Carnival Corporation & plc (CUK) 10-K 27 Jan 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Nov. 30, 2021	Jan. 13, 2022	May 31, 2021
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, 2021
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			$ 25.2
Entity Common Stock, Shares Outstanding (in shares)		986,363,933
Documents Incorporated by Reference	Portions of the 2021 Annual Report and 2022 joint definitive Proxy Statement are incorporated by reference into Part II and Part III of this report.
Amendment Flag	false
Document Fiscal Year Focus	2021
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 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			$ 4.6
Entity Common Stock, Shares Outstanding (in shares)		185,007,921
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 | 1.875% Senior notes due 2022
Entity Information [Line Items]
Title of 12(b) Security	1.875% Senior Notes due 2022
Trading Symbol	CUK22
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior notes due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Nov. 30, 2021
Auditor Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Hallandale Beach, Florida
Auditor Firm ID	238

Carnival Corporation & PLC Cons

Carnival Corporation & PLC Consolidated Statements of Income (Loss) - USD ($)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Revenues
Revenues	$ 1,908,000,000	$ 5,595,000,000	$ 20,825,000,000
Operating Costs and Expenses
Operating costs and expenses	8,997,000,000	14,460,000,000	17,549,000,000
Selling and administrative	1,885,000,000	1,878,000,000	2,480,000,000
Depreciation and amortization	2,233,000,000	2,241,000,000	2,160,000,000
Goodwill impairments	226,000,000	2,096,000,000	0
Operating Income (Loss)	(7,089,000,000)	(8,865,000,000)	3,276,000,000
Nonoperating Income (Expense)
Interest income	12,000,000	18,000,000	23,000,000
Interest expense, net of capitalized interest	(1,601,000,000)	(895,000,000)	(206,000,000)
Gains (losses) on debt extinguishment, net	(670,000,000)	(459,000,000)	0
Other income (expense), net	(173,000,000)	(52,000,000)	(32,000,000)
Nonoperating Income (Expense)	(2,433,000,000)	(1,388,000,000)	(215,000,000)
Income (Loss) Before Income Taxes	(9,522,000,000)	(10,253,000,000)	3,060,000,000
Income Tax Benefit (Expense), Net	21,000,000	17,000,000	(71,000,000)
Net Income (Loss)	$ (9,501,000,000)	$ (10,236,000,000)	$ 2,990,000,000
Earnings Per Share
Basic (in dollars per share)	$ (8.46)	$ (13.20)	$ 4.34
Diluted (in dollars per share)	$ (8.46)	$ (13.20)	$ 4.32
Cruise
Operating Costs and Expenses
Commissions, transportation and other	$ 269,000,000	$ 1,139,000,000	$ 2,720,000,000
Onboard and other	272,000,000	605,000,000	2,101,000,000
Payroll and related	1,309,000,000	1,780,000,000	2,249,000,000
Fuel	680,000,000	823,000,000	1,562,000,000
Food	187,000,000	413,000,000	1,083,000,000
Ship and other impairments	591,000,000	1,967,000,000	26,000,000
Other operating	1,346,000,000	1,518,000,000	3,167,000,000
Operating costs and expenses	4,655,000,000	8,245,000,000	12,909,000,000
Cruise passenger ticket
Revenues
Revenues	1,000,000,000	3,684,000,000	14,104,000,000
Cruise onboard and other
Revenues
Revenues	$ 908,000,000	$ 1,910,000,000	$ 6,721,000,000

Carnival Corporation & PLC Co_2

Carnival Corporation & PLC Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (9,501)	$ (10,236)	$ 2,990
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(118)	578	(86)
Other	53	51	(31)
Other Comprehensive Income (Loss)	(65)	630	(117)
Total Comprehensive Income (Loss)	$ (9,567)	$ (9,606)	$ 2,873

Carnival Corporation & PLC Co_3

Carnival Corporation & PLC Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Current Assets
Cash and cash equivalents	$ 8,939	$ 9,513
Short-term investments	200	0
Trade and other receivables, net	246	273
Inventories	356	335
Prepaid expenses and other	392	443
Total current assets	10,133	10,563
Property and Equipment, Net	38,107	38,073
Operating Lease Right-of-Use Assets	1,333	1,370
Goodwill	579	807
Other Intangibles	1,181	1,186
Other Assets	2,011	1,594
Assets	53,344	53,593
Current Liabilities
Short-term borrowings	2,790	3,084
Current portion of long-term debt	1,927	1,742
Current portion of operating lease liabilities	142	151
Accounts payable	797	624
Accrued liabilities and other	1,641	1,144
Customer deposits	3,112	1,940
Total current liabilities	10,408	8,686
Long-Term Debt	28,509	22,130
Long-Term Operating Lease Liabilities	1,239	1,273
Other Long-Term Liabilities	1,043	949
Commitments and Contingencies
Shareholders’ Equity
Additional paid-in capital	15,292	13,948
Retained earnings	6,448	16,075
Accumulated other comprehensive income (loss) (“AOCI”)	(1,501)	(1,436)
Treasury stock, 130 shares at 2021 and 2020 of Carnival Corporation and 67 shares at 2021 and 60 shares at 2020 of Carnival plc, at cost	(8,466)	(8,404)
Total shareholders’ equity	12,144	20,555
Liabilities and Shareholders' Equity	53,344	53,593
Common stock
Shareholders’ Equity
Common stock	11	11
Ordinary shares
Shareholders’ Equity
Common stock	$ 361	$ 361

Carnival Corporation & PLC Co_4

Carnival Corporation & PLC Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Nov. 30, 2021	Nov. 30, 2020
Treasury stock, shares (in shares)	130	130
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)	1,116	1,060
Carnival PLC
Treasury stock, shares (in shares)	67	60
Carnival PLC | Ordinary shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217

Carnival Corporation & PLC Co_5

Carnival Corporation & PLC Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
OPERATING ACTIVITIES
Net Income (Loss)	$ (9,501)	$ (10,236)	$ 2,990
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	2,233	2,241	2,160
Impairments	834	4,063	26
(Gains) losses on debt extinguishment	668	459	0
(Income) loss from equity-method investments	129	20	(15)
Share-based compensation	121	105	46
Amortization of discounts and debt issue costs	172	119	22
Noncash lease expense	140	172	0
Other, net	137	(56)	37
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(5,067)	(3,114)	5,265
Changes in operating assets and liabilities
Receivables	(7)	125	(114)
Inventories	(63)	77	79
Prepaid expenses and other	(1,070)	(209)	(254)
Accounts payable	206	(165)	34
Accrued liabilities and other	601	(311)	80
Customer deposits	1,291	(2,703)	387
Net cash provided by (used in) operating activities	(4,109)	(6,301)	5,475
INVESTING ACTIVITIES
Purchases of property and equipment	(3,607)	(3,620)	(5,429)
Proceeds from sales of ships and other	351	334	26
Purchase of minority interest	(90)	(81)	0
Purchases of short-term investments	(2,873)	0	0
Proceeds from maturity of short-term investments	2,673	0	0
Derivative settlements and other, net	3	127	126
Net cash provided by (used in) investing activities	(3,543)	(3,240)	(5,277)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(293)	2,852	(605)
Principal repayments of long-term debt	(5,956)	(1,621)	(1,651)
Premium paid on extinguishment of debt	(545)	0	0
Proceeds from issuance of long-term debt	13,042	15,020	3,674
Dividends paid	0	(689)	(1,387)
Purchases of common stock	0	(12)	(603)
Issuance of common stock, net	1,009	3,249	4
Issuance of common stock under the Stock Swap Program	206	0	0
Issuance of common stock under the Stock Swap Program	(188)	0	0
Debt issue costs and other, net	(327)	(150)	(86)
Net cash provided by (used in) financing activities	6,949	18,650	(655)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(13)	53	(9)
Net increase (decrease) in cash, cash equivalents and restricted cash	(715)	9,161	(465)
Cash, cash equivalents and restricted cash at beginning of year	9,692	530	996
Cash, cash equivalents and restricted cash at end of year	$ 8,976	$ 9,692	$ 530

Carnival Corporation & PLC Co_6

Carnival Corporation & PLC Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Change in accounting principle	[1]	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	Retained earningsChange in accounting principle	[1]	AOCI	Treasury stock
Beginning Balance at Nov. 30, 2018	$ 24,443	$ (24)		$ 7	$ 358	$ 8,756	$ 25,066	$ (24)		$ (1,949)	$ (7,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	2,990						2,990
Other comprehensive income (loss)	(117)									(117)
Cash dividends declared	(1,379)						(1,379)
Purchases of treasury stock under the Repurchase Program and other	(548)					51					(599)
Ending 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)
Issuance 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)
Issuance 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)
[1]	We adopted the provisions of Revenue from Contracts with Customers and Derivatives and Hedging on December 1, 2018.

General

General	12 Months Ended
	Nov. 30, 2021
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 2021 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 a leisure travel company with a portfolio of nine of the world’s leading cruise lines. With operations in North America, Australia, Europe and Asia, our portfolio features – Carnival Cruise Line, Princess Cruises, Holland America Line, P&O Cruises (Australia), Seabourn, Costa Cruises, AIDA Cruises, P&O Cruises (UK) and Cunard. 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 executive 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 mid-March 2020. As of January 13, 2022, eight of our nine brands, or 67% of capacity, had resumed guest cruise operations as part of our gradual return to service. The extent of the effects of COVID-19 on our business are uncertain and will depend on future developments, including, but not limited to, the duration and continued severity of COVID-19 and the length of time it takes to return the company to profitability. The ongoing effects of COVID-19 have had, and will continue to have, a material negative impact on our financial results and liquidity. The estimation of our future liquidity requirements includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions used to estimate our future liquidity requirements consist of: • Expected continued gradual resumption of guest cruise operations, with the full fleet expected to be back in operation for our summer season, where we historically generate the largest share of our operating income • Expected sustained increase in revenue per passenger cruise day through a combination of both passenger ticket and onboard revenue as compared to 2019 • Expected gradual increase in occupancy levels during the resumption of guest cruise operations, with the return to historical occupancy levels in 2023 • Expected continued spend to maintain enhanced health and safety protocols and to support the resumption of guest cruise operations, including completing the return of crew members to our ships • Maintaining collateral and reserves at reasonable levels In addition, we make certain assumptions about new ship deliveries, improvements and disposals, and consider the future export credit financings that are associated with the ship deliveries. We cannot make assurances that our assumptions used to estimate our liquidity requirements may not change because we have never previously experienced a complete cessation and subsequent gradual resumption of our guest cruise operations, and as a consequence, our ability to be predictive is uncertain. In addition, the magnitude and duration of the global pandemic are uncertain. We have made reasonable estimates and judgments of the impact of COVID-19 within our consolidated financial statements and there may be changes to those estimates in future periods. We have taken actions to improve our liquidity, including completing various capital market transactions, capital expenditure and operating expense reductions and accelerating the removal of certain ships from our fleet. In addition, we expect to continue to pursue refinancing opportunities to reduce interest expense and extend maturities. Based on these actions and our assumptions regarding the impact of COVID-19, considering our $9.4 billion of liquidity including cash, short-term investments and borrowings available under our revolving facility at November 30, 2021, as well as our expected continued gradual return to service, we have concluded that we have sufficient liquidity to satisfy our obligations for at least the next twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 2019, we reclassified $390 million from tour and other revenues to onboard and other revenues as well as $268 million from tour and other costs and expenses to other operating cost and expenses in order 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 COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, will depend on future developments that are highly uncertain including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables, amount of reserve funds related to customer deposits as well as provisions for pending litigation. We believe that we have made reasonable estimates and judgments 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. 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. 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. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows: Years Residual 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. 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. We have a capital program for the improvement of our ships and for asset replacements in order 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 capitalize interest as part of the cost of capital projects during their construction period. The 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. Liquidated damages received from shipyards as a result of late ship delivery are recorded as reductions to the cost basis of the ship. The costs of repairs and maintenance, including minor improvement costs and expenses related to dry-docks, are charged to expense as incurred and included in other operating expenses. Dry-dock expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance. We review our long-lived assets for impairment whenever events or circumstances indicate that the carrying amounts of these assets may not be recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset from the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships. 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. A significant amount of judgment is required in estimating the fair values of our reporting units. 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. 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 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 2021, 2020 and 2019. 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 are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not 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. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $73 million in 2021, $215 million in 2020 and $659 million in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We have provided flexibility to guests with bookings on sailings cancelled due to itinerary disruptions by allowing guests to receive enhanced future cruise credits (“FCC”) or elect to receive refunds in cash. 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 have paid and expect to continue to pay cash refunds of customer deposits with respect to a portion of cancelled cruises. The amount of cash refunds to be paid may depend on the continued level of guest acceptance of FCCs and future cruise cancellations. 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 $3.5 billion and $2.2 billion as of November 30, 2021 and 2020. Refunds payable to guests who have elected cash refunds are recorded in accounts payable. During 2021 and 2020, we recognized revenues of $0.1 billion and $3.2 billion related to our customer deposits as of November 30, 2020 and 2019. 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 translation. Contract Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. 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. Contract Assets Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other and which are subsequently recognized as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We have contract assets of an immaterial amount as of November 30, 2021 and 2020. 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 $340 million in 2021, $348 million in 2020 and $728 million in 2019. 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 The Financial Accounting Standards Board (“FASB”) issued guidance, Debt - Debt with Conversion and Other Option s 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

Property and Equipment

Property and Equipment	12 Months Ended
	Nov. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment November 30, (in millions) 2021 2020 Ships and ship improvements $ 50,501 $ 49,803 Ships under construction 1,536 1,354 Other property and equipment 3,928 3,992 Total property and equipment 55,965 55,148 Less accumulated depreciation (17,858) (17,075) $ 38,107 $ 38,073 Capitalized interest amounted to $83 million in 2021, $66 million in 2020 and $39 million in 2019. Sales of Ships During 2021, we completed the sale of one NAA segment ship, which represents a passenger-capacity reduction of 670 berths for our NAA segment and one EA segment ship, which represents a passenger-capacity reduction of 1,180 berths for our EA segment. 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.

Other Assets

Other Assets	12 Months Ended
	Nov. 30, 2021
Other Assets [Abstract]
Other Assets	Other Assets 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 $11 million in 2021, $38 million in 2020 and $62 million in 2019. 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. As of November 30, 2020, our investment in Grand Bahama was $55 million, consisting of $13 million in equity and a loan of $42 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 2021. White Pass provided no services to us in 2020. As a result of the effects of COVID-19 on the 2021 Alaska season, we evaluated whether our investment in White Pass was other than temporarily impaired and performed an impairment assessment. As a result of our assessment, we recognized an impairment charge of $17 million for our investment in White Pass in other income (expense), net. 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. As of November 30, 2020, our investment in White Pass was $94 million, consisting of $75 million in equity and a loan of $19 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. As of November 30, 2021 and 2020, our investment in CSSC-Carnival was $119 million and $140 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 2021 and 2020, we made capital contributions to CSSC-Carnival in the amount of $90 million and $81 million, respectively. For the years ending November 30, 2021 and 2020, we paid CSSC-Carnival a total of $55 million for the lease of ships.

Debt

Debt	12 Months Ended
	Nov. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt November 30, (in millions) Maturity Rate (a) (c) 2021 2020 Secured Debt Notes Notes Apr 2023 11.5% $ — $ 4,000 Notes Feb 2026 10.5% 775 775 EUR Notes Feb 2026 10.1% 481 508 Notes Jun 2027 7.9% 192 192 Notes Aug 2027 9.9% 900 900 Notes Aug 2028 4.0% 2,406 — Loans EUR fixed rate Jul 2024 - May 2025 5.5 - 6.2% 98 136 EUR floating rate Jun 2025 - Oct 2026 EURIBOR + 2.7 - 3.8% 951 1,026 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0 - 3.3% 4,137 1,855 Total Secured Debt 9,939 9,393 Unsecured Debt Revolver Facility (b) LIBOR + 0.7% 2,790 3,083 Notes EUR Notes Feb 2021 1.6% — 429 EUR Notes Nov 2022 1.9% 622 658 Convertible Notes Apr 2023 5.8% 522 537 Notes Oct 2023 7.2% 125 125 Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 566 598 Notes Mar 2027 5.8% 3,500 — Notes Jan 2028 6.7% 200 200 Notes May 2029 6.0% 2,000 — EUR Notes Oct 2029 1.0% 679 718 Loans EUR fixed rate Mar 2021 - Sep 2021 0.3 - 3.9% — 32 Floating rate Feb 2023 - Sep 2024 LIBOR + 3.8 - 4.5% 590 300 GBP floating rate Feb 2025 GBP LIBOR + 0.9% 467 881 EUR floating rate Dec 2021 - Mar 2026 EURIBOR + 0.3 - 4.8% 1,375 1,860 Export Credit Facilities Floating rate Feb 2022 - Dec 2031 LIBOR + 0.5 - 1.5% 1,363 1,138 EUR floating rate Feb 2022 - Dec 2032 EURIBOR + 0.2 - 1.6% 2,742 1,891 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 3,488 3,131 EUR fixed rate Feb 2031 - Jul 2033 1.1 - 1.6% 1,551 1,159 Total Unsecured Debt 24,031 18,188 Total Debt 33,970 27,581 Less: unamortized debt issuance costs and discounts (744) (624) Total Debt, net of unamortized debt issuance costs and discounts 33,226 26,957 Less: short-term borrowings (2,790) (3,084) Less: current portion of long-term debt (1,927) (1,742) Long-Term Debt $ 28,509 $ 22,130 The scheduled maturities of our debt are as follows: November 30, 2021 (in millions) Rate (a) (c) 2022 2023 2024 2025 2026 Thereafter Secured Debt Notes Notes 10.5% $ — $ — $ — $ — $ 775 $ — EUR Notes 10.1% — — — — 481 — Notes 7.9% — — — — — 192 Notes 9.9% — — — — — 900 Notes 4.0% — — — — — 2,406 Loans EUR fixed rate 5.5 - 6.2% 30 30 30 8 — — EUR floating rate EURIBOR + 2.7 - 3.8% 20 20 20 878 11 — Floating rate LIBOR + 3.0 - 3.3% 36 42 42 1,804 23 2,191 Total Secured Debt 86 92 92 2,690 1,290 5,688 Unsecured Debt Revolver Facility LIBOR + 0.7% — — 2,790 — — — Notes EUR Notes 1.9% 622 — — — — — Convertible Notes 5.8% — 522 — — — — Notes 7.2% — 125 — — — — Notes 7.6% — — — — 1,450 — EUR Notes 7.6% — — — — 566 — Notes 5.8% — — — — — 3,500 Notes 6.7% — — — — — 200 Notes 6.0% — — — — — 2,000 EUR Notes 1.0% — — — — — 679 Loans Floating rate LIBOR + 3.8 - 4.5% — 290 300 — — — GBP floating rate GBP LIBOR + 0.9% — — 93 374 — — EUR floating rate EURIBOR + 0.3 - 4.8% 413 490 189 189 94 — Export Credit Facilities Floating rate LIBOR + 0.5 - 1.5% 202 246 246 186 163 406 EUR floating rate EURIBOR + 0.2 - 1.6% 269 468 441 364 317 952 Fixed rate 2.4 - 3.4% 260 387 387 387 387 1,596 EUR fixed rate 1.1 - 1.6% 74 144 144 144 144 832 Total Unsecured Debt 1,840 2,673 4,590 1,642 3,120 10,165 Total Debt $ 1,927 $ 2,765 $ 4,682 $ 4,332 $ 4,411 $ 15,854 (a) Substantially all of our variable debt has a 0.0% to 0.75% floor. (b) Amounts outstanding under our $1.7 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “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 $0.2 billion available for borrowing under our Revolving Facility as of November 30, 2021. 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. (c) The above debt tables do not include the impact of our foreign currency and interest rate swaps. The interest rates on some of our debt, and in the case of our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. Secured Debt Our secured debt is secured on a first-priority basis by collateral, which includes vessels and material intellectual property with a net book value of approximately $25.6 billion as of November 30, 2021 and certain other assets. 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%. 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% 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 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 5.75% 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% per year and are callable beginning November 1, 2024. Export Credit Facility Borrowing In December 2020, we borrowed $1.5 billion under export credit facilities due in semi-annual installments through 2033. In July 2021, we borrowed $544 million under an export credit facility due in semi-annual installments through 2033. Debt Holidays In 2021, we amended all of our export credit facilities to defer approximately $1.0 billion of principal payments that would otherwise have been due over a one year period commencing April 1, 2021 until March 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 $1.7 billion. 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 5.75% convertible senior notes due 2023 (the “Convertible Notes”). The 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 have had repurchases and conversions of convertible debt as a result of which the principal amount of debt decreased by $1.5 billion. The Convertible Notes are convertible by holders, subject to the conditions described within the indenture that governs the Convertible Notes, into cash, shares of Carnival Corporation common stock, or a combination thereof, at our election. The Convertible Notes have an initial conversion rate of 100 shares of Carnival Corporation common stock per $1,000 principal amount of the Convertible Notes, equivalent to an initial conversion price of $10 per share of common stock. The initial conversion price is subject to certain anti-dilutive adjustments and may also increase if the Convertible Notes are converted in connection with a tax redemption or certain corporate events. As of November 30, 2021, a condition allowing holders of the Convertible Notes to convert has been met and therefore the Convertible Notes are convertible. Refer to Note 15 - “Supplemental Cash Flow Information” for additional detail on transactions related to the Convertible Notes. We may redeem the Convertible Notes, 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 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We account for the Convertible Notes as separate liability and equity components. We determined the car rying amount of the liability component as the present value of its cash flows. The carrying amount of the equity component representing the conversion option was $286 million on the date of issuance and was calculated by deducting the carrying value of the liability component from the initial proceeds from the Convertible Notes. The excess of the principal amount of the Convertible Notes over the carrying amount of the liability component represents a debt discount that is amortized to interest expense over the term of the Convertible Notes under the effective interest rate method using an effective annual interest rate of 12.9%. The carrying amount of the equity component was reduced to zero in conjunction with the partial repurchase of Convertible Notes in August 2020 because at the time of repurchase, the fair value of the equity component for the portion of the Convertible Notes that was repurchased, exceeded the total amount of the equity component recorded at the time the Convertible Notes were issued. The net carrying value of the liability component of the Convertible Notes was as follows: November 30, (in millions) 2021 2020 Principal $ 522 $ 537 Less: Unamortized debt discount (45) (76) $ 478 $ 461 The interest expense recognized related to the Convertible Notes was as follows: November 30, (in millions) 2021 2020 Contractual interest expense $ 31 $ 58 Amortization of debt discount 29 50 $ 60 $ 109 As of November 30, 2021, the if-converted value above par was $398 million on available shares of 52 million for the Convertible Notes. Covenant Compliance Our Revolving Facility, unsecured loans and our export credit facilities, as of January 13, 2022, contain one or more covenants that require us to: • Maintain minimum interest coverage (EBITDA to consolidated net interest charges (the “Interest Coverage Covenant”)) at the end of each fiscal quarter from February 28, 2023, at a ratio of not less than 2.0 to 1.0 for the February 28, 2023 and May 31, 2023 testing dates, 2.5 to 1.0 for the August 31, 2023 and November 30, 2023 testing dates, and 3.0 to 1.0 for the February 28, 2024 testing date onwards, or through their respective maturity dates • Maintain minimum shareholders’ equity of $5.0 billion • From the November 30, 2021 testing date until the May 31, 2023 testing date, the Debt to Capital Covenant is 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 $1.0 billion through February 29, 2024 • Adhere to certain restrictive covenants through November 30, 2024 • Restrict the granting of guarantees and security interests for certain of our outstanding debt through November 30, 2024 • Limit the amounts of our secured assets as well as secured and other indebtedness At November 30, 2021, 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 acceleration clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all 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.

Commitments

Commitments	12 Months Ended
	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments	Commitments Newbuild capital expenditures as of November 30, 2021: (in millions) Year 2022 $ 4,355 2023 2,576 2024 1,641 2025 987 2026 and thereafter — $ 9,560

Contingencies

Contingencies	12 Months Ended
	Nov. 30, 2021
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, on January 12, 2022, the court continued the trial date to May 23, 2022. Motions for summary judgment have been filed and hearings were concluded on January 18, 2022. In the matter filed by Javier Bengochea, on October 4, 2021, the U.S. Court of Appeals for the Eleventh Circuit Court heard oral arguments and 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. We continue to believe we have a meritorious defense to these actions and we believe that any liability which may arise as a result of these actions will not 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 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 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. The parties’ motions to dismiss in both actions have been granted in part and denied in part. Answers have been filed by both parties. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Additionally, on April 8, 2021, DeCurtis filed challenges to several of Carnival Corporation’s patents with the U.S. Patent and Trademark Office, seeking to invalidate certain patents on the basis of alleged prior art, overbreadth of the patents, and obviousness of the technologies. On October 12, 2021 a ruling was issued upholding Carnival Corporation’s patents, therefore bringing this separate matter to a close. Contingent Obligations – Indemnifications Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase 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. Other Contingencies 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, 2021 and 2020, we had $1.1 billion and $0.4 billion, respectively, in reserve funds related to our customer deposits withheld to satisfy these requirements which are included in other assets. We continue to expect to provide reserve funds under these agreements. Additionally, as of November 30, 2021, we had $30 million of cash collateral in escrow which is included within other assets. As of November 30, 2020, we had $166 million of cash collateral in escrow of which $136 million was included within prepaid expenses and other. We have 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. We detected ransomware attacks in August 2020 and December 2020 which resulted in unauthorized access to our information technology systems. We engaged a major cybersecurity firm to investigate these matters and notified law enforcement and regulators of these incidents. For the August 2020 event, the investigation, communication and reporting phases are complete. We determined that the unauthorized third-party gained access to certain personal information relating to some guests, employees and crew for some of our operations. For the December 2020 event, the investigation and remediation phases are in process. Regulators were notified, and several, including the primary regulatory authority in the European Union, have closed their files on this matter. We have been contacted by various regulatory agencies regarding these and other cyber incidents. The New York Department of Financial Services (“NY DFS”) has notified us of their intent to commence proceedings seeking penalties if settlement cannot be reached in advance of litigation. To date, we have not been able to reach an agreement with NY DFS. In addition, State Attorneys General from a number of states have completed their investigation of a data security event announced in March 2020, and the Company is currently negotiating a settlement with the relevant State Attorneys General. We continue to work with regulators regarding cyber incidents we have experienced. We have incurred legal and other costs in connection with cyber incidents that have impacted us. While at this time we do not believe that these incidents will have a material adverse effect on our business, operations or financial results, 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. We are subject to a court-ordered environmental compliance plan supervised by the U.S. District Court for the Southern District of Florida, which is operative until April 2022 and subjects our operations to additional review and other obligations. Failure to comply with the requirements of this environmental compliance plan or other special conditions of probation could result in fines, which the court has imposed in the past, and restrictions on our operations. COVID-19 Matters Private Actions We have been named in a number of individual actions related to COVID-19. Private parties have brought approximately 82 lawsuits as of January 13, 2022 in several U.S. federal and state courts as well as in France, Italy and Brazil. 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. As of January 13, 2022, eight of these individual actions have now been dismissed or settled. These actions were settled for immaterial amounts. Additionally, as of January 13, 2022, ten purported class actions have been brought by former guests from Ruby Princess , Diamond Princess , Grand Princess , Coral Princess, Costa Luminosa or Zaandam in several U.S. federal courts and in the Federal Court of Australia. 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 January 13, 2022, five of these class actions have either been settled individually or had their class allegations dismissed by the courts. These actions were settled for immaterial amounts. All COVID-19 matters seek monetary damages and most seek additional punitive damages in unspecified amounts. As previously disclosed, on December 15, 2020, a consolidated class action with lead plaintiffs, the New England Carpenters Pension and Guaranteed Annuity Fund and the Massachusetts Laborers’ Pension and Annuity Fund was filed in the U.S. District Court for the Southern District of Florida, alleging violations of Sections 10(b) and 20(a) of the U.S. Securities and Exchange Act of 1934 by making misrepresentations and omissions related to Carnival Corporation’s COVID-19 knowledge and response. Plaintiffs seek to recover unspecified damages and equitable relief for the alleged misstatements and omissions. The plaintiffs filed a second amended complaint on July 2, 2021 and on August 6, 2021, we filed a motion to dismiss, which has now been fully briefed. We continue to take actions to defend against the above claims. Governmental Inquiries and Investigations Federal and non-U.S. governmental agencies and officials are investigating or otherwise seeking information, testimony and/or documents, regarding COVID-19 incidents and related matters. We are investigating these matters internally and are cooperating with all requests. The investigations could result in the imposition of civil and criminal penalties in the future. As previously disclosed, the investigation in New Zealand related to incidents of COVID-19 on the Ruby Princess has now been closed, concluding we are not in breach of any rules or regulations.

Taxation

Taxation	12 Months Ended
	Nov. 30, 2021
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 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 2021 and 2020. Substantially all of AIDA’s earnings are exempt from German income taxes by virtue of the Germany/Italy income tax treaty. Asian Countries Income Taxes Substantially all of our brands’ income from their international operations in Asian countries is exempt from income tax by virtue of relevant income tax treaties. 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.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Nov. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity 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 2019 0.6 $ 26 12.2 $ 569 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 2021, under the Stock Swap Program, we sold 8.9 million shares of Carnival Corporation’s common stock and repurchased the same amount of Carnival plc ordinary shares resulting in net proceeds of $19 million, which were used for general corporate purposes. During 2020 and 2019, 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 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 Income (Loss) AOCI November 30, (in millions) 2021 2020 2019 Cumulative foreign currency translation adjustments, net $ (1,501) $ (1,382) $ (1,961) Unrecognized pension expenses (45) (95) (88) Net gains (losses) on cash flow derivative hedges 44 41 (18) $ (1,501) $ (1,436) $ (2,066) During 2021, 2020 and 2019, there were $7 million, $3 million and $5 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 the common stock of Carnival Corporation and the ordinary shares of Carnival plc. 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 28/29 May 31 August 31 November 30 2020 Dividends declared per share $ 0.50 $ — $ — $ — Dividends declared $ 342 $ — $ — $ — 2019 Dividends declared per share $ 0.50 $ 0.50 $ 0.50 $ 0.50 Dividends declared $ 345 $ 346 $ 342 $ 346 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, 2021 and 2020, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued. Public Equity Offerings In April 2020, we completed a public offering of 71.9 million shares of Carnival Corporation’s 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’s common stock at a price per share of $25.10, resulting in net proceeds of $996 million. Since June 2021, we have sold 0.6 million shares of Carnival Corporation common stock at an average price per share of $21.32, resulting in net proceeds of $13 million.

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk	12 Months Ended
	Nov. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk	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. Financial Instruments that are not Measured at Fair Value on a Recurring Basis November 30, 2021 November 30, 2020 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Fixed rate debt (a) $ 19,555 $ — $ 19,013 $ — $ 15,547 $ — $ 16,258 $ — Floating rate debt (a) 14,415 — 13,451 — 12,034 — 11,412 — Total $ 33,970 $ — $ 32,463 $ — $ 27,581 $ — $ 27,670 $ — Financial Instruments that are Measured at Fair Value on a Recurring Basis November 30, 2021 November 30, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 8,939 $ — $ — $ 9,513 $ — $ — Restricted cash 38 — — 179 — — Short-term investments (a) 200 — — — — — Derivative financial instruments — 1 — — — — Total $ 9,177 $ 1 $ — $ 9,692 $ — $ — Liabilities Derivative financial instruments $ — $ 13 $ — $ — $ 10 $ — Total $ — $ 13 $ — $ — $ 10 $ — (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 a result of the gradual resumption of guest cruise operations and its effect on our expected future operating cash flows, we performed interim discounted cash flow analyses for certain reporting units with goodwill as of May 31, 2021 and determined there was no impairment. As of July 31, 2021, we performed our annual goodwill and trademark impairments reviews and we determined there was no impairment for goodwill and trademarks at our annual test date. As of November 30, 2021, as a result of the continued gradual 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 and 2019, 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 COVID-19 and the gradual resumption of guest cruise operations have 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 cash flow analyses 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 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, 2019 $ 1,898 $ 1,014 $ 2,912 Impairment charge (1,319) (777) (2,096) Exchange movements — (9) (9) At November 30, 2020 579 228 807 Impairment charges — (226) (226) Exchange movements — (2) (2) At November 30, 2021 $ 579 $ — $ 579 Trademarks (in millions) NAA Segment EA Segment Total At November 30, 2019 $ 927 $ 240 $ 1,167 Exchange movements — 13 13 At November 30, 2020 927 253 1,180 Exchange movements — (5) (5) At November 30, 2021 $ 927 $ 248 $ 1,175 Impairments of Ships We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. As a result of the continued effect of COVID-19 on our business and our updated expectations for certain of our ships, we determined that these ships had net carrying values that exceeded their respective estimated undiscounted future cash flows during 2021. We then estimated the fair value of these ships based on their respective estimated selling values. We then compared these estimated fair values to the net carrying values and, as a result, we recognized ship impairment charges as summarized in the table below. We believe we have made reasonable estimates and judgments as part of our assessments. A change in the principal assumptions, which influences the determination of fair value, may result in a need to perform additional impairment reviews. We performed undiscounted cash flow analyses on certain ships in our fleet throughout 2020 and determined that certain ships had net carrying values that exceeded their estimated undiscounted future cash flows. The table below summarizes the impairment charges recognized during 2021 and 2020. We did not recognize ship impairment charges during 2019. The principal assumption, considered a level 3 input, used in our impairment analyses consisted of the 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) 2021 2020 NAA Segment $ 273 $ 1,474 EA Segment 318 319 Total ship impairments $ 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 2021 2020 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ 1 $ — Total derivative assets $ 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 5 Other long-term liabilities 2 5 Total derivative liabilities $ 13 $ 10 (a) At November 30, 2021, we had a cross currency swap totaling $201 million that is designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. At November 30, 2021, this cross currency swap settles through 2028. At November 30, 2020, we had no cross currency swaps. (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 $160 million at November 30, 2021 and $248 million at November 30, 2020 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2021, 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. 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 November 30, 2020 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ — $ — $ — $ — $ — Liabilities $ 10 $ — $ 10 $ — $ 10 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) 2021 2020 2019 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ (1) $ 131 $ 43 Cross currency swaps – net investment hedges - excluded component $ (6) $ (1) $ 1 Foreign currency zero cost collars – cash flow hedges $ — $ 1 $ (1) Foreign currency forwards - cash flow hedges $ — $ 53 $ — Interest rate swaps – cash flow hedges $ 5 $ 6 $ 3 Gains (losses) reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ (5) $ (6) $ (7) Foreign currency zero cost collars - Depreciation and amortization $ 2 $ 1 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ — $ 12 $ 23 Financial Risk 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 the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged. Operational Currency Risks Our operations primarily utilize the U.S. dollar, 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, 2021, we have designated $467 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations. In 2021, we recognized $21 million of losses on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income (loss). We also have euro-denominated debt, including the effect of cross currency swaps, which provides an economic offset for our operations with euro functional currency. Newbuild Currency Risks Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We have used foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments. At November 30, 2021, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments to non-euro functional currency brands, which represent a total unhedged commitment of $6.8 billion for newbuilds scheduled to be delivered through 2025. The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships. Interest Rate Risks 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

Leases

Leases	12 Months Ended
	Nov. 30, 2021
Leases [Abstract]
Leases	Leases On December 1, 2019, the Company adopted the FASB issued guidance, Leases using the modified retrospective approach. Substantially all of our leases for which we are the lessee are operating leases of port facilities and real estate and are included within operating lease right-of-use assets, long-term operating lease liabilities and current portion of operating lease liabilities in our Consolidated Balance Sheet as of November 30, 2021. 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. The components of expense were as follows: November 30, (in millions) 2021 2020 Operating lease expense $ 203 $ 203 Variable lease expense (a) (b) $ (100) $ (61) (a) Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commission, 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. We have treated the concessions granted under such provisions as variable payment adjustments. If our interpretation of the force majeure provisions is disputed, we could be required to record and make additional guarantee payments. The cash outflow for leases was materially consistent with the lease expense recognized during 2021. We have multiple agreements, with a total undiscounted minimum commitment of approximately $321 million, that have been executed but the lease term has not commenced as of November 30, 2021. These are substantially all related to our rights to use certain port facilities. The leases are expected to commence in 2022. During 2021, we obtained $114 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, 2021 November 30, 2020 Weighted average remaining lease term - operating leases (in years) 12 13 Weighted average discount rate - operating leases 3.8 % 3.4 % As of November 30, 2021, maturities of operating lease liabilities were as follows: (in millions) Year 2022 $ 202 2023 186 2024 167 2025 158 2026 145 Thereafter 880 Total lease payments 1,739 Less: Present value discount (358) Present value of lease liabilities $ 1,381

Segment Information

Segment Information	12 Months Ended
	Nov. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other. The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. 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 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 2019 NAA $ 13,612 $ 8,370 $ 1,427 $ 1,364 $ 2,451 $ 2,781 $ 27,102 EA 6,650 4,146 744 645 1,115 2,462 15,473 Cruise Support 173 125 281 115 (347) 143 1,861 Tour and Other 390 268 28 36 56 43 623 $ 20,825 $ 12,909 $ 2,480 $ 2,160 $ 3,276 $ 5,429 $ 45,058 (a) Includes $226 million of goodwill impairment charges. (b) Includes $1.3 billion of goodwill impairment charges. (c) Includes $777 million of goodwill impairment charges. Revenues by geographic areas, which are based on where our guests are sourced, were as follows: Years Ended November 30, (in millions) 2021 2020 2019 North America $ 1,066 $ 3,084 $ 11,502 Europe 811 1,643 6,318 Australia and Asia 18 687 2,632 Other 14 180 373 $ 1,908 $ 5,595 $ 20,825

Compensation Plans and Post-Emp

Compensation Plans and Post-Employment Benefits	12 Months Ended
	Nov. 30, 2021
Retirement Benefits [Abstract]
Compensation Plans and Post-Employment Benefits	Compensation Plans and Post-Employment Benefits Equity Plans We issue our share-based compensation awards, which at November 30, 2021 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 Committee which is 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 17.6 million shares available for future grant at November 30, 2021. 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 Outstanding at November 30, 2018 2,280,517 $ 61.57 Granted 1,357,177 $ 52.17 Vested (960,693) $ 53.49 Forfeited (185,625) $ 56.13 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 As of November 30, 2021, there was $80 million of total unrecognized compensation cost related to equity awards, which is expected to be recognized over a weighted-average period of 1.3 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) 2021 2020 2021 2020 Change in projected benefit obligation: Projected benefit obligation as of December 1 $ 303 $ 299 $ 280 $ 259 Past service cost — — 10 20 Interest cost 4 5 4 6 Benefits paid (10) (16) (5) (14) Actuarial (gain) loss on plans’ liabilities (7) 14 (8) 13 Plan curtailments, settlements and other 7 — (19) (4) Projected benefit obligation as of November 30 298 303 263 280 Change in plan assets: Fair value of plan assets as of December 1 325 312 17 18 Return on plans’ assets 31 23 — 1 Employer contributions 1 6 17 14 Benefits paid (10) (16) (5) (14) Plan settlements — — (17) (2) Administrative expenses 8 (1) — — Fair value of plan assets as of November 30 355 325 12 17 Funded status as of November 30 $ 56 $ 22 $ (250) $ (263) (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) 2021 2020 2021 2020 Other assets $ 56 $ 22 $ — $ — Accrued liabilities and other $ — $ — $ 23 $ 32 Other long-term liabilities $ — $ — $ 227 $ 231 The accumulated benefit obligation for all defined benefit pension plans was $553 million and $584 million at November 30, 2021 and 2020, respectively. Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows: November 30, (in millions) 2021 2020 Projected benefit obligation $ 263 $ 280 Accumulated benefit obligation $ 254 $ 272 Fair value of plan assets $ 12 $ 17 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) 2021 2020 2019 2021 2020 2019 Service cost $ — $ — $ — $ 10 $ 20 $ 17 Interest cost 4 5 7 4 6 8 Expected return on plan assets (6) (8) (11) — (1) (1) Amortization of net loss (gain) — — — 4 4 3 Settlement loss recognized — — — 5 1 — Net periodic benefit cost $ (1) $ (3) $ (3) $ 22 $ 32 $ 28 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 2021 2020 2021 2020 Discount rate 1.6 % 1.6 % 2.6 % 2.2 % Rate of compensation increase 2.7 % 2.3 % 3.0 % 2.8 % Weighted average assumptions used to determine net pension income are as follows: UK Plan All Other Plans 2021 2020 2019 2021 2020 2019 Discount rate 1.6 % 1.9 % 3.0 % 2.3 % 2.9 % 3.5 % Expected return on assets 1.9 % 3.0 % 4.2 % 2.3 % 3.0 % 3.0 % Rate of compensation increase 2.3 % 2.9 % 3.4 % 3.0 % 2.7 % 3.0 % 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 1.8% per annum as of November 30, 2021. Amounts recognized in AOCI are as follows: UK Plan All Other Plans November 30, November 30, 2021 2020 2021 2020 Actuarial losses (gains) recognized in the current year $ — $ 1 $ (7) $ 13 Amortization and settlements included in net periodic benefit cost $ — $ — $ (12) $ (8) We anticipate making contributions of $25 million to the plans during 2022. 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 2022 $ 7 $ 24 2023 7 22 2024 7 24 2025 7 27 2026 8 26 2027-2031 41 146 $ 77 $ 269 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, 2021 and 2020, respectively, the All Other Plans were substantially all unfunded. The fair values of the plan assets of the UK Plan by investment class are as follows: November 30, 2021 2020 Equities $ 62 $ 55 U.K. government fixed interest bonds (gilts) 283 270 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 $28 million in 2021, $2 million in 2020 and $6 million in 2019. Based on the most recent valuation at March 31, 2018 of the MNOPF New Section, it was determined that this plan was 98% funded. In 2021, 2020 and 2019, 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 2021, 2020 and 2019, 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 $35 million in 2021, $24 million in 2020 and $41 million in 2019.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Nov. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Years Ended November 30, (in millions, except per share data) 2021 2020 2019 Net income (loss) for basic and diluted earnings per share $ (9,501) $ (10,236) $ 2,990 Weighted-average shares outstanding 1,123 775 690 Dilutive effect of equity plans — — 2 Diluted weighted-average shares outstanding 1,123 775 692 Basic earnings per share $ (8.46) $ (13.20) $ 4.34 Diluted earnings per share $ (8.46) $ (13.20) $ 4.32 Antidilutive shares excluded from diluted earnings per share computations were as follows: November 30, (in millions) 2021 2020 Equity awards 3 1 Convertible Notes 53 103 Total antidilutive securities 56 104 There were no antidilutive shares excluded from our 2019 diluted earnings per share computations.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Nov. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information November 30, (in millions) 2021 2020 Cash and cash equivalents (Consolidated Balance Sheets) $ 8,939 $ 9,513 Restricted cash included in prepaid expenses and other and other assets 38 179 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 8,976 $ 9,692 Cash paid for interest, net of capitalized interest, was $1.3 billion in 2021, $610 million in 2020 and $171 million in 2019. In addition, cash paid for income taxes, net was not material in 2021 and 2020 and $46 million in 2019. In connection with the repurchase of the Convertible Notes as part of registered direct offerings of Carnival Corporation common stock used to repurchase a portion of the Convertible Notes in August and November 2020, as an administrative convenience, we permitted the purchasers of 151.2 million 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 Convertible Notes held by them, which is reflected as a non-cash transaction for the year ended November 30, 2020. For the years ended November 30, 2021 and 2019, 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 Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Nov. 30, 2021
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	Preparation of Financial StatementsThe 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 COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, will depend on future developments that are highly uncertain including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables, amount of reserve funds related to customer deposits as well as provisions for pending litigation. We believe that we have made reasonable estimates and judgments 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 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.
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	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows: Years Residual 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. 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. We have a capital program for the improvement of our ships and for asset replacements in order 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 capitalize interest as part of the cost of capital projects during their construction period. The 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. Liquidated damages received from shipyards as a result of late ship delivery are recorded as reductions to the cost basis of the ship. The costs of repairs and maintenance, including minor improvement costs and expenses related to dry-docks, are charged to expense as incurred and included in other operating expenses. Dry-dock expenses primarily represent maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance.
Goodwill and Other Intangibles	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
Derivatives and Other Financial Instruments	Derivatives and Other Financial Instruments We utilize derivative and non-derivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates. We use interest rate swaps 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.
Foreign Currency Translation and Transactions	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.
Revenue and Expense Recognition	Revenue and Expense Recognition Guest cruise deposits are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not 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. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $73 million in 2021, $215 million in 2020 and $659 million in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We have provided flexibility to guests with bookings on sailings cancelled due to itinerary disruptions by allowing guests to receive enhanced future cruise credits (“FCC”) or elect to receive refunds in cash. 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 have paid and expect to continue to pay cash refunds of customer deposits with respect to a portion of cancelled cruises. The amount of cash refunds to be paid may depend on the continued level of guest acceptance of FCCs and future cruise cancellations. 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 $3.5 billion and $2.2 billion as of November 30, 2021 and 2020. Refunds payable to guests who have elected cash refunds are recorded in accounts payable. During 2021 and 2020, we recognized revenues of $0.1 billion and $3.2 billion related to our customer deposits as of November 30, 2020 and 2019. 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 translation. Contract Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. 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. Contract Assets Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other
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 $340 million in 2021, $348 million in 2020 and $728 million in 2019. 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	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued guidance, Debt - Debt with Conversion and Other Option s 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

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Nov. 30, 2021
Accounting Policies [Abstract]
Schedule of Depreciation and Amortization Expense Computation	Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows: Years Residual 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)

Property and Equipment (Tables)	12 Months Ended
	Nov. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	November 30, (in millions) 2021 2020 Ships and ship improvements $ 50,501 $ 49,803 Ships under construction 1,536 1,354 Other property and equipment 3,928 3,992 Total property and equipment 55,965 55,148 Less accumulated depreciation (17,858) (17,075) $ 38,107 $ 38,073

Debt (Tables)

Debt (Tables)	12 Months Ended
	Nov. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	November 30, (in millions) Maturity Rate (a) (c) 2021 2020 Secured Debt Notes Notes Apr 2023 11.5% $ — $ 4,000 Notes Feb 2026 10.5% 775 775 EUR Notes Feb 2026 10.1% 481 508 Notes Jun 2027 7.9% 192 192 Notes Aug 2027 9.9% 900 900 Notes Aug 2028 4.0% 2,406 — Loans EUR fixed rate Jul 2024 - May 2025 5.5 - 6.2% 98 136 EUR floating rate Jun 2025 - Oct 2026 EURIBOR + 2.7 - 3.8% 951 1,026 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0 - 3.3% 4,137 1,855 Total Secured Debt 9,939 9,393 Unsecured Debt Revolver Facility (b) LIBOR + 0.7% 2,790 3,083 Notes EUR Notes Feb 2021 1.6% — 429 EUR Notes Nov 2022 1.9% 622 658 Convertible Notes Apr 2023 5.8% 522 537 Notes Oct 2023 7.2% 125 125 Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 566 598 Notes Mar 2027 5.8% 3,500 — Notes Jan 2028 6.7% 200 200 Notes May 2029 6.0% 2,000 — EUR Notes Oct 2029 1.0% 679 718 Loans EUR fixed rate Mar 2021 - Sep 2021 0.3 - 3.9% — 32 Floating rate Feb 2023 - Sep 2024 LIBOR + 3.8 - 4.5% 590 300 GBP floating rate Feb 2025 GBP LIBOR + 0.9% 467 881 EUR floating rate Dec 2021 - Mar 2026 EURIBOR + 0.3 - 4.8% 1,375 1,860 Export Credit Facilities Floating rate Feb 2022 - Dec 2031 LIBOR + 0.5 - 1.5% 1,363 1,138 EUR floating rate Feb 2022 - Dec 2032 EURIBOR + 0.2 - 1.6% 2,742 1,891 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 3,488 3,131 EUR fixed rate Feb 2031 - Jul 2033 1.1 - 1.6% 1,551 1,159 Total Unsecured Debt 24,031 18,188 Total Debt 33,970 27,581 Less: unamortized debt issuance costs and discounts (744) (624) Total Debt, net of unamortized debt issuance costs and discounts 33,226 26,957 Less: short-term borrowings (2,790) (3,084) Less: current portion of long-term debt (1,927) (1,742) Long-Term Debt $ 28,509 $ 22,130 The net carrying value of the liability component of the Convertible Notes was as follows: November 30, (in millions) 2021 2020 Principal $ 522 $ 537 Less: Unamortized debt discount (45) (76) $ 478 $ 461 The interest expense recognized related to the Convertible Notes was as follows: November 30, (in millions) 2021 2020 Contractual interest expense $ 31 $ 58 Amortization of debt discount 29 50 $ 60 $ 109
Schedule of Annual Maturities of Debt	The scheduled maturities of our debt are as follows: November 30, 2021 (in millions) Rate (a) (c) 2022 2023 2024 2025 2026 Thereafter Secured Debt Notes Notes 10.5% $ — $ — $ — $ — $ 775 $ — EUR Notes 10.1% — — — — 481 — Notes 7.9% — — — — — 192 Notes 9.9% — — — — — 900 Notes 4.0% — — — — — 2,406 Loans EUR fixed rate 5.5 - 6.2% 30 30 30 8 — — EUR floating rate EURIBOR + 2.7 - 3.8% 20 20 20 878 11 — Floating rate LIBOR + 3.0 - 3.3% 36 42 42 1,804 23 2,191 Total Secured Debt 86 92 92 2,690 1,290 5,688 Unsecured Debt Revolver Facility LIBOR + 0.7% — — 2,790 — — — Notes EUR Notes 1.9% 622 — — — — — Convertible Notes 5.8% — 522 — — — — Notes 7.2% — 125 — — — — Notes 7.6% — — — — 1,450 — EUR Notes 7.6% — — — — 566 — Notes 5.8% — — — — — 3,500 Notes 6.7% — — — — — 200 Notes 6.0% — — — — — 2,000 EUR Notes 1.0% — — — — — 679 Loans Floating rate LIBOR + 3.8 - 4.5% — 290 300 — — — GBP floating rate GBP LIBOR + 0.9% — — 93 374 — — EUR floating rate EURIBOR + 0.3 - 4.8% 413 490 189 189 94 — Export Credit Facilities Floating rate LIBOR + 0.5 - 1.5% 202 246 246 186 163 406 EUR floating rate EURIBOR + 0.2 - 1.6% 269 468 441 364 317 952 Fixed rate 2.4 - 3.4% 260 387 387 387 387 1,596 EUR fixed rate 1.1 - 1.6% 74 144 144 144 144 832 Total Unsecured Debt 1,840 2,673 4,590 1,642 3,120 10,165 Total Debt $ 1,927 $ 2,765 $ 4,682 $ 4,332 $ 4,411 $ 15,854 (a) Substantially all of our variable debt has a 0.0% to 0.75% floor. (b) Amounts outstanding under our $1.7 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “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 $0.2 billion available for borrowing under our Revolving Facility as of November 30, 2021. 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. (c) The above debt tables do not include the impact of our foreign currency and interest rate swaps. The interest rates on some of our debt, and in the case of our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Shipbuilding, Operating Leases, and Port Facilities and Other Commitments	Newbuild capital expenditures as of November 30, 2021: (in millions) Year 2022 $ 4,355 2023 2,576 2024 1,641 2025 987 2026 and thereafter — $ 9,560

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Nov. 30, 2021
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 2019 0.6 $ 26 12.2 $ 569
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 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) 2021 2020 2019 Cumulative foreign currency translation adjustments, net $ (1,501) $ (1,382) $ (1,961) Unrecognized pension expenses (45) (95) (88) Net gains (losses) on cash flow derivative hedges 44 41 (18) $ (1,501) $ (1,436) $ (2,066)
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 28/29 May 31 August 31 November 30 2020 Dividends declared per share $ 0.50 $ — $ — $ — Dividends declared $ 342 $ — $ — $ — 2019 Dividends declared per share $ 0.50 $ 0.50 $ 0.50 $ 0.50 Dividends declared $ 345 $ 346 $ 342 $ 346

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk (Tables)	12 Months Ended
	Nov. 30, 2021
Fair Value Disclosures [Abstract]
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, 2021 November 30, 2020 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Fixed rate debt (a) $ 19,555 $ — $ 19,013 $ — $ 15,547 $ — $ 16,258 $ — Floating rate debt (a) 14,415 — 13,451 — 12,034 — 11,412 — Total $ 33,970 $ — $ 32,463 $ — $ 27,581 $ — $ 27,670 $ —
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, 2021 November 30, 2020 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 8,939 $ — $ — $ 9,513 $ — $ — Restricted cash 38 — — 179 — — Short-term investments (a) 200 — — — — — Derivative financial instruments — 1 — — — — Total $ 9,177 $ 1 $ — $ 9,692 $ — $ — Liabilities Derivative financial instruments $ — $ 13 $ — $ — $ 10 $ — Total $ — $ 13 $ — $ — $ 10 $ — (a) Short-term investments consist of marketable securities with original maturities of between three and twelve months.
Reconciliation of Changes in Carrying Amounts of Goodwill	Goodwill (in millions) NAA Segment EA Segment Total At November 30, 2019 $ 1,898 $ 1,014 $ 2,912 Impairment charge (1,319) (777) (2,096) Exchange movements — (9) (9) At November 30, 2020 579 228 807 Impairment charges — (226) (226) Exchange movements — (2) (2) At November 30, 2021 $ 579 $ — $ 579
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA Segment EA Segment Total At November 30, 2019 $ 927 $ 240 $ 1,167 Exchange movements — 13 13 At November 30, 2020 927 253 1,180 Exchange movements — (5) (5) At November 30, 2021 $ 927 $ 248 $ 1,175
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) 2021 2020 NAA Segment $ 273 $ 1,474 EA Segment 318 319 Total ship impairments $ 591 $ 1,794
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets	November 30, (in millions) Balance Sheet Location 2021 2020 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ 1 $ — Total derivative assets $ 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 5 Other long-term liabilities 2 5 Total derivative liabilities $ 13 $ 10 (a) At November 30, 2021, we had a cross currency swap totaling $201 million that is designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. At November 30, 2021, this cross currency swap settles through 2028. At November 30, 2020, we had no cross currency swaps. (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 $160 million at November 30, 2021 and $248 million at November 30, 2020 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2021, these interest rate swaps settle through 2025.
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. 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 November 30, 2020 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ — $ — $ — $ — $ — Liabilities $ 10 $ — $ 10 $ — $ 10
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) 2021 2020 2019 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ (1) $ 131 $ 43 Cross currency swaps – net investment hedges - excluded component $ (6) $ (1) $ 1 Foreign currency zero cost collars – cash flow hedges $ — $ 1 $ (1) Foreign currency forwards - cash flow hedges $ — $ 53 $ — Interest rate swaps – cash flow hedges $ 5 $ 6 $ 3 Gains (losses) reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ (5) $ (6) $ (7) Foreign currency zero cost collars - Depreciation and amortization $ 2 $ 1 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ — $ 12 $ 23

Leases (Tables)

Leases (Tables)	12 Months Ended
	Nov. 30, 2021
Leases [Abstract]
Schedule of Components of Lease Expenses	We amortize our lease assets on a straight-line basis over the lease term. The components of expense were as follows: November 30, (in millions) 2021 2020 Operating lease expense $ 203 $ 203 Variable lease expense (a) (b) $ (100) $ (61) (a) Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commission, 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. We have treated the concessions granted under such provisions as variable payment adjustments. If our interpretation of the force majeure provisions is disputed, we could be required to record and make additional guarantee payments. Weighted average of the remaining lease terms and weighted average discount rates are as follows: November 30, 2021 November 30, 2020 Weighted average remaining lease term - operating leases (in years) 12 13 Weighted average discount rate - operating leases 3.8 % 3.4 %
Schedule of Maturities of Operating Lease Liabilities	As of November 30, 2021, maturities of operating lease liabilities were as follows: (in millions) Year 2022 $ 202 2023 186 2024 167 2025 158 2026 145 Thereafter 880 Total lease payments 1,739 Less: Present value discount (358) Present value of lease liabilities $ 1,381

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Nov. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	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. 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 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 2019 NAA $ 13,612 $ 8,370 $ 1,427 $ 1,364 $ 2,451 $ 2,781 $ 27,102 EA 6,650 4,146 744 645 1,115 2,462 15,473 Cruise Support 173 125 281 115 (347) 143 1,861 Tour and Other 390 268 28 36 56 43 623 $ 20,825 $ 12,909 $ 2,480 $ 2,160 $ 3,276 $ 5,429 $ 45,058 (a) Includes $226 million of goodwill impairment charges. (b) Includes $1.3 billion of goodwill impairment charges. (c) Includes $777 million of goodwill impairment charges.
Revenue by Geographic Area, Based on Where Guests are Sourced	Revenues by geographic areas, which are based on where our guests are sourced, were as follows: Years Ended November 30, (in millions) 2021 2020 2019 North America $ 1,066 $ 3,084 $ 11,502 Europe 811 1,643 6,318 Australia and Asia 18 687 2,632 Other 14 180 373 $ 1,908 $ 5,595 $ 20,825

Compensation Plans and Post-E_2

Compensation Plans and Post-Employment Benefits (Tables)	12 Months Ended
	Nov. 30, 2021
Retirement Benefits [Abstract]
Share Based Compensation Awards Activity	Shares Weighted-Average Outstanding at November 30, 2018 2,280,517 $ 61.57 Granted 1,357,177 $ 52.17 Vested (960,693) $ 53.49 Forfeited (185,625) $ 56.13 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
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets	UK Plan (a) All Other Plans (in millions) 2021 2020 2021 2020 Change in projected benefit obligation: Projected benefit obligation as of December 1 $ 303 $ 299 $ 280 $ 259 Past service cost — — 10 20 Interest cost 4 5 4 6 Benefits paid (10) (16) (5) (14) Actuarial (gain) loss on plans’ liabilities (7) 14 (8) 13 Plan curtailments, settlements and other 7 — (19) (4) Projected benefit obligation as of November 30 298 303 263 280 Change in plan assets: Fair value of plan assets as of December 1 325 312 17 18 Return on plans’ assets 31 23 — 1 Employer contributions 1 6 17 14 Benefits paid (10) (16) (5) (14) Plan settlements — — (17) (2) Administrative expenses 8 (1) — — Fair value of plan assets as of November 30 355 325 12 17 Funded status as of November 30 $ 56 $ 22 $ (250) $ (263) (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) 2021 2020 2021 2020 Other assets $ 56 $ 22 $ — $ — Accrued liabilities and other $ — $ — $ 23 $ 32 Other long-term liabilities $ — $ — $ 227 $ 231
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) 2021 2020 Projected benefit obligation $ 263 $ 280 Accumulated benefit obligation $ 254 $ 272 Fair value of plan assets $ 12 $ 17
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) 2021 2020 2019 2021 2020 2019 Service cost $ — $ — $ — $ 10 $ 20 $ 17 Interest cost 4 5 7 4 6 8 Expected return on plan assets (6) (8) (11) — (1) (1) Amortization of net loss (gain) — — — 4 4 3 Settlement loss recognized — — — 5 1 — Net periodic benefit cost $ (1) $ (3) $ (3) $ 22 $ 32 $ 28 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 2021 2020 2021 2020 Discount rate 1.6 % 1.6 % 2.6 % 2.2 % Rate of compensation increase 2.7 % 2.3 % 3.0 % 2.8 % Weighted average assumptions used to determine net pension income are as follows: UK Plan All Other Plans 2021 2020 2019 2021 2020 2019 Discount rate 1.6 % 1.9 % 3.0 % 2.3 % 2.9 % 3.5 % Expected return on assets 1.9 % 3.0 % 4.2 % 2.3 % 3.0 % 3.0 % Rate of compensation increase 2.3 % 2.9 % 3.4 % 3.0 % 2.7 % 3.0 %
Schedule of Defined Benefit Plan AOCI	Amounts recognized in AOCI are as follows: UK Plan All Other Plans November 30, November 30, 2021 2020 2021 2020 Actuarial losses (gains) recognized in the current year $ — $ 1 $ (7) $ 13 Amortization and settlements included in net periodic benefit cost $ — $ — $ (12) $ (8)
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 2022 $ 7 $ 24 2023 7 22 2024 7 24 2025 7 27 2026 8 26 2027-2031 41 146 $ 77 $ 269
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, 2021 2020 Equities $ 62 $ 55 U.K. government fixed interest bonds (gilts) 283 270

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Nov. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Computation	Years Ended November 30, (in millions, except per share data) 2021 2020 2019 Net income (loss) for basic and diluted earnings per share $ (9,501) $ (10,236) $ 2,990 Weighted-average shares outstanding 1,123 775 690 Dilutive effect of equity plans — — 2 Diluted weighted-average shares outstanding 1,123 775 692 Basic earnings per share $ (8.46) $ (13.20) $ 4.34 Diluted earnings per share $ (8.46) $ (13.20) $ 4.32
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) 2021 2020 Equity awards 3 1 Convertible Notes 53 103 Total antidilutive securities 56 104

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)	12 Months Ended
	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	November 30, (in millions) 2021 2020 Cash and cash equivalents (Consolidated Balance Sheets) $ 8,939 $ 9,513 Restricted cash included in prepaid expenses and other and other assets 38 179 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 8,976 $ 9,692

General (Details)

General (Details) $ in Billions	12 Months Ended
	Nov. 30, 2021USD ($)companycruiseLine	Jan. 13, 2022cruise_ship
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of world's leading cruise lines | cruiseLine	9
Number of companies operating as a single economic enterprise | company	2
DLC arrangement current equalization ratio	1
Cash, cash equivalents, and short-term investments | $	$ 9.4
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of brands, resumed		8
Number of brands		9
Percent of operating capacity		67.00%
Carnival PLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
DLC arrangement current equalization ratio	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 1,908	$ 5,595	$ 20,825
Fees, taxes, and charges	73	215	659
Selling expenses	340	348	728
Cruise onboard and other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	908	1,910	6,721
Cruise onboard and other | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues			390
Cruise
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other operating	1,346	1,518	3,167
Customer deposits	3,500	2,200
Revenues recognized related to customer deposits	$ 100	$ 3,200
Cruise | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other operating			$ 268

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Estimates of Average Useful Lives and Residual Values of Property and Equipment (Detail)	12 Months Ended
	Nov. 30, 2021
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

Property and Equipment (Details) $ in Millions	12 Months Ended
	Nov. 30, 2021USD ($)cruise_shippassenger	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)
Property, Plant and Equipment [Line Items]
Ships and ship improvements	$ 50,501	$ 49,803
Ships under construction	1,536	1,354
Other property and equipment	3,928	3,992
Total property and equipment	55,965	55,148
Less accumulated depreciation	(17,858)	(17,075)
Property and Equipment, Net	38,107	38,073
Capitalized interest	$ 83	$ 66	$ 39
NAA Segment
Property, Plant and Equipment [Line Items]
Number of ships sold | cruise_ship	1
Capacity of ships sold | passenger	670
EA Segment
Property, Plant and Equipment [Line Items]
Number of ships, agreements to sell | cruise_ship	1
Capacity of ships, agreements to sell | passenger	1,180

Other Assets (Details)

Other Assets (Details) $ in Millions	12 Months Ended			24 Months Ended
	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)cruise_ship	Nov. 30, 2019USD ($)	Nov. 20, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Impairment charge	$ 834	$ 4,063	$ 26
Grand Bahama Shipyard Ltd.
Schedule of Equity Method Investments [Line Items]
Services provided	11	38	$ 62
Investment, amount	47	55
Investment equity	14	13
Investment loan	33	42
White Pass and Yukon Route
Schedule of Equity Method Investments [Line Items]
Investment, amount	76	94
Investment equity	49	75
Investment loan	27	19
Impairment charge	17
CSSC-Carnival
Schedule of Equity Method Investments [Line Items]
Investment, amount	119	$ 140
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	$ 81
Payment for lease of ships				$ 55

Debt - Long-Term and Short-Term

Debt - Long-Term and Short-Term Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Total Debt	$ 33,970	$ 27,581
Less: unamortized debt issuance costs and discounts	(744)	(624)
Total Debt, net of unamortized debt issuance costs and discounts	33,226	26,957
Less: short-term borrowings	(2,790)	(3,084)
Less: current portion of long-term debt	(1,927)	(1,742)
Long-Term Debt	28,509	22,130
Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 9,939	9,393
Secured Debt | Notes due April 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	11.50%
Long-term debt	$ 0	4,000
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	$ 481	508
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	0
Secured Debt | Euro-denominated fixed rate bank loan due May 2025
Debt Instrument [Line Items]
Long-term debt	$ 98	136
Secured Debt | Euro-denominated fixed rate bank loan due May 2025 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.50%
Secured Debt | Euro-denominated fixed rate bank loan due May 2025 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.20%
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026
Debt Instrument [Line Items]
Long-term debt	$ 951	1,026
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	2.70%
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.80%
Secured Debt | Floating rate bank loan due Jun 2025
Debt Instrument [Line Items]
Long-term debt	$ 4,137	1,855
Secured Debt | Floating rate bank loan due Jun 2025 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.00%
Secured Debt | Floating rate bank loan due Jun 2025 | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.30%
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 24,031	18,188
Unsecured Debt | Revolver Facility Expires Aug 2024
Debt Instrument [Line Items]
Long-term debt	$ 2,790	3,083
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 Feb 2021
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.60%
Short-term debt	$ 0	429
Unsecured Debt | Euro-denominated notes due Nov 2022
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.90%
Short-term debt	$ 622	658
Unsecured Debt | Convertible notes due Apr 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 522	537
Unsecured Debt | Notes due Oct 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.20%
Long-term debt	$ 125	125
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	$ 566	598
Unsecured Debt | Notes due March 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 3,500	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 | Notes due May 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.00%
Long-term debt	$ 2,000	0
Unsecured Debt | Euro-denominated notes due Oct 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.00%
Long-term debt	$ 679	718
Unsecured Debt | Euro-denominated fixed rate bank loan due Sept 2021
Debt Instrument [Line Items]
Long-term debt	$ 0	32
Unsecured Debt | Euro-denominated fixed rate bank loan due Sept 2021 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	0.30%
Unsecured Debt | Euro-denominated fixed rate bank loan due Sept 2021 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.90%
Unsecured Debt | Floating rate bank loan due Sep 2024
Debt Instrument [Line Items]
Long-term debt	$ 590	300
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	$ 467	881
Unsecured Debt | Sterling-denominated floating rate bank loan due Feb 2025 | LIBOR | Maximum
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	$ 1,375	1,860
Unsecured Debt | Euro-denominated floating rate bank loan due May 2026 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.30%
Unsecured Debt | Euro-denominated floating rate bank loan due May 2026 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	4.80%
Unsecured Debt | Export credit facility floating rate due Dec 2031
Debt Instrument [Line Items]
Long-term debt	$ 1,363	1,138
Unsecured Debt | Export credit facility floating rate due Dec 2031 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.50%
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 | Euro-denominated export credit facility floating rate due Dec 2032
Debt Instrument [Line Items]
Long-term debt	$ 2,742	1,891
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%
Unsecured Debt | Export credit facility fixed rate due Dec 2032
Debt Instrument [Line Items]
Long-term debt	$ 3,488	3,131
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	$ 1,551	$ 1,159
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%

Debt - Schedule of Annual Matur

Debt - Schedule of Annual Maturities of Debt (Details) £ in Millions, $ in Millions, € in Billions	12 Months Ended
	Nov. 30, 2021USD ($)	Nov. 30, 2021EUR (€)	Nov. 30, 2021GBP (£)
Debt Instrument [Line Items]
2022	$ 1,927
2023	2,765
2024	4,682
2025	4,332
2026	4,411
Thereafter	$ 15,854
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%
Revolving credit facility
Debt Instrument [Line Items]
Line of credit, current	$ 200
Secured Debt
Debt Instrument [Line Items]
2022	86
2023	92
2024	92
2025	2,690
2026	1,290
Thereafter	$ 5,688
Secured Debt | Notes due Feb 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%	10.50%	10.50%
2022	$ 0
2023	0
2024	0
2025	0
2026	775
Thereafter	$ 0
Secured Debt | Euro-denominated notes due Feb 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.10%	10.10%	10.10%
2022	$ 0
2023	0
2024	0
2025	0
2026	481
Thereafter	$ 0
Secured Debt | Notes due Jun 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.90%	7.90%	7.90%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 192
Secured Debt | Notes due Aug 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	9.90%	9.90%	9.90%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 900
Secured Debt | Notes due Aug 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	4.00%	4.00%	4.00%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	2,406
Secured Debt | Euro-denominated fixed rate bank loan due May 2025
Debt Instrument [Line Items]
2022	30
2023	30
2024	30
2025	8
2026	0
Thereafter	$ 0
Secured Debt | Euro-denominated fixed rate bank loan due May 2025 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.50%	5.50%	5.50%
Secured Debt | Euro-denominated fixed rate bank loan due May 2025 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.20%	6.20%	6.20%
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026
Debt Instrument [Line Items]
2022	$ 20
2023	20
2024	20
2025	878
2026	11
Thereafter	$ 0
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	2.70%
Secured Debt | Euro-denominated floating rate bank loan due Oct 2026 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.80%
Secured Debt | Floating rate bank loan due Jun 2025
Debt Instrument [Line Items]
2022	$ 36
2023	42
2024	42
2025	1,804
2026	23
Thereafter	$ 2,191
Secured Debt | Floating rate bank loan due Jun 2025 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.00%
Secured Debt | Floating rate bank loan due Jun 2025 | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	3.30%
Unsecured Debt
Debt Instrument [Line Items]
2022	$ 1,840
2023	2,673
2024	4,590
2025	1,642
2026	3,120
Thereafter	10,165
Unsecured Debt | Revolver Facility Expires Aug 2024
Debt Instrument [Line Items]
2022	0
2023	0
2024	2,790
2025	0
2026	0
Thereafter	$ 0
Unsecured Debt | Revolver Facility Expires Aug 2024 | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.70%
Unsecured Debt | U.S. Dollar-denominated revolving credit facility
Debt Instrument [Line Items]
Line of credit, current	$ 1,700
Unsecured Debt | Euro-denominated revolving credit facility
Debt Instrument [Line Items]
Line of credit, current | €		€ 1
Unsecured Debt | Sterling-denominated revolving credit facility
Debt Instrument [Line Items]
Line of credit, current | £			£ 200
Unsecured Debt | Euro-denominated notes due Nov 2022
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.90%	1.90%	1.90%
2022	$ 622
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 0
Unsecured Debt | Convertible notes due Apr 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%	5.80%	5.80%
2022	$ 0
2023	522
2024	0
2025	0
2026	0
Thereafter	$ 0
Unsecured Debt | Notes due Oct 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.20%	7.20%	7.20%
2022	$ 0
2023	125
2024	0
2025	0
2026	0
Thereafter	$ 0
Unsecured Debt | Notes due Mar 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%	7.60%	7.60%
2022	$ 0
2023	0
2024	0
2025	0
2026	1,450
Thereafter	$ 0
Unsecured Debt | Euro-denominated notes due Mar 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%	7.60%	7.60%
2022	$ 0
2023	0
2024	0
2025	0
2026	566
Thereafter	$ 0
Unsecured Debt | Notes due March 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%	5.80%	5.80%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 3,500
Unsecured Debt | Notes due Jan 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.70%	6.70%	6.70%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 200
Unsecured Debt | Notes due May 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.00%	6.00%	6.00%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	$ 2,000
Unsecured Debt | Euro-denominated notes due Oct 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.00%	1.00%	1.00%
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	679
Unsecured Debt | Floating rate bank loan due Sep 2024
Debt Instrument [Line Items]
2022	0
2023	290
2024	300
2025	0
2026	0
Thereafter	$ 0
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]
2022	$ 0
2023	0
2024	93
2025	374
2026	0
Thereafter	$ 0
Unsecured Debt | Sterling-denominated floating rate bank loan due Feb 2025 | LIBOR | Maximum
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]
2022	$ 413
2023	490
2024	189
2025	189
2026	94
Thereafter	$ 0
Unsecured Debt | Euro-denominated floating rate bank loan due May 2026 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.30%
Unsecured Debt | Euro-denominated floating rate bank loan due May 2026 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	4.80%
Unsecured Debt | Export credit facility floating rate due Dec 2031
Debt Instrument [Line Items]
2022	$ 202
2023	246
2024	246
2025	186
2026	163
Thereafter	$ 406
Unsecured Debt | Export credit facility floating rate due Dec 2031 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.50%
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 | Euro-denominated export credit facility floating rate due Oct 2032
Debt Instrument [Line Items]
2022	$ 269
2023	468
2024	441
2025	364
2026	317
Thereafter	$ 952
Unsecured Debt | Euro-denominated export credit facility floating rate due Oct 2032 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	0.20%
Unsecured Debt | Euro-denominated export credit facility floating rate due Oct 2032 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percent)	1.60%
Unsecured Debt | Export credit facility fixed rate due Dec 2032
Debt Instrument [Line Items]
2022	$ 260
2023	387
2024	387
2025	387
2026	387
Thereafter	$ 1,596
Unsecured Debt | Export credit facility fixed rate due Dec 2032 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	2.40%	2.40%	2.40%
Unsecured Debt | Export credit facility fixed rate due Dec 2032 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.40%	3.40%	3.40%
Unsecured Debt | Euro-denominated export credit facility fixed rate due Sep 2032
Debt Instrument [Line Items]
2022	$ 74
2023	144
2024	144
2025	144
2026	144
Thereafter	$ 832
Unsecured Debt | Euro-denominated export credit facility fixed rate due Sep 2032 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.10%	1.10%	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%	1.60%	1.60%

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended				9 Months Ended	12 Months Ended
	Oct. 31, 2021USD ($)	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Apr. 30, 2020USD ($)shares$ / shares	Dec. 31, 2020USD ($)	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	Feb. 28, 2021USD ($)
Debt Instrument [Line Items]
Principal amount of long-term debt purchased						$ 5,956,000,000	$ 1,621,000,000	$ 1,651,000,000
Deferred principal payment amount			$ 1,000,000,000
Cumulative deferred principal amount						1,700,000,000
Debt instrument, convertible, equity component minimum threshold						5,000,000,000
Debt instrument, convertible, liquidity component minimum threshold						$ 1,000,000,000
Debt Instrument, Debt Covenant, Period One
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio						2
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
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%
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, collateral						$ 25,600,000,000
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 | Senior Unsecured Term Loan Facility due 2027
Debt Instrument [Line Items]
Debt instrument, face amount									$ 3,500,000,000
Debt instrument, interest rate (percent)									5.75%
Unsecured Debt | Senior Unecured Notes Due 2029
Debt Instrument [Line Items]
Debt instrument, face amount						$ 2,000,000,000
Debt instrument, interest rate (percent)						6.00%
Export Credit Facility | Export Credit Facility Due 2033
Debt Instrument [Line Items]
Debt instrument, face amount		$ 544,000,000			$ 1,500,000,000
Convertible
Debt Instrument [Line Items]
If-converted above par value						$ 398,000,000
Convertible notes						52,000,000
Convertible | Senior Convertible Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount							$ 2,000,000,000
Debt instrument, interest rate (percent)							5.75%
Decrease in principal amount of debt					$ 1,500,000,000
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, convertible, carrying amount						$ 286,000,000
Debt instrument, effective interest rate (percentage)						12.90%
Debt instrument, convertible, carrying amount, after partial repurchase						$ 0
Convertible | Senior Convertible Notes due 2023 | On or After January 1, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (less than 98%)						100.00%

Debt - Debt Instrument (Details

Debt - Debt Instrument (Details) - Convertible - Senior Convertible Notes due 2023 - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Principal	$ 522	$ 537
Less: Unamortized debt discount	(45)	(76)
Total	$ 478	$ 461

Debt - Interest Expense, Debt (

Debt - Interest Expense, Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Amortization of discounts and debt issue costs	$ 172	$ 119	$ 22
Convertible | Senior Convertible Notes due 2023
Debt Instrument [Line Items]
Contractual interest expense	31	58
Amortization of discounts and debt issue costs	29	50
Interest expense total	$ 60	$ 109

Commitments - Newbuild Contract

Commitments - Newbuild Contracts (Details) $ in Millions	Nov. 30, 2021USD ($)
Shipbuilding Commitments Future Minimum Payments Due [Roll Forward]
2022	$ 4,355
2023	2,576
2024	1,641
2025	987
2026 and thereafter	0
Total	$ 9,560

Contingencies (Details)

Contingencies (Details) $ in Millions	May 02, 2019lawsuit	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Jan. 13, 2022lawsuit
Loss Contingencies [Line Items]
Number of lawsuits	2
Customer deposits | $		$ 1,100	$ 400
Escrow deposit | $		$ 30	166
Prepaid expenses and other
Loss Contingencies [Line Items]
Escrow deposit | $			$ 136
Subsequent Event
Loss Contingencies [Line Items]
Number of lawsuits, COVID-19				82
Number of lawsuits dismissed or settled, COVID-19				8
Number of class actions, COVID-19				10
Number of class actions dismissed or settled, COVID-19				5

Taxation (Details)

Taxation (Details) - ITALY	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2015
Income Tax [Line Items]
Additional tax rate election period beginning 2025			10 years
Effective tax rate	4.80%	4.80%

Shareholders' Equity - Shares R

Shareholders' Equity - Shares Repurchased (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Stockholders Equity Note [Line Items]
Dollar Amount Paid for Shares Repurchased	$ 0	$ 12	$ 603
Repurchase Agreements | Carnival Corp
Stockholders Equity Note [Line Items]
Number of Shares Repurchased (in shares)		0	0.6
Dollar Amount Paid for Shares Repurchased		$ 0	$ 26
Repurchase Agreements | Carnival PLC
Stockholders Equity Note [Line Items]
Number of Shares Repurchased (in shares)		0.2	12.2
Dollar Amount Paid for Shares Repurchased		$ 10	$ 569

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	1 Months Ended				6 Months Ended	12 Months Ended
	Feb. 28, 2021	Nov. 30, 2020	Oct. 31, 2020	Apr. 30, 2020	Nov. 30, 2021	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Stockholders Equity Note [Line Items]
Number of shares sold (in shares)						8,900,000
Number of shares repurchased (in shares)						8,900,000
Net proceeds from Stock Swap Program						$ 19,000,000
Unrecognized pension expenses reclassified out of accumulated other comprehensive (loss) income						$ 7,000,000	$ 3,000,000	$ 5,000,000
Preferred stock, authorized (in shares)					40,000,000	40,000,000
Public Offering
Stockholders Equity Note [Line Items]
Shares issued (in shares)	40,500,000			71,900,000	600,000
Price per share (in dollars per share)	$ 25.10			$ 8	$ 21.32	$ 21.32
Consideration received	$ 996,000,000			$ 556,000,000	$ 13,000,000
ATM Offering
Stockholders Equity Note [Line Items]
Shares issued (in shares)		94,500,000	67,100,000
Stock value, authorized		$ 1,500,000,000	$ 1,000,000,000				$ 1,500,000,000
Carnival Corp
Stockholders Equity Note [Line Items]
Preferred stock, shares issued (in shares)		0			0	0	0
Carnival PLC
Stockholders Equity Note [Line Items]
Number of shares repurchased (in shares)						8,900,000
Preferred stock, shares issued (in shares)		0			0	0	0

Shareholders' Equity - Stock Sw

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

Shareholders' Equity - Accumula

Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Equity [Abstract]
Cumulative foreign currency translation adjustments, net	$ (1,501)	$ (1,382)	$ (1,961)
Unrecognized pension expenses	(45)	(95)	(88)
Net gains (losses) on cash flow derivative hedges	44	41	(18)
Accumulated other comprehensive (loss) income	$ (1,501)	$ (1,436)	$ (2,066)

Shareholders' Equity - Dividend

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	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019
Equity [Abstract]
Dividends declared per share (USD per share)	$ 0	$ 0	$ 0	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50
Dividends declared	$ 0	$ 0	$ 0	$ 342	$ 346	$ 342	$ 346	$ 345

Fair Value Measurements, Deri_3

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - 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, 2021	Nov. 30, 2020
Carrying Value
Liabilities
Total	$ 33,970	$ 27,581
Carrying Value | Fixed Rate
Liabilities
Debt	19,555	15,547
Carrying Value | Floating Rate
Liabilities
Debt	14,415	12,034
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	32,463	27,670
Fair Value | Level 2 | Fixed Rate
Liabilities
Debt	19,013	16,258
Fair Value | Level 2 | Floating Rate
Liabilities
Debt	13,451	11,412
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, Deri_4

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Financial Instruments that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Assets
Short-term investments (a)	$ 1	$ 0
Derivative Asset	1	0
Liabilities
Derivative financial instruments	13	10
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Cash and cash equivalents	8,939	9,513
Restricted cash	38	179
Total	9,177	9,692
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Short-term Investments
Assets
Short-term investments (a)	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
Liabilities
Total	13	10
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Assets
Derivative Asset	1	0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Liabilities
Derivative financial instruments	13	10
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, Deri_5

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	May 31, 2021	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Goodwill [Line Items]
Goodwill impairments	$ 0	$ 0	$ 0	$ 226,000,000	$ 2,096,000,000	$ 0
Goodwill [Roll Forward]
Beginning Balance				807,000,000	2,912,000,000
Impairment charges				(226,000,000)	(2,096,000,000)
Exchange movements				(2,000,000)	(9,000,000)
Ending Balance				579,000,000	807,000,000	2,912,000,000
NAA Segment
Goodwill [Roll Forward]
Beginning Balance				579,000,000	1,898,000,000
Impairment charges				0	(1,319,000,000)
Exchange movements				0	0
Ending Balance				579,000,000	579,000,000	1,898,000,000
EA Segment
Goodwill [Roll Forward]
Beginning Balance				228,000,000	1,014,000,000
Impairment charges				(226,000,000)	(777,000,000)
Exchange movements				$ (2,000,000)	(9,000,000)
Ending Balance					$ 228,000,000	$ 1,014,000,000

Fair Value Measurements, Deri_6

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - 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, 2021	Nov. 30, 2020
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,180	$ 1,167
Exchange movements	(5)	13
Ending Balance	1,175	1,180
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	253	240
Exchange movements	(5)	13
Ending Balance	$ 248	$ 253

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 591	$ 1,794
NAA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	273	1,474
EA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 318	$ 319

Fair Value Measurements, Deri_8

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1	$ 0
Derivative liabilities	13	10
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	160	248
Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	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	201
Cross currency swaps | Designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	8	0
Cross currency 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 long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	5
Interest rate swaps | Designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 3	$ 5

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Assets
Gross Amounts	$ 1	$ 0
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	1	0
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	1	0
Liabilities
Gross Amounts	13	10
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	13	10
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	$ 13	$ 10

Fair Value Measurements, Der_10

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - 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, 2021	Nov. 30, 2020	Nov. 30, 2019
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ (1)	$ 131	$ 43
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	(6)	(1)	1
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	0	1	(1)
Gains (losses) reclassified from AOCI, cash flow hedges	2	1	1
Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	0	53	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	5	6	3
Gains (losses) reclassified from AOCI, cash flow hedges	(5)	(6)	(7)
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)	$ 0	$ 12	$ 23

Fair Value Measurements, Der_11

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Foreign Currency Exchange Risks (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency translation adjustment losses	$ 118	$ (578)	$ 86
Foreign currency contract commitments	6,800
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	467
Foreign currency translation adjustment losses	$ 21

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	12 Months Ended
	Nov. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
Operating lease minimum commitment	$ 321
Right-of-use assets obtained in exchange for operating lease liabilities	$ 114
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Lease renewal term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

Leases - Lease Terms (Details)

Leases - Lease Terms (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Operating lease expense	$ 203	$ 203
Variable lease expense	$ (100)	$ (61)
Weighted average remaining lease term - operating leases (in years)	12 years	13 years
Weighted average discount rate - operating leases (percent)	3.80%	3.40%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Nov. 30, 2021USD ($)
Leases [Abstract]
2022	$ 202
2023	186
2024	167
2025	158
2026	145
Thereafter	880
Total lease payments	1,739
Less: Present value discount	(358)
Present value of lease liabilities	$ 1,381

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Nov. 30, 2021segment
Segment Reporting [Abstract]
Reportable cruise segments	4

Segment Information - Segment R

Segment Information - Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting Information [Line Items]
Revenues	$ 1,908	$ 5,595	$ 20,825
Operating costs and expenses	8,997	14,460	17,549
Selling and administrative	1,885	1,878	2,480
Depreciation and amortization	2,233	2,241	2,160
Operating Income (Loss)	(7,089)	(8,865)	3,276
Capital expenditures	3,607	3,620	5,429
Assets	53,344	53,593	45,058
Goodwill impairment	226	2,096
Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	4,655	8,245	12,909
NAA
Segment Reporting Information [Line Items]
Revenues	1,108	3,627	13,612
Selling and administrative	953	1,066	1,427
Depreciation and amortization	1,352	1,413	1,364
Operating Income (Loss)	(3,928)	(5,794)	2,451
Capital expenditures	2,397	1,430	2,781
Assets	25,606	25,257	27,102
Goodwill impairment	0	1,319
NAA | Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	2,730	5,623	8,370
EA
Segment Reporting Information [Line Items]
Revenues	712	1,790	6,650
Selling and administrative	568	523	744
Depreciation and amortization	728	672	645
Operating Income (Loss)	(2,617)	(2,729)	1,115
Capital expenditures	515	2,036	2,462
Assets	16,088	16,505	15,473
Goodwill impairment	226	777
EA | Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	1,807	2,548	4,146
Cruise Support
Segment Reporting Information [Line Items]
Revenues	42	68	173
Selling and administrative	335	262	281
Depreciation and amortization	129	128	115
Operating Income (Loss)	(477)	(313)	(347)
Capital expenditures	660	144	143
Assets	11,014	11,135	1,861
Cruise Support | Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	55	(10)	125
Tour and Other
Segment Reporting Information [Line Items]
Revenues	46	110	390
Selling and administrative	27	27	28
Depreciation and amortization	23	28	36
Operating Income (Loss)	(67)	(29)	56
Capital expenditures	35	11	43
Assets	637	696	623
Tour and Other | Cruise Support
Segment Reporting Information [Line Items]
Operating costs and expenses	$ 63	$ 84	$ 268

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area, Based on Where Guests are Sourced (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 1,908	$ 5,595	$ 20,825
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,066	3,084	11,502
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	811	1,643	6,318
Australia and Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	18	687	2,632
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 14	$ 180	$ 373

Compensation Plans and Post-E_3

Compensation Plans and Post-Employment Benefits - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2021USD ($)plansectionshares	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	Nov. 30, 2022USD ($)	Mar. 31, 2018	Mar. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Shares available for future grant (in shares) | shares	17.6
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 80
Weighted-average period over which cost is expected to be recognized (in years)	1 year 3 months 18 days
Defined contribution plans, total expense	$ 35	$ 24	$ 41
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 553	584
Number of multiemployer plans | plan	2
Number of multiemployer plan sections | section	2
Multiemployer plans expense	$ 28	$ 2	$ 6
Pension Plan | UK Plan
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions	$ 7
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)	1.80%
Pension Plan | Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions	$ 24
Pension Plan | Foreign Plan | Forecast
Defined Benefit Plan Disclosure [Line Items]
Anticipated contributions				$ 25
Pension Plan | MNOPF
Defined Benefit Plan Disclosure [Line Items]
Funded (percentage)					98.00%
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%

Compensation Plans and Post-E_4

Compensation Plans and Post-Employment Benefits - Awards Activity (Details) - Equity Awards - $ / shares	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Shares
Outstanding beginning balance (in shares)	10,340,776	2,491,376	2,280,517
Granted (in shares)	4,453,572	9,971,331	1,357,177
Vested (in shares)	(6,618,083)	(1,641,570)	(960,693)
Forfeited (in shares)	(729,073)	(480,361)	(185,625)
Outstanding ending balance (in shares)	7,447,192	10,340,776	2,491,376
Weighted-Average Grant Date Fair Value
Weighted-average grant date fair value, outstanding beginning balance (in dollars per share)	$ 26.61	$ 59.97	$ 61.57
Weighted-average grant date fair value, granted (in dollars per share)	20.65	20.72	52.17
Weighted-average grant date fair value, vested (in dollars per share)	21.31	30.68	53.49
Weighted-average grant date fair value, forfeited (in dollars per share)	35.81	50.96	56.13
Weighted-average grant date fair value, outstanding ending balance (in dollars per share)	$ 26.85	$ 26.61	$ 59.97

Compensation Plans and Post-E_5

Compensation Plans and Post-Employment Benefits - Obligation and Funded Status (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
UK Plan
Change in projected benefit obligation:
Projected benefit obligation as of December 1	$ 303	$ 299
Past service cost	0	0	$ 0
Interest cost	4	5	7
Benefits paid	(10)	(16)
Actuarial (gain) loss on plans’ liabilities	(7)	14
Plan curtailments, settlements and other	7	0
Projected benefit obligation as of November 30	298	303	299
Change in plan assets:
Fair value of plan assets as of December 1	325	312
Return on plans’ assets	31	23
Employer contributions	1	6
Benefits paid	(10)	(16)
Plan settlements	0	0
Administrative expenses	8	(1)
Fair value of plan assets as of November 30	355	325	312
Funded status as of November 30	56	22
Foreign Plan
Change in projected benefit obligation:
Projected benefit obligation as of December 1	280	259
Past service cost	10	20	17
Interest cost	4	6	8
Benefits paid	(5)	(14)
Actuarial (gain) loss on plans’ liabilities	(8)	13
Plan curtailments, settlements and other	(19)	(4)
Projected benefit obligation as of November 30	263	280	259
Change in plan assets:
Fair value of plan assets as of December 1	17	18
Return on plans’ assets	0	1
Employer contributions	17	14
Benefits paid	(5)	(14)
Plan settlements	(17)	(2)
Administrative expenses	0	0
Fair value of plan assets as of November 30	12	17	$ 18
Funded status as of November 30	$ (250)	$ (263)

Compensation Plans and Post-E_6

Compensation Plans and Post-Employment Benefits - Amounts Recognized in Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 2,011	$ 1,594
Accrued liabilities and other	1,641	1,144
Other long-term liabilities	1,043	949
Pension Plan | UK Plan
Defined Benefit Plan Disclosure [Line Items]
Other assets	56	22
Accrued liabilities and other	0	0
Other long-term liabilities	0	0
Pension Plan | Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Other assets	0	0
Accrued liabilities and other	23	32
Other long-term liabilities	$ 227	$ 231

Compensation Plans and Post-E_7

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, 2021	Nov. 30, 2020	Nov. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 254	$ 272
Fair value of plan assets	12	17
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 263	$ 280	$ 259

Compensation Plans and Post-E_8

Compensation Plans and Post-Employment Benefits - Net Periodic Benefit Costs (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	4	5	7
Expected return on plan assets	(6)	(8)	(11)
Amortization of net loss (gain)	0	0	0
Settlement loss recognized	0	0	0
Net periodic benefit cost	$ (1)	$ (3)	$ (3)
Benefit obligations weighted average assumptions
Discount rate (percentage)	1.60%	1.60%
Rate of compensation increase (percentage)	2.70%	2.30%
Net pension income weighted average assumptions
Discount rate (percentage)	1.60%	1.90%	3.00%
Expected return on assets (percentage)	1.90%	3.00%	4.20%
Rate of compensation increase (percentage)	2.30%	2.90%	3.40%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 10	$ 20	$ 17
Interest cost	4	6	8
Expected return on plan assets	0	(1)	(1)
Amortization of net loss (gain)	4	4	3
Settlement loss recognized	5	1	0
Net periodic benefit cost	$ 22	$ 32	$ 28
Benefit obligations weighted average assumptions
Discount rate (percentage)	2.60%	2.20%
Rate of compensation increase (percentage)	3.00%	2.80%
Net pension income weighted average assumptions
Discount rate (percentage)	2.30%	2.90%	3.50%
Expected return on assets (percentage)	2.30%	3.00%	3.00%
Rate of compensation increase (percentage)	3.00%	2.70%	3.00%

Compensation Plans and Post-E_9

Compensation Plans and Post-Employment Benefits - AOCI (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains) recognized in the current year	$ (7)	$ 13
Amortization and settlements included in net periodic benefit cost	(12)	(8)
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses (gains) recognized in the current year	0	1
Amortization and settlements included in net periodic benefit cost	$ 0	$ 0

Compensation Plans and Post-_10

Compensation Plans and Post-Employment Benefits - Expected Benefit Costs (Details) - Pension Plan $ in Millions	Nov. 30, 2021USD ($)
UK Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 7
2023	7
2024	7
2025	7
2026	8
2027-2031	41
Estimated future benefit total	77
Foreign Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	24
2023	22
2024	24
2025	27
2026	26
2027-2031	146
Estimated future benefit total	$ 269

Compensation Plans and Post-_11

Compensation Plans and Post-Employment Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	Nov. 30, 2021	Nov. 30, 2020
Equities
Defined Benefit Plan Disclosure [Line Items]
Plan investment assets, at fair value	$ 62	$ 55
U.K. government fixed interest bonds (gilts)
Defined Benefit Plan Disclosure [Line Items]
Plan investment assets, at fair value	$ 283	$ 270

Earnings Per Share - Basic and

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, 2021	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (9,501)	$ (10,236)	$ 2,990
Weighted-average shares outstanding (in shares)	1,123	775	690
Dilutive effect of equity plans (in shares)	0	0	2
Diluted weighted-average shares outstanding (in shares)	1,123	775	692
Basic earnings per share (in dollars per share)	$ (8.46)	$ (13.20)	$ 4.34
Diluted earnings per share (in dollars per share)	$ (8.46)	$ (13.20)	$ 4.32

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	56	104	0
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)	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)	53	103

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Conversion of Stock [Line Items]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 8,939	$ 9,513
Restricted cash included in prepaid expenses and other and other assets	38	179
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	8,976	9,692	$ 530	$ 996
Cash paid for interest, net of capitalized interest	1,300	610	171
Cash paid for income taxes, net of recoveries	0	0	46
Commercial paper
Conversion of Stock [Line Items]
Repayments of short term debt	0	526	0
Proceeds from short term debt	$ 0	$ 525	$ 0
Convertible | Common stock
Conversion of Stock [Line Items]
Shares issued (in shares)	151.2
Repurchase amount	$ 1,300