of Carnival plc, at cost	(5,864)	(5,789)
Total shareholders’ equity	22,660	22,597
Liabilities and Equity, Total	38,703	38,881
Common Stock
Shareholders’ Equity
Common stock	7	7
Ordinary Shares
Shareholders’ Equity
Common stock	$ 358	$ 358

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Feb. 28, 2017	Nov. 30, 2016
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)	655	654
Treasury stock, shares (in shares)	118	118
Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	28	27

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
OPERATING ACTIVITIES
Net Income	$ 352	$ 142
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	439	423
(Gains) losses on fuel derivatives, net	(27)	236
Share-based compensation	20	16
Other, net	20	9
Adjustments to reconcile net income to net cash provided by operating activities	804	826
Changes in operating assets and liabilities
Receivables	(2)	(18)
Inventories	(35)	(4)
Insurance recoverables, prepaid expenses and other	(10)	(12)
Accounts payable	(47)	(7)
Accrued and other liabilities	3	(75)
Customer deposits	219	88
Net cash provided by operating activities	932	798
INVESTING ACTIVITIES
Additions to property and equipment	(412)	(330)
Payments of fuel derivative settlements	(52)	(88)
Collateral payments for fuel derivatives	0	(57)
Other, net	(10)	16
Net cash used in investing activities	(474)	(459)
FINANCING ACTIVITIES
(Repayments of) proceeds from short-term borrowings, net	(289)	235
Principal repayments of long-term debt	(101)	(628)
Proceeds from issuance of long-term debt	100	555
Dividends paid	(254)	(232)
Purchases of treasury stock	(69)	(916)
Sales of treasury stock	0	40
Other, net	(2)	(1)
Net cash used in financing activities	(615)	(947)
Effect of exchange rate changes on cash and cash equivalents	(9)	(9)
Net decrease in cash and cash equivalents	(166)	(617)
Cash and cash equivalents at beginning of period	603	1,395
Cash and cash equivalents at end of period	$ 437	$ 778

General	3 Months Ended
General	Feb. 28, 2017
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 February 28, 2017, and the Consolidated Statements of Income, the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Cash Flows for the three months ended February 28/29, 2017 and 2016 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 2016 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 30, 2017. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs and which clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. 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. On December 1, 2016, we adopted this guidance using the retrospective approach and reclassified $55 million from Other Assets to Long-Term Debt on our November 30, 2016 Consolidated Balance Sheet. The FASB issued amended guidance regarding Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. On December 1, 2016, we early adopted this guidance using the modified retrospective transition method. The impact of adopting this guidance was primarily related to forfeitures and immaterial to our consolidated financial statements. 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 impact the accounting for software licenses but will not change a customer’s accounting for service contracts. On December 1, 2016, we adopted this guidance on a prospective basis and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is required to be adopted by us in the first quarter of 2018 and can be applied on either a prospective or modified retrospective basis. Early adoption is permitted, including adoption in an interim period. 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 Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments, which clarifies the requirements for assessing whether contingent call and put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts or whether the embedded call and put options should be bifurcated from the related debt instrument and accounted for separately as a derivative. This guidance is required to be adopted by us in the first quarter of 2018 and must be applied using a modified retrospective approach. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Presentation of Financial Statements - Going Concern, which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. This guidance is required to be adopted by us in the first quarter of 2018. Early adoption is permitted. 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 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 Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. The guidance is required to be adopted by us in the first quarter of 2019 and should be applied using a retrospective transition method for each period presented. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Statement of Cash Flows - Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to 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 2020. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Intangibles - Goodwill and Other - Simplifying the Accounting for Goodwill Impairment, which simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test requiring a hypothetical purchase price allocation. This guidance is required to be adopted by us in the first quarter of 2021 on a prospective basis. Early adoption is permitted for any impairment tests performed after January 1, 2017. 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 $143 million and $136 million for the three months ended February 28/29, 2017 and 2016, respectively.

Unsecured Debt	3 Months Ended
Unsecured Debt	Feb. 28, 2017
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt At February 28, 2017, our short-term borrowings consisted of euro-denominated commercial paper of $159 million and euro-denominated bank loans of $10 million with an aggregate weighted-average floating interest rate of (0.04)%. In January 2017, we borrowed $100 million under a floating rate bank loan, due in January 2022. In January 2017, we entered into an approximately $800 million export credit facility, which may be drawn in euro or U.S. dollars in 2021 and will be due in semi-annual installments through 2033. The interest rate on this export credit facility can be fixed or floating, at our discretion. For the three months ended February 28, 2017, we had borrowings of $111 million and repayments of $240 million of commercial paper with original maturities greater than three months. We use the net proceeds from our borrowings for general corporate purposes and purchases of new ships.

Contingencies	3 Months Ended
Contingencies	Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation 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 February 28, 2017, we had estimated contingent obligations totaling $121 million. At the inception of the lease, we paid the aggregate of the net present value of the obligation 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 January 2016, we exercised our option to terminate, at no cost, this transaction as of January 2, 2018. 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 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 such 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

3 Months Ended

Feb. 28, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities

Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is classified in one of the following three categories:


•	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.

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):



	February 28, 2017								November 30, 2016
	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
Long-term other assets (a)	$	111	$	—	$	64	$	46	$	99	$	1	$	68	$	31
Total	$	111	$	—	$	64	$	46	$	99	$	1	$	68	$	31
Liabilities
Fixed rate debt (b)	$	5,370	$	—	$	5,660	$	—	$	5,436	$	—	$	5,727	$	—
Floating rate debt (b)	3,773		—		3,816		—		4,018		—		4,048		—
Total	$	9,143	$	—	$	9,476	$	—	$	9,454	$	—	$	9,775	$	—


(a)	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.

(b)

The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. 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.

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

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, 2016	$	1,898	$	1,012	$	2,910
Foreign currency translation adjustment	—		1		1
Balance at February 28, 2017	$	1,898	$	1,013	$	2,911

(a) Europe, Australia & Asia (“EAA”)

At July 31, 2016, we performed our annual goodwill impairment reviews and no goodwill was impaired.

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, 2016	$	927	$	279	$	1,206
Foreign currency translation adjustment	—		1		1
Balance at February 28, 2017	$	927	$	280	$	1,207

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 and no 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, circumstances or strategy 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 and other amortizable intangibles, was as follows (in millions):



	Cruise Support Segment			EAA Segment		Tour and Other Segment		Total
Balance at November 30, 2016	$	57		$	12	$	—	$	69
Additions	—			—		4		4
Amortization	(1		)	—		—		(1		)
Balance at February 28, 2017	$	56		$	12	$	4	$	72

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):



	February 28, 2017						November 30, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	437	$	—	$	—	$	603	$	—	$	—
Restricted cash	53		—		—		60		—		—
Short-term investments (b)	—		—		—		—		—		21
Marketable securities held in rabbi trusts (c)	94		3		—		93		4		—
Derivative financial instruments	—		13		—		—		15		—
Total	$	584	$	16	$	—	$	756	$	19	$	21
Liabilities
Derivative financial instruments	$	—	$	321	$	—	$	—	$	434	$	—
Total	$	—	$	321	$	—	$	—	$	434	$	—


(a)	Cash and cash equivalents are comprised of cash and marketable securities with maturities of less than 90 days.


(b)	The fair value of the auction rate security included in short-term investments, as of November 30, 2016, was based on a broker quote in an inactive market, which is considered a Level 3 input. This auction-rate security was sold in December 2016.


(c)	At February 28, 2017, marketable securities held in rabbi trusts were 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 restricted to funding certain deferred compensation and non-qualified U.S. pension plans.

Derivative Instruments and Hedging 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	February 28, 2017		November 30, 2016
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	9	$	12
	Other assets – long-term	4		3
Total derivative assets		$	13	$	15
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	—	$	26
Interest rate swaps (b)	Accrued liabilities and other	10		10
	Other long-term liabilities	22		23
Foreign currency zero cost collars (c)	Accrued liabilities and other	6		12
	Other long-term liabilities	19		21
		57		92
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	161		198
	Other long-term liabilities	103		144
		264		342
Total derivative liabilities		$	321	$	434

(a)

We had foreign currency forwards totaling $11 million at February 28, 2017 and $456 million at November 30, 2016 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At February 28, 2017, these foreign currency forwards settle through July 2017. We also had foreign currency swaps totaling $289 million at February 28, 2017 and $291 million at November 30, 2016 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At February 28, 2017, 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 $486 million at February 28, 2017 and $500 million at November 30, 2016 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2017, these interest rate swaps settle through March 2025.


(c)	At February 28, 2017 and November 30, 2016, 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 February 28, 2017 and November 30, 2016, 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):



	February 28, 2017
	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	$	14	$	(1	)	$	13	$	(13	)	$	—
Liabilities	$	322	$	(1	)	$	321	$	(13	)	$	308

	November 30, 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	$	15	$	—		$	15	$	(15	)	$	—
Liabilities	$	434	$	—		$	434	$	(15	)	$	419

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 February 28/29,
	2017		2016
Net investment hedges	$	1	$	(13	)
Foreign currency zero cost collars – cash flow hedges	$	8	$	10
Interest rate swaps – cash flow hedges	$	2	$	(3	)

There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our fuel derivative counterparty agreements. These provisions require 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 February 28, 2017 and November 30, 2016, no collateral was required to be posted to or received from our fuel derivative counterparties.

The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of February 28, 2017 and November 30, 2016 and for the three months ended February 28/29, 2017 and 2016 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 have Brent call options and Brent put options, collectively referred to as zero cost collars, that establish ceiling and floor prices and mitigate a portion of our economic risk attributable to potential fuel price increases. To maximize operational flexibility we utilized derivative markets with significant trading liquidity.

Our zero cost collars 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 zero cost collars will act as economic hedges; however, hedge accounting is not applied.

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



	Three Months Ended February 28/29,
	2017			2016
Unrealized gains (losses) on fuel derivatives, net	$	72		$	(145	)
Realized losses on fuel derivatives, net	(45		)	(91		)
Gains (losses) on fuel derivatives, net	$	27		$	(236	)

At February 28, 2017, 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 2017 (Q2 - Q4)
	February 2013	2,457	$	80	$	115
	April 2013	1,521	$	75	$	110
	January 2014	1,350	$	75	$	114
	October 2014	765	$	80	$	113
		6,093
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 functional currencies, which subjects us to “foreign currency translational” risk related to these currencies. Accordingly, exchange rate fluctuations in their functional currencies 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. 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 have $5.1 billion of euro-denominated debt, including the effect of foreign currency swaps, which provides an economic offset for our operations with euro functional currency. We also partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies.

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.

At February 28, 2017, we had foreign currency zero cost collars that are designated as cash flow hedges for a portion of euro-denominated shipyard payments for the following newbuilds:



	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Majestic Princess	2015	March 2017	$	1.07	$	1.25
Carnival Horizon	2016	March 2018	$	1.02	$	1.25
Seabourn Ovation	2016	April 2018	$	1.02	$	1.25
Holland America Nieuw Statendam	2016	November 2018	$	1.05	$	1.25

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 March 24, 2017, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments, which represent a total unhedged commitment of $5.6 billion and substantially relates to newbuilds to be delivered 2019 through 2022 to non-euro functional currency brands.

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ 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.

The composition of our debt, including the effect of foreign currency swaps and interest rate swaps, was as follows:



	February 28, 2017		November 30, 2016
Fixed rate	29	%	28	%
Euro fixed rate	35	%	35	%
Floating rate	15	%	14	%
Euro floating rate	21	%	23	%

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


•	Generally 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 February 28, 2017, 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

3 Months Ended

Feb. 28, 2017

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) and P&O Cruises (UK). 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.

Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.

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



	Three Months Ended February 28/29,
	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	2,405	$	1,470	$	320	$	273	$	342
EAA	1,338		946		172		146		74
Cruise Support	39		6		55		11		(33		)
Tour and Other	9		13		2		9		(15		)
	$	3,791	$	2,435	$	549	$	439	$	368
2016
North America	$	2,218	$	1,315	$	311	$	255	$	337
EAA	1,389		910		175		147		157
Cruise Support	34		5		63		11		(45		)
Tour and Other	10		13		2		10		(15		)
	$	3,651	$	2,243	$	551	$	423	$	434

- 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.

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+ Details

Earnings Per Share

3 Months Ended

Feb. 28, 2017

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 February 28/29,
	2017		2016
Net income for basic and diluted earnings per share	$	352	$	142
Weighted-average common and ordinary shares outstanding	725		766
Dilutive effect of equity plans	3		3
Diluted weighted-average shares outstanding	728		769
Basic and diluted earnings per share	$	0.48	$	0.18

Shareholder's Equity	3 Months Ended
Shareholder's Equity	Feb. 28, 2017
Shareholder's Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity During the three months ended February 28, 2017, we repurchased 1.4 million shares of Carnival plc ordinary shares for $75 million under our general repurchase authorization program (the “Repurchase Program”). From March 1, 2017 through March 24, 2017, we repurchased 0.8 million shares of Carnival plc ordinary shares for $44 million under the Repurchase Program. Accordingly, at March 24, 2017, the remaining Carnival Corporation availability under the Repurchase Program was $280 million.

- 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.

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+ Details

General (Policies)	3 Months Ended
General (Policies)	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs and which clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. 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. On December 1, 2016, we adopted this guidance using the retrospective approach and reclassified $55 million from Other Assets to Long-Term Debt on our November 30, 2016 Consolidated Balance Sheet. The FASB issued amended guidance regarding Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. On December 1, 2016, we early adopted this guidance using the modified retrospective transition method. The impact of adopting this guidance was primarily related to forfeitures and immaterial to our consolidated financial statements. 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 impact the accounting for software licenses but will not change a customer’s accounting for service contracts. On December 1, 2016, we adopted this guidance on a prospective basis and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This guidance is required to be adopted by us in the first quarter of 2018 and can be applied on either a prospective or modified retrospective basis. Early adoption is permitted, including adoption in an interim period. 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 Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments, which clarifies the requirements for assessing whether contingent call and put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts or whether the embedded call and put options should be bifurcated from the related debt instrument and accounted for separately as a derivative. This guidance is required to be adopted by us in the first quarter of 2018 and must be applied using a modified retrospective approach. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Presentation of Financial Statements - Going Concern, which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. This guidance is required to be adopted by us in the first quarter of 2018. Early adoption is permitted. 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 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 Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. The guidance is required to be adopted by us in the first quarter of 2019 and should be applied using a retrospective transition method for each period presented. Early adoption is permitted, including adoption in an interim period. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Statement of Cash Flows - Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective transition method to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to 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 2020. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding Intangibles - Goodwill and Other - Simplifying the Accounting for Goodwill Impairment, which simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test requiring a hypothetical purchase price allocation. This guidance is required to be adopted by us in the first quarter of 2021 on a prospective basis. Early adoption is permitted for any impairment tests performed after January 1, 2017. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

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

3 Months Ended

Feb. 28, 2017

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):



	February 28, 2017								November 30, 2016
	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
Long-term other assets (a)	$	111	$	—	$	64	$	46	$	99	$	1	$	68	$	31
Total	$	111	$	—	$	64	$	46	$	99	$	1	$	68	$	31
Liabilities
Fixed rate debt (b)	$	5,370	$	—	$	5,660	$	—	$	5,436	$	—	$	5,727	$	—
Floating rate debt (b)	3,773		—		3,816		—		4,018		—		4,048		—
Total	$	9,143	$	—	$	9,476	$	—	$	9,454	$	—	$	9,775	$	—


(a)	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.

(b)

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, 2016	$	1,898	$	1,012	$	2,910
Foreign currency translation adjustment	—		1		1
Balance at February 28, 2017	$	1,898	$	1,013	$	2,911

(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, 2016	$	927	$	279	$	1,206
Foreign currency translation adjustment	—		1		1
Balance at February 28, 2017	$	927	$	280	$	1,207

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



	Cruise Support Segment			EAA Segment		Tour and Other Segment		Total
Balance at November 30, 2016	$	57		$	12	$	—	$	69
Additions	—			—		4		4
Amortization	(1		)	—		—		(1		)
Balance at February 28, 2017	$	56		$	12	$	4	$	72

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):



	February 28, 2017						November 30, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	437	$	—	$	—	$	603	$	—	$	—
Restricted cash	53		—		—		60		—		—
Short-term investments (b)	—		—		—		—		—		21
Marketable securities held in rabbi trusts (c)	94		3		—		93		4		—
Derivative financial instruments	—		13		—		—		15		—
Total	$	584	$	16	$	—	$	756	$	19	$	21
Liabilities
Derivative financial instruments	$	—	$	321	$	—	$	—	$	434	$	—
Total	$	—	$	321	$	—	$	—	$	434	$	—


(a)	Cash and cash equivalents are comprised of cash and marketable securities with maturities of less than 90 days.


(b)	The fair value of the auction rate security included in short-term investments, as of November 30, 2016, was based on a broker quote in an inactive market, which is considered a Level 3 input. This auction-rate security was sold in December 2016.


(c)	At February 28, 2017, marketable securities held in rabbi trusts were 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 restricted to funding certain deferred compensation and non-qualified U.S. pension plans.

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	February 28, 2017		November 30, 2016
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	9	$	12
	Other assets – long-term	4		3
Total derivative assets		$	13	$	15
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	—	$	26
Interest rate swaps (b)	Accrued liabilities and other	10		10
	Other long-term liabilities	22		23
Foreign currency zero cost collars (c)	Accrued liabilities and other	6		12
	Other long-term liabilities	19		21
		57		92
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	161		198
	Other long-term liabilities	103		144
		264		342
Total derivative liabilities		$	321	$	434

(a)

(b)


(c)	At February 28, 2017 and November 30, 2016, 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 February 28, 2017 and November 30, 2016, 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



	February 28, 2017
	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	$	14	$	(1	)	$	13	$	(13	)	$	—
Liabilities	$	322	$	(1	)	$	321	$	(13	)	$	308

	November 30, 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	$	15	$	—		$	15	$	(15	)	$	—
Liabilities	$	434	$	—		$	434	$	(15	)	$	419

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 February 28/29,
	2017		2016
Net investment hedges	$	1	$	(13	)
Foreign currency zero cost collars – cash flow hedges	$	8	$	10
Interest rate swaps – cash flow hedges	$	2	$	(3	)

(Losses) gains on fuel derivatives, net

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



	Three Months Ended February 28/29,
	2017			2016
Unrealized gains (losses) on fuel derivatives, net	$	72		$	(145	)
Realized losses on fuel derivatives, net	(45		)	(91		)
Gains (losses) on fuel derivatives, net	$	27		$	(236	)

Fuel/Foreign Currency Derivatives Outstanding

At February 28, 2017, 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 2017 (Q2 - Q4)
	February 2013	2,457	$	80	$	115
	April 2013	1,521	$	75	$	110
	January 2014	1,350	$	75	$	114
	October 2014	765	$	80	$	113
		6,093
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.

At February 28, 2017, we had foreign currency zero cost collars that are designated as cash flow hedges for a portion of euro-denominated shipyard payments for the following newbuilds:



	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Majestic Princess	2015	March 2017	$	1.07	$	1.25
Carnival Horizon	2016	March 2018	$	1.02	$	1.25
Seabourn Ovation	2016	April 2018	$	1.02	$	1.25
Holland America Nieuw Statendam	2016	November 2018	$	1.05	$	1.25

Schedule of Long-term Debt Instruments

The composition of our debt, including the effect of foreign currency swaps and interest rate swaps, was as follows:



	February 28, 2017		November 30, 2016
Fixed rate	29	%	28	%
Euro fixed rate	35	%	35	%
Floating rate	15	%	14	%
Euro floating rate	21	%	23	%

Segment Information (Tables)

3 Months Ended

Feb. 28, 2017

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 February 28/29,
	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	2,405	$	1,470	$	320	$	273	$	342
EAA	1,338		946		172		146		74
Cruise Support	39		6		55		11		(33		)
Tour and Other	9		13		2		9		(15		)
	$	3,791	$	2,435	$	549	$	439	$	368
2016
North America	$	2,218	$	1,315	$	311	$	255	$	337
EAA	1,389		910		175		147		157
Cruise Support	34		5		63		11		(45		)
Tour and Other	10		13		2		10		(15		)
	$	3,651	$	2,243	$	551	$	423	$	434

Earnings Per Share (Tables)

3 Months Ended

Feb. 28, 2017

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 February 28/29,
	2017		2016
Net income for basic and diluted earnings per share	$	352	$	142
Weighted-average common and ordinary shares outstanding	725		766
Dilutive effect of equity plans	3		3
Diluted weighted-average shares outstanding	728		769
Basic and diluted earnings per share	$	0.48	$	0.18

General - Accounting Pronouncements (Details) - Accounting Standards Update 2015-03 $ in Millions	Nov. 30, 2016 USD ($)
Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 55
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (55)

General - Other (Details) - USD ($) $ in Millions	3 Months Ended
General - Other (Details) - USD ($) $ in Millions	Feb. 28, 2017	Feb. 29, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fees, taxes and charges collected by us from our guests	$ 143	$ 136

Unsecured Debt (Details) - USD ($) $ in Millions	3 Months Ended
Unsecured Debt (Details) - USD ($) $ in Millions	Feb. 28, 2017	Jan. 31, 2017
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	(0.04%)
Commercial Paper
Debt Instrument [Line Items]
Proceeds from short term debt	$ 111
Repayments of short term debt	240
Commercial Paper \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Short-term borrowings	159
Euro-denominated \| Bank Loans
Debt Instrument [Line Items]
Short-term borrowings	$ 10
Floating Rate Bank Loan Due July 2021
Debt Instrument [Line Items]
Long-term debt		$ 100
Fixed Rate Bank Loan Due September 2020
Debt Instrument [Line Items]
Long-term debt		$ 800

Contingencies (Details) $ in Millions	Feb. 28, 2017 USD ($)
Lease Out And Lease Back Type Transactions
Loss Contingencies [Line Items]
Estimated contingent obligations	$ 121

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	Feb. 28, 2017	Nov. 30, 2016
Carrying Value
Assets
Long-term other assets	$ 111	$ 99
Total	111	99
Liabilities
Total	9,143	9,454
Carrying Value \| Fixed Rate
Liabilities
Debt	5,370	5,436
Carrying Value \| Floating Rate
Liabilities
Debt	3,773	4,018
Fair Value \| Level 1
Assets
Long-term other assets	0	1
Total	0	1
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
Long-term other assets	64	68
Total	64	68
Liabilities
Total	9,476	9,775
Fair Value \| Level 2 \| Fixed Rate
Liabilities
Debt	5,660	5,727
Fair Value \| Level 2 \| Floating Rate
Liabilities
Debt	3,816	4,048
Fair Value \| Level 3
Assets
Long-term other assets	46	31
Total	46	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 - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	3 Months Ended
	Feb. 28, 2017 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,910
Foreign currency translation adjustment	1
Ending Balance	2,911
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	1,012
Foreign currency translation adjustment	1
Ending Balance	$ 1,013

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization (Details) $ in Millions	3 Months Ended
	Feb. 28, 2017 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,206
Foreign currency translation adjustment	1
Ending Balance	1,207
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	279
Foreign currency translation adjustment	1
Ending Balance	$ 280

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization (Details) $ in Millions	3 Months Ended
	Feb. 28, 2017 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 69
Additions	4
Amortization	(1)
Ending balance	72
Cruise Support
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	57
Additions	0
Amortization	(1)
Ending balance	56
EAA
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	12
Additions	0
Amortization	0
Ending balance	12
Tour and Other
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	0
Additions	4
Amortization	0
Ending balance	$ 4

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	Feb. 28, 2017	Nov. 30, 2016
Assets
Derivative financial instruments	$ 14	$ 15
Liabilities
Derivative financial instruments	322	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Restricted cash	53	60
Total	584	756
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Money market funds
Assets
Cash equivalents	437	603
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Marketable securities held in rabbi trusts
Assets
Investments	94	93
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Total	16	19
Liabilities
Total	321	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Marketable securities held in rabbi trusts
Assets
Investments	3	4
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Assets
Derivative financial instruments	13	15
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Liabilities
Derivative financial instruments	$ 321	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3
Assets
Total		21
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Short-term investments
Assets
Investments		$ 21

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	Feb. 28, 2017	Nov. 30, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 13	$ 15
Derivative liabilities	321	434
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	57	92
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	264	342
Net investment hedges \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	9	12
Net investment hedges \| Derivatives designated as hedging instruments \| Other assets – long-term
Derivatives, Fair Value [Line Items]
Derivative assets	4	3
Net investment hedges \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	26
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	10	10
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	22	23
Interest Rate Swaps \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	486	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	6	12
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	19	21
Fuel \| Derivatives not designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	161	198
Fuel \| Derivatives not designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	103	144
Foreign Currency Forward \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	11	456
Currency swap \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 289	$ 291

Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Feb. 28, 2017	Nov. 30, 2016
Assets
Gross Amounts	$ 14	$ 15
Gross Amounts Offset in the Balance Sheet	(1)	0
Total Net Amounts Presented in the Balance Sheet	13	15
Gross Amounts not Offset in the Balance Sheet	(13)	(15)
Net Amounts	0	0
Liabilities
Gross Amounts	322	434
Gross Amounts Offset in the Balance Sheet	(1)	0
Total Net Amounts Presented in the Balance Sheet	321	434
Gross Amounts not Offset in the Balance Sheet	(13)	(15)
Net Amounts	$ 308	$ 419

Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Nov. 30, 2016
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Collateral required to be posted	$ 0		$ 0
Collateral required to be received	0		$ 0
Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, cash collateral netting threshold, fair value	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	1,000,000	$ (13,000,000)
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	8,000,000	10,000,000
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	$ 2,000,000	$ (3,000,000)

Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Details) bbl in Thousands, $ in Millions	3 Months Ended
	Feb. 28, 2017 USD ($) bbl $ / bbl	Feb. 29, 2016 USD ($)
Derivative [Line Items]
Gains (losses) on fuel derivatives, net \| $	$ 27	$ (236)
Fuel
Derivative [Line Items]
Unrealized gains (losses) on fuel derivatives, net \| $	72	(145)
Realized losses on fuel derivatives, net \| $	(45)	(91)
Gains (losses) on fuel derivatives, net \| $	$ 27	$ (236)
Fuel Derivatives 2017 Maturity February 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	2,457
Weighted-Average Floor Price (in dollars per barrel)	80
Weighted-Average Ceiling Price (in dollars per barrel)	115
Fuel Derivatives 2017 Maturity April 2013 Transaction
Derivative [Line Items]
Barrels \| bbl	1,521
Weighted-Average Floor Price (in dollars per barrel)	75
Weighted-Average Ceiling Price (in dollars per barrel)	110
Fuel Derivatives 2017 Maturity Date January Twenty Fourteen Transaction [Member]
Derivative [Line Items]
Barrels \| bbl	1,350
Weighted-Average Floor Price (in dollars per barrel)	75
Weighted-Average Ceiling Price (in dollars per barrel)	114
Fuel Derivatives 2017 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	765
Weighted-Average Floor Price (in dollars per barrel)	80
Weighted-Average Ceiling Price (in dollars per barrel)	113
Fuel Derivatives 2017 Maturity
Derivative [Line Items]
Barrels \| bbl	6,093
Fuel Derivatives 2018 Maturity January 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	2,700
Weighted-Average Floor Price (in dollars per barrel)	75
Weighted-Average Ceiling Price (in dollars per barrel)	110
Fuel Derivatives 2018 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels \| bbl	3,000
Weighted-Average Floor Price (in dollars per barrel)	80
Weighted-Average Ceiling Price (in dollars per barrel)	114
Fuel Derivatives 2018 Maturity
Derivative [Line Items]
Barrels \| bbl	5,700

Fair Value Measurements, Derivative Instruments and Hedging Activities - Foreign Currency Exchange Rate Risks (Details) - USD ($)	Mar. 24, 2017	Feb. 28, 2017	Nov. 30, 2016
Majestic Princess \| Cash Flow Hedging \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged		$ 1.07
Majestic Princess \| Cash Flow Hedging \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged			$ 1.25
Carnival Horizon \| Cash Flow Hedging \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged		1.02
Carnival Horizon \| Cash Flow Hedging \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged			1.25
Seabourn Ovation \| Cash Flow Hedging \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged		1.02
Seabourn Ovation \| Cash Flow Hedging \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged			1.25
Holland America Nieuw Statendam \| Cash Flow Hedging \| Minimum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged		1.05
Holland America Nieuw Statendam \| Cash Flow Hedging \| Maximum
Fair Value, Measurement Inputs, Disclosure [Line Items]
Currency exchange risk hedged			$ 1.25
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount		$ 5,100,000,000.0
Subsequent Event
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency contract commitments	$ 5,600,000,000
United States Dollar Denominated Debt
Fair Value, Measurement Inputs, Disclosure [Line Items]
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps		29.00%	28.00%
Percentage of debt bore floating interest rates, including the effect of interest rate swaps		15.00%	14.00%
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps		35.00%	35.00%
Percentage of debt bore floating interest rates, including the effect of interest rate swaps		21.00%	23.00%

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Feb. 28, 2017 USD ($) Segment	Feb. 29, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	4
Number of reportable cruise brand operating segments \| Segment	2
Revenues	$ 3,791	$ 3,651
Operating costs and expenses	2,435	2,243
Selling and administrative	549	551
Depreciation and amortization	439	423
Operating Income	368	434
North America
Segment Reporting Information [Line Items]
Revenues	2,405	2,218
Operating costs and expenses	1,470	1,315
Selling and administrative	320	311
Depreciation and amortization	273	255
Operating Income	342	337
EAA
Segment Reporting Information [Line Items]
Revenues	1,338	1,389
Operating costs and expenses	946	910
Selling and administrative	172	175
Depreciation and amortization	146	147
Operating Income	74	157
Cruise Support
Segment Reporting Information [Line Items]
Revenues	39	34
Operating costs and expenses	6	5
Selling and administrative	55	63
Depreciation and amortization	11	11
Operating Income	(33)	(45)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	9	10
Operating costs and expenses	13	13
Selling and administrative	2	2
Depreciation and amortization	9	10
Operating Income	$ (15)	$ (15)

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 352	$ 142
Weighted-average common and ordinary shares outstanding (in shares)	725	766
Dilutive effect of equity plans (in shares)	3	3
Diluted weighted-average shares outstanding (in shares)	728	769
Basic earnings per share (in dollars per share)	$ 0.48	$ 0.18
Diluted earnings per share (in dollars per share)	$ 0.48	$ 0.18

Shareholder's Equity (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 24, 2017	Feb. 28, 2017	Feb. 29, 2016
Equity, Class of Treasury Stock [Line Items]
Purchases of treasury stock		$ 69	$ 916
Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)		1.4
Purchases of treasury stock		$ 75
Subsequent Event \| Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	0.8
Purchases of treasury stock	$ 44
Remaining number of shares available under the Repurchase Program (in shares)	$ 280