Carnival Corporation & plc (CUK) 10-Q 28 Jun 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	May 31, 2023	Jun. 22, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2023
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		1,119,265,540
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		186,806,488
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 each represented by American Depository Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues
Revenues	$ 4,911	$ 2,401	$ 9,343	$ 4,024
Operating Expenses
Commissions, transportation and other	619	325	1,274	576
Onboard and other	549	314	1,033	523
Payroll and related	601	533	1,183	1,038
Fuel	489	545	1,024	910
Food	325	191	636	327
Ship and other impairments	0	0	0	8
Other operating	875	774	1,619	1,331
Cruise and tour operating expenses	3,457	2,683	6,768	4,713
Selling and administrative	736	619	1,448	1,149
Depreciation and amortization	597	572	1,179	1,126
Costs and expenses	4,791	3,874	9,394	6,988
Operating Income (Loss)	120	(1,473)	(52)	(2,964)
Nonoperating Income (Expense)
Interest income	69	6	124	9
Interest expense, net of capitalized interest	(542)	(370)	(1,082)	(738)
Gain (loss) on debt extinguishment, net	(31)	0	(31)	0
Other income (expense), net	(17)	6	(47)	(26)
Nonoperating Income (Expense)	(522)	(358)	(1,036)	(755)
Income (Loss) Before Income Taxes	(402)	(1,831)	(1,087)	(3,719)
Income Tax Benefit (Expense), Net	(5)	(3)	(13)	(6)
Net Income (Loss)	$ (407)	$ (1,834)	$ (1,100)	$ (3,726)
Earnings Per Share
Basic (in dollars per share)	$ (0.32)	$ (1.61)	$ (0.87)	$ (3.27)
Diluted (in dollars per share)	$ (0.32)	$ (1.61)	$ (0.87)	$ (3.27)
Passenger ticket
Revenues
Revenues	$ 3,141	$ 1,285	$ 6,011	$ 2,158
Onboard and other
Revenues
Revenues	$ 1,770	$ 1,116	$ 3,332	$ 1,866

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (407)	$ (1,834)	$ (1,100)	$ (3,726)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	102	(260)	99	(246)
Other	(33)	3	(19)	5
Other Comprehensive Income (Loss)	69	(257)	79	(241)
Total Comprehensive Income (Loss)	$ (338)	$ (2,091)	$ (1,021)	$ (3,967)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022
Current Assets
Cash and cash equivalents	$ 4,468	$ 4,029
Restricted cash	18	1,988
Trade and other receivables, net	449	395
Inventories	438	428
Prepaid expenses and other	833	652
Total current assets	6,206	7,492
Property and Equipment, Net	39,584	38,687
Operating Lease Right-of-Use Assets	1,310	1,274
Goodwill	579	579
Other Intangibles	1,163	1,156
Other Assets	3,030	2,515
Total assets	51,873	51,703
Current Liabilities
Short-term borrowings	0	200
Current portion of long-term debt	1,789	2,393
Current portion of operating lease liabilities	161	146
Accounts payable	1,042	1,050
Accrued liabilities and other	1,951	1,942
Customer deposits	6,892	4,874
Total current liabilities	11,835	10,605
Long-Term Debt	31,921	31,953
Long-Term Operating Lease Liabilities	1,208	1,189
Other Long-Term Liabilities	1,044	891
Contingencies and Commitments
Shareholders’ Equity
Additional paid-in capital	16,684	16,872
Retained earnings (accumulated deficit)	(841)	269
Accumulated other comprehensive income (loss) (“AOCI”)	(1,903)	(1,982)
Treasury stock, 130 shares at 2023 and 2022 of Carnival Corporation and 73 shares at 2023 and 72 shares at 2022 of Carnival plc, at cost	(8,449)	(8,468)
Total shareholders’ equity	5,865	7,065
Total liabilities and shareholders' equity	51,873	51,703
Common Stock
Shareholders’ Equity
Common stock	12	12
Ordinary Shares
Shareholders’ Equity
Common stock	$ 361	$ 361

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	May 31, 2023	Nov. 30, 2022
Common Stock
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	1,250	1,244
Treasury stock, shares (in shares)	130	130
Ordinary Shares | Carnival PLC
Statement [Line Items]
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	73	72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	May 31, 2023	May 31, 2022
OPERATING ACTIVITIES
Net income (loss)	$ (1,100)	$ (3,726)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	1,179	1,126
Impairments	0	8
(Gain) loss on debt extinguishment	31	0
(Income) loss from equity-method investments	27	(4)
Share-based compensation	31	54
Amortization of discounts and debt issue costs	85	87
Noncash lease expense	72	68
(Gain) loss on ship sales and other, net	(9)	12
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	316	(2,376)
Changes in operating assets and liabilities
Receivables	(55)	(120)
Inventories	(6)	(79)
Prepaid expenses and other assets	(805)	(395)
Accounts payable	(23)	139
Accrued liabilities and other	69	12
Customer deposits	2,029	1,611
Net cash provided by (used in) operating activities	1,525	(1,209)
INVESTING ACTIVITIES
Purchases of property and equipment	(1,772)	(3,221)
Proceeds from sales of ships	255	55
Purchase of short-term investments	0	(315)
Proceeds from maturity of short-term investments	0	364
Other, net	8	10
Net cash provided by (used in) investing activities	(1,509)	(3,107)
FINANCING ACTIVITIES
Repayments of short-term borrowings	(200)	(114)
Principal repayments of long-term debt	(2,294)	(684)
Proceeds from issuance of long-term debt	1,016	3,334
Issuance of common stock, net	5	30
Issuance of common stock under the Stock Swap Program	22	89
Purchase of treasury stock under the Stock Swap Program	(20)	(82)
Debt issue costs and other, net	(81)	(111)
Net cash provided by (used in) financing activities	(1,552)	2,463
Effect of exchange rate changes on cash, cash equivalents and restricted cash	6	(35)
Net increase (decrease) in cash, cash equivalents and restricted cash	(1,530)	(1,888)
Cash, cash equivalents and restricted cash at beginning of period	6,037	8,976
Cash, cash equivalents and restricted cash at end of period	$ 4,507	$ 7,089

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ 6,170	$ 10,311	$ 7,065	$ 12,144
Net income (loss)		(407)	(1,834)	(1,100)	(3,726)
Other comprehensive income (loss)		69	(257)	79	(241)
Issuance of common stock, net		5	15	5	30
Conversion of Convertible Notes		3		3
Purchases and issuances under the Stock Swap program, net		2	6	2	8
Issuance of treasury shares for vested share-based awards		0	0	0	0
Share-based compensation and other		23	19	50	45
Ending balance		5,865	8,260	5,865	8,260
Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	[1]			(239)
Common stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		12	11	12	11
Ending balance		12	11	12	11
Ordinary shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		361	361	361	361
Ending balance		361	361	361	361
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		16,635	15,360	16,872	15,292
Issuance of common stock, net		5	15	5	30
Conversion of Convertible Notes		3		3
Purchases and issuances under the Stock Swap program, net		22	62	22	89
Issuance of treasury shares for vested share-based awards		(5)		(41)
Share-based compensation and other		24	19	52	45
Ending balance		16,684	15,457	16,684	15,457
Additional paid-in capital | Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	[1]			(229)
Retained earnings (accumulated deficit)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(434)	4,493	269	6,448
Net income (loss)		(407)	(1,834)	(1,100)	(3,726)
Issuance of treasury shares for vested share-based awards			(9)		(72)
Share-based compensation and other			(1)		(1)
Ending balance		(841)	2,649	(841)	2,649
Retained earnings (accumulated deficit) | Cumulative Effect, Period of Adoption, Adjusted Balance
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	[1]			(10)
AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(1,972)	(1,486)	(1,982)	(1,501)
Other comprehensive income (loss)		69	(257)	79	(241)
Ending balance		(1,903)	(1,742)	(1,903)	(1,742)
Treasury stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(8,433)	(8,428)	(8,468)	(8,466)
Purchases and issuances under the Stock Swap program, net		(20)	(57)	(20)	(82)
Issuance of treasury shares for vested share-based awards		5	9	41	72
Share-based compensation and other		(1)		(2)
Ending balance		$ (8,449)	$ (8,476)	$ (8,449)	$ (8,476)
[1] We adopted the provisions of Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity’s Own Equity on December 1, 2022.

General

General	6 Months Ended
	May 31, 2023
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 March 2020 and began resuming guest cruise operations in 2021. As of May 31, 2023, our return to guest cruise operations was complete. As part of our liquidity management, we rely on estimates of our future liquidity, which includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions used to estimate our future liquidity consist of: • Our continued cruise operations and expected timing of cash collections for cruise bookings • Expected increases in revenue in 2023 on a per passenger basis compared to 2019 • Expected improvement in occupancy on a year-over-year basis • Stabilization of fuel prices around or below November 2022 year-end prices • Continued stabilization of inflationary pressures on costs compared to 2022, moderated by a larger-more efficient fleet as compared to 2019 In addition, we make certain assumptions about new ship deliveries, improvements and removals, and consider the future export credit financings that are associated with the new ship deliveries. We have a substantial debt balance as a result of the pause in guest cruise operations and require a significant amount of liquidity or cash provided by operating activities to service our debt. In addition, the continued effects of the pandemic, inflation, higher fuel prices, higher interest rates and fluctuations in foreign currency rates are collectively having a material negative impact on our financial results. The full extent of the collective impact of these items is uncertain and may be amplified by our substantial debt balance. We believe we have made reasonable estimates and judgments of the impact of these events within our consolidated financial statements and there may be changes to those estimates in future periods. For the past three years we have taken appropriate actions to manage our liquidity, including completing various capital market transactions, obtaining relevant financial covenant amendments or waivers (see Note 3 - “Debt”), accelerating the removal of certain ships from the fleet, and during the pause, reducing capital expenditures and operating expenses. Based on these actions and our assumptions, and considering our $7.3 billion of liquidity including cash and cash equivalents and borrowings available under our $1.6 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “Revolving Facility”) at May 31, 2023, we believe that we have sufficient liquidity to fund our obligations and expect to remain in compliance with our financial covenants for at least the next twelve months from the issuance of these financial statements. We will continue to pursue various opportunities to refinance future debt maturities and/or to extend the maturity dates associated with our existing indebtedness and obtain relevant financial covenant amendments or waivers, if needed. Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three and six months ended May 31, 2023 and 2022, and the Consolidated Balance Sheet at May 31, 2023 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 2022 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 27, 2023. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. 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 the pandemic, inflation, higher fuel prices, higher interest rates and fluctuations in foreign currency rates will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships and collectability of trade and notes receivables, will depend on future developments that are uncertain. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting , 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. In December 2022, the FASB deferred the date through which this guidance can be applied from December 31, 2022 to December 31, 2024. We adopted this new guidance during 2022 and applied it prospectively to contract modifications related to a change in reference rate. The adoption of this guidance did not have a material impact on our consolidated financial statements. We expect that all of our outstanding debt and derivative instruments referenced to U.S. dollar LIBOR will be transitioned to Term Secured Overnight Financing Rate (“SOFR”) by June 30, 2023. The FASB issued guidance, Debt - Debt with Conversion and Other Option s and Derivative and Hedging - Contracts in Entity’s Own Equity , which simplifies the accounting for convertible instruments. This guidance eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. On December 1, 2022, we adopted this guidance using the modified retrospective approach to recognize our convertible notes as single unit liability instruments, as they do not qualify as derivatives under ASC 815, Derivatives and Hedging , and were not issued at a substantial premium. Accordingly, upon adoption we recorded a $239 million increase to debt, primarily as a result of the reversal of the remaining non-cash convertible debt discount, as well as a reduction of $229 million to additional paid in capital. The cumulative effect of the adoption of this guidance resulted in a $10 million decrease to retained earnings. In September 2022, the FASB issued guidance, Liabilities-Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations . This guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This guidance is expected to improve financial reporting by requiring new disclosures about the programs, thereby allowing financial statement users to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. This guidance is required to be adopted by us in the first quarter of 2024, except for the amendment on roll forward information which is required to be adopted by us for the financial year commencing on December 1, 2024. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements.

Revenue and Expense Recognition

Revenue and Expense Recognition	6 Months Ended
	May 31, 2023
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 deposits when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. The fees, taxes and charges that vary with guest head counts and are directly imposed on a revenue-producing arrangement are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three and six months ended May 31, fees, taxes, and charges included in commissions, transportation and other costs were $173 million and $344 million in 2023 and $96 million and $164 million in 2022. 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 $7.2 billion as of May 31, 2023 and $5.1 billion as of November 30, 2022, w hich includes approximately $162 million of unredeemed FCCs as of May 31, 2023, of which approximately $119 million are refundable. Given the uncertainty of travel demand caused by COVID-19 and lack of comparable historical experience of FCC redemptions, we are unable to estimate the amount of FCCs that will be used in future periods or that may be refunded. Refunds payable to guests who have elected cash refunds are recorded in accounts payable. During the six months ended May 31, 2023 and 2022, we recognized revenues of $3.6 billion and $1.4 billion related to our customer deposits as of November 30, 2022 and 2021. Our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue, refunds of customer deposits and foreign currency changes. 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 Costs We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts within prepaid expenses and other and subsequently recognize these amounts as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We had incremental costs of obtaining contracts with customers recognized as assets of $322 million as of May 31, 2023 and $218 million as of November 30, 2022 .

Debt

Debt	6 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Debt	Debt May 31, November 30, (in millions) Maturity Rate (a) (b) 2023 2022 Secured Subsidiary Guaranteed Notes Notes Feb 2026 10.5% $ 775 $ 775 EUR Notes Feb 2026 10.1% 455 439 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 floating rate Jun 2025 EURIBOR + 3.8% 833 808 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0 - 3.3% 4,080 4,101 Total Secured Subsidiary Guaranteed 9,640 9,621 Senior Priority Subsidiary Guaranteed Notes May 2028 10.4% 2,030 2,030 Unsecured Subsidiary Guaranteed Revolver Facility (c) LIBOR + 0.7% — 200 Notes Convertible Notes Apr 2023 5.8% — 96 Convertible Notes Oct 2024 5.8% 426 426 Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 535 517 Notes Mar 2027 5.8% 3,500 3,500 Convertible Notes Dec 2027 5.8% 1,131 1,131 Notes May 2029 6.0% 2,000 2,000 Notes Jun 2030 10.5% 1,000 1,000 Loans Floating rate Jul 2024 - Sep 2024 LIBOR + 3.8% 300 590 GBP floating rate Feb 2025 SONIA + 0.9% (d) 432 419 EUR floating rate (e) Apr 2024 - Mar 2026 EURIBOR + 2.4 - 4.0% 749 827 Export Credit Facilities Floating rate Dec 2031 LIBOR + 0.8 617 1,246 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 2,950 3,143 EUR floating rate May 2024 - Nov 2034 EURIBOR + 0.2 - 0.8% 3,201 3,882 EUR fixed rate Feb 2031 - Jan 2036 1.1 - 3.4% 3,582 2,592 Total Unsecured Subsidiary Guaranteed 21,874 23,019 Unsecured Notes (No Subsidiary Guarantee) Notes Oct 2023 7.2% 125 125 Notes Jan 2028 6.7% 200 200 EUR Notes Oct 2029 1.0% 642 620 Total Unsecured Notes (No Subsidiary Guarantee) 967 945 Total Debt 34,511 35,615 Less: unamortized debt issuance costs and discounts (802) (1,069) Total Debt, net of unamortized debt issuance costs and discounts 33,710 34,546 Less: short-term borrowings — (200) Less: current portion of long-term debt (1,789) (2,393) Long-Term Debt $ 31,921 $ 31,953 (a) The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors. (b) The above debt table excludes the impact of any outstanding derivative contracts. The interest rates on some of our debt fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c) See “Short-Term Borrowings” below. (d) The interest rate for the GBP unsecured loan is subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced Sterling Overnight Index Average (“SONIA”) rate with the credit adjustment spread is subject to a 0% floor. (e) In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024. Carnival Corporation and/or Carnival plc is the primary obligor of all our outstanding debt excluding $0.5 billion under a term loan facility of Costa Crociere S.p.A. (“Costa”), a subsidiary of Carnival plc, $2.0 billion of senior priority notes (the “2028 Senior Priority Notes”) issued by Carnival Holdings (Bermuda) Limited (“Carnival Holdings”), a subsidiary of Carnival Corporation, and $0.2 billion under an export credit facility of Sun Princess Limited, a subsidiary of Carnival Corporation. All our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the following: • Up to $250 million of the Costa term loan facility, which is guaranteed by certain subsidiaries of Carnival plc and Costa that do not guarantee our other outstanding debt • Our 2028 Senior Priority Notes, issued by Carnival Holdings, which does not guarantee our other outstanding debt • The export credit facility of Sun Princess Limited, which does not guarantee our other outstanding debt As of May 31, 2023, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 3Q 2023 $ 394 4Q 2023 431 2024 (a) 2,420 2025 4,297 2026 4,466 2027 5,700 Thereafter 16,803 Total $ 34,511 (a) Subsequent to May 31, 2023, we pre-paid $300 million of 2024 debt maturities. Short-Term Borrowings As of May 31, 2023 we did not have short-term borrowings. As of November 30, 2022, our short-term borrowings consisted of $0.2 billion under our Revolving Facility. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $2.9 billion available for borrowing under our Revolving Facility as of May 31, 2023. 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. New Revolving Facility In February 2023, Carnival Holdings (Bermuda) II Limited (“Carnival Holdings II”) entered into a $2.1 billion multi-currency revolving facility (“New Revolving Facility”). The New Revolving Facility may be utilized beginning on August 6, 2024, and will replace our Revolving Facility upon its maturity in August 2024. The termination date of the New Revolving Facility is August 6, 2025, subject to two, mutual one-year extension options. The new facility also contains an accordion feature, allowing for additional commitments, up to an aggregate of $2.9 billion, which are the aggregate commitments under our Revolving Facility. Borrowings under the New Revolving Facility will bear interest at a rate of term SOFR, in relation to any loan in U.S. dollars, EURIBOR, in relation to any loan in euros or daily compounding SONIA, in relation to any loan in sterling, plus a margin based on the long-term credit ratings of Carnival Corporation. The New 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. In addition, we are required to pay certain fees on the aggregate unused commitments under the New Revolving Facility and the Revolving Facility. In connection with the New Revolving Facility, Carnival Corporation, Carnival plc and its subsidiaries will contribute three unencumbered vessels (net book value of $3.0 billion as of May 31, 2023) to Carnival Holdings II (which must be completed no later than February 28, 2024). Each of the vessels will continue to be operated under one of the Carnival Corporation & plc brands. Carnival Holdings II does not guarantee our other outstanding debt. Export Credit Facility Borrowings During the six months ended May 31, 2023, we borrowed $0.8 billion under an export credit facility due in semi-annual installments through 2035 and $0.2 billion under an export credit facility due in semi-annual installments starting in July 2024 through 2036. In addition, we paid down $1.0 billion of floating rate unsecured borrowings mostly with 2023 and 2024 maturities. As of May 31, 2023, the net book value of the vessels subject to negative pledges was $15.4 billion. Collateral and Priority Pool As of May 31, 2023, the net book value of our ships and ship improvements, excluding ships under construction, is $37.1 billion. Our secured debt is secured on either a first or second-priority basis, depending on the instrument, by certain collateral, which includes vessels and certain assets related to those vessels and material intellectual property (combined net book value of approximately $23.3 billion, including $21.7 billion related to vessels and certain assets related to those vessels) as of May 31, 2023 and certain other assets. As of May 31, 2023, $8.3 billion in net book value of our ships and ship improvements have been contributed to Carnival Holdings and included in the vessel priority pool of 12 unencumbered vessels (the “Senior Priority Notes Subject Vessels”) for our 2028 Senior Priority Notes. As of May 31, 2023, there was no change in the identity of the Senior Priority Notes Subject Vessels. Covenant Compliance As of May 31, 2023, our Revolving Facility, New Revolving Facility, unsecured loans and export credit facilities contain certain covenants listed below: • Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) (the “Interest Coverage Covenant”) as follows: ◦ For certain of our unsecured loans and our New Revolving Facility, from the end of each fiscal quarter from August 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from August 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards and as applicable through their respective maturity dates. In addition, for our remaining unsecured loans that contain this covenant, we entered into letter agreements to waive compliance with the covenant through the May 31, 2024 testing date. ◦ For substantially all of our export credit facilities, from the end of each fiscal quarter from May 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from May 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards • For certain of our unsecured loans and export credit facilities, maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion • Limit our debt to capital (as defined in the agreements) percentage to a percentage not to exceed 75% until the May 31, 2023 testing date, following which it will be tested at levels which decline ratably to 65% from the May 31, 2024 testing date onwards • Maintain minimum liquidity as follows: ◦ For our New Revolving Facility, minimum liquidity of $1.5 billion; provided, that if any commitments maturing on June 30, 2025 under our existing first-lien term loan facility are outstanding on the March 31, 2025 testing date, our minimum liquidity on such testing date cannot be less than the greater of (i) the aggregate outstanding amount of such first-lien term loan facility commitments and (ii) $1.5 billion ◦ For our other unsecured loans and export credit facilities that contain this covenant, $1.5 billion through November 30, 2026 • Adhere to certain restrictive covenants through August 2025 • Limit the amounts of our secured assets as well as secured and other indebtedness At May 31, 2023 , we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross default and/or cross-acceleration clauses therein, substantially all of our outstanding debt and derivative contract payables could become due, and our debt and derivative contracts could be terminated. Any financial covenant amendment may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	May 31, 2023
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, the Havana Docks Corporation filed a lawsuit 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. The hearings on motions for summary judgment were concluded on January 18, 2022. On March 21, 2022, the court granted summary judgment in favor of Havana Docks Corporation as to liability. On August 31, 2022, the court determined that the trebling provision of the Helms-Burton statute applies to damages and interest and accordingly, we adjusted our estimated liability for this matter. On December 30, 2022, the court entered judgment against Carnival in the amount of $110 million plus $4 million in fees and costs. We have filed a notice of appeal. 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 raised certain monopolization claims under The Sherman Antitrust Act of 1890, unfair competition and tortious interference, and sought declaratory judgment that certain Carnival Corporation patents are unenforceable. DeCurtis sought damages, including its fees and costs, and 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 sought damages, including its fees and costs, as well as an order permanently enjoining DeCurtis from engaging in such activities. These two cases were consolidated in the Southern District of Florida. On February 8, 2023, the Court granted summary judgment in Carnival Corporation’s favor on DeCurtis’ antitrust, unfair competition, and tortious interference claims. The trial began on February 27, 2023, with the patent issues narrowed to certain claims of one Carnival Corporation patent. On March 10, 2023, the jury returned a verdict finding that DeCurtis had breached its contract with Carnival Corporation and infringed on the Carnival Corporation patent. The jury awarded Carnival Corporation a total of $21 million in damages. On April 30, 2023, DeCurtis filed for Chapter 11 in the United States Bankruptcy Court for the District of Delaware. Carnival Corporation is defending its interests in the bankruptcy matter. COVID-19 Actions We have been named in a number of individual actions related to COVID-19. These actions include tort claims based on a variety of theories, including negligence and failure to warn. The plaintiffs in these actions allege a variety of injuries: some plaintiffs confined their claim to emotional distress, while others allege injuries arising from testing positive for COVID-19. A smaller number of actions include wrongful death claims. Substantially all of these individual actions have now been dismissed or settled for immaterial amounts. As of May 31, 2023, 11 purported class actions have been brought by former guests in several U.S. federal courts, the Federal Court in Australia, and in Italy. These actions include tort claims based on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe emotional distress associated with being exposed to and/or contracting COVID-19 onboard. As of May 31, 2023, nine of these class actions have either been settled individually for immaterial amounts or had their class allegations dismissed by the courts and only the Australian and Italian matters remain. We believe the ultimate outcome of these matters will not have a material impact on our consolidated financial statements. All COVID-19 matters seek monetary damages and most seek additional punitive damages in unspecified amounts. We continue to take actions to defend against the above claims. Regulatory or Governmental Inquiries and Investigations We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and intent from inadvertent events to malicious motivated attacks. We have incurred legal and other costs in connection with cyber incidents that have impacted us. The penalties and settlements paid in connection with cyber incidents over the last three years were not material. While these incidents did not have a material adverse effect on our business, results of operations, financial position or liquidity, no assurances can be given about the future and we may be subject to future litigation, attacks or incidents that could have such a material adverse effect. On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified us of potential civil penalties and injunctive relief for alleged Clean Water Act violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Other Contingent Obligations Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase the lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of May 31, 2023 and November 30, 2022 , we had $2.2 billion and $1.7 billion in reserve funds related to our customer deposits provided to satisfy these requirements which are included within other assets. Additionally, as of May 31, 2023 and November 30, 2022 , we had $237 million and $229 million in compensating deposits we are required to maintain and $30 million of cash collateral in escrow which is included within other assets. Subsequent to May 31, 2023, we provided $380 million in restricted cash deposits which will be included within other assets. We continue to expect to provide reserve funds and restricted cash deposits under these agreements. Ship Commitments As of May 31, 2023, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2023 $ 691 2024 2,416 2025 944 Thereafter — $ 4,051

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	6 Months Ended
	May 31, 2023
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 May 31, 2023 November 30, 2022 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) $ 24,298 $ — $ 21,005 $ — $ 23,542 $ — $ 18,620 $ — Floating rate debt (a) 10,213 — 8,812 — 12,074 — 10,036 — Total $ 34,511 $ — $ 29,817 $ — $ 35,615 $ — $ 28,656 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. 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 May 31, 2023 November 30, 2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 4,468 $ — $ — $ 4,029 $ — $ — Restricted cash 38 — — 1,988 — — Derivative financial instruments — 21 — — 1 — Total $ 4,507 $ 21 $ — $ 6,016 $ 1 $ — Liabilities Derivative financial instruments $ — $ 41 $ — $ — $ — $ — Total $ — $ 41 $ — $ — $ — $ — Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and Trademarks As of May 31, 2023 and November 30, 2022 , goodwill for our North America and Australia (“NAA”) segment was $579 million. Trademarks (in millions) NAA Europe Total November 30, 2022 $ 927 $ 224 $ 1,151 Exchange movements — 8 8 May 31, 2023 $ 927 $ 231 $ 1,158 Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2023 November 30, 2022 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ — $ — Interest rate swaps (b) Prepaid expenses and other 19 1 Other assets — 1 Derivatives not designated as hedging instruments Interest rate swaps (b) Prepaid expenses and other 1 — Total derivative assets $ 21 $ 1 Derivative liabilities Derivatives designated as hedging instruments Interest rate swaps (b) Other long-term liabilities 41 — Total derivative liabilities $ 41 $ — (a) At May 31, 2023, we had a cross currency swap totaling $653 million that is designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. At May 31, 2023, this cross currency swap settles through 2024. (b) We have interest rate swaps whereby we receive EURIBOR-based floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $69 million at May 31, 2023 and $89 million at November 30, 2022 of EURIBOR-based floating rate euro debt to fixed rate euro debt. As of May 31, 2023, these EURIBOR-based interest rate swaps were not designated as cash flow hedges. As of November 30, 2022, one of these swaps was designated as a cash flow hedge. During the six months ended May 31, 2023 we entered into interest rate swap agreements which effectively changed $2.5 billion at May 31, 2023 of LIBOR-based floating rate USD debt to fixed rate USD debt. At May 31, 2023, these interest rate swaps settle through 2027 and are designated as cash flow hedges. 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. May 31, 2023 (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 $ 21 $ — $ 21 $ — $ 21 Liabilities $ 41 $ — $ 41 $ — $ 41 November 30, 2022 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 1 $ — $ 1 $ — $ 1 Liabilities $ — $ — $ — $ — $ — 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 Six Months Ended (in millions) 2023 2022 2023 2022 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ (5) $ 27 $ 9 $ 33 Cross currency swaps – net investment hedges - excluded component $ — $ (11) $ (4) $ (20) Interest rate swaps – cash flow hedges $ (33) $ 6 $ (19) $ 9 Gains (losses) reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ 9 $ (1) $ 10 $ (1) Foreign currency zero cost collars – Depreciation and amortization $ — $ 1 $ 1 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ 3 $ 3 $ 4 $ 4 The amount of gains and losses on derivatives not designated as hedging instruments recognized in earnings during the three and six months ended May 31, 2023 and estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months are 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 May 31, 2023, we have designated $432 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations and also had a cross currency swap with a notional amount of $653 million, which is designated as a hedge of our net investments in foreign operations. For the three and six months ended May 31, 2023, we recognized $20 million and $9 million of losses on these 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 May 31, 2023, our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild contract payments for non-euro functional currency brands, which represent a total unhedged commitment of $3.5 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’ functional currency 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 and cash equivalents, investments, notes receivables, reserve funds related to customer deposits, future financing facilities, contingent obligations, derivative instruments, insurance contracts 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 and new ship progress payments to shipyards We also monitor the creditworthiness of travel agencies and tour operators in Australia and Europe and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales. We have not experienced significant credit losses, including counterparty nonperformance on our trade receivables and contingent obligations.

Segment Information

Segment Information	6 Months Ended
	May 31, 2023
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) Europe cruise operations, (3) Cruise Support and (4) Tour and Other. The operating segments within each of our NAA and Europe 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. Beginning in the first quarter of 2023, we renamed the EA segment given that China has not reopened to international cruise travel. As a result, we have significantly reduced operations in Asia and leveraged the mobility of our cruise ships and our brand portfolio to build alternate deployments. In 2019, our most recent full year of guest cruise operations, China accounted for 7% of our guests. Three Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2023 NAA $ 3,355 $ 2,282 $ 435 $ 374 $ 265 Europe 1,465 1,101 222 169 (27) Cruise Support 55 29 71 48 (93) Tour and Other 35 45 8 7 (25) $ 4,911 $ 3,457 $ 736 $ 597 $ 120 2022 NAA $ 1,666 $ 1,768 $ 366 $ 353 $ (821) Europe 666 848 175 179 (536) Cruise Support 40 26 71 35 (92) Tour and Other 29 41 6 6 (24) $ 2,401 $ 2,683 $ 619 $ 572 $ (1,473) Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2023 NAA $ 6,434 $ 4,471 $ 875 $ 738 $ 351 Europe 2,759 2,179 436 338 (193) Cruise Support 106 55 124 90 (162) Tour and Other 44 64 14 13 (47) $ 9,343 $ 6,768 $ 1,448 $ 1,179 $ (52) 2022 NAA $ 2,792 $ 3,055 $ 710 $ 687 $ (1,661) Europe 1,123 1,546 352 359 (1,134) Cruise Support 73 54 75 68 (126) Tour and Other 37 57 12 11 (44) $ 4,024 $ 4,713 $ 1,149 $ 1,126 $ (2,964) Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 North America $ 2,988 $ 1,620 $ 5,684 $ 2,738 Europe 1,446 741 2,633 1,220 Australia 307 4 645 4 Other 169 35 380 61 $ 4,911 $ 2,401 $ 9,343 $ 4,024

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Six Months Ended (in millions, except per share data) 2023 2022 2023 2022 Net income (loss) for basic and diluted earnings per share $ (407) $ (1,834) $ (1,100) $ (3,726) Weighted-average shares outstanding 1,263 1,140 1,261 1,139 Dilutive effect of equity plans — — — — Diluted weighted-average shares outstanding 1,263 1,140 1,261 1,139 Basic earnings per share $ (0.32) $ (1.61) $ (0.87) $ (3.27) Diluted earnings per share $ (0.32) $ (1.61) $ (0.87) $ (3.27) Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 Equity awards 1 1 1 2 Convertible Notes 130 52 134 52 Total antidilutive securities 131 53 134 54

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) May 31, 2023 November 30, 2022 Cash and cash equivalents (Consolidated Balance Sheets) $ 4,468 $ 4,029 Restricted cash (Consolidated Balance Sheets) 18 1,988 Restricted cash (included in other assets) 20 20 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 4,507 $ 6,037

Property and Equipment

Property and Equipment	6 Months Ended
	May 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Ship Sales During 2023 we completed the sale of two Europe segment ships and one NAA segment ship, which represents a passenger-capacity reduction of 3,970 berths for our Europe segment and 460 berths for our NAA segment. We will continue to operate the NAA segment ship under a bareboat charter agreement through September 2024.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	May 31, 2023
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 and six months ended May 31, 2023 under the Stock Swap Program, we sold 2.3 million shares of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares resulting in net proceeds of $2 million, which were used for general corporate purposes. During the three and six months ended May 31, 2022 under the Stock Swap Program, we sold 3.9 million and 5.2 million shares of Carnival Corporation common stock and repurchased the same amount of Carnival plc ordinary shares resulting in net proceeds of $6 million and $8 million, which were used for general corporate purposes. In addition, during the three and six months ended May 31, 2023, we sold 0.5 million shares of Carnival Corporation common stock at an average price per share of $9.83, resulting in net proceeds of $5 million . During the three and six months ended May 31, 2022 , we sold 0.8 million and 1.6 million shares of Carnival Corporation common stock at an average price per share of $18.54 and $19.27, resulting in net proceeds of $15 million and $30 million.

General (Policies)

General (Policies)	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three and six months ended May 31, 2023 and 2022, and the Consolidated Balance Sheet at May 31, 2023 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 2022 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 27, 2023. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year.
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
Accounting Pronouncements	Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued guidance, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting , 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. In December 2022, the FASB deferred the date through which this guidance can be applied from December 31, 2022 to December 31, 2024. We adopted this new guidance during 2022 and applied it prospectively to contract modifications related to a change in reference rate. The adoption of this guidance did not have a material impact on our consolidated financial statements. We expect that all of our outstanding debt and derivative instruments referenced to U.S. dollar LIBOR will be transitioned to Term Secured Overnight Financing Rate (“SOFR”) by June 30, 2023. The FASB issued guidance, Debt - Debt with Conversion and Other Option s and Derivative and Hedging - Contracts in Entity’s Own Equity , which simplifies the accounting for convertible instruments. This guidance eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. On December 1, 2022, we adopted this guidance using the modified retrospective approach to recognize our convertible notes as single unit liability instruments, as they do not qualify as derivatives under ASC 815, Derivatives and Hedging , and were not issued at a substantial premium. Accordingly, upon adoption we recorded a $239 million increase to debt, primarily as a result of the reversal of the remaining non-cash convertible debt discount, as well as a reduction of $229 million to additional paid in capital. The cumulative effect of the adoption of this guidance resulted in a $10 million decrease to retained earnings. In September 2022, the FASB issued guidance, Liabilities-Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations . This guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This guidance is expected to improve financial reporting by requiring new disclosures about the programs, thereby allowing financial statement users to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. This guidance is required to be adopted by us in the first quarter of 2024, except for the amendment on roll forward information which is required to be adopted by us for the financial year commencing on December 1, 2024. We are currently evaluating the impact of the new guidance on the disclosures to our consolidated financial statements.
Revenue from Contract with Customer	Guest cruise deposits and advance onboard purchases are initially included in customer deposits when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above.

Debt (Tables)

Debt (Tables)	6 Months Ended
	May 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	May 31, November 30, (in millions) Maturity Rate (a) (b) 2023 2022 Secured Subsidiary Guaranteed Notes Notes Feb 2026 10.5% $ 775 $ 775 EUR Notes Feb 2026 10.1% 455 439 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 floating rate Jun 2025 EURIBOR + 3.8% 833 808 Floating rate Jun 2025 - Oct 2028 LIBOR + 3.0 - 3.3% 4,080 4,101 Total Secured Subsidiary Guaranteed 9,640 9,621 Senior Priority Subsidiary Guaranteed Notes May 2028 10.4% 2,030 2,030 Unsecured Subsidiary Guaranteed Revolver Facility (c) LIBOR + 0.7% — 200 Notes Convertible Notes Apr 2023 5.8% — 96 Convertible Notes Oct 2024 5.8% 426 426 Notes Mar 2026 7.6% 1,450 1,450 EUR Notes Mar 2026 7.6% 535 517 Notes Mar 2027 5.8% 3,500 3,500 Convertible Notes Dec 2027 5.8% 1,131 1,131 Notes May 2029 6.0% 2,000 2,000 Notes Jun 2030 10.5% 1,000 1,000 Loans Floating rate Jul 2024 - Sep 2024 LIBOR + 3.8% 300 590 GBP floating rate Feb 2025 SONIA + 0.9% (d) 432 419 EUR floating rate (e) Apr 2024 - Mar 2026 EURIBOR + 2.4 - 4.0% 749 827 Export Credit Facilities Floating rate Dec 2031 LIBOR + 0.8 617 1,246 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 2,950 3,143 EUR floating rate May 2024 - Nov 2034 EURIBOR + 0.2 - 0.8% 3,201 3,882 EUR fixed rate Feb 2031 - Jan 2036 1.1 - 3.4% 3,582 2,592 Total Unsecured Subsidiary Guaranteed 21,874 23,019 Unsecured Notes (No Subsidiary Guarantee) Notes Oct 2023 7.2% 125 125 Notes Jan 2028 6.7% 200 200 EUR Notes Oct 2029 1.0% 642 620 Total Unsecured Notes (No Subsidiary Guarantee) 967 945 Total Debt 34,511 35,615 Less: unamortized debt issuance costs and discounts (802) (1,069) Total Debt, net of unamortized debt issuance costs and discounts 33,710 34,546 Less: short-term borrowings — (200) Less: current portion of long-term debt (1,789) (2,393) Long-Term Debt $ 31,921 $ 31,953 (a) The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors. (b) The above debt table excludes the impact of any outstanding derivative contracts. The interest rates on some of our debt fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c) See “Short-Term Borrowings” below. (d) The interest rate for the GBP unsecured loan is subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced Sterling Overnight Index Average (“SONIA”) rate with the credit adjustment spread is subject to a 0% floor. (e) In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024.
Schedule of Annual Maturities of Debt	As of May 31, 2023, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments 3Q 2023 $ 394 4Q 2023 431 2024 (a) 2,420 2025 4,297 2026 4,466 2027 5,700 Thereafter 16,803 Total $ 34,511 (a) Subsequent to May 31, 2023, we pre-paid $300 million of 2024 debt maturities.

Contingencies and Commitments (

Contingencies and Commitments (Tables)	6 Months Ended
	May 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of New Ship Growth Capital Commitments	As of May 31, 2023, we expect the timing of our new ship growth capital commitments to be as follows: (in millions) Year Remainder of 2023 $ 691 2024 2,416 2025 944 Thereafter — $ 4,051

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables)	6 Months Ended
	May 31, 2023
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 May 31, 2023 November 30, 2022 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) $ 24,298 $ — $ 21,005 $ — $ 23,542 $ — $ 18,620 $ — Floating rate debt (a) 10,213 — 8,812 — 12,074 — 10,036 — Total $ 34,511 $ — $ 29,817 $ — $ 35,615 $ — $ 28,656 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. 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 May 31, 2023 November 30, 2022 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 4,468 $ — $ — $ 4,029 $ — $ — Restricted cash 38 — — 1,988 — — Derivative financial instruments — 21 — — 1 — Total $ 4,507 $ 21 $ — $ 6,016 $ 1 $ — Liabilities Derivative financial instruments $ — $ 41 $ — $ — $ — $ — Total $ — $ 41 $ — $ — $ — $ —
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA Europe Total November 30, 2022 $ 927 $ 224 $ 1,151 Exchange movements — 8 8 May 31, 2023 $ 927 $ 231 $ 1,158
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2023 November 30, 2022 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ — $ — Interest rate swaps (b) Prepaid expenses and other 19 1 Other assets — 1 Derivatives not designated as hedging instruments Interest rate swaps (b) Prepaid expenses and other 1 — Total derivative assets $ 21 $ 1 Derivative liabilities Derivatives designated as hedging instruments Interest rate swaps (b) Other long-term liabilities 41 — Total derivative liabilities $ 41 $ — (a) At May 31, 2023, we had a cross currency swap totaling $653 million that is designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. At May 31, 2023, this cross currency swap settles through 2024. (b) We have interest rate swaps whereby we receive EURIBOR-based floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $69 million at May 31, 2023 and $89 million at November 30, 2022 of EURIBOR-based floating rate euro debt to fixed rate euro debt. As of May 31, 2023, these EURIBOR-based interest rate swaps were not designated as cash flow hedges. As of November 30, 2022, one of these swaps was designated as a cash flow hedge. During the six months ended May 31, 2023 we entered into interest rate swap agreements which effectively changed $2.5 billion at May 31, 2023 of LIBOR-based floating rate
Offsetting Derivative Instruments	May 31, 2023 (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 $ 21 $ — $ 21 $ — $ 21 Liabilities $ 41 $ — $ 41 $ — $ 41 November 30, 2022 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 1 $ — $ 1 $ — $ 1 Liabilities $ — $ — $ — $ — $ —
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 Six Months Ended (in millions) 2023 2022 2023 2022 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ (5) $ 27 $ 9 $ 33 Cross currency swaps – net investment hedges - excluded component $ — $ (11) $ (4) $ (20) Interest rate swaps – cash flow hedges $ (33) $ 6 $ (19) $ 9 Gains (losses) reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ 9 $ (1) $ 10 $ (1) Foreign currency zero cost collars – Depreciation and amortization $ — $ 1 $ 1 $ 1 Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ 3 $ 3 $ 4 $ 4

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2023 NAA $ 3,355 $ 2,282 $ 435 $ 374 $ 265 Europe 1,465 1,101 222 169 (27) Cruise Support 55 29 71 48 (93) Tour and Other 35 45 8 7 (25) $ 4,911 $ 3,457 $ 736 $ 597 $ 120 2022 NAA $ 1,666 $ 1,768 $ 366 $ 353 $ (821) Europe 666 848 175 179 (536) Cruise Support 40 26 71 35 (92) Tour and Other 29 41 6 6 (24) $ 2,401 $ 2,683 $ 619 $ 572 $ (1,473) Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2023 NAA $ 6,434 $ 4,471 $ 875 $ 738 $ 351 Europe 2,759 2,179 436 338 (193) Cruise Support 106 55 124 90 (162) Tour and Other 44 64 14 13 (47) $ 9,343 $ 6,768 $ 1,448 $ 1,179 $ (52) 2022 NAA $ 2,792 $ 3,055 $ 710 $ 687 $ (1,661) Europe 1,123 1,546 352 359 (1,134) Cruise Support 73 54 75 68 (126) Tour and Other 37 57 12 11 (44) $ 4,024 $ 4,713 $ 1,149 $ 1,126 $ (2,964)
Schedule of Revenue by Geographical Area	Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended Six Months Ended (in millions) 2023 2022 2023 2022 North America $ 2,988 $ 1,620 $ 5,684 $ 2,738 Europe 1,446 741 2,633 1,220 Australia 307 4 645 4 Other 169 35 380 61 $ 4,911 $ 2,401 $ 9,343 $ 4,024

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Computations	Three Months Ended Six Months Ended (in millions, except per share data) 2023 2022 2023 2022 Net income (loss) for basic and diluted earnings per share $ (407) $ (1,834) $ (1,100) $ (3,726) Weighted-average shares outstanding 1,263 1,140 1,261 1,139 Dilutive effect of equity plans — — — — Diluted weighted-average shares outstanding 1,263 1,140 1,261 1,139 Basic earnings per share $ (0.32) $ (1.61) $ (0.87) $ (3.27) Diluted earnings per share $ (0.32) $ (1.61) $ (0.87) $ (3.27)
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 Six Months Ended (in millions) 2023 2022 2023 2022 Equity awards 1 1 1 2 Convertible Notes 130 52 134 52 Total antidilutive securities 131 53 134 54

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	May 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	(in millions) May 31, 2023 November 30, 2022 Cash and cash equivalents (Consolidated Balance Sheets) $ 4,468 $ 4,029 Restricted cash (Consolidated Balance Sheets) 18 1,988 Restricted cash (included in other assets) 20 20 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 4,507 $ 6,037

General (Details)

General (Details) $ in Millions, € in Billions, £ in Billions	May 31, 2023 USD ($)	May 31, 2023 EUR (€)	May 31, 2023 GBP (£)	Dec. 01, 2022 USD ($)	Nov. 30, 2022 USD ($)
Debt Instrument [Line Items]
Cash, cash equivalents, and short-term investments	$ 7,300
Long-term debt	34,511
Additional paid-in capital	(16,684)				$ (16,872)
Retained earnings (accumulated deficit)	841				$ (269)
Changes in accounting principles | Accounting Standards Update 2020-01
Debt Instrument [Line Items]
Long-term debt				$ 239
Additional paid-in capital				229
Retained earnings (accumulated deficit)				$ 10
Unsecured Debt | Revolving Credit Facility, Multi-currency, U.S. Dollar-denominated
Debt Instrument [Line Items]
Line of credit	$ 1,600
Unsecured Debt | Revolving Credit Facility, Multi-currency, Euro-denominated
Debt Instrument [Line Items]
Line of credit | €		€ 1
Unsecured Debt | Revolving Credit Facility, Multi-currency, Sterling-denominated
Debt Instrument [Line Items]
Line of credit | £			£ 0.2

Revenue and Expense Recogniti_2

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022	Nov. 30, 2022
Revenue from Contract with Customer [Abstract]
Fees, taxes, and charges	$ 173	$ 96	$ 344	$ 164
Customer deposits	7,200		7,200		$ 5,100
Unredeemable future cruise credits	162		162
Refundable future cruise credits	119		119
Revenues recognized related to customer deposits at beginning of period			3,600	$ 1,400
Contract assets	$ 322		$ 322		$ 218

Debt - Long-Term and Short-Term

Debt - Long-Term and Short-Term Borrowings (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2023	Nov. 30, 2022
Debt Instrument [Line Items]
Total Debt	$ 34,511	$ 35,615
Less: unamortized debt issuance costs and discounts	(802)	(1,069)
Total Debt, net of unamortized debt issuance costs and discounts	33,710	34,546
Less: short-term borrowings	0	(200)
Less: current portion of long-term debt	(1,789)	(2,393)
Long-Term Debt	$ 31,921	31,953
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)
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0%
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 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 9,640	9,621
Secured | Notes Payable Due February 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 775	775
Secured | Euro-denominated Notes Payable Due February 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.10%
Long-term debt	$ 455	439
Secured | Notes Payable Due June 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.90%
Long-term debt	$ 192	192
Secured | Notes Payable Due August 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	9.90%
Long-term debt	$ 900	900
Secured | Notes Payable Due August 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	4%
Long-term debt	$ 2,406	2,406
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 833	808
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Guarantor Subsidiaries | Eurodollar
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.80%
Secured | Floating Rate Bank Loan Due October 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 4,080	4,101
Secured | Floating Rate Bank Loan Due October 2028 | Guarantor Subsidiaries | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3%
Secured | Floating Rate Bank Loan Due October 2028 | Guarantor Subsidiaries | LIBOR | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.30%
Secured | Notes Payable Due May 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.40%
Long-term debt	$ 2,030	2,030
Unsecured Debt | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	21,874	23,019
Unsecured Debt | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	967	945
Unsecured Debt | Revolver Facility Expires August 2024 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 0	200
Unsecured Debt | Revolver Facility Expires August 2024 | Guarantor Subsidiaries | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.70%
Unsecured Debt | Convertible Notes Payable Due April 2023 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Short-term debt	$ 0	96
Unsecured Debt | Convertible Notes Payable Due October 2024 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 426	426
Unsecured Debt | Notes Payable Due March 2026 | Guarantor Subsidiaries
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 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.60%
Long-term debt	$ 535	517
Unsecured Debt | Notes Payable Due March 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 3,500	3,500
Unsecured Debt | Convertible Notes Payable Due December 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	5.80%
Long-term debt	$ 1,131	1,131
Unsecured Debt | Notes Payable Due May 2029 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6%
Long-term debt	$ 2,000	2,000
Unsecured Debt | Notes Payable Due June 2030 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	10.50%
Long-term debt	$ 1,000	1,000
Unsecured Debt | Floating Rate Bank Loan Due September 2024 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 300	590
Unsecured Debt | Floating Rate Bank Loan Due September 2024 | Guarantor Subsidiaries | LIBOR
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	3.80%
Unsecured Debt | Sterling-denominated Floating Rate Bank Loan Due February 2025 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 432	419
Unsecured Debt | Sterling-denominated Floating Rate Bank Loan Due February 2025 | Guarantor Subsidiaries | 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 March 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 749	827
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due March 2026 | Guarantor Subsidiaries | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	2.40%
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due March 2026 | Guarantor Subsidiaries | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	4%
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 617	1,246
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | Guarantor Subsidiaries | LIBOR | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.80%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 2,950	3,143
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	2.40%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.40%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 3,201	3,882
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.20%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (percentage)	0.80%
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due January 2036 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt	$ 3,582	2,592
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due January 2036 | Guarantor Subsidiaries | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1.10%
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due January 2036 | Guarantor Subsidiaries | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	3.40%
Unsecured Debt | Notes Payable Due October 2023 | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	7.20%
Long-term debt	$ 125	125
Unsecured Debt | Notes Payable Due January 2028 | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	6.70%
Long-term debt	$ 200	200
Unsecured Debt | Euro-denominated Notes Payable Due October 2029 | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (percent)	1%
Long-term debt	$ 642	$ 620

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	6 Months Ended
	May 31, 2023 USD ($) cruise_ship identity	Feb. 28, 2023 USD ($)	Nov. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total debt	$ 33,710		$ 34,546
Short-term borrowings	0		$ 200
Ships and ship improvements	37,100
Vessels and material intellectual property	23,300
Vessels and related assets	21,700
Debt instrument, convertible, equity component minimum threshold	5,000
Debt instrument, convertible, liquidity component minimum threshold	$ 1,500
Before May 31, 2023 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)	75%
May 31, 2024 testing date onwards
Debt Instrument [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (percent)	65%
Revolving credit facility
Debt Instrument [Line Items]
Available for borrowing	$ 2,900
New revolving facility
Debt Instrument [Line Items]
Debt instrument, convertible, liquidity component minimum threshold	$ 1,500
New revolving facility | May 31, 2025 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2
New revolving facility | November 30, 2025 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2.5
New revolving facility | February 28, 2026 testing date onwards
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	3
Export Credit Facility | May 31, 2025 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2
Export Credit Facility | November 30, 2025 testing date
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2.5
Export Credit Facility | February 28, 2026 testing date onwards
Debt Instrument [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	3
Secured | Costa Term Loan Facility
Debt Instrument [Line Items]
Total debt	$ 250
Export credit facility | Export Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount	200
Export credit facility | Export Credit Facility Due 2035
Debt Instrument [Line Items]
Debt instrument, face amount	800
Debt instrument, repaid of floating rate	1,000
Value of vessels subject to negative pledges	15,400
Export credit facility | Export Credit Facility Due 2036
Debt Instrument [Line Items]
Debt instrument, face amount	200
Unsecured Debt | Export Credit Facility
Debt Instrument [Line Items]
Debt instrument, convertible, liquidity component minimum threshold	1,500
Costa Crociere S.p.A | Secured | Costa Term Loan Facility
Debt Instrument [Line Items]
Total debt	$ 500
Carnival Bermuda (Holdings) Limited | Senior Priority Notes Due 2028
Debt Instrument [Line Items]
Number of unencumbered vessels | cruise_ship	12
Ships and ship improvements	$ 8,300
Changes in identity of vessels | identity	0
Carnival Bermuda (Holdings) Limited | Secured | Senior Priority Notes Due 2028
Debt Instrument [Line Items]
Total debt	$ 2,000
Carnival Bermuda II (Holdings) Limited | New revolving facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,100
Line of credit facility, current borrowing capacity	$ 3,000	$ 2,900
Number of unencumbered vessels | cruise_ship	3

Debt - Schedule of Annual Matur

Debt - Schedule of Annual Maturities of Debt (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 28, 2023	May 31, 2023
Debt Instrument [Line Items]
3Q 2023		$ 394
4Q 2023		431
2024		2,420
2025		4,297
2026		4,466
2027		5,700
Thereafter		16,803
Total		$ 34,511
Subsequent Event
Debt Instrument [Line Items]
Debt instrument, pre-paid amount	$ 300

Contingencies and Commitments -

Contingencies and Commitments - Narrative (Details) $ in Millions	Mar. 10, 2023 USD ($)	Jun. 28, 2023 USD ($)	May 31, 2023 USD ($) classAction	Dec. 30, 2022 USD ($)	Nov. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Loss contingency liability				$ 110
Loss contingency, fees and costs				$ 4
Amount awarded from jury	$ 21
Number of class actions, COVID-19 | classAction			11
Number of class actions dismissed or settled, COVID-19 | classAction			9
Customer deposits			$ 2,200		$ 1,700
Deposit assets			237		229
Escrow deposit			30		30
Restricted cash deposits			$ 18		$ 1,988
Subsequent Event
Loss Contingencies [Line Items]
Restricted cash deposits		$ 380

Contingencies and Commitments_2

Contingencies and Commitments - Schedule of New Ship Growth Capital Commitments (Details) $ in Millions	May 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 691
2024	2,416
2025	944
Thereafter	0
Total	$ 4,051

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	May 31, 2023	Nov. 30, 2022
Carrying Value
Liabilities
Total	$ 34,511	$ 35,615
Carrying Value | Fixed rate debt
Liabilities
Debt	24,298	23,542
Carrying Value | Floating rate debt
Liabilities
Debt	10,213	12,074
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	29,817	28,656
Fair Value | Level 2 | Fixed rate debt
Liabilities
Debt	21,005	18,620
Fair Value | Level 2 | Floating rate debt
Liabilities
Debt	8,812	10,036
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	May 31, 2023	Nov. 30, 2022
Assets
Derivative financial instruments	$ 21	$ 1
Liabilities
Derivative financial instruments	41	0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Cash and cash equivalents	4,468	4,029
Restricted cash	38	1,988
Total	4,507	6,016
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	0	0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2
Assets
Total	21	1
Liabilities
Total	41
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, assets
Assets
Derivative financial instruments	21	1
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	41	0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements, Deri_5

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 Narrative (Details) - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022
Fair Value Disclosures [Abstract]
Restricted cash (included in other assets)	$ 20	$ 20

Fair Value Measurements, Deri_6

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Valuation of Goodwill (Details) - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022
Goodwill [Line Items]
Goodwill	$ 579	$ 579
NAA
Goodwill [Line Items]
Goodwill	$ 579	$ 579

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Trademarks (Details) $ in Millions	6 Months Ended
	May 31, 2023 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	$ 1,151
Exchange movements	8
Trademarks, ending balance	1,158
NAA
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	927
Exchange movements	0
Trademarks, ending balance	927
Europe
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	224
Exchange movements	8
Trademarks, ending balance	$ 231

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	6 Months Ended
	May 31, 2023	Nov. 30, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 21	$ 1
Derivative liabilities	41	0
Cash flow hedging | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	69	89
Change in fair value of interest rate swap agreements	2,500
Cross currency swaps | Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	653
Derivatives designated as hedging instruments | Prepaid expenses and other | Cross currency swaps
Derivatives, Fair Value [Line Items]
Derivative assets	0	0
Derivatives designated as hedging instruments | Prepaid expenses and other | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	19	1
Derivatives designated as hedging instruments | Other assets | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	0	1
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative liabilities	41	0
Derivatives not designated as hedging instruments | Prepaid expenses and other | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1	$ 0

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022
Assets
Gross Amounts	$ 21	$ 1
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	21	1
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	21	1
Liabilities
Gross Amounts	41	0
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	41	0
Gross Amounts not Offset in the Balance Sheet	0	0
Net Amounts	$ 41	$ 0

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		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ (5)	$ 27	$ 9	$ 33
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	0	(11)	(4)	(20)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	(33)	6	(19)	9
Gains (losses) reclassified from AOCI, cash flow hedges	9	(1)	10	(1)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) reclassified from AOCI, cash flow hedges	0	1	1	1
Cross currency swaps, interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)	$ 3	$ 3	$ 4	$ 4

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		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Fair Value, Measurement Inputs, Disclosure [Line Items]
Change in foreign currency translation adjustment	$ (102)	$ 260	$ (99)	$ 246
Foreign currency contract commitments	3,500		3,500
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	432		432
Notional amount	653		653
Change in foreign currency translation adjustment	$ 20		$ 9

Segment Information - Narrative

Segment Information - Narrative (Details) - segment	6 Months Ended	12 Months Ended
	May 31, 2023	Nov. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments	4
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Percentage of guests		7%

Segment Information - Segment R

Segment Information - Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 4,911	$ 2,401	$ 9,343	$ 4,024
Operating costs and expenses	3,457	2,683	6,768	4,713
Selling and administrative	736	619	1,448	1,149
Depreciation and amortization	597	572	1,179	1,126
Operating Income (Loss)	120	(1,473)	(52)	(2,964)
NAA
Segment Reporting Information [Line Items]
Revenues	3,355	1,666	6,434	2,792
Operating costs and expenses	2,282	1,768	4,471	3,055
Selling and administrative	435	366	875	710
Depreciation and amortization	374	353	738	687
Operating Income (Loss)	265	(821)	351	(1,661)
Europe
Segment Reporting Information [Line Items]
Revenues	1,465	666	2,759	1,123
Operating costs and expenses	1,101	848	2,179	1,546
Selling and administrative	222	175	436	352
Depreciation and amortization	169	179	338	359
Operating Income (Loss)	(27)	(536)	(193)	(1,134)
Cruise Support
Segment Reporting Information [Line Items]
Revenues	55	40	106	73
Operating costs and expenses	29	26	55	54
Selling and administrative	71	71	124	75
Depreciation and amortization	48	35	90	68
Operating Income (Loss)	(93)	(92)	(162)	(126)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	35	29	44	37
Operating costs and expenses	45	41	64	57
Selling and administrative	8	6	14	12
Depreciation and amortization	7	6	13	11
Operating Income (Loss)	$ (25)	$ (24)	$ (47)	$ (44)

Segment Information - Geographi

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 4,911	$ 2,401	$ 9,343	$ 4,024
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	2,988	1,620	5,684	2,738
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,446	741	2,633	1,220
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	307	4	645	4
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 169	$ 35	$ 380	$ 61

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (407)	$ (1,834)	$ (1,100)	$ (3,726)
Weighted-average shares outstanding (in shares)	1,263	1,140	1,261	1,139
Dilutive effect of equity plans (in shares)	0	0	0	0
Diluted weighted-average shares outstanding (in shares)	1,263	1,140	1,261	1,139
Basic earnings per share (in dollars per share)	$ (0.32)	$ (1.61)	$ (0.87)	$ (3.27)
Diluted earnings per share (in dollars per share)	$ (0.32)	$ (1.61)	$ (0.87)	$ (3.27)

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	131	53	134	54
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	1	1	1	2
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)	130	52	134	52

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	May 31, 2023	Nov. 30, 2022	May 31, 2022	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 4,468	$ 4,029
Restricted cash (Consolidated Balance Sheets)	18	1,988
Restricted cash (included in other assets)	20	20
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 4,507	$ 6,037	$ 7,089	$ 8,976

Property and Equipment (Details

Property and Equipment (Details)	6 Months Ended
	May 31, 2023 passenger cruise_ship
Europe
Property, Plant and Equipment [Line Items]
Number of ships sold | cruise_ship	2
Capacity of ships sold | passenger	3,970
NAA
Property, Plant and Equipment [Line Items]
Number of ships sold | cruise_ship	1
Capacity of ships sold | passenger	460

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2023	May 31, 2022	May 31, 2023	May 31, 2022
Equity [Abstract]
Number of shares sold (in shares)	2.3	3.9	2.3	5.2
Number of shares repurchased (in shares)	2.3	3.9	2.3	5.2
Net proceeds from Stock Swap Program	$ 2	$ 6	$ 2	$ 8
Shares issued (in shares)	0.5	0.8	0.5	1.6
Average price of common stock sold (in dollars per share)	$ 9.83	$ 18.54	$ 9.83	$ 19.27
Consideration received	$ 5	$ 15	$ 5	$ 30