Carnival Corporation & plc (CUK) 10-Q 28 Mar 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Feb. 28, 2022	Mar. 21, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2022
Document Transition Report	false
Entity File Number	001-9610
Entity Registrant Name	Carnival Corporation
Entity Incorporation, State or Country Code	R1
Entity Tax Identification Number	59-1562976
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	(305)
Local Phone Number	599-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		989,700,876
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000815097
Current Fiscal Year End Date	--11-30
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity File Number	001-15136
Entity Registrant Name	Carnival plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-0357772
Entity Address, Address Line One	Carnival House, 100 Harbour Parade
Entity Address, City or Town	Southampton
Entity Address, Postal Zip Code	SO15 1ST
Entity Address, Country	GB
City Area Code	011
Local Phone Number	44 23 8065 5000
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		185,724,456
Entity Central Index Key	0001125259
Current Fiscal Year End Date	--11-30
Carnival PLC | Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC | 1.875% Senior Notes Due 2022
Entity Information [Line Items]
Title of 12(b) Security	1.875% Senior Notes due 2022
Trading Symbol	CUK22
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Revenues
Revenues	$ 1,623	$ 26
Operating Costs and Expenses
Selling and administrative	530	462
Depreciation and amortization	554	552
Operating costs and expenses	3,114	1,549
Operating Income (Loss)	(1,491)	(1,524)
Nonoperating Income (Expense)
Interest income	3	3
Interest expense, net of capitalized interest	(368)	(398)
Gains (losses) on debt extinguishment, net	0	2
Other income (expense), net	(32)	(62)
Nonoperating Income (Expense)	(397)	(455)
Income (Loss) Before Income Taxes	(1,888)	(1,979)
Income Tax Benefit (Expense), Net	(3)	6
Net Income (Loss)	$ (1,891)	$ (1,973)
Earnings Per Share
Basic (in dollars per share)	$ (1.66)	$ (1.80)
Diluted (in dollars per share)	$ (1.66)	$ (1.80)
Cruise
Operating Costs and Expenses
Commissions, transportation and other	$ 251	$ 15
Onboard and other	209	7
Payroll and related	506	218
Fuel	365	103
Food	136	11
Ship and other impairments	8	0
Other operating	557	181
Operating costs and expenses	2,030	535
Passenger ticket
Revenues
Revenues	873	3
Onboard and other
Revenues
Revenues	$ 750	$ 23

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (1,891)	$ (1,973)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	13	199
Other	2	4
Other Comprehensive Income (Loss)	16	203
Total Comprehensive Income (Loss)	$ (1,876)	$ (1,770)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Current Assets
Cash and cash equivalents	$ 6,414	$ 8,939
Short-term investments	515	200
Trade and other receivables, net	267	246
Inventories	392	356
Prepaid expenses and other	470	392
Total current assets	8,057	10,133
Property and Equipment, Net	40,183	38,107
Operating Lease Right-of-Use Assets	1,278	1,333
Goodwill	579	579
Other Intangibles	1,181	1,181
Other Assets	2,002	2,011
Total assets	53,281	53,344
Current Liabilities
Short-term borrowings	2,741	2,790
Current portion of long-term debt	2,272	1,927
Current portion of operating lease liabilities	139	142
Accounts payable	772	797
Accrued liabilities and other	1,627	1,641
Customer deposits	3,367	3,112
Total current liabilities	10,920	10,408
Long-Term Debt	29,887	28,509
Long-Term Operating Lease Liabilities	1,190	1,239
Other Long-Term Liabilities	973	1,043
Contingencies and Commitments
Shareholders’ Equity
Additional paid-in capital	15,360	15,292
Retained earnings	4,493	6,448
Accumulated other comprehensive income (loss) (“AOCI”)	(1,486)	(1,501)
Treasury stock, 130 shares at 2022 and 2021 of Carnival Corporation and 68 shares at 2022 and 67 shares at 2021 of Carnival plc, at cost	(8,428)	(8,466)
Total shareholders’ equity	10,311	12,144
Total liabilities and shareholders' equity	53,281	53,344
Common Stock
Shareholders’ Equity
Common stock	11	11
Ordinary Shares
Shareholders’ Equity
Common stock	$ 361	$ 361

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Feb. 28, 2022	Nov. 30, 2021
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	1,120	1,116
Treasury stock, shares (in shares)	130	130
Carnival PLC | Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	68	67

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
OPERATING ACTIVITIES
Net income (loss)	$ (1,891)	$ (1,973)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	554	552
Impairments	8	17
(Gain) loss on debt extinguishment	0	(2)
(Income) loss from equity-method investments	11	8
Share-based compensation	26	40
Amortization of discounts and debt issue costs	46	42
Noncash lease expense	34	36
Other, net	5	44
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(1,207)	(1,236)
Changes in operating assets and liabilities
Receivables	(22)	6
Inventories	(37)	(1)
Prepaid expenses and other	(44)	(263)
Accounts payable	(24)	(128)
Accrued liabilities and other	(65)	167
Customer deposits	187	(49)
Net cash provided by (used in) operating activities	(1,212)	(1,503)
INVESTING ACTIVITIES
Purchases of property and equipment	(2,730)	(1,774)
Proceeds from sales of ships and other	18	9
Purchase of short-term investments	(315)	(1,840)
Derivative settlements and other, net	(6)	17
Net cash provided by (used in) investing activities	(3,032)	(3,589)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(48)	0
Principal repayments of long-term debt	(503)	(668)
Proceeds from issuance of long-term debt	2,347	4,980
Issuance of common stock, net	15	997
Issuance of common stock under the Stock Swap Program	27	0
Purchase of treasury stock under the Stock Swap Program	(23)	0
Debt issue costs and other, net	(86)	(93)
Net cash provided by (used in) financing activities	1,728	5,216
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	14
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,524)	138
Cash, cash equivalents and restricted cash at beginning of period	8,976	9,692
Cash, cash equivalents and restricted cash at end of period	$ 6,452	$ 9,829

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock
Beginning balance at Nov. 30, 2020	$ 20,555	$ 11	$ 361	$ 13,948	$ 16,075	$ (1,436)	$ (8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,973)				(1,973)
Other comprehensive income (loss)	203					203
Issuance of common stock, net	997			996
Share-based compensation and other	32			32
Ending balance at Feb. 28, 2021	19,813	11	361	14,977	14,102	(1,233)	(8,404)
Beginning balance at Nov. 30, 2021	12,144	11	361	15,292	6,448	(1,501)	(8,466)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,891)				(1,891)
Other comprehensive income (loss)	16					16
Issuance of common stock, net	15			15
Purchases and issuances under the Stock Swap program, net	2			27			(25)
Issuance of treasury shares for vested share-based awards	0				(63)		63
Share-based compensation and other	26			26
Ending balance at Feb. 28, 2022	$ 10,311	$ 11	$ 361	$ 15,360	$ 4,493	$ (1,486)	$ (8,428)

General

General	3 Months Ended
	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” Liquidity and Management’s Plans In the face of the global impact of COVID-19, we paused our guest cruise operations in mid-March 2020. As of February 28, 2022, 71% of our capacity had resumed guest cruise operations as part of our ongoing 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 resumption of our guest cruise operations and the increased uncertainty given the current invasion of Ukraine, including its effect on the price of fuel, are collectively having a material negative impact on our business, including our liquidity, financial position and results of operations. 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: • Ongoing resumption of guest cruise operations, with each brand’s full fleet expected to be back in guest cruise operations for its respective 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 improvement in occupancy throughout 2022 until we return to historical occupancy levels in 2023 • Expected continued spend to maintain enhanced health and safety protocols and to support the ongoing resumption of guest cruise operations, including completing the return of crew members to our ships • Fuel prices • Maintaining collateral and reserves at reasonable levels In addition, we make certain assumptions about new ship deliveries, improvements and removals, and consider the future export credit financings that are associated with the new ship deliveries. We 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 ongoing 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 and the current invasion of Ukraine are uncertain. We have made reasonable estimates and judgments of the impact of these events within our consolidated financial statements and there may be changes to those estimates in future periods. 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 and if appropriate, obtain relevant financial covenant amendments. Based on these actions and our assumptions regarding the impact of COVID-19, considering our $7.2 billion of liquidity including cash, short-term investments and borrowings available under our revolving facility at February 28, 2022, as well as our continued ongoing return to service, we have concluded that we have sufficient liquidity to satisfy our obligations for at least the next twelve months. Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three months ended February 28, 2022 and 2021, and the Consolidated Balance Sheet at February 28, 2022 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2021 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 27, 2022. COVID-19 and the Use of Estimates and Risks and Uncertainty The preparation of our interim 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. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are highly uncertain. We have made reasonable estimates and judgments of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Accounting Pronouncements The Financial Accounting Standards Board 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 entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is required to be adopted by us in the first quarter of 2023 and must be applied using either a modified or full retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Revenue and Expense Recognition

Revenue and Expense Recognition	3 Months Ended
	Feb. 28, 2022
Revenue from Contract with Customer [Abstract]
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. For the three months ended February 28, 2022 and 2021, fees, taxes, and charges included in commissions, transportation and other costs were $68 million and $41 million. 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 rebook at a future date, 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 refunds of customer deposits with respect to a portion of cancelled cruises. The amount of any future cash refunds may depend on future cruise cancellations and guest rebookings. 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 $3.7 billion as of February 28, 2022 and $3.5 billion as of November 30, 2021 . Refunds payable to guests who have elected cash refunds are recorded in accounts payable. During the three months ended February 28, 2022 and 2021, we recognized revenues of $1.0 billion and an immaterial amount related to our customer deposits as of November 30, 2021 and 2020. Historically, our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue, refunds of customer deposits and foreign currency 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 had contract assets of $70 million as of February 28, 2022 and $55 million as of November 30, 2021 .

Debt

Debt	3 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Debt	Debt Short-Term Borrowings As of February 28, 2022 and November 30, 2021, our short-term borrowings consisted of $2.7 billion and $2.8 billion under our $1.7 billion, €1.0 billion and £0.2 billion revolving credit facility (the “Revolving Facility”). Export Credit Facility Borrowings During the first quarter of 2022, we borrowed $2.3 billion under export credit facilities due in semi-annual installments through 2034. Covenant Compliance As of February 28, 2022, our Revolving Facility, unsecured loans and export credit facilities contain certain covenants, the most restrictive of which require us to: • Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges) 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 29, 2024 testing date onwards, or through their respective maturity dates • Maintain minimum shareholders’ equity of $5.0 billion • Limit our debt to capital (as defined) percentage from the November 30, 2021 testing date until the May 31, 2023 testing date, to a percentage not to exceed 75%, following which it will be tested at levels which decline ratably to 65% from the May 31, 2024 testing date onwards • Maintain minimum liquidity of $1.5 billion through November 30, 2026 • Adhere to certain restrictive covenants through November 30, 2024 • Limit the amounts of our secured assets as well as secured and other indebtedness At February 28, 2022, we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross default 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. As of February 28, 2022, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 2Q 2022 $ 182 3Q 2022 409 4Q 2022 982 2023 2,898 2024 (a) 4,825 2025 4,522 2026 4,598 Thereafter 17,304 Total $ 35,721 (a) Includes borrowings of $2.7 billion under our Revolving Facility. Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of February 28, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion.

Contingencies and Commitments

Contingencies and Commitments	3 Months Ended
	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Litigation We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below. Additionally, as a result of the impact of COVID-19, litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury and loss of life, have been and may, in the future, be asserted against us. We expect many of these claims and actions, or any settlement of these claims and actions, to be covered by insurance and historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our self-insurance retention levels. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations, financial position or liquidity. As previously disclosed, on May 2, 2019, two lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act, alleging that Carnival Corporation “trafficked” in confiscated Cuban property when certain ships docked at certain ports in Cuba, and that this alleged “trafficking” entitles the plaintiffs to treble damages. In the matter filed by Havana Docks Corporation, the hearings on motions for summary judgment were concluded on January 18, 2022. On March 21, 2022, the court granted summary judgment in favor of Havana Docks Corporation as to liability. The amount of damages will be determined at the trial currently scheduled for May 23, 2022. We are assessing our options, including appealing this order. 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 final liability which may arise as a result of these actions is unlikely to have a material impact on our consolidated financial statements. As previously disclosed, on April 8, 2020, DeCurtis LLC (“DeCurtis”), a former vendor, filed an action against Carnival Corporation in the U.S. District Court for the Middle District of Florida seeking declaratory relief that DeCurtis is not infringing on several of Carnival Corporation’s patents in relation to its OCEAN Medallion systems and technology. The action also raises certain monopolization claims under The Sherman Antitrust Act of 1890, unfair competition and tortious interference, and seeks declaratory judgment that certain Carnival Corporation patents are unenforceable. DeCurtis seeks damages, including its fees and costs, and seeks declarations that it is not infringing and/or that Carnival Corporation’s patents are unenforceable. On April 10, 2020, Carnival Corporation filed an action against DeCurtis in the 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. COVID-19 Actions Private Actions We have been named in a number of individual actions related to COVID-19. Private parties have brought approximately 73 individual lawsuits as of February 28, 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 February 28, 2022, 63 of these individual actions have now been dismissed or settled and ten remain. These actions were settled for immaterial amounts. Additionally, as of February 28, 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 February 28, 2022, nine of these class actions have either been settled individually or had their class allegations dismissed by the courts and one remains. 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. Ot h er Regulatory or Governmental Inquiries and Investigations We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and intent from inadvertent events to malicious motivated attacks. We responded to a cybersecurity event in May 2019 related to our email accounts, and 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 relevant law enforcement and regulators of these incidents. • For the May 2019 and August 2020 events, the investigation, communication and reporting phases are complete. We determined that, for each event, an unauthorized third-party gained access to certain email accounts, which contained personal information relating to some guests, employees and crew for some of our operations. • For the December 2020 event, the investigation, communication and reporting phases are complete. 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 mid-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, including during the three months ended February 28, 2022 as reported in the Form 10-K, and restrictions on our operations. On March 14, 2022, the United States Department of Justice and the United States Environmental Protection Agency notified Carnival Corporation & plc of potential civil penalties and injunctive relief for alleged Clean Water Act violations by owned and operated vessels covered by the 2013 Vessel General Permit. Carnival Corporation & plc is working with these agencies to reach a resolution of this matter. We do not expect this matter to have a material effect on our financial results. Other Contingent Obligations Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase the lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of February 28, 2022 and November 30, 2021 , we had $1.1 billion in reserve funds related to our customer deposits withheld to satisfy these requirements which are included within other assets. We continue to expect to provide reserve funds under these agreements. Additionally, as of February 28, 2022 and November 30, 2021, we had $30 million of cash collateral in escrow which is included within other assets. Ship Commitments As of February 28, 2022, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2022 $ 1,875 2023 2,562 2024 1,659 2025 984 2026 — Thereafter — $ 7,080

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	3 Months Ended
	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks Fair Value Measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: • Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. • Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. • Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. Financial Instruments that are not Measured at Fair Value on a Recurring Basis February 28, 2022 November 30, 2021 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) $ 20,899 $ — $ 19,845 $ — $ 19,555 $ — $ 19,013 $ — Floating rate debt (a) 14,822 — 13,562 — 14,415 — 13,451 — Total $ 35,721 $ — $ 33,407 $ — $ 33,970 $ — $ 32,463 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt. Financial Instruments that are Measured at Fair Value on a Recurring Basis February 28, 2022 November 30, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,414 $ — $ — $ 8,939 $ — $ — Short-term investments (a) 515 — — 200 — — Derivative financial instruments — 5 — — 1 — Total $ 6,929 $ 5 $ — $ 9,139 $ 1 $ — Liabilities Derivative financial instruments $ — $ 18 $ — $ — $ 13 $ — Total $ — $ 18 $ — $ — $ 13 $ — Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and 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. Goodwill (in millions) NAA EA Total November 30, 2021 $ 579 $ — $ 579 Exchange movements — — — February 28, 2022 $ 579 $ — $ 579 (a) North America and Australia ( “ NAA”) (b) Europe and Asia ( “ EA”) Trademarks (in millions) NAA EA Total November 30, 2021 $ 927 $ 248 $ 1,175 Exchange movements $ — — — February 28, 2022 $ 927 $ 248 $ 1,175 Impairment 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 of the estimated selling values for certain of our ships, we determined that a ship had a net carrying value that exceeded its estimated discounted future cash flows. We compared the estimated selling value to the net carrying value and, as a result, recognized ship impairment charges as summarized in the table below. The principal assumption used in our cash flow analyses was the timing of the sale and its proceeds, which is considered a Level 3 input. We believe that we have made reasonable estimates and judgments as part of our assessment. A change in the principal assumptions, which influences the determination of fair value, may result in a need to perform additional impairment reviews. The impairment charges summarized in the table below are included in ship and other impairments in our Consolidated Statements of Income (Loss). (in millions) February 28, 2022 NAA Segment $ 8 EA Segment — Total ship impairments $ 8 We did not recognize any ship impairment charges for the three months ended February 28, 2021. Refer to Note 1 - “ General, COVID-19 and the Use of Estimates and Risks and Uncertainty ” for additional discussion. Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location February 28, 2022 November 30, 2021 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ 5 $ 1 Total derivative assets $ 5 $ 1 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (a) Other long-term liabilities $ 14 $ 8 Interest rate swaps (b) Accrued liabilities and other 2 3 Other long-term liabilities 1 2 Total derivative liabilities $ 18 $ 13 (a) At February 28, 2022, we had cross currency swaps totaling $598 million that are designated as hedges of our net investment in foreign operations with euro-denominated functional currencies. At February 28, 2022, these cross currency swaps settle through 2028. (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 $147 million at February 28, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2022, these interest rate swaps settle through 2025. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. February 28, 2022 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 5 $ — $ 5 $ — $ 5 Liabilities $ 18 $ — $ 18 $ — $ 18 November 30, 2021 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 1 $ — $ 1 $ — $ 1 Liabilities $ 13 $ — $ 13 $ — $ 13 The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended February 28, (in millions) 2022 2021 Gains (losses) recognized in AOCI: Cross currency swaps - net investment hedges - included component $ 5 $ — Cross currency swaps - net investment hedges - excluded component $ (8) $ — Interest rate swaps - cash flow hedges $ 3 $ 1 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ (1) $ (1) Foreign currency zero cost collars - Depreciation and amortization $ 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 $ 1 $ — The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not material. Financial Risks Fuel Price Risks We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through ship maintenance practices, modifying our itineraries and implementing innovative technologies. Foreign Currency Exchange Rate Risks Overall Strategy We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We consider hedging certain of our ship commitments and net investments in foreign operations. The financial impacts of our hedging instruments generally offset the changes in the underlying exposures being hedged. Operational Currency Risks Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates affect our financial statements. Investment Currency Risks We consider our investments in foreign operations to be denominated in stable currencies and of a long-term nature. We partially mitigate the currency exposure of our investments in foreign operations by designating a portion of our foreign currency debt and derivatives as hedges of these investments. As of February 28, 2022, we have designated $469 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations. For the three months ended February 28, 2022, we recognized $2 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. At February 28, 2022, 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 $6.1 billion for newbuilds scheduled to be delivered through 2025. The cost of shipbuilding orders that we may place in the future that are denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships. Interest Rate Risks We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt. Concentrations of Credit Risk As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to manage these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, notes receivables, reserve funds related to customer deposits, future financing facilities, contingent obligations, derivative instruments, insurance contracts, long-term ship charters and new ship progress payment guarantees, by: • Conducting business with well-established financial institutions, insurance companies and export credit agencies • Diversifying our counterparties • Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk • Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards At February 28, 2022, our exposures under derivative instruments were not material. We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia and credit and debit card providers to which we extend credit in the normal course of our business. Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales. Historically, we have not experienced significant credit losses, including counterparty nonperformance; however, because of the impact COVID-19 is having on economies, we have experienced, and may continue to experience, an increase in credit losses.

Segment Information

Segment Information	3 Months Ended
	Feb. 28, 2022
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, Chief Executive Officer and Chief Climate Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other. The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Three Months Ended February 28, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 1,126 $ 1,288 $ 344 $ 334 $ (840) EA 457 698 176 181 (598) Cruise Support 33 28 5 33 (34) Tour and Other 8 17 6 5 (20) $ 1,623 $ 2,030 $ 530 $ 554 $ (1,491) 2021 NAA $ 10 $ 316 $ 220 $ 334 $ (859) EA 8 198 108 184 (482) Cruise Support — 8 129 28 (164) Tour and Other 7 13 6 6 (18) $ 26 $ 535 $ 462 $ 552 $ (1,524) Revenue by geographic areas, which are based on where our guests are sourced, were as follows: (in millions) Three Months Ended February 28, 2022 North America $ 1,119 Europe 479 Australia and Asia 8 Other 18 $ 1,623 As a result of the pause in our guest cruise operations, revenue data for the three months ended February 28, 2021 is not included in the table.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended (in millions, except per share data) 2022 2021 Net income (loss) for basic and diluted earnings per share $ (1,891) $ (1,973) Weighted-average shares outstanding 1,137 1,095 Dilutive effect of equity plans — — Diluted weighted-average shares outstanding 1,137 1,095 Basic earnings per share $ (1.66) $ (1.80) Diluted earnings per share $ (1.66) $ (1.80) Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended (in millions) 2022 2021 Equity awards 3 3 Convertible Notes 52 54 Total antidilutive securities 55 56

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) February 28, 2022 November 30, 2021 Cash and cash equivalents (Consolidated Balance Sheets) $ 6,414 $ 8,939 Restricted cash included in prepaid expenses and other and other assets 39 38 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 6,452 $ 8,976

Property and Equipment

Property and Equipment	3 Months Ended
	Feb. 28, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Ship Sales During 2022, we entered into agreements to sell two NAA segment ships and completed the sale of one EA segment ship, which represent a passenger-capacity reduction of 4,110 for our NAA segment and 1,410 for our EA segment. Refer to Note 5 - “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.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Feb. 28, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity 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 the three months ended February 28, 2022, under the Stock Swap Program, we sold 1.3 million of Carnival Corporation’s common stock and repurchased the same amount of Carnival plc ordinary shares, resulting in net proceeds of $2 million, which were used for general corporate purposes. During the three months ended February 28, 2021, there were no sales or repurchases under the Stock Swap Program. Additionally, during the three months ended February 28, 2022, we sold 0.8 million shares of Carnival Corporation common stock at an average price per share of $20.18, resulting in net proceeds of $15 million.

General (Policies)

General (Policies)	3 Months Ended
	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three months ended February 28, 2022 and 2021, and the Consolidated Balance Sheet at February 28, 2022 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2021 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 27, 2022.
COVID-19 Use of Estimates and Risks and Uncertainty	COVID-19 and the Use of Estimates and Risks and Uncertainty The preparation of our interim 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. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are highly uncertain. We have made reasonable estimates and judgments of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board 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 entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is required to be adopted by us in the first quarter of 2023 and must be applied using either a modified or full retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements.
Revenue from Contract with Customer	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. For the three months ended February 28, 2022 and 2021, fees, taxes, and charges included in commissions, transportation and other costs were $68 million and $41 million. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Feb. 28, 2022
Debt Disclosure [Abstract]
Schedule of Annual Maturities of Debt	As of February 28, 2022, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 2Q 2022 $ 182 3Q 2022 409 4Q 2022 982 2023 2,898 2024 (a) 4,825 2025 4,522 2026 4,598 Thereafter 17,304 Total $ 35,721 (a) Includes borrowings of $2.7 billion under our Revolving Facility. Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of February 28, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion.

Contingencies and Commitments (

Contingencies and Commitments (Tables)	3 Months Ended
	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of New Ship Growth Capital Commitments	As of February 28, 2022, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2022 $ 1,875 2023 2,562 2024 1,659 2025 984 2026 — Thereafter — $ 7,080

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	Financial Instruments that are not Measured at Fair Value on a Recurring Basis February 28, 2022 November 30, 2021 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) $ 20,899 $ — $ 19,845 $ — $ 19,555 $ — $ 19,013 $ — Floating rate debt (a) 14,822 — 13,562 — 14,415 — 13,451 — Total $ 35,721 $ — $ 33,407 $ — $ 33,970 $ — $ 32,463 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial Instruments that are Measured at Fair Value on a Recurring Basis February 28, 2022 November 30, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,414 $ — $ — $ 8,939 $ — $ — Short-term investments (a) 515 — — 200 — — Derivative financial instruments — 5 — — 1 — Total $ 6,929 $ 5 $ — $ 9,139 $ 1 $ — Liabilities Derivative financial instruments $ — $ 18 $ — $ — $ 13 $ — Total $ — $ 18 $ — $ — $ 13 $ —
Reconciliation of Changes in Carrying Amounts of Goodwill	Goodwill (in millions) NAA EA Total November 30, 2021 $ 579 $ — $ 579 Exchange movements — — — February 28, 2022 $ 579 $ — $ 579 (a) North America and Australia ( “ NAA”) (b) Europe and Asia ( “ EA”)
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA EA Total November 30, 2021 $ 927 $ 248 $ 1,175 Exchange movements $ — — — February 28, 2022 $ 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). (in millions) February 28, 2022 NAA Segment $ 8 EA Segment — Total ship impairments $ 8
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location February 28, 2022 November 30, 2021 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ 5 $ 1 Total derivative assets $ 5 $ 1 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (a) Other long-term liabilities $ 14 $ 8 Interest rate swaps (b) Accrued liabilities and other 2 3 Other long-term liabilities 1 2 Total derivative liabilities $ 18 $ 13 (a) At February 28, 2022, we had cross currency swaps totaling $598 million that are designated as hedges of our net investment in foreign operations with euro-denominated functional currencies. At February 28, 2022, these cross currency swaps settle through 2028. (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 $147 million at February 28, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2022, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments	February 28, 2022 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 5 $ — $ 5 $ — $ 5 Liabilities $ 18 $ — $ 18 $ — $ 18 November 30, 2021 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 1 $ — $ 1 $ — $ 1 Liabilities $ 13 $ — $ 13 $ — $ 13
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended February 28, (in millions) 2022 2021 Gains (losses) recognized in AOCI: Cross currency swaps - net investment hedges - included component $ 5 $ — Cross currency swaps - net investment hedges - excluded component $ (8) $ — Interest rate swaps - cash flow hedges $ 3 $ 1 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ (1) $ (1) Foreign currency zero cost collars - Depreciation and amortization $ 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 $ 1 $ —

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Feb. 28, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended February 28, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 1,126 $ 1,288 $ 344 $ 334 $ (840) EA 457 698 176 181 (598) Cruise Support 33 28 5 33 (34) Tour and Other 8 17 6 5 (20) $ 1,623 $ 2,030 $ 530 $ 554 $ (1,491) 2021 NAA $ 10 $ 316 $ 220 $ 334 $ (859) EA 8 198 108 184 (482) Cruise Support — 8 129 28 (164) Tour and Other 7 13 6 6 (18) $ 26 $ 535 $ 462 $ 552 $ (1,524)
Schedule of Revenue by Geographical Area	Revenue by geographic areas, which are based on where our guests are sourced, were as follows: (in millions) Three Months Ended February 28, 2022 North America $ 1,119 Europe 479 Australia and Asia 8 Other 18 $ 1,623

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Computations	Three Months Ended (in millions, except per share data) 2022 2021 Net income (loss) for basic and diluted earnings per share $ (1,891) $ (1,973) Weighted-average shares outstanding 1,137 1,095 Dilutive effect of equity plans — — Diluted weighted-average shares outstanding 1,137 1,095 Basic earnings per share $ (1.66) $ (1.80) Diluted earnings per share $ (1.66) $ (1.80)
Antidilutive Shares Excluded from Diluted Earnings Per Share Computations	Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended (in millions) 2022 2021 Equity awards 3 3 Convertible Notes 52 54 Total antidilutive securities 55 56

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Feb. 28, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	(in millions) February 28, 2022 November 30, 2021 Cash and cash equivalents (Consolidated Balance Sheets) $ 6,414 $ 8,939 Restricted cash included in prepaid expenses and other and other assets 39 38 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 6,452 $ 8,976

General (Details)

General (Details) $ in Billions	Feb. 28, 2022USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of operating capacity	71.00%
Cash, cash equivalents, and short-term investments	$ 7.2

Revenue and Expense Recogniti_2

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Fees, taxes, and charges	$ 68	$ 41
Customer deposits	3,700
Customer deposits, future cruise credits			$ 3,500
Revenues recognized related to customer deposits at beginning of period	1,000	$ 0
Contract assets	$ 70		$ 55

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions, € in Billions, £ in Billions	3 Months Ended
	Feb. 28, 2022USD ($)	Feb. 28, 2022EUR (€)	Feb. 28, 2022GBP (£)	Nov. 30, 2021USD ($)
Debt Instrument [Line Items]
Short-term borrowings	$ 2,741			$ 2,790
Debt instrument, convertible, equity component minimum threshold	5,000
Debt instrument, convertible, liquidity component minimum threshold	$ 1,500
February 28, 2023 and May 31, 2023 testing dates
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2
August 31, 2023 and November 30, 2023 testing dates
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2.5
February 28, 2024 testing date onwards
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	3
Before November 30, 2021 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)	75.00%
November 30, 2021 until May 31, 2023 test date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)	65.00%
Unsecured Debt | Revolving Credit Facility, Multi-currency, U.S. Dollar-denominated
Debt Instrument [Line Items]
Line of credit	$ 1,700
Unsecured Debt | Revolving Credit Facility, Multi-currency, Euro-denominated
Debt Instrument [Line Items]
Line of credit | €		€ 1
Unsecured Debt | Revolving Credit Facility, Multi-currency, Sterling-denominated
Debt Instrument [Line Items]
Line of credit | £			£ 0.2
Export credit facility | Export Credit Facility Due 2034
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,300

Debt - Schedule of Annual Matur

Debt - Schedule of Annual Maturities of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 28, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
2Q 2022		$ 182
3Q 2022		409
4Q 2022		982
2023		2,898
2024		4,825
2025		4,522
2026		4,598
Thereafter		17,304
Total		35,721
Short-term borrowings		2,741	$ 2,790
Revolver Facility Expires August 2024 | Unsecured Debt
Debt Instrument [Line Items]
Short-term borrowings		2,700
Term	6 months
Revolving credit facility
Debt Instrument [Line Items]
Available for borrowing		$ 300

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Feb. 28, 2022USD ($)classActionlawsuit	Nov. 30, 2021USD ($)	Jun. 21, 2021lawsuit	May 02, 2019lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits				2
Number of lawsuits, COVID-19			73
Number of class actions, COVID-19 | classAction	10
Number of class actions dismissed or settled, COVID-19	9
Customer deposits | $	$ 1,100	$ 1,100
Escrow deposit | $	$ 30	$ 30

Contingencies and Commitments_2

Contingencies and Commitments - Schedule of New Ship Growth Capital Commitments (Details) $ in Millions	Feb. 28, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 1,875
2023	2,562
2024	1,659
2025	984
2026	0
Thereafter	0
Total	$ 7,080

Fair Value Measurements, Deri_3

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Carrying Value
Liabilities
Total	$ 35,721	$ 33,970
Carrying Value | Fixed rate debt
Liabilities
Debt	20,899	19,555
Carrying Value | Floating rate debt
Liabilities
Debt	14,822	14,415
Fair Value | Level 1
Liabilities
Total	0	0
Fair Value | Level 1 | Fixed rate debt
Liabilities
Debt	0	0
Fair Value | Level 1 | Floating rate debt
Liabilities
Debt	0	0
Fair Value | Level 2
Liabilities
Total	33,407	32,463
Fair Value | Level 2 | Fixed rate debt
Liabilities
Debt	19,845	19,013
Fair Value | Level 2 | Floating rate debt
Liabilities
Debt	13,562	13,451
Fair Value | Level 3
Liabilities
Total	0	0
Fair Value | Level 3 | Fixed rate debt
Liabilities
Debt	0	0
Fair Value | Level 3 | Floating rate debt
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Deri_4

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Assets
Short-term investments	$ 515	$ 200
Derivative financial instruments	5	1
Liabilities
Derivative financial instruments	18	13
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Cash and cash equivalents	6,414	8,939
Total	6,929	9,139
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Short-term Investments
Assets
Short-term investments	515	200
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2
Assets
Total	5	1
Liabilities
Total	18	13
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, assets
Assets
Derivative financial instruments	5	1
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 18	$ 13

Fair Value Measurements, Deri_5

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	3 Months Ended
	Feb. 28, 2022USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 579
Goodwill, ending balance	579
NAA
Goodwill [Roll Forward]
Goodwill, beginning balance	579
Exchange movements	0
Goodwill, ending balance	$ 579

Fair Value Measurements, Deri_6

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Trademarks (Details) $ in Millions	3 Months Ended
	Feb. 28, 2022USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	$ 1,175
Trademarks, ending balance	1,175
NAA
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	927
Exchange movements	0
Trademarks, ending balance	927
EA
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	248
Trademarks, ending balance	$ 248

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) $ in Millions	3 Months Ended
	Feb. 28, 2022USD ($)
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 8
NAA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	8
EA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 0

Fair Value Measurements, Deri_8

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Derivatives, Fair Value [Line Items]
Derivative assets	$ 5	$ 1
Derivative liabilities	18	13
Cash flow hedging | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	147	160
Cross currency swaps | Derivatives designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	5	1
Currency swap | Derivatives designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	14	8
Currency swap | Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	598
Interest rate swaps – cash flow hedges | Derivatives designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	1	2
Interest rate swaps – cash flow hedges | Derivatives designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 2	$ 3

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021
Assets
Gross Amounts	$ 5	$ 1
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	5	1
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	5	1
Liabilities
Gross Amounts	18	13
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	18	13
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	$ 18	$ 13

Fair Value Measurements, Der_10

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - Designated as hedging instruments - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 5	$ 0
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	(8)	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	3	1
Gains (losses) reclassified from AOCI, cash flow hedges	(1)	(1)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from AOCI, cash flow hedges	1	1
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)	$ 1	$ 0

Fair Value Measurements, Der_11

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Rate Risks (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency translation adjustment losses	$ (13)	$ (199)
Foreign currency contract commitments	6,100
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	469
Foreign currency translation adjustment losses	$ 2

Segment Information - Segment R

Segment Information - Segment Reporting (Details) $ in Millions	3 Months Ended
	Feb. 28, 2022USD ($)segment	Feb. 28, 2021USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Revenues	$ 1,623	$ 26
Operating costs and expenses	2,030	535
Selling and administrative	530	462
Depreciation and amortization	554	552
Operating Income (Loss)	(1,491)	(1,524)
NAA
Segment Reporting Information [Line Items]
Revenues	1,126	10
Operating costs and expenses	1,288	316
Selling and administrative	344	220
Depreciation and amortization	334	334
Operating Income (Loss)	(840)	(859)
EA
Segment Reporting Information [Line Items]
Revenues	457	8
Operating costs and expenses	698	198
Selling and administrative	176	108
Depreciation and amortization	181	184
Operating Income (Loss)	(598)	(482)
Cruise Support
Segment Reporting Information [Line Items]
Revenues	33	0
Operating costs and expenses	28	8
Selling and administrative	5	129
Depreciation and amortization	33	28
Operating Income (Loss)	(34)	(164)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	8	7
Operating costs and expenses	17	13
Selling and administrative	6	6
Depreciation and amortization	5	6
Operating Income (Loss)	$ (20)	$ (18)

Segment Information - Geographi

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 1,623	$ 26
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,119
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	479
Australia and Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	8
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 18

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (1,891)	$ (1,973)
Weighted-average shares outstanding (in shares)	1,137	1,095
Dilutive effect of equity plans (in shares)	0	0
Diluted weighted-average shares outstanding (in shares)	1,137	1,095
Basic earnings per share (in dollars per share)	$ (1.66)	$ (1.80)
Diluted earnings per share (in dollars per share)	$ (1.66)	$ (1.80)

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	55	56
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	3
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)	52	54

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	Feb. 28, 2022	Nov. 30, 2021	Feb. 28, 2021	Nov. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 6,414	$ 8,939
Restricted cash included in prepaid expenses and other and other assets	39	38
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 6,452	$ 8,976	$ 9,829	$ 9,692

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Additional Information (Details) - Commercial paper - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Conversion of Stock [Line Items]
Repayments of short term debt	$ 0	$ 0
Proceeds from short term debt	$ 0	$ 0

Property and Equipment (Details

Property and Equipment (Details)	3 Months Ended
	Feb. 28, 2022passengercruise_ship
NAA
Property, Plant and Equipment [Line Items]
Number of ships sold | cruise_ship	2
Capacity of ships sold | passenger	4,110
EA
Property, Plant and Equipment [Line Items]
Number of ships sold | cruise_ship	1
Capacity of ships sold | passenger	1,410

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Equity [Abstract]
Number of shares sold (in shares)	1.3	0
Number of shares repurchased (in shares)	1.3	0
Net proceeds from Stock Swap Program	$ 2
Shares issued (in shares)	0.8
Shares issued price (in dollars per share)	$ 20.18
Consideration received	$ 15