0000815097-23-000012 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Nov. 30, 2022	Jan. 12, 2023	May 31, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--11-30
Document Period End Date	Nov. 30, 2022
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 12.1
Entity Common Stock, Shares Outstanding (in shares)		1,113,479,515
Documents Incorporated by Reference	Portions of the 2022 Annual Report and 2023 joint definitive Proxy Statement are incorporated by reference into Part II and Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000815097
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
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, Postal Zip Code	SO15 1ST,
Entity Address, Country	GB
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 Public Float			$ 2.3
Entity Common Stock, Shares Outstanding (in shares)		186,136,095
Entity Central Index Key	0001125259
Carnival PLC \| Ordinary shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares each represented by American Depositary Shares ($1.66 par value)
Trading Symbol	CUK
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

Audit Information	12 Months Ended
Audit Information	Nov. 30, 2022
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Hallandale Beach, Florida
Auditor Firm ID	238

Consolidated Statements of Income (Loss) - USD ($)	12 Months Ended
Consolidated Statements of Income (Loss) - USD ($)	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Revenues
Revenues	$ 12,168,000,000	$ 1,908,000,000	$ 5,595,000,000
Operating Costs and Expenses
Commissions, transportation and other	1,630,000,000	269,000,000	1,139,000,000
Onboard and other	1,528,000,000	272,000,000	605,000,000
Payroll and related	2,181,000,000	1,309,000,000	1,780,000,000
Fuel	2,157,000,000	680,000,000	823,000,000
Food	863,000,000	187,000,000	413,000,000
Ship and other impairments	440,000,000	591,000,000	1,967,000,000
Other operating	2,958,000,000	1,346,000,000	1,518,000,000
Operating costs and expenses	11,757,000,000	4,655,000,000	8,245,000,000
Selling and administrative	2,515,000,000	1,885,000,000	1,878,000,000
Depreciation and amortization	2,275,000,000	2,233,000,000	2,241,000,000
Goodwill impairments	0	226,000,000	2,096,000,000
Costs and expenses	16,547,000,000	8,997,000,000	14,460,000,000
Operating Income (Loss)	(4,379,000,000)	(7,089,000,000)	(8,865,000,000)
Nonoperating Income (Expense)
Interest income	74,000,000	12,000,000	18,000,000
Interest expense, net of capitalized interest	(1,609,000,000)	(1,601,000,000)	(895,000,000)
Gain (loss) on debt extinguishment, net	(1,000,000)	(670,000,000)	(459,000,000)
Other income (expense), net	(165,000,000)	(173,000,000)	(52,000,000)
Nonoperating Income (Expense)	(1,701,000,000)	(2,433,000,000)	(1,388,000,000)
Income (Loss) Before Income Taxes	(6,080,000,000)	(9,522,000,000)	(10,253,000,000)
Income Tax Benefit (Expense), Net	(14,000,000)	21,000,000	17,000,000
Net Income (Loss)	$ (6,093,000,000)	$ (9,501,000,000)	$ (10,236,000,000)
Earnings Per Share
Basic (in dollars per share)	$ (5.16)	$ (8.46)	$ (13.20)
Diluted (in dollars per share)	$ (5.16)	$ (8.46)	$ (13.20)
Cruise passenger ticket
Revenues
Revenues	$ 7,022,000,000	$ 1,000,000,000	$ 3,684,000,000
Cruise onboard and other
Revenues
Revenues	$ 5,147,000,000	$ 908,000,000	$ 1,910,000,000

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (6,093)	$ (9,501)	$ (10,236)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(503)	(118)	578
Other	22	53	51
Other Comprehensive Income (Loss)	(481)	(65)	630
Total Comprehensive Income (Loss)	$ (6,574)	$ (9,567)	$ (9,606)

- Definition

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

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+ Details

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Current Assets
Cash and cash equivalents	$ 4,029	$ 8,939
Restricted cash	1,988	14
Short-term investments	0	200
Trade and other receivables, net	395	246
Inventories	428	356
Prepaid expenses and other	652	379
Total current assets	7,492	10,133
Property and Equipment, Net	38,687	38,107
Operating Lease Right-of-Use Assets	1,274	1,333
Goodwill	579	579
Other Intangibles	1,156	1,181
Other Assets	2,515	2,011
Assets	51,703	53,344
Current Liabilities
Short-term borrowings	200	2,790
Current portion of long-term debt	2,393	1,927
Current portion of operating lease liabilities	146	142
Accounts payable	1,050	797
Accrued liabilities and other	1,942	1,641
Customer deposits	4,874	3,112
Total current liabilities	10,605	10,408
Long-Term Debt	31,953	28,509
Long-Term Operating Lease Liabilities	1,189	1,239
Other Long-Term Liabilities	891	1,043
Commitments and Contingencies
Shareholders’ Equity
Additional paid-in capital	16,872	15,292
Retained earnings	269	6,448
Accumulated other comprehensive income (loss) (“AOCI”)	(1,982)	(1,501)
Treasury stock, 130 shares at 2022 and 2021 of Carnival Corporation and 72 shares at 2022 and 67 shares at 2021 of Carnival plc, at cost	(8,468)	(8,466)
Total shareholders’ equity	7,065	12,144
Liabilities and Shareholders' Equity	51,703	53,344
Common stock
Shareholders’ Equity
Common stock	12	11
Ordinary shares
Shareholders’ Equity
Common stock	$ 361	$ 361

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Nov. 30, 2022	Nov. 30, 2021
Common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	1,244	1,116
Treasury stock, shares (in shares)	130	130
Carnival PLC \| Ordinary shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	72	67

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
OPERATING ACTIVITIES
Net Income (Loss)	$ (6,093)	$ (9,501)	$ (10,236)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	2,275	2,233	2,241
Impairments	470	834	4,063
(Gain) loss on debt extinguishment	1	668	459
(Income) loss from equity-method investments	38	129	20
Share-based compensation	101	121	105
Amortization of discounts and debt issue costs	171	172	119
Noncash lease expense	148	140	172
Other, net	57	137	(56)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(2,832)	(5,067)	(3,114)
Changes in operating assets and liabilities
Receivables	(171)	(7)	125
Inventories	(95)	(63)	77
Prepaid expenses and other	(874)	(1,070)	(209)
Accounts payable	283	206	(165)
Accrued liabilities and other	341	601	(311)
Customer deposits	1,679	1,291	(2,703)
Net cash provided by (used in) operating activities	(1,670)	(4,109)	(6,301)
INVESTING ACTIVITIES
Purchases of property and equipment	(4,940)	(3,607)	(3,620)
Proceeds from sales of ships and other	70	351	334
Purchase of minority interest	(1)	(90)	(81)
Purchase of short-term investments	(315)	(2,873)	0
Proceeds from maturity of short-term investments	515	2,673	0
Other, net	(96)	3	127
Net cash provided by (used in) investing activities	(4,767)	(3,543)	(3,240)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(2,590)	(293)	2,852
Principal repayments of long-term debt	(2,075)	(5,956)	(1,621)
Premium paid on extinguishment of debt	(1)	(545)	0
Proceeds from issuance of long-term debt	7,209	13,042	15,020
Dividends paid	0	0	(689)
Purchases of common stock	0	0	(12)
Issuance of common stock, net	1,180	1,009	3,249
Issuance of common stock under the Stock Swap Program	95	206	0
Purchase of treasury stock under the Stock Swap Program	(87)	(188)	0
Debt issue costs and other, net	(154)	(327)	(150)
Net cash provided by (used in) financing activities	3,577	6,949	18,650
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(79)	(13)	53
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,940)	(715)	9,161
Cash, cash equivalents and restricted cash at beginning of year	8,976	9,692	530
Cash, cash equivalents and restricted cash at end of year	$ 6,037	$ 8,976	$ 9,692

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock
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)	(10,236)				(10,236)
Other comprehensive income (loss)	630					630
Cash dividends declared	(342)				(342)
Issuances of common stock, net	3,249	2		3,247
Issuance and repurchase of Convertible Notes (net settled through a registered direct offering)	1,799	2		1,798
Purchases of treasury stock under the Repurchase Program and other	89		2	97			(10)
Ending Balance at Nov. 30, 2020	20,555	11	361	13,948	16,075	(1,436)	(8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(9,501)				(9,501)
Other comprehensive income (loss)	(65)					(65)
Issuances of common stock, net	1,009			1,009
Conversion of Convertible Notes	15			15
Purchases and issuances under the Stock Swap program	19			206			(188)
Issuance of treasury shares for vested share-based awards	0				(126)		126
Share-based compensation and other	113			113
Ending Balance at Nov. 30, 2021	12,144	11	361	15,292	6,448	(1,501)	(8,466)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(6,093)				(6,093)
Other comprehensive income (loss)	(481)					(481)
Issuances of common stock, net	1,180	1		1,178
Issuance of Convertible Notes	229			229
Purchases and issuances under the Stock Swap program	8			95			(87)
Issuance of treasury shares for vested share-based awards	0				(85)		85
Share-based compensation and other	78			79	(1)
Ending Balance at Nov. 30, 2022	$ 7,065	$ 12	$ 361	$ 16,872	$ 269	$ (1,982)	$ (8,468)

General	12 Months Ended
General	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Description of Business Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this 2022 Annual Report as “Carnival Corporation & plc,” “our,” “us” and “we.” The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. We are the largest global cruise company and among the largest leisure travel companies with a portfolio of world-class cruise lines. With operations in North America, Australia, Europe and Asia, our portfolio features – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, Princess Cruises, P&O Cruises (Australia), P&O Cruises (UK) and Seabourn. DLC Arrangement Carnival Corporation and Carnival plc operate a dual listed company (“DLC”) arrangement, whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as a single economic enterprise with a single senior management team and identical Boards of Directors, but each has retained its separate legal identity. Each company’s shares are publicly traded on the New York Stock Exchange (“NYSE”) for Carnival Corporation and the London Stock Exchange for Carnival plc. The Carnival plc American Depositary Shares are traded on the NYSE. The constitutional documents of each company provide that, on most matters, the holders of the common equity of both companies effectively vote as a single body. The Equalization and Governance Agreement between Carnival Corporation and Carnival plc provides for the equalization of dividends and liquidation distributions based on an equalization ratio and contains provisions relating to the governance of the DLC arrangement. Because the equalization ratio is 1 to 1, one share of Carnival Corporation common stock and one Carnival plc ordinary share are generally entitled to the same distributions. Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross guaranteed all indebtedness and certain other monetary obligations of each other. Once the written demand is made, the holders of indebtedness or other obligations may immediately commence an action against the relevant guarantor. Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer assets between the companies, make loans to or investments in each other and otherwise enter into intercompany transactions. In addition, the cash flows and assets of one company are required to be used to pay the obligations of the other company, if necessary. Given the DLC arrangement, we believe that providing separate financial statements for each of Carnival Corporation and Carnival plc would not present a true and fair view of the economic realities of their operations. Accordingly, separate financial statements for Carnival Corporation and Carnival plc have not been presented. Liquidity and Management’s Plans In the face of the global impact of COVID-19, we paused our guest cruise operations in March 2020 and began resuming guest cruise operations in 2021. Based on the evolving nature of COVID-19 and our ongoing collaboration with local and national public health authorities, we have responsibly relaxed our related protocols, including greatly reducing or eliminating testing requirements and vaccination protocols to more closely align with the broader travel industry and strengthening our competitiveness. As part of our liquidity management, we rely on estimates of our future liquidity, which includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions used to estimate our future liquidity consist of: •Our continued cruise operations and expected timing of cash collections for cruise bookings •Expected increases in revenue in 2023 on a per passenger basis compared to 2019, particularly with the responsible relaxation of COVID-19 related protocols aligning towards land-based vacation alternatives and strengthening our competitiveness •Expected improvement in occupancy on a year-over-year basis returning to historical levels in the summer of 2023 •Stabilization of fuel prices around November 2022 year-end prices •Continued stabilization of inflationary pressures on costs, moderated by a larger-more efficient fleet as compared to 2019 In addition, we make certain assumptions about new ship deliveries, improvements and removals, and consider the future export credit financings that are associated with the new ship deliveries. We have a substantial debt balance as a result of the pause in guest cruise operations and require a significant amount of liquidity or cash provided by operating activities to service our debt. In addition, the continued effects of the pandemic, inflation, higher fuel prices, higher interest rates and fluctuations in foreign currency rates are collectively having a material negative impact on our financial results. The full extent of the collective impact of these items is uncertain and may be amplified by our substantial debt balance. We believe we have made reasonable estimates and judgments of the impact of these events within our consolidated financial statements and there may be changes to those estimates in future periods. For almost three years, we have taken appropriate actions to manage our liquidity, including completing various capital market transactions, obtaining relevant financial covenant amendments or waivers (see Note 5 - “Debt”), accelerating the removal of certain ships from the fleet, and during the pause, reducing capital expenditures and operating expenses. As of November 30, 2022, 97% of our capacity has resumed guest cruise operations and is serving guests. Based on these actions and our assumptions, and considering our $8.6 billion of liquidity including cash, restricted cash from the 2028 Senior Priority Notes which became unrestricted in December 2022 and borrowings available under our $1.7 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “Revolving Facility”) at November 30, 2022, we believe that we have sufficient liquidity to fund our obligations and expect to remain in compliance with our financial covenants for at least the next twelve months from the issuance of these financial statements. We will continue to pursue various opportunities to raise additional capital to fund obligations associated with future debt maturities and/or to extend the maturity dates associated with our existing indebtedness including our Revolving Facility and obtain relevant financial covenant amendments or waivers, if needed. Actions to raise capital may include issuances of debt, convertible debt or equity in private or public transactions or entering into new and extended credit facilities.

Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method.

For 2021, we reclassified $14 million from prepaid expenses and other to restricted cash to conform to the current year presentation.

Preparation of Financial Statements

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements. The full extent to which the effects of the pandemic, inflation, higher fuel prices, higher interest rates and fluctuations in foreign currency rates will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships and collectability of trade and notes receivables, will depend on future developments that are uncertain. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Actual results may differ from the estimates used in preparing our consolidated financial statements. All material intercompany balances and transactions are eliminated in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents include investments with maturities of three months or less at acquisition which are stated at cost and present insignificant risk of changes in value.

Restricted Cash

Restricted cash is classified as short-term or long-term based on the expected timing of our ability to access or use the amounts. The long-term portion is included within other assets. Substantially all restricted cash as of November 30, 2022 relates to the net proceeds from the issuance of our 2028 Senior Priority Notes, which became unrestricted in December 2022.

Short-term Investments

Short-term investments include investments with maturities of three to 12 months which are stated at cost and present insignificant risk of changes in value.

Trade and Other 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 have receivables from credit card merchants and travel agents for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. These reserve funds are included in other assets.

Inventories

Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all carried at the lower of cost or net realizable value. Cost is determined using the weighted-average or first-in, first-out methods.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and any impairment charges. We capitalize interest as part of the cost of capital projects incurred during construction. Depreciation is computed using the straight-line method over our estimated useful lives of the assets to a residual value, as a percentage of original cost, as follows:


	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0%
Computer hardware and software	2-12	0%
Transportation equipment and other	3-20	0%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

The cost of ships under construction includes progress payments for the construction of new ships, as well as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. Any liquidated damages received from shipyards are recorded as reductions to the cost basis of the ship.

We have a capital program for the improvement of our ships and for asset replacements to enhance the effectiveness and efficiency of our operations; to comply with, or exceed, all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits or provide improved product innovations to our guests. We account for ship improvement costs, including replacements of certain significant components and parts, by capitalizing those costs we believe add value to our ships and have a useful life greater than one year and depreciating those improvements over their estimated remaining useful life. The costs of repairs and maintenance, including those incurred when a ship is taken out-of-service for scheduled maintenance, and minor improvement costs and expenses, are charged to expense as incurred.

In addition, specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is also included in other operating expenses.

We have estimated our ships’ useful lives at 30 years and residual values at 15% of our original ship cost. Our ship useful life and residual value estimates take into consideration the estimated weighted-average useful lives of the ships' major component systems, such as hull, superstructure, main electric, engines and cabins. We also take into consideration the impact of technological changes, historical useful lives of similarly-built ships, long-term cruise and vacation market conditions and regulatory changes, including those related to the environment and climate change. We determine the residual value of our ships based on our long-term estimates of their resale value at the end of their useful life to us but before the end of their physical and economic lives to others, historical resale values of our and other cruise ships as well as our expectations of the long-term viability of the secondary cruise ship market. We review estimated useful lives and residual values for reasonableness whenever events or circumstances significantly change.

We evaluate ship asset impairments at the individual ship level which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We review our ships for impairment whenever events or circumstances indicate that the carrying value of a ship may not be recoverable. If estimated future cash flows are less than the carrying value of a ship, an impairment charge is recognized to the extent its carrying value exceeds its estimated fair value.

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 Sheets.

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.

We amortize our lease assets on a straight-line basis over the lease term.

Goodwill and Other Intangibles

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment as of July 31 every year, or more frequently if events or circumstances dictate. All of our goodwill has been allocated to our reporting units. The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a reporting unit’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, if the estimated fair value of the reporting unit exceeds its carrying value, no further analysis is required. However, if the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down based on the difference between the reporting unit’s carrying amount and its fair value, limited to the amount of goodwill allocated to the reporting unit. Judgment is required in estimating the fair value of our reporting unit.

Trademarks represent substantially all of our other intangibles. Trademarks are estimated to have an indefinite useful life and are not amortizable but are reviewed for impairment at least annually and as events or circumstances dictate. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative

assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value.

Equity Method Investments

Equity method investments are initially recognized at cost and are included in other assets in the Consolidated Balance Sheets. Our proportionate interest in their results is included in other income (expense), net in the Consolidated Statements of Income.

Debt and Debt Issuance Costs

Debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt issuance costs. Debt is subsequently stated at amortized cost. Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. Debt issue discounts and premiums are generally amortized to interest expense using the effective interest rate method over the term of the debt.

Derivatives and Other Financial Instruments

We have in the past and may in the future utilize derivative and non-derivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We use interest rate swaps primarily to manage our interest rate exposure to achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments for trading or other speculative purposes.

All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change in the fair value of the derivative is recognized as a component of AOCI until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the effective portion of the fair value of the financial instrument are recognized as a component of AOCI to offset the change in the translated value of the designated portion of net investment being hedged until the investment is sold or substantially liquidated, while the impact attributable to components excluded from the assessment of hedge effectiveness is recorded in interest expense, net of capitalized interest, on a systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change in fair value is recognized in earnings.

We classify the fair value of all our derivative contracts as either current or long-term, depending on the maturity date of the derivative contract. The cash flows from derivatives treated as cash flow hedges are classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged.

Derivative valuations are based on observable inputs such as interest rates and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps using observable market data for all significant inputs and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated but not compelled to transact.

Foreign Currency Translation and Transactions

These financial statements are presented in U.S. dollars. Each foreign entity determines its functional currency by reference to its primary economic environment. Our most significant foreign entities utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies. We translate the assets and liabilities of our foreign entities that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign entities are translated at the average rate for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of AOCI, which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies.

We execute transactions in a number of different currencies. At the date that the transaction is recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At each balance sheet date, recorded monetary balances denominated in a currency other than the functional currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other income or other expense, unless such monetary balances have been designated as hedges of net investments in our foreign entities. The net gains or losses resulting from foreign currency transactions were not material in 2022, 2021 and

2020. In addition, the unrealized gains or losses on our long-term intercompany receivables and payables which are denominated in a non-functional currency and which are not expected to be repaid in the foreseeable future are recorded as foreign currency translation adjustments included as a component of AOCI.

Revenue and Expense Recognition

Guest cruise deposits and advance onboard purchases are initially included in customer deposits 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 material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of cancellation.

Our sales 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 costs 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. The fees, taxes and charges that vary with guest head counts and are directly imposed on a revenue-producing arrangement are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $438 million in 2022, $73 million in 2021 and $215 million in 2020. 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.

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. In certain situations, we have provided flexibility to guests by allowing guests to rebook at a future date, receive future cruise credits (“FCCs”) or elect to receive refunds in cash. We have at times issued enhanced FCCs. Enhanced FCCs provide the guest with an additional credit value above the original cash deposit received, and the enhanced value is recognized as a discount applied to the future cruise in the period used. We record a liability for unexpired FCCs to the extent we have received and not refunded cash from guests for cancelled bookings. We had total customer deposits of $5.1 billion and $3.5 billion as of November 30, 2022 and 2021, which includes approximately $210 million of unredeemed FCCs as of November 30, 2022. Given the uncertainty of travel demand caused by COVID-19 and lack of comparable historical experience of FCC redemptions, we are unable to estimate the number of FCCs that will not be used in future periods. Refunds payable to guests who have elected cash refunds are recorded in accounts payable. During 2022 and 2021, we recognized revenues of $1.9 billion and $0.1 billion related to our customer deposits as of November 30, 2021 and 2020. Historically, our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue, refunds of customer deposits and foreign currency changes.

Contract Costs

We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts within prepaid expenses and other and subsequently recognize these amounts as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We had incremental costs of obtaining contracts with customers recognized as assets of $218 million and $55 million as of November 30, 2022 and 2021.

Insurance

We use a combination of insurance and self-insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damage to hull and machinery for each of our ships, war risks, workers’ compensation, directors’ and officers’ liability, property damage and general liability for shoreside third-party claims. We recognize insurance recoverables from third-party insurers up to the amount of recorded losses at the time the recovery is probable and upon settlement for amounts in excess of the recorded losses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions.

Selling and Administrative Expenses

Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs, which are expensed upon the first airing of the advertisement. Selling expenses totaled $744 million in 2022, $340 million in 2021 and $348 million in 2020. Administrative expenses represent the costs of our shoreside support, reservations and other administrative functions, and include salaries and related benefits, professional fees and building occupancy costs, which are typically expensed as incurred.

Share-Based Compensation

We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the vesting period. For performance-based share awards, we estimate compensation cost based on the probability of the performance condition being achieved and recognize expense ratably using the straight-line attribution method over the expected vesting period. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense is reversed and future compensation expense is adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market conditions are not expected to be met, compensation expense will still be recognized. We account for forfeitures as they occur.

Earnings Per Share

Basic earnings per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights.

Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective upon issuance. In December 2022, the FASB deferred the date for which this guidance can be applied from December 31, 2022 to December 31, 2024. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate.

In December 2021, we amended our £350 million long-term debt agreement which referenced the British Pound sterling (“GBP”) LIBOR to the Sterling Overnight Index Average (“SONIA”) and applied the practical expedient. This amendment did not have a material impact on our consolidated financial statements. As of November 30, 2022, approximately $5.8 billion of our outstanding indebtedness bears interest at floating rates referenced to U.S. dollar LIBOR with maturity dates extending beyond June 30, 2023. We are currently evaluating our contracts referenced to U.S. dollar LIBOR and working with our creditors on updating credit agreements as necessary to include language regarding the successor or alternate rate to LIBOR. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period.

The FASB issued guidance, Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity’s Own Equity, which simplifies the accounting for convertible instruments. This guidance eliminates certain models that require

separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. We will adopt this guidance in the first quarter of 2023 using the modified retrospective approach. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

In September 2022, the FASB issued ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This ASU is expected to improve financial reporting by requiring new disclosures about the programs, thereby allowing financial statement users to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. This ASU is effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information which is effective for fiscal years beginning after December 15, 2023. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements.

Property and Equipment

12 Months Ended

Nov. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment


	November 30,
(in millions)	2022		2021
Ships and ship improvements	$	52,908	$	50,501
Ships under construction	785		1,536
Other property and equipment	3,970		3,928
Total property and equipment	57,663		55,965
Less accumulated depreciation	(18,976)		(17,858)
	$	38,687	$	38,107

Capitalized interest amounted to $48 million in 2022, $83 million in 2021 and $66 million in 2020.

Sales of Ships

During 2022, we entered into an agreement to sell one EA segment ship and completed the sales of two NAA segment ships and one EA segment ship, all of which collectively represents a passenger-capacity reduction of 4,110 berths for our EA segment and 4,110 berths for our NAA segment. Additionally, in December 2022, we entered into an agreement to sell one EA segment ship, which represents a passenger-capacity reduction of 1,270 berths.

Refer to Note 10 - “Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks, Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis, Impairment of Ships” for additional discussion.

Equity Method Investments	12 Months Ended
Equity Method Investments	Nov. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments We have a minority interest in Grand Bahama Shipyard Ltd. (“Grand Bahama”), a ship repair and maintenance facility. Grand Bahama provided services to us of $12 million in 2022, $11 million in 2021 and $38 million in 2020. As of November 30, 2022, our investment in Grand Bahama was $43 million, consisting of $10 million in equity and a loan of $33 million. As of November 30, 2021, our investment in Grand Bahama was $47 million, consisting of $14 million in equity and a loan of $33 million. We have a minority interest in the White Pass & Yukon Route (“White Pass”) that includes port, railroad and retail operations in Skagway, Alaska. White Pass provided an immaterial amount of services to us in 2022, 2021 and 2020. As a result of the effects of the pause and subsequent resumption of our guest cruise operations on the 2022 and 2021 Alaska seasons, we evaluated whether our investment in White Pass was other than temporarily impaired and performed impairment assessments. As a result of our assessments, we recognized impairment charges for 2022 and 2021 of $30 million and $17 million in other income (expense), net. As of November 30, 2022, our investment in White Pass was $50 million, consisting of $18 million in equity and a loan of $32 million. As of November 30, 2021, our investment in White Pass was $76 million, consisting of $49 million in equity and a loan of $27 million. We 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. We provided an immaterial amount of services to CSSC-Carnival during both 2022 and 2021 and we paid CSSC-Carnival a total of $55 million for the lease of ships during 2021. As of November 30, 2022 and 2021, our investment in CSSC-Carnival was $70 million and $119 million. During 2020, 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). During 2021, we sold to CSSC-Carnival our remaining $283 million investment in the minority interest of the same entity. During 2022 we did not make any capital contributions to CSSC-Carnival. During 2021 we made capital contributions to CSSC-Carnival in the amount of $90 million.

Debt

12 Months Ended

Nov. 30, 2022

Debt Disclosure [Abstract]

Debt


			November 30,
(in millions)	Maturity	Rate (a) (b)	2022		2021
Secured Debt
Notes

Notes	Feb 2026	10.5%	$	775	$	775
EUR Notes	Feb 2026	10.1%	439		481
Notes	Jun 2027	7.9%	192		192
Notes	Aug 2027	9.9%	900		900
Notes	Aug 2028	4.0%	2,406		2,406
Loans
EUR fixed rate	Nov 2022	5.5% - 6.2%	—		98
EUR floating rate	Nov 2022 - Jun 2025	EURIBOR + 3.8%	808		951
Floating rate	June 2025 - Oct 2028	LIBOR + 3.0 - 3.3%	4,101		4,137
Total Secured Debt			9,621		9,939
Unsecured Debt
Revolver
Facility	(c)	LIBOR + 0.7%	200		2,790
Notes

EUR Notes	Nov 2022	1.9%	—		622
Convertible Notes	Apr 2023	5.8%	96		522
Notes	Oct 2023	7.2%	125		125
Convertible Notes	Oct 2024	5.8%	426		—
Notes	Mar 2026	7.6%	1,450		1,450
EUR Notes	Mar 2026	7.6%	517		566
Notes	Mar 2027	5.8%	3,500		3,500
Convertible Notes	Dec 2027	5.8%	1,131		—
Notes	Jan 2028	6.7%	200		200
Senior Priority Notes	May 2028	10.4%	2,030		—
Notes	May 2029	6.0%	2,000		2,000
EUR Notes	Oct 2029	1.0%	620		679
Notes	Jun 2030	10.5%	1,000		—
Loans

Floating rate	Feb 2023 - Sep 2024	LIBOR + 3.8 - 4.5%	590		590
GBP floating rate	Feb 2025	SONIA + 0.9% (d)	419		467
EUR floating rate	Dec 2021 - Mar 2026	EURIBOR + 1.8 - 2.4%	827		1,375
Export Credit Facilities
Floating rate	Feb 2022 - Dec 2031	LIBOR + 0.8 - 1.5%	1,246		1,363
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	3,143		3,488
EUR fixed rate	Feb 2031 - Jan 2034	1.1 - 1.6%	2,592		1,551
EUR floating rate	Feb 2022 - Nov 2034	EURIBOR + 0.2 - 1.6%	3,882		2,742
Total Unsecured Debt			25,994		24,031

Total Debt			35,615		33,970
Less: unamortized debt issuance costs and discounts			(1,069)		(744)
Total Debt, net of unamortized debt issuance costs and discounts			34,546		33,226


Less: short-term borrowings	(200)		(2,790)
Less: current portion of long-term debt	(2,393)		(1,927)
Long-Term Debt	$	31,953	$	28,509

(a) The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors.

(b) The above debt tables do not include the impact of our interest rate swaps and as of November 30, 2021, it also excludes the impact of our foreign currency swaps. As of November 30, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.

(c) Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $2.6 billion available for borrowing under our Revolving Facility as of November 30, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion.

(d) As of November 30, 2022 the interest rate for the GBP unsecured loan was linked to SONIA and subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced SONIA rate with the credit adjustment spread is subject to a 0% floor. As of November 30, 2021, this loan was referenced to GBP LIBOR.

Carnival Corporation and/or Carnival plc is the primary obligor of all our outstanding debt excluding $0.5 billion

under a term loan facility of Costa Crociere S.p.A. (“Costa”), a subsidiary of Carnival plc, and $2.0 billion of 2028 Senior Priority Notes (as defined below), issued by Carnival Holdings (Bermuda) Limited (“Carnival Holdings”), a subsidiary of Carnival Corporation. All our outstanding debt is issued or guaranteed by substantially the same entities with the exception of up to $250 million of the Costa term loan facility, which is guaranteed by certain subsidiaries of Carnival plc and Costa that do not guarantee our other outstanding debt, and our 2028 Senior Priority Notes, which are issued by Carnival Holdings, which does not guarantee our other outstanding debt.

The scheduled maturities of our debt are as follows:


(in millions)
Year	Principal Payments
2023	$	2,396
2024 (a)	2,645
2025	4,385
2026	4,507
2027	5,662
Thereafter	16,020
Total	$	35,615

(a) Includes borrowings of $0.2 billion under our Revolving Facility. Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $2.6 billion available for borrowing under our Revolving Facility as of November 30, 2022.

Short-Term Borrowings

As of November 30, 2022 and November 30, 2021, our short-term borrowings consisted of $0.2 billion and $2.8 billion under our Revolving Facility.

Secured Debt

Repricing of 2025 Secured Term Loan

In June 2021, we entered into an amendment to reprice our $2.8 billion 2025 Secured Term Loan (the “2025 Secured Term Loan”). The amended U.S. dollar tranche bears interest at a rate per annum equal to LIBOR (with a 0.75% floor) plus 3.0%. The amended euro tranche bears interest at a rate per annum equal to EURIBOR (with a 0% floor) plus 3.75%.

2028 Senior Secured Notes

In July 2021, we issued $2.4 billion aggregate principal amount of 4.0% first-priority senior secured notes due in 2028 (the “2028 Senior Secured Notes”). We used the net proceeds from the issuance to purchase $2.0 billion aggregate principal amount of the 2023 Senior Secured Notes and to pay accrued interest on such notes and related fees and expenses. The 2028 Senior Secured Notes mature on August 1, 2028.

2028 Senior Secured Term Loan

In October 2021, we borrowed an aggregate principal amount of $2.3 billion under a new term loan. We used the net proceeds from this borrowing to redeem the $2.0 billion outstanding aggregate principal amount of the 2023 Senior Secured Notes and to pay accrued interest on such notes and related fees and expenses. Borrowings under the new term loan bear interest at a rate per annum equal to LIBOR (with a 0.75% floor) plus 3.25% and mature on October 18, 2028.

Unsecured Debt

2028 Senior Priority Notes

In October 2022, Carnival Holdings issued an aggregate principal amount of $2.0 billion senior priority notes that mature on May 1, 2028 (the “2028 Senior Priority Notes”). The 2028 Senior Priority Notes bear interest at a rate of 10.4% per year and are callable beginning May 1, 2025. In connection with the offering of the 2028 Senior Priority Notes, Carnival Corporation, Carnival plc and their respective subsidiaries contributed 12 unencumbered vessels (the “Subject Vessels”) to Carnival Holdings, with each of the Subject Vessels continuing to be operated under one of Carnival Corporation’s, Carnival plc’s or one of their respective subsidiaries’ brands. As of November 30, 2022, the Subject Vessels had an aggregate net book value of approximately $8.3 billion. As of November 30, 2022, there was no change in the identity of the Subject Vessels. See “Collateral and Priority Pool” below.

2027 Senior Unsecured Notes

In February 2021, we issued an aggregate principal amount of $3.5 billion senior unsecured notes that mature on March 1, 2027 (the “2027 Senior Unsecured Notes”). The 2027 Senior Unsecured Notes bear interest at a rate of 5.8% per year.

2029 Senior Unsecured Notes

In November 2021, we issued an aggregate principal amount of $2.0 billion senior unsecured notes that mature on May 1, 2029 (the “2029 Senior Unsecured Notes”), intended to refinance various 2022 and other debt maturities. The 2029 Senior Unsecured Notes bear interest at a rate of 6.0% per year and are callable beginning November 1, 2024.

2030 Senior Unsecured Notes

In May 2022, we issued an aggregate principal amount of $1.0 billion senior unsecured notes that mature on June 1, 2030 (the “2030 Senior Unsecured Notes”). The 2030 Senior Unsecured Notes bear interest at a rate of 10.5% per year and are callable beginning June 1, 2025.

Export Credit Facility Borrowings

During the year ended November 30, 2022, we borrowed $3.1 billion under export credit facilities due in semi-annual installments through 2034. As of November 30, 2022, the net book value of the vessels subject to negative pledges was $14.2 billion.

Debt Holidays

In 2021, we amended substantially all of our export credit facilities to defer approximately $1.0 billion of principal payments that would otherwise have been due over a period commencing April 1, 2021 until May 31, 2022, with repayments to be made over the following five years. The cumulative deferred principal amount of the debt holiday amendments, inclusive of the

amendments entered into in 2020, is approximately $1.2 billion as of November 30, 2022. In addition, these amendments aligned the financial covenants of all our export credit facilities with our other facilities.

Convertible Notes

In 2020, we issued $2.0 billion aggregate principal amount of 5.8% convertible senior notes due 2023 (the “2023 Convertible Notes”). The 2023 Convertible Notes mature on April 1, 2023, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date. Since April 2020, we repurchased, exchanged and converted a portion of the 2023 Convertible Notes which resulted in a decrease of the principal amount of the 2023 Convertible Notes to $0.1 billion.

In August 2022, we issued $339 million aggregate principal amount of 5.8% convertible senior notes due 2024 (the “2024 Convertible Notes”) pursuant to privately-negotiated non-cash exchange agreements with certain holders of the 2023 Convertible Notes, pursuant to which such holders agreed to exchange their 2023 Convertible Notes for an equal amount of 2024 Convertible Notes. In November 2022, we issued an additional $87 million aggregate principal amount of the 2024 Convertible Notes pursuant to privately-negotiated non-cash exchange agreements with certain holders of the 2023 Convertible Notes, pursuant to which such holders agreed to exchange their 2023 Convertible Notes for an equal amount of additional 2024 Convertible Notes. The 2024 Convertible Notes mature on October 1, 2024, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date.

In November 2022, we issued $1.1 billion aggregate principal amount of 5.8% convertible senior notes due 2027 (the “2027 Convertible Notes” and, together with the 2023 Convertible Notes and the 2024 Convertible Notes, the “Convertible Notes”). The 2027 Convertible Notes mature on December 1, 2027, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date.

The Convertible Notes are convertible by holders, subject to the conditions described within the respective indentures that govern the Convertible Notes, into cash, shares of Carnival Corporation common stock, or a combination thereof, at our election. The 2023 Convertible Notes and the 2024 Convertible Notes each have an initial conversion rate of 100 shares of Carnival Corporation common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of $10 per share of common stock. The 2027 Convertible Notes have an initial conversion rate of approximately 75 shares of Carnival Corporation common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $13.39 per share of common stock. The initial conversion price of the Convertible Notes is subject to certain anti-dilutive adjustments and may also increase if such Convertible Notes are converted in connection with a tax redemption or certain corporate events as described within the respective indentures that govern the Convertible Notes. The 2024 Convertible Notes were convertible from the date of issuance of the 2024 Convertible Notes until August 31, 2022, and thereafter may become convertible if certain conditions are met. As of November 30, 2022, there were no conditions satisfied which would allow the holders of the 2023 Convertible Notes, the 2024 Convertible Notes or the 2027 Convertible Notes to convert and therefore the Convertible Notes were not convertible as of such date. Refer to Note 15 - “Supplemental Cash Flow Information” for additional detail on transactions related to the Convertible Notes.

The 2023 Convertible Notes were redeemable, in whole but not in part, at any time on or prior to December 31, 2022 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if we or any guarantor would have to pay any additional amounts on the 2023 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We may redeem the 2024 Convertible Notes, in whole but not in part, at any time on or prior to June 30, 2024 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if we or any guarantor would have to pay any additional amounts on the 2024 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We may redeem the 2027 Convertible Notes, in whole but not in part, at any time on or prior to the 40th scheduled trading day immediately before the maturity date at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if we or any guarantor would have to pay any additional amounts on the 2027 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof.

On or after December 5, 2025 and on or before the 40th scheduled trading day immediately before the maturity date, we may redeem for cash all or part of the 2027 Convertible Notes, at our option, if the last reported sale price of Carnival Corporation’s common stock exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which we provide notice of redemption, during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of

redemption. The redemption price will equal 100% of the principal amount of the 2027 Convertible Notes being redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

We account for the Convertible Notes as separate liability and equity components. We determine the carrying amount of the liability component as the present value of its cash flows. The carrying amount of the equity component representing the conversion option is calculated by deducting the carrying value of the liability component from the initial proceeds of the Convertible Notes.

The carrying amount of the equity component was $229 million on the date of issuance of the 2027 Convertible Notes and $286 million on the date of issuance of the 2023 Convertible Notes. The carrying amount of the equity component for the 2023 Convertible Notes was reduced to zero in conjunction with the partial repurchase in August 2020 because at the time of repurchase, the fair value of the equity component for the portion of the 2023 Convertible Notes that was repurchased, exceeded the total amount of the equity component recorded at the time the 2023 Convertible Notes were issued. The fair value of the conversion option remained unchanged after the exchange of the portion of the 2023 Convertible Notes for the 2024 Convertible Notes and, as a result, there was no adjustment to the carrying amount of the equity component.

The debt discount, which represents the excess of the principal amount of the Convertible Notes over the carrying amount of the liability component on the date of issuance of the Convertible Notes, is capitalized and amortized to interest expense under the effective interest rate method over the term of the respective Convertible Notes. Following the exchange of the portion of the 2023 Convertible Notes for the 2024 Convertible Notes, the remaining unamortized discount was allocated between the 2023 Convertible Notes and the 2024 Convertible Notes and is amortized to interest expense over each respective term using the effective interest rate method.

The net carrying value of the liability component of the Convertible Notes was as follows:


	November 30,
(in millions)	2022		2021
Principal	$	1,653	$	522
Less: Unamortized debt discount	(274)		(45)
	$	1,380	$	478

As of November 30, 2022, the if-converted value on available shares of 137 million for the Convertible Notes was below par.

Collateral and Priority Pool

As of November 30, 2022, the net book value of our ships and ship improvements, excluding ships under construction, is $36.2 billion. Our secured debt is secured on either a first or second-priority basis, depending on the instrument, by certain collateral, which includes vessels and certain assets related to those vessels and material intellectual property (combined net book value of approximately $23.6 billion, including $22.0 billion related to vessels and certain assets related to those vessels) as of November 30, 2022 and certain other assets.

In addition, as of December 9, 2022, $8.3 billion in net book value of our ships and ship improvements have been transferred to Carnival Holdings. These vessels are included in the Vessel Priority Pool of Subject Vessels for our 2028 Senior Priority Notes.

Covenant Compliance

As of November 30, 2022, our Revolving Facility, unsecured loans and export credit facilities contain certain covenants listed below.

•Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) (the “Interest Coverage Covenant”) at the end of each fiscal quarter from August 31, 2023, at a ratio of not less than 2.0 to 1.0 for the August 31, 2023 testing date, 2.5 to 1.0 for the November 30, 2023 testing date, and 3.0 to 1.0 for the February 29, 2024 testing date onwards, or through their respective maturity dates.

•Maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion

•Limit our debt to capital (as defined in the agreements) percentage from the November 30, 2021 testing date until the May 31, 2023 testing date, to a percentage not to exceed 75%, following which it will be tested at levels which decline ratably to 65% from the May 31, 2024 testing date onwards

•Maintain minimum liquidity of $1.5 billion through November 30, 2026

•Adhere to certain restrictive covenants through November 30, 2024

•Limit the amounts of our secured assets as well as secured and other indebtedness

During 2022, we entered into letter agreements to waive compliance with the Interest Coverage Covenant under our Revolving Facility and $11.8 billion of $12.1 billion of our unsecured loans and export credit facilities which contain this covenant through the February 29, 2024 testing date.

Subsequent to November 30, 2022 and as of January 12, 2023, we entered into further letter agreements to waive compliance with the Interest Coverage Covenant under the remaining $0.3 billion of our unsecured loans and export credit facilities which contain the covenant through the February 29, 2024 testing date and our Revolving Facility through the May 31, 2024 testing date. We will be required to comply beginning with the next testing date of May 31, 2024 or August 31, 2024, as applicable.

At November 30, 2022, we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross-default and/or cross-acceleration clauses therein, substantially all of our outstanding debt and derivative contract payables could become due, and our debt and derivative contracts could be terminated. Any financial covenant amendment may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable.

Carnival Corporation or Carnival plc and certain of our subsidiaries have guaranteed substantially all of our indebtedness.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-SubTopic 20
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments

12 Months Ended

Nov. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments

As of November 30, 2022, we expect the timing of our new ship growth capital commitments to be as follows:


(in millions) Year
2023	$	1,755
2024	2,400		(a)
2025	895		(a)
Thereafter	—
	$	5,050

(a) As of November 30, 2022, includes a ship subject to financing. Subsequent to November 30, 2022, we obtained financing for the 2024 and 2025 ship deliveries, such that these commitments are no longer subject to financing.

Contingencies	12 Months Ended
Contingencies	Nov. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below. Additionally, as a result of the impact of COVID-19, litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury and loss of life, have been and may, in the future, be asserted against us. We expect many of these claims and actions, or any settlement of these claims and actions, to be covered by insurance and historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our self-insurance retention levels. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations, financial position or liquidity. As previously disclosed, 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, alleging that Carnival Corporation “trafficked” in confiscated Cuban property when certain ships docked at certain ports in Cuba, and that this alleged “trafficking” entitles the plaintiffs to treble damages. In the matter filed by Havana Docks Corporation, the hearings on motions for summary judgment were concluded on January 18, 2022. On March 21, 2022, the court granted summary judgment in favor of Havana Docks Corporation as to liability. On August 31, 2022, the court determined that the trebling provision of the Helms-Burton statute applies to damages and interest and accordingly, we adjusted our estimated liability for this matter. The court held a status conference on September 22, 2022, at which time it was determined that a jury trial is no longer necessary. On December 30, 2022, the court entered judgment against Carnival in the amount of $110 million plus $4 million in fees and costs. We intend to appeal. In the matter filed by Javier Bengochea on December 20, 2021, the court issued an order inviting an amicus brief from the U.S. government on several issues involved in the appeal. The U.S. government filed its brief and the court ordered the parties to respond. On May 6, 2022 we filed our response brief. On November 23, 2022, the Eleventh Circuit entered an order affirming the dismissal of the case in our favor. We believe that any final liability which may arise as a result of these actions is unlikely to have a material impact on our consolidated financial statements. As previously disclosed, on April 8, 2020, DeCurtis LLC (“DeCurtis”), a former vendor, filed an action against Carnival Corporation in the U.S. District Court for the Middle District of Florida seeking declaratory relief that DeCurtis is not infringing on several of Carnival Corporation’s patents in relation to its OCEAN Medallion systems and technology. The action also raises certain monopolization claims under The Sherman Antitrust Act of 1890, unfair competition and tortious interference, and seeks declaratory judgment that certain Carnival Corporation patents are unenforceable. DeCurtis seeks damages, including its fees and costs, and seeks declarations that it is not infringing and/or that Carnival Corporation’s patents are unenforceable. On April 10, 2020, Carnival Corporation filed an action against DeCurtis in the U.S. District Court for the Southern District of Florida for breach of contract, trade secrets violations and patent infringement. Carnival Corporation seeks damages, including its fees and costs, as well as an order permanently enjoining DeCurtis from engaging in such activities. These two cases have now been consolidated in the Southern District of Florida. On April 25, 2022, we moved for summary judgment on our breach of contract claims and on all of DeCurtis’s claims. DeCurtis also filed a motion for summary judgment on certain portions of our claims. Both motions for summary judgment were fully briefed. On July 28, 2022, the court adopted the Magistrate Judge’s report and recommendation granting our opening claim construction brief and denying DeCurtis’s motion for summary judgment regarding the invalidity of various patent claims. On November 11, 2022, the Magistrate Judge entered a Report and Recommendation which recommended that the Court enter an order denying our motion for summary judgment and granting in part and denying in part DeCurtis’s motion for summary judgment. Both parties have filed objections to the Report and Recommendation. The court has set the trial date for February 27, 2023. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. COVID-19 Actions We have been named in a number of individual actions related to COVID-19. These actions include tort claims based on a variety of theories, including negligence and failure to warn. The plaintiffs in these actions allege a variety of injuries: some plaintiffs confined their claim to emotional distress, while others allege injuries arising from testing positive for COVID-19. A smaller number of actions include wrongful death claims. Substantially all of these individual actions have now been dismissed or settled for immaterial amounts. As of November 30, 2022, 11 purported class actions have been brought by former guests in several U.S. federal courts, the Federal Court in Australia, and in Italy. These actions include tort claims based on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe emotional distress associated with being exposed to and/or contracting COVID-19 onboard. As of November 30, 2022, nine of these class actions have either been settled individually for immaterial amounts or had their class allegations dismissed by the courts and only the Australian and Italian matters remain. All COVID-19 matters seek monetary damages and most seek additional punitive damages in unspecified amounts. We continue to take actions to defend against the above claims. Regulatory or Governmental Inquiries and Investigations We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and intent from inadvertent events to malicious motivated attacks. As previously disclosed, on June 24, 2022, we finalized a settlement with the New York Department of Financial Services (“NY DFS”) in connection with previously disclosed cybersecurity events, pursuant to which we have paid an amount that did not have a material impact on our consolidated financial statements. In addition, as previously disclosed, we finalized a settlement with the State Attorneys General from 46 states in connection with the same cybersecurity events, pursuant to which we have paid an amount that did not have a material impact on our consolidated financial statements. All previously disclosed cyber incidents have now been resolved. We have incurred legal and other costs in connection with cyber incidents that have impacted us. The penalties and settlements paid in connection with cyber incidents over the last three years were not material. While these incidents did not have a material adverse effect on our business, results of operations, financial position or liquidity, no assurances can be given about the future and we may be subject to future litigation, attacks or incidents that could have such a material adverse effect. On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified us of potential civil penalties and injunctive relief for alleged Clean Water Act violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Other Contingent Obligations 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 the 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. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of November 30, 2022 and 2021, we had $1.7 billion and $1.1 billion in reserve funds related to our customer deposits provided to satisfy these requirements which are included within other assets. We continue to expect to provide reserve funds under these agreements. Additionally, as of November 30, 2022 and 2021, we had $30 million of cash collateral in escrow which is included within other assets.

- Definition

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

+ References + Details

Taxation	12 Months Ended
Taxation	Nov. 30, 2022
Income Tax Disclosure [Abstract]
Taxation	Taxation A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows: U.S. Income Tax We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. We also own and operate, among other businesses, the U.S. hotel and transportation business of Holland America Princess Alaska Tours through U.S. corporations. Our North American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the U.S. Depending on its itinerary, any particular ship may generate income from sources within the U.S. We believe that our U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes. Our domestic U.S. operations, principally the hotel and transportation business of Holland America Princess Alaska Tours, are subject to federal and state income taxation in the U.S. In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable U.S. Treasury regulations provide in general that a foreign corporation will qualify for the benefits of Section 883 if, in relevant part, (i) the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. in respect of each category of shipping income for which an exemption is being claimed under Section 883 (an “equivalent exemption jurisdiction”) and (ii) the foreign corporation meets a defined publicly-traded corporation stock ownership test (the “publicly-traded test”). Subsidiaries of foreign corporations that are organized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section 883. We believe that Panama is an equivalent exemption jurisdiction and that Carnival Corporation currently satisfies the publicly-traded test under the regulations. Accordingly, substantially all of Carnival Corporation’s income is exempt from U.S. federal income and branch profit taxes. Regulations under Section 883 list certain activities that the IRS does not consider to be incidental to the international operation of ships and, therefore, the income attributable to such activities, to the extent such income is U.S. source, does not qualify for the Section 883 exemption. Among the activities identified as not incidental are income from the sale of air transportation, transfers, shore excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S. We believe that the U.S. source transportation income earned by Carnival plc and its subsidiaries currently qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties. Carnival Corporation, Carnival plc and certain subsidiaries are subject to various U.S. state income taxes generally imposed on each state’s portion of the U.S. source income subject to U.S. federal income taxes. However, the state of Alaska imposes an income tax on its allocated portion of the total income of our companies doing business in Alaska and certain of their subsidiaries. UK and Australian Income Tax Cunard, P&O Cruises (UK) and P&O Cruises (Australia) are divisions of Carnival plc and have elected to enter UK tonnage tax under a rolling ten-year term and, accordingly, reapply every year. Companies to which the tonnage tax regime applies pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands’ relevant shipping income. Relevant shipping income includes income from the operation of qualifying ships and from shipping related activities. For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also subject to a seafarer training requirement. Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation tax. P&O Cruises (Australia) and all of the other cruise ships operated internationally by Carnival plc for the cruise segment of the Australian vacation region are exempt from Australian corporation tax by virtue of the UK/Australian income tax treaty. Italian and German Income Tax In 2015, Costa and AIDA re-elected to enter the Italian tonnage tax regime through 2024 and can reapply for an additional ten-year period beginning in early 2025. Companies to which the tonnage tax regime applies pay corporation taxes on shipping profits calculated by reference to the net tonnage of qualifying ships. Most of Costa’s and AIDA’s earnings that are not eligible for taxation under the Italian tonnage tax regime will be taxed at an effective tax rate of 4.8% in 2022 and 2021. Substantially all of AIDA’s earnings are exempt from German income taxes by virtue of the Germany/Italy income tax treaty. Other We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, when it is more likely than not to be sustained upon examination by the relevant tax authority. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution. Based on all known facts and circumstances and current tax law, we believe that the total amount of our uncertain income tax position liabilities and related accrued interest are not material to our financial position. All interest expense related to income tax liabilities is included in income tax expense. In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger capacity or some other measure, and these taxes, fees and other charges are included in commissions, transportation and other costs and other operating expenses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Shareholders' Equity

12 Months Ended

Nov. 30, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Carnival Corporation’s Articles of Incorporation authorize its Boards of Directors, at its discretion, to issue up to 40 million shares of preferred stock. At November 30, 2022 and 2021, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued.

Share Repurchase Program

Under a share repurchase program effective 2004, we had been authorized to repurchase Carnival Corporation common stock and Carnival plc ordinary shares (the “Repurchase Program”). On June 15, 2020, to enhance our liquidity and comply with restrictions in our recent financing transactions, the Boards of Directors terminated the Repurchase Program.


	Carnival Corporation			Carnival plc
(in millions)	Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased		Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased
2020	—	$	—	0.2	$	10

Stock Swap Program

We have a program that allows us to realize a net cash benefit when Carnival Corporation common stock is trading at a premium to the price of Carnival plc ordinary shares (the “Stock Swap Program”).

During 2022 and 2021 under the Stock Swap Program, we sold 6.0 million and 8.9 million shares of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares resulting in net proceeds of $8 million and $19 million, which were used for general corporate purposes. During 2020, there were no sales or repurchases under the Stock Swap Program.


(in millions, except per share data)	Total Number of Shares of Carnival plc Ordinary Shares Purchased (a)	Average Price Paid per Share of Carnival plc Ordinary Share		Maximum Number of Carnival plc Ordinary Shares That May Yet Be Purchased Under the Carnival Corporation Stock Swap Program
2022	6.0	$	14.52	3.6
2021	8.9	$	20.99	9.5

(a) No ordinary shares of Carnival plc were purchased outside of publicly announced plans or programs.

Public Equity Offerings

In April 2020, we completed a public offering of 71.9 million shares of Carnival Corporation common stock at a price per share of $8.00, resulting in net proceeds of $556 million.

In October 2020, we completed our $1.0 billion “at-the-market” (“ATM”) equity offering program that was announced on September 15, 2020, pursuant to which we sold 67.1 million shares of Carnival Corporation common stock.

In November 2020, we completed our $1.5 billion ATM equity offering program that was announced on November 10, 2020, pursuant to which we sold 94.5 million shares of Carnival Corporation common stock.

In February 2021, we completed a public offering of 40.5 million shares of Carnival Corporation common stock at a price per share of $25.10, resulting in net proceeds of $996 million.

In August 2022, we completed a public offering of 117.5 million shares of Carnival Corporation common stock at a price per share of $9.95, resulting in net proceeds of $1.2 billion.

Other

Outside of the Stock Swap Program and the public equity offerings described above, in 2022 and 2021 we sold 1.6 million and 0.6 million shares of Carnival Corporation common stock at an average price per share of $19.27 and $21.32, resulting in net proceeds of $30 million and $13 million.

Accumulated Other Comprehensive Income (Loss)


	AOCI
	November 30,
(in millions)	2022		2021		2020
Cumulative foreign currency translation adjustments, net	$	(2,004)	$	(1,501)	$	(1,382)
Unrecognized pension expenses	(31)		(45)		(95)

Net gains on cash flow derivative hedges and other	53		44		41
	$	(1,982)	$	(1,501)	$	(1,436)

During 2022, 2021 and 2020, there were $1 million, $7 million and $3 million of unrecognized pension expenses that were reclassified out of accumulated other comprehensive loss and were included within payroll and related expenses and selling and administrative expenses.

Dividends

To enhance our liquidity, as well as comply with the dividend restrictions contained in our debt agreements, in 2020 we suspended the payment of dividends on Carnival Corporation common stock and Carnival plc ordinary shares. We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:


	Quarters Ended
(in millions, except per share data)	February 29		May 31		August 31		November 30
2020
Dividends declared per share	$	0.50	$	—	$	—	$	—
Dividends declared	$	342	$	—	$	—	$	—

- Definition

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

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+ Details

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

12 Months Ended

Nov. 30, 2022

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


	November 30, 2022								November 30, 2021
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3



Liabilities
Fixed rate debt (a)	$	23,542	$	—	$	18,620	$	—	$	19,555	$	—	$	19,013	$	—
Floating rate debt (a)	12,074		—		10,036		—		14,415		—		13,451		—
Total	$	35,615	$	—	$	28,656	$	—	$	33,970	$	—	$	32,463	$	—

(a)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


	November 30, 2022						November 30, 2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	4,029	$	—	$	—	$	8,939	$	—	$	—
Restricted cash	1,988		—		—		38		—		—
Short-term investments (a)	—		—		—		200		—		—
Derivative financial instruments	—		1		—		—		1		—
Total	$	6,016	$	1	$	—	$	9,177	$	1	$	—
Liabilities
Derivative financial instruments	$	—	$	—	$	—	$	—	$	13	$	—
Total	$	—	$	—	$	—	$	—	$	13	$	—

(a)Short-term investments consist of marketable securities with original maturities of between three and twelve months.

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

Valuation of Goodwill and Trademarks

As of July 31, 2022, we performed our annual goodwill and trademark impairment reviews and determined there was no impairment for goodwill and trademarks at our annual test date.

During 2021 and as a result of the continued resumption of guest cruise operations, ongoing impacts of COVID-19 and its effect on our expected future operating cash flows, including changes in estimates related to the timing of our full return to guest cruise operations and improved profitability, we performed interim discounted cash flow analyses for our EA segment reporting units and determined their estimated fair values no longer exceeded their carrying values. As a result, we recognized goodwill impairment charges of $226 million and accordingly have no remaining goodwill for those reporting units.

During 2020, we performed interim discounted cash flow analyses for certain reporting units with goodwill as of February 29, 2020 and for all reporting units with goodwill or trademarks as of May 31, 2020 and recognized goodwill impairment charges of $2.1 billion.

As of July 31, 2020, we performed our annual goodwill and trademark impairment reviews and we determined there was no incremental impairment for goodwill or trademarks.

The determination of the fair value of our reporting units’ goodwill and trademarks includes numerous estimates and underlying assumptions that are subject to various risks and uncertainties. The effect of the pause and subsequent resumption of guest cruise operations has created additional uncertainty in forecasting the operating results and future cash flows used in our impairment analyses. We believe that we have made reasonable estimates and judgments.

The assumptions, all of which are considered Level 3 inputs, used in our 2021 cash flow analyses and which resulted in goodwill impairments for all but one reporting unit consisted of:

•The timing and pace of our full return to guest cruise operations

•Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate (“WACC”)

The assumptions, all of which are considered Level 3 inputs, used in our 2020 cash flow analyses consisted of:

•The timing of our return to service, changes in market conditions and port or other restrictions

•Forecasted revenues net of our most significant variable costs, which are travel agent commissions, costs of air and other transportation, and certain other costs that are directly associated with onboard and other revenues including credit and debit card fees

•The allocation of new ships and the timing of the transfer or sale of ships amongst brands, as well as the estimated proceeds from ship sales

•WACC

The estimated fair value of the reporting unit with remaining goodwill and of our trademarks significantly exceeded their carrying value as of the date of the most recent impairment test. Refer to Note 2 - “Summary of Significant Accounting Policies, Preparation of Financial Statements” for additional discussion.


	Goodwill
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2020	$	579	$	228	$	807
Impairment charges	—		(226)		(226)
Exchange movements	—		(2)		(2)
At November 30, 2021	579		—		579
Impairment charges	—		—		—
At November 30, 2022	$	579	$	—	$	579


	Trademarks
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2020	$	927	$	253	$	1,180
Exchange movements	—		(5)		(5)
At November 30, 2021	927		248		1,175
Exchange movements	—		(24)		(24)
At November 30, 2022	$	927	$	224	$	1,151

Impairment of Ships

We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. As a result of the continued effects of COVID-19 on our business and certain Asia markets which remain closed to cruising (particularly China), and our updated expectations for our deployment, we determined that two ships had net carrying values that exceeded their respective estimated undiscounted future cash flows. We then estimated the fair value of these ships, based on their estimated selling values, and recognized ship impairment charges as summarized in the table below.

We performed undiscounted cash flow analyses on certain ships throughout 2021 and 2020 and determined that certain ships had net carrying values that exceeded their estimated undiscounted future cash flows and fair values, and, as a result, we recognized ship impairment charges during 2021 and 2020.

We believe we have made reasonable estimates and judgments as part of our assessments. A change in the principal judgments or estimates may result in a need to perform additional impairment reviews.

In 2022, the principal assumption used in determining the fair value of these ships were the estimated sales proceeds, which are considered a Level 3 input. In 2021, the principal assumptions used in determining the fair value of these ships were the timing of the sale of ships and estimated proceeds, which are considered Level 3 inputs.

In 2020, the principal assumptions used in determining the fair value of these ships consisted of:

•Timing of the respective ship’s return to service, changes in market conditions and port or other restrictions

•Forecasted ship revenues net of our most significant variable costs, which are travel agent commissions, costs of air and other transportation and certain other costs that are directly associated with onboard and other revenues, including credit and debit card fees

•Timing of the sale of ships and estimated proceeds

The impairment charges summarized in the table below are included in ship and other impairments in our Consolidated Statements of Income (Loss).


	November 30,
(in millions)	2022		2021		2020









NAA Segment	$	8	$	273	$	1,474
EA Segment	421		318		319
Total ship impairments	$	428	$	591	$	1,794

Refer to Note 2 - “Summary of Significant Accounting Policies, Preparation of Financial Statements” for additional discussion.

Derivative Instruments and Hedging Activities


		November 30,
(in millions)	Balance Sheet Location	2022		2021
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	—	$	1
Interest rate swaps (b)	Prepaid expenses and other	1		—
	Other assets	1		—
Total derivative assets		$	1	$	1
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)	Other long-term liabilities	$	—	$	8


Interest rate swaps (b)	Accrued liabilities and other	—		3
	Other long-term liabilities	—		2
Total derivative liabilities		$	—	$	13

(a)At November 30, 2022, we had no cross-currency swaps. At November 30, 2021, we had a cross currency swap totaling $201 million that was designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency.

(b)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 $89 million at November 30, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2022, 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, when applicable.


	November 30, 2022
(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	$	1	$	—	$	1	$	—	$	1
Liabilities	$	—	$	—	$	—	$	—	$	—


	November 30, 2021
(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	$	1	$	—	$	1	$	—	$	1
Liabilities	$	13	$	—	$	13	$	—	$	13

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:


	November 30,
(in millions)	2022		2021		2020
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component	$	72	$	(1)	$	131
Cross currency swaps – net investment hedges - excluded component	$	(26)	$	(6)	$	(1)
Foreign currency zero cost collars – cash flow hedges	$	—	$	—	$	1
Foreign currency forwards - cash flow hedges	$	—	$	—	$	53
Interest rate swaps – cash flow hedges	$	11	$	5	$	6
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	(2)	$	(5)	$	(6)
Foreign currency zero cost collars - Depreciation and amortization	$	2	$	2	$	1
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest	$	5	$	—	$	12

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 material.

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.

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 consider hedging certain of our ship commitments and net investments in foreign operations. The financial impacts of our hedging instruments generally offset the changes in the underlying exposures being hedged.

Operational Currency Risks

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

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies and 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 November 30, 2022, we have designated $419 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations. In 2022, we recognized $48 million of gains on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income (loss). We also have euro-denominated debt 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.

At November 30, 2022, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments for non-euro functional currency brands, which represent a total unhedged commitment of $4.4 billion for newbuilds scheduled to be delivered through 2025.

The cost of shipbuilding orders that we may place in the future that are 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 and the issuance of new 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 manage these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, notes receivables, reserve funds related to customer deposits, future 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 November 30, 2022, our exposures under derivative instruments were not material. We also monitor the creditworthiness of travel agencies and tour operators in Australia and Europe and credit and debit card providers to which we extend credit in the normal course of our business. 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. Normally, we have not required collateral or other security to support normal credit sales. Historically, we have not experienced significant credit losses, including counterparty nonperformance; however, because of the continued effects the pandemic is having on economies, we have experienced, and may continue to experience, an increase in credit losses.

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.

Leases

12 Months Ended

Nov. 30, 2022

Leases [Abstract]

Leases

The components of expense were as follows:


	November 30,
(in millions)	2022		2021		2020
Operating lease expense	$	192	$	203	$	203
Variable lease expense (a) (b)	$	(39)	$	(100)	$	(61)

(a)Variable lease expense represents increases or reductions to costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within Commissions, transportation and other in our Consolidated Statements of Income (Loss). Variable and short-term lease costs related to operating leases, other than the port facilities, were not material to our consolidated financial statements.

(b)Several of our preferential berthing agreements have force majeure provisions which were in effect during the pause in guest cruise operations due to COVID-19.

The cash outflow for leases was materially consistent with the lease expense recognized during 2022.

During 2022, we obtained $111 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:


	November 30, 2022		November 30, 2021
Weighted average remaining lease term - operating leases (in years)	13		12
Weighted average discount rate - operating leases	5.2	%	3.8	%

As of November 30, 2022, maturities of operating lease liabilities were as follows:


(in millions) Year
2023	$	198
2024	199
2025	180
2026	167
2027	144
Thereafter	965
Total lease payments	1,853
Less: Present value discount	(518)
Present value of lease liabilities	$	1,335

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.

Segment Information

12 Months Ended

Nov. 30, 2022

Segment Reporting [Abstract]

Segment Information

Segment InformationOur 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, Chief Executive Officer and Chief Climate 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.


	As of and for the years ended November 30,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)			Capital expenditures		Total assets
2022
NAA	$	8,281	$	7,526	$	1,517	$	1,408	$	(2,170)		$	2,568	$	27,413
EA	3,531		3,925		745		692		(1,830)			2,213		15,317
Cruise Support	171		120		225		140		(315)			155		8,461
Tour and Other	185		187		27		36		(64)			4		512
	$	12,168	$	11,757	$	2,515	$	2,275	$	(4,379)		$	4,940	$	51,703
2021
NAA	$	1,108	$	2,730	$	953	$	1,352	$	(3,928)		$	2,397	$	25,606
EA	712		1,807		568		728		(2,617)		(a)	515		16,088
Cruise Support	42		55		335		129		(477)			660		11,014
Tour and Other	46		63		27		23		(67)			35		637
	$	1,908	$	4,655	$	1,885	$	2,233	$	(7,089)		$	3,607	$	53,344
2020
NAA	$	3,627	$	5,623	$	1,066	$	1,413	$	(5,794)	(b)	$	1,430	$	25,257
EA	1,790		2,548		523		672		(2,729)		(c)	2,036		16,505
Cruise Support	68		(10)		262		128		(313)			144		11,135
Tour and Other	110		84		27		28		(29)			11		696
	$	5,595	$	8,245	$	1,878	$	2,241	$	(8,865)		$	3,620	$	53,593

(a) Includes $226 million of goodwill impairment charges.

(b) Includes $1.3 billion of goodwill impairment charges.

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


	Years Ended November 30,
(in millions)	2022		2021		2020
North America	$	7,866	$	1,066	$	3,084
Europe	3,918		811		1,643
Australia and Asia	312		18		687
Other	72		14		180
	$	12,168	$	1,908	$	5,595

Substantially all of our long-lived assets consist of our ships and move between geographic areas.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Compensation Plans and Post-Employment Benefits

12 Months Ended

Nov. 30, 2022

Retirement Benefits [Abstract]

Compensation Plans and Post-Employment Benefits

Equity Plans

We issue our share-based compensation awards, which at November 30, 2022 included time-based share awards (restricted stock awards and restricted stock units), performance-based share awards and market-based share awards (collectively “equity awards”), under the Carnival Corporation and Carnival plc stock plans. Equity awards are principally granted to management level employees and members of our Boards of Directors. The plans are administered by the Compensation Committees which are made up of independent directors who determine which employees are eligible to participate, the monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold within a specified term. We had an aggregate of 16.7 million shares available for future grant at November 30, 2022. We fulfill our equity award obligations using shares purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a three-year period, subject to earlier vesting under certain conditions.


	Shares	Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2019	2,491,376	$	59.97
Granted	9,971,331	$	20.72
Vested	(1,641,570)	$	30.68
Forfeited	(480,361)	$	50.96
Outstanding at November 30, 2020	10,340,776	$	26.61
Granted	4,453,572	$	20.65
Vested	(6,618,083)	$	21.31
Forfeited	(729,073)	$	35.81
Outstanding at November 30, 2021	7,447,192	$	26.85
Granted	3,117,638	$	17.53
Vested	(3,503,118)	$	24.36
Forfeited	(681,197)	$	36.20
Outstanding at November 30, 2022	6,380,515	$	22.67

As of November 30, 2022, there was $52 million of total unrecognized compensation cost related to equity awards, which is expected to be recognized over a weighted-average period of 1.5 years.

Single-employer Defined Benefit Pension Plans

We maintain several single-employer defined benefit pension plans, which cover certain of our shipboard and shoreside employees. The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by U.S. or UK regulations. The remaining defined benefit plans are primarily unfunded. These plans provide pension benefits primarily based on employee compensation and years of service.


	UK Plan (a)				All Other Plans
(in millions)	2022		2021		2022		2021
Change in projected benefit obligation:
Projected benefit obligation as of December 1	$	298	$	303	$	263	$	280
Past service cost	—		—		18		10
Interest cost	5		4		5		4

Benefits paid	(12)		(10)		(15)		(5)
Actuarial (gain) loss on plans’ liabilities	(88)		(7)		(49)		(8)


Plan curtailments, settlements and other	(6)		7		1		(19)
Projected benefit obligation as of November 30	198		298		223		263

Change in plan assets:
Fair value of plan assets as of December 1	355		325		12		17

Return (loss) on plans’ assets	(116)		31		(1)		—
Employer contributions	2		1		12		17

Benefits paid	(12)		(10)		(12)		(5)
Plan settlements	(5)		—		(1)		(17)
Administrative expenses	(2)		8		—		—

Fair value of plan assets as of November 30	222		355		10		12
Funded status as of November 30	$	24	$	56	$	(213)	$	(250)

(a) The P&O Princess Cruises (UK) Pension Scheme (“UK Plan”)

The amounts recognized in the Consolidated Balance Sheets for these plans were as follows:


	UK Plan				All Other Plans
	November 30,				November 30,
(in millions)	2022		2021		2022		2021
Other assets	$	24	$	56	$	—	$	—
Accrued liabilities and other	$	—	$	—	$	25	$	23
Other long-term liabilities	$	—	$	—	$	188	$	227

The accumulated benefit obligation for all defined benefit pension plans was $386 million and $553 million at November 30, 2022 and 2021, respectively.

Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:


	November 30,
(in millions)	2022		2021
Projected benefit obligation	$	223	$	263
Accumulated benefit obligation	$	218	$	254
Fair value of plan assets	$	10	$	12

The net benefit cost recognized in the Consolidated Statements of Income (Loss) were as follows:


	UK Plan						All Other Plans
	November 30,						November 30,
(in millions)	2022		2021		2020		2022		2021		2020
Service cost	$	—	$	—	$	—	$	18	$	10	$	20
Interest cost	5		4		5		5		4		6
Expected return on plan assets	(6)		(6)		(8)		—		—		(1)
Amortization of prior service cost	—		—		—		—		—		—
Amortization of net loss (gain)	—		—		—		3		4		4
Settlement loss recognized	—		—		—		1		5		1
Net periodic benefit cost	$	(1)	$	(1)	$	(3)	$	26	$	22	$	32

The components of net periodic benefit cost other than the service cost component are included in other income (expense), net in the Consolidated Statements of Income (Loss).

Weighted average assumptions used to determine the projected benefit obligation are as follows:


	UK Plan				All Other Plans
	2022		2021		2022		2021
Discount rate	4.3	%	1.6	%	5.4	%	2.6	%
Rate of compensation increase	2.9	%	2.7	%	3.0	%	3.0	%

Weighted average assumptions used to determine net pension income are as follows:


	UK Plan						All Other Plans
	2022		2021		2020		2022		2021		2020
Discount rate	1.6	%	1.6	%	1.9	%	3.2	%	2.3	%	2.9	%
Expected return on assets	—	%	1.9	%	3.0	%	2.3	%	2.3	%	3.0	%
Rate of compensation increase	2.7	%	2.3	%	2.9	%	3.0	%	3.0	%	2.7	%

The discount rate used to determine the UK Plan’s projected benefit obligation was determined as the single equivalent rate based on applying a yield curve determined from AA credit rated bonds at the balance sheet date to the cash flows making up the pension plan’s obligations. The discount rate used to determine the UK Plan’s future net periodic benefit cost was determined as the equivalent rate based on applying each individual spot rate from a yield curve determined from AA credit rated bonds at the balance sheet date for each year’s cash flow. The UK Plan’s expected long-term return on plan assets is consistent with the long-term investment return target provided to the UK Plan’s fiduciary manager (U.K. government fixed interest bonds (gilts) plus 1.0% and was 4.3% per annum as of November 30, 2022.

Amounts recognized in AOCI are as follows:


	UK Plan				All Other Plans
	November 30,				November 30,
	2022		2021		2022		2021
Actuarial losses (gains) recognized in the current year	$	35	$	—	$	(48)	$	(7)
Amortization and settlements included in net periodic benefit cost	$	—	$	—	$	(1)	$	(12)

We anticipate making contributions of $26 million to the plans during 2023. Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate during the succeeding five fiscal years are as follows:


(in millions)	UK Plan		All Other Plans
2023	$	6	$	26
2024	6		25
2025	7		26
2026	7		26
2027	7		27
2028-2032	43		151
	$	76	$	280

Our investment strategy for our pension plan assets is to maintain a diversified portfolio of asset classes to produce a sufficient level of diversification and investment return over the long term. The investment policy for each plan specifies the type of investment vehicles appropriate for the plan, asset allocation guidelines, criteria for selection of investment managers and procedures to monitor overall investment performance, as well as investment manager performance. As of November 30, 2022 and 2021, respectively, the All Other Plans were unfunded.

The fair values of the plan assets of the UK Plan by investment class are as follows:


	November 30,
	2022		2021
Equities	$	53	$	62
U.K. government fixed interest bonds (gilts)	$	169	$	283

Multiemployer Defined Benefit Pension Plans

We participate in two multiemployer defined benefit pension plans in the UK, the British Merchant Navy Officers Pension Fund (registration number 10005645) (“MNOPF”), which is divided into two sections, the “New Section” and the “Old Section,” and the British Merchant Navy Ratings Pension Fund (registration number 10005646) (“MNRPF”). Collectively, we refer to these as “the multiemployer plans.” The multiemployer plans are maintained for the benefit of the employees of the participating employers who make contributions to the plans. The risks of participating in these multiemployer plans are different from single-employer plans, including:

•Contributions made by employers, including us, may be used to provide benefits to employees of other participating employers

•If any of the participating employers were to withdraw from the multiemployer plans or fail to make their required contributions, any unfunded obligations would be the responsibility of the remaining participating employers.

We are contractually obligated to make all required contributions as determined by the plans’ trustees. All of our multiemployer plans are closed to new membership and future benefit accrual. The MNOPF Old Section is fully funded.

We expense our portion of the MNOPF New Section deficit as amounts are invoiced by, and become due and payable to, the trustees. We accrue and expense our portion of the MNRPF deficit based on our estimated probable obligation from the most recent actuarial review. Total expense for the multiemployer plans was $2 million in 2022, $28 million in 2021 and $2 million in 2020.

Based on the most recent valuation at March 31, 2021 of the MNOPF New Section, it was determined that this plan was 102% funded. In 2022, 2021 and 2020, our contributions to the MNOPF New Section did not exceed 5% of total contributions to the fund. Based on the most recent valuation at March 31, 2020 of the MNRPF, it was determined that this plan was 93% funded. In 2022, 2021 and 2020, our contributions to the MNRPF did not exceed 5% of total contributions to the fund. It is possible that we will be required to fund and expense additional amounts for the multiemployer plans in the future; however, such amounts are not expected to be material to our consolidated financial statements.

Defined Contribution Plans

We have several defined contribution plans available to most of our employees. We contribute to these plans based on employee contributions, salary levels and length of service. Total expense for these plans was $40 million in 2022, $35 million in 2021 and $24 million in 2020.

Earnings Per Share

12 Months Ended

Nov. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share


	Years Ended November 30,
(in millions, except per share data)	2022		2021		2020
Net income (loss) for basic and diluted earnings per share	$	(6,093)	$	(9,501)	$	(10,236)
Weighted-average shares outstanding	1,180		1,123		775
Dilutive effect of equity plans	—		—		—
Diluted weighted-average shares outstanding	1,180		1,123		775
Basic earnings per share	$	(5.16)	$	(8.46)	$	(13.20)
Diluted earnings per share	$	(5.16)	$	(8.46)	$	(13.20)

Antidilutive shares excluded from diluted earnings per share computations were as follows:


	November 30,
(in millions)	2022	2021	2020
Equity awards	1	3	1
Convertible Notes	55	53	103
Total antidilutive securities	56	56	104

Supplemental Cash Flow Information

12 Months Ended

Nov. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information


	November 30,
(in millions)	2022		2021
Cash and cash equivalents (Consolidated Balance Sheets)	$	4,029	$	8,939
Restricted cash (Consolidated Balance Sheets)	1,988		14
Restricted cash (included in other assets)	20		24
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	6,037	$	8,976

Cash paid for interest, net of capitalized interest, was $1.4 billion in 2022, $1.3 billion in 2021 and $0.6 billion in 2020. Cash benefit received (paid) for income taxes, net was not material in 2022, 2021 and 2020. In addition, non-cash purchases of property and equipment included in accrued liabilities and other was $100 million in 2022, $127 million in 2021 and $114 million in 2020.

Substantially all restricted cash as of November 30, 2022 relates to the net proceeds from the issuance of our 2028 Senior Priority Notes. Under the indenture governing these notes, the net proceeds are contractually restricted subject to the satisfaction of certain conditions. These conditions were satisfied in December 2022 when we completed the transfer of the Subject Vessels to Carnival Holdings, at which time these amounts became unrestricted.

In August 2022, we issued $339 million aggregate principal amount of 2024 Convertible Notes pursuant to privately-negotiated non-cash exchange agreements with certain holders of the 2023 Convertible Notes, pursuant to which such holders agreed to exchange their 2023 Convertible Notes for an equal amount of 2024 Convertible Notes. In November 2022, we issued an additional $87 million aggregate principal amount of the 2024 Convertible Notes pursuant to privately-negotiated non-cash exchange agreements with certain holders of the 2023 Convertible Notes, pursuant to which such holders agreed to exchange their 2023 Convertible Notes for an equal amount of additional 2024 Convertible Notes. In addition, in August and November 2020, in connection with the repurchase of the 2023 Convertible Notes, as part of registered direct offerings of Carnival Corporation common stock used to repurchase a portion of the 2023 Convertible Notes, as an administrative convenience, we permitted the purchasers of 151.2 million shares of Carnival Corporation common stock to offset the purchase price payable to us against our obligation to pay the purchase price for $1.3 billion aggregate principal amount of the 2023 Convertible Notes held by them, which is reflected as a non-cash transaction for the year ended November 30, 2020.

Refer to Note 5 - “Debt” for additional detail relating to our 2028 Senior Priority Notes and the 2024 Convertible Notes.

For the years ended November 30, 2022 and 2021, we did not have borrowings or repayments of commercial paper with original maturities greater than three months. For the year ended November 30, 2020, we had borrowings of $525 million and repayments of $526 million of commercial paper with original maturities greater than three months.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationWe consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method.

Preparation of Financial Statements

Cash and Cash Equivalents

Cash and Cash EquivalentsCash and cash equivalents include investments with maturities of three months or less at acquisition which are stated at cost and present insignificant risk of changes in value.

Restricted Cash

Restricted CashRestricted cash is classified as short-term or long-term based on the expected timing of our ability to access or use the amounts. The long-term portion is included within other assets. Substantially all restricted cash as of November 30, 2022 relates to the net proceeds from the issuance of our 2028 Senior Priority Notes, which became unrestricted in December 2022.

Inventories

InventoriesInventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all carried at the lower of cost or net realizable value. Cost is determined using the weighted-average or first-in, first-out methods.

Property and Equipment


	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0%
Computer hardware and software	2-12	0%
Transportation equipment and other	3-20	0%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

Leases

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 amortize our lease assets on a straight-line basis over the lease term.

Goodwill and Other Intangibles

assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value.

Equity Method Investments

Derivatives and Other Financial Instruments

Foreign Currency Translation and Transactions

Revenue and Expense Recognition

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.

Customer Deposits

Contract Costs

Insurance

Insurance We use a combination of insurance and self-insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damage to hull and machinery for each of our ships, war risks, workers’ compensation, directors’ and officers’ liability, property damage and general liability for shoreside third-party claims. We recognize insurance recoverables from third-party insurers up to the amount of recorded losses at the time the recovery is probable and upon settlement for amounts in excess of the recorded losses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions.

Selling and Administrative Expenses

Selling and Administrative ExpensesSelling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs, which are expensed upon the first airing of the advertisement. Selling expenses totaled $744 million in 2022, $340 million in 2021 and $348 million in 2020. Administrative expenses represent the costs of our shoreside support, reservations and other administrative functions, and include salaries and related benefits, professional fees and building occupancy costs, which are typically expensed as incurred.

Share-Based Compensation

Share-Based CompensationWe recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the vesting period. For performance-based share awards, we estimate compensation cost based on the probability of the performance condition being achieved and recognize expense ratably using the straight-line attribution method over the expected vesting period. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense is reversed and future compensation expense is adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market conditions are not expected to be met, compensation expense will still be recognized. We account for forfeitures as they occur.

Earnings Per Share

Earnings Per ShareBasic earnings per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income (loss) by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights.

Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Nov. 30, 2022

Accounting Policies [Abstract]

Schedule of Depreciation and Amortization Expense Computation


	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0%
Computer hardware and software	2-12	0%
Transportation equipment and other	3-20	0%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment


	November 30,
(in millions)	2022		2021
Ships and ship improvements	$	52,908	$	50,501
Ships under construction	785		1,536
Other property and equipment	3,970		3,928
Total property and equipment	57,663		55,965
Less accumulated depreciation	(18,976)		(17,858)
	$	38,687	$	38,107

Debt (Tables)

12 Months Ended

Nov. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt


			November 30,
(in millions)	Maturity	Rate (a) (b)	2022		2021
Secured Debt
Notes

Notes	Feb 2026	10.5%	$	775	$	775
EUR Notes	Feb 2026	10.1%	439		481
Notes	Jun 2027	7.9%	192		192
Notes	Aug 2027	9.9%	900		900
Notes	Aug 2028	4.0%	2,406		2,406
Loans
EUR fixed rate	Nov 2022	5.5% - 6.2%	—		98
EUR floating rate	Nov 2022 - Jun 2025	EURIBOR + 3.8%	808		951
Floating rate	June 2025 - Oct 2028	LIBOR + 3.0 - 3.3%	4,101		4,137
Total Secured Debt			9,621		9,939
Unsecured Debt
Revolver
Facility	(c)	LIBOR + 0.7%	200		2,790
Notes

EUR Notes	Nov 2022	1.9%	—		622
Convertible Notes	Apr 2023	5.8%	96		522
Notes	Oct 2023	7.2%	125		125
Convertible Notes	Oct 2024	5.8%	426		—
Notes	Mar 2026	7.6%	1,450		1,450
EUR Notes	Mar 2026	7.6%	517		566
Notes	Mar 2027	5.8%	3,500		3,500
Convertible Notes	Dec 2027	5.8%	1,131		—
Notes	Jan 2028	6.7%	200		200
Senior Priority Notes	May 2028	10.4%	2,030		—
Notes	May 2029	6.0%	2,000		2,000
EUR Notes	Oct 2029	1.0%	620		679
Notes	Jun 2030	10.5%	1,000		—
Loans

Floating rate	Feb 2023 - Sep 2024	LIBOR + 3.8 - 4.5%	590		590
GBP floating rate	Feb 2025	SONIA + 0.9% (d)	419		467
EUR floating rate	Dec 2021 - Mar 2026	EURIBOR + 1.8 - 2.4%	827		1,375
Export Credit Facilities
Floating rate	Feb 2022 - Dec 2031	LIBOR + 0.8 - 1.5%	1,246		1,363
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	3,143		3,488
EUR fixed rate	Feb 2031 - Jan 2034	1.1 - 1.6%	2,592		1,551
EUR floating rate	Feb 2022 - Nov 2034	EURIBOR + 0.2 - 1.6%	3,882		2,742
Total Unsecured Debt			25,994		24,031

Total Debt			35,615		33,970
Less: unamortized debt issuance costs and discounts			(1,069)		(744)
Total Debt, net of unamortized debt issuance costs and discounts			34,546		33,226


Less: short-term borrowings	(200)		(2,790)
Less: current portion of long-term debt	(2,393)		(1,927)
Long-Term Debt	$	31,953	$	28,509

(a) The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors.

The net carrying value of the liability component of the Convertible Notes was as follows:


	November 30,
(in millions)	2022		2021
Principal	$	1,653	$	522
Less: Unamortized debt discount	(274)		(45)
	$	1,380	$	478

Schedule of Annual Maturities of Debt

The scheduled maturities of our debt are as follows:


(in millions)
Year	Principal Payments
2023	$	2,396
2024 (a)	2,645
2025	4,385
2026	4,507
2027	5,662
Thereafter	16,020
Total	$	35,615

Commitments (Tables)

12 Months Ended

Nov. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Shipbuilding, Operating Leases, and Port Facilities and Other Commitments

As of November 30, 2022, we expect the timing of our new ship growth capital commitments to be as follows:


(in millions) Year
2023	$	1,755
2024	2,400		(a)
2025	895		(a)
Thereafter	—
	$	5,050

Shareholders' Equity (Tables)

12 Months Ended

Nov. 30, 2022

Equity [Abstract]

Schedule of Shares Repurchased


	Carnival Corporation			Carnival plc
(in millions)	Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased		Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased
2020	—	$	—	0.2	$	10

Schedule of Stock Swap Program


(in millions, except per share data)	Total Number of Shares of Carnival plc Ordinary Shares Purchased (a)	Average Price Paid per Share of Carnival plc Ordinary Share		Maximum Number of Carnival plc Ordinary Shares That May Yet Be Purchased Under the Carnival Corporation Stock Swap Program
2022	6.0	$	14.52	3.6
2021	8.9	$	20.99	9.5

(a) No ordinary shares of Carnival plc were purchased outside of publicly announced plans or programs.

Accumulated Other Comprehensive Loss


	AOCI
	November 30,
(in millions)	2022		2021		2020
Cumulative foreign currency translation adjustments, net	$	(2,004)	$	(1,501)	$	(1,382)
Unrecognized pension expenses	(31)		(45)		(95)

Net gains on cash flow derivative hedges and other	53		44		41
	$	(1,982)	$	(1,501)	$	(1,436)

Schedule of Quarterly Cash Dividends Declared

We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:


	Quarters Ended
(in millions, except per share data)	February 29		May 31		August 31		November 30
2020
Dividends declared per share	$	0.50	$	—	$	—	$	—
Dividends declared	$	342	$	—	$	—	$	—

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

12 Months Ended

Nov. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments that are Not Measured at Fair Value on a Recurring Basis

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


	November 30, 2022								November 30, 2021
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3



Liabilities
Fixed rate debt (a)	$	23,542	$	—	$	18,620	$	—	$	19,555	$	—	$	19,013	$	—
Floating rate debt (a)	12,074		—		10,036		—		14,415		—		13,451		—
Total	$	35,615	$	—	$	28,656	$	—	$	33,970	$	—	$	32,463	$	—

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

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


	November 30, 2022						November 30, 2021
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	4,029	$	—	$	—	$	8,939	$	—	$	—
Restricted cash	1,988		—		—		38		—		—
Short-term investments (a)	—		—		—		200		—		—
Derivative financial instruments	—		1		—		—		1		—
Total	$	6,016	$	1	$	—	$	9,177	$	1	$	—
Liabilities
Derivative financial instruments	$	—	$	—	$	—	$	—	$	13	$	—
Total	$	—	$	—	$	—	$	—	$	13	$	—

(a)Short-term investments consist of marketable securities with original maturities of between three and twelve months.

Schedule of Reconciliation of Changes in Carrying Amounts of Goodwill


	Goodwill
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2020	$	579	$	228	$	807
Impairment charges	—		(226)		(226)
Exchange movements	—		(2)		(2)
At November 30, 2021	579		—		579
Impairment charges	—		—		—
At November 30, 2022	$	579	$	—	$	579

Schedule of Reconciliation of Changes in Carrying Amounts of Trademarks


	Trademarks
(in millions)	NAA Segment		EA Segment		Total
At November 30, 2020	$	927	$	253	$	1,180
Exchange movements	—		(5)		(5)
At November 30, 2021	927		248		1,175
Exchange movements	—		(24)		(24)
At November 30, 2022	$	927	$	224	$	1,151

Schedule of Impairment Charges Included in Other Operating Expenses

The impairment charges summarized in the table below are included in ship and other impairments in our Consolidated Statements of Income (Loss).


	November 30,
(in millions)	2022		2021		2020









NAA Segment	$	8	$	273	$	1,474
EA Segment	421		318		319
Total ship impairments	$	428	$	591	$	1,794

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


		November 30,
(in millions)	Balance Sheet Location	2022		2021
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	—	$	1
Interest rate swaps (b)	Prepaid expenses and other	1		—
	Other assets	1		—
Total derivative assets		$	1	$	1
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)	Other long-term liabilities	$	—	$	8


Interest rate swaps (b)	Accrued liabilities and other	—		3
	Other long-term liabilities	—		2
Total derivative liabilities		$	—	$	13

Schedule of Offsetting Derivative Instruments

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


	November 30, 2022
(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	$	1	$	—	$	1	$	—	$	1
Liabilities	$	—	$	—	$	—	$	—	$	—


	November 30, 2021
(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	$	1	$	—	$	1	$	—	$	1
Liabilities	$	13	$	—	$	13	$	—	$	13

Schedule of Amounts Recognized in 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:


	November 30,
(in millions)	2022		2021		2020
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges - included component	$	72	$	(1)	$	131
Cross currency swaps – net investment hedges - excluded component	$	(26)	$	(6)	$	(1)
Foreign currency zero cost collars – cash flow hedges	$	—	$	—	$	1
Foreign currency forwards - cash flow hedges	$	—	$	—	$	53
Interest rate swaps – cash flow hedges	$	11	$	5	$	6
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	(2)	$	(5)	$	(6)
Foreign currency zero cost collars - Depreciation and amortization	$	2	$	2	$	1
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest	$	5	$	—	$	12

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Nov. 30, 2022

Leases [Abstract]

Schedule of Components of Lease Expenses

The components of expense were as follows:


	November 30,
(in millions)	2022		2021		2020
Operating lease expense	$	192	$	203	$	203
Variable lease expense (a) (b)	$	(39)	$	(100)	$	(61)

(b)Several of our preferential berthing agreements have force majeure provisions which were in effect during the pause in guest cruise operations due to COVID-19.

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


	November 30, 2022		November 30, 2021
Weighted average remaining lease term - operating leases (in years)	13		12
Weighted average discount rate - operating leases	5.2	%	3.8	%

Schedule of Maturities of Operating Lease Liabilities

As of November 30, 2022, maturities of operating lease liabilities were as follows:


(in millions) Year
2023	$	198
2024	199
2025	180
2026	167
2027	144
Thereafter	965
Total lease payments	1,853
Less: Present value discount	(518)
Present value of lease liabilities	$	1,335

Segment Information (Tables)

12 Months Ended

Nov. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	As of and for the years ended November 30,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)			Capital expenditures		Total assets
2022
NAA	$	8,281	$	7,526	$	1,517	$	1,408	$	(2,170)		$	2,568	$	27,413
EA	3,531		3,925		745		692		(1,830)			2,213		15,317
Cruise Support	171		120		225		140		(315)			155		8,461
Tour and Other	185		187		27		36		(64)			4		512
	$	12,168	$	11,757	$	2,515	$	2,275	$	(4,379)		$	4,940	$	51,703
2021
NAA	$	1,108	$	2,730	$	953	$	1,352	$	(3,928)		$	2,397	$	25,606
EA	712		1,807		568		728		(2,617)		(a)	515		16,088
Cruise Support	42		55		335		129		(477)			660		11,014
Tour and Other	46		63		27		23		(67)			35		637
	$	1,908	$	4,655	$	1,885	$	2,233	$	(7,089)		$	3,607	$	53,344
2020
NAA	$	3,627	$	5,623	$	1,066	$	1,413	$	(5,794)	(b)	$	1,430	$	25,257
EA	1,790		2,548		523		672		(2,729)		(c)	2,036		16,505
Cruise Support	68		(10)		262		128		(313)			144		11,135
Tour and Other	110		84		27		28		(29)			11		696
	$	5,595	$	8,245	$	1,878	$	2,241	$	(8,865)		$	3,620	$	53,593

(a) Includes $226 million of goodwill impairment charges.

(b) Includes $1.3 billion of goodwill impairment charges.

Schedule of Revenue by Geographic Area, Based on Where Guests are Sourced

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


	Years Ended November 30,
(in millions)	2022		2021		2020
North America	$	7,866	$	1,066	$	3,084
Europe	3,918		811		1,643
Australia and Asia	312		18		687
Other	72		14		180
	$	12,168	$	1,908	$	5,595

Compensation Plans and Post-Employment Benefits (Tables)

12 Months Ended

Nov. 30, 2022

Retirement Benefits [Abstract]

Schedule of Share Based Compensation Awards Activity


	Shares	Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2019	2,491,376	$	59.97
Granted	9,971,331	$	20.72
Vested	(1,641,570)	$	30.68
Forfeited	(480,361)	$	50.96
Outstanding at November 30, 2020	10,340,776	$	26.61
Granted	4,453,572	$	20.65
Vested	(6,618,083)	$	21.31
Forfeited	(729,073)	$	35.81
Outstanding at November 30, 2021	7,447,192	$	26.85
Granted	3,117,638	$	17.53
Vested	(3,503,118)	$	24.36
Forfeited	(681,197)	$	36.20
Outstanding at November 30, 2022	6,380,515	$	22.67

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets


	UK Plan (a)				All Other Plans
(in millions)	2022		2021		2022		2021
Change in projected benefit obligation:
Projected benefit obligation as of December 1	$	298	$	303	$	263	$	280
Past service cost	—		—		18		10
Interest cost	5		4		5		4

Benefits paid	(12)		(10)		(15)		(5)
Actuarial (gain) loss on plans’ liabilities	(88)		(7)		(49)		(8)


Plan curtailments, settlements and other	(6)		7		1		(19)
Projected benefit obligation as of November 30	198		298		223		263

Change in plan assets:
Fair value of plan assets as of December 1	355		325		12		17

Return (loss) on plans’ assets	(116)		31		(1)		—
Employer contributions	2		1		12		17

Benefits paid	(12)		(10)		(12)		(5)
Plan settlements	(5)		—		(1)		(17)
Administrative expenses	(2)		8		—		—

Fair value of plan assets as of November 30	222		355		10		12
Funded status as of November 30	$	24	$	56	$	(213)	$	(250)

(a) The P&O Princess Cruises (UK) Pension Scheme (“UK Plan”)

Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheets

The amounts recognized in the Consolidated Balance Sheets for these plans were as follows:


	UK Plan				All Other Plans
	November 30,				November 30,
(in millions)	2022		2021		2022		2021
Other assets	$	24	$	56	$	—	$	—
Accrued liabilities and other	$	—	$	—	$	25	$	23
Other long-term liabilities	$	—	$	—	$	188	$	227

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:


	November 30,
(in millions)	2022		2021
Projected benefit obligation	$	223	$	263
Accumulated benefit obligation	$	218	$	254
Fair value of plan assets	$	10	$	12

Schedule of Net Benefit Costs

The net benefit cost recognized in the Consolidated Statements of Income (Loss) were as follows:


	UK Plan						All Other Plans
	November 30,						November 30,
(in millions)	2022		2021		2020		2022		2021		2020
Service cost	$	—	$	—	$	—	$	18	$	10	$	20
Interest cost	5		4		5		5		4		6
Expected return on plan assets	(6)		(6)		(8)		—		—		(1)
Amortization of prior service cost	—		—		—		—		—		—
Amortization of net loss (gain)	—		—		—		3		4		4
Settlement loss recognized	—		—		—		1		5		1
Net periodic benefit cost	$	(1)	$	(1)	$	(3)	$	26	$	22	$	32

The components of net periodic benefit cost other than the service cost component are included in other income (expense), net in the Consolidated Statements of Income (Loss).

Weighted average assumptions used to determine the projected benefit obligation are as follows:


	UK Plan				All Other Plans
	2022		2021		2022		2021
Discount rate	4.3	%	1.6	%	5.4	%	2.6	%
Rate of compensation increase	2.9	%	2.7	%	3.0	%	3.0	%

Weighted average assumptions used to determine net pension income are as follows:


	UK Plan						All Other Plans
	2022		2021		2020		2022		2021		2020
Discount rate	1.6	%	1.6	%	1.9	%	3.2	%	2.3	%	2.9	%
Expected return on assets	—	%	1.9	%	3.0	%	2.3	%	2.3	%	3.0	%
Rate of compensation increase	2.7	%	2.3	%	2.9	%	3.0	%	3.0	%	2.7	%

Schedule of Defined Benefit Plan AOCI

Amounts recognized in AOCI are as follows:


	UK Plan				All Other Plans
	November 30,				November 30,
	2022		2021		2022		2021
Actuarial losses (gains) recognized in the current year	$	35	$	—	$	(48)	$	(7)
Amortization and settlements included in net periodic benefit cost	$	—	$	—	$	(1)	$	(12)

Schedule of Expected Future Benefit Payments

Estimated future benefit payments to be made during each of the next five fiscal years and in the aggregate during the succeeding five fiscal years are as follows:


(in millions)	UK Plan		All Other Plans
2023	$	6	$	26
2024	6		25
2025	7		26
2026	7		26
2027	7		27
2028-2032	43		151
	$	76	$	280

Schedule of Fair Values of Plan Assets

The fair values of the plan assets of the UK Plan by investment class are as follows:


	November 30,
	2022		2021
Equities	$	53	$	62
U.K. government fixed interest bonds (gilts)	$	169	$	283

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share Computation


	Years Ended November 30,
(in millions, except per share data)	2022		2021		2020
Net income (loss) for basic and diluted earnings per share	$	(6,093)	$	(9,501)	$	(10,236)
Weighted-average shares outstanding	1,180		1,123		775
Dilutive effect of equity plans	—		—		—
Diluted weighted-average shares outstanding	1,180		1,123		775
Basic earnings per share	$	(5.16)	$	(8.46)	$	(13.20)
Diluted earnings per share	$	(5.16)	$	(8.46)	$	(13.20)

Schedule of Antidilutive Shares Excluded from Diluted Earnings Per Share Computations

Antidilutive shares excluded from diluted earnings per share computations were as follows:


	November 30,
(in millions)	2022	2021	2020
Equity awards	1	3	1
Convertible Notes	55	53	103
Total antidilutive securities	56	56	104

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)

12 Months Ended

Nov. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Information


	November 30,
(in millions)	2022		2021
Cash and cash equivalents (Consolidated Balance Sheets)	$	4,029	$	8,939
Restricted cash (Consolidated Balance Sheets)	1,988		14
Restricted cash (included in other assets)	20		24
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	6,037	$	8,976

General (Details) € in Billions, £ in Billions, $ in Billions	12 Months Ended
	Nov. 30, 2022 USD ($) company	Nov. 30, 2022 EUR (€)	Nov. 30, 2022 GBP (£)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of companies operating as a single economic enterprise \| company	2
DLC arrangement current equalization ratio	1
Percent of operating capacity	97.00%	97.00%	97.00%
Cash, cash equivalents, and short-term investments	$ 8.6
U.S. Dollar-denominated Revolving Credit Facility \| Unsecured Debt
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Line of credit, current	$ 1.7
Euro-denominated Revolving Credit Facility \| Unsecured Debt
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Line of credit, current \| €		€ 1.0
Sterling-denominated Revolving Credit Facility \| Unsecured Debt
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Line of credit, current \| £			£ 0.2
Carnival PLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
DLC arrangement current equalization ratio	1

Summary of Significant Accounting Policies - Additional Information (Details) £ in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Dec. 31, 2021 GBP (£)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash	$ 1,988	$ 14
Lease term (in years)	1 year
Fees, taxes, and charges	$ 438	73	$ 215
Contract assets	218	55
Selling expenses	744	340	$ 348
Long-term debt	35,615
Sterling Overnight Index Average S O N I A
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Long-term debt	$ 5,800			£ 350
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease renewal term (in years)	1 year
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease renewal term (in years)	10 years
Cruise
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer deposits	$ 5,100	3,500
Revenues recognized related to customer deposits	1,900	$ 100
Future Cruise Credits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer deposits	$ 210
Ships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average useful lives of property and equipment	30 years
Residual value as a percentage of original cost	15.00%

Summary of Significant Accounting Policies - Estimates of Average Useful Lives and Residual Values of Property and Equipment (Details)	12 Months Ended
	Nov. 30, 2022
Ships
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years
Residual value as a percentage of original cost	15.00%
Ship improvements
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Ship improvements \| Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Ship improvements \| Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	40 years
Computer hardware and software
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	2 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	12 years
Transportation equipment and other
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Transportation equipment and other \| Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Transportation equipment and other \| Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	20 years
Leasehold improvements, including port facilities
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Leasehold improvements, including port facilities \| Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Leasehold improvements, including port facilities \| Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years

Property and Equipment (Details) $ in Millions	1 Months Ended	12 Months Ended
Property and Equipment (Details) $ in Millions	Dec. 31, 2022 cruise_ship berth	Nov. 30, 2022 USD ($) cruise_ship berth	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Ships and ship improvements		$ 52,908	$ 50,501
Ships under construction		785	1,536
Other property and equipment		3,970	3,928
Total property and equipment		57,663	55,965
Less accumulated depreciation		(18,976)	(17,858)
Property and Equipment, Net		38,687	38,107
Capitalized interest		$ 48	$ 83	$ 66
EA Segment
Property, Plant and Equipment [Line Items]
Number of ships, agreement to sell \| cruise_ship		1
Number of ships sold \| cruise_ship		1
Capacity of ships sold \| berth		4,110
EA Segment \| Subsequent Event
Property, Plant and Equipment [Line Items]
Number of ships, agreement to sell \| cruise_ship	1
Capacity of ships sold \| berth	1,270
NAA Segment
Property, Plant and Equipment [Line Items]
Number of ships sold \| cruise_ship		2
Capacity of ships sold \| berth		4,110

Equity Method Investments (Details) $ in Millions	12 Months Ended
Equity Method Investments (Details) $ in Millions	Nov. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($) cruise_ship
Schedule of Equity Method Investments [Line Items]
Impairment charge	$ 470	$ 834	$ 4,063
Payment for lease of ships	55	55
Grand Bahama Shipyard Ltd.
Schedule of Equity Method Investments [Line Items]
Services provided	12	11	$ 38
Investment, amount	43	47
Investment equity	10	14
Investment loan	33	33
White Pass and Yukon Route
Schedule of Equity Method Investments [Line Items]
Investment, amount	50	76
Investment equity	18	49
Investment loan	32	27
Impairment charge	30	17
CSSC-Carnival
Schedule of Equity Method Investments [Line Items]
Investment, amount	$ 70	119
EA Segment \| CSSC-Carnival
Schedule of Equity Method Investments [Line Items]
Number of cruise ships \| cruise_ship			2
Investment amount sold, gain		283	$ 107
Capital contribution		$ 90

Debt - Long-Term and Short-Term Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Total Debt	$ 35,615	$ 33,970
Less: unamortized debt issuance costs and discounts	(1,069)	(744)
Total Debt, net of unamortized debt issuance costs and discounts	34,546	33,226
Less: short-term borrowings	(200)	(2,790)
Less: current portion of long-term debt	(2,393)	(1,927)
Long-Term Debt	31,953	28,509
Revolving credit facility
Debt Instrument [Line Items]
Line of credit facility available amount	$ 2,600
Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate floor (percentage)	0.00%
Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate floor (percentage)	0.75%
Sterling Overnight Index Average S O N I A
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.00%
Sterling Overnight Index Average S O N I A \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.03%
Sterling Overnight Index Average S O N I A \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.28%
Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 9,621	9,939
Secured Debt \| Notes due Feb 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 775	775
Secured Debt \| Euro-denominated notes due Feb 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.10%
Long-term debt	$ 439	481
Secured Debt \| Notes due Jun 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.90%
Long-term debt	$ 192	192
Secured Debt \| Notes due Aug 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	9.90%
Long-term debt	$ 900	900
Secured Debt \| Notes due Aug 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	4.00%
Long-term debt	$ 2,406	2,406
Secured Debt \| Euro-denominated fixed rate bank loan due Nov 2022
Debt Instrument [Line Items]
Long-term debt	$ 0	98
Secured Debt \| Euro-denominated fixed rate bank loan due Nov 2022 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.50%
Secured Debt \| Euro-denominated fixed rate bank loan due Nov 2022 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.20%
Secured Debt \| Euro-denominated floating rate bank loan due Jun 2025
Debt Instrument [Line Items]
Long-term debt	$ 808	951
Secured Debt \| Euro-denominated floating rate bank loan due Jun 2025 \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.80%
Secured Debt \| Floating rate bank loan due Oct 2028
Debt Instrument [Line Items]
Long-term debt	$ 4,101	4,137
Secured Debt \| Floating rate bank loan due Oct 2028 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.00%
Secured Debt \| Floating rate bank loan due Oct 2028 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.30%
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 25,994	24,031
Unsecured Debt \| Revolver Facility Expires Aug 2024
Debt Instrument [Line Items]
Long-term debt	200	2,790
Less: short-term borrowings	$ (200)
Unsecured Debt \| Revolver Facility Expires Aug 2024 \| LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.70%
Unsecured Debt \| Euro-denominated notes due Nov 2022
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.90%
Short-term debt	$ 0	622
Unsecured Debt \| Convertible notes due Apr 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 96	522
Unsecured Debt \| Notes due Oct 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.20%
Long-term debt	$ 125	125
Unsecured Debt \| Convertible Notes due October 2024
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 426	0
Unsecured Debt \| Notes due Mar 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%
Long-term debt	$ 1,450	1,450
Unsecured Debt \| Euro-denominated notes due Mar 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%
Long-term debt	$ 517	566
Unsecured Debt \| Notes due March 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 3,500	3,500
Unsecured Debt \| Convertible Notes due December 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 1,131	0
Unsecured Debt \| Notes due Jan 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.70%
Long-term debt	$ 200	200
Unsecured Debt \| Senior Priority Notes Due May 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.40%
Long-term debt	$ 2,030	0
Unsecured Debt \| Notes due May 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.00%
Long-term debt	$ 2,000	2,000
Unsecured Debt \| Euro-denominated notes due Oct 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.00%
Long-term debt	$ 620	679
Unsecured Debt \| Notes due June 2030
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 1,000	0
Unsecured Debt \| Floating rate bank loan due Sep 2024
Debt Instrument [Line Items]
Long-term debt	$ 590	590
Unsecured Debt \| Floating rate bank loan due Sep 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.80%
Unsecured Debt \| Floating rate bank loan due Sep 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	4.50%
Unsecured Debt \| Sterling-denominated floating rate bank loan due Feb 2025
Debt Instrument [Line Items]
Long-term debt	$ 419	467
Unsecured Debt \| Sterling-denominated floating rate bank loan due Feb 2025 \| Sterling Overnight Index Average S O N I A
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.90%
Unsecured Debt \| Euro-denominated floating rate bank loan due May 2026
Debt Instrument [Line Items]
Long-term debt	$ 827	1,375
Unsecured Debt \| Euro-denominated floating rate bank loan due May 2026 \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	1.80%
Unsecured Debt \| Euro-denominated floating rate bank loan due May 2026 \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	2.40%
Unsecured Debt \| Export credit facility floating rate due Dec 2031
Debt Instrument [Line Items]
Long-term debt	$ 1,246	1,363
Unsecured Debt \| Export credit facility floating rate due Dec 2031 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.80%
Unsecured Debt \| Export credit facility floating rate due Dec 2031 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	1.50%
Unsecured Debt \| Export credit facility fixed rate due Dec 2032
Debt Instrument [Line Items]
Long-term debt	$ 3,143	3,488
Unsecured Debt \| Export credit facility fixed rate due Dec 2032 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	2.40%
Unsecured Debt \| Export credit facility fixed rate due Dec 2032 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.40%
Unsecured Debt \| Euro-denominated export credit facility fixed rate due Sep 2032
Debt Instrument [Line Items]
Long-term debt	$ 2,592	1,551
Unsecured Debt \| Euro-denominated export credit facility fixed rate due Sep 2032 \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.10%
Unsecured Debt \| Euro-denominated export credit facility fixed rate due Sep 2032 \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.60%
Unsecured Debt \| Euro-denominated export credit facility floating rate due Dec 2032
Debt Instrument [Line Items]
Long-term debt	$ 3,882	$ 2,742
Unsecured Debt \| Euro-denominated export credit facility floating rate due Dec 2032 \| Eurodollar \| Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.20%
Unsecured Debt \| Euro-denominated export credit facility floating rate due Dec 2032 \| Eurodollar \| Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	1.60%

Debt - Additional Information (Details)	1 Months Ended					9 Months Ended	12 Months Ended
Debt - Additional Information (Details)	Nov. 30, 2022 USD ($) shares cruise_ship day $ / shares	Oct. 31, 2021 USD ($)	Jul. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)	Apr. 30, 2020 USD ($) shares $ / shares	Dec. 31, 2020 USD ($)	Nov. 30, 2022 USD ($) $ / shares	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Jan. 12, 2023 USD ($)	Dec. 09, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	May 31, 2022 USD ($)	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	$ 34,546,000,000						$ 34,546,000,000	$ 33,226,000,000
Short-term borrowings	200,000,000						200,000,000	2,790,000,000
Principal amount of long-term debt purchased							2,075,000,000	5,956,000,000	$ 1,621,000,000
Deferred principal payment amount								1,000,000,000
Cumulative deferred principal amount	1,200,000,000						1,200,000,000
Ships and ship improvements	36,200,000,000						36,200,000,000
Vessels and material intellectual property	23,600,000,000						23,600,000,000
Vessels and related assets	22,000,000,000						22,000,000,000
Debt instrument, convertible, equity component minimum threshold							5,000,000,000
Debt instrument, convertible, liquidity component minimum threshold							1,500,000,000
Long-term debt	35,615,000,000						$ 35,615,000,000
Debt Instrument, Debt Covenant, Period One
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio							2.0
Debt Instrument, Debt Covenant, Period Two
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio							2.5
Debt Instrument, Debt Covenant, Period Three
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio							3.0
Debt Instrument, Debt Covenant, Period Four
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)							75.00%
Debt Instrument, Debt Covenant, Period Five
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)							65.00%
Subsequent Event
Debt Instrument [Line Items]
Ships and ship improvements											$ 8,300,000,000
Secured Debt \| Costa Term Loan Facility
Debt Instrument [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	250,000,000						$ 250,000,000
Secured Debt \| Senior Secured Term Loan Facility due 2025
Debt Instrument [Line Items]
Debt instrument, face amount				$ 2,800,000,000
Secured Debt \| Senior Secured Term Loan Facility due 2025, Tranche One \| LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate on variable rate (percentage)				0.75%
Debt instrument, variable rate (percent)				3.00%
Secured Debt \| Senior Secured Term Loan Facility due 2025, Tranche Two \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, floor rate on variable rate (percentage)				0.00%
Debt instrument, variable rate (percent)				3.75%
Secured Debt \| Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, face amount			$ 2,400,000,000
Secured Debt \| First Priority Senior Secured Term Loan Facility Due 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)			4.00%
Secured Debt \| Senior Secured Term Loan Facility Due 2023
Debt Instrument [Line Items]
Principal amount of long-term debt purchased			$ 2,000,000,000
Secured Debt \| Incremental Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 2,300,000,000
Principal amount of long-term debt purchased		$ 2,000,000,000
Secured Debt \| Incremental Term Loan \| LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate on variable rate (percentage)		0.75%
Debt instrument, variable rate (percent)		3.25%
Unsecured Debt
Debt Instrument [Line Items]
Interest coverage covenant, amount	11,800,000,000						11,800,000,000
Long-term debt	12,100,000,000						12,100,000,000
Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Interest coverage covenant, amount										$ 300,000,000
Long-term debt										$ 300,000,000
Unsecured Debt \| Senior Priority Notes Due 2028
Debt Instrument [Line Items]
Debt instrument, face amount												$ 2,000,000,000
Debt instrument, interest rate (percent)												10.40%
Debt instrument, collateral	8,300,000,000						8,300,000,000
Unsecured Debt \| Senior Unsecured Term Loan Facility due 2027
Debt Instrument [Line Items]
Debt instrument, face amount															$ 3,500,000,000
Debt instrument, interest rate (percent)															5.80%
Unsecured Debt \| Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount								$ 2,000,000,000.0
Debt instrument, interest rate (percent)								6.00%
Unsecured Debt \| Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Debt instrument, face amount														$ 1,000,000,000
Debt instrument, interest rate (percent)														10.50%
Export Credit Facility \| Export Credit Facility Due 2034
Debt Instrument [Line Items]
Debt instrument, face amount	3,100,000,000						3,100,000,000
Value of vessels subject to negative pledges	14,200,000,000						14,200,000,000
Convertible
Debt Instrument [Line Items]
Convertible notes	137,000,000						$ 137,000,000
Convertible \| Senior Convertible Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount									$ 2,000,000,000
Debt instrument, interest rate (percent)									5.80%
Decrease in principal amount of debt						$ 100,000,000
Debt instrument, convertible, number of shares (in shares) \| shares					100
Conversion rate, amount					$ 1,000
Debt instrument, conversion price (in dollars per share) \| $ / shares					$ 10
Debt instrument, redemption price, percentage (less than 98%)							100.00%
Debt instrument, convertible, carrying amount	286,000,000						$ 286,000,000
Debt instrument, convertible, carrying amount, after partial repurchase	0						0
Long-term debt	1,380,000,000						1,380,000,000	$ 478,000,000
Convertible \| Senior Convertible Notes Due 2024
Debt Instrument [Line Items]
Debt instrument, face amount	87,000,000						$ 87,000,000						$ 339,000,000
Debt instrument, interest rate (percent)													5.80%
Debt instrument, redemption price, percentage (less than 98%)							100.00%
Convertible \| Senior Convertible Notes Due 2027
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,100,000,000						$ 1,100,000,000
Debt instrument, interest rate (percent)	5.80%						5.80%
Debt instrument, convertible, number of shares (in shares) \| shares	75
Conversion rate, amount	$ 1,000
Debt instrument, conversion price (in dollars per share) \| $ / shares	$ 13.39						$ 13.39
Debt instrument, redemption price, percentage (less than 98%)							100.00%
Convertible, threshold percentage of stock price trigger	130.00%
Convertible threshold trading days \| day	20
Convertible threshold consecutive trading days \| cruise_ship	30
Debt instrument, convertible, carrying amount	$ 229,000,000						$ 229,000,000
Costa Crociere S.p.A \| Secured Debt \| Costa Term Loan Facility
Debt Instrument [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	500,000,000						500,000,000
Carnival Bermuda (Holdings) Limited \| Secured Debt \| Senior Priority Notes Due 2028
Debt Instrument [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	$ 2,000,000,000						$ 2,000,000,000

Debt - Schedule of Annual Maturities of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Nov. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
2023		$ 2,396
2024		2,645
2025		4,385
2026		4,507
2027		5,662
Thereafter		16,020
Total		35,615
Short-term borrowings		200	$ 2,790
Unsecured Debt
Debt Instrument [Line Items]
Total		12,100
Unsecured Debt \| Revolver Facility Expires Aug 2024
Debt Instrument [Line Items]
Short-term borrowings		$ 200
Debt instrument, term	6 months

Debt - Debt Instrument (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Total	$ 35,615
Convertible \| Senior Convertible Notes due 2023
Debt Instrument [Line Items]
Principal	1,653	$ 522
Less: Unamortized debt discount	(274)	(45)
Total	$ 1,380	$ 478

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments - Newbuild Contracts (Details) $ in Millions	Nov. 30, 2022 USD ($)
Shipbuilding Commitments Future Minimum Payments Due [Roll Forward]
2023	$ 1,755
2024	2,400
2025	895
Thereafter	0
Total	$ 5,050

Contingencies (Details) $ in Millions			12 Months Ended
Contingencies (Details) $ in Millions	Dec. 30, 2022 USD ($)	May 02, 2019 lawsuit	Nov. 30, 2022 USD ($) cruise_ship classAction	Nov. 30, 2021 USD ($)
Loss Contingencies [Line Items]
Number of lawsuits \| lawsuit		2
Number of class actions, COVID-19 \| classAction			11
Number of class actions dismissed or settled, COVID-19 \| cruise_ship			9
Customer deposits			$ 1,700	$ 1,100
Escrow deposit			$ 30	$ 30
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency liability	$ 110
Loss contingency, fees and costs	$ 4

Taxation (Details) - ITALY	12 Months Ended
Taxation (Details) - ITALY	Nov. 30, 2025	Nov. 30, 2022	Nov. 30, 2021
Income Tax [Line Items]
Effective tax rate		4.80%	4.80%
Forecast
Income Tax [Line Items]
Additional tax rate election period beginning 2025	10 years

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended					12 Months Ended
	Nov. 10, 2020	Sep. 15, 2020	Aug. 31, 2022	Feb. 28, 2021	Nov. 30, 2020	Oct. 31, 2020	Apr. 30, 2020	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Stockholders Equity Note [Line Items]
Preferred stock, authorized (in shares)								40,000,000
Number of shares sold (in shares)								6,000,000	8,900,000
Number of shares repurchased (in shares)								6,000,000	8,900,000
Net proceeds from Stock Swap Program								$ 8	$ 19
Shares issued (in shares)	94,500,000	67,100,000						1,600,000	600,000
Consideration received								$ 30	$ 13
Average price per share (in dollars per share)								$ 19.27	$ 21.32
Unrecognized pension expenses reclassified out of accumulated other comprehensive (loss) income								$ 1	$ 7	$ 3
Public Offering
Stockholders Equity Note [Line Items]
Shares issued (in shares)			117,500,000	40,500,000			71,900,000
Price per share (in dollars per share)			$ 9.95	$ 25.10			$ 8.00
Consideration received			$ 1,200	$ 996			$ 556
ATM Offering
Stockholders Equity Note [Line Items]
Shares issued (in shares)					1,500,000,000	1,000,000,000
Carnival Corp
Stockholders Equity Note [Line Items]
Preferred stock, shares issued (in shares)								0	0
Carnival PLC
Stockholders Equity Note [Line Items]
Preferred stock, shares issued (in shares)								0	0
Number of shares repurchased (in shares)								6,000,000.0	8,900,000

Shareholders' Equity - Shares Repurchased (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Stockholders Equity Note [Line Items]
Dollar Amount Paid for Shares Repurchased	$ 0	$ 0	$ 12
Repurchase Agreements \| Carnival Corp
Stockholders Equity Note [Line Items]
Number of Shares Repurchased (in shares)			0.0
Dollar Amount Paid for Shares Repurchased			$ 0
Repurchase Agreements \| Carnival PLC
Stockholders Equity Note [Line Items]
Number of Shares Repurchased (in shares)			0.2
Dollar Amount Paid for Shares Repurchased			$ 10

Shareholders' Equity - Stock Swap Program (Details) - $ / shares shares in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Stockholders Equity Note [Line Items]
Total Number of Shares of Carnival plc Ordinary Shares Purchased	6.0	8.9
Carnival PLC
Stockholders Equity Note [Line Items]
Total Number of Shares of Carnival plc Ordinary Shares Purchased	6.0	8.9
Average Price Paid per Share of Carnival plc Ordinary Share (in usd per share)	$ 14.52	$ 20.99
Maximum Number of Carnival plc Ordinary Shares That May Yet Be Purchased Under the Carnival Corporation Stock Swap Program (in shares)	3.6	9.5

Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Equity [Abstract]
Cumulative foreign currency translation adjustments, net	$ (2,004)	$ (1,501)	$ (1,382)
Unrecognized pension expenses	(31)	(45)	(95)
Net gains on cash flow derivative hedges and other	53	44	41
Accumulated other comprehensive (loss) income	$ (1,982)	$ (1,501)	$ (1,436)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020
Equity [Abstract]
Dividends declared per share (USD per share)	$ 0	$ 0	$ 0	$ 0.50
Dividends declared	$ 0	$ 0	$ 0	$ 342

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Financial Instruments that are not Measured at Fair Value on a Recurring Basis (Details) - Financial Instruments Not Measured at Fair Value on a Recurring Basis - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Carrying Value
Liabilities
Total	$ 35,615	$ 33,970
Carrying Value \| Fixed Rate
Liabilities
Debt	23,542	19,555
Carrying Value \| Floating Rate
Liabilities
Debt	12,074	14,415
Fair Value \| Level 1
Liabilities
Total	0	0
Fair Value \| Level 1 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 1 \| Floating Rate
Liabilities
Debt	0	0
Fair Value \| Level 2
Liabilities
Total	28,656	32,463
Fair Value \| Level 2 \| Fixed Rate
Liabilities
Debt	18,620	19,013
Fair Value \| Level 2 \| Floating Rate
Liabilities
Debt	10,036	13,451
Fair Value \| Level 3
Liabilities
Total	0	0
Fair Value \| Level 3 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 3 \| Floating Rate
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Financial Instruments that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Assets
Short-term investments (a)	$ 1	$ 1
Derivative Asset	1	1
Liabilities
Derivative financial instruments	0	13
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Cash and cash equivalents	4,029	8,939
Restricted cash	1,988	38
Total	6,016	9,177
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Short-term Investments
Assets
Short-term investments (a)	0	200
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Derivative financial instruments
Assets
Derivative Asset	0	0
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Cash and cash equivalents		0
Restricted cash	0
Total	1	1
Liabilities
Total		13
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Assets
Derivative Asset	1	1
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Liabilities
Derivative financial instruments		13
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3
Liabilities
Total	0	0
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Short-term Investments
Assets
Short-term investments (a)	0
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Derivative financial instruments
Assets
Derivative Asset	$ 0	$ 0

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 31, 2022	Jul. 31, 2020	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Goodwill [Line Items]
Goodwill and intangible asset impairment	$ 0	$ 0	$ 0	$ 226,000,000	$ 2,096,000,000
Goodwill impairment			0	226,000,000	2,100,000,000
Goodwill [Roll Forward]
Beginning Balance			579,000,000	807,000,000
Impairment charges			0	(226,000,000)	(2,100,000,000)
Exchange movements				(2,000,000)
Ending Balance			579,000,000	579,000,000	807,000,000
NAA Segment
Goodwill [Line Items]
Goodwill impairment			0	0	1,300,000,000
Goodwill [Roll Forward]
Beginning Balance			579,000,000	579,000,000
Impairment charges			0	0	(1,300,000,000)
Exchange movements				0
Ending Balance			579,000,000	579,000,000	579,000,000
EA Segment
Goodwill [Line Items]
Goodwill impairment			0	226,000,000	777,000,000
Goodwill [Roll Forward]
Beginning Balance			0	228,000,000
Impairment charges			$ 0	(226,000,000)	(777,000,000)
Exchange movements				(2,000,000)
Ending Balance				$ 0	$ 228,000,000

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,175	$ 1,180
Exchange movements	(24)	(5)
Ending Balance	1,151	1,175
NAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	927	927
Exchange movements		0
Ending Balance	927	927
EA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	248	253
Exchange movements	(24)	(5)
Ending Balance	$ 224	$ 248

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 428	$ 591	$ 1,794
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Ship and other impairments
NAA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 8	273	1,474
EA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 421	$ 318	$ 319

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	Nov. 30, 2022	Nov. 30, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1	$ 1
Derivative liabilities	0	13
Interest rate swaps \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Amount of interest rate swap agreements change, of EURIBOR-based floating rate debt to fixed rate debt, for euro interest rate swaps designated as cash flow hedges	89	160
Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	1	1
Cross currency swaps \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Amount of interest rate swap agreements change, of EURIBOR-based floating rate debt to fixed rate debt, for euro interest rate swaps designated as cash flow hedges	0	201
Cross currency swaps \| Designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	0	1
Cross currency swaps \| Designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	8
Interest rate swaps \| Designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	1	0
Interest rate swaps \| Designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1	0
Interest rate swaps \| Designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		2
Interest rate swaps \| Designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 3

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Assets
Gross Amounts	$ 1	$ 1
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	1	1
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	1	1
Liabilities
Gross Amounts	0	13
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	0	13
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	$ 0	$ 13

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	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 72	$ (1)	$ 131
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	(26)	(6)	(1)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	0	0	1
Gains (losses) reclassified from AOCI, cash flow hedges	2	2	1
Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	0	0	53
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	11	5	6
Gains (losses) reclassified from AOCI, cash flow hedges	(2)	(5)	(6)
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)	$ 5	$ 0	$ 12

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Risks (Details) $ in Millions	12 Months Ended
	Nov. 30, 2022 USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency contract commitments	$ 4,400
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	419
Foreign currency translation adjustment losses	$ 48

Leases - Lease Terms (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Terms (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Operating lease expense	$ 192	$ 203	$ 203
Variable lease expense	$ (39)	$ (100)	$ (61)
Weighted average remaining lease term - operating leases (in years)	13 years	12 years
Weighted average discount rate - operating leases (percent)	5.20%	3.80%

Leases - Additional Information (Details) $ in Millions	12 Months Ended
Leases - Additional Information (Details) $ in Millions	Nov. 30, 2022 USD ($)
Leases [Abstract]
Right-of-use assets obtained in exchange for operating lease liabilities	$ 111

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Nov. 30, 2022 USD ($)
Leases [Abstract]
2023	$ 198
2024	199
2025	180
2026	167
2027	144
Thereafter	965
Total lease payments	1,853
Less: Present value discount	(518)
Present value of lease liabilities	$ 1,335

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Nov. 30, 2022 segment
Segment Reporting [Abstract]
Reportable cruise segments	4

Segment Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 12,168	$ 1,908	$ 5,595
Operating costs and expenses	16,547	8,997	14,460
Selling and administrative	2,515	1,885	1,878
Depreciation and amortization	2,275	2,233	2,241
Operating Income (Loss)	(4,379)	(7,089)	(8,865)
Capital expenditures	4,940	3,607	3,620
Assets	51,703	53,344	53,593
Goodwill impairment	0	226	2,100
Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	11,757	4,655	8,245
NAA
Segment Reporting Information [Line Items]
Revenues	8,281	1,108	3,627
Selling and administrative	1,517	953	1,066
Depreciation and amortization	1,408	1,352	1,413
Operating Income (Loss)	(2,170)	(3,928)	(5,794)
Capital expenditures	2,568	2,397	1,430
Assets	27,413	25,606	25,257
Goodwill impairment	0	0	1,300
NAA \| Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	7,526	2,730	5,623
EA
Segment Reporting Information [Line Items]
Revenues	3,531	712	1,790
Selling and administrative	745	568	523
Depreciation and amortization	692	728	672
Operating Income (Loss)	(1,830)	(2,617)	(2,729)
Capital expenditures	2,213	515	2,036
Assets	15,317	16,088	16,505
Goodwill impairment	0	226	777
EA \| Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	3,925	1,807	2,548
Cruise Support
Segment Reporting Information [Line Items]
Revenues	171	42	68
Selling and administrative	225	335	262
Depreciation and amortization	140	129	128
Operating Income (Loss)	(315)	(477)	(313)
Capital expenditures	155	660	144
Assets	8,461	11,014	11,135
Cruise Support \| Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	120	55	(10)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	185	46	110
Selling and administrative	27	27	27
Depreciation and amortization	36	23	28
Operating Income (Loss)	(64)	(67)	(29)
Capital expenditures	4	35	11
Assets	512	637	696
Tour and Other \| Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	$ 187	$ 63	$ 84

Segment Information - Revenue by Geographic Area, Based on Where Guests are Sourced (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 12,168	$ 1,908	$ 5,595
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	7,866	1,066	3,084
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,918	811	1,643
Australia and Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	312	18	687
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 72	$ 14	$ 180

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Compensation Plans and Post-Employment Benefits - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2022 USD ($) plan section shares	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2023 USD ($)	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Shares available for future grant (in shares) \| shares	16.7
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 52
Weighted-average period over which cost is expected to be recognized (in years)	1 year 6 months
Defined contribution plans, total expense	$ 40	$ 35	$ 24
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 386	553
Number of multiemployer plans \| plan	2
Number of multiemployer plan sections \| section	2
Multiemployer plans expense	$ 2	$ 28	$ 2
Pension Plan \| MNOPF
Defined Benefit Plan Disclosure [Line Items]
Funded (percentage)					102.00%
Employer contribution of total contributions made by all plan participants (percentage)	5.00%	5.00%	5.00%
Pension Plan \| MNRPF
Defined Benefit Plan Disclosure [Line Items]
Funded (percentage)						93.00%
Employer contribution of total contributions made by all plan participants (percentage)	5.00%	5.00%	5.00%
Pension Plan \| All Other Plans
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions	$ 26
Pension Plan \| All Other Plans \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions				$ 26
Pension Plan \| UK Plan
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions	$ 6
Pension Plan \| UK Plan \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Fixed interest bonds rate (percent)	1.00%
Pension Plan \| UK Plan \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Fixed interest bonds rate (percent)	4.30%

Compensation Plans and Post-Employment Benefits - Awards Activity (Details) - Equity Awards - $ / shares	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Shares
Outstanding beginning balance (in shares)	7,447,192	10,340,776	2,491,376
Granted (in shares)	3,117,638	4,453,572	9,971,331
Vested (in shares)	(3,503,118)	(6,618,083)	(1,641,570)
Forfeited (in shares)	(681,197)	(729,073)	(480,361)
Outstanding ending balance (in shares)	6,380,515	7,447,192	10,340,776
Weighted-Average Grant Date Fair Value
Weighted-average grant date fair value, outstanding beginning balance (in dollars per share)	$ 26.85	$ 26.61	$ 59.97
Weighted-average grant date fair value, granted (in dollars per share)	17.53	20.65	20.72
Weighted-average grant date fair value, vested (in dollars per share)	24.36	21.31	30.68
Weighted-average grant date fair value, forfeited (in dollars per share)	36.20	35.81	50.96
Weighted-average grant date fair value, outstanding ending balance (in dollars per share)	$ 22.67	$ 26.85	$ 26.61

Compensation Plans and Post-Employment Benefits - Obligation and Funded Status (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
All Other Plans
Change in projected benefit obligation:
Projected benefit obligation as of December 1	$ 263	$ 280
Past service cost	18	10	$ 20
Interest cost	5	4	6
Benefits paid	(15)	(5)
Actuarial (gain) loss on plans’ liabilities	(49)	(8)
Plan curtailments, settlements and other	1	(19)
Projected benefit obligation as of November 30	223	263	280
Change in plan assets:
Fair value of plan assets as of December 1	12	17
Return (loss) on plans’ assets	(1)	0
Employer contributions	12	17
Benefits paid	(12)	(5)
Plan settlements	(1)	(17)
Administrative expenses	0	0
Fair value of plan assets as of November 30	10	12	17
Funded status as of November 30	(213)	(250)
UK Plan
Change in projected benefit obligation:
Projected benefit obligation as of December 1	298	303
Past service cost	0	0	0
Interest cost	5	4	5
Benefits paid	(12)	(10)
Actuarial (gain) loss on plans’ liabilities	(88)	(7)
Plan curtailments, settlements and other	(6)	7
Projected benefit obligation as of November 30	198	298	303
Change in plan assets:
Fair value of plan assets as of December 1	355	325
Return (loss) on plans’ assets	(116)	31
Employer contributions	2	1
Benefits paid	(12)	(10)
Plan settlements	(5)	0
Administrative expenses	(2)	8
Fair value of plan assets as of November 30	222	355	$ 325
Funded status as of November 30	$ 24	$ 56

Compensation Plans and Post-Employment Benefits - Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 2,515	$ 2,011
Accrued liabilities and other	1,942	1,641
Other long-term liabilities	891	1,043
Pension Plan \| All Other Plans
Defined Benefit Plan Disclosure [Line Items]
Other assets	0	0
Accrued liabilities and other	25	23
Other long-term liabilities	188	227
Pension Plan \| UK Plan
Defined Benefit Plan Disclosure [Line Items]
Other assets	24	56
Accrued liabilities and other	0	0
Other long-term liabilities	$ 0	$ 0

Compensation Plans and Post-Employment Benefits - Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 218	$ 254
Fair value of plan assets	10	12
All Other Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 223	$ 263	$ 280

Compensation Plans and Post-Employment Benefits - Net Periodic Benefit Costs (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
All Other Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 18	$ 10	$ 20
Interest cost	5	4	6
Expected return on plan assets	0	0	(1)
Amortization of prior service cost	0	0	0
Amortization of net loss (gain)	3	4	4
Settlement loss recognized	1	5	1
Net periodic benefit cost	$ 26	$ 22	$ 32
Benefit obligations weighted average assumptions
Discount rate (percentage)	5.40%	2.60%
Rate of compensation increase (percentage)	3.00%	3.00%
Net pension income weighted average assumptions
Discount rate (percentage)	3.20%	2.30%	2.90%
Expected return on assets (percentage)	2.30%	2.30%	3.00%
Rate of compensation increase (percentage)	3.00%	3.00%	2.70%
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	5	4	5
Expected return on plan assets	(6)	(6)	(8)
Amortization of prior service cost	0	0	0
Amortization of net loss (gain)	0	0	0
Settlement loss recognized	0	0	0
Net periodic benefit cost	$ (1)	$ (1)	$ (3)
Benefit obligations weighted average assumptions
Discount rate (percentage)	4.30%	1.60%
Rate of compensation increase (percentage)	2.90%	2.70%
Net pension income weighted average assumptions
Discount rate (percentage)	1.60%	1.60%	1.90%
Expected return on assets (percentage)	0.00%	1.90%	3.00%
Rate of compensation increase (percentage)	2.70%	2.30%	2.90%

Compensation Plans and Post-Employment Benefits - AOCI (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021
All Other Plans
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains) recognized in the current year	$ (48)	$ (7)
Amortization and settlements included in net periodic benefit cost	(1)	(12)
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains) recognized in the current year	35	0
Amortization and settlements included in net periodic benefit cost	$ 0	$ 0

Compensation Plans and Post-Employment Benefits - Expected Benefit Costs (Details) - Pension Plan $ in Millions	Nov. 30, 2022 USD ($)
All Other Plans
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	$ 26
2024	25
2025	26
2026	26
2027	27
2028-2032	151
Estimated future benefit total	280
UK Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2023	6
2024	6
2025	7
2026	7
2027	7
2028-2032	43
Estimated future benefit total	$ 76

Compensation Plans and Post-Employment Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021
Equities
Defined Benefit Plan Disclosure [Line Items]
Plan investment assets, at fair value	$ 53	$ 62
U.K. government fixed interest bonds (gilts)
Defined Benefit Plan Disclosure [Line Items]
Plan investment assets, at fair value	$ 169	$ 283

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Earnings Per Share [Abstract]
Net income (loss) for basic earnings per share	$ (6,093)	$ (9,501)	$ (10,236)
Net income (loss) for diluted earnings per share	$ (6,093)	$ (9,501)	$ (10,236)
Weighted-average shares outstanding (in shares)	1,180	1,123	775
Dilutive effect of equity plans (in shares)	0	0	0
Diluted weighted-average shares outstanding (in shares)	1,180	1,123	775
Basic earnings per share (in dollars per share)	$ (5.16)	$ (8.46)	$ (13.20)
Diluted earnings per share (in dollars per share)	$ (5.16)	$ (8.46)	$ (13.20)

- Definition

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

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- 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.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	56	56	104
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	1	3	1
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	55	53	103

Supplemental Cash Flow Information - Cash, Cash Equivalents (Details) - USD ($) $ in Millions	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Supplemental Cash Flow Elements [Line Items]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 4,029	$ 8,939
Restricted cash (Consolidated Balance Sheets)	1,988	14
Restricted cash (included in other assets)	20	24
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 6,037	$ 8,976	$ 9,692	$ 530

Supplemental Cash Flow Information - Additional Information (Details) - USD ($) shares in Millions	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2021	Nov. 30, 2020	Aug. 31, 2022
Conversion of Stock [Line Items]
Cash paid for interest, net of capitalized interest	$ 1,400,000,000	$ 1,300,000,000	$ 600,000,000
Non-cash purchases of property and equipment	100,000,000	127,000,000	114,000,000
Commercial paper
Conversion of Stock [Line Items]
Repayments of short term debt	0	0	526,000,000
Proceeds from short term debt	$ 0	$ 0	$ 525,000,000
Convertible \| Common stock
Conversion of Stock [Line Items]
Shares issued (in shares)	151.2
Repurchase amount	$ 1,300,000,000
Senior Convertible Notes Due 2024 \| Convertible
Conversion of Stock [Line Items]
Debt instrument, face amount	$ 87,000,000			$ 339,000,000