Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Nov. 30, 2013 | Jan. 22, 2014 | |
Document Type | '10-K | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Trading Symbol | 'CCL | ' |
Entity Registrant Name | 'CARNIVAL CORP | ' |
Entity Central Index Key | '0000815097 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 592,310,060 |
Entity Public Float | $12,800,000,000 | ' |
CARNIVAL PLC | ' | ' |
Trading Symbol | 'CUK | ' |
Entity Registrant Name | 'CARNIVAL PLC | ' |
Entity Central Index Key | '0001125259 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 215,466,538 |
Entity Public Float | $6,200,000,000 | ' |
Carnival_Corporation_Plc_Conso
Carnival Corporation & Plc Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Cruise | ' | ' | ' |
Passenger tickets | $11,648 | $11,658 | $12,158 |
Onboard and other | 3,598 | 3,513 | 3,357 |
Tour and other | 210 | 211 | 278 |
Revenues | 15,456 | 15,382 | 15,793 |
Cruise | ' | ' | ' |
Commissions, transportation and other | 2,303 | 2,292 | 2,461 |
Onboard and other | 539 | 558 | 506 |
Fuel | 2,208 | 2,381 | 2,193 |
Payroll and related | 1,859 | 1,742 | 1,723 |
Food | 983 | 960 | 965 |
Other ship operating | 2,589 | 2,233 | 2,247 |
Tour and other | 143 | 154 | 204 |
Operating expenses | 10,624 | 10,320 | 10,299 |
Selling and administrative | 1,879 | 1,720 | 1,717 |
Depreciation and amortization | 1,588 | 1,527 | 1,522 |
Goodwill, trademark and other impairment charges | 13 | 173 | 0 |
Costs and Expenses | 14,104 | 13,740 | 13,538 |
Operating income (loss) | 1,352 | 1,642 | 2,255 |
Nonoperating (Expense) Income | ' | ' | ' |
Interest income | 11 | 10 | 11 |
Interest expense, net of capitalized interest | -319 | -336 | -365 |
(Gains) losses on fuel derivatives, net | 36 | -7 | 1 |
Other (expense) income, net | -8 | -7 | 10 |
Nonoperating (Expense) Income, Total | -280 | -340 | -343 |
Income Before Income Taxes | 1,072 | 1,302 | 1,912 |
Income Tax Benefit (Expense), Net | 6 | -4 | 0 |
Net Income | $1,078 | $1,298 | $1,912 |
Earnings Per Share | ' | ' | ' |
Basic (USD per share) | $1.39 | $1.67 | $2.43 |
Diluted (USD per share) | $1.39 | $1.67 | $2.42 |
Dividends Declared Per Share (USD per share) | $1 | $1.50 | $1 |
Carnival_Corporation_Plc_Conso1
Carnival Corporation & Plc Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Net income | $1,078 | $1,298 | $1,912 |
Items Included in Other Comprehensive Income (Loss) | ' | ' | ' |
Change in foreign currency translation adjustment | 332 | 25 | -24 |
Other | 36 | -23 | 69 |
Other Comprehensive Income | 368 | 2 | 45 |
Total Comprehensive Income | $1,446 | $1,300 | $1,957 |
Carnival_Corporation_Plc_Conso2
Carnival Corporation & Plc Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $462 | $465 | ||
Trade and other receivables, net | 405 | 270 | ||
Insurance recoverables | 381 | 460 | ||
Inventories | 374 | 390 | ||
Prepaid expenses and other | 315 | 236 | ||
Total current assets | 1,937 | 1,821 | ||
Property and Equipment, Net | 32,905 | [1] | 32,137 | [1] |
Goodwill | 3,210 | 3,174 | ||
Other Intangibles | 1,292 | 1,314 | ||
Other Assets | 760 | 715 | ||
Total assets | 40,104 | 39,161 | ||
Current Liabilities | ' | ' | ||
Short-term borrowings | 60 | [2] | 56 | [2] |
Current portion of long-term debt | 1,408 | [2] | 1,678 | [2] |
Accounts payable | 639 | 549 | ||
Dividends payable | 194 | 583 | ||
Claims reserve | 456 | 553 | ||
Accrued liabilities and other | 932 | 845 | ||
Customer deposits | 3,031 | 3,076 | ||
Total current liabilities | 6,720 | 7,340 | ||
Long-Term Debt | 8,092 | [2] | 7,168 | [2] |
Other Long-Term Liabilities | 736 | 724 | ||
Commitments and Contingencies | ' | ' | ||
Shareholders' Equity | ' | ' | ||
Additional paid-in capital | 8,325 | 8,252 | ||
Retained earnings | 18,782 | 18,479 | ||
Accumulated other comprehensive income (loss) | 161 | -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 | 24,556 | 23,929 | ||
Liabilities and Equity, Total | 40,104 | 39,161 | ||
Common Stock | ' | ' | ||
Shareholders' Equity | ' | ' | ||
Common stock | 7 | 6 | ||
Ordinary Shares | ' | ' | ||
Shareholders' Equity | ' | ' | ||
Common stock | $358 | $357 | ||
[1] | At November 30, 2013 and 2012, the net carrying values of ships and ships under construction for our North America, EAA, Cruise Support and Tour and Other segments were $18.3 billion, $13.2 billion, $0.3 billion and $0.1 billion and $18.0 billion, $12.8 billion, $0.2 billion and $0.1 billion, respectively. | |||
[2] | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. |
Carnival_Corporation_Plc_Conso3
Carnival Corporation & Plc Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $1,078 | $1,298 | $1,912 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 1,588 | 1,527 | 1,522 |
Losses on ship sales including impairments, net | 163 | 49 | 28 |
Goodwill, trademark and other impairment charges | 27 | 173 | 0 |
Share-based compensation | 42 | 39 | 46 |
(Gains) losses on fuel derivatives, net | -36 | 7 | -1 |
Other, net | 35 | 12 | 21 |
Changes in operating assets and liabilities | ' | ' | ' |
Receivables | -128 | -15 | -43 |
Inventories | 19 | -16 | -54 |
Insurance recoverables, prepaid expenses and other | 402 | 148 | 18 |
Accounts payable | 79 | -24 | 67 |
Claims reserves and accrued and other liabilities | -330 | -192 | -41 |
Customer deposits | -105 | -7 | 291 |
Net cash provided by operating activities | 2,834 | 2,999 | 3,766 |
INVESTING ACTIVITIES | ' | ' | ' |
Additions to property and equipment | -2,149 | -2,332 | -2,696 |
Insurance proceeds for the ship | 0 | 508 | 0 |
Other, net | 93 | 52 | 50 |
Net cash used in investing activities | -2,056 | -1,772 | -2,646 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from (repayments of) short-term borrowings, net | 4 | -224 | -450 |
Principal repayments of other long-term debt | -2,212 | -1,052 | -1,250 |
Proceeds from issuance of other long-term debt | 2,687 | 946 | 1,704 |
Dividends paid | -1,164 | -779 | -671 |
Purchases of treasury stock | -138 | -90 | -454 |
Sales of treasury stock | 35 | 0 | 0 |
Other, net | 8 | 9 | 28 |
Net cash used in financing activities | -780 | -1,190 | -1,093 |
Effect of exchange rate changes on cash and cash equivalents | -1 | -22 | -6 |
Net (decrease) increase in cash and cash equivalents | -3 | 15 | 21 |
Cash and cash equivalents at beginning of year | 465 | 450 | 429 |
Cash and cash equivalents at end of year | $462 | $465 | $450 |
Carnival_Corporation_Plc_Conso5
Carnival Corporation & Plc Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Ordinary Shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock |
In Millions, unless otherwise specified | |||||||
Beginning Balance at Nov. 30, 2010 | $23,031 | $6 | $355 | $8,094 | $17,224 | ($254) | ($2,394) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,912 | 0 | 0 | 0 | 1,912 | 0 | 0 |
Other Comprehensive Income | 45 | 0 | 0 | 0 | 0 | 45 | 0 |
Cash dividends declared | -787 | 0 | 0 | 0 | -787 | 0 | 0 |
Purchases of treasury stock under the Repurchase Program and other | -369 | 0 | 2 | 86 | 0 | 0 | -457 |
Ending Balance at Nov. 30, 2011 | 23,832 | 6 | 357 | 8,180 | 18,349 | -209 | -2,851 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,298 | 0 | 0 | 0 | 1,298 | 0 | 0 |
Other Comprehensive Income | 2 | 0 | 0 | 0 | 0 | 2 | 0 |
Cash dividends declared | -1,168 | 0 | 0 | 0 | -1,168 | 0 | 0 |
Purchases of treasury stock under the Repurchase Program and other | -35 | 0 | 0 | 72 | 0 | 0 | -107 |
Ending Balance at Nov. 30, 2012 | 23,929 | 6 | 357 | 8,252 | 18,479 | -207 | -2,958 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 1,078 | 0 | 0 | 0 | 1,078 | 0 | 0 |
Other Comprehensive Income | 368 | 0 | 0 | 0 | 0 | 368 | 0 |
Cash dividends declared | -775 | 0 | 0 | 0 | -775 | 0 | 0 |
Purchases of treasury stock under the Repurchase Program and other | -45 | 1 | 1 | 63 | 0 | 0 | -110 |
Purchases and sales under the Stock Swap program | 1 | 0 | 0 | 10 | 0 | 0 | -9 |
Ending Balance at Nov. 30, 2013 | $24,556 | $7 | $358 | $8,325 | $18,782 | $161 | ($3,077) |
General
General | 12 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
General | ' | ||||||||||
General | |||||||||||
Description of Business | |||||||||||
Carnival Corporation is incorporated in Panama, and Carnival plc is incorporated in England and Wales. Carnival Corporation and Carnival plc operate a dual listed company (“DLC”), whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as if they are a single economic enterprise, but each has retained its separate legal identity. Each company’s shares are publicly traded; on the New York Stock Exchange (“NYSE”) for Carnival Corporation and the London Stock Exchange for Carnival plc. In addition, Carnival plc American Depository Shares are traded on the NYSE. See Note 3. | |||||||||||
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 2013 Annual Report as “Carnival Corporation & plc,” “our,” “us” and “we.” | |||||||||||
We are the largest cruise company and among the largest leisure travel companies in the world. Each of our ten cruise brands is an operating segment that we aggregate into either the (1) North America or (2) Europe, Australia & Asia (“EAA”) reportable cruise segments (see Note 11). As of January 22, 2014, our cruise brands’ summary information is as follows: | |||||||||||
Cruise Brands | Passenger | Percentage of Total Capacity | Number of | Primary Markets (b) | |||||||
Capacity (a) | Cruise Ships | ||||||||||
North America | |||||||||||
Carnival Cruise Lines | 62,356 | 30 | % | 24 | North America | ||||||
Princess Cruises (“Princess”) | 40,502 | 20 | 17 | North America | |||||||
Holland America Line | 23,540 | 11 | 15 | North America | |||||||
Seabourn | 1,988 | 1 | 6 | North America | |||||||
North America Cruise Brands | 128,386 | 62 | 62 | ||||||||
EAA | |||||||||||
Costa Cruises (“Costa”) | 32,136 | 16 | 14 | Italy, France and Germany | |||||||
AIDA Cruises (“AIDA”) | 18,636 | 9 | 10 | Germany | |||||||
P&O Cruises (UK) | 14,736 | 7 | 7 | United Kingdom (“UK”) | |||||||
Cunard | 6,672 | 3 | 3 | UK and North America | |||||||
P&O Cruises (Australia) | 4,804 | 2 | 3 | Australia | |||||||
Ibero Cruises (“Ibero”) | 2,932 | 1 | 2 | Spain and Argentina | |||||||
EAA Cruise Brands | 79,916 | 38 | 39 | ||||||||
208,302 | 100 | % | 101 | ||||||||
(a) | In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of two passengers per cabin even though some cabins can accommodate three or more passengers. | ||||||||||
(b) | Represents the primary regions or countries where guests are sourced. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Nov. 30, 2013 | ||||
Text Block [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Summary of Significant Accounting Policies | ||||
Basis of Presentation | ||||
We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity (see Note 3). We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are insignificant. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method. | ||||
Preparation of Financial Statements | ||||
The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in our financial statements. Actual results may differ from the estimates used in preparing our consolidated financial statements. All significant intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flows to conform to the current period presentation. The reclassifications had no impact on net cash provided by operating activities and net cash used in investing and financing activities. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at cost. At November 30, 2013 and 2012, cash and cash equivalents are comprised of cash on hand, money market funds and time deposits. | ||||
Inventories | ||||
Inventories consist substantially of food and beverage, hotel and restaurant products and supplies, fuel and gift shop merchandise held for resale, which are all carried at the lower of cost or market. Cost is determined using the weighted-average or first-in, first-out methods. | ||||
Property and Equipment | ||||
Property and equipment are stated at cost. Depreciation and amortization were computed using the straight-line method over our estimates of average useful lives and residual values, as a percentage of original cost, as follows: | ||||
Years | Residual | |||
Values | ||||
Ships | 30 | 15% | ||
Ship improvements | Shorter of remaining ship life or useful life (3-28) | 0% or 15% | ||
Buildings and improvements | Oct-35 | 0% or 10% | ||
Computer hardware and software | 10-Feb | 0% or 10% | ||
Transportation equipment and other | 20-Feb | 0% or 10% | ||
Leasehold improvements, including port facilities | Shorter of lease term or related asset life (3-30) | — | ||
The cruise business is very capital intensive. Each year, a capital program is developed for the improvement of our ships, as well as asset replacements to enhance efficiency of operations, gain strategic benefits or provide newer improved product offerings to our guests. Ship improvement costs that we believe add value to our ships, such as those incurred for refurbishments, safety and operational efficiencies, are capitalized to the ships and depreciated over the shorter of their or the ships’ estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs, are charged to expense as incurred. We capitalize interest as part of the cost of acquiring ships and other capital projects during their construction period. The specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is included in other ship operating expenses. | ||||
Dry-dock costs primarily represent planned major maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance. These costs are expensed as incurred and included in other ship operating expenses. | ||||
We review our long-lived assets, principally our ships, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. As it relates to our ships, the lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. | ||||
A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships. | ||||
Intangibles | ||||
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment at least annually and, when events or circumstances dictate, more frequently. All of our goodwill has been allocated to our reporting units, also referred to as “cruise brands.” The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed two-step quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a cruise brand’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any cruise brand. When performing the quantitative test, if the estimated fair value of the cruise brand exceeds its carrying value, no further analysis or write-down of goodwill is required. However, if the estimated fair value of the cruise brand is less than the carrying value of its net assets, the estimated fair value of the cruise brand is assigned to all its underlying assets and liabilities, including both recognized and unrecognized tangible and intangible assets, based on their fair values. If necessary, goodwill is then written down to its implied fair value. | ||||
Trademarks represent substantially all of our other intangibles. For certain acquisitions, we have allocated a portion of the purchase prices to the acquiree’s identified trademarks. Trademarks are estimated to have an indefinite useful life and, therefore, are not amortizable, but are reviewed for impairment at least annually and, when events or circumstances dictate, more frequently. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value. The costs of developing and maintaining our trademarks are expensed as incurred. | ||||
A significant amount of judgment is required in estimating the fair values of our cruise brands and trademarks. | ||||
Revenue and Expense Recognition | ||||
Guest cruise deposits represent unearned revenues and are initially recorded as customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Future travel discount vouchers issued to guests are recorded as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Cancellation fees are recognized in cruise passenger ticket revenues at the time of the cancellation. | ||||
Our sale to guests of air and other transportation to and from airports near the home ports of our ships and the related cost of purchasing these services are recorded in cruise passenger ticket revenues and cruise transportation costs, respectively. The proceeds that we collect from the sale of third-party shore excursions and on behalf of onboard concessionaires, net of the amounts remitted to them, are recorded as concession revenues in onboard and other cruise revenues. All these amounts are recognized on a completed voyage or pro rata basis as discussed above. | ||||
Cruise passenger ticket revenues include fees and taxes levied by governmental authorities and collected by us from our guests. A portion of these fees and taxes vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees and taxes is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees and taxes included in passenger ticket revenues and commissions, transportation and other costs were $517 million, $477 million and $405 million in 2013, 2012, and 2011, respectively. The remaining portion of governmental fees and taxes are also included in passenger ticket revenues but are expensed in other ship operating expenses when the corresponding revenues are recognized. | ||||
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed or expenses are incurred. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the charter agreement using the straight-line method (see Note 11). | ||||
Insurance | ||||
We maintain insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damages to hull and machinery for each of our ships, war risks, workers’ compensation, employee health, directors and officers liability, property damages and general liabilities for third-party claims. We recognize insurance recoverables from third-party insurers for incurred expenses at the time the recovery is probable and upon realization for amounts in excess of incurred expenses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions. While we believe our estimated accrued claims reserves are adequate, the ultimate losses may differ. | ||||
At November 30, 2013 and 2012, substantially all of our aggregated short-term and long-term insurance recoverables relate to crew, guest and other third-party claims for the Costa Concordia incident (“2012 Ship Incident”). At November 30, 2013 and 2012, primarily all of our aggregated short-term and long-term claims reserves also relate to the 2012 Ship Incident. At November 30, 2013 and 2012, our long-term insurance recoverables and long-term claims reserve are included in other assets and other long-term liabilities, respectively, and are not material. | ||||
Selling and Administrative Expenses | ||||
Selling expenses include a broad range of advertising, such as marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs. The brochures and media production costs are recorded as prepaid expenses and charged to expense as consumed or upon the first airing of the advertisement, respectively. Advertising expenses totaled $588 million in 2013 and $527 million in both 2012 and 2011. Administrative expenses represent the costs of our shoreside ship support, reservations and other administrative functions, and include, among others, salaries and related benefits, professional fees and occupancy costs, which are typically expensed as incurred. | ||||
Foreign Currency Translations and Transactions | ||||
Each business determines its functional currency by reference to its primary economic environment. We translate the assets and liabilities of our foreign operations that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign operations are translated at weighted-average exchange rates for the period. Their equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of accumulated other comprehensive income (“AOCI”), which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies. | ||||
Our underlying businesses execute transactions in a number of different currencies, principally the U.S. dollar, euro, sterling and Australian and Canadian dollars. Exchange rate gains and losses arising from the remeasurement of monetary assets and liabilities and foreign currency transactions denominated in a currency other than the functional currency of the entity involved are recognized currently in nonoperating earnings, unless such monetary liabilities have been designated to act as hedges of net investments in our foreign operations. These net gains or losses included in nonoperating earnings were insignificant in 2013, 2012 and 2011. In addition, the unrealized gains or losses on our long-term intercompany receivables denominated in a non-functional currency, which are not expected to be repaid in the foreseeable future and are therefore considered to form part of our net investments, are recorded as foreign currency translation adjustments, which are included as a component of AOCI. | ||||
Share-Based Compensation | ||||
We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if less than the vesting period, when vesting is not contingent upon any future performance. For performance-based share awards, we generally recognize compensation cost ratably using the straight-line attribution method over the expected vesting period based on the probability of the performance condition being achieved. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense will be reversed and future compensation expense will be adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market and performance conditions are not expected to be met, compensation expense will still be recognized. In addition, we estimate the amount of expected forfeitures, based on historical forfeiture experience, when calculating compensation cost. If the actual forfeitures that occur are significantly different from the estimate, then we revise our estimates. | ||||
Earnings Per Share | ||||
Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights (see Note 3). |
DLC_Arrangement
DLC Arrangement | 12 Months Ended |
Nov. 30, 2013 | |
Text Block [Abstract] | ' |
DLC Arrangement | ' |
DLC Arrangement | |
In 2003, Carnival Corporation and Carnival plc completed a DLC transaction, which implemented Carnival Corporation and Carnival plc’s DLC arrangement. The contracts governing the DLC arrangement provide that Carnival Corporation and Carnival plc each continue to have separate boards of directors, but the boards and senior executive management of both companies are identical. The constitutional documents of each of the companies also provide that, on most matters, the holders of the common equity of both companies effectively vote as a single body. On specified matters where the interests of Carnival Corporation’s shareholders may differ from the interests of Carnival plc’s shareholders (a “class rights action” such as transactions primarily designed to amend or unwind the DLC arrangement), each shareholder body will vote separately as a class. Generally, no class rights action will be implemented unless approved by both shareholder bodies. | |
Upon the closing of the DLC transaction, Carnival Corporation and Carnival plc also executed the Equalization and Governance Agreement, which provides for the equalization of dividends and liquidation distributions based on an equalization ratio and contains provisions relating to the governance of the DLC arrangement. Because the equalization ratio is 1 to 1, one Carnival plc ordinary share is entitled to the same distributions, subject to the terms of the Equalization and Governance Agreement, as one share of Carnival Corporation common stock. In a liquidation of either company or both companies, if the hypothetical potential per share liquidation distributions to each company’s shareholders are not equivalent, taking into account the relative value of the two companies’ assets and the indebtedness of each company, to the extent that one company has greater net assets so that any liquidation distribution to its shareholders would not be equivalent on a per share basis, the company with the ability to make a higher net distribution is required to make a payment to the other company to equalize the possible net distribution to shareholders, subject to certain exceptions. | |
At the closing of the DLC transaction, Carnival Corporation and Carnival plc also executed deeds of guarantee. Under the terms of Carnival Corporation’s deed of guarantee, Carnival Corporation has agreed to guarantee all indebtedness and certain other monetary obligations of Carnival plc that are incurred under agreements entered into on or after the closing date of the DLC transaction. The terms of Carnival plc’s deed of guarantee mirror those of Carnival Corporation’s. In addition, Carnival Corporation and Carnival plc have each extended their respective deeds of guarantee to the other’s pre-DLC indebtedness and certain other monetary obligations, or alternatively have provided standalone guarantees in lieu of utilization of these deeds of guarantee, thus effectively cross guaranteeing all Carnival Corporation and Carnival plc indebtedness and certain other monetary obligations. Each deed of guarantee provides that the creditors to whom the obligations are owed are intended third-party beneficiaries of such deed of guarantee. | |
The deeds of guarantee are governed and construed in accordance with the laws of the Isle of Man. Subject to the terms of the deeds of guarantee, the holders of indebtedness and other obligations that are subject to the deeds of guarantee will have recourse to both Carnival plc and Carnival Corporation, though a Carnival plc creditor must first make written demand on Carnival plc and a Carnival Corporation creditor on Carnival Corporation. Once the written demand is made by letter or other form of notice, the holders of indebtedness or other obligations may immediately commence an action against the relevant guarantor. Accordingly, there is no requirement under the deeds of guarantee to obtain a judgment, take other enforcement actions or wait any period of time prior to taking steps against the relevant guarantor. All actions or proceedings arising out of or in connection with the deeds of guarantee must be exclusively brought in courts in England. | |
Under the terms of the DLC transaction documents, Carnival Corporation and Carnival plc are permitted to transfer assets between the companies, make loans to or investments in each other and otherwise enter into intercompany transactions. The companies have entered into some of these types of transactions and may enter into additional transactions in the future to take advantage of the flexibility provided by the DLC arrangement, and to operate both companies as a single unified economic enterprise in the most effective manner. In addition, under the terms of the Equalization and Governance Agreement and the deeds of guarantee, the cash flows and assets of one company are required to be used to pay the obligations of the other company, if necessary. | |
Given the DLC arrangement, we believe that providing separate financial statements for each of Carnival Corporation and Carnival plc would not present a true and fair view of the economic realities of their operations. Accordingly, separate financial statements for both Carnival Corporation and Carnival plc have not been presented. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment consisted of the following (in millions): | |||||||||
November 30, | |||||||||
2013 | 2012 | ||||||||
Ships, including ship improvements | $ | 42,367 | $ | 40,774 | |||||
Ships under construction | 535 | 380 | |||||||
42,902 | 41,154 | ||||||||
Land, buildings and improvements, including leasehold improvements and port facilities | 971 | 901 | |||||||
Computer hardware and software, transportation equipment and other | 1,251 | 1,146 | |||||||
Total property and equipment | 45,124 | 43,201 | |||||||
Less accumulated depreciation and amortization | (12,219 | ) | (11,064 | ) | |||||
$ | 32,905 | (a) | $ | 32,137 | (a) | ||||
(a) | At November 30, 2013 and 2012, the net carrying values of ships and ships under construction for our North America, EAA, Cruise Support and Tour and Other segments were $18.3 billion, $13.2 billion, $0.3 billion and $0.1 billion and $18.0 billion, $12.8 billion, $0.2 billion and $0.1 billion, respectively. | ||||||||
Ships under construction include progress payments for the construction of new ships, as well as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. Capitalized interest, substantially all on our ships under construction, amounted to $15 million, $17 million and $21 million in 2013, 2012 and 2011, respectively. | |||||||||
Repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were $954 million, $832 million and $830 million in 2013, 2012 and 2011, respectively, and are substantially all included in other ship operating expenses. | |||||||||
During 2012, we wrote-off the net carrying value of Costa Concordia in the amount of €381 million (or $515 million) and received €395 million (or $508 million) of hull and machinery insurance proceeds for the total loss of the ship. As a result, in 2012 we recognized €14 million (or $17 million) of proceeds in excess of the net carrying value of the ship as a reduction of other ship operating expenses. In addition, during 2012 we incurred $28 million for the 2012 Ship Incident related expenses that were not covered by insurance, including a $10 million insurance deductible related to third-party personal injury liabilities. These expenses are principally included in other ship operating expenses. See Note 7 for a discussion of loss contingencies related to the 2012 Ship Incident. | |||||||||
See Note 10 for a discussion regarding ship impairment charges. |
Unsecured_Debt
Unsecured Debt | 12 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||
Long-term debt and short-term borrowings consisted of the following (in millions): | ||||||||||||||||||||||||||||
30-Nov-13 | November 30, | |||||||||||||||||||||||||||
Interest Rates | Maturities Through | 2013(a) | 2012(a) | |||||||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||||
Export Credit Facilities | ||||||||||||||||||||||||||||
Fixed rate (b) | 4.2% to 5.5% | 2020 | $ | 1,684 | $ | 2,009 | ||||||||||||||||||||||
Euro fixed rate (b) | 3.8% to 4.5% | 2025 | 408 | 423 | ||||||||||||||||||||||||
Floating rate (c) (d) | 1.4% to 1.9% | 2025 | 1,196 | 1,303 | ||||||||||||||||||||||||
Euro floating rate (b) (e) | 0.2% to 1.3% | 2026 | 1,742 | 1,516 | ||||||||||||||||||||||||
Bank Loans | ||||||||||||||||||||||||||||
Fixed rate (b) | 2.5% to 4.4% | 2016 | 650 | 650 | ||||||||||||||||||||||||
Euro fixed rate (b) | 3.90% | 2021 | 276 | 296 | ||||||||||||||||||||||||
Floating rate (b) (f) | 0.8% to 1.4% | 2018 | 850 | 700 | ||||||||||||||||||||||||
Euro floating rate (b) (g) | 0.80% | 2014 | 138 | 132 | ||||||||||||||||||||||||
Private Placement Notes | ||||||||||||||||||||||||||||
Fixed rate | 5.9% to 6.0% | 2016 | 116 | 116 | ||||||||||||||||||||||||
Euro fixed rate (b) | 6.9% to 7.3% | 2018 | 194 | 185 | ||||||||||||||||||||||||
Publicly-Traded Notes | ||||||||||||||||||||||||||||
Fixed rate (d) (h) (i) | 1.2% to 7.1% | 2028 | 2,219 | 517 | ||||||||||||||||||||||||
Euro fixed rate | — | — | — | 971 | ||||||||||||||||||||||||
Other | 3.8% to 7.3% | 2030 | 27 | 28 | ||||||||||||||||||||||||
Short-Term Borrowings | ||||||||||||||||||||||||||||
Euro bank loans (j) | 1.90% | 2014 | 60 | 56 | ||||||||||||||||||||||||
Total Debt | 9,560 | 8,902 | ||||||||||||||||||||||||||
Less short-term borrowings | (60 | ) | (56 | ) | ||||||||||||||||||||||||
Less current portion of long-term debt | (1,408 | ) | (1,678 | ) | ||||||||||||||||||||||||
Total Long-term Debt | $ | 8,092 | $ | 7,168 | ||||||||||||||||||||||||
(a) | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. | |||||||||||||||||||||||||||
(b) | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc. | |||||||||||||||||||||||||||
(c) | In 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 and is due in semi-annual installments through May 2025. | |||||||||||||||||||||||||||
(d) | In 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. | |||||||||||||||||||||||||||
(e) | In 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 and is due in semi-annual installments through March 2025. | |||||||||||||||||||||||||||
(f) | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes. | |||||||||||||||||||||||||||
(g) | In 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. | |||||||||||||||||||||||||||
(h) | In 2013, 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, including repayments of portions of debt facilities maturing in 2013. | |||||||||||||||||||||||||||
(i) | In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014. | |||||||||||||||||||||||||||
(j) | The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate. | |||||||||||||||||||||||||||
At November 30, 2013, the scheduled annual maturities of our debt were as follows (in millions): | ||||||||||||||||||||||||||||
Fiscal | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Short-term borrowings | $ | 60 | $ | 60 | ||||||||||||||||||||||||
Long-term debt | 1,408 | $ | 1,403 | $ | 1,537 | $ | 627 | $ | 1,301 | $ | 3,224 | 9,500 | ||||||||||||||||
$ | 1,468 | $ | 1,403 | $ | 1,537 | $ | 627 | $ | 1,301 | $ | 3,224 | $ | 9,560 | |||||||||||||||
Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts are amortized to interest expense using the effective interest rate method over the term of the notes. | ||||||||||||||||||||||||||||
Committed Ship Financings | ||||||||||||||||||||||||||||
We have unsecured euro and U.S. dollar long-term export credit committed ship financings in order to pay for a portion of our ships’ purchase prices. These commitments, if drawn, are repayable semi-annually over 12 years. We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date. | ||||||||||||||||||||||||||||
At January 22, 2014, our committed ship financings are as follows: | ||||||||||||||||||||||||||||
Cruise Brands and Ships | Fiscal Year | Amount | ||||||||||||||||||||||||||
Scheduled for | ||||||||||||||||||||||||||||
Funding | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
Carnival Cruise Lines | ||||||||||||||||||||||||||||
Carnival Vista (a) | 2016 | $ | 520 | |||||||||||||||||||||||||
Holland America Line | ||||||||||||||||||||||||||||
Newbuild (a) | 2016 | 408 | ||||||||||||||||||||||||||
Princess | ||||||||||||||||||||||||||||
Regal Princess | 2014 | 547 | ||||||||||||||||||||||||||
North America Cruise Brands | 1,475 | |||||||||||||||||||||||||||
EAA | ||||||||||||||||||||||||||||
AIDA | ||||||||||||||||||||||||||||
AIDAprima | 2015 | 460 | ||||||||||||||||||||||||||
Newbuild | 2016 | 460 | ||||||||||||||||||||||||||
Costa | ||||||||||||||||||||||||||||
Costa Diadema (a) | 2014 | 531 | ||||||||||||||||||||||||||
P&O Cruises (UK) | ||||||||||||||||||||||||||||
Britannia (a) | 2015 | 563 | ||||||||||||||||||||||||||
EAA Cruise Brands | 2,014 | |||||||||||||||||||||||||||
$ | 3,489 | |||||||||||||||||||||||||||
(a) Euro-denominated. | ||||||||||||||||||||||||||||
Revolving Credit Facilities | ||||||||||||||||||||||||||||
Carnival Corporation, Carnival plc and certain of Carnival plc’s subsidiaries are party to a five-year multi-currency revolving credit facility for $2.5 billion (comprised of $1.6 billion, €450 million and £150 million) (the “Facility”), which expires in May 2016. The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 70 basis points (“bps”). The margin varies based on changes to Carnival Corporation’s and Carnival plc’s long-term senior unsecured credit ratings. We are required to pay a commitment fee of 35% of the margin per annum on any undrawn portion. If more than one-third or if more than two-thirds of the Facility is drawn, we will incur an additional 15 bps or 30 bps utilization fee, respectively, on the total amount outstanding. | ||||||||||||||||||||||||||||
In September 2013, we entered into a seven-year $300 million floating rate revolver, which expires in September 2020 and is undrawn as of November 30, 2013. In addition, at November 30, 2013 we had another undrawn revolving credit facility in the amount of $82 million, which expires in 2015. These other revolving credit facilities provide us with additional liquidity. At November 30, 2013, $2.8 billion was available under all of our revolving credit facilities. |
Commitments
Commitments | 12 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Commitments | ' | |||||||||||||||||||||||||||
Commitments | ||||||||||||||||||||||||||||
Ship Commitments | ||||||||||||||||||||||||||||
At November 30, 2013, we had eight ships under contract for construction with an aggregate passenger capacity of more than 24,700 lower berths. The estimated total cost of these ships is $5.2 billion, which includes the contract prices with the shipyards, design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. We have paid $0.5 billion through November 30, 2013 and anticipate paying $1.6 billion, $1.3 billion and $1.8 billion of the remaining estimated total costs in 2014, 2015 and 2016, respectively. | ||||||||||||||||||||||||||||
Operating Leases, Port Facilities and Other Commitments | ||||||||||||||||||||||||||||
Rent expense under our operating leases, primarily for office and warehouse space, was $61 million, $57 million and $59 million in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||
At November 30, 2013, minimum amounts payable for our operating leases, with initial or remaining terms in excess of one year, and for the annual usage of port facilities and other contractual commitments with remaining terms in excess of one year, were as follows (in millions): | ||||||||||||||||||||||||||||
Fiscal | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Operating leases | $ | 51 | $ | 46 | $ | 40 | $ | 28 | $ | 23 | $ | 163 | $ | 351 | ||||||||||||||
Port facilities and other | 172 | 157 | 129 | 115 | 101 | 613 | 1,287 | |||||||||||||||||||||
$ | 223 | $ | 203 | $ | 169 | $ | 143 | $ | 124 | $ | 776 | $ | 1,638 | |||||||||||||||
Contingencies
Contingencies | 12 Months Ended |
Nov. 30, 2013 | |
Text Block [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Litigation | |
As a result of the 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 ongoing 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 November 30, 2013, Carnival Corporation had estimated contingent obligations totaling $416 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 it would, as of November 30, 2013, be responsible for a termination payment of $33 million. In 2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it. | |
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, it 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 $40 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. |
Income_and_Other_Taxes
Income and Other Taxes | 12 Months Ended |
Nov. 30, 2013 | |
Text Block [Abstract] | ' |
Income and Other Taxes | ' |
Income and Other Taxes | |
A summary of our principal taxes and exemptions in the jurisdictions where our primary businesses are located is as follows: | |
U.S. Income Tax | |
We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. We also own and operate, among other businesses, the U.S. hotel and transportation business of Holland America Princess Alaska Tours through U.S. corporations. | |
Our North American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the U.S. Depending on its itinerary, any particular ship may generate income from sources within the U.S. We believe that our U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes. | |
In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable U.S. Treasury regulations provide in general that a foreign corporation will qualify for the benefits of Section 883 if, in relevant part, (i) the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. (an “equivalent exemption jurisdiction”) and (ii) the foreign corporation meets a defined publicly-traded test. Subsidiaries of foreign corporations that are organized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section 883. We believe that Panama is an equivalent exemption jurisdiction and Carnival Corporation currently qualifies as a publicly-traded corporation under the regulations. Accordingly, substantially all of Carnival Corporation’s income is exempt from U.S. federal income and branch profit taxes. | |
Regulations under Section 883 list items that the Internal Revenue Service does not consider to be incidental to ship operations. Among the items identified as not incidental is income from the sale of air transportation, transfers, shore excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S. | |
We believe that the U.S. source transportation income earned by Carnival plc and its Italian resident subsidiary currently qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties. | |
Our domestic U.S. operations, principally the hotel and transportation business of Holland America Princess Alaska Tours, are subject to federal and state income taxation in the U.S. | |
Carnival Corporation and Carnival plc and certain of their subsidiaries are subject to various U.S. state income taxes generally imposed on each state’s portion of the U.S. source income subject to U.S. federal income taxes. However, the state of Alaska imposes an income tax on its allocated portion of the total income of our companies doing business in Alaska and certain of their subsidiaries. | |
UK and Australian Income Tax | |
Cunard, P&O Cruises (UK) and P&O Cruises (Australia) are divisions of Carnival plc and have elected to enter the UK tonnage tax regime through 2023. Companies to which the tonnage tax regime applies pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands’ relevant shipping income. Relevant shipping income includes income from the operation of qualifying ships and from shipping related activities. | |
For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also subject to a seafarer training requirement. | |
Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation tax. Dividends received from subsidiaries of Carnival plc doing business outside the UK are generally exempt from UK corporation tax. | |
P&O Cruises (Australia) and all of the other cruise ships operated internationally by Carnival plc for the Australian market are exempt from Australian corporation tax by virtue of the UK/Australian income tax treaty. | |
Italian Income Tax | |
Costa, AIDA and Ibero have elected to enter the Italian tonnage tax regime through 2014 and can reapply for an additional ten-year period beginning 2015. Companies to which the tonnage tax regime applies pay corporation taxes on shipping profits calculated by reference to the net tonnage of qualifying ships. | |
Most of Costa’s and AIDA’s earnings not considered to be shipping profits for Italian tonnage tax purposes will be taxed at an effective tax rate of approximately 6% under the Italian International shipping tax regime since all of their ships are Italian registered. | |
Portuguese, Spanish and German Income Tax | |
Both of Ibero’s ships are registered in Portugal. Provided certain local employment requirements are satisfied, most of Ibero’s income that is not considered to be shipping profits for Italian tonnage tax purposes is subject to Portuguese income tax at effective rates of 5% through 2020. After 2020, such income will be subject to the normal Portuguese tax rate. | |
Ibero’s Spanish operations are minimal and, therefore, its Spanish income taxes are minimal. | |
Substantially all of AIDA’s earnings are exempt from German corporation tax by virtue of the Italy/Germany income tax treaty. | |
Brazilian, Chinese and Japanese Income and Other Taxes | |
From November through March, Costa and Ibero operate directly and charter certain of their ships for operation in Brazil to Brazilian subsidiaries. The subsidiaries’ earnings are subject to Brazilian resident income tax, and we believe that payments passengers and these subsidiaries make to Costa and Ibero are exempt from Brazilian income tax under Brazilian domestic law and the Italy/Brazil income tax treaty. | |
Substantially all of Costa’s income from its international operations in China is exempt from Chinese corporation tax by virtue of the Italy/China Maritime tax treaty. | |
The Princess cruise ships operated internationally by Carnival plc for the Asian markets are exempt from Chinese and Japanese income taxes by virtue of tax treaties between these countries and the United Kingdom. | |
Other | |
We recognize income tax benefits for uncertain tax positions, based solely on their technical merits, when it is more likely than not to be sustained upon examination by the relevant tax authority. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution. All interest expense related to income tax liabilities is included in income tax expense. Based on all known facts and circumstances and current tax law, we believe that the total amount of our uncertain income tax position liabilities and related accrued interest are not material to our financial position. | |
We do not expect to incur income taxes on future distributions of undistributed earnings of foreign subsidiaries and, accordingly, no deferred income taxes have been provided for the distribution of these earnings. In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes and/or fees based on guest counts, ship tonnage, passenger capacity or some other measure, and these taxes and fees are included in commissions, transportation and other costs and other ship operating expenses. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Shareholders' Equity | ' | |||||||
Shareholders’ Equity | ||||||||
Carnival Corporation’s Articles of Incorporation authorize its Board of Directors, at its discretion, to issue up to 40 million shares of preferred stock. At November 30, 2013 and 2012, no Carnival Corporation preferred stock had been issued and only a nominal amount of Carnival plc preference shares had been issued. In September 2007, our Boards of Directors authorized, subject to certain restrictions, the repurchase of up to an aggregate of $1 billion of Carnival Corporation common stock and/or Carnival plc ordinary shares (the “Repurchase Program”). In January 2013, the Boards of Directors increased the remaining $165 million under the Repurchase Program back to $1 billion. The Repurchase Program does not have an expiration date and may be discontinued by our Boards of Directors at any time. | ||||||||
During 2013, 2012 and 2011, we repurchased 2.8 million, 2.6 million and 13.5 million shares of Carnival Corporation common stock for $103 million, $90 million and $413 million, respectively, under the Repurchase Program. During 2013 and 2012, there were no repurchases of Carnival plc ordinary shares under the Repurchase Program. During 2011, Carnival Investments Limited, a subsidiary of Carnival Corporation, repurchased 1.3 million ordinary shares of Carnival plc for $41 million under the Repurchase Program. Since March 2013, the remaining availability under the Repurchase Program has been $975 million. | ||||||||
In addition to the Repurchase Program, the Boards of Directors authorized, in October 2008, the repurchase of up to 19.2 million Carnival plc ordinary shares and, in January 2013, the repurchase of up to 32.8 million shares of Carnival Corporation common stock under the Stock Swap programs described below. Depending on market conditions and other factors, we may repurchase shares of Carnival Corporation common stock and/or Carnival plc ordinary shares under the Repurchase Program and the Stock Swap programs concurrently. We use the Stock Swap programs in situations where we can obtain an economic benefit because either Carnival Corporation common stock or Carnival plc ordinary shares are trading at a price that is at a premium or discount to the price of Carnival plc ordinary shares or Carnival Corporation common stock, as the case may be. Any realized economic benefit under the Stock Swap programs is used for general corporate purposes, which could include repurchasing additional stock under the Repurchase Program. Carnival plc ordinary share repurchases under both the Repurchase Program and the Stock Swap programs require annual shareholder approval. At January 22, 2014, the remaining availability under the Stock Swap programs was 18.1 million Carnival plc ordinary shares and 32.0 million shares of Carnival Corporation common stock. | ||||||||
During 2013, Carnival Investments Limited 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 repurchase 0.9 million shares of Carnival Corporation common stock. Pursuant to our Stock Swap programs, 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. market on at least an equivalent basis. During 2013, no Carnival Corporation common stock was sold or Carnival plc ordinary shares were repurchased under the Stock Swap programs. During 2012 and 2011, no Carnival Corporation common stock or Carnival plc ordinary shares were sold or repurchased under the Stock Swap programs. | ||||||||
At November 30, 2013, there were 20 million shares of Carnival Corporation common stock reserved for issuance under its employee benefit and dividend reinvestment plans. In addition, Carnival plc shareholders have authorized 20 million ordinary shares for future issuance under its employee benefit plans. | ||||||||
On November 15, 2012, our Boards of Directors declared a special dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.50 per share, or $0.4 billion, which was paid in December 2012. The special dividend was in addition to our $0.25 per share regular 2012 quarterly dividend. | ||||||||
Accumulated other comprehensive income (loss) was as follows (in millions): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
Cumulative foreign currency translation adjustments, net | $ | 234 | $ | (98 | ) | |||
Unrecognized pension expenses | (97 | ) | (125 | ) | ||||
Unrealized losses on marketable securities | (7 | ) | (13 | ) | ||||
Net gains on cash flow derivative hedges | 31 | 29 | ||||||
$ | 161 | $ | (207 | ) | ||||
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||||||||||
Nov. 30, 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 November 30, 2013 and 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): | ||||||||||||||||||||||||||||||||
30-Nov-13 | 30-Nov-12 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 349 | $ | 349 | $ | — | $ | — | $ | 269 | $ | 269 | $ | — | $ | — | ||||||||||||||||
Long-term other assets (b) | 110 | 1 | 58 | 50 | 104 | 1 | 36 | 62 | ||||||||||||||||||||||||
Total | $ | 459 | $ | 350 | $ | 58 | $ | 50 | $ | 373 | $ | 270 | $ | 36 | $ | 62 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Fixed rate debt (c) | $ | 5,574 | $ | — | $ | 5,941 | $ | — | $ | 5,195 | $ | — | $ | 5,825 | $ | — | ||||||||||||||||
Floating rate debt (c) | 3,986 | — | 3,997 | — | 3,707 | — | 3,706 | — | ||||||||||||||||||||||||
Total | $ | 9,560 | $ | — | $ | 9,938 | $ | — | $ | 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) | At November 30, 2013 and 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. | |||||||||||||||||||||||||||||||
(c) | 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 November 30, 2013 and 2012 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At November 30, 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 November 30, 2013 being slightly lower than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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): | ||||||||||||||||||||||||||||||||
30-Nov-13 | 30-Nov-12 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents (a) | $ | 113 | $ | — | $ | — | $ | 196 | $ | — | $ | — | ||||||||||||||||||||
Restricted cash (b) | 28 | — | — | 28 | — | — | ||||||||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 113 | 10 | — | 104 | 16 | — | ||||||||||||||||||||||||||
Derivative financial instruments (d) | — | 60 | — | — | 48 | — | ||||||||||||||||||||||||||
Long-term other assets (e) | — | — | 17 | — | — | 11 | ||||||||||||||||||||||||||
Total | $ | 254 | $ | 70 | $ | 17 | $ | 328 | $ | 64 | $ | 11 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 31 | $ | — | $ | — | $ | 43 | $ | — | ||||||||||||||||||||
Total | $ | — | $ | 31 | $ | — | $ | — | $ | 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. | |||||||||||||||||||||||||||||||
(e) | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During 2013, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. | |||||||||||||||||||||||||||||||
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 three of our Ibero ships and two of our smaller 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 as Costa neoRiviera, 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 third quarter of 2013. | ||||||||||||||||||||||||||||||||
In February 2012, Costa Allegra suffered fire damage and, accordingly, we decided to withdraw this ship from operations resulting in a $34 million impairment charge, which is included in other ship operating expenses. In addition, during 2012 we incurred $17 million for Costa Allegra incident-related expenses, which are substantially all included in other ship operating expenses. In October 2012, we sold Costa Allegra. | ||||||||||||||||||||||||||||||||
During 2012, we recognized $23 million of ship impairment charges related to two Seabourn ships in other ship operating expenses. | ||||||||||||||||||||||||||||||||
During 2011, we reviewed certain of our ships for impairment. As a result of these reviews, in August 2011 we included $28 million of estimated impairment charges in other ship operating expenses as a result of the sales of Costa Marina, which was sold in November 2011, and Pacific Sun, which was sold in December 2011. We operated Pacific Sun under a bareboat charter agreement until July 2012. | ||||||||||||||||||||||||||||||||
The estimated fair values of the ships for which we recorded impairment charges in 2012 and 2011 were determined based on the sales value of the ships, which is considered a Level 3 input. | ||||||||||||||||||||||||||||||||
In 2013, 2012 and 2011, we recognized $176 million, $57 million and $28 million, respectively, of ship impairment charges in other ship operating expenses. | ||||||||||||||||||||||||||||||||
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 EAA cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2011 | $ | 1,898 | $ | 1,424 | $ | 3,322 | ||||||||||||||||||||||||||
Ibero goodwill impairment charge (a) | — | (153 | ) | (153 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 5 | 5 | |||||||||||||||||||||||||||||
Balance at November 30, 2012 | 1,898 | 1,276 | 3,174 | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 36 | 36 | |||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 1,898 | $ | 1,312 | $ | 3,210 | ||||||||||||||||||||||||||
(a) | At February 29, 2012, given the state of the Spanish economy and considering the low level of Ibero’s estimated fair value in excess of its carrying value, we performed an impairment review of Ibero’s goodwill. During the review, we determined that the interim discounted future cash flow analysis that was used to estimate Ibero’s fair value was primarily impacted by slower than anticipated Ibero capacity growth. As a result, Ibero’s estimated fair value no longer exceeded its carrying value. Accordingly, we recognized a goodwill impairment charge of $153 million during the first quarter of 2012, which represented Ibero’s entire goodwill balance. At November 30, 2013, accumulated goodwill impairment charges were $153 million. | |||||||||||||||||||||||||||||||
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 analysis 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 of market participants, 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. | ||||||||||||||||||||||||||||||||
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, 2011 | $ | 927 | $ | 386 | $ | 1,313 | ||||||||||||||||||||||||||
Ibero trademarks impairment charge (a) | — | (20 | ) | (20 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 6 | 6 | |||||||||||||||||||||||||||||
Balance at November 30, 2012 | 927 | 372 | 1,299 | |||||||||||||||||||||||||||||
Ibero trademarks impairment charge (a) | — | (13 | ) | (13 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | |||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 927 | $ | 359 | $ | 1,286 | ||||||||||||||||||||||||||
(a) | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value. | |||||||||||||||||||||||||||||||
At July 31, 2013, our cruise brands that have significant trademarks recorded include AIDA, P&O Cruises (Australia), P&O Cruises (UK) and Princess. As of that date, we performed our annual trademark impairment reviews for these cruise brands, which included performing a qualitative assessment. Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the WACC, changes to the 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. | ||||||||||||||||||||||||||||||||
In 2013, we also recognized a $14 million impairment charge related to an investment, leaving an insignificant carrying value at November 30, 2013. | ||||||||||||||||||||||||||||||||
At November 30, 2013 and 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. | ||||||||||||||||||||||||||||||||
There have not been any events or circumstances subsequent to July 31, 2013, which we believe would require us to perform an interim goodwill or trademark impairment test. | ||||||||||||||||||||||||||||||||
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 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): | ||||||||||||||||||||||||||||||||
November 30, | ||||||||||||||||||||||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Prepaid expenses and other | $ | — | $ | 1 | |||||||||||||||||||||||||||
Other assets – long-term | 2 | 6 | ||||||||||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | — | 11 | |||||||||||||||||||||||||||||
Other assets – long-term | 8 | 5 | ||||||||||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | — | |||||||||||||||||||||||||||||
Other assets – long-term | 5 | — | ||||||||||||||||||||||||||||||
16 | 23 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 14 | — | |||||||||||||||||||||||||||||
Other assets – long-term | 30 | 25 | ||||||||||||||||||||||||||||||
44 | 25 | |||||||||||||||||||||||||||||||
Total derivative assets | $ | 60 | $ | 48 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Accrued liabilities and other | $ | 4 | $ | — | |||||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | 13 | 7 | |||||||||||||||||||||||||||||
Other long-term liabilities | 13 | 17 | ||||||||||||||||||||||||||||||
30 | 24 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Accrued liabilities and other | — | 16 | |||||||||||||||||||||||||||||
Other long-term liabilities | 1 | 3 | ||||||||||||||||||||||||||||||
1 | 19 | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 43 | ||||||||||||||||||||||||||||
(a) | At November 30, 2013 and 2012, we had foreign currency forwards totaling $578 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 November 30, 2013, these outstanding foreign currency forwards mature through July 2017. | |||||||||||||||||||||||||||||||
(b) | At November 30, 2013 and 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 November 30, 2013 and 2012, these interest rate swap agreements have or will effectively change $909 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at November 30, 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 November 30, 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 were as follows (in millions): | ||||||||||||||||||||||||||||||||
November 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Net investment hedges | $ | (11 | ) | $ | 48 | $ | (13 | ) | ||||||||||||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) | $ | 16 | $ | 76 | |||||||||||||||||||||||||
Interest rate swaps – cash flow hedges | $ | 2 | $ | (11 | ) | $ | (4 | ) | ||||||||||||||||||||||||
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 November 30, 2013 and 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 November 30, 2013 and 2012 and for the years ended November 30, 2013, 2012 and 2011 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. As of November 30, 2013 and 2012, we have designated $2.2 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 $234 million and $243 million of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component of AOCI at November 30, 2013 and 2012, respectively, which offsets a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During 2013, 2012 and 2011, we recognized foreign currency nonderivative transaction (losses) gains of $(9) million, $39 million and $21 million, 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) 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 $300 million, and a weighted-average floor rate of £0.77 to the euro, or $278 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 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 an insignificant gain in other comprehensive income during the second quarter of 2013. | ||||||||||||||||||||||||||||||||
At November 30, 2013, substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild construction payments for Regal Princess, the Seabourn newbuild, and a portion of Britannia, which represent a total commitment of $1.3 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 November 30, 2013, 59% and 41% (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. | ||||||||||||||||||||||||||||||||
At November 30, 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 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 | 43% | |||||||||||||||||||||||||||||||
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 | 43% | |||||||||||||||||||||||||||||||
Fiscal 2016 | ||||||||||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | |||||||||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | |||||||||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | |||||||||||||||||||||||||||
8,724 | 44% | |||||||||||||||||||||||||||||||
Fiscal 2017 | ||||||||||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | |||||||||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | |||||||||||||||||||||||||||
5,304 | 27% | |||||||||||||||||||||||||||||||
(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 material at November 30, 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 and 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 | 12 Months Ended | ||||||||||||||||||||||||||||
Nov. 30, 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 represents the hotel and transportation operations of Holland America Princess Alaska Tours. In 2012 and 2011, our Tour and Other segment also included two ships that we chartered to an unaffiliated entity. In April 2013, we sold one of these two ships and recognized a $15 million gain as a reduction of Tour and Other operating expenses. Accordingly, subsequent to this 2013 sale our Tour and Other segment included only one ship. The significant accounting policies of our segments are the same as those described in Note 2 – “Summary of Significant Accounting Policies.” | |||||||||||||||||||||||||||||
Selected information for our segments as of and for the years ended November 30 was as follows (in millions): | |||||||||||||||||||||||||||||
Revenues | Operating | Selling | Depreciation | Operating | Capital | Total | |||||||||||||||||||||||
expenses | and | and | income (loss) | expenditures | assets | ||||||||||||||||||||||||
administrative | amortization | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 9,370 | $ | 6,439 | $ | 1,048 | $ | 927 | $ | 956 | $ | 1,350 | $ | 22,448 | |||||||||||||||
EAA Cruise Brands | 5,906 | 4,137 | 686 | 599 | 471 | (b) | 642 | 16,126 | |||||||||||||||||||||
Cruise Support | 96 | 31 | 136 | 26 | (97 | ) | 108 | 1,016 | |||||||||||||||||||||
Tour and Other (a) | 210 | 143 | 9 | 36 | 22 | 49 | 514 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (126 | ) | (126 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,456 | $ | 10,624 | $ | 1,879 | $ | 1,588 | $ | 1,352 | $ | 2,149 | $ | 40,104 | ||||||||||||||||
2012 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 9,364 | $ | 6,240 | $ | 949 | $ | 898 | $ | 1,277 | $ | 990 | $ | 21,893 | |||||||||||||||
EAA Cruise Brands | 5,827 | 4,010 | 650 | 561 | 433 | (b) | 1,291 | 15,894 | |||||||||||||||||||||
Cruise Support | 86 | 22 | 114 | 28 | (78 | ) | 33 | 888 | |||||||||||||||||||||
Tour and Other (a) | 211 | 154 | 7 | 40 | 10 | 18 | 486 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (106 | ) | (106 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,382 | $ | 10,320 | $ | 1,720 | $ | 1,527 | $ | 1,642 | $ | 2,332 | $ | 39,161 | ||||||||||||||||
2011 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 8,921 | $ | 5,848 | $ | 938 | $ | 869 | $ | 1,266 | $ | 1,232 | $ | 21,642 | |||||||||||||||
EAA Cruise Brands | 6,504 | 4,244 | 655 | 579 | 1,026 | 1,380 | 15,626 | ||||||||||||||||||||||
Cruise Support | 90 | 3 | 103 | 31 | (47 | ) | 68 | 795 | |||||||||||||||||||||
Tour and Other (a) | 392 | 318 | 21 | 43 | 10 | 16 | 574 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (114 | ) | (114 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,793 | $ | 10,299 | $ | 1,717 | $ | 1,522 | $ | 2,255 | $ | 2,696 | $ | 38,637 | ||||||||||||||||
(a) | In 2013 and 2012, a portion of the North America cruise brands’ segment revenues includes 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.” | ||||||||||||||||||||||||||||
In 2011, a portion of Tour and Other segment revenues included revenues for the cruise portion of a tour when a cruise was sold along with a land tour package by Holland America Princess Alaska Tours. These intersegment cruise revenues, which were included in our North America cruise brands’ segment, were eliminated directly against the Tour and Other segment revenues and operating expenses in the line “Intersegment elimination.” | |||||||||||||||||||||||||||||
This change in 2012 from prior years is referred to as “the change in the accounting for our North America cruise brands and Tour and Other segments” and did not have a significant impact on either of these segments’ 2013, 2012 and 2011 operating income. | |||||||||||||||||||||||||||||
(b) | Includes $13 million in 2013 and $173 million in 2012 of impairment charges related to Ibero’s goodwill and trademarks. | ||||||||||||||||||||||||||||
(c) | Tour and Other segment assets primarily include hotels and lodges in the state of Alaska and the Canadian Yukon, motorcoaches used for sightseeing and charters, glass-domed railcars, which run on the Alaska Railroad, and our owned ships that we leased out under long-term charters to an unaffiliated entity. | ||||||||||||||||||||||||||||
Non-U.S. revenues for our cruise brands represent sales generated from outside the U.S. principally by non-U.S. travel agents and tour operators. Substantially all of our long-lived assets are located outside of the U.S. and consist of our ships and ships under construction. | |||||||||||||||||||||||||||||
Revenues by geographic areas, which are based on where our guests are sourced and not the cruise brands on which they sailed, were as follows (in millions): | |||||||||||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
North America | $ | 7,738 | $ | 7,952 | $ | 7,835 | |||||||||||||||||||||||
Europe | 5,426 | 5,367 | 5,961 | ||||||||||||||||||||||||||
Australia and Asia | 1,772 | 1,506 | 1,528 | ||||||||||||||||||||||||||
Others | 520 | 557 | 469 | ||||||||||||||||||||||||||
$ | 15,456 | $ | 15,382 | $ | 15,793 | ||||||||||||||||||||||||
Compensation_Plans
Compensation Plans | 12 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
Compensation Plans | ' | |||||||||||||
Compensation Plans | ||||||||||||||
Equity Plans | ||||||||||||||
We issue our share-based compensation awards under the Carnival Corporation and Carnival plc stock plans, which have an aggregate of 30.7 million shares available for future grant at November 30, 2013. These plans allow us to issue time-based share ("TBS") awards, which include restricted stock awards (“RSAs”) and restricted stock units (“RSUs”), performance-based share ("PBS") awards, market-based share ("MBS") awards and stock options (collectively “equity awards”). Equity awards are principally granted to management level employees and members of our Boards of Directors. The plans are administered by a committee of our independent directors (the “Committee”) that determines which employees are eligible to participate, the monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold within a specified term. These plans allow us to fulfill our equity award obligations using shares purchased in the open market or with unissued or treasury shares. Certain equity awards provide for accelerated vesting if we have a change in control, as defined. | ||||||||||||||
Our total share-based compensation expense was $42 million, $39 million and $46 million in 2013, 2012 and 2011, respectively, of which $39 million, $36 million and $42 million has been included in selling and administrative expenses in 2013, 2012 and 2011, respectively, and $3 million in both 2013 and 2012 and $4 million in 2011 in cruise payroll and related expenses. | ||||||||||||||
TBS, PBS and MBS Awards | ||||||||||||||
RSAs generally have the same rights as Carnival Corporation common stock, except for transfer restrictions and forfeiture provisions. RSAs have been granted to certain officers and non-executive board members and substantially all of them vest at the end of three years. In addition, Carnival Corporation and Carnival plc grant RSUs, substantially all of which also vest at the end of three years and accrue forfeitable dividend equivalents on each outstanding RSU, in the form of additional RSUs, based on dividends declared. The share-based compensation expense for TBS awards is based on the quoted market price of the Carnival Corporation or Carnival plc shares on the date of grant. | ||||||||||||||
In 2012 and 2011, the Committee approved PBS awards to be granted to certain key Carnival Corporation & plc executives. The share-based compensation expense for these PBS awards is based on the quoted market price of the Carnival Corporation or Carnival plc shares on the date of grant and the probability of our earnings per share growth over a three-year period being achieved. These PBS awards provide an opportunity to earn from zero to 200% of the number of target shares underlying the award achieved at the end of the third year. At November 30, 2013, no expense has been recognized on a cumulative basis for the 2012 and 2011 PBS awards as it is not deemed probable that the performance targets will be met. | ||||||||||||||
In 2013, the Committee approved PBS awards to be granted to certain key Carnival Corporation & plc executives. The share-based compensation expense for these PBS awards is based on the quoted market price of the Carnival Corporation or Carnival plc shares on the date of grant and the probability of our annual earnings target for each year over a three-year period being achieved. These PBS awards provide an opportunity to earn from zero to 150% of the number of target shares underlying the award achieved for each year over a three-year period and may be further increased or decreased by 25% based on our total shareholder return rank relative to certain peer companies at the end of the third year. All PBS awards will accrue forfeitable dividend equivalents based on dividends declared. | ||||||||||||||
In 2013, the Committee approved an MBS award to be granted to a senior executive. The MBS award was valued at $4 million as of the date of grant. The share-based compensation expense for the MBS award is based on the quoted market price of the Carnival Corporation common stock on the date of grant and the probability of certain market and performance conditions being achieved. One-half of the MBS award is expensed evenly over a three-year period and the remaining half is expensed evenly over a four-year period. | ||||||||||||||
During the year ended November 30, 2013, TBS and PBS awards' activity was as follows: | ||||||||||||||
TBS Awards | PBS Awards | |||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||
Grant Date Fair | Grant Date Fair | |||||||||||||
Value | Value | |||||||||||||
Outstanding at November 30, 2012 | 3,061,883 | $ | 35.89 | 313,707 | $ | 36.08 | ||||||||
Granted | 1,253,441 | $ | 37.82 | 239,195 | $ | 35.68 | ||||||||
Vested | (1,171,870 | ) | $ | 35 | (29,432 | ) | $ | 36.1 | ||||||
Forfeited | (116,753 | ) | $ | 36.71 | (12,631 | ) | $ | 35.19 | ||||||
Outstanding at November 30, 2013 | 3,026,701 | $ | 37.01 | 510,839 | $ | 35.91 | ||||||||
The total grant date fair value of TBS, PBS and MBS awards vested was $42 million, $52 million and $53 million in 2013, 2012 and 2011, respectively. As of November 30, 2013, there was $42 million of total unrecognized compensation cost related to TBS, PBS, and MBS awards. As of November 30, 2013, the total unrecognized compensation costs related to TBS, PBS and MBS awards are expected to be recognized over a weighted-average period of 1.7 years, 2.5 years and 3.4 years, respectively. | ||||||||||||||
Stock Option Plans | ||||||||||||||
In 2007 and 2008, the Committee decided to cease granting stock options to our employees and non-executive board members, respectively, and to instead grant them TBS awards. A combined summary of Carnival Corporation and Carnival plc stock option activity during the year ended November 30, 2013 related to stock options previously granted was as follows: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise Price | Remaining | Value (a) | ||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at November 30, 2012 | 8,128,215 | $ | 47.72 | |||||||||||
Exercised | (642,951 | ) | $ | 33.15 | ||||||||||
Forfeited or expired | (3,563,092 | ) | $ | 49.94 | ||||||||||
Outstanding and exercisable at November 30, 2013 | 3,922,172 | $ | 48.42 | 0.9 | $ | — | ||||||||
(a) | The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price at November 30, 2013. | |||||||||||||
As of the dates of exercise, the total intrinsic value of options exercised in 2013, 2012 and 2011 was $3 million, $7 million and $18 million, respectively. As of November 30, 2013, there is no unrecognized compensation cost as there were no unvested stock options. Our stock options will expire through 2016. | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
We have several single-employer defined benefit pension plans, which cover some of our shipboard and shoreside employees. The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by U.S. or UK regulations. Substantially all of the remaining defined benefit plans are unfunded. In determining all of our plans’ benefit obligations at November 30, 2013 and 2012, we assumed weighted-average discount rates of 4.0% and 3.5%, respectively. The net asset or net liability positions under these single-employer defined benefit pension plans are not material. | ||||||||||||||
In addition, we participate in two multiemployer defined benefit pension plans in the UK, the British Merchant Navy Officers Pension Fund (registration number 10005645) (“MNOPF”), and the British Merchant Navy Ratings Pension Fund (registration number 10005646) (“MNRPF”), which are referred to as “the multiemployer plans.” The MNOPF is divided into two sections, the “New Section” and the “Old Section.” The multiemployer plans are maintained for the benefit of the employees of the participating employers who make contributions to the plans. However, contributions made by employers, including us, may be used to provide benefits to employees of other participating employers, and if any of the participating employers withdraw from the multiemployer plans or fail to make their required contributions, any unfunded obligations would be the responsibility of the remaining participating employers. We are contractually obligated to make all required contributions as determined by the plans’ trustees. All of our multiemployer plans are closed to new membership, and the MNOPF Old Section is also closed to further benefit accrual and is fully funded. Based on the most recent actuarial reviews of the MNOPF New Section and the MNRPF at March 31, 2013, it was determined that these plans were 85% and 74% funded, respectively. The multiemployer plans have implemented recovery plans, as appropriate, whereby their estimated funding deficits are to be recovered through funding contributions from participating employers. | ||||||||||||||
We expense our portion of any multiemployer plan deficit as amounts are invoiced by, and become due and payable to, the trustees. In 2013, we received and paid in full a special assessment invoice from the MNOPF trustee for our additional share of the MNOPF New Section deficit. Accordingly, we expensed the invoice of $15 million in cruise payroll and related expense in 2013, which exceeded 5% of total contributions to the fund. In 2012 and 2011, our contributions to the MNOPF fund were not material and did not exceed 5% of total contributions to the fund. In 2013, 2012 and 2011, our contributions to the MNRPF were not material and did not exceed 5% of total contributions to the plan. It is possible that we will be required to fund and expense additional amounts for the multiemployer plans in the future, however, such amounts are not expected to be material. | ||||||||||||||
Total expense for all defined benefit pension plans, including the multiemployer plans, was $62 million, $45 million and $46 million in 2013, 2012 and 2011, respectively. | ||||||||||||||
Defined Contribution Plans | ||||||||||||||
We have several defined contribution plans available to most of our employees. We contribute to these plans based on employee contributions, salary levels and length of service. Total expense for these plans was $25 million, $22 million and $21 million in 2013, 2012 and 2011, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Nov. 30, 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): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income for basic and diluted earnings per share | $ | 1,078 | $ | 1,298 | $ | 1,912 | ||||||
Weighted-average common and ordinary shares outstanding | 775 | 778 | 787 | |||||||||
Dilutive effect of equity plans | 2 | 1 | 2 | |||||||||
Diluted weighted-average shares outstanding | 777 | 779 | 789 | |||||||||
Basic earnings per share | $ | 1.39 | $ | 1.67 | $ | 2.43 | ||||||
Diluted earnings per share | $ | 1.39 | $ | 1.67 | $ | 2.42 | ||||||
Anti-dilutive equity awards excluded from diluted earnings per share computations | 4 | 8 | 9 | |||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2013 | |
Text Block [Abstract] | ' |
Supplemental Cash Flow Information | ' |
Supplemental Cash Flow Information | |
Cash paid for interest, net of capitalized interest, was $301 million, $347 million and $358 million in 2013, 2012 and 2011, respectively. In addition, cash (paid) received, net for income taxes was $(4) million in both 2013 and 2012 and $9 million in 2011. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Nov. 30, 2013 | ||||
Text Block [Abstract] | ' | |||
Basis of Presentation, Policy | ' | |||
Basis of Presentation | ||||
We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity (see Note 3). We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are insignificant. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method. | ||||
Preparation of Financial Statements, Policy | ' | |||
Preparation of Financial Statements | ||||
The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed in our financial statements. Actual results may differ from the estimates used in preparing our consolidated financial statements. All significant intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flows to conform to the current period presentation. The reclassifications had no impact on net cash provided by operating activities and net cash used in investing and financing activities. | ||||
Cash and Cash Equivalents, Policy | ' | |||
Cash and Cash Equivalents | ||||
Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at cost. At November 30, 2013 and 2012, cash and cash equivalents are comprised of cash on hand, money market funds and time deposits. | ||||
Inventories, Policy | ' | |||
Inventories | ||||
Inventories consist substantially of food and beverage, hotel and restaurant products and supplies, fuel and gift shop merchandise held for resale, which are all carried at the lower of cost or market. Cost is determined using the weighted-average or first-in, first-out methods. | ||||
Property and Equipment, Policy | ' | |||
Property and Equipment | ||||
Property and equipment are stated at cost. Depreciation and amortization were computed using the straight-line method over our estimates of average useful lives and residual values, as a percentage of original cost, as follows: | ||||
Years | Residual | |||
Values | ||||
Ships | 30 | 15% | ||
Ship improvements | Shorter of remaining ship life or useful life (3-28) | 0% or 15% | ||
Buildings and improvements | Oct-35 | 0% or 10% | ||
Computer hardware and software | 10-Feb | 0% or 10% | ||
Transportation equipment and other | 20-Feb | 0% or 10% | ||
Leasehold improvements, including port facilities | Shorter of lease term or related asset life (3-30) | — | ||
The cruise business is very capital intensive. Each year, a capital program is developed for the improvement of our ships, as well as asset replacements to enhance efficiency of operations, gain strategic benefits or provide newer improved product offerings to our guests. Ship improvement costs that we believe add value to our ships, such as those incurred for refurbishments, safety and operational efficiencies, are capitalized to the ships and depreciated over the shorter of their or the ships’ estimated remaining useful life, while costs of repairs and maintenance, including minor improvement costs, are charged to expense as incurred. We capitalize interest as part of the cost of acquiring ships and other capital projects during their construction period. The specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is included in other ship operating expenses. | ||||
Dry-dock costs primarily represent planned major maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance. These costs are expensed as incurred and included in other ship operating expenses. | ||||
We review our long-lived assets, principally our ships, for impairment whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset, which is determined by using the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. As it relates to our ships, the lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. | ||||
A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships. | ||||
Intangibles, Policy | ' | |||
Intangibles | ||||
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment at least annually and, when events or circumstances dictate, more frequently. All of our goodwill has been allocated to our reporting units, also referred to as “cruise brands.” The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed two-step quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a cruise brand’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any cruise brand. When performing the quantitative test, if the estimated fair value of the cruise brand exceeds its carrying value, no further analysis or write-down of goodwill is required. However, if the estimated fair value of the cruise brand is less than the carrying value of its net assets, the estimated fair value of the cruise brand is assigned to all its underlying assets and liabilities, including both recognized and unrecognized tangible and intangible assets, based on their fair values. If necessary, goodwill is then written down to its implied fair value. | ||||
Trademarks represent substantially all of our other intangibles. For certain acquisitions, we have allocated a portion of the purchase prices to the acquiree’s identified trademarks. Trademarks are estimated to have an indefinite useful life and, therefore, are not amortizable, but are reviewed for impairment at least annually and, when events or circumstances dictate, more frequently. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value. The costs of developing and maintaining our trademarks are expensed as incurred. | ||||
A significant amount of judgment is required in estimating the fair values of our cruise brands and trademarks. | ||||
Revenue and Expense Recognition, Policy | ' | |||
Revenue and Expense Recognition | ||||
Guest cruise deposits represent unearned revenues and are initially recorded as customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Future travel discount vouchers issued to guests are recorded as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Cancellation fees are recognized in cruise passenger ticket revenues at the time of the cancellation. | ||||
Our sale to guests of air and other transportation to and from airports near the home ports of our ships and the related cost of purchasing these services are recorded in cruise passenger ticket revenues and cruise transportation costs, respectively. The proceeds that we collect from the sale of third-party shore excursions and on behalf of onboard concessionaires, net of the amounts remitted to them, are recorded as concession revenues in onboard and other cruise revenues. All these amounts are recognized on a completed voyage or pro rata basis as discussed above. | ||||
Cruise passenger ticket revenues include fees and taxes levied by governmental authorities and collected by us from our guests. A portion of these fees and taxes vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees and taxes is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees and taxes included in passenger ticket revenues and commissions, transportation and other costs were $517 million, $477 million and $405 million in 2013, 2012, and 2011, respectively. The remaining portion of governmental fees and taxes are also included in passenger ticket revenues but are expensed in other ship operating expenses when the corresponding revenues are recognized. | ||||
Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed or expenses are incurred. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the charter agreement using the straight-line method (see Note 11). | ||||
Insurance, Policy | ' | |||
Insurance | ||||
We maintain insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damages to hull and machinery for each of our ships, war risks, workers’ compensation, employee health, directors and officers liability, property damages and general liabilities for third-party claims. We recognize insurance recoverables from third-party insurers for incurred expenses at the time the recovery is probable and upon realization for amounts in excess of incurred expenses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions. While we believe our estimated accrued claims reserves are adequate, the ultimate losses may differ. | ||||
At November 30, 2013 and 2012, substantially all of our aggregated short-term and long-term insurance recoverables relate to crew, guest and other third-party claims for the Costa Concordia incident (“2012 Ship Incident”). At November 30, 2013 and 2012, primarily all of our aggregated short-term and long-term claims reserves also relate to the 2012 Ship Incident. At November 30, 2013 and 2012, our long-term insurance recoverables and long-term claims reserve are included in other assets and other long-term liabilities, respectively, and are not material. | ||||
Selling and Administrative Expenses, Policy | ' | |||
Selling and Administrative Expenses | ||||
Selling expenses include a broad range of advertising, such as marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs. The brochures and media production costs are recorded as prepaid expenses and charged to expense as consumed or upon the first airing of the advertisement, respectively. Advertising expenses totaled $588 million in 2013 and $527 million in both 2012 and 2011. Administrative expenses represent the costs of our shoreside ship support, reservations and other administrative functions, and include, among others, salaries and related benefits, professional fees and occupancy costs, which are typically expensed as incurred. | ||||
Foreign Currency Translations and Transactions, Policy | ' | |||
Foreign Currency Translations and Transactions | ||||
Each business determines its functional currency by reference to its primary economic environment. We translate the assets and liabilities of our foreign operations that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign operations are translated at weighted-average exchange rates for the period. Their equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of accumulated other comprehensive income (“AOCI”), which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies. | ||||
Our underlying businesses execute transactions in a number of different currencies, principally the U.S. dollar, euro, sterling and Australian and Canadian dollars. Exchange rate gains and losses arising from the remeasurement of monetary assets and liabilities and foreign currency transactions denominated in a currency other than the functional currency of the entity involved are recognized currently in nonoperating earnings, unless such monetary liabilities have been designated to act as hedges of net investments in our foreign operations. These net gains or losses included in nonoperating earnings were insignificant in 2013, 2012 and 2011. In addition, the unrealized gains or losses on our long-term intercompany receivables denominated in a non-functional currency, which are not expected to be repaid in the foreseeable future and are therefore considered to form part of our net investments, are recorded as foreign currency translation adjustments, which are included as a component of AOCI. | ||||
Share-Based Compensation, Policy | ' | |||
Share-Based Compensation | ||||
We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if less than the vesting period, when vesting is not contingent upon any future performance. For performance-based share awards, we generally recognize compensation cost ratably using the straight-line attribution method over the expected vesting period based on the probability of the performance condition being achieved. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense will be reversed and future compensation expense will be adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market and performance conditions are not expected to be met, compensation expense will still be recognized. In addition, we estimate the amount of expected forfeitures, based on historical forfeiture experience, when calculating compensation cost. If the actual forfeitures that occur are significantly different from the estimate, then we revise our estimates. | ||||
Earnings Per Share, Policy | ' | |||
Earnings Per Share | ||||
Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights (see Note 3). |
General_Tables
General (Tables) | 12 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Summary by Brand of Passenger Capacity, Number of Cruise Ships and Primary Areas in which They are Marketed | ' | ||||||||||
As of January 22, 2014, our cruise brands’ summary information is as follows: | |||||||||||
Cruise Brands | Passenger | Percentage of Total Capacity | Number of | Primary Markets (b) | |||||||
Capacity (a) | Cruise Ships | ||||||||||
North America | |||||||||||
Carnival Cruise Lines | 62,356 | 30 | % | 24 | North America | ||||||
Princess Cruises (“Princess”) | 40,502 | 20 | 17 | North America | |||||||
Holland America Line | 23,540 | 11 | 15 | North America | |||||||
Seabourn | 1,988 | 1 | 6 | North America | |||||||
North America Cruise Brands | 128,386 | 62 | 62 | ||||||||
EAA | |||||||||||
Costa Cruises (“Costa”) | 32,136 | 16 | 14 | Italy, France and Germany | |||||||
AIDA Cruises (“AIDA”) | 18,636 | 9 | 10 | Germany | |||||||
P&O Cruises (UK) | 14,736 | 7 | 7 | United Kingdom (“UK”) | |||||||
Cunard | 6,672 | 3 | 3 | UK and North America | |||||||
P&O Cruises (Australia) | 4,804 | 2 | 3 | Australia | |||||||
Ibero Cruises (“Ibero”) | 2,932 | 1 | 2 | Spain and Argentina | |||||||
EAA Cruise Brands | 79,916 | 38 | 39 | ||||||||
208,302 | 100 | % | 101 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Nov. 30, 2013 | ||||
Text Block [Abstract] | ' | |||
Depreciation and Amortization Expense Computation | ' | |||
Property and equipment are stated at cost. Depreciation and amortization were computed using the straight-line method over our estimates of average useful lives and residual values, as a percentage of original cost, as follows: | ||||
Years | Residual | |||
Values | ||||
Ships | 30 | 15% | ||
Ship improvements | Shorter of remaining ship life or useful life (3-28) | 0% or 15% | ||
Buildings and improvements | Oct-35 | 0% or 10% | ||
Computer hardware and software | 10-Feb | 0% or 10% | ||
Transportation equipment and other | 20-Feb | 0% or 10% | ||
Leasehold improvements, including port facilities | Shorter of lease term or related asset life (3-30) | — |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Nov. 30, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consisted of the following (in millions): | |||||||||
November 30, | |||||||||
2013 | 2012 | ||||||||
Ships, including ship improvements | $ | 42,367 | $ | 40,774 | |||||
Ships under construction | 535 | 380 | |||||||
42,902 | 41,154 | ||||||||
Land, buildings and improvements, including leasehold improvements and port facilities | 971 | 901 | |||||||
Computer hardware and software, transportation equipment and other | 1,251 | 1,146 | |||||||
Total property and equipment | 45,124 | 43,201 | |||||||
Less accumulated depreciation and amortization | (12,219 | ) | (11,064 | ) | |||||
$ | 32,905 | (a) | $ | 32,137 | (a) | ||||
(a) | At November 30, 2013 and 2012, the net carrying values of ships and ships under construction for our North America, EAA, Cruise Support and Tour and Other segments were $18.3 billion, $13.2 billion, $0.3 billion and $0.1 billion and $18.0 billion, $12.8 billion, $0.2 billion and $0.1 billion, respectively. |
Unsecured_Debt_Tables
Unsecured Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Long-Term Debt and Short-Term Borrowings | ' | |||||||||||||||||||||||||||
Long-term debt and short-term borrowings consisted of the following (in millions): | ||||||||||||||||||||||||||||
30-Nov-13 | November 30, | |||||||||||||||||||||||||||
Interest Rates | Maturities Through | 2013(a) | 2012(a) | |||||||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||||||||||
Export Credit Facilities | ||||||||||||||||||||||||||||
Fixed rate (b) | 4.2% to 5.5% | 2020 | $ | 1,684 | $ | 2,009 | ||||||||||||||||||||||
Euro fixed rate (b) | 3.8% to 4.5% | 2025 | 408 | 423 | ||||||||||||||||||||||||
Floating rate (c) (d) | 1.4% to 1.9% | 2025 | 1,196 | 1,303 | ||||||||||||||||||||||||
Euro floating rate (b) (e) | 0.2% to 1.3% | 2026 | 1,742 | 1,516 | ||||||||||||||||||||||||
Bank Loans | ||||||||||||||||||||||||||||
Fixed rate (b) | 2.5% to 4.4% | 2016 | 650 | 650 | ||||||||||||||||||||||||
Euro fixed rate (b) | 3.90% | 2021 | 276 | 296 | ||||||||||||||||||||||||
Floating rate (b) (f) | 0.8% to 1.4% | 2018 | 850 | 700 | ||||||||||||||||||||||||
Euro floating rate (b) (g) | 0.80% | 2014 | 138 | 132 | ||||||||||||||||||||||||
Private Placement Notes | ||||||||||||||||||||||||||||
Fixed rate | 5.9% to 6.0% | 2016 | 116 | 116 | ||||||||||||||||||||||||
Euro fixed rate (b) | 6.9% to 7.3% | 2018 | 194 | 185 | ||||||||||||||||||||||||
Publicly-Traded Notes | ||||||||||||||||||||||||||||
Fixed rate (d) (h) (i) | 1.2% to 7.1% | 2028 | 2,219 | 517 | ||||||||||||||||||||||||
Euro fixed rate | — | — | — | 971 | ||||||||||||||||||||||||
Other | 3.8% to 7.3% | 2030 | 27 | 28 | ||||||||||||||||||||||||
Short-Term Borrowings | ||||||||||||||||||||||||||||
Euro bank loans (j) | 1.90% | 2014 | 60 | 56 | ||||||||||||||||||||||||
Total Debt | 9,560 | 8,902 | ||||||||||||||||||||||||||
Less short-term borrowings | (60 | ) | (56 | ) | ||||||||||||||||||||||||
Less current portion of long-term debt | (1,408 | ) | (1,678 | ) | ||||||||||||||||||||||||
Total Long-term Debt | $ | 8,092 | $ | 7,168 | ||||||||||||||||||||||||
(a) | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. | |||||||||||||||||||||||||||
(b) | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc. | |||||||||||||||||||||||||||
(c) | In 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 and is due in semi-annual installments through May 2025. | |||||||||||||||||||||||||||
(d) | In 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. | |||||||||||||||||||||||||||
(e) | In 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 and is due in semi-annual installments through March 2025. | |||||||||||||||||||||||||||
(f) | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes. | |||||||||||||||||||||||||||
(g) | In 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. | |||||||||||||||||||||||||||
(h) | In 2013, 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, including repayments of portions of debt facilities maturing in 2013. | |||||||||||||||||||||||||||
(i) | In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014. | |||||||||||||||||||||||||||
(j) | The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate. | |||||||||||||||||||||||||||
Scheduled Annual Maturities of Debt | ' | |||||||||||||||||||||||||||
At November 30, 2013, the scheduled annual maturities of our debt were as follows (in millions): | ||||||||||||||||||||||||||||
Fiscal | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Short-term borrowings | $ | 60 | $ | 60 | ||||||||||||||||||||||||
Long-term debt | 1,408 | $ | 1,403 | $ | 1,537 | $ | 627 | $ | 1,301 | $ | 3,224 | 9,500 | ||||||||||||||||
$ | 1,468 | $ | 1,403 | $ | 1,537 | $ | 627 | $ | 1,301 | $ | 3,224 | $ | 9,560 | |||||||||||||||
Committed Ship Financings | ' | |||||||||||||||||||||||||||
Cruise Brands and Ships | Fiscal Year | Amount | ||||||||||||||||||||||||||
Scheduled for | ||||||||||||||||||||||||||||
Funding | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
North America | ||||||||||||||||||||||||||||
Carnival Cruise Lines | ||||||||||||||||||||||||||||
Carnival Vista (a) | 2016 | $ | 520 | |||||||||||||||||||||||||
Holland America Line | ||||||||||||||||||||||||||||
Newbuild (a) | 2016 | 408 | ||||||||||||||||||||||||||
Princess | ||||||||||||||||||||||||||||
Regal Princess | 2014 | 547 | ||||||||||||||||||||||||||
North America Cruise Brands | 1,475 | |||||||||||||||||||||||||||
EAA | ||||||||||||||||||||||||||||
AIDA | ||||||||||||||||||||||||||||
AIDAprima | 2015 | 460 | ||||||||||||||||||||||||||
Newbuild | 2016 | 460 | ||||||||||||||||||||||||||
Costa | ||||||||||||||||||||||||||||
Costa Diadema (a) | 2014 | 531 | ||||||||||||||||||||||||||
P&O Cruises (UK) | ||||||||||||||||||||||||||||
Britannia (a) | 2015 | 563 | ||||||||||||||||||||||||||
EAA Cruise Brands | 2,014 | |||||||||||||||||||||||||||
$ | 3,489 | |||||||||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | ||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||
Operating Leases, Port Facilities and Other Commitments | ' | |||||||||||||||||||||||||||
At November 30, 2013, minimum amounts payable for our operating leases, with initial or remaining terms in excess of one year, and for the annual usage of port facilities and other contractual commitments with remaining terms in excess of one year, were as follows (in millions): | ||||||||||||||||||||||||||||
Fiscal | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
Operating leases | $ | 51 | $ | 46 | $ | 40 | $ | 28 | $ | 23 | $ | 163 | $ | 351 | ||||||||||||||
Port facilities and other | 172 | 157 | 129 | 115 | 101 | 613 | 1,287 | |||||||||||||||||||||
$ | 223 | $ | 203 | $ | 169 | $ | 143 | $ | 124 | $ | 776 | $ | 1,638 | |||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||
Nov. 30, 2013 | ||||||||
Text Block [Abstract] | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Accumulated other comprehensive income (loss) was as follows (in millions): | ||||||||
November 30, | ||||||||
2013 | 2012 | |||||||
Cumulative foreign currency translation adjustments, net | $ | 234 | $ | (98 | ) | |||
Unrecognized pension expenses | (97 | ) | (125 | ) | ||||
Unrealized losses on marketable securities | (7 | ) | (13 | ) | ||||
Net gains on cash flow derivative hedges | 31 | 29 | ||||||
$ | 161 | $ | (207 | ) | ||||
Fair_Value_Measurements_Deriva1
Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Nov. 30, 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): | ||||||||||||||||||||||||||||||||
30-Nov-13 | 30-Nov-12 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 349 | $ | 349 | $ | — | $ | — | $ | 269 | $ | 269 | $ | — | $ | — | ||||||||||||||||
Long-term other assets (b) | 110 | 1 | 58 | 50 | 104 | 1 | 36 | 62 | ||||||||||||||||||||||||
Total | $ | 459 | $ | 350 | $ | 58 | $ | 50 | $ | 373 | $ | 270 | $ | 36 | $ | 62 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Fixed rate debt (c) | $ | 5,574 | $ | — | $ | 5,941 | $ | — | $ | 5,195 | $ | — | $ | 5,825 | $ | — | ||||||||||||||||
Floating rate debt (c) | 3,986 | — | 3,997 | — | 3,707 | — | 3,706 | — | ||||||||||||||||||||||||
Total | $ | 9,560 | $ | — | $ | 9,938 | $ | — | $ | 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) | At November 30, 2013 and 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. | |||||||||||||||||||||||||||||||
(c) | 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 November 30, 2013 and 2012 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At November 30, 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 November 30, 2013 being slightly lower than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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): | ||||||||||||||||||||||||||||||||
30-Nov-13 | 30-Nov-12 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents (a) | $ | 113 | $ | — | $ | — | $ | 196 | $ | — | $ | — | ||||||||||||||||||||
Restricted cash (b) | 28 | — | — | 28 | — | — | ||||||||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 113 | 10 | — | 104 | 16 | — | ||||||||||||||||||||||||||
Derivative financial instruments (d) | — | 60 | — | — | 48 | — | ||||||||||||||||||||||||||
Long-term other assets (e) | — | — | 17 | — | — | 11 | ||||||||||||||||||||||||||
Total | $ | 254 | $ | 70 | $ | 17 | $ | 328 | $ | 64 | $ | 11 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 31 | $ | — | $ | — | $ | 43 | $ | — | ||||||||||||||||||||
Total | $ | — | $ | 31 | $ | — | $ | — | $ | 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. | |||||||||||||||||||||||||||||||
(e) | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During 2013, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. | |||||||||||||||||||||||||||||||
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 EAA cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2011 | $ | 1,898 | $ | 1,424 | $ | 3,322 | ||||||||||||||||||||||||||
Ibero goodwill impairment charge (a) | — | (153 | ) | (153 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 5 | 5 | |||||||||||||||||||||||||||||
Balance at November 30, 2012 | 1,898 | 1,276 | 3,174 | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 36 | 36 | |||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 1,898 | $ | 1,312 | $ | 3,210 | ||||||||||||||||||||||||||
(a) | At February 29, 2012, given the state of the Spanish economy and considering the low level of Ibero’s estimated fair value in excess of its carrying value, we performed an impairment review of Ibero’s goodwill. During the review, we determined that the interim discounted future cash flow analysis that was used to estimate Ibero’s fair value was primarily impacted by slower than anticipated Ibero capacity growth. As a result, Ibero’s estimated fair value no longer exceeded its carrying value. Accordingly, we recognized a goodwill impairment charge of $153 million during the first quarter of 2012, which represented Ibero’s entire goodwill balance. At November 30, 2013, accumulated goodwill impairment charges were $153 million. | |||||||||||||||||||||||||||||||
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, 2011 | $ | 927 | $ | 386 | $ | 1,313 | ||||||||||||||||||||||||||
Ibero trademarks impairment charge (a) | — | (20 | ) | (20 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 6 | 6 | |||||||||||||||||||||||||||||
Balance at November 30, 2012 | 927 | 372 | 1,299 | |||||||||||||||||||||||||||||
Ibero trademarks impairment charge (a) | — | (13 | ) | (13 | ) | |||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | |||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 927 | $ | 359 | $ | 1,286 | ||||||||||||||||||||||||||
(a) | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value. | |||||||||||||||||||||||||||||||
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): | ||||||||||||||||||||||||||||||||
November 30, | ||||||||||||||||||||||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Prepaid expenses and other | $ | — | $ | 1 | |||||||||||||||||||||||||||
Other assets – long-term | 2 | 6 | ||||||||||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | — | 11 | |||||||||||||||||||||||||||||
Other assets – long-term | 8 | 5 | ||||||||||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | — | |||||||||||||||||||||||||||||
Other assets – long-term | 5 | — | ||||||||||||||||||||||||||||||
16 | 23 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 14 | — | |||||||||||||||||||||||||||||
Other assets – long-term | 30 | 25 | ||||||||||||||||||||||||||||||
44 | 25 | |||||||||||||||||||||||||||||||
Total derivative assets | $ | 60 | $ | 48 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Accrued liabilities and other | $ | 4 | $ | — | |||||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | 13 | 7 | |||||||||||||||||||||||||||||
Other long-term liabilities | 13 | 17 | ||||||||||||||||||||||||||||||
30 | 24 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Accrued liabilities and other | — | 16 | |||||||||||||||||||||||||||||
Other long-term liabilities | 1 | 3 | ||||||||||||||||||||||||||||||
1 | 19 | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 43 | ||||||||||||||||||||||||||||
(a) | At November 30, 2013 and 2012, we had foreign currency forwards totaling $578 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 November 30, 2013, these outstanding foreign currency forwards mature through July 2017. | |||||||||||||||||||||||||||||||
(b) | At November 30, 2013 and 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 November 30, 2013 and 2012, these interest rate swap agreements have or will effectively change $909 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at November 30, 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 November 30, 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 were as follows (in millions): | ||||||||||||||||||||||||||||||||
November 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Net investment hedges | $ | (11 | ) | $ | 48 | $ | (13 | ) | ||||||||||||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) | $ | 16 | $ | 76 | |||||||||||||||||||||||||
Interest rate swaps – cash flow hedges | $ | 2 | $ | (11 | ) | $ | (4 | ) | ||||||||||||||||||||||||
Fuel Derivatives Outstanding | ' | |||||||||||||||||||||||||||||||
At November 30, 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 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 | 43% | |||||||||||||||||||||||||||||||
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 | 43% | |||||||||||||||||||||||||||||||
Fiscal 2016 | ||||||||||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | |||||||||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | |||||||||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | |||||||||||||||||||||||||||
8,724 | 44% | |||||||||||||||||||||||||||||||
Fiscal 2017 | ||||||||||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | |||||||||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | |||||||||||||||||||||||||||
5,304 | 27% | |||||||||||||||||||||||||||||||
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||
Selected Information for Cruise and Tour and Other Segments | ' | ||||||||||||||||||||||||||||
Selected information for our segments as of and for the years ended November 30 was as follows (in millions): | |||||||||||||||||||||||||||||
Revenues | Operating | Selling | Depreciation | Operating | Capital | Total | |||||||||||||||||||||||
expenses | and | and | income (loss) | expenditures | assets | ||||||||||||||||||||||||
administrative | amortization | ||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 9,370 | $ | 6,439 | $ | 1,048 | $ | 927 | $ | 956 | $ | 1,350 | $ | 22,448 | |||||||||||||||
EAA Cruise Brands | 5,906 | 4,137 | 686 | 599 | 471 | (b) | 642 | 16,126 | |||||||||||||||||||||
Cruise Support | 96 | 31 | 136 | 26 | (97 | ) | 108 | 1,016 | |||||||||||||||||||||
Tour and Other (a) | 210 | 143 | 9 | 36 | 22 | 49 | 514 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (126 | ) | (126 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,456 | $ | 10,624 | $ | 1,879 | $ | 1,588 | $ | 1,352 | $ | 2,149 | $ | 40,104 | ||||||||||||||||
2012 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 9,364 | $ | 6,240 | $ | 949 | $ | 898 | $ | 1,277 | $ | 990 | $ | 21,893 | |||||||||||||||
EAA Cruise Brands | 5,827 | 4,010 | 650 | 561 | 433 | (b) | 1,291 | 15,894 | |||||||||||||||||||||
Cruise Support | 86 | 22 | 114 | 28 | (78 | ) | 33 | 888 | |||||||||||||||||||||
Tour and Other (a) | 211 | 154 | 7 | 40 | 10 | 18 | 486 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (106 | ) | (106 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,382 | $ | 10,320 | $ | 1,720 | $ | 1,527 | $ | 1,642 | $ | 2,332 | $ | 39,161 | ||||||||||||||||
2011 | |||||||||||||||||||||||||||||
North America Cruise Brands (a) | $ | 8,921 | $ | 5,848 | $ | 938 | $ | 869 | $ | 1,266 | $ | 1,232 | $ | 21,642 | |||||||||||||||
EAA Cruise Brands | 6,504 | 4,244 | 655 | 579 | 1,026 | 1,380 | 15,626 | ||||||||||||||||||||||
Cruise Support | 90 | 3 | 103 | 31 | (47 | ) | 68 | 795 | |||||||||||||||||||||
Tour and Other (a) | 392 | 318 | 21 | 43 | 10 | 16 | 574 | (c) | |||||||||||||||||||||
Intersegment elimination (a) | (114 | ) | (114 | ) | — | — | — | — | — | ||||||||||||||||||||
$ | 15,793 | $ | 10,299 | $ | 1,717 | $ | 1,522 | $ | 2,255 | $ | 2,696 | $ | 38,637 | ||||||||||||||||
(a) | In 2013 and 2012, a portion of the North America cruise brands’ segment revenues includes 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.” | ||||||||||||||||||||||||||||
In 2011, a portion of Tour and Other segment revenues included revenues for the cruise portion of a tour when a cruise was sold along with a land tour package by Holland America Princess Alaska Tours. These intersegment cruise revenues, which were included in our North America cruise brands’ segment, were eliminated directly against the Tour and Other segment revenues and operating expenses in the line “Intersegment elimination.” | |||||||||||||||||||||||||||||
This change in 2012 from prior years is referred to as “the change in the accounting for our North America cruise brands and Tour and Other segments” and did not have a significant impact on either of these segments’ 2013, 2012 and 2011 operating income. | |||||||||||||||||||||||||||||
(b) | Includes $13 million in 2013 and $173 million in 2012 of impairment charges related to Ibero’s goodwill and trademarks. | ||||||||||||||||||||||||||||
(c) | Tour and Other segment assets primarily include hotels and lodges in the state of Alaska and the Canadian Yukon, motorcoaches used for sightseeing and charters, glass-domed railcars, which run on the Alaska Railroad, and our owned ships that we leased out under long-term charters to an unaffiliated entity. | ||||||||||||||||||||||||||||
Revenue by Geographic Area, Based on Where Guests are Sourced | ' | ||||||||||||||||||||||||||||
Revenues by geographic areas, which are based on where our guests are sourced and not the cruise brands on which they sailed, were as follows (in millions): | |||||||||||||||||||||||||||||
Years Ended November 30, | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
North America | $ | 7,738 | $ | 7,952 | $ | 7,835 | |||||||||||||||||||||||
Europe | 5,426 | 5,367 | 5,961 | ||||||||||||||||||||||||||
Australia and Asia | 1,772 | 1,506 | 1,528 | ||||||||||||||||||||||||||
Others | 520 | 557 | 469 | ||||||||||||||||||||||||||
$ | 15,456 | $ | 15,382 | $ | 15,793 | ||||||||||||||||||||||||
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Text Block [Abstract] | ' | |||||||||||||
TBS and PBS Awards' Activity | ' | |||||||||||||
During the year ended November 30, 2013, TBS and PBS awards' activity was as follows: | ||||||||||||||
TBS Awards | PBS Awards | |||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | |||||||||||
Grant Date Fair | Grant Date Fair | |||||||||||||
Value | Value | |||||||||||||
Outstanding at November 30, 2012 | 3,061,883 | $ | 35.89 | 313,707 | $ | 36.08 | ||||||||
Granted | 1,253,441 | $ | 37.82 | 239,195 | $ | 35.68 | ||||||||
Vested | (1,171,870 | ) | $ | 35 | (29,432 | ) | $ | 36.1 | ||||||
Forfeited | (116,753 | ) | $ | 36.71 | (12,631 | ) | $ | 35.19 | ||||||
Outstanding at November 30, 2013 | 3,026,701 | $ | 37.01 | 510,839 | $ | 35.91 | ||||||||
Summary of Carnival Corporation and Carnival plc Stock Option Activity | ' | |||||||||||||
A combined summary of Carnival Corporation and Carnival plc stock option activity during the year ended November 30, 2013 related to stock options previously granted was as follows: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise Price | Remaining | Value (a) | ||||||||||||
Contractual | ||||||||||||||
Term | ||||||||||||||
(in years) | (in millions) | |||||||||||||
Outstanding at November 30, 2012 | 8,128,215 | $ | 47.72 | |||||||||||
Exercised | (642,951 | ) | $ | 33.15 | ||||||||||
Forfeited or expired | (3,563,092 | ) | $ | 49.94 | ||||||||||
Outstanding and exercisable at November 30, 2013 | 3,922,172 | $ | 48.42 | 0.9 | $ | — | ||||||||
(a) | The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price at November 30, 2013. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Nov. 30, 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): | ||||||||||||
Years Ended November 30, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income for basic and diluted earnings per share | $ | 1,078 | $ | 1,298 | $ | 1,912 | ||||||
Weighted-average common and ordinary shares outstanding | 775 | 778 | 787 | |||||||||
Dilutive effect of equity plans | 2 | 1 | 2 | |||||||||
Diluted weighted-average shares outstanding | 777 | 779 | 789 | |||||||||
Basic earnings per share | $ | 1.39 | $ | 1.67 | $ | 2.43 | ||||||
Diluted earnings per share | $ | 1.39 | $ | 1.67 | $ | 2.42 | ||||||
Anti-dilutive equity awards excluded from diluted earnings per share computations | 4 | 8 | 9 | |||||||||
General_Summary_of_Information
General - Summary of Information for Cruise Brands (Details) (Subsequent Event) | 14 Months Ended | |
Jan. 22, 2014 | ||
CruiseShip | ||
Passenger | ||
Passenger Capacity | 208,302 | [1] |
% of Total Capacity | 100.00% | |
Number Of Cruise Ships | 101 | |
North America Carnival Cruise Lines | ' | |
Passenger Capacity | 62,356 | [1] |
% of Total Capacity | 30.00% | |
Number Of Cruise Ships | 24 | |
Primary Market | 'North America | [2] |
North America Princess | ' | |
Passenger Capacity | 40,502 | [1] |
% of Total Capacity | 20.00% | |
Number Of Cruise Ships | 17 | |
Primary Market | 'North America | [2] |
North America Holland America Line | ' | |
Passenger Capacity | 23,540 | [1] |
% of Total Capacity | 11.00% | |
Number Of Cruise Ships | 15 | |
Primary Market | 'North America | [2] |
North America Brands Seabourn | ' | |
Passenger Capacity | 1,988 | [1] |
% of Total Capacity | 1.00% | |
Number Of Cruise Ships | 6 | |
Primary Market | 'North America | [2] |
North America Cruise Brands | ' | |
Passenger Capacity | 128,386 | [1] |
% of Total Capacity | 62.00% | |
Number Of Cruise Ships | 62 | |
Europe, Australia & Asia (EAA) Costa | ' | |
Passenger Capacity | 32,136 | [1] |
% of Total Capacity | 16.00% | |
Number Of Cruise Ships | 14 | |
Primary Market | 'Italy, France and Germany | [2] |
Europe, Australia & Asia (EAA) AIDA | ' | |
Passenger Capacity | 18,636 | [1] |
% of Total Capacity | 9.00% | |
Number Of Cruise Ships | 10 | |
Primary Market | 'Germany | [2] |
Europe, Australia & Asia (EAA) P&O Cruises (UK) | ' | |
Passenger Capacity | 14,736 | [1] |
% of Total Capacity | 7.00% | |
Number Of Cruise Ships | 7 | |
Primary Market | 'United Kingdom (“UKâ€) | [2] |
Europe, Australia, & Asia (EAA) Cunard | ' | |
Passenger Capacity | 6,672 | [1] |
% of Total Capacity | 3.00% | |
Number Of Cruise Ships | 3 | |
Primary Market | 'UK and North America | [2] |
Europe, Australia & Asia (EAA) P&O Cruises Australia | ' | |
Passenger Capacity | 4,804 | [1] |
% of Total Capacity | 2.00% | |
Number Of Cruise Ships | 3 | |
Primary Market | 'Australia | [2] |
Europe, Australia & Asia (EAA) Ibero Cruises | ' | |
Passenger Capacity | 2,932 | [1] |
% of Total Capacity | 1.00% | |
Number Of Cruise Ships | 2 | |
Primary Market | 'Spain and Argentina | [2] |
EAA Cruise Brands | ' | |
Passenger Capacity | 79,916 | [1] |
% of Total Capacity | 38.00% | |
Number Of Cruise Ships | 39 | |
[1] | In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of two passengers per cabin even though some cabins can accommodate three or more passengers. | |
[2] | Represents the primary regions or countries where guests are sourced. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Estimates of Average Useful Lives and Residual Values of Property and Equipment (Detail) | 12 Months Ended |
Nov. 30, 2013 | |
Ships | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '30 years |
Residual values of property and equipment | 15.00% |
Ship improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | 'Shorter of remaining ship life or useful life |
Residual values of property and equipment, lower limit | 0.00% |
Residual values of property and equipment, upper limit | 15.00% |
Ship improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '3 years |
Ship improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '28 years |
Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Residual values of property and equipment, lower limit | 0.00% |
Residual values of property and equipment, upper limit | 10.00% |
Buildings and improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '10 years |
Buildings and improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '35 years |
Computer hardware and software | ' |
Property, Plant and Equipment [Line Items] | ' |
Residual values of property and equipment, lower limit | 0.00% |
Residual values of property and equipment, upper limit | 10.00% |
Computer hardware and software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '2 years |
Computer hardware and software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '10 years |
Transportation equipment and other | ' |
Property, Plant and Equipment [Line Items] | ' |
Residual values of property and equipment, lower limit | 0.00% |
Residual values of property and equipment, upper limit | 10.00% |
Transportation equipment and other | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '2 years |
Transportation equipment and other | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '20 years |
Leasehold improvements, including port facilities | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | 'Shorter of lease term or related asset life |
Leasehold improvements, including port facilities | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '3 years |
Leasehold improvements, including port facilities | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Average useful lives of property and equipment | '30 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Consolidation, ownership percentage | 50.00% | ' | ' |
Adjustment amounts on gross basis in revenues and expenses | $517 | $477 | $405 |
Advertising expenses | $588 | $527 | $527 |
Minimum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 20.00% | ' | ' |
Maximum | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 50.00% | ' | ' |
DLC_Arrangement_Additional_Inf
DLC Arrangement - Additional Information (Detail) | 12 Months Ended |
Nov. 30, 2013 | |
Disclosure D L C Arrangement Additional Information [Abstract] | ' |
DLC arrangement current equalization ratio | 1 |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Disclosure Property And Equipment [Abstract] | ' | ' | ||
Ships, including ship improvements | $42,367 | $40,774 | ||
Ships under construction | 535 | 380 | ||
Ships And Ships Under Construction Gross, Total | 42,902 | 41,154 | ||
Land, buildings and improvements, including leasehold improvements and port facilities | 971 | 901 | ||
Computer hardware and software, transportation equipment and other | 1,251 | 1,146 | ||
Total property and equipment | 45,124 | 43,201 | ||
Less accumulated depreciation and amortization | -12,219 | -11,064 | ||
Property and Equipment, Net | $32,905 | [1] | $32,137 | [1] |
[1] | At November 30, 2013 and 2012, the net carrying values of ships and ships under construction for our North America, EAA, Cruise Support and Tour and Other segments were $18.3 billion, $13.2 billion, $0.3 billion and $0.1 billion and $18.0 billion, $12.8 billion, $0.2 billion and $0.1 billion, respectively. |
Property_and_Equipment_Parenth
Property and Equipment (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized interest, primarily on ships under construction | $15,000,000 | $17,000,000 | $21,000,000 |
Repairs and maintenance expenses, including minor improvement costs and dry-dock expenses | 954,000,000 | 832,000,000 | 830,000,000 |
North America Cruise Brands | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net carrying values of ships and ships under construction | 18,300,000,000 | 18,000,000,000 | ' |
EAA Cruise Brands | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net carrying values of ships and ships under construction | 13,200,000,000 | 12,800,000,000 | ' |
Cruise Support | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net carrying values of ships and ships under construction | 300,000,000 | 200,000,000 | ' |
Tour and Other | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Net carrying values of ships and ships under construction | $100,000,000 | $100,000,000 | ' |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2012 | Nov. 30, 2012 |
USD ($) | USD ($) | USD ($) | Costa Concordia | Costa Concordia | |
USD ($) | EUR (€) | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | $57 | $28 | $515 | € 381 |
Proceeds from Insurance Settlement, Investing Activities | 0 | 508 | 0 | 508 | 395 |
Gain on Business Interruption Insurance Recovery | ' | ' | ' | 17 | 14 |
Operating Expenses | ' | ' | ' | 28 | ' |
Insurance Deductibles For Third Party Liability | ' | ' | ' | $10 | ' |
Unsecured_Debt_LongTerm_Debt_A
Unsecured Debt - Long-Term Debt And Short-Term Borrowings (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Debt Outstanding [Line Items] | ' | ' | ||
Total Debt | $9,560 | [1] | $8,902 | [1] |
Less short-term borrowings | -60 | [1] | -56 | [1] |
Less current portion of long-term debt | -1,408 | [1] | -1,678 | [1] |
Total Long-term Debt | 8,092 | [1] | 7,168 | [1] |
Export Credit Facilities Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 1,684 | [1],[2] | 2,009 | [1],[2] |
Export Credit Facilities Euro Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 408 | [1],[2] | 423 | [1],[2] |
Export Credit Facilities Floating Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 1,196 | [1],[3],[4] | 1,303 | [1],[3],[4] |
Export Credit Facility Euro Floating Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 1,742 | [1],[2],[5] | 1,516 | [1],[2],[5] |
Bank Loans Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 650 | [1],[2] | 650 | [1],[2] |
Bank Loans Euro Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 276 | [1],[2] | 296 | [1],[2] |
Bank Loans Floating Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 850 | [1],[2],[6] | 700 | [1],[2],[6] |
Bank Loans Euro Floating Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 138 | [1],[2],[7] | 132 | [1],[2],[7] |
Private Placement Notes Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 116 | [1] | 116 | [1] |
Private Placement Notes Euro Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 194 | [1],[2] | 185 | [1],[2] |
Publicly Traded Notes Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 2,219 | [1],[3],[8],[9] | 517 | [1],[3],[8],[9] |
Publicly Traded Notes Euro Fixed Rate | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 0 | [1] | 971 | [1] |
Debt Other | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Long-term debt | 27 | [1] | 28 | [1] |
Euro Bank Loans | ' | ' | ||
Debt Outstanding [Line Items] | ' | ' | ||
Short-term borrowings | $60 | [1],[10] | $56 | [1],[10] |
[1] | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. | |||
[2] | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc. | |||
[3] | In 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. | |||
[4] | In 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 and is due in semi-annual installments through May 2025. | |||
[5] | In 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 and is due in semi-annual installments through March 2025. | |||
[6] | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes. | |||
[7] | In 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. | |||
[8] | In 2013, 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, including repayments of portions of debt facilities maturing in 2013. | |||
[9] | In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014. | |||
[10] | The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate. |
Unsecured_Debt_LongTerm_Debt_A1
Unsecured Debt - Long-Term Debt And Short-Term Borrowings (Parenthetical) (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Oct. 09, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Export Credit Facilities Fixed Rate | Export Credit Facilities Fixed Rate | Export Credit Facilities Fixed Rate | Export Credit Facilities Fixed Rate | Export Credit Facilities Fixed Rate | Export Credit Facilities Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Euro Fixed Rate | Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Bank Loans Fixed Rate | Bank Loans Fixed Rate | Bank Loans Fixed Rate | Bank Loans Fixed Rate | Bank Loans Fixed Rate | Bank Loans Fixed Rate | Bank Loans Euro Fixed Rate | Bank Loans Euro Fixed Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Bank Loans Euro Floating Rate | Bank Loans Euro Floating Rate | Private Placement Notes Fixed Rate | Private Placement Notes Fixed Rate | Private Placement Notes Fixed Rate | Private Placement Notes Fixed Rate | Private Placement Notes Fixed Rate | Private Placement Notes Fixed Rate | Private Placement Notes Euro Fixed Rate | Private Placement Notes Euro Fixed Rate | Private Placement Notes Euro Fixed Rate | Private Placement Notes Euro Fixed Rate | Private Placement Notes Euro Fixed Rate | Private Placement Notes Euro Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Fixed Rate | Publicly Traded Notes Euro Fixed Rate | Publicly Traded Notes Euro Fixed Rate | Debt Other | Debt Other | Debt Other | Debt Other | Debt Other | Debt Other | Euro Bank Loans | Euro Bank Loans | U.S Dollar Denominated Debt | U.S Dollar Denominated Debt | Euro Denominated | Euro Denominated | Debt Interest Rate Subject To Credit Rating Changes | Unsecured Floating Rate Euro Denominated Revolving Bank Loan Facility [Domain] | U.S Dollar Denominated Debt | U.S Dollar Denominated Debt | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Euro Denominated | |||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | Export Credit Facilities Floating Rate | Bank Loans Floating Rate | U.S Dollar Denominated Debt | Export Credit Facility Euro Floating Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Outstanding [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Debt instrument, interest rate | ' | ' | 4.20% | 4.20% | 5.50% | 5.50% | ' | ' | 3.80% | 3.80% | 4.50% | 4.50% | ' | ' | 1.40% | 1.40% | 1.90% | 1.90% | ' | ' | 0.20% | 0.20% | 1.30% | 1.30% | ' | ' | 2.50% | 2.50% | 4.40% | 4.40% | 3.90% | 3.90% | ' | ' | 0.80% | 0.80% | 1.40% | 1.40% | 0.80% | 0.80% | ' | ' | 5.90% | 5.90% | 6.00% | 6.00% | ' | ' | 6.90% | 6.90% | 7.30% | 7.30% | ' | ' | 1.20% | 1.20% | 7.90% | 7.90% | ' | ' | ' | ' | 3.80% | 3.80% | 7.30% | 7.30% | 1.90% | 1.90% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Debt instrument maturity year | '2020 | '2020 | ' | ' | ' | ' | '2025 | '2025 | ' | ' | ' | ' | '2025 | '2025 | ' | ' | ' | ' | '2026 | '2026 | ' | ' | ' | ' | '2016 | '2016 | ' | ' | ' | ' | '2021 | '2021 | '2018 | '2018 | ' | ' | ' | ' | '2014 | '2014 | '2016 | '2016 | ' | ' | ' | ' | '2018 | '2018 | ' | ' | ' | ' | '2028 | '2028 | ' | ' | ' | ' | ' | ' | '2030 | '2030 | ' | ' | ' | ' | '2014 | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Percentage of total Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69.00% | 58.00% | 31.00% | 42.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
Long-term debt | $1,684 | [2],[3] | $2,009 | [2],[3] | ' | ' | ' | ' | $408 | [2],[3] | $423 | [2],[3] | ' | ' | ' | ' | $1,196 | [3],[4],[5] | $1,303 | [3],[4],[5] | ' | ' | ' | ' | $1,742 | [2],[3],[6] | $1,516 | [2],[3],[6] | ' | ' | ' | ' | $650 | [2],[3] | $650 | [2],[3] | ' | ' | ' | ' | $276 | [2],[3] | $296 | [2],[3] | $850 | [2],[3],[7] | $700 | [2],[3],[7] | ' | ' | ' | ' | $138 | [2],[3],[8] | $132 | [2],[3],[8] | $116 | [3] | $116 | [3] | ' | ' | ' | ' | $194 | [2],[3] | $185 | [2],[3] | ' | ' | ' | ' | $2,219 | [10],[3],[4],[9] | $517 | [10],[3],[4],[9] | ' | ' | ' | ' | $0 | [3] | $971 | [3] | $27 | [3] | $28 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,400 | $265 | $526 | $150 | ' | ' | ' | ' | ' | $311 | |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700 | $500 | $500 | ' | ' | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 1.20% | 1.90% | ' | ' | |||||||||||||||||||||||||||
Debt Instrument Maturity Month Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 2025 | ' | ' | ' | ' | ' | 'March 2025 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'November 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-12-31 | ' | ' | ' | 'October 2020 | ' | |||||||||||||||||||||||||||
Debt instrument maturity period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2024-05 | ' | ' | ' | ' | ' | '2024-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||
[1] | The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | In 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | In 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 and is due in semi-annual installments through May 2025. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | In 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 and is due in semi-annual installments through March 2025. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | In 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[9] | In 2013, 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, including repayments of portions of debt facilities maturing in 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[10] | In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014. |
Unsecured_Debt_Scheduled_Annua
Unsecured Debt - Scheduled Annual Maturities of Debt (Detail) (USD $) | Nov. 30, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Line Items] | ' |
Debt maturities in 2014 | $1,468 |
Debt maturities in 2015 | 1,403 |
Debt maturities in 2016 | 1,537 |
Debt maturities in 2017 | 627 |
Debt maturities in 2018 | 1,301 |
Debt maturities thereafter | 3,224 |
Total | 9,560 |
Short-term borrowings | ' |
Debt Disclosure [Line Items] | ' |
Debt maturities in 2014 | 60 |
Total | 60 |
Long-term debt | ' |
Debt Disclosure [Line Items] | ' |
Debt maturities in 2014 | 1,408 |
Debt maturities in 2015 | 1,403 |
Debt maturities in 2016 | 1,537 |
Debt maturities in 2017 | 627 |
Debt maturities in 2018 | 1,301 |
Debt maturities thereafter | 3,224 |
Total | $9,500 |
Unsecured_Debt_Additional_Info
Unsecured Debt - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Oct. 09, 2013 | Feb. 28, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | ||||||
Export Credit Facilities Floating Rate | Export Credit Facilities Floating Rate | Export Credit Facility Euro Floating Rate | Export Credit Facility Euro Floating Rate | Bank Loans Floating Rate | Bank Loans Floating Rate | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly traded Notes [Member] | Unsecured Publicly Traded Note Due February 2016 [Member] | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Main Credit Facility | Main Credit Facility | Main Credit Facility | Main Credit Facility | Main Credit Facility | Main Credit Facility | Backup Liquidity | USD ($) | USD ($) | USD ($) | U.S Dollar Denominated Debt | ||||||||||
USD ($) | U.S Dollar Denominated Debt | Euro Denominated | Sterling Denominated Debt | Utilization of One Third of Available Line of Credit Facility | Utilization of Two Third of Available Line of Credit Facility | USD ($) | |||||||||||||||||||||
Y | USD ($) | EUR (€) | GBP (£) | ||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Issuance of unsecured publicly-traded notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700 | $500 | $500 | ' | ' | ||||||
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 1.20% | 1.90% | ' | ' | ||||||
Debt Instrument Maturity Month Year | ' | 'May 2025 | ' | 'March 2025 | ' | 'November 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-12-31 | ' | ' | ' | 'October 2020 | 'February 2016 | ||||||
Debt instrument maturity year | ' | '2025 | '2025 | '2026 | '2026 | '2018 | '2018 | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' | ' | ' | ' | ' | ||||||
Line of credit maturity period | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt instrument, maturity years | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Long-term debt | ' | 1,196 | [1],[2],[3] | 1,303 | [1],[2],[3] | 1,742 | [1],[4],[5] | 1,516 | [1],[4],[5] | 850 | [1],[4],[6] | 700 | [1],[4],[6] | 300 | 2,500 | 1,600 | 450 | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate at facility debt instrument interest rate terms LIBOR/EURIBOR plus a margin of 65 bps | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR/EURIBOR plus a margin of 70 basis points (“bpsâ€) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Debt instrument, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Commitment fee on undrawn facility | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Utilization fee on the total amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.15% | 0.30% | ' | ' | ' | ' | ' | ' | ' | ||||||
Line of credit facility available amount | ' | ' | ' | ' | ' | ' | ' | $2,800 | ' | ' | ' | ' | ' | ' | $82 | ' | ' | ' | ' | ' | ' | ||||||
[1] | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants. | ||||||||||||||||||||||||||
[2] | In 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 and is due in semi-annual installments through May 2025. | ||||||||||||||||||||||||||
[3] | In 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. | ||||||||||||||||||||||||||
[4] | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc. | ||||||||||||||||||||||||||
[5] | In 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 and is due in semi-annual installments through March 2025. | ||||||||||||||||||||||||||
[6] | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes. |
Unsecured_Debt_Committed_Ship_
Unsecured Debt - Committed Ship Financings (Detail) (Subsequent Event, USD $) | 2 Months Ended | |
In Millions, unless otherwise specified | Jan. 22, 2014 | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 3,489 | |
North America Brands Carnival Cruise Lines [Member] | Carnival Vista 2016 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2016 | |
North America Brands Holland America Line [Member] | Holland America Line Newbuild 2016 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2016 | |
North America Princess | Regal Princess 2014 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2014 | |
Amount | 547 | |
North America Cruise Brands | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 1,475 | |
Europe, Australia & Asia (EAA) AIDA | AIDAprima 2015 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2015 | |
Amount | 460 | |
Europe, Australia & Asia (EAA) AIDA | AIDA Newbuild 2016 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2016 | |
Amount | 460 | |
Europe, Australia & Asia (EAA) Costa | Costa Diadema 2014 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2014 | |
Europe, Australia & Asia (EAA) P&O Cruises (UK) | Britannia 2015 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Fiscal Year Scheduled for Funding | '2015 | |
EAA Cruise Brands | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 2,014 | |
Euro Denominated [Member] | North America Brands Carnival Cruise Lines [Member] | Carnival Vista 2016 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 520 | [1] |
Euro Denominated [Member] | North America Brands Holland America Line [Member] | Holland America Line Newbuild 2016 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 408 | [1] |
Euro Denominated [Member] | Europe, Australia & Asia (EAA) Costa | Costa Diadema 2014 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 531 | [1] |
Euro Denominated [Member] | Europe, Australia & Asia (EAA) P&O Cruises (UK) | Britannia 2015 Fiscal Year | ' | |
Long-term Purchase Commitment [Line Items] | ' | |
Amount | 563 | [1] |
[1] | Euro-denominated. |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |
Commitments [Line Items] | ' | ' | ' |
Rent expense under operating leases | $61,000,000 | $57,000,000 | $59,000,000 |
Ship Commitments | ' | ' | ' |
Commitments [Line Items] | ' | ' | ' |
Ships under contract for construction | 8 | ' | ' |
Aggregate passenger capacity of ships under contract for construction | 24,700 | ' | ' |
Estimated total cost of ships under contract | 5,200,000,000 | ' | ' |
Payment for ships under construction | 500,000,000 | ' | ' |
Anticipated payment for cost of ships due in 2014 | 1,600,000,000 | ' | ' |
Anticipated payment for cost of ships due in 2015 | 1,300,000,000 | ' | ' |
Anticipated payment for cost of ships due in 2016 | $1,800,000,000 | ' | ' |
Commitments_Operating_Leases_P
Commitments - Operating Leases, Port Facilities and Other Commitments (Detail) (USD $) | Nov. 30, 2013 |
In Millions, unless otherwise specified | |
Operating leases | ' |
Operating Leases Future Minimum Payments Due In 2014 | $51 |
Operating Leases Future Minimum Payments Due In 2015 | 46 |
Operating Leases Future Minimum Payments Due In 2016 | 40 |
Operating Leases Future Minimum Payments Due In 2017 | 28 |
Operating Leases Future Minimum Payments Due In 2018 | 23 |
Operating Leases Future Minimum Payments Due Thereafter | 163 |
Operating Leases Future Minimum Payments Due | 351 |
Port Facilities And Other | ' |
Port Facilities And Other Contractual Commitments Due In 2014 | 172 |
Port Facilities And Other Contractual Commitments Due In 2015 | 157 |
Port Facilities And Other Contractual Commitments Due In 2016 | 129 |
Port Facilities And Other Contractual Commitments Due In 2017 | 115 |
Port Facilities And Other Contractual Commitments Due In 2018 | 101 |
Port Facilities And Other Contractual Commitments Due Thereafter | 613 |
Port Facilities And Other Contractual Commitments Due | 1,287 |
Leases And Other Future Minimum Payments | ' |
Leases And Other Future Minimum Payments Due In 2014 | 223 |
Leases And Other Future Minimum Payments Due In 2015 | 203 |
Leases And Other Future Minimum Payments Due In 2016 | 169 |
Leases And Other Future Minimum Payments Due In 2017 | 143 |
Leases And Other Future Minimum Payments Due In 2018 | 124 |
Leases And Other Future Minimum Payments Due Thereafter | 776 |
Leases And Other Future Minimum Payments Due | $1,638 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
In Millions, unless otherwise specified | ||
Contingencies [Line Items] | ' | ' |
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 | ' | ' |
Lease Out And Lease Back Type Transactions | ' | ' |
Contingencies [Line Items] | ' | ' |
Estimated contingent obligations | 416 | ' |
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 | $40 | ' |
Income_and_Other_Taxes_Additio
Income and Other Taxes - Additional Information (Detail) | 12 Months Ended |
Nov. 30, 2013 | |
Income Tax [Line Items] | ' |
Measurement of tax benefit, minimum likelihood of the largest amount being realized upon ultimate resolution | 50.00% |
ITALY | ' |
Income Tax [Line Items] | ' |
Tax rate election period maximum | '2014 |
Additional tax rate election period beginning 2015 | '10 years |
Effective tax rate | 6.00% |
PORTUGAL | Maximum | ' |
Income Tax [Line Items] | ' |
Effective tax rate through 2020 | 5.00% |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2007 | Jan. 22, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Jan. 22, 2014 | Jan. 22, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 15, 2012 | Nov. 30, 2013 | Nov. 30, 2011 | Jan. 22, 2014 | Jan. 22, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Carnival Corp | Carnival Corp | Carnival Corp | Carnival Corp | Carnival Corp | CARNIVAL PLC | CARNIVAL PLC | Subsequent Event | Subsequent Event | Repurchase Agreements [Member] | Repurchase Agreements [Member] | Repurchase Agreements [Member] | ||||||
Carnival Corp | CARNIVAL PLC | Carnival Corp | Carnival Corp | Carnival Corp | |||||||||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, authorized | ' | ' | ' | ' | ' | ' | ' | 40 | 40 | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program, aggregate value authorized for repurchase | $1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized amount | ' | 975,000,000 | ' | ' | ' | 1,000,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Common Stock (in shares) | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | ' | 1.3 | ' | ' | 2.8 | 2.6 | 13.5 |
Share repurchased, Value | ' | ' | 138,000,000 | 90,000,000 | 454,000,000 | ' | ' | ' | ' | ' | ' | 41,000,000 | ' | ' | 103,000,000 | 90,000,000 | 413,000,000 |
Share repurchase program additional authorized shares for repurchase | ' | ' | ' | ' | ' | ' | ' | 32.8 | ' | ' | 19.2 | ' | ' | ' | ' | ' | ' |
Stock repurchase program, remaining authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32 | 18.1 | ' | ' | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' |
Sales of treasury stock | ' | ' | 35,000,000 | 0 | 0 | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance pursuant to employee benefit and dividend reinvestment plans | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance pursuant to employee benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Dividends payable, per share (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' |
Dividends payable | ' | ' | $194,000,000 | $583,000,000 | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' |
2012 quarterly dividend per share (USD per share) | ' | ' | ' | ' | ' | ' | ' | $0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date to be Paid, Year and Month | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2012-12 | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Accumulate
Shareholders' Equity - Accumulated Other Comprehensive Loss (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Cumulative foreign currency translation adjustments, net | $234 | ($98) |
Unrecognized pension expenses | -97 | -125 |
Unrealized loss on marketable security | -7 | -13 |
Net gains on cash flow derivative hedges | 31 | 29 |
Accumulated other comprehensive income (loss) | $161 | ($207) |
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 $) | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Carrying Value | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | $349 | [1] | $269 | [1] |
Long-term other assets | 110 | [2] | 104 | [2] |
Total | 459 | 373 | ||
Liabilities | ' | ' | ||
Total | 9,560 | 8,902 | ||
Carrying Value | Fixed Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 5,574 | [3] | 5,195 | [3] |
Carrying Value | Floating Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 3,986 | [3] | 3,707 | [3] |
Fair Value | Level 1 | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 349 | [1] | 269 | [1] |
Long-term other assets | 1 | [2] | 1 | [2] |
Total | 350 | 270 | ||
Fair Value | Level 2 | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | 58 | [2] | 36 | [2] |
Total | 58 | 36 | ||
Liabilities | ' | ' | ||
Total | 9,938 | 9,531 | ||
Fair Value | Level 2 | Fixed Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 5,941 | [3] | 5,825 | [3] |
Fair Value | Level 2 | Floating Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 3,997 | [3] | 3,706 | [3] |
Fair Value | Level 3 | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | 50 | [2] | 62 | [2] |
Total | $50 | $62 | ||
[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] | Represents the primary regions or countries where guests are sourced. | |||
[3] | 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 November 30, 2013 and 2012 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At November 30, 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 November 30, 2013 being slightly lower than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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 $) | Nov. 30, 2013 | Nov. 30, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Derivative financial instruments | $60 | $48 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 31 | 43 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | ' | ' | ||
Assets | ' | ' | ||
Total | 254 | 328 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds | ' | ' | ||
Assets | ' | ' | ||
Cash equivalents | 113 | [1] | 196 | [1] |
Restricted cash | 28 | [2] | 28 | [2] |
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 | 113 | [3] | 104 | [3] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | ' | ' | ||
Assets | ' | ' | ||
Total | 70 | 64 | ||
Liabilities | ' | ' | ||
Total | 31 | 43 | ||
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 | [3] | 16 | [3] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ' | ' | ||
Assets | ' | ' | ||
Derivative financial instruments | 60 | [4] | 48 | [4] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ' | ' | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 31 | [4] | 43 | [4] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | ' | ' | ||
Assets | ' | ' | ||
Total | 17 | 11 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Long-term other assets | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | 17 | [5] | 11 | [5] |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Interest Rate Cash Flow Hedge Asset at Fair Value | 909 | 269 | ||
Fair Value Hedging [Member] | Interest Rate Swap [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Interest Rate Fair Value Hedge Asset at Fair Value | $500 | ' | ||
[1] | Cash equivalents are comprised of money market funds. | |||
[2] | Restricted cash is substantially all comprised of money market funds. | |||
[3] | 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. | |||
[4] | See “Derivative Instruments and Hedging Activities†section below for detailed information regarding our derivative financial instruments. | |||
[5] | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During 2013, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. |
Fair_Value_Measurements_Deriva4
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 29, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | |
Goodwill [Roll Forward] | ' | ' | ' | |
Beginning Balance | $3,322 | $3,174 | $3,322 | |
Ibero goodwill impairment charge | -153 | ' | -153 | [1] |
Foreign currency translation adjustment | ' | 36 | 5 | |
Ending Balance | ' | 3,210 | 3,174 | |
North America Cruise Brands | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Beginning Balance | 1,898 | 1,898 | 1,898 | |
Ibero goodwill impairment charge | ' | ' | 0 | [1] |
Foreign currency translation adjustment | ' | ' | ' | |
Ending Balance | ' | 1,898 | 1,898 | |
EAA Cruise Brands | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | |
Beginning Balance | 1,424 | 1,276 | 1,424 | |
Ibero goodwill impairment charge | ' | ' | -153 | [1] |
Foreign currency translation adjustment | ' | 36 | 5 | |
Ending Balance | ' | $1,312 | $1,276 | |
[1] | At February 29, 2012, given the state of the Spanish economy and considering the low level of Ibero’s estimated fair value in excess of its carrying value, we performed an impairment review of Ibero’s goodwill. During the review, we determined that the interim discounted future cash flow analysis that was used to estimate Ibero’s fair value was primarily impacted by slower than anticipated Ibero capacity growth. As a result, Ibero’s estimated fair value no longer exceeded its carrying value. Accordingly, we recognized a goodwill impairment charge of $153 million during the first quarter of 2012, which represented Ibero’s entire goodwill balance. At November 30, 2013, accumulated goodwill impairment charges were $153 million |
Fair_Value_Measurements_Deriva5
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 29, 2012 | Nov. 30, 2012 | Nov. 30, 2013 | |
Disclosure Reconciliation Of Changes In Carrying Amounts Of Goodwill [Abstract] | ' | ' | ' | |
Ibero goodwill impairment charge | $153 | $153 | [1] | ' |
Accumulated goodwill impairment charges | ' | ' | $153 | |
[1] | At February 29, 2012, given the state of the Spanish economy and considering the low level of Ibero’s estimated fair value in excess of its carrying value, we performed an impairment review of Ibero’s goodwill. During the review, we determined that the interim discounted future cash flow analysis that was used to estimate Ibero’s fair value was primarily impacted by slower than anticipated Ibero capacity growth. As a result, Ibero’s estimated fair value no longer exceeded its carrying value. Accordingly, we recognized a goodwill impairment charge of $153 million during the first quarter of 2012, which represented Ibero’s entire goodwill balance. At November 30, 2013, accumulated goodwill impairment charges were $153 million |
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 $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ||
Beginning Balance | $1,299 | $1,313 | ||
Ibero trademarks impairment charge | -13 | [1] | -20 | [1] |
Foreign currency translation adjustment | ' | 6 | ||
Ending Balance | 1,286 | 1,299 | ||
North America Cruise Brands | ' | ' | ||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ||
Beginning Balance | 927 | 927 | ||
Ibero trademarks impairment charge | ' | [1] | ' | [1] |
Foreign currency translation adjustment | ' | ' | ||
Ending Balance | 927 | 927 | ||
EAA Cruise Brands | ' | ' | ||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ||
Beginning Balance | 372 | 386 | ||
Ibero trademarks impairment charge | -13 | [1] | -20 | [1] |
Foreign currency translation adjustment | ' | 6 | ||
Ending Balance | $359 | $372 | ||
[1] | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value. |
Fair_Value_Measurements_Deriva7
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 29, 2012 | ||
Trademarks | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ||
Ibero trademarks impairment charge | $13 | [1] | $20 | [1] | $20 |
[1] | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value. |
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 (Detail) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | ||||||||||||||||||||||||||
In Millions, unless otherwise specified | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Foreign currency zero cost collars | Foreign currency zero cost collars | Foreign currency zero cost collars | Foreign currency zero cost collars | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Fuel | Fuel | Fuel | Fuel | Fuel | Fuel | Fuel | Fuel | Cash Flow Hedging [Member] | Us Dollar [Member] | Maximum [Member] | Maturing In July Twenty Seventeen [Member] | ||||||||||||||||||||||||||||
Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Accrued liabilities and other | Accrued liabilities and other | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Accrued liabilities and other | Accrued liabilities and other | Other long-term liabilities | Other long-term liabilities | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Accrued liabilities and other | Accrued liabilities and other | Other long-term liabilities | Other long-term liabilities | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Net investment hedges | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Derivative Maturity Month And Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2015-02 | '2016-02 | '2025-03 | ' | ||||||||||||||||||||||||||
Derivative assets designated as hedging instruments | $16 | $23 | ' | [1] | $1 | [1] | $2 | [1] | $6 | [1] | ' | ' | ' | [2] | $11 | [2] | $8 | [2] | $5 | [2] | $1 | [3] | ' | [3] | $5 | [3] | ' | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||
Derivative assets not designated as hedging instruments | 44 | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | [4] | ' | [4] | 30 | [4] | 25 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Total derivative assets | 60 | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Derivative liabilities designated as hedging instruments | 30 | 24 | ' | ' | ' | ' | 4 | [1] | ' | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 13 | [3] | 7 | [3] | 13 | [3] | 17 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Derivative liabilities not designated as hedging instruments | 1 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [4] | 16 | [4] | 1 | [4] | 3 | [4] | ' | ' | ' | ' | ||||||||||||||||||||||
Total derivative liabilities | $31 | $43 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||
Maturity Of Foreign Currency Derivatives Month And Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2017-07 | ||||||||||||||||||||||||||
[1] | At November 30, 2013 and 2012, we had foreign currency forwards totaling $578 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 November 30, 2013, these outstanding foreign currency forwards mature through July 2017. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | At November 30, 2013 and 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[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 November 30, 2013 and 2012, these interest rate swap agreements have or will effectively change $909 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at November 30, 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 November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brentâ€) 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. |
Fair_Value_Measurements_Deriva9
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Parenthetical) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2013 |
Cash Flow Hedging | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |
Cash Flow Hedging | Cash Flow Hedging | Fair Value Hedging [Member] | Fair Value Hedging [Member] | ||||
Us Dollar | |||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total foreign currency forwards designated as hedges of net investments in foreign operations for euro-denominated functional currency | ' | $578 | $235 | ' | ' | ' | ' |
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 | ' | ' | ' | 909 | 269 | ' | ' |
Amount of interest rate swap agreements change, of fixed rate debt to U.S. dollar LIBOR-based floating rate debt, for U.S. dollar interest rate swaps designated as fair value hedges | ' | ' | ' | ' | ' | $500 | ' |
Maturity date of derivative instruments | '2015-02 | ' | ' | ' | ' | ' | '2016-02 |
Recovered_Sheet1
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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Net Investment Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | ($11) | $48 | ($13) |
Foreign Exchange Option [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | -1 | 16 | 76 |
Interest Rate Swap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | $2 | ($11) | ($4) |
Recovered_Sheet2
Fair Value Measurements, Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2012 | Nov. 30, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Foreign Currency Intercompany Payable | Foreign Currency Intercompany Payable | Minimum | Costa Allegra [Member] | Costa Marina And Pacific Sun [Member] | North America Brands Seabourn [Member] | Europe Australia And Asia Cruise Brands [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Maximum | Minimum | |||||
USD ($) | USD ($) | ||||||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | $176,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $176,000,000 | ' | ' | ' |
Impairment of Long-Lived Assets to be Disposed of | ' | 57,000,000 | 28,000,000 | ' | ' | ' | 34,000,000 | 28,000,000 | 23,000,000 | ' | ' | ' | ' |
Operating Expenses | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | 2,200,000,000 | 1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI | 234,000,000 | 243,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -9,000,000 | 39,000,000 | 21,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average ceiling rate (GBP per Euro in July) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.83 | ' | ' |
Currency exchange risk hedged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 278,000,000 |
Weighted-average floor rate (GBP per Euro in July) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.77 | ' | ' |
Derivative, Notional Amount | 552,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency contract commitments | $1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps | 59.00% | 61.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt bore floating interest rates, including the effect of interest rate swaps | 41.00% | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet3
Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Detail) | 1 Months Ended | |||
Nov. 30, 2012 | Nov. 30, 2013 | |||
bbl | ||||
Fuel Derivatives 2014 Maturity November 2011 Transaction Date | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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 | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Transaction Dates | '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 | ' | 43.00% | [1] | |
Fuel Derivatives 2015 Maturity November 2011 Transaction Date | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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 | ' | 43.00% | [1] | |
Fuel Derivatives 2016 Maturity June 2012 Transaction Date | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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 | ' | 44.00% | [1] | |
Fuel Derivatives 2017 Maturity February 2013 Transaction Date | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Transaction Dates | '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] | ' | ' | ||
Transaction Dates | '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 | ' | 27.00% | [1] | |
[1] | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Selected_I
Segment Information Selected Information for Cruise and Tour and Other Segments (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | $15,456 | $15,382 | $15,793 | |||
Operating expenses | 10,624 | 10,320 | 10,299 | |||
Selling and administrative | 1,879 | 1,720 | 1,717 | |||
Depreciation and amortization | 1,588 | 1,527 | 1,522 | |||
Operating income (loss) | 1,352 | 1,642 | 2,255 | |||
Capital expenditures | 2,149 | 2,332 | 2,696 | |||
Total assets | 40,104 | 39,161 | 38,637 | |||
North America Cruise Brands | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 9,370 | [1] | 9,364 | [1] | 8,921 | [1] |
Operating expenses | 6,439 | [1] | 6,240 | [1] | 5,848 | [1] |
Selling and administrative | 1,048 | [1] | 949 | [1] | 938 | [1] |
Depreciation and amortization | 927 | [1] | 898 | [1] | 869 | [1] |
Operating income (loss) | 956 | [1] | 1,277 | [1] | 1,266 | [1] |
Capital expenditures | 1,350 | [1] | 990 | [1] | 1,232 | [1] |
Total assets | 22,448 | [1] | 21,893 | [1] | 21,642 | [1] |
EAA Cruise Brands | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 5,906 | 5,827 | 6,504 | |||
Operating expenses | 4,137 | 4,010 | 4,244 | |||
Selling and administrative | 686 | 650 | 655 | |||
Depreciation and amortization | 599 | 561 | 579 | |||
Operating income (loss) | 471 | [2] | 433 | [3] | 1,026 | |
Capital expenditures | 642 | 1,291 | 1,380 | |||
Total assets | 16,126 | 15,894 | 15,626 | |||
Cruise Support | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 96 | 86 | 90 | |||
Operating expenses | 31 | 22 | 3 | |||
Selling and administrative | 136 | 114 | 103 | |||
Depreciation and amortization | 26 | 28 | 31 | |||
Operating income (loss) | -97 | -78 | -47 | |||
Capital expenditures | 108 | 33 | 68 | |||
Total assets | 1,016 | 888 | 795 | |||
Tour and Other | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | 210 | [1] | 211 | [1] | 392 | [1] |
Operating expenses | 143 | [1] | 154 | [1] | 318 | [1] |
Selling and administrative | 9 | [1] | 7 | [1] | 21 | [1] |
Depreciation and amortization | 36 | [1] | 40 | [1] | 43 | [1] |
Operating income (loss) | 22 | [1] | 10 | [1] | 10 | [1] |
Capital expenditures | 49 | [1] | 18 | [1] | 16 | [1] |
Total assets | 514 | [1],[4] | 486 | [1],[4] | 574 | [1],[4] |
Intersegment elimination | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | |||
Revenues | -126 | [1] | -106 | [1] | -114 | [1] |
Operating expenses | ($126) | [1] | ($106) | [1] | ($114) | [1] |
[1] | In 2013 and 2012, a portion of the North America cruise brands’ segment revenues includes 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.â€In 2011, a portion of Tour and Other segment revenues included revenues for the cruise portion of a tour when a cruise was sold along with a land tour package by Holland America Princess Alaska Tours. These intersegment cruise revenues, which were included in our North America cruise brands’ segment, were eliminated directly against the Tour and Other segment revenues and operating expenses in the line “Intersegment elimination.â€This change in 2012 from prior years is referred to as “the change in the accounting for our North America cruise brands and Tour and Other segments†and did not have a significant impact on either of these segments’ 2013, 2012 and 2011 operating income. | |||||
[2] | Includes $13 million in 2013 and $173 million in 2012 of impairment charges related to Ibero’s goodwill and trademarks. | |||||
[3] | 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 November 30, 2013 and 2012 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At November 30, 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 November 30, 2013 being slightly lower than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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. | |||||
[4] | Tour and Other segment assets primarily include hotels and lodges in the state of Alaska and the Canadian Yukon, motorcoaches used for sightseeing and charters, glass-domed railcars, which run on the Alaska Railroad, and our owned ships that we leased out under long-term charters to an unaffiliated entity |
Segment_Information_Selected_I1
Segment Information Selected Information for Cruise and Tour and Other Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | ||
Segment | ||||
Segment Reporting Information [Line Items] | ' | ' | ||
Reportable cruise segments | 3 | ' | ||
Gain (Loss) on Disposition of Property Plant Equipment | $15 | ' | ||
Impairment of Intangible Assets (Excluding Goodwill) | 13 | [1] | 20 | [1] |
Europe, Australia & Asia (EAA) Ibero Cruises | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Impairment Charges | $173 | ' | ||
[1] | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value. |
Segment_Information_Revenue_by
Segment Information Revenue by Geographic Area, Based on Where Guests are Sourced (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | $15,456 | $15,382 | $15,793 |
North America | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 7,738 | 7,952 | 7,835 |
Europe | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 5,426 | 5,367 | 5,961 |
Australia and Asia | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | 1,772 | 1,506 | 1,528 |
Others | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' |
Revenue | $520 | $557 | $469 |
Compensation_Plans_Additional_
Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Mar. 31, 2013 |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $42 | 39 | 46 | ' |
Share-based compensation expense included in selling and administrative expense | 1,879 | 1,720 | 1,717 | ' |
Share-based compensation expense included in cruise payroll and related expenses | 1,859 | 1,742 | 1,723 | ' |
Share-based compensation arrangement by share-based payment award additional percentage increase | 25.00% | ' | ' | ' |
Fair value of market-based share award | 4 | ' | ' | ' |
Share-based compensation arrangement by share-based payment award additional percentage decrease | 25.00% | ' | ' | ' |
Share-based awards, grant date fair value | 42 | 52 | 53 | ' |
Unrecognized compensation cost | 42 | ' | ' | ' |
Deferred Compensation, Share-based Payments | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Share-based compensation expense included in selling and administrative expense | 39 | 36 | 42 | ' |
Share-based compensation expense included in cruise payroll and related expenses | 3 | 3 | 4 | ' |
TBS Awards | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Weighted-average period over which cost is expected to be recognized | '1 year 8 months | ' | ' | ' |
PBS Awards | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
PBS awards earnings per share growth period | '3 years | '3 years | '3 years | ' |
PBS award opportunity to earn, minimum | 0.00% | 0.00% | 0.00% | ' |
PBS award opportunity to earn, maximum | 150.00% | 200.00% | ' | ' |
Weighted-average period over which cost is expected to be recognized | '2 years 6 months | ' | ' | ' |
MBS award | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Weighted-average period over which cost is expected to be recognized | '3 years 5 months | ' | ' | ' |
Multiemployer Plans, Pension | MNOPF | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Funded percentage | ' | ' | ' | 85.00% |
Special assessment invoice expensed in cruise payroll and related expense | 15 | ' | ' | ' |
Employer contribution as a percentage of total contributions made by all plan participants | 5.00% | 5.00% | 5.00% | ' |
Multiemployer Plans, Pension | MNRPF | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Funded percentage | ' | ' | ' | 74.00% |
Employer contribution as a percentage of total contributions made by all plan participants | 5.00% | 5.00% | 5.00% | ' |
Stock Option And Award Plans | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Shares available for future grant | 30.7 | ' | ' | ' |
Restricted Stock Awards | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Award vesting period description | 'RSAs have been granted to certain officers and non-executive board members and substantially all of them vest at the end of three years. | ' | ' | ' |
TBS awards vesting period | '3 years | ' | ' | ' |
Restricted Stock Units | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Award vesting period description | 'Carnival Corporation and Carnival plc grant RSUs, substantially all of which also vest at the end of three years and accrue forfeitable dividend equivalents on each outstanding RSU, in the form of additional RSUs, based on dividends declared. | ' | ' | ' |
TBS awards vesting period | '3 years | ' | ' | ' |
Employee Stock Option | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Intrinsic value of options exercised | 3 | 7 | 18 | ' |
Employee Stock Option | Maximum | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Stock options expiration year | '2016 | ' | ' | ' |
Pension Plans, Defined Benefit | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Weighted-average discount rates | 4.00% | 3.50% | ' | ' |
Pension expense | 62 | 45 | 46 | ' |
Defined Contribution Pension | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
Pension expense | $25 | 22 | 21 | ' |
First half of the MBS award | MBS award | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
TBS awards vesting period | '3 years | ' | ' | ' |
Second half of the MBS award | MBS award | ' | ' | ' | ' |
Employee Benefits Disclosure [Line Items] | ' | ' | ' | ' |
TBS awards vesting period | '4 years | ' | ' | ' |
Compensation_Plans_TBS_and_PBS
Compensation Plans TBS and PBS Award Activity (Detail) (USD $) | 12 Months Ended |
Nov. 30, 2013 | |
TBS Awards | ' |
Shares | ' |
Shares Outstanding Beginning Balance | 3,061,883 |
Shares Granted | 1,253,441 |
Shares Vested | -1,171,870 |
Shares Forfeited | -116,753 |
Shares Outstanding Ending Balance | 3,026,701 |
Weighted-Average Grant Date Fair Value | ' |
Weighted-Average Grant Date Fair Value, Outstanding Beginning Balance (USD per share) | $35.89 |
Weighted-Average Grant Date Fair Value, Granted (USD per share) | $37.82 |
Weighted-Average Grant Date Fair Value, Vested (USD per share) | $35 |
Weighted-Average Grant Date Fair Value, Forfeited (USD per share) | $36.71 |
Weighted-Average Grant Date Fair Value, Outstanding Ending Balance (USD per share) | $37.01 |
PBS Awards | ' |
Shares | ' |
Shares Outstanding Beginning Balance | 313,707 |
Shares Granted | 239,195 |
Shares Vested | -29,432 |
Shares Forfeited | -12,631 |
Shares Outstanding Ending Balance | 510,839 |
Weighted-Average Grant Date Fair Value | ' |
Weighted-Average Grant Date Fair Value, Outstanding Beginning Balance (USD per share) | $36.08 |
Weighted-Average Grant Date Fair Value, Granted (USD per share) | $35.68 |
Weighted-Average Grant Date Fair Value, Vested (USD per share) | $36.10 |
Weighted-Average Grant Date Fair Value, Forfeited (USD per share) | $35.19 |
Weighted-Average Grant Date Fair Value, Outstanding Ending Balance (USD per share) | $35.91 |
Compensation_Plans_Summary_of_
Compensation Plans - Summary of Carnival Corporation and Carnival Plc Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Nov. 30, 2013 | |
Shares | ' | |
Shares Outstanding Beginning Balance | 8,128,215 | |
Shares Exercised | -642,951 | |
Shares Forfeited or expired | -3,563,092 | |
Shares Outstanding and Exercisable Ending Balance | 3,922,172 | |
Weighted-Average Exercise Price | ' | |
Weighted-Average Exercise Price, Outstanding Beginning Balance (USD per share) | $47.72 | |
Weighted-Average Exercise Price, Exercised (USD per share) | $33.15 | |
Weighted-Average Exercise Price, Forfeited or expired (USD per share) | $49.94 | |
Weighted-Average Exercise Price, Outstanding and Exercisable at November 30, 2013 (USD per share) | $48.42 | |
Weighted-Average Remaining Contractual Term | ' | |
Weighted-Average Remaining Contractual Term Outstanding and Exercisable at November 30, 2013 | '10 months 24 days | |
Aggregate Intrinsic Value | ' | |
Aggregate Intrinsic Value Outstanding and Exercisable at November 30, 2013 | $0 | [1] |
[1] | The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the option exercise price at November 30, 2013. |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Disclosure Basic And Diluted Earnings Per Share Computation [Abstract] | ' | ' | ' |
Net income | $1,078 | $1,298 | $1,912 |
Weighted-average common and ordinary shares outstanding | 775 | 778 | 787 |
Dilutive effect of equity plans | 2 | 1 | 2 |
Diluted weighted-average shares outstanding | 777 | 779 | 789 |
Basic earnings per share (USD per share) | $1.39 | $1.67 | $2.43 |
Diluted earnings per share (USD per share) | $1.39 | $1.67 | $2.42 |
Anti-dilutive stock options excluded from diluted earnings per share computations | 4 | 8 | 9 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 |
Disclosure Supplemental Cash Flow Information Additional Information [Abstract] | ' | ' | ' |
Cash paid for interest, net of capitalized interest | $301 | $347 | $358 |
Cash (paid) received, net for income taxes | ($4) | ($4) | $9 |