Carnival Corporation & plc (CUK) 10-Q 30 Sep 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Aug. 31, 2022	Sep. 22, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 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		1,112,706,805
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
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		186,110,516
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) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Revenues
Revenues	$ 4,305	$ 546	$ 8,329	$ 621
Operating Costs and Expenses
Selling and administrative	625	425	1,774	1,305
Depreciation and amortization	581	562	1,707	1,681
Costs and expenses	4,585	2,603	11,573	5,817
Operating Income (Loss)	(279)	(2,057)	(3,244)	(5,196)
Nonoperating Income (Expense)
Interest income	24	3	34	10
Interest expense, net of capitalized interest	(422)	(418)	(1,161)	(1,253)
Gain (loss) on debt extinguishment, net	0	(376)	0	(372)
Other income (expense), net	(81)	(11)	(108)	(87)
Nonoperating Income (Expense)	(479)	(802)	(1,235)	(1,702)
Income (Loss) Before Income Taxes	(759)	(2,859)	(4,478)	(6,898)
Income Tax Benefit (Expense), Net	(11)	23	(17)	17
Net Income (Loss)	$ (770)	$ (2,836)	$ (4,495)	$ (6,881)
Earnings Per Share
Basic (in dollars per share)	$ (0.65)	$ (2.50)	$ (3.89)	$ (6.14)
Diluted (in dollars per share)	$ (0.65)	$ (2.50)	$ (3.89)	$ (6.14)
Cruise
Operating Costs and Expenses
Commissions, transportation and other	$ 565	$ 79	$ 1,141	$ 116
Onboard and other	537	72	1,060	94
Payroll and related	563	375	1,601	834
Fuel	668	182	1,577	398
Food	259	52	586	80
Ship and other impairments	0	475	8	524
Other operating	787	381	2,118	786
Operating costs and expenses	3,379	1,616	8,092	2,832
Passenger ticket
Revenues
Revenues	2,595	303	4,753	326
Onboard and other
Revenues
Revenues	$ 1,711	$ 243	$ 3,577	$ 295

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (770)	$ (2,836)	$ (4,495)	$ (6,881)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(283)	(224)	(529)	79
Other	1	1	6	8
Other Comprehensive Income (Loss)	(282)	(223)	(523)	87
Total Comprehensive Income (Loss)	$ (1,052)	$ (3,059)	$ (5,018)	$ (6,794)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Current Assets
Cash and cash equivalents	$ 7,071	$ 8,939
Short-term investments	0	200
Trade and other receivables, net	360	246
Inventories	420	356
Prepaid expenses and other	581	392
Total current assets	8,432	10,133
Property and Equipment, Net	38,137	38,107
Operating Lease Right-of-Use Assets	1,163	1,333
Goodwill	579	579
Other Intangibles	1,151	1,181
Other Assets	2,455	2,011
Total assets	51,917	53,344
Current Liabilities
Short-term borrowings	2,675	2,790
Current portion of long-term debt	2,877	1,927
Current portion of operating lease liabilities	139	142
Accounts payable	920	797
Accrued liabilities and other	1,873	1,641
Customer deposits	4,470	3,112
Total current liabilities	12,954	10,408
Long-Term Debt	28,518	28,509
Long-Term Operating Lease Liabilities	1,076	1,239
Other Long-Term Liabilities	989	1,043
Contingencies and Commitments
Shareholders’ Equity
Additional paid-in capital	16,626	15,292
Retained earnings	1,868	6,448
Accumulated other comprehensive income (loss) (“AOCI”)	(2,024)	(1,501)
Treasury stock, 130 shares at 2022 and 2021 of Carnival Corporation and 71 shares at 2022 and 67 shares at 2021 of Carnival plc, at cost	(8,464)	(8,466)
Total shareholders’ equity	8,379	12,144
Total liabilities and shareholders' equity	51,917	53,344
Common Stock
Shareholders’ Equity
Common stock	12	11
Ordinary Shares
Shareholders’ Equity
Common stock	$ 361	$ 361

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2022	Nov. 30, 2021
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960,000,000	1,960,000,000
Common stock, shares issued (in shares)	1,243,000,000	1,116,000,000
Treasury stock, shares (in shares)	130,000,000	130,000,000
Carnival PLC | Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217,000,000	217,000,000
Treasury stock, shares (in shares)	71,000,000	67,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ (4,495)	$ (6,881)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	1,707	1,681
Impairments	8	541
(Gain) loss on debt extinguishment	0	372
(Income) loss from equity-method investments	0	35
Share-based compensation	79	95
Amortization of discounts and debt issue costs	131	131
Noncash lease expense	103	106
Other, net	30	85
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	(2,438)	(3,834)
Changes in operating assets and liabilities
Receivables	(134)	(37)
Inventories	(87)	(19)
Prepaid expenses and other	(716)	(1,221)
Accounts payable	176	15
Accrued liabilities and other	262	458
Customer deposits	1,383	897
Net cash provided by (used in) operating activities	(1,553)	(3,741)
INVESTING ACTIVITIES
Purchases of property and equipment	(3,759)	(3,120)
Proceeds from sales of ships and other	55	351
Purchase of minority interest	(1)	(90)
Purchase of short-term investments	(315)	(2,672)
Proceeds from maturity of short-term investments	515	2,026
Derivative settlements and other, net	38	(29)
Net cash provided by (used in) investing activities	(3,467)	(3,535)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(114)	17
Principal repayments of long-term debt	(1,073)	(3,507)
Premium paid on extinguishment of debt	0	(286)
Proceeds from issuance of long-term debt	3,334	7,900
Issuance of common stock, net	1,180	1,003
Issuance of common stock under the Stock Swap Program	89	105
Purchase of treasury stock under the Stock Swap Program	(82)	(94)
Debt issue costs and other, net	(117)	(239)
Net cash provided by (used in) financing activities	3,217	4,899
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(67)	13
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,870)	(2,363)
Cash, cash equivalents and restricted cash at beginning of period	8,976	9,692
Cash, cash equivalents and restricted cash at end of period	$ 7,107	$ 7,329

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock
Beginning balance at Nov. 30, 2020	$ 20,555	$ 11	$ 361	$ 13,948	$ 16,075	$ (1,436)	$ (8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(6,881)				(6,881)
Other comprehensive income (loss)	87					87
Issuance of common stock, net	1,003			1,003
Conversion of Convertible Notes	2			2
Purchases and issuances under the Stock Swap program, net	10			105			(95)
Share-based compensation and other	88			88
Ending balance at Aug. 31, 2021	14,863	11	361	15,146	9,194	(1,349)	(8,500)
Beginning balance at May. 31, 2021	17,876	11	361	15,005	12,030	(1,126)	(8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,836)				(2,836)
Other comprehensive income (loss)	(223)					(223)
Issuance of common stock, net	7			7
Conversion of Convertible Notes	2			2
Purchases and issuances under the Stock Swap program, net	10			105			(95)
Share-based compensation and other	28			28
Ending balance at Aug. 31, 2021	14,863	11	361	15,146	9,194	(1,349)	(8,500)
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)	(4,495)				(4,495)
Other comprehensive income (loss)	(523)					(523)
Issuance of common stock, net	1,180	1		1,178
Purchases and issuances under the Stock Swap program, net	8			89			(82)
Issuance of treasury shares for vested share-based awards	0				(84)		84
Share-based compensation and other	66			67	(1)
Ending balance at Aug. 31, 2022	8,379	12	361	16,626	1,868	(2,024)	(8,464)
Beginning balance at May. 31, 2022	8,260	11	361	15,457	2,649	(1,742)	(8,476)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(770)				(770)
Other comprehensive income (loss)	(282)					(282)
Issuance of common stock, net	1,149	1		1,148
Issuance of treasury shares for vested share-based awards	0				(12)		12
Share-based compensation and other	22			22
Ending balance at Aug. 31, 2022	$ 8,379	$ 12	$ 361	$ 16,626	$ 1,868	$ (2,024)	$ (8,464)

General

General	9 Months Ended
	Aug. 31, 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 and began resuming guest cruise operations in 2021. As of August 31, 2022, 93% of our capacity was serving guests. COVID-19 and its ongoing effects, inflation, higher fuel prices and higher interest rates are collectively having a material impact on our business, including our results of operations, liquidity and financial position. The extent of the collective impact of such items is uncertain and will depend on future developments, including the length of time it takes to return the company to profitability. 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: • Continued resumption of guest cruise operations • Expected increases in revenue in 2023 on a per passenger basis compared to 2019, particularly with the relaxation of COVID-19 related protocols aligning towards land-based vacation alternatives • Expected improvement in occupancy on a year-over-year basis returning to historical levels during 2023 • Expected moderation of fuel prices continuing into the fourth quarter of 2022 and 2023 • Expected inflation and supply chain challenges to continue to weigh on costs, though moderated by a larger, more efficient fleet as compared to 2019 • 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 resumption of our guest cruise operations, and as a consequence, our ability to be predictive is uncertain. In addition, the effects of the COVID-19 global pandemic, inflation, higher fuel prices and higher interest rates 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 took, and may continue as appropriate to take, 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. We expect to continue to address maturities well in advance and obtain relevant financial covenant amendments or waivers, as needed. Based on these actions and our assumptions, considering our $7.4 billion of liquidity including cash and borrowings available under our $1.7 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “Revolving Facility”) at August 31, 2022, as well as our continued 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) and the Consolidated Statements of Shareholders’ Equity for the three and nine months ended August 31, 2022 and 2021, the Consolidated Statements of Cash Flows for the nine months ended August 31, 2022 and 2021 and the Consolidated Balance Sheet at August 31, 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. 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, inflation, higher fuel prices and higher interest rates will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are uncertain. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate. In December 2021, we amended our £350 million long-term debt agreement which referenced the British Pound sterling (“GBP”) LIBOR to the Sterling Overnight Index Average (“SONIA”) and applied the practical expedient. This amendment did not have a material impact on our consolidated financial statements. As of August 31, 2022, approximately $8.4 billion of our outstanding indebtedness bears interest at floating rates referenced to U.S. dollar LIBOR with maturity dates extending beyond June 30, 2023. We are currently evaluating our contracts referenced to U.S. dollar LIBOR and working with our creditors on updating credit agreements as necessary to include language regarding the successor or alternate rate to LIBOR. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. The FASB issued guidance, Debt - Debt with Conversion and Other Option s and Derivative and Hedging - Contracts in Entity’s Own Equity

Revenue and Expense Recognition

Revenue and Expense Recognition	9 Months Ended
	Aug. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue and Expense Recognition	Revenue and Expense Recognition Guest cruise deposits and advance onboard purchases 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. The fees, taxes and charges that vary with guest head counts and are directly imposed on a revenue-producing arrangement are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three and nine months ended August 31, fees, taxes, and charges included in commissions, transportation and other costs were $141 million and $305 million in 2022 and were $16 million and $28 million in 2021. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. In certain situations, we have provided flexibility to guests by allowing guests to rebook at a future date, receive future cruise credits (“FCCs”) or elect to receive refunds in cash. We have at times issued enhanced FCCs. Enhanced FCCs provide the guest with an additional credit value above the original cash deposit received, and the enhanced value is recognized as a discount applied to the future cruise in the period used. We record a liability for unexpired FCCs to the extent we have received and not refunded cash from guests for cancelled bookings. We had total customer deposits of $4.8 billion as of August 31, 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 nine months ended August 31, 2022 and 2021, we recognized revenues of $1.7 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. Trade and Other Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card merchants and travel agents for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. These reserve funds are included in other assets. Contract Assets Contract assets are amounts paid prior to the start of a voyage as a result of obtaining the ticket contract and include prepaid travel agent commissions and prepaid credit and debit card fees. We record these amounts within prepaid expenses and other and subsequently recognize these amounts as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We had contract assets of $191 million as of August 31, 2022 and $55 million as of November 30, 2021 .

Debt

Debt	9 Months Ended
	Aug. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt August 31, November 30, (in millions) Maturity Rate (a) (b) 2022 2021 Secured Debt Notes Notes Feb 2026 10.5% $ 775 $ 775 EUR Notes Feb 2026 10.1% 425 481 Notes Jun 2027 7.9% 192 192 Notes Aug 2027 9.9% 900 900 Notes Aug 2028 4.0% 2,406 2,406 Loans EUR fixed rate Nov 2022 5.5% - 6.2% 67 98 EUR floating rate Nov 2022 - Jun 2025 EURIBOR + 2.7% - 3.8% 829 951 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0% - 3.3% 4,111 4,137 Total Secured Debt 9,704 9,939 Unsecured Debt Revolver Facility (c) LIBOR + 0.7% 2,675 2,790 Notes EUR Notes Nov 2022 1.9% 550 622 Convertible Notes Apr 2023 5.8% 183 522 Notes Oct 2023 7.2% 125 125 Convertible Notes Oct 2024 5.8% 339 — Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 500 566 Notes Mar 2027 5.8% 3,500 3,500 Notes Jan 2028 6.7% 200 200 Notes May 2029 6.0% 2,000 2,000 EUR Notes Oct 2029 1.0% 600 679 Notes Jun 2030 10.5% 1,000 — Loans Floating rate Feb 2023 - Sep 2024 LIBOR + 3.8% - 4.5% 590 590 GBP floating rate Feb 2025 SONIA + 0.9% (d) 410 467 EUR floating rate Dec 2021 - Mar 2026 EURIBOR + 1.8% - 4.8% 800 1,375 Export Credit Facilities Floating rate Feb 2022 - Dec 2031 LIBOR + 0.5% - 1.5% 1,312 1,363 Fixed rate Aug 2027 - Dec 2032 2.4% - 3.4% 3,240 3,488 EUR floating rate Feb 2022 - Dec 2033 EURIBOR + 0.2% - 1.6% 3,102 2,742 EUR fixed rate Feb 2031 - Jan 2034 1.1% - 1.6% 2,529 1,551 Total Unsecured Debt 25,104 24,031 Total Debt 34,808 33,970 Less: unamortized debt issuance costs and discounts (737) (744) Total Debt, net of unamortized debt issuance costs and discounts 34,071 33,226 Less: short-term borrowings (2,675) (2,790) Less: current portion of long-term debt (2,877) (1,927) Long-Term Debt $ 28,518 $ 28,509 (a) Substantially all of our variable debt has a 0.0% to 0.75% floor. (b) The above debt table does not include the impact of our interest rate swaps and as of November 30, 2021, it also excludes the impact of our foreign currency swaps. As of August 31, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c) Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion. (d) As of August 31, 2022 the interest rate for the GBP unsecured loan was linked to SONIA and subject to a credit adjustment spread ranging from 0.03% to 0.28%. As of November 30, 2021, this loan was referenced to GBP LIBOR. Carnival Corporation and/or Carnival plc is the primary obligor of all of our debt, with the exception of $0.6 billion of debt for which our subsidiary Costa Crociere S.p.A. is the primary obligor, and which is guaranteed by Carnival Corporation and Carnival plc. Short-Term Borrowings As of August 31, 2022 and November 30, 2021, our short-term borrowings consisted of $2.7 billion and $2.8 billion under our Revolving Facility. Export Credit Facility Borrowings During the nine months ended August 31, 2022, we borrowed $2.3 billion under export credit facilities due in semi-annual installments through 2034. As of August 31, 2022, the net book value of the vessels subject to negative pledges was $13.0 billion. Secured Debt Our secured debt is secured on either a first or second-priority basis, depending on the instrument, by certain collateral, which includes vessels and certain assets related to those vessels and material intellectual property (combined net book value of approximately $24.0 billion, including $22.4 billion related to vessels and certain assets related to those vessels) as of August 31, 2022 and certain other assets. 2030 Senior Unsecured Notes In May 2022, we issued an aggregate principal amount of $1.0 billion senior unsecured notes that mature on June 1, 2030 (the “2030 Senior Unsecured Notes”). The 2030 Senior Unsecured Notes bear interest at a rate of 10.5% per year. Convertible Notes In 2020, we issued $2.0 billion aggregate principal amount of 5.75% convertible senior notes due 2023 (the “2023 Convertible Notes”). The 2023 Convertible Notes mature on April 1, 2023, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date. Since April 2020, we repurchased, exchanged and converted a portion of the 2023 Convertible Notes which resulted in a decrease of the principal amount of the 2023 Convertible Notes to $0.2 billion. In August 2022, we issued $339 million aggregate principal amount of 5.75% convertible senior notes due 2024 (the “2024 Convertible Notes” and, together with the 2023 Convertible Notes, the “Convertible Notes”) pursuant to privately-negotiated non-cash exchange agreements with certain holders of the 2023 Convertible Notes, pursuant to which such holders agreed to exchange their 2023 Convertible Notes for an equal amount of 2024 Convertible Notes. The 2024 Convertible Notes mature on October 1, 2024, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date. The Convertible Notes are convertible by holders, subject to the conditions described within the respective indentures that govern the Convertible Notes, into cash, shares of Carnival Corporation common stock, or a combination thereof, at our election. The 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 of the Convertible Notes is subject to certain anti-dilutive adjustments and may also increase if such Convertible Notes are converted in connection with a tax redemption or certain corporate events. The 2024 Convertible Notes were convertible from the date of issuance of the 2024 Convertible Notes until August 31, 2022, and thereafter may become convertible if certain conditions are met. As of August 31, 2022, no condition allowing holders of the 2023 Convertible Notes or the 2024 Convertible Notes to convert had been met and therefore the Convertible Notes are not convertible. We may redeem the 2023 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 2023 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We may redeem the 2024 Convertible Notes, in whole but not in part, at any time on or prior to June 30, 2024 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if we or any guarantor would have to pay any additional amounts on the 2024 Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We 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 of the 2023 Convertible Notes and was calculated by deducting the carrying value of the liability component from the initial proceeds from the 2023 Convertible Notes. 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 fair value of the conversion option remained unchanged after the exchange of the portion of the 2023 Convertible Notes for the 2024 Convertible Notes and, as a result, there was no adjustment to the carrying amount of the equity component. The debt discount, which represented the excess of the principal amount of the 2023 Convertible Notes over the carrying amount of the liability component on the date of issuance of the 2023 Convertible Notes, was capitalized and amortized to interest expense under the effective interest rate method over the term of the 2023 Convertible Notes. Following the exchange of the portion of the 2023 Convertible Notes for the 2024 Convertible Notes, the remaining unamortized discount was allocated between the 2023 Convertible Notes and the 2024 Convertible Notes and is amortized to interest expense over each respective term using the effective interest rate method. The net carrying value of the liability component of the Convertible Notes was as follows: (in millions) August 31, 2022 November 30, 2021 Principal $ 522 $ 522 Less: Unamortized debt discount (22) (45) $ 501 $ 478 As of August 31, 2022, the if-converted value on available shares of 52 million for the Convertible Notes was below par. Covenant Compliance As of August 31, 2022, our Revolving Facility and substantially all of our 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) (the “Interest Coverage Covenant”) at the end of each fiscal quarter from August 31, 2023, at a ratio of not less than 2.0 to 1.0 for the August 31, 2023 testing date, 2.5 to 1.0 for the November 30, 2023 testing date, and 3.0 to 1.0 for the February 29, 2024 testing date onwards, or through their respective maturity dates • Maintain minimum 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 During August and September 2022, we entered into letter agreements to waive compliance with the Interest Coverage Covenant under our Revolving Facility and $0.7 billion of $11.4 billion of our unsecured loans and export credit facilities, which contain the covenant through February 29, 2024. We will be required to comply beginning with the next testing date of May 31, 2024. At August 31, 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 August 31, 2022, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 4Q 2022 $ 991 2023 2,377 2024 (a) 4,935 2025 4,258 2026 4,385 Thereafter 17,862 Total $ 34,808 (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 August 31, 2022.

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Aug. 31, 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. On August 31, 2022, the court determined that the trebling provision of the Helms-Burton statute applies to damages and interest. Accordingly, we have adjusted our estimated liability for this matter as of August 31, 2022. The court held a status conference on September 22, 2022, at which time it was determined that a jury trial is no longer necessary. All remaining issues, including calculation of damages and certain pending constitutional matters, will be addressed via briefing to the court. The briefing schedule is set to have all briefing completed on December 2, 2022. In the matter filed by Javier Bengochea on December 20, 2021, the court issued an order inviting an amicus brief from the U.S. government on several issues involved in the appeal. The U.S. government filed its brief and the court ordered the parties to respond. On May 6, 2022 we filed our response brief. 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 U.S. District Court for the Southern District of Florida for breach of contract, trade secrets violations and patent infringement. Carnival Corporation seeks damages, including its fees and costs, as well as an order permanently enjoining DeCurtis from engaging in such activities. These two cases have now been consolidated in the Southern District of Florida. On April 25, 2022, we moved for summary judgment on our breach of contract claims and on all of DeCurtis’s claims. DeCurtis also filed a motion for summary judgment on certain portions of our claims. Both motions for summary judgment are fully briefed. On July 28, 2022, the court adopted the Magistrate Judge’s report and recommendation granting our opening claim construction brief and denying DeCurtis’s motion for summary judgment regarding the invalidity of various patent claims. The court has set the trial date for February 27, 2023. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. COVID-19 Actions 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 August 31, 2022 in several U.S. federal and state courts as well as others in France, Belgium, 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 August 31, 2022, 71 of these individual actions in the U.S. have now been dismissed or settled for immaterial amounts and two remain. We believe the ultimate outcome of the remaining individual actions will not have a material impact on our consolidated financial statements. Additionally, as of August 31, 2022, 10 purported class actions have been brought by former guests from Ruby Princess , Diamond Princess , Grand Princess , Coral Princess and 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 August 31, 2022, nine of these class actions have either been settled individually for immaterial amounts or had their class allegations dismissed by the courts and only the Australian matter remains. All COVID-19 matters seek monetary damages and most seek additional punitive damages in unspecified amounts. We continue to take actions to defend against the above claims. 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. As previously disclosed, on June 24, 2022, we finalized a settlement with the New York Department of Financial Services (“NY DFS”) in connection with previously disclosed cybersecurity events, pursuant to which we have paid an amount that did not have a material impact on our consolidated financial statements. In addition, as previously disclosed, we finalized a settlement with the State Attorneys General from 46 states in connection with the same cybersecurity events, pursuant to which we have paid an amount that did not have a material impact on our consolidated financial statements. 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 these incidents are not expected to have a material adverse effect on our business, results of operations, financial position or liquidity, no assurances can be given about the future and we may be subject to future litigation, attacks or incidents that could have such a material adverse effect. On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified us of potential civil penalties and injunctive relief for alleged Clean Water Act violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Other Contingent Obligations Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase the lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of August 31, 2022 and November 30, 2021 , we had $1.6 billion and $1.1 billion in reserve funds related to our customer deposits provided to satisfy these requirements which are included within other assets. We continue to expect to provide reserve funds under these agreements. Additionally, as of August 31, 2022 and November 30, 2021, we had $30 million of cash collateral in escrow which is included within other assets. Ship Commitments As of August 31, 2022, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2022 $ 1,117 2023 2,268 2024 1,499 (a) 2025 864 (a) Thereafter — $ 5,748 (a) Includes a ship subject to financing

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	9 Months Ended
	Aug. 31, 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 August 31, 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) $ 20,980 $ — $ 16,431 $ — $ 19,555 $ — $ 19,013 $ — Floating rate debt (a) 13,828 — 12,004 — 14,415 — 13,451 — Total $ 34,808 $ — $ 28,435 $ — $ 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 August 31, 2022 November 30, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 7,071 $ — $ — $ 8,939 $ — $ — Short-term investments (a) — — — 200 — — Derivative financial instruments — — — — 1 — Total $ 7,071 $ — $ — $ 9,139 $ 1 $ — Liabilities Derivative financial instruments $ — $ 1 $ — $ — $ 13 $ — Total $ — $ 1 $ — $ — $ 13 $ — Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and Trademarks As of July 31, 2022, we performed our annual goodwill and trademark impairment reviews and determined there was no impairment for goodwill or trademarks. As of August 31, 2022 and November 30, 2021, goodwill for our North America and Australia (“NAA”) segment was $579 million. We had no goodwill for our Europe and Asia ( “ EA”) segment as of August 31, 2022 and November 30, 2021. Trademarks (in millions) NAA EA Total November 30, 2021 $ 927 $ 248 $ 1,175 Exchange movements — (30) (30) August 31, 2022 $ 927 $ 218 $ 1,145 Impairment of Ships We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. As a result of the continued effects of COVID-19 on our business, and our updated expectations of the estimated selling values for certain of our ships, we determined that a ship, which we subsequently sold, had a net carrying value that exceeded its estimated discounted future cash flows as of February 28, 2022. 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 during the first quarter of 2022. 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 principal assumptions, including those regarding ship deployment given Costa Cruises’ Asia markets, particularly China, remain closed to cruising, may result in a need to perform additional impairment reviews and a need to recognize additional impairment charges. The impairment charges summarized in the table below are included in ship and other impairments in our Consolidated Statements of Income (Loss). Three Months Ended August 31, Nine Months Ended (in millions) 2022 2021 2022 2021 NAA Segment $ — $ 273 $ 8 $ 273 EA Segment — 202 — 251 Total ship impairments $ — $ 475 $ 8 $ 524 Refer to Note 1 - “ General, Use of Estimates and Risks and Uncertainty ” for additional discussion. Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location August 31, 2022 November 30, 2021 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 1 3 Other long-term liabilities — 2 Total derivative liabilities $ 1 $ 13 (a) At August 31, 2022, we had no cross-currency swaps. At November 30, 2021, we had a cross currency swap totaling $201 million that was designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. (b) We have interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $108 million at August 31, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2022, these interest rate swaps settle through 2025. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties, when applicable. August 31, 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 $ — $ — $ — $ — $ — Liabilities $ 1 $ — $ 1 $ — $ 1 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 August 31, Nine Months Ended (in millions) 2022 2021 2022 2021 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ 40 $ — $ 72 $ — Cross currency swaps – net investment hedges - excluded component $ (7) $ — $ (26) $ — Interest rate swaps - cash flow hedges $ 1 $ 1 $ 10 $ 3 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ — $ (1) $ (1) $ (4) Foreign currency zero cost collars - Depreciation and amortization $ 1 $ 1 $ 2 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ 2 $ — $ 5 $ — 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 August 31, 2022, we have designated $410 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations. For the three and nine months ended August 31, 2022, we recognized $32 million and $57 million of gains on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income (loss). We also have euro-denominated debt, which provides an economic offset for our operations with euro functional currency. Newbuild Currency Risks Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. At August 31, 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 $5.2 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 August 31, 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. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments.

Segment Information

Segment Information	9 Months Ended
	Aug. 31, 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 August 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 2,880 $ 2,280 $ 368 $ 358 $ (126) EA 1,266 983 173 172 (62) Cruise Support 41 21 78 36 (94) Tour and Other 118 94 6 15 3 $ 4,305 $ 3,379 $ 625 $ 581 $ (279) 2021 NAA $ 271 $ 966 $ 219 $ 343 $ (1,257) EA 232 610 139 180 (696) Cruise Support 14 13 61 34 (94) Tour and Other 28 27 6 6 (10) $ 546 $ 1,616 $ 425 $ 562 $ (2,057) Nine Months Ended August 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 5,672 $ 5,335 $ 1,078 $ 1,046 $ (1,787) EA 2,389 2,529 524 531 (1,196) Cruise Support 114 76 154 104 (220) Tour and Other 154 151 17 26 (40) $ 8,329 $ 8,092 $ 1,774 $ 1,707 $ (3,244) 2021 NAA $ 291 $ 1,647 $ 672 $ 1,018 $ (3,046) EA 274 1,106 378 550 (1,760) Cruise Support 15 28 232 95 (341) Tour and Other 42 51 23 18 (49) $ 621 $ 2,832 $ 1,305 $ 1,681 $ (5,196) Revenue by geographic areas, which are based on where our guests are sourced, were as follows: (in millions) Three Months Ended August 31, 2022 Nine Months Ended August 31, 2022 North America $ 2,753 $ 5,491 Europe 1,456 2,676 Australia and Asia 74 97 Other 22 64 $ 4,305 $ 8,329 As a result of the pause in our guest cruise operations, revenue data for the three and nine months ended August 31, 2021 is not included in the table.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net income (loss) for basic and diluted earnings per share $ (770) $ (2,836) $ (4,495) $ (6,881) Weighted-average shares outstanding 1,185 1,133 1,154 1,120 Dilutive effect of equity plans — — — — Diluted weighted-average shares outstanding 1,185 1,133 1,154 1,120 Basic earnings per share $ (0.65) $ (2.50) $ (3.89) $ (6.14) Diluted earnings per share $ (0.65) $ (2.50) $ (3.89) $ (6.14) Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Equity awards — 3 1 3 Convertible Notes 52 54 52 54 Total antidilutive securities 52 56 54 57

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Aug. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) August 31, 2022 November 30, 2021 Cash and cash equivalents (Consolidated Balance Sheets) $ 7,071 $ 8,939 Restricted cash included in prepaid expenses and other and other assets 35 38 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 7,107 $ 8,976 For the nine months ended August 31, 2022 and 2021, we did not have borrowings or repayments of commercial paper with original maturities greater than three months.

Property and Equipment

Property and Equipment	9 Months Ended
	Aug. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Ship Sales During 2022, we sold one NAA segment ship and one EA segment ship and entered into an agreement to sell one NAA segment ship, which collectively represents 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	9 Months Ended
	Aug. 31, 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 August 31, 2022, there were no sales or repurchases under the Stock Swap Program. During the nine months ended August 31, 2022, we sold 5.2 million of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares, resulting in net proceeds of $8 million, which were used for general corporate purposes. During the three and nine months ended August 31, 2021, under the Stock Swap Program, we sold 4.6 million shares of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares resulting in net proceeds of $10 million, which were used for general corporate purposes. Outside of public equity offerings, during the three months ended August 31, 2022, there were no sales of Carnival Corporation common stock. In addition, outside of public equity offerings, during the nine months ended August 31, 2022, we sold 1.6 million shares of Carnival Corporation common stock at an average price per share of $19.27, resulting in net proceeds of $30 million. Public Equity Offerings

General (Policies)

General (Policies)	9 Months Ended
	Aug. 31, 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) and the Consolidated Statements of Shareholders’ Equity for the three and nine months ended August 31, 2022 and 2021, the Consolidated Statements of Cash Flows for the nine months ended August 31, 2022 and 2021 and the Consolidated Balance Sheet at August 31, 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.
Use of Estimates and Risks and Uncertainty	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, inflation, higher fuel prices and higher interest rates will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are uncertain. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods.
Accounting Pronouncements	Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”), which provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The use of LIBOR was phased out at the end of 2021, although the phase-out of U.S. dollar LIBOR for existing agreements has been delayed until June 2023. We continue to monitor developments related to the LIBOR transition and identification of an alternative, market-accepted rate. In December 2021, we amended our £350 million long-term debt agreement which referenced the British Pound sterling (“GBP”) LIBOR to the Sterling Overnight Index Average (“SONIA”) and applied the practical expedient. This amendment did not have a material impact on our consolidated financial statements. As of August 31, 2022, approximately $8.4 billion of our outstanding indebtedness bears interest at floating rates referenced to U.S. dollar LIBOR with maturity dates extending beyond June 30, 2023. We are currently evaluating our contracts referenced to U.S. dollar LIBOR and working with our creditors on updating credit agreements as necessary to include language regarding the successor or alternate rate to LIBOR. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements during the LIBOR transition period. The FASB issued guidance, Debt - Debt with Conversion and Other Option s and Derivative and Hedging - Contracts in Entity’s Own Equity
Revenue from Contract with Customer	Guest cruise deposits and advance onboard purchases 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.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Aug. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	August 31, November 30, (in millions) Maturity Rate (a) (b) 2022 2021 Secured Debt Notes Notes Feb 2026 10.5% $ 775 $ 775 EUR Notes Feb 2026 10.1% 425 481 Notes Jun 2027 7.9% 192 192 Notes Aug 2027 9.9% 900 900 Notes Aug 2028 4.0% 2,406 2,406 Loans EUR fixed rate Nov 2022 5.5% - 6.2% 67 98 EUR floating rate Nov 2022 - Jun 2025 EURIBOR + 2.7% - 3.8% 829 951 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0% - 3.3% 4,111 4,137 Total Secured Debt 9,704 9,939 Unsecured Debt Revolver Facility (c) LIBOR + 0.7% 2,675 2,790 Notes EUR Notes Nov 2022 1.9% 550 622 Convertible Notes Apr 2023 5.8% 183 522 Notes Oct 2023 7.2% 125 125 Convertible Notes Oct 2024 5.8% 339 — Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 500 566 Notes Mar 2027 5.8% 3,500 3,500 Notes Jan 2028 6.7% 200 200 Notes May 2029 6.0% 2,000 2,000 EUR Notes Oct 2029 1.0% 600 679 Notes Jun 2030 10.5% 1,000 — Loans Floating rate Feb 2023 - Sep 2024 LIBOR + 3.8% - 4.5% 590 590 GBP floating rate Feb 2025 SONIA + 0.9% (d) 410 467 EUR floating rate Dec 2021 - Mar 2026 EURIBOR + 1.8% - 4.8% 800 1,375 Export Credit Facilities Floating rate Feb 2022 - Dec 2031 LIBOR + 0.5% - 1.5% 1,312 1,363 Fixed rate Aug 2027 - Dec 2032 2.4% - 3.4% 3,240 3,488 EUR floating rate Feb 2022 - Dec 2033 EURIBOR + 0.2% - 1.6% 3,102 2,742 EUR fixed rate Feb 2031 - Jan 2034 1.1% - 1.6% 2,529 1,551 Total Unsecured Debt 25,104 24,031 Total Debt 34,808 33,970 Less: unamortized debt issuance costs and discounts (737) (744) Total Debt, net of unamortized debt issuance costs and discounts 34,071 33,226 Less: short-term borrowings (2,675) (2,790) Less: current portion of long-term debt (2,877) (1,927) Long-Term Debt $ 28,518 $ 28,509 (a) Substantially all of our variable debt has a 0.0% to 0.75% floor. (b) The above debt table does not include the impact of our interest rate swaps and as of November 30, 2021, it also excludes the impact of our foreign currency swaps. As of August 31, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c) Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.3 billion available for borrowing under our Revolving Facility as of August 31, 2022. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion. (d) As of August 31, 2022 the interest rate for the GBP unsecured loan was linked to SONIA and subject to a credit adjustment spread ranging from 0.03% to 0.28%. As of November 30, 2021, this loan was referenced to GBP LIBOR. The net carrying value of the liability component of the Convertible Notes was as follows: (in millions) August 31, 2022 November 30, 2021 Principal $ 522 $ 522 Less: Unamortized debt discount (22) (45) $ 501 $ 478
Schedule of Annual Maturities of Debt	As of August 31, 2022, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 4Q 2022 $ 991 2023 2,377 2024 (a) 4,935 2025 4,258 2026 4,385 Thereafter 17,862 Total $ 34,808 (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 August 31, 2022.

Contingencies and Commitments (

Contingencies and Commitments (Tables)	9 Months Ended
	Aug. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of New Ship Growth Capital Commitments	As of August 31, 2022, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2022 $ 1,117 2023 2,268 2024 1,499 (a) 2025 864 (a) Thereafter — $ 5,748 (a) Includes a ship subject to financing

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Aug. 31, 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 August 31, 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) $ 20,980 $ — $ 16,431 $ — $ 19,555 $ — $ 19,013 $ — Floating rate debt (a) 13,828 — 12,004 — 14,415 — 13,451 — Total $ 34,808 $ — $ 28,435 $ — $ 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 August 31, 2022 November 30, 2021 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 7,071 $ — $ — $ 8,939 $ — $ — Short-term investments (a) — — — 200 — — Derivative financial instruments — — — — 1 — Total $ 7,071 $ — $ — $ 9,139 $ 1 $ — Liabilities Derivative financial instruments $ — $ 1 $ — $ — $ 13 $ — Total $ — $ 1 $ — $ — $ 13 $ —
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA EA Total November 30, 2021 $ 927 $ 248 $ 1,175 Exchange movements — (30) (30) August 31, 2022 $ 927 $ 218 $ 1,145
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). Three Months Ended August 31, Nine Months Ended (in millions) 2022 2021 2022 2021 NAA Segment $ — $ 273 $ 8 $ 273 EA Segment — 202 — 251 Total ship impairments $ — $ 475 $ 8 $ 524
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location August 31, 2022 November 30, 2021 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 1 3 Other long-term liabilities — 2 Total derivative liabilities $ 1 $ 13 (a) At August 31, 2022, we had no cross-currency swaps. At November 30, 2021, we had a cross currency swap totaling $201 million that was designated as a hedge of our net investment in foreign operations with a euro-denominated functional currency. (b) We have interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $108 million at August 31, 2022 and $160 million at November 30, 2021 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2022, these interest rate swaps settle through 2025.
Offsetting Derivative Instruments	August 31, 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 $ — $ — $ — $ — $ — Liabilities $ 1 $ — $ 1 $ — $ 1 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 August 31, Nine Months Ended (in millions) 2022 2021 2022 2021 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ 40 $ — $ 72 $ — Cross currency swaps – net investment hedges - excluded component $ (7) $ — $ (26) $ — Interest rate swaps - cash flow hedges $ 1 $ 1 $ 10 $ 3 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ — $ (1) $ (1) $ (4) Foreign currency zero cost collars - Depreciation and amortization $ 1 $ 1 $ 2 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ 2 $ — $ 5 $ —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Aug. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended August 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 2,880 $ 2,280 $ 368 $ 358 $ (126) EA 1,266 983 173 172 (62) Cruise Support 41 21 78 36 (94) Tour and Other 118 94 6 15 3 $ 4,305 $ 3,379 $ 625 $ 581 $ (279) 2021 NAA $ 271 $ 966 $ 219 $ 343 $ (1,257) EA 232 610 139 180 (696) Cruise Support 14 13 61 34 (94) Tour and Other 28 27 6 6 (10) $ 546 $ 1,616 $ 425 $ 562 $ (2,057) Nine Months Ended August 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2022 NAA $ 5,672 $ 5,335 $ 1,078 $ 1,046 $ (1,787) EA 2,389 2,529 524 531 (1,196) Cruise Support 114 76 154 104 (220) Tour and Other 154 151 17 26 (40) $ 8,329 $ 8,092 $ 1,774 $ 1,707 $ (3,244) 2021 NAA $ 291 $ 1,647 $ 672 $ 1,018 $ (3,046) EA 274 1,106 378 550 (1,760) Cruise Support 15 28 232 95 (341) Tour and Other 42 51 23 18 (49) $ 621 $ 2,832 $ 1,305 $ 1,681 $ (5,196)
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 August 31, 2022 Nine Months Ended August 31, 2022 North America $ 2,753 $ 5,491 Europe 1,456 2,676 Australia and Asia 74 97 Other 22 64 $ 4,305 $ 8,329

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Computations	Three Months Ended Nine Months Ended (in millions, except per share data) 2022 2021 2022 2021 Net income (loss) for basic and diluted earnings per share $ (770) $ (2,836) $ (4,495) $ (6,881) Weighted-average shares outstanding 1,185 1,133 1,154 1,120 Dilutive effect of equity plans — — — — Diluted weighted-average shares outstanding 1,185 1,133 1,154 1,120 Basic earnings per share $ (0.65) $ (2.50) $ (3.89) $ (6.14) Diluted earnings per share $ (0.65) $ (2.50) $ (3.89) $ (6.14)
Schedule of Antidilutive Shares Excluded from Diluted Earnings Per Share Computations	Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended Nine Months Ended (in millions) 2022 2021 2022 2021 Equity awards — 3 1 3 Convertible Notes 52 54 52 54 Total antidilutive securities 52 56 54 57

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Aug. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	(in millions) August 31, 2022 November 30, 2021 Cash and cash equivalents (Consolidated Balance Sheets) $ 7,071 $ 8,939 Restricted cash included in prepaid expenses and other and other assets 35 38 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 7,107 $ 8,976

General (Details)

General (Details) £ in Millions, $ in Millions, € in Billions	Aug. 31, 2022 USD ($)	Aug. 31, 2022 EUR (€)	Aug. 31, 2022 GBP (£)	Dec. 31, 2021 GBP (£)
Debt Instrument [Line Items]
Percent of operating capacity	93%	93%	93%
Cash, cash equivalents, and short-term investments	$ 7,400
Long-term debt	34,808
Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Long-term debt	8,400			£ 350
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 | £			£ 200

Revenue and Expense Recogniti_2

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021	Nov. 30, 2021
Revenue from Contract with Customer [Abstract]
Fees, taxes, and charges	$ 141	$ 16	$ 305	$ 28
Customer deposits	4,800		4,800		$ 3,500
Revenues recognized related to customer deposits at beginning of period			1,700	$ 1,700
Contract assets	$ 191		$ 191		$ 55

Debt - Long-Term and Short-Term

Debt - Long-Term and Short-Term Borrowings (Details) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Total Debt	$ 34,808	$ 33,970
Less: unamortized debt issuance costs and discounts	(737)	(744)
Total Debt, net of unamortized debt issuance costs and discounts	34,071	33,226
Less: short-term borrowings	(2,675)	(2,790)
Less: current portion of long-term debt	(2,877)	(1,927)
Long-Term Debt	28,518	28,509
Revolving credit facility
Debt Instrument [Line Items]
Available for borrowing	$ 300
Eurodollar | Minimum
Debt Instrument [Line Items]
Floor on variable rate	0%
Eurodollar | Maximum
Debt Instrument [Line Items]
Floor on variable rate	0.75%
Sterling Overnight Index Average (SONIA) | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.03%
Sterling Overnight Index Average (SONIA) | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.28%
Secured
Debt Instrument [Line Items]
Long-term debt	$ 9,704	9,939
Secured | Notes Payable Due February 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 775	775
Secured | Euro-denominated Notes Payable Due February 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.10%
Long-term debt	$ 425	481
Secured | Notes Payable Due June 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.90%
Long-term debt	$ 192	192
Secured | Notes Payable Due August 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	9.90%
Long-term debt	$ 900	900
Secured | Notes Payable Due August 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	4%
Long-term debt	$ 2,406	2,406
Secured | Euro-denominated Fixed Rate Bank Loan Due Nov 2022
Debt Instrument [Line Items]
Long-term debt	$ 67	98
Secured | Euro-denominated Fixed Rate Bank Loan Due Nov 2022 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.50%
Secured | Euro-denominated Fixed Rate Bank Loan Due Nov 2022 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.20%
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025
Debt Instrument [Line Items]
Long-term debt	$ 829	951
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	2.70%
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.80%
Secured | Floating Rate Bank Loan Due October 2028
Debt Instrument [Line Items]
Long-term debt	$ 4,111	4,137
Secured | Floating Rate Bank Loan Due October 2028 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3%
Secured | Floating Rate Bank Loan Due October 2028 | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.30%
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt	$ 25,104	24,031
Unsecured Debt | Revolver Facility Expires August 2024
Debt Instrument [Line Items]
Long-term debt	2,675	2,790
Less: short-term borrowings	$ (2,700)
Unsecured Debt | Revolver Facility Expires August 2024 | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.70%
Unsecured Debt | Euro-denominated Notes Payable Due November 2022
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.90%
Short-term debt	$ 550	622
Unsecured Debt | Convertible Notes Payable Due April 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Short-term debt	$ 183	522
Unsecured Debt | Notes Payable Due October 2023
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.20%
Long-term debt	$ 125	125
Unsecured Debt | Convertible Notes Payable Due October 2024
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 339	0
Unsecured Debt | Notes Payable Due March 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%
Long-term debt	$ 1,450	1,450
Unsecured Debt | Euro-denominated Notes Payable Due March 2026
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%
Long-term debt	$ 500	566
Unsecured Debt | Notes Payable Due March 2027
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 3,500	3,500
Unsecured Debt | Notes Payable Due January 2028
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.70%
Long-term debt	$ 200	200
Unsecured Debt | Notes Payable Due May 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6%
Long-term debt	$ 2,000	2,000
Unsecured Debt | Euro-denominated Notes Payable Due October 2029
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1%
Long-term debt	$ 600	679
Unsecured Debt | Notes Payable Due June 2030
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 1,000	0
Unsecured Debt | Floating Rate Bank Loan Due September 2024
Debt Instrument [Line Items]
Long-term debt	$ 590	590
Unsecured Debt | Floating Rate Bank Loan Due September 2024 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.80%
Unsecured Debt | Floating Rate Bank Loan Due September 2024 | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	4.50%
Unsecured Debt | Sterling-denominated Floating Rate Bank Loan Due February 2025
Debt Instrument [Line Items]
Long-term debt	$ 410	467
Unsecured Debt | Sterling-denominated Floating Rate Bank Loan Due February 2025 | Sterling Overnight Index Average (SONIA)
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.90%
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due May 2026
Debt Instrument [Line Items]
Long-term debt	$ 800	1,375
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due May 2026 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	1.80%
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due May 2026 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	4.80%
Unsecured Debt | Line of Credit, Floating Rate Due December 2031
Debt Instrument [Line Items]
Long-term debt	$ 1,312	1,363
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.50%
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	1.50%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032
Debt Instrument [Line Items]
Long-term debt	$ 3,240	3,488
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	2.40%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.40%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due December 2033
Debt Instrument [Line Items]
Long-term debt	$ 3,102	2,742
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due December 2033 | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.20%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due December 2033 | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	1.60%
Unsecured Debt | Euro-denominated Fixed Rate Bank Loan Due January 2034
Debt Instrument [Line Items]
Long-term debt	$ 2,529	$ 1,551
Unsecured Debt | Euro-denominated Fixed Rate Bank Loan Due January 2034 | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.10%
Unsecured Debt | Euro-denominated Fixed Rate Bank Loan Due January 2034 | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.60%

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended	5 Months Ended	9 Months Ended
	Apr. 30, 2020 USD ($) cruise_ship $ / shares	Aug. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)
Debt Instrument [Line Items]
Total debt		$ 34,071,000,000	$ 34,071,000,000		$ 33,226,000,000
Short-term borrowings		2,675,000,000	2,675,000,000		2,790,000,000
Debt instrument, convertible, equity component minimum threshold			5,000,000,000
Debt instrument, convertible, liquidity component minimum threshold			1,500,000,000
Long-term debt		34,808,000,000	$ 34,808,000,000
August 31, 2023 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio			2
November 30, 2023 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio			2.5
February 29, 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%
November 30, 2021 until May 31, 2023 test date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)			65%
Revolving credit facility
Debt Instrument [Line Items]
Short-term borrowings		2,700,000,000	$ 2,700,000,000		2,800,000,000
Export credit facility | Export Credit Facility Due 2034
Debt Instrument [Line Items]
Debt instrument, face amount		2,300,000,000	2,300,000,000
Value of vessels subject to negative pledges		13,000,000,000	13,000,000,000
Secured | First Priority Senior Secured Term Loan Facility Due 2028
Debt Instrument [Line Items]
Debt instrument, collateral amount		22,400,000,000	22,400,000,000
Secured | First Priority Senior Secured Term Loan Facility Due 2028 | Material Intellectual Property
Debt Instrument [Line Items]
Debt instrument, collateral amount		24,000,000,000	24,000,000,000
Unsecured Debt | Subsequent Event
Debt Instrument [Line Items]
Interest coverage covenant, amount				$ 700,000,000
Long-term debt				$ 11,400,000,000
Unsecured Debt | Senior Unsecured Term Loan Facility Due 2030
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000	$ 1,000,000,000
Debt instrument, interest rate (percent)		10.50%	10.50%
Convertible debt
Debt Instrument [Line Items]
Convertible notes payable		$ 52,000,000	$ 52,000,000
Convertible debt | Senior Convertible Notes Due 2023
Debt Instrument [Line Items]
Debt instrument, face amount						$ 2,000,000,000
Debt instrument, interest rate (percent)						5.75%
Debt instrument, decrease		200,000,000
Debt instrument, convertible, number of shares (in shares) | cruise_ship	100
Common stock, convertible, amount	$ 1,000
Debt instrument, conversion price (in dollars per share) | $ / shares	$ 10
Debt instrument, redemption price, percentage			100%
Debt instrument, convertible, carrying amount		286,000,000	$ 286,000,000
Carrying amount of equity component, after partial repurchase		0	0
Convertible debt | Senior Convertible Notes Due 2024
Debt Instrument [Line Items]
Debt instrument, face amount		339,000,000	$ 339,000,000
Debt instrument, interest rate (percent)						5.75%
Debt instrument, redemption price, percentage			100%
Long-term debt		501,000,000	$ 501,000,000		$ 478,000,000
Costa Crociere S.p.A
Debt Instrument [Line Items]
Total debt		$ 600,000,000	$ 600,000,000

Debt - Carrying Value of Liabil

Debt - Carrying Value of Liability Component (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Long-term debt	$ 34,808
Convertible debt | Senior Convertible Notes Due 2024
Debt Instrument [Line Items]
Principal	522	$ 522
Less: Unamortized debt discount	(22)	(45)
Long-term debt	$ 501	$ 478

Debt - Schedule of Annual Matur

Debt - Schedule of Annual Maturities of Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Aug. 31, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
4Q 2022		$ 991
2023		2,377
2024		4,935
2025		4,258
2026		4,385
Thereafter		17,862
Long-term debt		34,808
Short-term borrowings		2,675	$ 2,790
Revolving credit facility
Debt Instrument [Line Items]
Available for borrowing		300
Revolver Facility Expires August 2024 | Unsecured Debt
Debt Instrument [Line Items]
Short-term borrowings		$ 2,700
Term	6 months

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) $ in Millions	9 Months Ended	12 Months Ended
	Aug. 31, 2022 USD ($) lawsuit cruise_ship classAction	Nov. 30, 2021 USD ($)	May 02, 2019 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits			2
Number of lawsuits, COVID-19 | cruise_ship	73
Number of lawsuits dismissed or settled, COVID-19	71
Number of lawsuits remaining, COVID-19	2
Number of class actions, COVID-19 | classAction	10
Number of class actions dismissed or settled, COVID-19 | classAction	9
Customer deposits | $	$ 1,600	$ 1,100
Escrow deposit | $	$ 30	$ 30

Contingencies and Commitments_2

Contingencies and Commitments - Schedule of New Ship Growth Capital Commitments (Details) $ in Millions	Aug. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 1,117
2023	2,268
2024	1,499
2025	864
Thereafter	0
Total	$ 5,748

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	Aug. 31, 2022	Nov. 30, 2021
Carrying Value
Liabilities
Total	$ 34,808	$ 33,970
Carrying Value | Fixed rate debt
Liabilities
Debt	20,980	19,555
Carrying Value | Floating rate debt
Liabilities
Debt	13,828	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	28,435	32,463
Fair Value | Level 2 | Fixed rate debt
Liabilities
Debt	16,431	19,013
Fair Value | Level 2 | Floating rate debt
Liabilities
Debt	12,004	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	Aug. 31, 2022	Nov. 30, 2021
Assets
Short-term investments	$ 0	$ 200
Derivative financial instruments	0	1
Liabilities
Derivative financial instruments	1	13
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Cash and cash equivalents	7,071	8,939
Total	7,071	9,139
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Short-term Investments
Assets
Short-term investments		200
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2
Assets
Total		1
Liabilities
Total	1	13
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, assets
Assets
Derivative financial instruments		1
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 1	$ 13

Fair Value Measurements, Deri_5

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Valuation of Goodwill (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Goodwill [Line Items]
Goodwill	$ 579	$ 579
NAA
Goodwill [Line Items]
Goodwill	$ 579	$ 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	9 Months Ended
	Aug. 31, 2022 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	$ 1,175
Exchange movements	(30)
Trademarks, ending balance	1,145
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
Exchange movements	(30)
Trademarks, ending balance	$ 218

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 0	$ 475	$ 8	$ 524
NAA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	0	273	8	273
EA Segment
Property, Plant and Equipment [Line Items]
Total ship impairments	$ 0	$ 202	$ 0	$ 251

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	Aug. 31, 2022	Nov. 30, 2021
Derivatives, Fair Value [Line Items]
Derivative assets		$ 1
Derivative liabilities	$ 1	13
Interest rate swaps – cash flow hedges | Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	108	160
Currency swap | Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	0	201
Derivatives designated as hedging instruments | Prepaid expenses and other | Currency swap
Derivatives, Fair Value [Line Items]
Derivative assets	0	1
Derivatives designated as hedging instruments | Other long-term liabilities | Currency swap
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	8
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative liabilities		2
Derivatives designated as hedging instruments | Accrued liabilities and other | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 1	$ 3

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021
Assets
Gross Amounts	$ 0	$ 1
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	0	1
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	0	1
Liabilities
Gross Amounts	1	13
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	1	13
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	$ 1	$ 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		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 40	$ 0	$ 72	$ 0
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	(7)	0	(26)	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	1	1	10	3
Gains (losses) reclassified from AOCI, cash flow hedges	0	(1)	(1)	(4)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from AOCI, cash flow hedges	1	1	2	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)	$ 2	$ 0	$ 5	$ 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		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Fair Value, Measurement Inputs, Disclosure [Line Items]
Change in foreign currency translation adjustment	$ (283)	$ (224)	$ (529)	$ 79
Foreign currency contract commitments	5,200		5,200
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	410		410
Change in foreign currency translation adjustment	$ 32		$ 57

Segment Information - Segment R

Segment Information - Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2022 USD ($) segment	Aug. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Revenues	$ 4,305	$ 546	$ 8,329	$ 621
Operating costs and expenses	3,379	1,616	8,092	2,832
Selling and administrative	625	425	1,774	1,305
Depreciation and amortization	581	562	1,707	1,681
Operating Income (Loss)	(279)	(2,057)	(3,244)	(5,196)
NAA
Segment Reporting Information [Line Items]
Revenues	2,880	271	5,672	291
Operating costs and expenses	2,280	966	5,335	1,647
Selling and administrative	368	219	1,078	672
Depreciation and amortization	358	343	1,046	1,018
Operating Income (Loss)	(126)	(1,257)	(1,787)	(3,046)
EA
Segment Reporting Information [Line Items]
Revenues	1,266	232	2,389	274
Operating costs and expenses	983	610	2,529	1,106
Selling and administrative	173	139	524	378
Depreciation and amortization	172	180	531	550
Operating Income (Loss)	(62)	(696)	(1,196)	(1,760)
Cruise Support
Segment Reporting Information [Line Items]
Revenues	41	14	114	15
Operating costs and expenses	21	13	76	28
Selling and administrative	78	61	154	232
Depreciation and amortization	36	34	104	95
Operating Income (Loss)	(94)	(94)	(220)	(341)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	118	28	154	42
Operating costs and expenses	94	27	151	51
Selling and administrative	6	6	17	23
Depreciation and amortization	15	6	26	18
Operating Income (Loss)	$ 3	$ (10)	$ (40)	$ (49)

Segment Information - Geographi

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,305	$ 546	$ 8,329	$ 621
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,753		5,491
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,456		2,676
Australia and Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	74		97
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 22		$ 64

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (770)	$ (2,836)	$ (4,495)	$ (6,881)
Weighted-average shares outstanding (in shares)	1,185	1,133,000	1,154	1,120,000
Dilutive effect of equity plans (in shares)	0	0	0	0
Diluted weighted-average shares outstanding (in shares)	1,185	1,133,000	1,154	1,120,000
Basic earnings per share (in dollars per share)	$ (0.65)	$ (2.50)	$ (3.89)	$ (6.14)
Diluted earnings per share (in dollars per share)	$ (0.65)	$ (2.50)	$ (3.89)	$ (6.14)

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	52	56	54	57
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)	0	3	1	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	52	54

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2021	Nov. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 7,071	$ 8,939
Restricted cash included in prepaid expenses and other and other assets	35	38
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 7,107	$ 8,976	$ 7,329	$ 9,692

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Additional Information (Details) - Commercial paper - USD ($)	9 Months Ended
	Aug. 31, 2022	Aug. 31, 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)	9 Months Ended
	Aug. 31, 2022 Passenger cruise_ship
NAA
Property, Plant and Equipment [Line Items]
Number of ships sold	1
Number of ships	1
Capacity of ships sold | Passenger	4,110
EA
Property, Plant and Equipment [Line Items]
Number of ships sold	1
Capacity of ships sold | Passenger	1,410

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2022	Aug. 31, 2021	Aug. 31, 2022	Aug. 31, 2021
Stockholders Equity Note [Line Items]
Number of shares sold (in shares)	0	4,600,000	5,200,000	4,600,000
Number of shares repurchased (in shares)	0	4,600,000	5,200,000	4,600,000
Net proceeds from Stock Swap Program		$ 10	$ 8	$ 10
Shares issued (in shares)	0		1,600,000
Average price of common stock sold (in dollars per share)			$ 19.27
Consideration received			$ 30
Public Offering
Stockholders Equity Note [Line Items]
Shares issued (in shares)	117,500,000
Consideration received	$ 1,200
Shares issued price (in dollars per share)	$ 9.95		$ 9.95