Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Aug. 31, 2013 | Sep. 23, 2013 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CCL | |
Entity Registrant Name | CARNIVAL CORP | |
Entity Central Index Key | 815097 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 591,922,738 | |
Carnival plc | ||
Trading Symbol | CUK | |
Entity Registrant Name | CARNIVAL PLC | |
Entity Central Index Key | 1125259 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 215,693,909 |
Carnival_Corporation_Plc_Conso
Carnival Corporation & Plc Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Cruise | ||||
Passenger tickets | $3,598 | $3,561 | $8,951 | $9,000 |
Onboard and other | 987 | 965 | 2,670 | 2,618 |
Tour and other | 141 | 158 | 177 | 186 |
Revenues | 4,726 | 4,684 | 11,798 | 11,804 |
Cruise | ||||
Commissions, transportation and other | 654 | 613 | 1,777 | 1,793 |
Onboard and other | 144 | 150 | 385 | 404 |
Fuel | 544 | 541 | 1,659 | 1,778 |
Payroll and related | 464 | 422 | 1,378 | 1,299 |
Food | 259 | 246 | 740 | 722 |
Other ship operating | 769 | 534 | 1,951 | 1,647 |
Tour and other | 83 | 91 | 113 | 126 |
Operating expenses | 2,917 | 2,597 | 8,003 | 7,769 |
Selling and administrative | 439 | 409 | 1,347 | 1,261 |
Depreciation and amortization | 406 | 383 | 1,186 | 1,135 |
Ibero goodwill and trademark impairment charges | 13 | 0 | 13 | 173 |
Costs and Expenses | 3,775 | 3,389 | 10,549 | 10,338 |
Operating income | 951 | 1,295 | 1,249 | 1,466 |
Nonoperating (Expense) Income | ||||
Interest income | 2 | 2 | 7 | 8 |
Interest expense, net of capitalized interest | -76 | -84 | -237 | -259 |
Unrealized gains on fuel derivatives, net | 64 | 136 | 5 | 12 |
Realized losses on fuel derivatives | 0 | -12 | 0 | -12 |
Other expense, net | -6 | -1 | -9 | -6 |
Nonoperating (Expense) Income, Total | -16 | 41 | -234 | -257 |
Income Before Income Taxes | 935 | 1,336 | 1,015 | 1,209 |
Income Tax Expense, Net | -1 | -6 | -3 | -4 |
Net Income | $934 | $1,330 | $1,012 | $1,205 |
Earnings Per Share | ||||
Basic (USD per share) | $1.20 | $1.71 | $1.31 | $1.55 |
Diluted (USD per share) | $1.20 | $1.71 | $1.30 | $1.55 |
Dividends Declared Per Share (USD per share) | $0.25 | $0.25 | $0.75 | $0.75 |
Carnival_Corporation_Plc_Conso1
Carnival Corporation & Plc Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $934 | $1,330 | $1,012 | $1,205 |
Items Included in Other Comprehensive Income (Loss) | ||||
Change in foreign currency translation adjustment | 211 | 85 | -69 | -218 |
Other | 11 | 2 | 25 | -7 |
Other Comprehensive Income (Loss) | 222 | 87 | -44 | -225 |
Total Comprehensive Income | $1,156 | $1,417 | $968 | $980 |
Carnival_Corporation_Plc_Conso2
Carnival Corporation & Plc Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $981 | $465 |
Trade and other receivables, net | 444 | 270 |
Insurance recoverables | 450 | 460 |
Inventories | 388 | 390 |
Prepaid expenses and other | 371 | 236 |
Total current assets | 2,634 | 1,821 |
Property and Equipment, Net | 32,498 | 32,137 |
Goodwill | 3,160 | 3,174 |
Other Intangibles | 1,278 | 1,314 |
Other Assets | 823 | 715 |
Total assets | 40,393 | 39,161 |
Current Liabilities | ||
Short-term borrowings | 196 | 56 |
Current portion of long-term debt | 2,030 | 1,678 |
Accounts payable | 601 | 549 |
Dividends payable | 194 | 583 |
Claims reserve | 558 | 553 |
Accrued liabilities and other | 929 | 845 |
Customer deposits | 2,980 | 3,076 |
Total current liabilities | 7,488 | 7,340 |
Long-Term Debt | 7,792 | 7,168 |
Other Long-Term Liabilities | 853 | 724 |
Contingencies | ||
Shareholders' Equity | ||
Additional paid-in capital | 8,312 | 8,252 |
Retained earnings | 18,911 | 18,479 |
Accumulated other comprehensive loss | -251 | -207 |
Treasury stock, 59 shares at 2013 and 55 shares at 2012 of Carnival Corporation and 32 shares at 2013 and 33 shares at 2012 of Carnival plc, at cost | -3,077 | -2,958 |
Total shareholders' equity | 24,260 | 23,929 |
Liabilities and Equity, Total | 40,393 | 39,161 |
Common Stock | ||
Shareholders' Equity | ||
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 651 shares at 2013 and 649 shares at 2012 issued; Ordinary shares of Carnival plc, $1.66 par value; 216 shares at 2013 and 215 shares at 2012 issued | 7 | 6 |
Ordinary Shares | ||
Shareholders' Equity | ||
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 651 shares at 2013 and 649 shares at 2012 issued; Ordinary shares of Carnival plc, $1.66 par value; 216 shares at 2013 and 215 shares at 2012 issued | $358 | $357 |
Carnival_Corporation_Plc_Conso3
Carnival Corporation & Plc Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Common Stock | ||
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,960 | 1,960 |
Common stock, shares issued | 651 | 649 |
Treasury stock, shares | 59 | 55 |
Ordinary Shares | ||
Common stock, par value (USD per share) | $1.66 | $1.66 |
Common stock, shares issued | 216 | 215 |
Treasury stock, shares | 32 | 33 |
Carnival_Corporation_Plc_Conso4
Carnival Corporation & Plc Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
OPERATING ACTIVITIES | ||
Net income | $1,012 | $1,205 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,186 | 1,135 |
Losses on ship sales including impairments, net | 163 | 36 |
Goodwill, trademark and other impairment charges | 27 | 173 |
Unrealized gains on fuel derivatives, net | -5 | -12 |
Realized losses on fuel derivatives | 0 | 12 |
Share-based compensation | 32 | 30 |
Other, net | 26 | 2 |
Changes in operating assets and liabilities | ||
Receivables | -172 | -54 |
Inventories | 1 | 7 |
Insurance recoverables, prepaid expenses and other | 277 | 34 |
Accounts payable | 50 | -4 |
Claims reserves, accrued and other liabilities | -132 | -103 |
Customer deposits | -106 | 15 |
Net cash provided by operating activities | 2,359 | 2,476 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | -1,812 | -2,164 |
Insurance proceeds for the ship | 0 | 508 |
Proceeds from sale of ships | 70 | 46 |
Other, net | -65 | 10 |
Net cash used in investing activities | -1,807 | -1,600 |
FINANCING ACTIVITIES | ||
Proceeds from (repayments of) short-term borrowings, net | 142 | -270 |
Principal Repayments of Long-term Debt | -942 | -753 |
Proceeds from issuance of long-term debt | 1,837 | 946 |
Dividends paid | -970 | -584 |
Purchases of treasury stock | -138 | -69 |
Sales of treasury stock | 35 | 0 |
Other, net | 7 | -7 |
Net cash used in financing activities | -29 | -737 |
Effect of exchange rate changes on cash and cash equivalents | -7 | -21 |
Net increase in cash and cash equivalents | 516 | 118 |
Cash and cash equivalents at beginning of period | 465 | 450 |
Cash and cash equivalents at end of period | $981 | $568 |
General
General | 9 Months Ended |
Aug. 31, 2013 | |
Text Block [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.” | |
The Consolidated Balance Sheet at August 31, 2013, the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2013 and 2012 and the Consolidated Statements of Cash Flows for the nine months ended August 31, 2013 and 2012 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation. 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 2012 joint Annual Report on Form 10-K ("Form 10-K"). Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. | |
Cruise passenger ticket revenues include fees and taxes levied by governmental authorities and collected by us from our guests. The portion of these fees and taxes included in passenger ticket revenues and commissions, transportation and other costs were $140 million and $126 million and $395 million and $364 million for the three and nine months ended August 31, 2013 and 2012, respectively. | |
During the three and nine months ended August 31, 2013 and 2012, repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were [$216 million] and [$170 million] and [$680 million] and [$602 million], respectively, and are substantially all included in other ship operating expenses. |
Debt
Debt | 9 Months Ended |
Aug. 31, 2013 | |
Text Block [Abstract] | |
Debt | Unsecured Debt |
At August 31, 2013, our short-term borrowings consisted of commercial paper of $104 million and euro bank loans of $92 million, with an aggregate weighted-average interest rate of 1.0%. | |
In December 2012, we issued $500 million of publicly-traded notes, which bear interest at 1.9% and are due in December 2017. We used the net proceeds of these notes for general corporate purposes. | |
In February 2013, we issued $500 million of publicly-traded notes, which bear interest at 1.2% and are due in February 2016. The proceeds were used to repay a like amount of floating rate export credit facilities prior to their maturity dates through 2022. | |
In March 2013, we borrowed $311 million under a euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAstella's purchase price. This floating rate facility is due in semi-annual installments through March 2025. | |
In May 2013, we borrowed $526 million under an export credit facility, the proceeds of which were used to pay for a portion of Royal Princess' purchase price. This floating rate facility is due in semi-annual installments through May 2025. | |
In July 2013, we entered into a five-year $150 million floating rate bank loan, which is due in November 2018. We plan to borrow under this loan in November 2013 and to use the proceeds for general corporate purposes. | |
In August 2013, we entered into a $265 million euro-denominated floating rate revolving bank loan facility. This facility has a perpetual term, although we can terminate it at any time and the bank can terminate the facility at any time upon nine months notice. The facility can be drawn beginning in May 2014. | |
In September 2013, we entered into a seven-year $300 million floating rate revolver, which expires in September 2020 and provides us with additional liquidity. |
Contingencies
Contingencies | 9 Months Ended |
Aug. 31, 2013 | |
Text Block [Abstract] | |
Contingencies | Contingencies |
Litigation | |
As a result of the January 2012 Costa Concordia incident (“2012 Ship Incident”), litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury, loss of life, loss of or damage to personal property, business interruption losses or environmental damage to any affected coastal waters and the surrounding areas, have been and may be asserted or brought against various parties, including us. The existing assertions are in their early stages and there are significant jurisdictional uncertainties. The ultimate outcome of these matters cannot be determined at this time. However, we do not expect these matters to have a significant impact on our results of operations because we have insurance coverage for these types of third-party claims. | |
Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. | |
Contingent Obligations – Lease Out and Lease Back Type (“LILO”) Transactions | |
At August 31, 2013, Carnival Corporation had estimated contingent obligations totaling $413 million, excluding termination payments as discussed below, to participants in LILO transactions for two of its ships. At the inception of these leases, the aggregate of the net present value of these obligations was paid by Carnival Corporation to a group of major financial institutions, who agreed to act as payment undertakers and directly pay these obligations. As a result, these contingent obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our Consolidated Balance Sheets. | |
In the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants, we estimate that we would, as of August 31, 2013, be responsible for a termination payment of $33 million. In 2017, we have the right to exercise options that would terminate these LILO transactions at no cost to us. | |
In certain cases, if the credit ratings of the financial institutions who are directly paying the contingent obligations fall below AA-, then Carnival Corporation will be required to replace these financial institutions with other financial institutions whose credit ratings are at least AA or meet other specified credit requirements. In such circumstances, we would incur additional costs, although we estimate that they would not be material to our consolidated financial statements. For the two financial institution payment undertakers subject to this AA- credit rating threshold, one has a credit rating of AA and the other has a credit rating of AA-. If Carnival Corporation’s credit rating, which is BBB+, falls below BBB, it will be required to provide a standby letter of credit for $39 million, or, alternatively, provide mortgages for this aggregate amount on these two ships. | |
Contingent Obligations – Indemnifications | |
Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes and changes in laws that increase lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. 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 not been required to make any material payments under such indemnification clauses in the past and, under current circumstances, we do not believe a request for material future indemnification payments is probable. |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements, Derivative Instruments and Hedging Activities | Fair Value Measurements, Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||||||||||
• | 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. | ||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent and knowledgeable market participants at the measurement date. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the asset or liability at the measurement date. | |||||||||||||||||||||||||
The fair value measurement of a financial asset or financial liability must reflect the nonperformance risk of the counterparty and us. Therefore, the impact of our counterparty’s creditworthiness was considered when in an asset position, and our creditworthiness was considered when in a liability position in the fair value measurement of our financial instruments. Creditworthiness did not have a significant impact on the fair values of our financial instruments at August 31, 2013 and November 30, 2012. Both the counterparties and we are expected to continue to perform under the contractual terms of the instruments. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair values 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 | |||||||||||||||||||||||||
The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions): | |||||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Value | Level 1 | Level 2 | Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 442 | $ | 442 | $ | — | $ | 269 | $ | 269 | $ | — | |||||||||||||
Short-term investments (b) | 66 | 66 | — | — | — | — | |||||||||||||||||||
Long-term other assets (c) | 66 | 1 | 62 | 39 | 1 | 36 | |||||||||||||||||||
Total | $ | 574 | $ | 509 | $ | 62 | $ | 308 | $ | 270 | $ | 36 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Fixed rate debt (d) | $ | 5,968 | $ | — | $ | 6,308 | $ | 5,195 | $ | — | $ | 5,825 | |||||||||||||
Floating rate debt (d) | 4,050 | — | 4,034 | 3,707 | — | 3,706 | |||||||||||||||||||
Total | $ | 10,018 | $ | — | $ | 10,342 | $ | 8,902 | $ | — | $ | 9,531 | |||||||||||||
(a) | Cash and cash equivalents are comprised of cash on hand and time deposits and, due to their short maturities, the carrying values approximate their fair values. | ||||||||||||||||||||||||
(b) | Short-term investments are comprised of time deposits and, due to their short maturities, the carrying values approximate their fair values. | ||||||||||||||||||||||||
(c) | At August 31, 2013 and November 30, 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. | ||||||||||||||||||||||||
(d) | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at August 31, 2013 and November 30, 2012 being lower than the fixed interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. At August 31, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at August 31, 2013 being slightly higher than the floating interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. 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. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. | ||||||||||||||||||||||||
Financial Instruments that are Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions): | |||||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash equivalents (a) | $ | 539 | $ | — | $ | 196 | $ | — | |||||||||||||||||
Restricted cash (b) | 30 | — | 28 | — | |||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 107 | 10 | 104 | 16 | |||||||||||||||||||||
Derivative financial instruments (d) | — | 51 | — | 48 | |||||||||||||||||||||
Total | $ | 676 | $ | 61 | $ | 328 | $ | 64 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 33 | $ | — | $ | 43 | |||||||||||||||||
Total | $ | — | $ | 33 | $ | — | $ | 43 | |||||||||||||||||
(a) | Cash equivalents are comprised of money market funds. | ||||||||||||||||||||||||
(b) | Restricted cash is substantially all comprised of money market funds. | ||||||||||||||||||||||||
(c) | Level 1 and 2 marketable securities are held in rabbi trusts and are principally comprised of frequently-priced mutual funds invested in common stocks and other investments, respectively. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. | ||||||||||||||||||||||||
(d) | See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments. | ||||||||||||||||||||||||
We measure our derivatives using valuations that are calibrated to the initial trade prices. Subsequent valuations are based on observable inputs and other variables included in the valuation models such as interest rate, yield and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities and netting arrangements. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and fuel derivatives using observable market data for all significant inputs and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated, but not compelled to transact. We also corroborate our fair value estimates using valuations provided by our counterparties. | |||||||||||||||||||||||||
Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||
Ship Impairments | |||||||||||||||||||||||||
Due to the ongoing challenging economic environment in Europe and certain ship-specific facts and circumstances, such as their size, age, condition, viable alternative itineraries and historical operating cash flows, we performed undiscounted future cash flow analyses on all of our Ibero Cruises ("Ibero") ships and two of our smaller Costa Cruises ("Costa") ships as of July 31, 2013 to determine if these ships were impaired. The principal assumptions used in our undiscounted cash flow analyses consisted of forecasted future operating results, including net revenue yields and net cruise costs including fuel prices, estimated residual values and the expected November 2013 rebranding of Ibero's Grand Mistral into the Costa fleet, which are all considered Level 3 inputs. Based on these undiscounted cash flow analyses, we determined that the net carrying value of the two Costa ships exceeded their estimated undiscounted future cash flows. Accordingly, we then estimated the July 31, 2013 fair value of these ships based on their discounted future cash flows and compared this estimated fair value to their net carrying value. As a result, we recognized $176 million of ship impairment charges in other ship operating expenses during the three months ended August 31, 2013. | |||||||||||||||||||||||||
Valuation of Goodwill and Other Intangibles | |||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and Europe, Australia and Asia ("EAA") cruise brands, was as follows (in millions): | |||||||||||||||||||||||||
North America | EAA | Total | |||||||||||||||||||||||
Cruise Brands | Cruise Brands | ||||||||||||||||||||||||
Balance at November 30, 2012 | $ | 1,898 | $ | 1,276 | $ | 3,174 | |||||||||||||||||||
Foreign currency translation adjustment | — | (14 | ) | (14 | ) | ||||||||||||||||||||
Balance at August 31, 2013 | $ | 1,898 | $ | 1,262 | $ | 3,160 | |||||||||||||||||||
At July 31, 2013, all of our cruise brands carried goodwill, except for Ibero and Seabourn. As of that date, we performed our annual goodwill impairment reviews, which included performing a qualitative assessment for all cruise brands that carried goodwill, except for Carnival Cruise Lines and Costa. Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the weighted-average cost of capital (“WACC”), overall financial performance, changes in fuel prices and capital expenditures were considered in the qualitative assessment to determine how changes in these factors would affect each of these cruise brands' estimated fair values. Based on our qualitative assessments, we determined it was more-likely-than-not that each of these cruise brands' estimated fair values exceeded their carrying values and, therefore, we did not proceed to the two-step quantitative goodwill impairment reviews. | |||||||||||||||||||||||||
As of July 31, 2013, we also performed our annual goodwill impairment reviews of Carnival Cruise Lines' and Costa's goodwill. We did not perform a qualitative assessment but instead proceeded directly to step one of the two-step goodwill impairment review and compared each of Carnival Cruise Lines' and Costa's estimated fair value to the carrying value of their allocated net assets. Both Carnival Cruise Lines' and Costa's estimated cruise brand fair value was based on a discounted future cash flow analysis. The principal assumptions used in our cash flow analyses consisted of forecasted future operating results, including net revenue yields and net cruise costs including fuel prices, capacity changes, including the expected deployment of vessels into, or out of, Carnival Cruise Lines and Costa, capital expenditures, WACC for comparable publicly-traded companies, adjusted for the risk attributable to the geographic regions in which Carnival Cruise Lines and Costa operate, and terminal values, which are all considered Level 3 inputs. The forecasted net revenue yields were assumed to recover over the next few years compared to current levels as we continue to rebuild both of these brands. Based on the discounted cash flow analyses, we determined that each of Carnival Cruise Lines' and Costa's estimated fair value significantly exceeded their carrying value and, therefore, we did not proceed to step two of the impairment reviews. | |||||||||||||||||||||||||
At August 31, 2013, accumulated goodwill impairment charges were $153 million, which was for our 2012 Ibero goodwill impairment charge. | |||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions): | |||||||||||||||||||||||||
North America | EAA | Total | |||||||||||||||||||||||
Cruise Brands | Cruise Brands | ||||||||||||||||||||||||
Balance at November 30, 2012 | $ | 927 | $ | 372 | $ | 1,299 | |||||||||||||||||||
Ibero trademarks impairment charge | — | (13 | ) | (13 | ) | ||||||||||||||||||||
Foreign currency translation adjustment | — | (13 | ) | (13 | ) | ||||||||||||||||||||
Balance at August 31, 2013 | $ | 927 | $ | 346 | $ | 1,273 | |||||||||||||||||||
At July 31, 2013, our cruise brands that have significant trademarks recorded include AIDA Cruises ("AIDA"), P&O Cruises (Australia), P&O Cruises (UK) and Princess Cruises ("Princess"). We performed our annual trademark impairment reviews for these cruise brands as of July 31, 2013, which included performing a qualitative assessment. Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the WACC, changes in royalty rates and overall financial performance were considered in the qualitative assessment to determine how changes in these factors would affect the estimated fair values for each of our cruise brands' recorded trademarks. Based on our qualitative assessments, we determined it was more likely-than-not that the estimated fair value for each of these cruise brands' recorded trademarks exceeded their carrying value, and therefore, none of these trademarks were impaired. | |||||||||||||||||||||||||
During the three months ended August 31, 2013, we also recognized $27 million of additional impairment charges, which was comprised of $13 million related to Ibero's remaining trademarks' carrying value and $14 million related to an investment. | |||||||||||||||||||||||||
At August 31, 2013 and November 30, 2012, our intangible assets subject to amortization are not significant to our consolidated financial statements. | |||||||||||||||||||||||||
The determination of our cruise brand, cruise ship and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. We believe that we have made reasonable estimates and judgments in determining whether our goodwill, cruise ships and trademarks have been impaired. However, if there is a change in assumptions used or if there is a change in the conditions or circumstances influencing fair values in the future, then we may need to recognize an impairment charge. | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | |||||||||||||||||||||||||
We utilize derivative and nonderivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of fixed and floating rate debt. In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future cash flows attributable to potential fuel price increases, which we define as our “economic risk.” Our policy is to not use any financial instruments for trading or other speculative purposes. | |||||||||||||||||||||||||
All derivatives are recorded at fair value. The changes in fair value are recognized currently in earnings if the derivatives do not qualify as effective hedges, or if we do not seek to qualify for hedge accounting treatment, such as for our fuel derivatives. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of accumulated other comprehensive income ("AOCI") until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a nonderivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the fair value of the financial instrument are recognized as a component of AOCI to offset a portion of the change in the translated value of the net investment being hedged, until the investment is sold or liquidated. We formally document hedging relationships for all derivative and nonderivative hedges and the underlying hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions. | |||||||||||||||||||||||||
We classify the fair values of all our derivative contracts as either current or long-term, depending on whether the maturity date of the derivative contract is within or beyond one year from the balance sheet date. The cash flows from derivatives treated as hedges are classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged. Our cash flows related to fuel derivatives are classified within investing activities. | |||||||||||||||||||||||||
The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions): | |||||||||||||||||||||||||
August 31, | November 30, | ||||||||||||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Net investment hedges (a) | Prepaid expenses and other | $ | 1 | $ | 1 | ||||||||||||||||||||
Other assets – long-term | 4 | 6 | |||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | — | 11 | ||||||||||||||||||||||
Other assets – long-term | 14 | 5 | |||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | — | ||||||||||||||||||||||
Other assets – long-term | 10 | — | |||||||||||||||||||||||
30 | 23 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 13 | — | ||||||||||||||||||||||
Other assets – long-term | 8 | 25 | |||||||||||||||||||||||
21 | 25 | ||||||||||||||||||||||||
Total derivative assets | $ | 51 | $ | 48 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | $ | 10 | $ | 7 | ||||||||||||||||||||
Other long-term liabilities | 13 | 17 | |||||||||||||||||||||||
23 | 24 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Fuel (d) | Accrued liabilities and other | 1 | 16 | ||||||||||||||||||||||
Other long-term liabilities | 9 | 3 | |||||||||||||||||||||||
10 | 19 | ||||||||||||||||||||||||
Total derivative liabilities | $ | 33 | $ | 43 | |||||||||||||||||||||
(a) | At August 31, 2013 and November 30, 2012, we had foreign currency forwards totaling $115 million and $235 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2013, these outstanding foreign currency forwards mature through July 2017. | ||||||||||||||||||||||||
(b) | At August 31, 2013 and November 30, 2012, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. | ||||||||||||||||||||||||
(c) | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At August 31, 2013 and November 30, 2012, these interest rate swap agreements have or will effectively change $885 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate debt. These interest rate swaps settle through March 2025. In addition, at August 31, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | ||||||||||||||||||||||||
(d) | At August 31, 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2017. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2012, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2016. | ||||||||||||||||||||||||
The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): | |||||||||||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net investment hedges | $ | (2 | ) | $ | (2 | ) | $ | (4 | ) | $ | 53 | ||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) | $ | 3 | $ | 6 | $ | 3 | ||||||||||||||||
Interest rate swaps – cash flow hedges | $ | 10 | $ | (1 | ) | $ | 13 | $ | (11 | ) | |||||||||||||||
There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our fuel derivative counterparty agreements. These provisions require interest-bearing, non-restricted cash to be posted or received as collateral to the extent the fuel derivative fair value payable to or receivable from an individual counterparty, respectively, exceeds $100 million. At August 31, 2013 and November 30, 2012, no collateral was required to be posted to or received from our fuel derivative counterparties. | |||||||||||||||||||||||||
The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of August 31, 2013 and November 30, 2012 and for the three and nine months ended August 31, 2013 and 2012 where such impacts were not significant. | |||||||||||||||||||||||||
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 nonderivative financial instruments. Our primary focus is to manage the economic foreign currency exchange risks faced by our operations, which are the ultimate foreign currency exchange risks that would be realized by us if we exchanged one currency for another, and not accounting risks. Accordingly, we do not currently hedge foreign currency exchange accounting risks with derivative financial instruments. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged. | |||||||||||||||||||||||||
Operational and Investment Currency Risks | |||||||||||||||||||||||||
Our European and Australian cruise brands subject us to foreign currency translation risk related to the euro, sterling and Australian dollar because these brands generate significant revenues and incur significant expenses in euro, sterling or the Australian dollar. Accordingly, exchange rate fluctuations of the euro, sterling and Australian dollar against the U.S. dollar will affect our reported financial results since the reporting currency for our consolidated financial statements is the U.S. dollar. Any strengthening of the U.S. dollar against these foreign currencies has the financial statement effect of decreasing the U.S. dollar values reported for cruise revenues and expenses. Any weakening of the U.S. dollar has the opposite effect. | |||||||||||||||||||||||||
Most of our brands also have non-functional currency risk related to their international sales operations, which has become an increasingly larger part of most of their businesses over time, and primarily includes the euro, sterling and Australian, Canadian and U.S. dollars. In addition, all of our brands have non-functional currency expenses for a portion of their operating expenses. Accordingly, these brands’ revenues and expenses in non-functional currencies create some degree of natural offset for recognized transactional currency gains and losses due to currency exchange movements. | |||||||||||||||||||||||||
We consider our investments in foreign operations to be denominated in relatively stable currencies and of a long-term nature. We partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies, principally sterling. At August 31, 2013 and November 30, 2012, we have designated $1.9 billion and $1.8 billion, respectively, of our foreign currency intercompany payables as nonderivative hedges of our net investments in foreign operations. Accordingly, we have included $327 million and $243 million of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component of AOCI at August 31, 2013 and November 30, 2012, respectively, which offsets a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During the three and nine months ended August 31, 2013 and 2012, we recognized foreign currency nonderivative transaction (losses) and gains of $(22) million ($2 million in 2012) and $83 million ($69 million in 2012), respectively, in the cumulative translation adjustment component of AOCI. | |||||||||||||||||||||||||
Newbuild Currency Risks | |||||||||||||||||||||||||
Our shipbuilding contracts are typically denominated in euros. Our decisions regarding whether or not to hedge a non-functional currency ship commitment for our cruise brands are made on a case-by-case basis, taking into consideration the amount and duration of the exposure, market volatility, currency exchange rate correlation, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts and have used nonderivative financial instruments to manage foreign currency exchange rate risk for some of our ship construction payments. | |||||||||||||||||||||||||
In July 2012, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of P&O Cruises (UK)'s Britannia’s euro-denominated shipyard payments. These collars mature in February 2015 at a weighted-average ceiling rate of £0.83 to the euro, or $284 million, and a weighted-average floor rate of £0.77 to the euro, or $264 million. If the spot rate is between these two rates on the date of maturity, then we would not owe or receive any payments under these collars. | |||||||||||||||||||||||||
In May 2013, we settled our foreign currency zero cost collars that were designated as cash flow hedges for the final euro-denominated shipyard payments of Royal Princess prior to their maturity date, which resulted in an insignificant gain being recognized in other comprehensive income (loss) during the second quarter of 2013. Concurrently with the settlement of these foreign currency zero cost collars, we entered into foreign currency forwards for $552 million that were also designated as cash flow hedges for the final euro-denominated shipyard payments of Royal Princess due in May 2013. These foreign currency forwards settled in May 2013, and we recognized a $6 million gain in other comprehensive income (loss) during the second quarter of 2013. | |||||||||||||||||||||||||
At August 31, 2013, substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild construction payments for Regal Princess and a portion of Britannia, which represent a total commitment of $1.0 billion. | |||||||||||||||||||||||||
The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ or the shipyards’ functional currency is expected to be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our desire to order new cruise ships. | |||||||||||||||||||||||||
Interest Rate Risks | |||||||||||||||||||||||||
We manage our exposure to fluctuations in interest rates through our investment and debt portfolio management strategies. These strategies include purchasing high quality short-term investments with floating interest rates, and evaluating our debt portfolio as to 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 or the early retirement of existing debt. At August 31, 2013, 57% and 43% (61% and 39% at November 30, 2012 ) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps. | |||||||||||||||||||||||||
Fuel Price Risks | |||||||||||||||||||||||||
Our exposure to market risk for changes in fuel prices substantially all relate to the consumption of fuel on our ships. We use our fuel derivatives program to mitigate a portion of our economic risk attributable to potential fuel price increases. We designed our fuel derivatives program to maximize operational flexibility by utilizing derivative markets with significant trading liquidity and our program currently consists of zero cost collars on Brent. | |||||||||||||||||||||||||
All of our derivatives are based on Brent prices whereas the actual fuel used on our ships is marine fuel. Changes in the Brent prices may not show a high degree of correlation with changes in our underlying marine fuel prices. We will not realize any economic gain or loss upon the monthly maturities of our zero cost collars unless the average monthly price of Brent is above the ceiling price or below the floor price. We believe that these derivatives will act as economic hedges, however hedge accounting is not applied. As part of our fuel derivatives program, we will continue to evaluate various derivative products and strategies. Accordingly, during the second quarter of 2013 we reduced the spread between the floor and ceiling prices for certain of our fuel derivatives that mature in 2014 and 2015. | |||||||||||||||||||||||||
At August 31, 2013, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows: | |||||||||||||||||||||||||
Maturities (a) | Transaction | Barrels | Weighted-Average | Weighted-Average | Percent of Estimated | ||||||||||||||||||||
Dates | (in thousands) | Floor Prices | Ceiling Prices | Fuel Consumption | |||||||||||||||||||||
Covered | |||||||||||||||||||||||||
Fiscal 2013 - Q4 | |||||||||||||||||||||||||
November 2011 | 528 | $ | 74 | $ | 132 | ||||||||||||||||||||
Feb-12 | 528 | $ | 98 | $ | 127 | ||||||||||||||||||||
Mar-12 | 1,056 | $ | 100 | $ | 130 | ||||||||||||||||||||
2,112 | 42% | ||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||
November 2011 | 2,112 | $ | 85 | $ | 114 | ||||||||||||||||||||
Feb-12 | 2,112 | $ | 88 | $ | 125 | ||||||||||||||||||||
Jun-12 | 2,376 | $ | 71 | $ | 116 | ||||||||||||||||||||
May-13 | 1,728 | $ | 85 | $ | 108 | ||||||||||||||||||||
8,328 | 42% | ||||||||||||||||||||||||
Fiscal 2015 | |||||||||||||||||||||||||
November 2011 | 2,160 | $ | 80 | $ | 114 | ||||||||||||||||||||
Feb-12 | 2,160 | $ | 80 | $ | 125 | ||||||||||||||||||||
Jun-12 | 1,236 | $ | 74 | $ | 110 | ||||||||||||||||||||
Apr-13 | 1,044 | $ | 80 | $ | 111 | ||||||||||||||||||||
May-13 | 1,884 | $ | 80 | $ | 110 | ||||||||||||||||||||
8,484 | 42% | ||||||||||||||||||||||||
Fiscal 2016 | |||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | ||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | ||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | ||||||||||||||||||||
8,724 | 43% | ||||||||||||||||||||||||
Fiscal 2017 | |||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | ||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | ||||||||||||||||||||
5,304 | 26% | ||||||||||||||||||||||||
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods. | ||||||||||||||||||||||||
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. Our maximum exposure under foreign currency and fuel derivative contracts and interest rate swap agreements that are in-the-money, which were [not] significant at August 31, 2013, is the replacement cost, net of any collateral received, in the event of nonperformance by the counterparties to the contracts, all of which are currently our lending banks. We seek to minimize credit risk exposure, including counterparty nonperformance primarily associated with our cash equivalents, investments, committed financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by normally conducting business with large, well-established financial institutions, insurance companies and export credit agencies, and by diversifying our counterparties. In addition, we have guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk. We normally do require collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards. We currently believe the risk of nonperformance by any of our significant counterparties is remote. | |||||||||||||||||||||||||
We also monitor the creditworthiness of travel agencies and tour operators in Europe and credit card providers to which we extend credit in the normal course of our business. Our credit exposure includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in most of Europe where we are obligated to extend credit in a like amount to these guests even if we do not receive payment from the travel agents or tour operators. Concentrations of credit risk associated with these receivables and contingent obligations are not considered to be material, primarily due to the large number of unrelated accounts within our customer base, the amount of these contingent obligations and their short maturities. We have experienced only minimal credit losses on our trade receivables and related contingent obligations. We do not normally require collateral or other security to support normal credit sales. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||
We have three reportable cruise segments that are comprised of our (1) North America cruise brands, (2) EAA cruise brands and (3) Cruise Support. In addition, we have a Tour and Other segment. Our segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. Decisions to allocate resources and assess performance for Carnival Corporation & plc are made by the CODM upon review of the segment results across all of our cruise brands and other segments. | ||||||||||||||||||||||||
Our North America cruise segment includes Carnival Cruise Lines, Holland America Line, Princess and Seabourn. Our EAA cruise segment includes AIDA, Costa, Cunard, Ibero, P&O Cruises (Australia) and P&O Cruises (UK). These individual cruise brand operating segments have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, maintenance requirements, supporting systems and processes and products and services they provide. Our Cruise Support segment represents certain of our port and related facilities and other corporate-wide services that are provided for the benefit of our cruise brands. Our Tour and Other segment represented the hotel and transportation operations of Holland America Princess Alaska Tours and two of our ships that we chartered to an unaffiliated entity. In April 2013, we sold one of these chartered ships to the unaffiliated entity and recognized a $15 million gain as a reduction of Tour and Other operating expenses. | ||||||||||||||||||||||||
Selected information for our Cruise and Tour and Other segments was as follows (in millions): | ||||||||||||||||||||||||
Three Months Ended August 31, | ||||||||||||||||||||||||
Revenues | Operating | Selling and | Depreciation | Ibero impairment charges | Operating | |||||||||||||||||||
expenses | administrative | and | income (loss) | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 2,975 | $ | 1,820 | $ | 248 | $ | 235 | $ | — | $ | 672 | ||||||||||||
EAA Cruise Brands | 1,704 | 1,133 | (b) | 163 | 156 | 13 | 239 | |||||||||||||||||
Cruise Support | 23 | (2 | ) | 25 | 7 | — | (7 | ) | ||||||||||||||||
Tour and Other (a) | 141 | 83 | 3 | 8 | — | 47 | ||||||||||||||||||
Intersegment elimination (a) | (117 | ) | (117 | ) | — | — | — | — | ||||||||||||||||
$ | 4,726 | $ | 2,917 | $ | 439 | $ | 406 | $ | 13 | $ | 951 | |||||||||||||
2012 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 2,934 | $ | 1,642 | $ | 231 | $ | 227 | $ | — | $ | 834 | ||||||||||||
EAA Cruise Brands | 1,657 | 956 | 153 | 140 | — | 408 | ||||||||||||||||||
Cruise Support | 22 | (5 | ) | 23 | 6 | — | (2 | ) | ||||||||||||||||
Tour and Other (a) | 158 | 91 | 2 | 10 | — | 55 | ||||||||||||||||||
Intersegment elimination (a) | (87 | ) | (87 | ) | — | — | — | — | ||||||||||||||||
$ | 4,684 | $ | 2,597 | $ | 409 | $ | 383 | $ | — | $ | 1,295 | |||||||||||||
Nine Months Ended August 31, | ||||||||||||||||||||||||
Revenues | Operating | Selling and | Depreciation | Ibero impairment charges | Operating | |||||||||||||||||||
expenses | administrative | and | income (loss) | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 7,212 | $ | 4,837 | $ | 762 | $ | 691 | $ | — | $ | 922 | ||||||||||||
EAA Cruise Brands | 4,464 | 3,147 | (b) | 494 | 449 | 13 | 361 | |||||||||||||||||
Cruise Support | 73 | 34 | 85 | 18 | — | (64 | ) | |||||||||||||||||
Tour and Other (a) | 177 | 113 | 6 | 28 | — | 30 | ||||||||||||||||||
Intersegment elimination (a) | (128 | ) | (128 | ) | — | — | — | |||||||||||||||||
$ | 11,798 | $ | 8,003 | $ | 1,347 | $ | 1,186 | $ | 13 | $ | 1,249 | |||||||||||||
2012 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 7,186 | $ | 4,670 | $ | 706 | $ | 669 | $ | — | $ | 1,141 | ||||||||||||
EAA Cruise Brands | 4,462 | 3,063 | 467 | 417 | 173 | 342 | ||||||||||||||||||
Cruise Support | 64 | 4 | 82 | 19 | — | (41 | ) | |||||||||||||||||
Tour and Other (a) | 186 | 126 | 6 | 30 | — | 24 | ||||||||||||||||||
Intersegment elimination (a) | (94 | ) | (94 | ) | — | — | — | — | ||||||||||||||||
$ | 11,804 | $ | 7,769 | $ | 1,261 | $ | 1,135 | $ | 173 | $ | 1,466 | |||||||||||||
(a) A portion of the North America cruise brands’ segment revenues include revenues for the tour portion of a cruise when a | ||||||||||||||||||||||||
land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, | ||||||||||||||||||||||||
which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands’ | ||||||||||||||||||||||||
segment revenues and operating expenses in the line “Intersegment elimination.” | ||||||||||||||||||||||||
(b) Includes $176 million of ship impairment charges related to two smaller Costa ships. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||
Our basic and diluted earnings per share were computed as follows (in millions, except per share data): | |||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income for basic and diluted earnings per share | $ | 934 | $ | 1,330 | $ | 1,012 | $ | 1,205 | |||||||||
Weighted-average common and ordinary shares outstanding | 775 | 778 | 775 | 778 | |||||||||||||
Dilutive effect of equity plans | 2 | 1 | 2 | 1 | |||||||||||||
Diluted weighted-average shares outstanding | 777 | 779 | 777 | 779 | |||||||||||||
Basic earnings per share | $ | 1.2 | $ | 1.71 | $ | 1.31 | $ | 1.55 | |||||||||
Diluted earnings per share | $ | 1.2 | $ | 1.71 | $ | 1.3 | $ | 1.55 | |||||||||
Anti-dilutive equity awards excluded from diluted earnings | 5 | 9 | 5 | 9 | |||||||||||||
per share computations | |||||||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Aug. 31, 2013 | |
Text Block [Abstract] | |
Shareholders' Equity | Shareholders’ Equity |
During the nine months ended August 31, 2013, we repurchased 2.8 million shares of Carnival Corporation common stock for $103 million under our general repurchase authorization program ("Repurchase Program"). From September 1, 2013 through September 23, 2013, no shares of Carnival Corporation common stock or Carnival plc ordinary shares were repurchased under the Repurchase Program. At September 23, 2013, the remaining availability under the Repurchase Program was $975 million. | |
During the nine months ended August 31, 2013, Carnival Investments Limited, a subsidiary of Carnival Corporation, sold 0.9 million of Carnival plc ordinary shares for net proceeds of $35 million. Substantially all of the net proceeds from these sales were used to purchase 0.9 million shares of Carnival Corporation common stock. Pursuant to our Stock Swap (“Stock Swap”) program, Carnival Corporation sold these Carnival plc ordinary shares owned by Carnival Investments Limited only to the extent it was able to repurchase shares of Carnival Corporation common stock in the U.S. on at least an equivalent basis. |
Fair_Value_Measurements_Deriva1
Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on a Recurring Basis | The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | ||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||
Value | Level 1 | Level 2 | Value | Level 1 | Level 2 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 442 | $ | 442 | $ | — | $ | 269 | $ | 269 | $ | — | |||||||||||||
Short-term investments (b) | 66 | 66 | — | — | — | — | |||||||||||||||||||
Long-term other assets (c) | 66 | 1 | 62 | 39 | 1 | 36 | |||||||||||||||||||
Total | $ | 574 | $ | 509 | $ | 62 | $ | 308 | $ | 270 | $ | 36 | |||||||||||||
Liabilities | |||||||||||||||||||||||||
Fixed rate debt (d) | $ | 5,968 | $ | — | $ | 6,308 | $ | 5,195 | $ | — | $ | 5,825 | |||||||||||||
Floating rate debt (d) | 4,050 | — | 4,034 | 3,707 | — | 3,706 | |||||||||||||||||||
Total | $ | 10,018 | $ | — | $ | 10,342 | $ | 8,902 | $ | — | $ | 9,531 | |||||||||||||
(a) | Cash and cash equivalents are comprised of cash on hand and time deposits and, due to their short maturities, the carrying values approximate their fair values. | ||||||||||||||||||||||||
(b) | Short-term investments are comprised of time deposits and, due to their short maturities, the carrying values approximate their fair values. | ||||||||||||||||||||||||
(c) | At August 31, 2013 and November 30, 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. | ||||||||||||||||||||||||
(d) | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at August 31, 2013 and November 30, 2012 being lower than the fixed interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. At August 31, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at August 31, 2013 being slightly higher than the floating interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. 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. The fair values of our other debt were estimated based on appropriate 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 | The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash equivalents (a) | $ | 539 | $ | — | $ | 196 | $ | — | |||||||||||||||||
Restricted cash (b) | 30 | — | 28 | — | |||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 107 | 10 | 104 | 16 | |||||||||||||||||||||
Derivative financial instruments (d) | — | 51 | — | 48 | |||||||||||||||||||||
Total | $ | 676 | $ | 61 | $ | 328 | $ | 64 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 33 | $ | — | $ | 43 | |||||||||||||||||
Total | $ | — | $ | 33 | $ | — | $ | 43 | |||||||||||||||||
(a) | Cash equivalents are comprised of money market funds. | ||||||||||||||||||||||||
(b) | Restricted cash is substantially all comprised of money market funds. | ||||||||||||||||||||||||
(c) | Level 1 and 2 marketable securities are held in rabbi trusts and are principally comprised of frequently-priced mutual funds invested in common stocks and other investments, respectively. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. | ||||||||||||||||||||||||
(d) | See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments. | ||||||||||||||||||||||||
Reconciliation of Changes in Carrying Amounts of Goodwill | The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and Europe, Australia and Asia ("EAA") cruise brands, was as follows (in millions): | ||||||||||||||||||||||||
North America | EAA | Total | |||||||||||||||||||||||
Cruise Brands | Cruise Brands | ||||||||||||||||||||||||
Balance at November 30, 2012 | $ | 1,898 | $ | 1,276 | $ | 3,174 | |||||||||||||||||||
Foreign currency translation adjustment | — | (14 | ) | (14 | ) | ||||||||||||||||||||
Balance at August 31, 2013 | $ | 1,898 | $ | 1,262 | $ | 3,160 | |||||||||||||||||||
Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks | The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions): | ||||||||||||||||||||||||
North America | EAA | Total | |||||||||||||||||||||||
Cruise Brands | Cruise Brands | ||||||||||||||||||||||||
Balance at November 30, 2012 | $ | 927 | $ | 372 | $ | 1,299 | |||||||||||||||||||
Ibero trademarks impairment charge | — | (13 | ) | (13 | ) | ||||||||||||||||||||
Foreign currency translation adjustment | — | (13 | ) | (13 | ) | ||||||||||||||||||||
Balance at August 31, 2013 | $ | 927 | $ | 346 | $ | 1,273 | |||||||||||||||||||
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets | The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions): | ||||||||||||||||||||||||
August 31, | November 30, | ||||||||||||||||||||||||
Balance Sheet Location | 2013 | 2012 | |||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Net investment hedges (a) | Prepaid expenses and other | $ | 1 | $ | 1 | ||||||||||||||||||||
Other assets – long-term | 4 | 6 | |||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | — | 11 | ||||||||||||||||||||||
Other assets – long-term | 14 | 5 | |||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | — | ||||||||||||||||||||||
Other assets – long-term | 10 | — | |||||||||||||||||||||||
30 | 23 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 13 | — | ||||||||||||||||||||||
Other assets – long-term | 8 | 25 | |||||||||||||||||||||||
21 | 25 | ||||||||||||||||||||||||
Total derivative assets | $ | 51 | $ | 48 | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | $ | 10 | $ | 7 | ||||||||||||||||||||
Other long-term liabilities | 13 | 17 | |||||||||||||||||||||||
23 | 24 | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Fuel (d) | Accrued liabilities and other | 1 | 16 | ||||||||||||||||||||||
Other long-term liabilities | 9 | 3 | |||||||||||||||||||||||
10 | 19 | ||||||||||||||||||||||||
Total derivative liabilities | $ | 33 | $ | 43 | |||||||||||||||||||||
(a) | At August 31, 2013 and November 30, 2012, we had foreign currency forwards totaling $115 million and $235 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2013, these outstanding foreign currency forwards mature through July 2017. | ||||||||||||||||||||||||
(b) | At August 31, 2013 and November 30, 2012, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. | ||||||||||||||||||||||||
(c) | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At August 31, 2013 and November 30, 2012, these interest rate swap agreements have or will effectively change $885 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate debt. These interest rate swaps settle through March 2025. In addition, at August 31, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | ||||||||||||||||||||||||
(d) | At August 31, 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2017. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2012, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2016. | ||||||||||||||||||||||||
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): | ||||||||||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net investment hedges | $ | (2 | ) | $ | (2 | ) | $ | (4 | ) | $ | 53 | ||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) | $ | 3 | $ | 6 | $ | 3 | ||||||||||||||||
Interest rate swaps – cash flow hedges | $ | 10 | $ | (1 | ) | $ | 13 | $ | (11 | ) | |||||||||||||||
Fuel Derivatives Outstanding | At August 31, 2013, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows: | ||||||||||||||||||||||||
Maturities (a) | Transaction | Barrels | Weighted-Average | Weighted-Average | Percent of Estimated | ||||||||||||||||||||
Dates | (in thousands) | Floor Prices | Ceiling Prices | Fuel Consumption | |||||||||||||||||||||
Covered | |||||||||||||||||||||||||
Fiscal 2013 - Q4 | |||||||||||||||||||||||||
November 2011 | 528 | $ | 74 | $ | 132 | ||||||||||||||||||||
Feb-12 | 528 | $ | 98 | $ | 127 | ||||||||||||||||||||
Mar-12 | 1,056 | $ | 100 | $ | 130 | ||||||||||||||||||||
2,112 | 42% | ||||||||||||||||||||||||
Fiscal 2014 | |||||||||||||||||||||||||
November 2011 | 2,112 | $ | 85 | $ | 114 | ||||||||||||||||||||
Feb-12 | 2,112 | $ | 88 | $ | 125 | ||||||||||||||||||||
Jun-12 | 2,376 | $ | 71 | $ | 116 | ||||||||||||||||||||
May-13 | 1,728 | $ | 85 | $ | 108 | ||||||||||||||||||||
8,328 | 42% | ||||||||||||||||||||||||
Fiscal 2015 | |||||||||||||||||||||||||
November 2011 | 2,160 | $ | 80 | $ | 114 | ||||||||||||||||||||
Feb-12 | 2,160 | $ | 80 | $ | 125 | ||||||||||||||||||||
Jun-12 | 1,236 | $ | 74 | $ | 110 | ||||||||||||||||||||
Apr-13 | 1,044 | $ | 80 | $ | 111 | ||||||||||||||||||||
May-13 | 1,884 | $ | 80 | $ | 110 | ||||||||||||||||||||
8,484 | 42% | ||||||||||||||||||||||||
Fiscal 2016 | |||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | ||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | ||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | ||||||||||||||||||||
8,724 | 43% | ||||||||||||||||||||||||
Fiscal 2017 | |||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | ||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | ||||||||||||||||||||
5,304 | 26% | ||||||||||||||||||||||||
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||
Selected Information for Cruise and Tour and Other Segments | Selected information for our Cruise and Tour and Other segments was as follows (in millions): | |||||||||||||||||||||||
Three Months Ended August 31, | ||||||||||||||||||||||||
Revenues | Operating | Selling and | Depreciation | Ibero impairment charges | Operating | |||||||||||||||||||
expenses | administrative | and | income (loss) | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 2,975 | $ | 1,820 | $ | 248 | $ | 235 | $ | — | $ | 672 | ||||||||||||
EAA Cruise Brands | 1,704 | 1,133 | (b) | 163 | 156 | 13 | 239 | |||||||||||||||||
Cruise Support | 23 | (2 | ) | 25 | 7 | — | (7 | ) | ||||||||||||||||
Tour and Other (a) | 141 | 83 | 3 | 8 | — | 47 | ||||||||||||||||||
Intersegment elimination (a) | (117 | ) | (117 | ) | — | — | — | — | ||||||||||||||||
$ | 4,726 | $ | 2,917 | $ | 439 | $ | 406 | $ | 13 | $ | 951 | |||||||||||||
2012 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 2,934 | $ | 1,642 | $ | 231 | $ | 227 | $ | — | $ | 834 | ||||||||||||
EAA Cruise Brands | 1,657 | 956 | 153 | 140 | — | 408 | ||||||||||||||||||
Cruise Support | 22 | (5 | ) | 23 | 6 | — | (2 | ) | ||||||||||||||||
Tour and Other (a) | 158 | 91 | 2 | 10 | — | 55 | ||||||||||||||||||
Intersegment elimination (a) | (87 | ) | (87 | ) | — | — | — | — | ||||||||||||||||
$ | 4,684 | $ | 2,597 | $ | 409 | $ | 383 | $ | — | $ | 1,295 | |||||||||||||
Nine Months Ended August 31, | ||||||||||||||||||||||||
Revenues | Operating | Selling and | Depreciation | Ibero impairment charges | Operating | |||||||||||||||||||
expenses | administrative | and | income (loss) | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 7,212 | $ | 4,837 | $ | 762 | $ | 691 | $ | — | $ | 922 | ||||||||||||
EAA Cruise Brands | 4,464 | 3,147 | (b) | 494 | 449 | 13 | 361 | |||||||||||||||||
Cruise Support | 73 | 34 | 85 | 18 | — | (64 | ) | |||||||||||||||||
Tour and Other (a) | 177 | 113 | 6 | 28 | — | 30 | ||||||||||||||||||
Intersegment elimination (a) | (128 | ) | (128 | ) | — | — | — | |||||||||||||||||
$ | 11,798 | $ | 8,003 | $ | 1,347 | $ | 1,186 | $ | 13 | $ | 1,249 | |||||||||||||
2012 | ||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 7,186 | $ | 4,670 | $ | 706 | $ | 669 | $ | — | $ | 1,141 | ||||||||||||
EAA Cruise Brands | 4,462 | 3,063 | 467 | 417 | 173 | 342 | ||||||||||||||||||
Cruise Support | 64 | 4 | 82 | 19 | — | (41 | ) | |||||||||||||||||
Tour and Other (a) | 186 | 126 | 6 | 30 | — | 24 | ||||||||||||||||||
Intersegment elimination (a) | (94 | ) | (94 | ) | — | — | — | — | ||||||||||||||||
$ | 11,804 | $ | 7,769 | $ | 1,261 | $ | 1,135 | $ | 173 | $ | 1,466 | |||||||||||||
(a) A portion of the North America cruise brands’ segment revenues include revenues for the tour portion of a cruise when a | ||||||||||||||||||||||||
land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, | ||||||||||||||||||||||||
which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands’ | ||||||||||||||||||||||||
segment revenues and operating expenses in the line “Intersegment elimination.” | ||||||||||||||||||||||||
(b) Includes $176 million of ship impairment charges related to two smaller Costa ships. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Aug. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | |||||||||||||||||
Basic and Diluted Earnings Per Share Computation | Our basic and diluted earnings per share were computed as follows (in millions, except per share data): | ||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income for basic and diluted earnings per share | $ | 934 | $ | 1,330 | $ | 1,012 | $ | 1,205 | |||||||||
Weighted-average common and ordinary shares outstanding | 775 | 778 | 775 | 778 | |||||||||||||
Dilutive effect of equity plans | 2 | 1 | 2 | 1 | |||||||||||||
Diluted weighted-average shares outstanding | 777 | 779 | 777 | 779 | |||||||||||||
Basic earnings per share | $ | 1.2 | $ | 1.71 | $ | 1.31 | $ | 1.55 | |||||||||
Diluted earnings per share | $ | 1.2 | $ | 1.71 | $ | 1.3 | $ | 1.55 | |||||||||
Anti-dilutive equity awards excluded from diluted earnings | 5 | 9 | 5 | 9 | |||||||||||||
per share computations | |||||||||||||||||
General_Additional_Information
General Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
General Additional Information [Abstract] | ||||
Change In Accounting Principle | $140 | $126 | $395 | $364 |
Cost of Property Repairs and Maintenance | $216 | $170 | $680 | $602 |
Debt_Schedule_of_Shortterm_Deb
Debt Schedule of Short-term Debt Instruments (Details) (USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Short-term Debt [Line Items] | |
Short-term Debt, Weighted Average Interest Rate | 1.00% |
Commercial Paper [Member] | |
Short-term Debt [Line Items] | |
Unsecured Debt, Current | 104 |
Unsecured Floating Rate Bank Loan [Member] | |
Short-term Debt [Line Items] | |
Unsecured Debt, Current | 92 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Mar. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Unsecured Floating Rate Euro Denominated Export Credit Facility [Member] | Unsecured Floating Rate Export Credit Facilities [Member] | Unsecured Floating Rate Bank Loan [Member] | Unsecured Publicly-Traded Notes | Unsecured Publicly-Traded Notes | Unsecured Floating Rate Euro Denominated Revolving Bank Loan Facility [Domain] | Revolving Credit Facility [Member] |
Debt Instrument [Line Items] | |||||||
Issuance of unsecured publicly-traded notes | $311 | $500 | $500 | ||||
Debt instrument, interest rate | 1.20% | 1.90% | |||||
Unsecured long-term debt | $526 | $150 | $265 | $300 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (Lease Out And Lease Back Type Transactions, USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Lease Out And Lease Back Type Transactions | |
Contingencies [Line Items] | |
Estimated contingent obligations | $413 |
Estimated termination payment in the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants | 33 |
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB or, alternatively, provide mortgages for this aggregate amount on these two ships | $39 |
Fair_Value_Measurements_Deriva2
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on Recurring Basis (Detail) (Financial Instruments Not Measured at Fair Value on a Recurring Basis, USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Carrying Value | ||||
Assets | ||||
Cash and cash equivalents | $442 | [1] | $269 | [1] |
Short-term investments | 66 | [2] | ||
Long-term other assets | 66 | [3] | 39 | [3] |
Total | 574 | 308 | ||
Liabilities | ||||
Total | 10,018 | 8,902 | ||
Carrying Value | Fixed Rate | ||||
Liabilities | ||||
Debt | 5,968 | [4] | 5,195 | [4] |
Carrying Value | Floating Rate | ||||
Liabilities | ||||
Debt | 4,050 | [4] | 3,707 | [4] |
Fair Value | Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 442 | [1] | 269 | [1] |
Short-term investments | 66 | [2] | ||
Long-term other assets | 1 | [3] | 1 | [3] |
Total | 509 | 270 | ||
Fair Value | Level 2 | ||||
Assets | ||||
Long-term other assets | 62 | [3] | 36 | [3] |
Total | 62 | 36 | ||
Liabilities | ||||
Total | 10,342 | 9,531 | ||
Fair Value | Level 2 | Fixed Rate | ||||
Liabilities | ||||
Debt | 6,308 | [4] | 5,825 | [4] |
Fair Value | Level 2 | Floating Rate | ||||
Liabilities | ||||
Debt | $4,034 | [4] | $3,706 | [4] |
[1] | Cash and cash equivalents are comprised of cash on hand and time deposits and, due to their short maturities, the carrying values approximate their fair values. | |||
[2] | Short-term investments are comprised of time deposits and, due to their short maturities, the carrying values approximate their fair values. | |||
[3] | At AugustB 31, 2013 and NovemberB 30, 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. | |||
[4] | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at AugustB 31, 2013 and NovemberB 30, 2012 being lower than the fixed interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. At AugustB 31, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at AugustB 31, 2013 being slightly higher than the floating interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. 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. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. |
Fair_Value_Measurements_Deriva3
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And (Liabilities) Measured at Fair Value on Recurring Basis (Detail) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Derivative financial instruments | $51 | $48 | ||
Liabilities | ||||
Derivative financial instruments | 33 | 43 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | ||||
Assets | ||||
Derivative financial instruments | [1] | [1] | ||
Total | 676 | 328 | ||
Liabilities | ||||
Derivative financial instruments | [1] | [1] | ||
Total | ||||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds | ||||
Assets | ||||
Cash equivalents | 539 | [2] | 196 | [2] |
Restricted cash | 30 | [3] | 28 | [3] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Marketable securities held in rabbi trusts | ||||
Assets | ||||
Marketable securities held in rabbi trusts | 107 | [4] | 104 | [4] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | ||||
Assets | ||||
Derivative financial instruments | 51 | [1] | 48 | [1] |
Total | 61 | 64 | ||
Liabilities | ||||
Derivative financial instruments | 33 | [1] | 43 | [1] |
Total | 33 | 43 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Money market funds | ||||
Assets | ||||
Cash equivalents | [2] | [2] | ||
Restricted cash | [3] | [3] | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Marketable securities held in rabbi trusts | ||||
Assets | ||||
Marketable securities held in rabbi trusts | $10 | [4] | $16 | [4] |
[1] | See bDerivative Instruments and Hedging Activitiesb section below for detailed information regarding our derivative financial instruments. | |||
[2] | Cash equivalents are comprised of money market funds. | |||
[3] | Restricted cash is substantially all comprised of money market funds. | |||
[4] | Level 1 and 2 marketable securities are held in rabbi trusts and are principally comprised of frequently-priced mutual funds invested in common stocks and other investments, respectively. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. |
Fair_Value_Measurements_Deriva4
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 |
Goodwill [Roll Forward] | |
Beginning Balance | $3,174 |
Foreign currency translation adjustment | -14 |
Ending Balance | 3,160 |
North America Cruise Brands | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,898 |
Foreign currency translation adjustment | |
Ending Balance | 1,898 |
Europe Australia And Asia Cruise Brands | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,276 |
Foreign currency translation adjustment | -14 |
Ending Balance | $1,262 |
Fair_Value_Measurements_Deriva5
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Parenthetical) (Detail) (USD $) | Aug. 31, 2013 |
In Millions, unless otherwise specified | |
Disclosure Reconciliation Of Changes In Carrying Amounts Of Goodwill [Abstract] | |
Accumulated goodwill impairment charges | $153 |
Fair_Value_Measurements_Deriva6
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | $1,299 |
Impairment of Intangible Assets (Excluding Goodwill) | -13 |
Foreign currency translation adjustment | -13 |
Ending Balance | 1,273 |
North America Cruise Brands | |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 927 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 |
Foreign currency translation adjustment | |
Ending Balance | 927 |
Europe Australia And Asia Cruise Brands | |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 372 |
Impairment of Intangible Assets (Excluding Goodwill) | -13 |
Foreign currency translation adjustment | -13 |
Ending Balance | $346 |
Fair_Value_Measurements_Deriva7
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Detail) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | $30 | $23 | ||
Derivative assets not designated as hedging instruments | 21 | 25 | ||
Total derivative assets | 51 | 48 | ||
Derivative liabilities designated as hedging instruments | 23 | 24 | ||
Derivative liabilities not designated as hedging instruments | 10 | 19 | ||
Total derivative liabilities | 33 | 43 | ||
Net investment hedges | Prepaid expenses and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | 1 | [1] | 1 | [1] |
Net investment hedges | Other assets - long-term | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | 4 | [1] | 6 | [1] |
Foreign currency zero cost collars | Prepaid expenses and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | [2] | 11 | [2] | |
Foreign currency zero cost collars | Other assets - long-term | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | 14 | [2] | 5 | [2] |
Interest rate swaps | Prepaid expenses and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | 1 | [3] | [3] | |
Interest rate swaps | Other assets - long-term | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets designated as hedging instruments | 10 | [3] | 0 | [3] |
Interest rate swaps | Accrued liabilities and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities designated as hedging instruments | 10 | [3] | 7 | [3] |
Interest rate swaps | Other Long-Term Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities designated as hedging instruments | 13 | [3] | 17 | [3] |
Fuel | Prepaid expenses and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets not designated as hedging instruments | 13 | [4] | [4] | |
Fuel | Other assets - long-term | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets not designated as hedging instruments | 8 | [4] | 25 | [4] |
Fuel | Accrued liabilities and other | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities not designated as hedging instruments | 1 | [4] | 16 | [4] |
Fuel | Other Long-Term Liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities not designated as hedging instruments | $9 | [4] | $3 | [4] |
[1] | At AugustB 31, 2013 and NovemberB 30, 2012, we had foreign currency forwards totaling $115 million and $235 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At AugustB 31, 2013, these outstanding foreign currency forwards mature through July 2017. | |||
[2] | At AugustB 31, 2013 and NovemberB 30, 2012, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See bNewbuild Currency Risksb below for additional information regarding these derivatives. | |||
[3] | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At AugustB 31, 2013 and NovemberB 30, 2012, these interest rate swap agreements have or will effectively change $885 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate debt. These interest rate swaps settle through March 2025. In addition, at AugustB 31, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | |||
[4] | At AugustB 31, 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil (bBrentb) to cover a portion of our estimated fuel consumption through 2017. See bFuel Price Risksb below for additional information regarding these fuel derivatives. At NovemberB 30, 2012, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2016. |
Fair_Value_Measurements_Deriva8
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Parenthetical) (Detail) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | 31-May-13 | Jul. 31, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 |
In Millions, unless otherwise specified | Net investment hedges | Net investment hedges | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Fair Value Hedging | Fair Value Hedging | Maturing in July 2017 |
Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Net investment hedges | |||||
Sterling | US Dollar | |||||||||
Derivatives, Fair Value [Line Items] | ||||||||||
Foreign currency forwards designated as hedges of net investments in foreign operations for euro-denominated functional currency | $115 | $235 | ||||||||
Maturity date of derivative instruments | 2013-05 | 2015-02 | 2025-03 | 2016-02 | ||||||
Maturity of Foreign Currency Derivatives Month And Year | 2017-07 | |||||||||
Amount of interest rate swap agreements change, of EURIBOR-based floating rate debt to fixed rate debt, for euro interest rate swaps designated as cash flow hedges | 885 | 269 | ||||||||
Amount of interest rate swap agreements change, of fixed rate debt to U.S. dollar LIBOR or GBP LIBOR-based floating rate debt, for both U.S. dollar and sterling interest rate swaps designated as fair value hedges | $500 |
Fair_Value_Measurements_Deriva9
Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Detail) (Designated as hedging instruments, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Net investment hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | ($2) | ($2) | ($4) | $53 |
Foreign currency zero cost collars | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | -1 | 3 | 6 | 3 |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | $10 | ($1) | $13 | ($11) |
Recovered_Sheet1
Fair Value Measurements, Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 28, 2015 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Currency Intercompany Payable | Foreign Currency Intercompany Payable | Minimum | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Foreign Exchange Forward [Member] | Europe Australia And Asia Cruise Brands | Europe Australia And Asia Cruise Brands | |
USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | |||||||
USD ($) | USD ($) | |||||||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ||||||||||||||
Impairment of Long-Lived Assets Held-for-use | $176,000,000 | |||||||||||||
Goodwill, trademark and other impairment charges | 27,000,000 | 27,000,000 | 173,000,000 | |||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 13,000,000 | 13,000,000 | ||||||||||||
Equity Method Investment, Other than Temporary Impairment | 14,000,000 | |||||||||||||
Derivative asset, cash collateral netting threshold, fair value | 100,000,000 | |||||||||||||
Designated debt and other obligations as non-derivative hedges of net investments in foreign operations | 1,900,000,000 | 1,800,000,000 | ||||||||||||
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI | 327,000,000 | 327,000,000 | 243,000,000 | |||||||||||
Foreign currency translation adjustment | -22,000,000 | 2,000,000 | 83,000,000 | 69,000,000 | ||||||||||
Weighted-average ceiling rate (USD per Euro in June and GBP per Euro in July) | 0.83 | |||||||||||||
Currency exchange risk hedged | 264,000,000 | 284,000,000 | ||||||||||||
Weighted-average floor rate (USD per Euro in June and GBP per Euro in July) | 0.77 | |||||||||||||
Notional Amount of Foreign Currency Cash Flow Hedge Derivatives | 552,000,000 | 552,000,000 | ||||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 6,000,000 | |||||||||||||
Foreign currency contract commitments | $1,000,000,000 | $1,000,000,000 | ||||||||||||
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps | 57.00% | 57.00% | 61.00% | |||||||||||
Percentage of debt bore floating interest rates, including the effect of interest rate swaps | 43.00% | 43.00% | 39.00% |
Recovered_Sheet2
Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Detail) | 1 Months Ended | |||
31-May-13 | Aug. 31, 2013 | |||
bbl | ||||
Fuel Derivatives 2013 Maturity November 2011 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2011-11 | [1] | ||
Barrels | 528,000 | [1] | ||
Weighted-Average Floor Price | 74 | [1] | ||
Weighted-Average Ceiling Price | 132 | [1] | ||
Fuel Derivatives 2013 Maturity February 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-02 | [1] | ||
Barrels | 528,000 | [1] | ||
Weighted-Average Floor Price | 98 | [1] | ||
Weighted-Average Ceiling Price | 127 | [1] | ||
Fuel Derivatives 2013 Maturity March 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-03 | [1] | ||
Barrels | 1,056,000 | [1] | ||
Weighted-Average Floor Price | 100 | [1] | ||
Weighted-Average Ceiling Price | 130 | [1] | ||
Fuel Derivatives 2013 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | 2,112,000 | [1] | ||
Percent of Estimated Fuel Consumption | 42.00% | [1] | ||
Fuel Derivatives 2014 Maturity November 2011 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2011-11 | [1] | ||
Barrels | 2,112,000 | [1] | ||
Weighted-Average Floor Price | 85 | [1] | ||
Weighted-Average Ceiling Price | 114 | [1] | ||
Fuel Derivatives 2014 Maturity February 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-02 | [1] | ||
Barrels | 2,112,000 | [1] | ||
Weighted-Average Floor Price | 88 | [1] | ||
Weighted-Average Ceiling Price | 125 | [1] | ||
Fuel Derivatives 2014 Maturity June 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-06 | [1] | ||
Barrels | 2,376,000 | [1] | ||
Weighted-Average Floor Price | 71 | [1] | ||
Weighted-Average Ceiling Price | 116 | [1] | ||
Fuel Derivatives 2014 Maturity May 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-05 | [1] | ||
Barrels | 1,728,000 | [1] | ||
Weighted-Average Floor Price | 85 | [1] | ||
Weighted-Average Ceiling Price | 108 | [1] | ||
Fuel Derivatives 2014 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | 8,328,000 | [1] | ||
Percent of Estimated Fuel Consumption | 42.00% | [1] | ||
Fuel Derivatives 2015 Maturity November 2011 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2011-11 | [1] | ||
Barrels | 2,160,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 114 | [1] | ||
Fuel Derivatives 2015 Maturity February 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-02 | [1] | ||
Barrels | 2,160,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 125 | [1] | ||
Fuel Derivatives 2015 Maturity June 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-06 | [1] | ||
Barrels | 1,236,000 | [1] | ||
Weighted-Average Floor Price | 74 | [1] | ||
Weighted-Average Ceiling Price | 110 | [1] | ||
Fuel Derivatives 2015 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-04 | [1] | ||
Barrels | 1,044,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 111 | [1] | ||
Fuel Derivatives 2015 Maturity May 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-05 | [1] | ||
Barrels | 1,884,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 110 | [1] | ||
Fuel Derivatives 2015 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | 8,484,000 | [1] | ||
Percent of Estimated Fuel Consumption | 42.00% | [1] | ||
Fuel Derivatives 2016 Maturity June 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2012-06 | [1] | ||
Barrels | 3,564,000 | [1] | ||
Weighted-Average Floor Price | 75 | [1] | ||
Weighted-Average Ceiling Price | 108 | [1] | ||
Fuel Derivatives 2016 Maturity February 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-02 | [1] | ||
Barrels | 2,160,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 120 | [1] | ||
Fuel Derivatives 2016 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-04 | [1] | ||
Barrels | 3,000,000 | [1] | ||
Weighted-Average Floor Price | 75 | [1] | ||
Weighted-Average Ceiling Price | 115 | [1] | ||
Fuel Derivatives 2016 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | 8,724,000 | [1] | ||
Percent of Estimated Fuel Consumption | 43.00% | [1] | ||
Fuel Derivatives 2017 Maturity February 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-02 | [1] | ||
Barrels | 3,276,000 | [1] | ||
Weighted-Average Floor Price | 80 | [1] | ||
Weighted-Average Ceiling Price | 115 | [1] | ||
Fuel Derivatives 2017 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Derivative Inception Month And Year | 2013-04 | [1] | ||
Barrels | 2,028,000 | [1] | ||
Weighted-Average Floor Price | 75 | [1] | ||
Weighted-Average Ceiling Price | 110 | [1] | ||
Fuel Derivatives 2017 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | 5,304,000 | [1] | ||
Percent of Estimated Fuel Consumption | 26.00% | [1] | ||
[1] | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2013 |
Segment | ||
Disclosure Segment Information Additional Information [Abstract] | ||
Reportable cruise segments | 3 | |
Gains (Losses) on Sales of Assets | $15 |
Segment_Information_Selected_I
Segment Information - Selected Information for Cruise and Tour and Other Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | ||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | $4,726 | $4,684 | $11,798 | $11,804 | ||||
Operating expenses | 2,917 | 2,597 | 8,003 | 7,769 | ||||
Selling and administrative | 439 | 409 | 1,347 | 1,261 | ||||
Depreciation and amortization | 406 | 383 | 1,186 | 1,135 | ||||
Ibero goodwill and trademark impairment charges | 13 | 0 | 13 | 173 | ||||
Operating income | 951 | 1,295 | 1,249 | 1,466 | ||||
North America Cruise Brands | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 2,975 | [1] | 2,934 | [1] | 7,212 | [1] | 7,186 | [1] |
Operating expenses | 1,820 | [1] | 1,642 | [1] | 4,837 | [1] | 4,670 | [1] |
Selling and administrative | 248 | [1] | 231 | [1] | 762 | [1] | 706 | [1] |
Depreciation and amortization | 235 | [1] | 227 | [1] | 691 | [1] | 669 | [1] |
Operating income | 672 | [1] | 834 | [1] | 922 | [1] | 1,141 | [1] |
Europe Australia And Asia Cruise Brands | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 1,704 | 1,657 | 4,464 | 4,462 | ||||
Operating expenses | 1,133 | [2] | 956 | 3,147 | [2] | 3,063 | ||
Selling and administrative | 163 | 153 | 494 | 467 | ||||
Depreciation and amortization | 156 | 140 | 449 | 417 | ||||
Ibero goodwill and trademark impairment charges | 13 | 0 | 13 | 173 | ||||
Operating income | 239 | 408 | 361 | [1] | 342 | [1] | ||
Impairment of Long-Lived Assets Held-for-use | 176 | |||||||
Cruise Support | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 23 | 22 | 73 | 64 | ||||
Operating expenses | -2 | -5 | 34 | 4 | ||||
Selling and administrative | 25 | 23 | 85 | 82 | ||||
Depreciation and amortization | 7 | 6 | 18 | 19 | ||||
Operating income | -7 | -2 | -64 | -41 | ||||
Tour and Other | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 141 | [1] | 158 | [1] | 177 | [1] | 186 | [1] |
Operating expenses | 83 | [1] | 91 | [1] | 113 | [1] | 126 | [1] |
Selling and administrative | 3 | [1] | 2 | [1] | 6 | [1] | 6 | [1] |
Depreciation and amortization | 8 | [1] | 10 | [1] | 28 | [1] | 30 | [1] |
Operating income | 47 | [1] | 55 | [1] | 30 | [1] | 24 | [1] |
Intersegment elimination | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | -117 | [1] | -87 | [1] | -128 | [1] | -94 | [1] |
Operating expenses | -117 | [1] | -87 | [1] | -128 | [1] | -94 | [1] |
Selling and administrative | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Depreciation and amortization | 0 | [1] | 0 | [1] | [1] | 0 | [1] | |
Operating income | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
[1] | A portion of the North America cruise brandsb segment revenues include revenues for the tour portion of a cruise when a land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, which are included in our Tour and Other segment, are eliminated directly against the North America cruise brandsb segment revenues and operating expenses in the line bIntersegment elimination.b | |||||||
[2] | Includes $176 million of ship impairment charges related to two smaller Costa ships. |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Disclosure Basic And Diluted Earnings Per Share Computation [Abstract] | ||||
Net income for basic and diluted earnings per share | $934 | $1,330 | $1,012 | $1,205 |
Weighted-average common and ordinary shares outstanding | 775 | 778 | 775 | 778 |
Dilutive effect of equity plans | 2 | 1 | 2 | 1 |
Diluted weighted-average shares outstanding | 777 | 779 | 777 | 779 |
Basic earnings per share (USD per share) | $1.20 | $1.71 | $1.31 | $1.55 |
Diluted earnings per share (USD per share) | $1.20 | $1.71 | $1.30 | $1.55 |
Anti-dilutive equity awards excluded from diluted earnings per share computations | 5 | 9 | 5 | 9 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Jun. 24, 2013 | Aug. 31, 2013 |
Carnival Corp | Carnival plc | Subsequent Event | Repurchase Agreements [Member] | |||
Carnival Corp | Carnival Corp | |||||
Stockholders Equity Note [Line Items] | ||||||
Repurchase of Common Stock (in shares) | 0.9 | 2.8 | ||||
Share repurchased, Value | $138 | $69 | $103 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 975 | |||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 0.9 | |||||
Sales of treasury stock | $35 | $0 | $35 |