View Filing Data

Print Document View Excel Document

Cover Page - shares	3 Months Ended
Cover Page - shares	Feb. 29, 2020	Mar. 25, 2020
Entity Information [Line Items]
Document Type	10-Q
Entity Central Index Key	0000815097
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--11-30
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2020
Document Transition Report	false
Entity File Number	001-9610
Entity Registrant Name	Carnival Corporation
Entity Incorporation, State or Country Code	R1
Entity Tax Identification Number	59-1562976
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	(305)
Local Phone Number	599-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		527,817,680
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
1.625% Senior Notes Due 2021
Entity Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2021
Trading Symbol	CCL21
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity Central Index Key	0001125259
Current Fiscal Year End Date	--11-30
Entity File Number	001-15136
Entity Registrant Name	Carnival plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-0357772
Entity Address, Address Line One	Carnival House, 100 Harbour Parade
Entity Address, City or Town	Southampton
Entity Address, Country	GB
Entity Address, Postal Zip Code	SO15 1ST
City Area Code	011
Local Phone Number	44 23 8065 5000
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,536,832
Carnival PLC \| Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC \| 1.875% Senior Notes Due 2022
Entity Information [Line Items]
Title of 12(b) Security	1.875% Senior Notes due 2022
Trading Symbol	CUK22
Security Exchange Name	NYSE
Carnival PLC \| 1.000% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Revenues
Revenues	$ 4,789	$ 4,673
Cost of Revenue [Abstract]
Selling and administrative	678	629
Depreciation and amortization	570	516
Goodwill impairment	731	0
Operating costs and expenses	5,502	4,287
Operating Income (Loss)	(713)	386
Nonoperating Income (Expense)
Interest income	5	4
Interest expense, net of capitalized interest	(55)	(51)
Other income (expense), net	(7)	(2)
Nonoperating Income (Expense)	(57)	(49)
Income (Loss) Before Income Taxes	(770)	338
Income Tax Expense, Net	(11)	(2)
Net Income (Loss)	$ (781)	$ 336
Earnings Per Share
Basic (in dollars per share)	$ (1.14)	$ 0.48
Diluted (in dollars per share)	$ (1.14)	$ 0.48
Cruise
Cost of Revenue [Abstract]
Commissions, transportation and other	$ 766	$ 709
Onboard and other	471	467
Payroll and related	610	557
Fuel	396	381
Food	277	268
Other operating	1,001	759
Operating costs and expenses	3,523	3,142
Cruise passenger ticket
Revenues
Revenues	3,234	3,199
Cruise onboard and other
Revenues
Revenues	$ 1,556	$ 1,474

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (781)	$ 336
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	25	79
Other	13	0
Other Comprehensive Income (Loss)	38	79
Total Comprehensive Income (Loss)	$ (743)	$ 415

- Definition

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

+ References + Details

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Feb. 29, 2020

Nov. 30, 2019

Current Assets

Cash and cash equivalents

$ 1,354

$ 518

Trade and other receivables, net

405

444

Inventories

440

427

Prepaid expenses and other

687

671

Total current assets

2,885

2,059

Property and Equipment, Net

38,023

38,131

Operating Leases Right-of-Use Assets

^[1]

1,469

Goodwill

2,176

2,912

Other Intangibles

1,173

1,174

Other Assets

1,216

783

Total assets

46,943

45,058

Current Liabilities

Short-term borrowings

1,004

231

Current portion of long-term debt

2,196

1,596

Current portion of operating lease liabilities

^[1]

168

Accounts payable

904

756

Accrued liabilities and other

1,754

1,809

Customer deposits

4,690

4,735

Total current liabilities

10,716

9,127

Long-Term Debt

9,738

9,675

Long-Term Operating Lease Liabilities

^[1]

1,312

Other Long-Term Liabilities

887

890

Contingencies

Shareholders’ Equity

Additional paid-in capital

8,829

8,807

Retained earnings

25,527

26,653

Accumulated other comprehensive income (loss) (“AOCI”)

(2,028)

(2,066)

Treasury stock, 130 shares at 2020 and 2019 of Carnival Corporation and 60 shares at 2020 and 2019 of Carnival plc, at cost

(8,404)

(8,394)

Total shareholders’ equity

24,290

25,365

Total liabilities and shareholders' equity

46,943

45,058

Common Stock

Shareholders’ Equity

Common stock

Ordinary Shares

Shareholders’ Equity

Common stock

$ 359

$ 358

[1]	We adopted the provisions of Leases on December 1, 2019.

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Feb. 29, 2020	Nov. 30, 2019
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960,000,000	1,960,000,000
Common stock, shares issued (in shares)	658,000,000	656,000,000
Treasury stock, shares (in shares)	130,000,000	129,000,000
Carnival PLC \| Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217,000,000	217,000,000
Treasury stock, shares (in shares)	60,000,000	60,000,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
OPERATING ACTIVITIES
Net income (loss)	$ (781)	$ 336
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	570	516
Impairments	1,062	0
Share-based compensation	20	20
Other, net	(73)	12
Adjustments to reconcile net income (loss) to net cash provided by operating activities	798	884
Changes in operating assets and liabilities
Receivables	21	(50)
Inventories	(15)	7
Prepaid expenses and other	(120)	(154)
Accounts payable	148	65
Accrued liabilities and other	120	5
Customer deposits	(36)	358
Net cash provided by operating activities	916	1,116
INVESTING ACTIVITIES
Purchases of property and equipment	(1,326)	(2,129)
Proceeds from sales of ships	226	0
Payments of fuel derivative settlements	0	(6)
Other, net	(61)	76
Net cash provided by (used in) investing activities	(1,161)	(2,059)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	779	(81)
Principal repayments of long-term debt	(132)	(95)
Proceeds from issuance of long-term debt	823	1,439
Dividends paid	(344)	(348)
Purchases of treasury stock	(12)	(274)
Other, net	(24)	(29)
Net cash provided by (used in) financing activities	1,089	612
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7)	1
Net increase (decrease) in cash, cash equivalents and restricted cash	838	(331)
Cash, cash equivalents and restricted cash at beginning of period	530	996
Cash, cash equivalents and restricted cash at end of period	$ 1,368	$ 665

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock
Beginning Balance at Nov. 30, 2018	$ 24,443	$ 7	$ 358	$ 8,756	$ 25,066	$ (1,949)	$ (7,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	336				336
Other comprehensive income (loss)	79					79
Cash dividends declared	(345)				(345)
Purchases of treasury stock under the Repurchase Program and other	(248)			20			(268)
Ending Balance at Feb. 28, 2019	24,241	7	358	8,776	25,033	(1,869)	(8,063)
Beginning Balance at Nov. 30, 2019	25,365	7	358	8,807	26,653	(2,066)	(8,394)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(781)				(781)
Other comprehensive income (loss)	38					38
Cash dividends declared	(344)				(344)
Purchases of treasury stock under the Repurchase Program and other	12			22			(10)
Ending Balance at Feb. 29, 2020	$ 24,290	$ 7	$ 359	$ 8,829	$ 25,527	$ (2,028)	$ (8,404)

- Definition

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

+ References + Details

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.50

General	3 Months Ended
General	Feb. 29, 2020
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.” Liquidity and Management’s Plans Due to the spread of COVID-19 and the effects of growing port restrictions around the world, we previously announced a voluntary pause of our global fleet cruise operations. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak. We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with reasonable certainty, but we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020. On March 13, 2020, we fully drew down our $3.0 billion multi-currency revolving credit facility (the “Existing Multicurrency Facility”). We are taking further actions to improve our liquidity, including capital expenditure and operating expense reductions, suspending dividend payments on, and the repurchase of, the common stock of Carnival Corporation and the ordinary shares of Carnival plc and pursuing additional financing. Based on these actions and assumptions regarding the impact of COVID-19, we have concluded that we will be able to generate sufficient liquidity to satisfy our obligations and remain in compliance with our existing debt covenants for the next twelve months prior to giving effect to any additional financing that may occur. At February 29, 2020, we were in compliance with all of our debt covenants. After considering the effect of COVID-19 on our consolidated EBITDA, the actions we have taken and the other options available to us, we expect to remain in compliance with our current minimum debt service coverage ratio in certain of our debt instruments that requires a minimum of 3:1 ratio of EBITDA to Consolidated Net Interest Charges. If we expected to be out of compliance, we would seek waivers from the lenders prior to any covenant violation. Any covenant waiver may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable. There can be no assurance that we would be able to obtain waivers in a timely manner, or on acceptable terms at all. If we were not able to obtain waivers or repay the debt facilities, this would lead to an event of default and potential acceleration of amounts due under all of our outstanding debt and derivative contract payables. As a result, the failure to obtain waivers would have a material adverse effect on us. On April 1, 2020, we announced the pricing of the private offerings of $4.0 billion first-priority senior secured notes due 2023 (“Secured Notes”) and $1.75 billion senior convertible notes due 2023 ($2.0125 billion if the initial purchasers exercise their option to purchase additional notes) (“Convertible Notes”), and a public offering of $500 million of common stock ($575 million if the underwriters exercise their option to purchase additional shares in full) of Carnival Corporation (“Public Equity Offering”), collectively referred to within this document as the “April 1 financing transactions”. The closings of these offerings are subject to customary conditions and are expected to occur in early April. The net proceeds from the offering of Secured Notes will be deposited in to a segregated escrow account, pending the releases in accordance with certain collateral perfection thresholds. Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three months ended February 29/28, 2020 and 2019, and the Consolidated Balance Sheet at February 29, 2020 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring 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 2019 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 28, 2020. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. For the three months ended February 28, 2019, we reclassified $29 million from tour and other revenues to onboard and other revenues as well as $29 million from tour and other costs and expenses to other operating cost and expenses in order to conform to the current year presentation. Accounting Pronouncements On December 1, 2019, we adopted the FASB issued guidance, Leases, using the modified retrospective approach, which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods. We have implemented changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. Upon adoption of the new guidance, the most significant impact was the recognition of $1.4 billion of right-of-use assets and lease liabilities relating to operating leases, reported within operating lease right-of-use assets and long-term operating lease liabilities, with the current portion of the liability reported within current portion of operating lease liabilities, in our Consolidated Balance Sheet as of December 1, 2019. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. This guidance had an immaterial impact on our Consolidated Statements of Income (Loss), Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and the compliance with debt-covenants under our current agreements. The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same net income (loss) line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the Consolidated Statements of Cash Flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021 and must be applied using either a prospective or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance, Financial Instruments - Credit Losses, which requires an entity to present the net amount expected to be collected for certain financial assets, including trade receivables. On initial recognition and at each reporting period, this guidance will require an entity to recognize an allowance that reflects the entity's current estimate of credit losses expected to be incurred over the life of the financial instrument. This guidance is required to be adopted by us in the first quarter of 2021 and will be applied prospectively with a cumulative-effect adjustment to retained earnings. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Revenue and Expense Recognition	3 Months Ended
Revenue and Expense Recognition	Feb. 29, 2020
Revenue from Contract with Customer [Abstract]
Revenue and Expense Recognition	Revenue and Expense Recognition Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues, onboard and other revenues and tour and other revenues based upon the estimated standalone selling prices of those goods and services. Future travel discount vouchers are included as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time of cancellation. Our sale to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related cost of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three months ended February 29/28, fees, taxes and charges included in commissions, transportation and other costs were $174 million in 2020 and $163 million and in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We had customer deposits of $4.9 billion as of February 29, 2020 and November 30, 2019. During the three months ended February 28/29, 2020 and 2019, we recognized revenues of $3.0 billion related to our customer deposits as of November 30, 2019 and December 1, 2018. Our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue, refund of customer deposits and foreign currency translation. Contract Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. Contract Assets Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other and which are subsequently recognized as commissions, transportation and other at the time of revenue recognition. We have contract assets of $134 million and $154 million as of February 29, 2020 and December 1, 2019.

Unsecured Debt	3 Months Ended
Unsecured Debt	Feb. 29, 2020
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt At February 29, 2020, our short-term borrowings consisted of euro-denominated commercial paper of $1.0 billion. For the three months ended February 29/28, 2020 and 2019, there were no borrowings or repayments of commercial paper with original maturities greater than three months. In December 2019, we borrowed $823 million under an export credit facility due in semi-annual installments through fiscal year 2032. In February 2020, we extended a $452 million sterling-denominated floating rate bank loan, originally maturing in 2022, to 2025 with an option to extend to 2026. Refer to Note 11 - "Subsequent Events" for a discussion of events that occurred subsequent to February 29, 2020.

Contingencies	3 Months Ended
Contingencies	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation On May 2, 2019, two lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Carnival Cruise Line “trafficked” in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. The court denied our motion to dismiss the complaint filed by Javier Garcia-Bengochea, on August 26, 2019. While on August 28, 2019, the court denied our motion to dismiss the complaint filed by Havana Docks Corporation, later on January 6, 2020, it dismissed virtually identical cases brought by Havana Docks Corporation against other cruise lines, on the grounds raised in our motion to dismiss. In doing so, the court explicitly reversed its position on the issue and acknowledged the conflict with our case. Therefore, on January 6, 2020, we asked the court to formally dismiss the Havana Docks Corporation complaint. We believe we have meritorious defenses to the claims and we intend to vigorously defend against them. We do not believe that it is likely that the outcome of these matters will be material, but litigation is inherently unpredictable and there can be no assurances that the final outcome of the case might not be material to our operating results or financial condition. Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits, or any settlement of 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, lawsuits and settlements, as applicable, each and in the aggregate, will not have a material impact on our consolidated financial statements. 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. 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.

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks

3 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks

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 at the measurement date and is measured using inputs 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


	February 29, 2020																		November 30, 2019
	Carrying Value		Fair Value														Carrying Value		Fair Value
(in millions)					Level 1			Level 2			Level 3					Level 1					Level 2	Level 3
Assets
Long-term other assets (a)	$	177	$	—		$	30		$	145		$	181	$	—		$	31	$	149
Total	$	177	$	—		$	30		$	145		$	181	$	—		$	31	$	149
Liabilities
Fixed rate debt (b)	$	7,351	$	—		$	7,548		$	—		$	7,438	$	—		$	7,782	$	—
Floating rate debt (b)	5,740		—			5,656			—			4,195		—			4,248		—
Total	$	13,091	$	—		$	13,204		$	—		$	11,634	$	—		$	12,030	$	—

(a)Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes 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 current market interest rates being applied to this debt.

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


	February 29, 2020										November 30, 2019
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	1,354	$	—	$	—	$	518	$	—	$	—
Restricted cash	15		—		—		13		—		—

Derivative financial instruments	—		102		—		—		58		—
Total	$	1,368	$	102	$	—	$	530	$	58	$	—
Liabilities
Derivative financial instruments	$	—	$	17	$	—	$	—	$	25	$	—
Total	$	—	$	17	$	—	$	—	$	25	$	—

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

Valuation of Goodwill and Trademarks

As a result of the effect of COVID-19 on our expected future operating cash flows, we performed discounted cash flow analyses and determined that the estimated fair values of a North America & Australia (“NAA”) segment reporting unit, and a Europe & Asia (“EA”) segment reporting unit, no longer exceeded their carrying values. We recognized goodwill impairment charges of $731 million for these reporting units during the first quarter of 2020.

The determination of our reporting units' goodwill and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions, all of which are considered Level 3 inputs, used in our cash flow analyses consisted of:

•Changes in market conditions, port restrictions or strategy, including decision about the allocation of new ships amongst brands and the transfer of ships between brands

•Forecasted future operating results, including net revenue yields and fuel expenses

•Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in

which these cruise brands operate

We believe that we have made reasonable estimates and judgments. A change in the conditions, circumstances or strategy (including decisions about the allocation of new ships amongst brands and the transfer of ships between brands), which influence determinations of fair value, may result in a need to recognize an additional impairment charge. Refer to Note 11 - "Subsequent Events" for a discussion of events that occurred subsequent to February 29, 2020.


	Goodwill
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2019	$	1,898	$	1,014	$	2,912
Impairment charges	(300)		(431)		(731)
Foreign currency translation adjustment	—		(5)		(5)
At February 29, 2020	$	1,598	$	578	$	2,176


	Trademarks
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2019	$	927	$	240	$	1,167
Foreign currency translation adjustment	—		—		—
At February 29, 2020	$	927	$	240	$	1,167

Impairment of Ships

We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. As a result of the effect of COVID-19 on our expected future operating cash flows, we determined certain impairment triggers had occurred. Accordingly, we performed undiscounted cash flow analyses on certain ships as of February 29, 2020. Based on these undiscounted cash flow analyses, we determined that certain ships had net carrying values that exceeded their estimated undiscounted future cash flows. We estimated the February 29, 2020 fair values of these ships based on their discounted cash flows. We then compared these estimated fair values to the net carrying values and, as a result, we recognized $172 million and $158 million of ship impairment charges in the NAA and EA segments, respectively, included in other operating expenses of our Consolidated Statements of Income (Loss) for the first quarter of 2020.

The principal assumptions used in our analyses consisted of changes in strategy (including decisions about the sale of ships, estimated sale proceeds and timing, as well as the transfer of ships between brands), forecasted future operating results, including net revenue yields and fuel expenses. All principal assumptions are considered Level 3 inputs.

Derivative Instruments and Hedging Activities


(in millions)	Balance Sheet Location	February 29, 2020		November 30, 2019
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	39	$	32
	Other assets	49		25
Foreign currency forwards (b)	Prepaid expenses and other	14		—
Total derivative assets		$	102	$	58
Derivative liabilities
Derivatives designated as hedging instruments

Cross currency swaps (a)	Accrued liabilities and other	$	—	$	1
	Other long-term liabilities	—		9
Foreign currency zero cost collars (b)	Accrued liabilities and other	2		1
Interest rate swaps (c)	Accrued liabilities and other	6		6
	Other long-term liabilities	9		9
Total derivative liabilities		$	17	$	25

(a)At February 29, 2020 and November 30, 2019, we had cross currency swaps totaling $1.9 billion, respectively, that are designated as hedges of our net investment in foreign operations with a euro-denominated functional currency. At February 29, 2020, these cross currency swaps settle through 2031.

(b)At February 29, 2020, we had foreign currency derivatives consisting of foreign currency zero cost collars and foreign currency forwards that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.

(c)We have 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 $288 million at February 29, 2020 and $300 million at November 30, 2019 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 29, 2020, these interest rate swaps settle through 2025.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.


	February 29, 2020
(in millions)	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	$	102	$	—	$	102	$	(5)	$	97
Liabilities	$	18	$	—	$	17	$	(5)	$	12

	November 30, 2019
(in millions)	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	$	58	$	—	$	58	$	(4)	$	54
Liabilities	$	25	$	—	$	25	$	(4)	$	21

The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:


	Three Months Ended February 29/28,
(in millions)	2020		2019
Gains (losses) recognized in AOCI:
Cross currency swaps - net investment hedges - included component	$	(2)	$	2
Cross currency swaps - net investment hedges - excluded component	$	42	$	(12)
Foreign currency zero cost collars - cash flow hedges	$	(1)	$	—
Foreign currency forwards - cash flow hedges	$	14	$	—
Interest rate swaps - cash flow hedges	$	1	$	1
Gains (losses) reclassified from AOCI - cash flow hedges:
Interest rate swaps - Interest expense, net of capitalized interest	$	(2)	$	(2)
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps - Interest expense, net of capitalized interest	$	10	$	4

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.

Refer to Note 11 - "Subsequent Events" for a discussion of derivative transactions that occurred subsequent to February 29, 2020.

Financial Risks

Fuel Price Risks

We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through ship maintenance practices, modifying our itineraries and implementing innovative technologies. We are also adding new, more fuel efficient ships to our fleet and are strategically disposing of smaller, less fuel efficient ships.

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 operations primarily utilize the U.S. dollar, Australian dollar, euro or sterling as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates will affect our financial statements.

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies and are of a long-term nature. We partially mitigate the currency exposure of our investments in foreign operations by designating a portion of our foreign currency debt and derivatives as hedges of these investments. As of February 29, 2020, we have designated $852 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations and for the three months ended February 29, 2020, we recognized $2 million of gains on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income (loss). We also have $8.2 billion of euro-denominated debt,

including the effect of cross currency swaps, which provides an economic offset for our operations with euro functional currency.

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 to manage foreign currency exchange rate risk for some of our ship construction payments. At February 29, 2020, for the following newbuilds, we had foreign currency contracts for a portion of our euro-denominated shipyard payments. These contracts are designated as cash flow hedges.


	Entered Into	Matures In	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate		Weighted-Average Forward Rate
Foreign currency zero cost collars
Enchanted Princess	2019	June 2020	$	1.04	$	1.28
Mardi Gras	2019	October 2020	$	1.05	$	1.28
Foreign currency forwards
Iona	2020	May 2020					£	0.85

If the spot rate is between the ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under the zero cost collars.

At February 29, 2020, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments to non-euro functional currency brands, which represent a total unhedged commitment of $6.4 billion for newbuilds scheduled to be delivered from 2020 through 2025.

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision 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, issuance of new debt, amendment of existing debt or early retirement of existing debt.

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, notes receivables, committed financing facilities, contingent obligations, derivative instruments, insurance contracts, long-term ship charters and new ship progress payment guarantees, by:

•Conducting business with 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

At February 29, 2020, our exposures under derivative instruments 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. 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 trade receivables and other 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 historically experienced significant credit losses on our trade receivables, notes receivables, charter-hire agreements and contingent obligations. Because of the impact the COVID-19 outbreak is having on economies, we could experience an increase in future credit losses. We have not normally required collateral or other security to support normal credit sales.

Leases

3 Months Ended

Feb. 29, 2020

Leases [Abstract]

Leases

Substantially all of our leases for which we are the lessee are operating leases of port facilities and real estate and are included within operating lease right-of-use assets, long-term operating lease liabilities and current portion of operating lease liabilities in our Consolidated Balance Sheet as of February 29, 2020.

We have port facilities and real estate lease agreements with lease and non-lease components, and in such cases, we account for the components as a single lease component.

We do not recognize lease assets and lease liabilities for any leases with an original term of less than one year. For some of our port facilities and real estate lease agreements, we have the option to extend our current lease term by 1 to 10 years. Generally, we do not include renewal options as a component of our present value calculation as we are not reasonably certain that we will exercise the options.

As most of our leases do not have a readily determinable implicit rate, we estimate the incremental borrowing rate ("IBR") to determine the present value of lease payments. We apply judgment in estimating the IBR including considering the term of the lease, the currency in which the lease is denominated, and the impact of collateral and our credit risk on the rate. For leases that were in place upon adoption, we used the remaining lease term as of December 1, 2019 in determining the IBR. For the initial measurement of the lease liabilities for leases commencing after December 1, 2019, the IBR at the lease commencement date was applied.

We amortize our lease assets on a straight-line basis over the lease term. During the quarter ended February 29, 2020, we recognized $17 million of operating lease costs, including lease amortization and imputed interest, related to all of our leases other than the port facilities, as operating lease expense. Variable and short-term lease costs related to operating leases, other than the port facilities, were not material to our consolidated financial statements.

We have multi-year preferential berthing agreements which are operating leases. During the quarter ended February 29, 2020, we had $30 million of lease asset amortization expense and imputed interest expense and $31 million of variable port costs, which vary based on the number of passengers, recorded within commission, transportation and other in our Consolidated Statements of Income (Loss).

We have multiple agreements, with a total undiscounted minimum commitment of approximately $454 million, that have been executed but the lease term has not commenced as of February 29, 2020. These are substantially all related to our rights to use certain port facilities. The leases are expected to commence between 2020 and 2022.

During the quarter ended February 29, 2020, we obtained $107 million of right-of-use assets in exchange for new operating lease liabilities.

Weighted average of the remaining lease terms and weighted average discount rates are as follows:


	February 29, 2020
Weighted average remaining lease term - operating leases (in years)	13
Weighted average discount rate - operating leases	3.1	%

As of February 29, 2020, maturities of lease liabilities were as follows:


(in millions) Year	Total Operating Leases
Remainder of 2020	$	158
2021	188
2022	156
2023	148
2024	142
Thereafter	1,039
Total lease payments	1,832
Less: Present value discount	(352)
Present value of lease liabilities	$	1,480

Under ASC 840, Leases, future minimum lease payments under non-cancelable operating leases of port facilities and other assets as of November 30, 2019 were as follows:


(in millions) Year	Total Operating Leases
2020	$	219
2021	196
2022	161
2023	173
2024	167
Thereafter	1,408
	$	2,324

For time charter arrangements where we are the lessor and for transactions with cruise guests related to the use of cabins, we do not separate lease and non-lease components. As the non-lease components are the predominant components in the agreements, we account for these transactions under the Revenue Recognition guidance.

We have sales-type leases of ships for which we are the lessor. As of February 29, 2020, the net investment related to these leases was $127 million.

Segment Information

3 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Segment Information

Our operating 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 four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other.

The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated 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.


	Three Months Ended February 29/28,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)
2020
NAA	$	3,140	$	2,274	$	400	$	364	$	(197)	(a)
EA	1,552		1,317		207		166		(569)		(b)
Cruise Support	44		(87)		65		32		35
Tour and Other	52		19		7		8		18
	$	4,789	$	3,523	$	678	$	570	$	(713)
2019
NAA	$	3,077	$	2,010	$	353	$	328	$	386
EA	1,526		1,075		205		152		93
Cruise Support	42		27		65		28		(78)
Tour and Other	29		29		6		9		(15)
	$	4,673	$	3,142	$	629	$	516	$	386

(a) Includes $300 million of goodwill impairment charges.

(b) Includes $431 million of goodwill impairment charges.

Revenue by geographic areas, which are based on where our guests are sourced, were as follows:


	Three Months Ended February 29/28
(in millions)	2020		2019
North America	$	2,647	$	2,520
Europe	1,367		1,399
Australia and Asia	615		584
Other	161		170
	$	4,789	$	4,673

Earnings Per Share

3 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Earnings Per Share


	Three Months Ended February 29/28,
(in millions, except per share data)	2020		2019
Net income (loss) for basic and diluted earnings per share	$	(781)	$	336
Weighted-average shares outstanding	684		693
Dilutive effect of equity plans	—		2
Diluted weighted-average shares outstanding	684		695
Basic earnings per share	$	(1.14)	$	0.48
Diluted earnings per share	$	(1.14)	$	0.48
Antidilutive equity awards excluded from diluted earnings per share computations	1		—

Supplemental Cash Flow Information

3 Months Ended

Feb. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information


(in millions)	February 29, 2020		November 30, 2019
Cash and cash equivalents (Consolidated Balance Sheets)	$	1,354	$	518
Restricted cash included in prepaid expenses and other and other assets	15		13
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	1,368	$	530

We did not issue notes receivable upon sale of ships during the three months ended February 29/28, 2020 and 2019.

Other Assets	3 Months Ended
Other Assets	Feb. 29, 2020
Other Assets [Abstract]
Other Assets	Other AssetsWe have a minority interest in CSSC Carnival Cruise Shipping Limited (“CSSC-Carnival”), a China-based cruise company which will operate its own fleet designed to serve the Chinese market. Our investment in CSSC-Carnival was $132 million as of February 29, 2020 and $48 million as of November 30, 2019. In December 2019, we sold to CSSC-Carnival a controlling interest in an entity with full ownership of two EA segment ships and recognized a related gain of $107 million, included in other operating expenses in our Consolidated Statements of Income (Loss). We will continue to operate both ships under bareboat charter agreements into 2021.

Subsequent Events	3 Months Ended
Subsequent Events	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The spread of COVID-19 and the recent developments surrounding the global pandemic are having material negative impacts on all aspects of our business. On March 13, 2020, we announced voluntary pauses of our global fleet cruise operations across all brands. The duration of the pauses will be dependent in part on various travel restrictions and travel bans issued by countries around the world. As of April 1, 2020, substantially all our ships have disembarked their passengers. There are approximately 6,000 passengers onboard ships still at sea that are expected to disembark their passengers by the end of April. Some of our crew is unable to return home, and we will be providing them with food and housing. We have updated our cancellation policies, the terms of which vary widely by brand and sailing date, to permit cruisers to cancel certain upcoming cruises and elect to receive refunds in cash or future cruise credits. As an incentive to accept the future cruise credits, our brands have offerings which vary widely in terms but generally increase the value of the future cruise credits or onboard credits (credits that can be used as onboard spending money on a future sailing). The volume and pace of cash refunds could have a material adverse effect on our liquidity and capital resources. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have, a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak. We have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive regarding the impact of such a cessation on our brands and future prospects is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with certainty, but we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020. The effects of further decreases in estimated future operating cash flows could result in the need to recognize additional impairment charges in future periods. In March and April 2020, Moody’s and S&P Global downgraded our long-term issuer and senior unsecured debt ratings. In addition, our long-term ratings were placed on review for further downgrade by both rating agencies. Our short-term commercial paper credit ratings were downgraded and also placed on review for further downgrade. In March 2020, we fully drew down our $3.0 billion Existing Multicurrency Facility. In March 2020, we early settled all outstanding cross currency swaps designated as net investment hedges and received proceeds of $180 million, of which $167 million will remain in AOCI until either the sale or substantially complete liquidation of the related subsidiary. We also early settled our foreign currency forwards that were designated as cash flow hedges and received proceeds of $53 million which will remain in AOCI until recognized in earnings proportionately to the related depreciation expense of the underlying vessel that was hedged. On April 1, 2020, we announced the pricing terms of offerings of $4.0 billion of the Secured Notes, $1.75 billion Convertible Notes and a public offering of $500 million of common stock in the Public Equity Offering. In connection with the Convertible Notes offering, we granted the initial purchasers of the Convertible Notes an option to purchase on or before April 18, 2020, up to an additional $262.5 million aggregate principal amount of Convertible Notes. In connection with the Public Equity Offering, we granted the underwriters an option to purchase up to 9,375,000 of additional shares of common stock, which option must be exercised on or before May 1, 2020. The Secured Notes will pay interest semi-annually on April 1 and October 1 of each year, beginning on October 1, 2020, at a rate of 11.5% per year. The Secured Notes will mature on April 1, 2023. The Convertible Notes will pay interest semi-annually on April 1 and October 1 of each year, beginning on October 1, 2020, at a rate of 5.75% per year. The Convertible Notes will mature on April 1, 2023, unless earlier converted, redeemed or repurchased. The initial conversion rate per $1,000 principal amount of Convertible Notes is equivalent to 100 shares of common stock of the Corporation, which is equivalent to a conversion price of approximately $10 per share, subject to adjustment in certain circumstances. The Public Equity Offering consists of 62,500,000 shares of common stock, par value $0.01 per share, of Carnival Corporation, at a price of $8 per share. The Public Equity Offering, the Convertible Notes offering and the Secured Notes offering are expected to be completed in early April, subject to customary closing conditions. The net proceeds from the offering of Secured Notes will be deposited in to a segregated escrow account, pending the releases in accordance with certain collateral perfection thresholds. None of the closings of the Public Equity Offering and the offerings of the Secured Notes or the Convertible Notes is conditioned upon the closing of any of the other offerings or vice versa. One of our directors purchased 1.25 million shares of our common stock as part of the Public Equity Offering for a purchase price of approximately $10 million.

General (Policies)	3 Months Ended
General (Policies)	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three months ended February 29/28, 2020 and 2019, and the Consolidated Balance Sheet at February 29, 2020 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring 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 2019 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 28, 2020. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year.
Accounting Pronouncements	Accounting Pronouncements On December 1, 2019, we adopted the FASB issued guidance, Leases, using the modified retrospective approach, which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods. We have implemented changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. Upon adoption of the new guidance, the most significant impact was the recognition of $1.4 billion of right-of-use assets and lease liabilities relating to operating leases, reported within operating lease right-of-use assets and long-term operating lease liabilities, with the current portion of the liability reported within current portion of operating lease liabilities, in our Consolidated Balance Sheet as of December 1, 2019. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. This guidance had an immaterial impact on our Consolidated Statements of Income (Loss), Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and the compliance with debt-covenants under our current agreements. The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same net income (loss) line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the Consolidated Statements of Cash Flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021 and must be applied using either a prospective or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance, Financial Instruments - Credit Losses, which requires an entity to present the net amount expected to be collected for certain financial assets, including trade receivables. On initial recognition and at each reporting period, this guidance will require an entity to recognize an allowance that reflects the entity's current estimate of credit losses expected to be incurred over the life of the financial instrument. This guidance is required to be adopted by us in the first quarter of 2021 and will be applied prospectively with a cumulative-effect adjustment to retained earnings. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Revenue from Contract with Customer	Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues, onboard and other revenues and tour and other revenues based upon the estimated standalone selling prices of those goods and services. Future travel discount vouchers are included as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time of cancellation. Our sale to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related cost of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three months ended February 29/28, fees, taxes and charges included in commissions, transportation and other costs were $174 million in 2020 and $163 million and in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement.

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

3 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

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

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


	February 29, 2020																		November 30, 2019
	Carrying Value		Fair Value														Carrying Value		Fair Value
(in millions)					Level 1			Level 2			Level 3					Level 1					Level 2	Level 3
Assets
Long-term other assets (a)	$	177	$	—		$	30		$	145		$	181	$	—		$	31	$	149
Total	$	177	$	—		$	30		$	145		$	181	$	—		$	31	$	149
Liabilities
Fixed rate debt (b)	$	7,351	$	—		$	7,548		$	—		$	7,438	$	—		$	7,782	$	—
Floating rate debt (b)	5,740		—			5,656			—			4,195		—			4,248		—
Total	$	13,091	$	—		$	13,204		$	—		$	11,634	$	—		$	12,030	$	—

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

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


	February 29, 2020										November 30, 2019
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	1,354	$	—	$	—	$	518	$	—	$	—
Restricted cash	15		—		—		13		—		—

Derivative financial instruments	—		102		—		—		58		—
Total	$	1,368	$	102	$	—	$	530	$	58	$	—
Liabilities
Derivative financial instruments	$	—	$	17	$	—	$	—	$	25	$	—
Total	$	—	$	17	$	—	$	—	$	25	$	—

Reconciliation of Changes in Carrying Amounts of Goodwill


	Goodwill
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2019	$	1,898	$	1,014	$	2,912
Impairment charges	(300)		(431)		(731)
Foreign currency translation adjustment	—		(5)		(5)
At February 29, 2020	$	1,598	$	578	$	2,176

Reconciliation of Changes in Carrying Amounts of Trademarks


	Trademarks
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2019	$	927	$	240	$	1,167
Foreign currency translation adjustment	—		—		—
At February 29, 2020	$	927	$	240	$	1,167

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

Derivative Instruments and Hedging Activities


(in millions)	Balance Sheet Location	February 29, 2020		November 30, 2019
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	39	$	32
	Other assets	49		25
Foreign currency forwards (b)	Prepaid expenses and other	14		—
Total derivative assets		$	102	$	58
Derivative liabilities
Derivatives designated as hedging instruments

Cross currency swaps (a)	Accrued liabilities and other	$	—	$	1
	Other long-term liabilities	—		9
Foreign currency zero cost collars (b)	Accrued liabilities and other	2		1
Interest rate swaps (c)	Accrued liabilities and other	6		6
	Other long-term liabilities	9		9
Total derivative liabilities		$	17	$	25

Offsetting Derivative Instruments


	February 29, 2020
(in millions)	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	$	102	$	—	$	102	$	(5)	$	97
Liabilities	$	18	$	—	$	17	$	(5)	$	12

	November 30, 2019
(in millions)	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	$	58	$	—	$	58	$	(4)	$	54
Liabilities	$	25	$	—	$	25	$	(4)	$	21

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:


	Three Months Ended February 29/28,
(in millions)	2020		2019
Gains (losses) recognized in AOCI:
Cross currency swaps - net investment hedges - included component	$	(2)	$	2
Cross currency swaps - net investment hedges - excluded component	$	42	$	(12)
Foreign currency zero cost collars - cash flow hedges	$	(1)	$	—
Foreign currency forwards - cash flow hedges	$	14	$	—
Interest rate swaps - cash flow hedges	$	1	$	1
Gains (losses) reclassified from AOCI - cash flow hedges:
Interest rate swaps - Interest expense, net of capitalized interest	$	(2)	$	(2)
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps - Interest expense, net of capitalized interest	$	10	$	4

Schedule of Newbuild Currency

At February 29, 2020, for the following newbuilds, we had foreign currency contracts for a portion of our euro-denominated shipyard payments. These contracts are designated as cash flow hedges.


	Entered Into	Matures In	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate		Weighted-Average Forward Rate
Foreign currency zero cost collars
Enchanted Princess	2019	June 2020	$	1.04	$	1.28
Mardi Gras	2019	October 2020	$	1.05	$	1.28
Foreign currency forwards
Iona	2020	May 2020					£	0.85

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Leases (Tables)

3 Months Ended

Feb. 29, 2020

Leases [Abstract]

Schedule of Lease Terms and Discount Rates

Weighted average of the remaining lease terms and weighted average discount rates are as follows:


	February 29, 2020
Weighted average remaining lease term - operating leases (in years)	13
Weighted average discount rate - operating leases	3.1	%

Schedule of Maturities of Operating Lease Liabilities

As of February 29, 2020, maturities of lease liabilities were as follows:


(in millions) Year	Total Operating Leases
Remainder of 2020	$	158
2021	188
2022	156
2023	148
2024	142
Thereafter	1,039
Total lease payments	1,832
Less: Present value discount	(352)
Present value of lease liabilities	$	1,480

Schedule of Future Minimum Lease Payments

Under ASC 840, Leases, future minimum lease payments under non-cancelable operating leases of port facilities and other assets as of November 30, 2019 were as follows:


(in millions) Year	Total Operating Leases
2020	$	219
2021	196
2022	161
2023	173
2024	167
Thereafter	1,408
	$	2,324

Segment Information (Tables)

3 Months Ended

Feb. 29, 2020

Segment Reporting [Abstract]

Schedule of Segment Information


	Three Months Ended February 29/28,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)
2020
NAA	$	3,140	$	2,274	$	400	$	364	$	(197)	(a)
EA	1,552		1,317		207		166		(569)		(b)
Cruise Support	44		(87)		65		32		35
Tour and Other	52		19		7		8		18
	$	4,789	$	3,523	$	678	$	570	$	(713)
2019
NAA	$	3,077	$	2,010	$	353	$	328	$	386
EA	1,526		1,075		205		152		93
Cruise Support	42		27		65		28		(78)
Tour and Other	29		29		6		9		(15)
	$	4,673	$	3,142	$	629	$	516	$	386

(a) Includes $300 million of goodwill impairment charges.

(b) Includes $431 million of goodwill impairment charges.

Schedule of Revenue by Geographical Area

Revenue by geographic areas, which are based on where our guests are sourced, were as follows:


	Three Months Ended February 29/28
(in millions)	2020		2019
North America	$	2,647	$	2,520
Europe	1,367		1,399
Australia and Asia	615		584
Other	161		170
	$	4,789	$	4,673

Earnings Per Share (Tables)

3 Months Ended

Feb. 29, 2020

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share Computation


	Three Months Ended February 29/28,
(in millions, except per share data)	2020		2019
Net income (loss) for basic and diluted earnings per share	$	(781)	$	336
Weighted-average shares outstanding	684		693
Dilutive effect of equity plans	—		2
Diluted weighted-average shares outstanding	684		695
Basic earnings per share	$	(1.14)	$	0.48
Diluted earnings per share	$	(1.14)	$	0.48
Antidilutive equity awards excluded from diluted earnings per share computations	1		—

Supplemental Cash Flow Information (Tables)

3 Months Ended

Feb. 29, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Information


(in millions)	February 29, 2020		November 30, 2019
Cash and cash equivalents (Consolidated Balance Sheets)	$	1,354	$	518
Restricted cash included in prepaid expenses and other and other assets	15		13
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	1,368	$	530

General (Details)

3 Months Ended

Feb. 29, 2020

USD ($)

Feb. 28, 2019

USD ($)

Apr. 01, 2020

USD ($)

Mar. 31, 2020

USD ($)

Mar. 13, 2020

USD ($)

Dec. 01, 2019

USD ($)

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Revenues

$ 4,789,000,000

$ 4,673,000,000

Operating lease right-of-use assets

^[1]

1,469,000,000

Operating lease liabilities

1,480,000,000

ASU 2016-02

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Operating lease right-of-use assets

$ 1,400,000,000

Operating lease liabilities

$ 1,400,000,000

Cruise onboard and other

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Revenues

1,556,000,000

1,474,000,000

Cruise onboard and other | Adjustment

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Revenues

29,000,000

Cruise

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Other operating

$ 1,001,000,000

759,000,000

Cruise | Adjustment

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Other operating

$ 29,000,000

Revolving credit facility | Subsequent Event

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Line of credit facility, maximum borrowing capacity

$ 3,000,000,000.0

EBITDA

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Interest coverage ratio

Senior Secured Notes due 2023 | Secured | Subsequent Event

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Debt instrument, face amount

$ 4,000,000,000.0

Senior Secured Notes due 2023, Initial Purchasers Exercise Additional Options | Convertible | Subsequent Event

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Debt instrument, face amount

2,012,500,000.0000

Senior Convertible Notes due 2023 | Convertible | Subsequent Event

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Debt instrument, face amount

1,750,000,000

Debt instrument, convertible, carrying amount

500,000,000

Senior Converted Notes due 2023, Underwriters Exercise Additional Shares | Convertible | Subsequent Event

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Debt instrument, convertible, carrying amount

$ 575,000,000

[1]	We adopted the provisions of Leases on December 1, 2019.

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019	Dec. 01, 2019	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Fees, taxes, and charges	$ 174	$ 163
Contract assets	134		$ 154
Cruise
Disaggregation of Revenue [Line Items]
Customer deposits	4,900			$ 4,900
Revenues recognized related to customer deposits at beginning of period	$ 3,000	$ 3,000

Unsecured Debt (Details) - USD ($)	1 Months Ended		3 Months Ended
Unsecured Debt (Details) - USD ($)	Feb. 29, 2020	Dec. 31, 2019	Feb. 29, 2020	Feb. 28, 2019
Export credit facility \| Export credit facility due 2032
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 823,000,000
Sterling-denominated floating rate bank loan \| Sterling-denominated floating rate bank loan due 2025
Debt Instrument [Line Items]
Proceeds from long-term debt	$ 452,000,000
Commercial paper
Debt Instrument [Line Items]
Current unsecured debt	$ 1,000,000,000.0		$ 1,000,000,000.0
Proceeds from short term debt			$ 0	$ 0

Contingencies (Details)	May 02, 2019 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 29, 2020	Nov. 30, 2019
Carrying Value
Assets
Long-term other assets	$ 177	$ 181
Total	177	181
Liabilities
Total	13,091	11,634
Carrying Value \| Fixed rate debt
Liabilities
Debt	7,351	7,438
Carrying Value \| Floating rate debt
Liabilities
Debt	5,740	4,195
Fair Value \| Level 1
Assets
Long-term other assets	0	0
Total	0	0
Liabilities
Total	0	0
Fair Value \| Level 1 \| Fixed rate debt
Liabilities
Debt	0	0
Fair Value \| Level 1 \| Floating rate debt
Liabilities
Debt	0	0
Fair Value \| Level 2
Assets
Long-term other assets	30	31
Total	30	31
Liabilities
Total	13,204	12,030
Fair Value \| Level 2 \| Fixed rate debt
Liabilities
Debt	7,548	7,782
Fair Value \| Level 2 \| Floating rate debt
Liabilities
Debt	5,656	4,248
Fair Value \| Level 3
Assets
Long-term other assets	145	149
Total	145	149
Liabilities
Total	0	0
Fair Value \| Level 3 \| Fixed rate debt
Liabilities
Debt	0	0
Fair Value \| Level 3 \| Floating rate debt
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - 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. 29, 2020	Nov. 30, 2019
Assets
Derivative financial instruments	$ 102	$ 58
Liabilities
Derivative financial instruments	18	25
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Restricted cash	15	13
Total	1,368	530
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Money market funds
Assets
Cash and cash equivalents	1,354	518
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Total	102	58
Liabilities
Total	17	25
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments, assets
Assets
Derivative financial instruments	102	58
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 17	$ 25

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Goodwill [Roll Forward]
At November 30, 2019	$ 2,912
Impairment charges	(731)	$ 0
Foreign currency translation adjustment	(5)
At February 29, 2020	2,176
NAA Segment
Goodwill [Roll Forward]
At November 30, 2019	1,898
Impairment charges	(300)
Foreign currency translation adjustment	0
At February 29, 2020	1,598
EA Segment
Goodwill [Roll Forward]
At November 30, 2019	1,014
Impairment charges	(431)
Foreign currency translation adjustment	(5)
At February 29, 2020	$ 578

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Trademarks (Details) $ in Millions	3 Months Ended
	Feb. 29, 2020 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	$ 1,167
At February 29, 2020	1,167
NAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	927
Foreign currency translation adjustment	0
At February 29, 2020	927
EA Segment
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	240
At February 29, 2020	$ 240

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) $ in Millions	3 Months Ended
	Feb. 29, 2020 USD ($)
NAA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 172
EA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 158

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Feb. 29, 2020	Nov. 30, 2019
Derivatives, Fair Value [Line Items]
Derivative assets	$ 102	$ 58
Derivative liabilities	17	25
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	102	58
Cross currency swaps \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	39	32
Cross currency swaps \| Derivatives designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	49	25
Cross currency swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	1
Cross currency swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		9
Foreign currency forwards \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	14	0
Foreign currency zero cost collars \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	1
Interest rate swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	6	6
Interest rate swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	9	9
Interest rate swaps \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	288	300
Currency swap \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 1,900	$ 1,900

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Feb. 29, 2020	Nov. 30, 2019
Assets
Gross Amounts	$ 102	$ 58
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	102	58
Gross Amounts not Offset in the Balance Sheet	(5)	(4)
Net Amounts	97	54
Liabilities
Gross Amounts	18	25
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	17	25
Gross Amounts not Offset in the Balance Sheet	(5)	(4)
Net Amounts	$ 12	$ 21

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - Designated as hedging instruments - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ (2)	$ 2
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	42	(12)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	(1)	0
Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	14	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	1	1
Gains (losses) reclassified from AOCI, cash flow hedges	(2)	(2)
Cross currency swaps, interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing - net investment hedges)	$ 10	$ 4

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Rate Risks (Details) $ in Millions	3 Months Ended
	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Change in foreign currency translation adjustment	$ 25	$ 79
Foreign currency contract commitments	$ 6,400
Iona \| Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Forward Rate	0.85
Foreign currency zero cost collars \| Enchanted Princess \| Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.04
Weighted- Average Ceiling Rate	1.28
Foreign currency zero cost collars \| Mardi Gras \| Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.05
Weighted- Average Ceiling Rate	1.28
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 852
Change in foreign currency translation adjustment	2
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 8,200

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Feb. 29, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 17
Operation lease amortization expense	30
Operating lease interest expense	31
Operating lease minimum commitment	454
Right-of-use assets obtained in exchange for operating lease liabilities	107
Net investment in leases	$ 127
Minimum
Lessee, Lease, Description [Line Items]
Lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Lease renewal term	10 years

Leases - Lease Terms and Discount Rates (Details)	Feb. 29, 2020
Leases [Abstract]
Weighted average remaining lease term - operating leases (in years)	13 years
Weighted average discount rate - operating leases (percent)	3.10%

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Feb. 29, 2020 USD ($)
Leases [Abstract]
Remainder of 2020	$ 158
2021	188
2022	156
2023	148
2024	142
Thereafter	1,039
Total lease payments	1,832
Less: Present value discount	(352)
Present value of lease liabilities	$ 1,480

Leases - Future Minimum Lease Payments (Details) $ in Millions	Nov. 30, 2019 USD ($)
Leases [Abstract]
2020	$ 219
2021	196
2022	161
2023	173
2024	167
Thereafter	1,408
Total	$ 2,324

Segment Information - Segment Reporting (Details) $ in Millions	3 Months Ended
	Feb. 29, 2020 USD ($) segment	Feb. 28, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	4
Revenues	$ 4,789	$ 4,673
Operating costs and expenses	3,523	3,142
Selling and administrative	678	629
Depreciation and amortization	570	516
Operating Income (Loss)	(713)	386
Impairment charges	(731)	0
NAA
Segment Reporting Information [Line Items]
Impairment charges	(300)
EA
Segment Reporting Information [Line Items]
Impairment charges	(431)
Operating Segments \| NAA
Segment Reporting Information [Line Items]
Revenues	3,140	3,077
Operating costs and expenses	2,274	2,010
Selling and administrative	400	353
Depreciation and amortization	364	328
Operating Income (Loss)	(197)	386
Impairment charges	300
Operating Segments \| EA
Segment Reporting Information [Line Items]
Revenues	1,552	1,526
Operating costs and expenses	1,317	1,075
Selling and administrative	207	205
Depreciation and amortization	166	152
Operating Income (Loss)	(569)	93
Impairment charges		431
Operating Segments \| Cruise Support
Segment Reporting Information [Line Items]
Revenues	44	42
Operating costs and expenses	(87)	27
Selling and administrative	65	65
Depreciation and amortization	32	28
Operating Income (Loss)	35	(78)
Operating Segments \| Tour and Other
Segment Reporting Information [Line Items]
Revenues	52	29
Operating costs and expenses	19	29
Selling and administrative	7	6
Depreciation and amortization	8	9
Operating Income (Loss)	$ 18	$ (15)

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,789	$ 4,673
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,647	2,520
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,367	1,399
Australia and Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	615	584
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 161	$ 170

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (781)	$ 336
Weighted-average shares outstanding (in shares)	684	693
Dilutive effect of equity plans (in shares)	0	2
Diluted weighted-average shares outstanding (in shares)	684	695
Basic earnings per share (in dollars per share)	$ (1.14)	$ 0.48
Diluted earnings per share (in dollars per share)	$ (1.14)	$ 0.48
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	1	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

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

+ References + Details

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	Feb. 29, 2020	Nov. 30, 2019	Feb. 28, 2019	Nov. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 1,354	$ 518
Restricted cash included in prepaid expenses and other and other assets	15	13
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 1,368	$ 530	$ 665	$ 996

Other Assets (Details) - CSSC-Carnival $ in Millions	1 Months Ended
Other Assets (Details) - CSSC-Carnival $ in Millions	Dec. 31, 2019 USD ($) cruise_ship	Feb. 29, 2020 USD ($)	Nov. 30, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment, amount		$ 132	$ 48
EA Segment
Schedule of Equity Method Investments [Line Items]
Number of cruise ships \| cruise_ship	2
Investment amount sold, gain	$ 107

Subsequent Events (Details) $ / shares in Units, passenger in Thousands		1 Months Ended	3 Months Ended
	Apr. 01, 2020 USD ($) shares passenger $ / shares	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Feb. 28, 2019 USD ($)	Mar. 13, 2020 USD ($)
Cross currency swaps \| Derivatives designated as hedging instruments
Subsequent Event [Line Items]
Gains (losses) recognized in AOCI, net investment hedges			$ (2,000,000)	$ 2,000,000
Foreign currency forwards \| Derivatives designated as hedging instruments
Subsequent Event [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges			$ 14,000,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Number of passengers onboard ships still at sea \| passenger	6
Subsequent Event \| Cross currency swaps \| Derivatives designated as hedging instruments
Subsequent Event [Line Items]
Gains (losses) reclassified from AOCI, net investment hedges		$ 180,000,000
Gains (losses) recognized in AOCI, net investment hedges		167,000,000
Subsequent Event \| Foreign currency forwards \| Derivatives designated as hedging instruments
Subsequent Event [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges		53,000,000
Subsequent Event \| Revolving credit facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity		$ 3,000,000,000.0			$ 3,000,000,000.0
Subsequent Event \| Secured \| Senior Secured Notes due 2023
Subsequent Event [Line Items]
Debt instrument, face amount	$ 4,000,000,000.0
Debt instrument, interest rate (percent)	11.50%
Subsequent Event \| Convertible \| Senior Convertible Notes due 2023
Subsequent Event [Line Items]
Debt instrument, face amount	$ 1,750,000,000
Debt instrument, convertible, carrying amount	500,000,000
Debt instrument, additional options, amount	$ 262,500,000
Debt instrument, additional options (in shares) \| shares	9,375,000
Debt instrument, interest rate (percent)	5.75%
Conversion rate, amount	$ 1,000
Debt instrument, convertible, number of shares \| shares	100
Debt instrument, conversion price (in dollars per share) \| $ / shares	$ 10
Shares, issued (in shares) \| shares	62,500,000
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Shares, issued price (in dollars per share) \| $ / shares	$ 8
Subsequent Event \| Convertible \| Senior Convertible Notes due 2023 \| Director
Subsequent Event [Line Items]
Shares purchased by employee (in shares) \| shares	1,250,000
Shares amount purchased by employee	$ 10,000,000

Label	Element	Value
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (24,000,000)
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (24,000,000)