Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Aug. 31, 2015 | Sep. 23, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Registrant Name | CARNIVAL CORP | |
Entity Central Index Key | 815,097 | |
Entity Common Stock, Shares Outstanding | 593,428,395 | |
CARNIVAL PLC | ||
Entity Registrant Name | CARNIVAL PLC | |
Entity Central Index Key | 1,125,259 | |
Entity Common Stock, Shares Outstanding | 216,118,073 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Cruise | ||||
Passenger tickets | $ 3,631 | $ 3,719 | $ 8,891 | $ 9,144 |
Onboard and other | 1,102 | 1,084 | 2,918 | 2,839 |
Tour and other | 150 | 144 | 194 | 182 |
Revenues | 4,883 | 4,947 | 12,003 | 12,165 |
Cruise | ||||
Commissions, transportation and other | 603 | 638 | 1,671 | 1,779 |
Onboard and other | 170 | 165 | 395 | 392 |
Payroll and related | 453 | 485 | 1,388 | 1,450 |
Fuel | 345 | 518 | 996 | 1,569 |
Food | 255 | 265 | 737 | 761 |
Other ship operating | 582 | 605 | 1,913 | 1,842 |
Tour and other | 82 | 84 | 129 | 130 |
Operating expenses | 2,490 | 2,760 | 7,229 | 7,923 |
Selling and administrative | 484 | 481 | 1,504 | 1,507 |
Depreciation and amortization | 399 | 414 | 1,206 | 1,229 |
Costs and Expenses | 3,373 | 3,655 | 9,939 | 10,659 |
Operating Income | 1,510 | 1,292 | 2,064 | 1,506 |
Nonoperating (Expense) Income | ||||
Interest income | 2 | 2 | 6 | 6 |
Interest expense, net of capitalized interest | (53) | (69) | (167) | (213) |
(Losses) gains on fuel derivatives, net | (197) | 15 | (378) | 10 |
Other (expense) income, net | (12) | 1 | 3 | 12 |
Nonoperating (Expense) Income, Total | (260) | (51) | (536) | (185) |
Income Before Income Taxes | 1,250 | 1,241 | 1,528 | 1,321 |
Income Tax Expense, Net | (34) | 0 | (41) | (2) |
Net Income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Earnings Per Share | ||||
Earnings Per Share, Basic (in dollars per share) | $ 1.56 | $ 1.60 | $ 1.91 | $ 1.70 |
Earnings Per Share, Diluted (in dollars per share) | 1.56 | 1.60 | 1.91 | 1.70 |
Dividends Declared Per Share (in dollars per share) | $ 0.30 | $ 0.25 | $ 0.80 | $ 0.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Items Included in Other Comprehensive Income (Loss) | ||||
Change in foreign currency translation adjustment | 80 | (254) | (738) | (154) |
Other | 21 | (17) | (24) | (35) |
Other Comprehensive Income (Loss) | 101 | (271) | (762) | (189) |
Total Comprehensive Income | $ 1,317 | $ 970 | $ 725 | $ 1,130 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 539 | $ 331 |
Trade and other receivables, net | 328 | 332 |
Insurance recoverables | 124 | 154 |
Inventories | 305 | 349 |
Prepaid expenses and other | 321 | 322 |
Total current assets | 1,617 | 1,488 |
Property and Equipment, Net | 32,232 | 32,819 |
Goodwill | 3,052 | 3,127 |
Other Intangibles | 1,247 | 1,270 |
Other Assets | 649 | 744 |
Total assets | 38,797 | 39,448 |
Current Liabilities | ||
Short-term borrowings | 38 | 666 |
Current portion of long-term debt | 1,218 | 1,059 |
Accounts payable | 578 | 626 |
Claims reserve | 252 | 262 |
Accrued liabilities and other | 1,349 | 1,276 |
Customer deposits | 3,314 | 3,032 |
Total current liabilities | 6,749 | 6,921 |
Long-Term Debt | 6,604 | 7,363 |
Other Long-Term Liabilities | $ 1,091 | $ 960 |
Contingencies | ||
Shareholders’ Equity | ||
Additional paid-in capital | $ 8,505 | $ 8,384 |
Retained earnings | 20,023 | 19,158 |
Accumulated other comprehensive loss | (1,378) | (616) |
Treasury stock, [62] shares at 2015 and 59 shares at 2014 of Carnival Corporation and [29] shares at 2015 and 32 shares at 2014 of Carnival plc, at cost | (3,162) | (3,087) |
Total shareholders’ equity | 24,353 | 24,204 |
Liabilities and Equity, Total | 38,797 | 39,448 |
Common Stock | ||
Shareholders’ Equity | ||
Common stock | 7 | 7 |
Ordinary Shares | ||
Shareholders’ Equity | ||
Common stock | $ 358 | $ 358 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,960 | 1,960 |
Common stock, shares issued | 653 | 652 |
Treasury stock, shares | 62 | 59 |
Ordinary Shares | ||
Common stock, par value (in dollars per share) | $ 1.66 | $ 1.66 |
Common stock, shares issued | 216 | 216 |
Treasury stock, shares | 29 | 32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
OPERATING ACTIVITIES | ||
Net Income | $ 1,487 | $ 1,319 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation and amortization | 1,206 | 1,229 |
Gains on ship sales and ship impairment, net | (6) | (15) |
Losses (gains) on fuel derivatives, net | 378 | (10) |
Share-based compensation | 38 | 37 |
Other, net | 25 | 24 |
Changes in operating assets and liabilities | ||
Receivables | (23) | 34 |
Inventories | 35 | 15 |
Insurance recoverables, prepaid expenses and other | 94 | 421 |
Accounts payable | (23) | (22) |
Claims reserves and accrued and other liabilities | (19) | (381) |
Customer deposits | 375 | 142 |
Net cash provided by operating activities | 3,567 | 2,793 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (1,704) | (1,677) |
Proceeds from sales of ships | 25 | 42 |
(Payments) receipts of fuel derivative settlements | (139) | 2 |
Other, net | 13 | 16 |
Net cash used in investing activities | (1,805) | (1,617) |
FINANCING ACTIVITIES | ||
(Repayments of) proceeds from short-term borrowings, net | (625) | 95 |
Principal repayments of long-term debt | (772) | (1,513) |
Proceeds from issuance of long-term debt | 472 | 829 |
Dividends paid | (584) | (582) |
Purchases of treasury stock | (166) | 0 |
Sales of treasury stock | 167 | 0 |
Other, net | (1) | (17) |
Net cash used in financing activities | (1,509) | (1,188) |
Effect of exchange rate changes on cash and cash equivalents | (45) | (14) |
Net increase (decrease) in cash and cash equivalents | 208 | (26) |
Cash and cash equivalents at beginning of period | 331 | 462 |
Cash and cash equivalents at end of period | $ 539 | $ 436 |
General
General | 9 Months Ended |
Aug. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” Basis of Presentation The Consolidated Balance Sheet at August 31, 2015 , the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2015 and 2014 and the Consolidated Statements of Cash Flows for the nine months ended August 31, 2015 and 2014 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2014 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 29, 2015. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Revision of Prior Period Financial Statements In the first quarter of 2015, we revised and corrected the accounting for one of our brands' marine and technical spare parts in order to consistently expense and classify them fleetwide. We evaluated the materiality of this revision and concluded that it was not material to any of our previously issued financial statements. However, had we not revised, this accounting may have resulted in material inconsistencies to our financial statements in the future. Accordingly, we revised previously reported periods included in our Form 10-Q for the quarters ended February 28, 2015, May 31, 2015 and August 31, 2015. We will revise all other previously reported periods as such financial information is included in future filings. The effects of this revision on our Consolidated Statements of Income were as follows (in millions, except per share data): Three Months Ended August 31, 2014 Nine Months Ended August 31, 2014 As Previously Adjustment As Revised As Previously Reported Adjustment As Revised Other ship operating $ 599 $ 6 $ 605 $ 1,825 $ 17 $ 1,842 Depreciation and amortization $ 414 $ — $ 414 $ 1,227 $ 2 $ 1,229 Operating income $ 1,298 $ (6 ) $ 1,292 $ 1,525 $ (19 ) $ 1,506 Income before income taxes $ 1,247 $ (6 ) $ 1,241 $ 1,340 $ (19 ) $ 1,321 Net income $ 1,247 $ (6 ) $ 1,241 $ 1,338 $ (19 ) $ 1,319 Earnings per share Basic $ 1.61 $ (0.01 ) $ 1.60 $ 1.72 $ (0.02 ) $ 1.70 Diluted $ 1.60 $ — $ 1.60 $ 1.72 $ (0.02 ) $ 1.70 The effects of this revision on our Consolidated Statements of Comprehensive Income were as follows (in millions): Three Months Ended August 31, 2014 Nine Months Ended August 31, 2014 As Previously Adjustment As Revised As Previously Reported Adjustment As Revised Net income $ 1,247 $ (6 ) $ 1,241 $ 1,338 $ (19 ) $ 1,319 Total comprehensive income $ 976 $ (6 ) $ 970 $ 1,149 $ (19 ) $ 1,130 The effects of this revision on our Consolidated Balance Sheet were as follows (in millions): November 30, 2014 As Previously Adjustment As Revised Inventories $ 364 $ (15 ) $ 349 Total current assets $ 1,503 $ (15 ) $ 1,488 Property and equipment, net $ 32,773 $ 46 $ 32,819 Other assets $ 859 $ (115 ) $ 744 Total assets $ 39,532 $ (84 ) $ 39,448 Retained earnings $ 19,242 $ (84 ) (a) $ 19,158 Total shareholders' equity $ 24,288 $ (84 ) $ 24,204 Total liabilities and shareholders' equity $ 39,532 $ (84 ) $ 39,448 (a) As of November 30, 2014, the cumulative impact of this revision was an $ 84 million reduction in retained earnings. The diluted earnings per share decreases were $0.03 for each of 2014 and 2013, $0.02 for 2012, $0.03 for pre-2010 and $0.11 in the aggregate. There was no annual diluted earnings per share impact for 2011 and 2010. This non-cash revision did not impact our operating cash flows for any period. The effects of this revision on the individual line items within operating cash flows on our Consolidated Statement of Cash Flows were as follows (in millions): Nine Months Ended August 31, 2014 As Previously Adjustment As Revised Net income $ 1,338 $ (19 ) $ 1,319 Depreciation and amortization $ 1,227 $ 2 $ 1,229 Inventories $ 15 $ — $ 15 Insurance recoverables, prepaid expenses and other $ 402 $ 19 $ 421 Claims reserves and accrued and other liabilities $ (379 ) $ (2 ) $ (381 ) Other Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. The portion of these fees, taxes and charges included in passenger ticket revenues and commissions, transportation and other costs were $141 million and $146 million and $398 million and $407 million for the three and nine months ended August 31, 2015 and 2014 , respectively. During the three and nine months ended August 31, 2015 and 2014 , repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were $184 million and $186 million and $786 million and $712 million , respectively, and are substantially all included in other ship operating expenses. Accounting Pronouncement In 2014, amended guidance was issued by the Financial Accounting Standards Board regarding the accounting for service concession arrangements. The new guidance defines a service concession as an arrangement between a public-sector grantor, such as a port authority, and a company that will operate and maintain the grantor's infrastructure for a specified period of time. In exchange, the company may be given a right to charge the public, such as our cruise guests, for the use of the infrastructure. This guidance will prohibit us from recording the infrastructure we have constructed to be used by us pursuant to the service concession arrangement within property and equipment. We are required to adopt this guidance in the first quarter of 2016 on a modified retrospective basis. Early adoption, however, is permitted. The adoption of this guidance will not have a material impact to our consolidated financial statements. |
Unsecured Debt
Unsecured Debt | 9 Months Ended |
Aug. 31, 2015 | |
Debt Disclosure [Abstract] | |
Unsecured Debt | Unsecured Debt At August 31, 2015 , substantially all of our short-term borrowings consisted of euro-denominated bank loans of $35 million with an aggregate weighted-average floating interest rate of 1.3% . In February 2015 , we entered into an export credit facility that will provide us with the ability to borrow up to an aggregate of $505 million . Proceeds from this facility will be used to pay for a portion of the purchase price of a Princess Cruises ("Princess") ship, which is expected to be delivered in March 2017. If drawn, this borrowing will be due in semi-annual installments through March 2029. In February 2015 , we borrowed $472 million under a euro-denominated export credit facility, the proceeds of which were used to pay for a portion of P&O Cruises (UK)'s Britannia purchase price. The floating rate facility is due in semi-annual installments through February 2027. In April 2015 , Carnival Corporation, Carnival plc, and certain of Carnival Corporation and Carnival plc’s subsidiaries exercised their option to extend the termination date of their five -year multi-currency revolving credit facility from June 2019 to June 2020, which was approved by each bank. In September 2015, we entered into five export credit facilities that will provide us with the ability to borrow up to an aggregate of $2.8 billion . Proceeds from these facilities will be used to pay for a portion of the purchase price of five cruise ships, which are expected to be delivered between March 2018 and May 2020. These borrowings will be due in semi-annual installments through May 2032. |
Contingencies
Contingencies | 9 Months Ended |
Aug. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Litigation As a result of the January 2012 ship incident, litigation claims and investigations, including, but not limited to, those arising from personal injury, 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 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. The UK Maritime & Coastguard Agency and the U.S. Department of Justice are investigating allegations that Caribbean Princess breached international pollution laws. We are cooperating with the investigations, including conducting our own internal investigation into the matter. Given the early stage of discussion with the government, the ultimate outcome of this matter cannot be determined at this time. However, we do not expect it to have a significant impact on our results of operations. Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. Contingent Obligations – Lease Out and Lease Back Type (“LILO”) Transactions At August 31, 2015 , Carnival Corporation had estimated contingent obligations totaling $379 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 August 31, 2015 , be responsible for a termination payment of $22 million . In 2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it. If the credit rating of one of the financial institutions who is directly paying the contingent obligations falls below AA-, or below A- for the other financial institution, then Carnival Corporation will be required to replace the applicable financial institution with another financial institution whose credit rating is at least AA or meets other specified credit requirements. In such circumstances, it would incur additional costs, although we estimate that they would not be significant to our consolidated financial statements. The financial institution payment undertaker subject to the AA- credit rating threshold has a credit rating of AA , and the financial institution subject to the A- credit rating threshold has a credit rating of A+ . If Carnival Corporation's credit rating, which is BBB+ , falls below BBB, it will be required to provide a standby letter of credit for $31 million , or, alternatively, provide mortgages for this aggregate amount on these two ships. Contingent Obligations – Indemnifications Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes and changes in laws that increase lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any material payments under such indemnification clauses in the past and, under current circumstances, we do not believe a request for material future indemnification payments is probable. |
Fair Value Measurements, Deriva
Fair Value Measurements, Derivative Instruments and Hedging Activities | 9 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Derivative Instruments and Hedging Activities | Fair Value Measurements, Derivative Instruments and Hedging Activities Fair Value Measurements U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. • Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. • Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent and knowledgeable market participants at the measurement date. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the asset or liability at the measurement date. The fair value measurement of a financial asset or financial liability must reflect the nonperformance risk of the counterparty and us. Therefore, the impact of our counterparty’s creditworthiness was considered when in an asset position, and our creditworthiness was considered when in a liability position in the fair value measurement of our financial instruments. Creditworthiness did not have a significant impact on the fair values of our financial instruments at August 31, 2015 and November 30, 2014 . 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 value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. Financial Instruments that are not Measured at Fair Value on a Recurring Basis The carrying values and estimated 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): August 31, 2015 November 30, 2014 Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents (a) $ 329 $ 329 $ — $ — $ 240 $ 240 $ — $ — Restricted cash (b) 7 7 — — 11 11 — — Long-term other assets (c) 129 1 95 36 156 1 103 49 Total $ 465 $ 337 $ 95 $ 36 $ 407 $ 252 $ 103 $ 49 Liabilities Fixed rate debt (d) $ 4,027 $ — $ 4,296 $ — $ 4,433 $ — $ 4,743 $ — Floating rate debt (d) 3,833 — 3,844 — 4,655 — 4,562 — Total $ 7,860 $ — $ 8,140 $ — $ 9,088 $ — $ 9,305 $ — (a) Cash and cash equivalents are comprised of cash on hand, and at August 31, 2015 , also included a money market deposit account and time deposits. Due to their short maturities, the carrying values approximate their fair values. (b) Restricted cash is comprised of a money market deposit account. (c) At August 31, 2015 and November 30, 2014 , long-term other assets were substantially all 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. (d) Debt does not include the impact of interest rate swaps. The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 and November 30, 2014 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At August 31, 2015 and November 30, 2014 , the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 being slightly lower and at November 30, 2014 being slightly higher 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, and accordingly, are considered Level 2. 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): August 31, 2015 November 30, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents (a) $ 210 $ — $ — $ 91 $ — $ — Restricted cash (b) 22 — — 19 — — Marketable securities held in rabbi trusts (c) 104 9 — 113 9 — Derivative financial instruments (d) — 15 — — 14 — Long-term other asset (e) — — 20 — — 20 Total $ 336 $ 24 $ 20 $ 223 $ 23 $ 20 Liabilities Derivative financial instruments (d) $ — $ 503 $ — $ — $ 278 $ — Total $ — $ 503 $ — $ — $ 278 $ — (a) Cash equivalents are comprised of money market funds. (b) The majority of restricted cash is comprised of money market funds. (c) At August 31, 2015 and November 30, 2014 , marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. 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 asset is 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 the nine months ended August 31, 2015 , there were no purchases or sales pertaining to this auction rate security. 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 Valuation of Goodwill and Other Intangibles The reconciliation of the changes in the carrying amounts of our goodwill, which has been allocated to our North America and Europe, Australia & Asia (“EAA”) cruise brands, was as follows (in millions): North America EAA Total Balance at November 30, 2014 $ 1,898 $ 1,229 $ 3,127 Foreign currency translation adjustment — (75 ) (75 ) Balance at August 31, 2015 $ 1,898 $ 1,154 $ 3,052 At July 31, 2015, all of our cruise brands carried goodwill, except for Seabourn and Fathom. As of that date, we performed our annual goodwill impairment reviews, which included performing a qualitative assessment for Carnival Cruise Line, Costa Cruises ("Costa"), Cunard and P&O Cruises (UK). 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, 2015, we also performed our annual goodwill impairment reviews of AIDA Cruises' ("AIDA"), Holland America Line's, P&O Cruises (Australia)’s and Princess' goodwill. We did not perform a qualitative assessment but instead proceeded directly to step one of the two-step quantitative goodwill impairment review and compared each of AIDA's, Holland America Line's, P&O Cruises (Australia)’s and Princess' estimated fair value to the carrying value of their allocated net assets. Their estimated cruise brand fair value was based on a discounted future cash flow analysis. The principal assumptions used in our cash flow analyses consisted of forecasted operating results, including net revenue yields and net cruise costs including fuel prices; capacity changes, including the expected rotation of vessels into, or out of, Holland America Line, P&O Cruises (Australia) and Princess; WACC of market participants, adjusted for the risk attributable to the geographic regions in which AIDA, Holland America Line, P&O Cruises (Australia) and Princess operate; capital expenditures; proceeds from forecasted dispositions of ships and terminal values, which are all considered Level 3 inputs. Based on the discounted cash flow analyses, we determined that each of AIDA's, Holland America Line’s, P&O Cruises (Australia)’s and Princess' 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 Balance at November 30, 2014 $ 927 $ 338 $ 1,265 Foreign currency translation adjustment — (22 ) (22 ) Balance at August 31, 2015 $ 927 $ 316 $ 1,243 At July 31, 2015, 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 for P&O Cruises (UK). Qualitative factors such as industry and market conditions, macroeconomic conditions, changes to the WACC, changes in royalty rates and overall financial performance were considered in the qualitative assessment to determine how changes in these factors would affect the estimated fair value for P&O Cruises (UK)'s recorded trademarks. Based on our qualitative assessment, we determined it was more likely-than-not that the estimated fair value for P&O Cruises (UK)’s recorded trademarks exceeded their carrying value and, therefore, none of these trademarks were impaired. As of July 31, 2015, we did not perform a qualitative assessment for AIDA's, P&O Cruises' (Australia) and Princess' trademarks but instead proceeded directly to the quantitative trademark impairment reviews. Our quantitative assessment included estimating AIDA's, P&O Cruises (Australia)'s and Princess' trademarks fair value based upon a discounted future cash flow analysis, which estimated the amount of royalties that we are relieved from having to pay for use of the associated trademarks, based upon forecasted cruise revenues and a market participant’s royalty rate. The royalty rate was estimated primarily using comparable royalty agreements for similar industries. Based on our quantitative assessment, we determined that the estimated fair values for AIDA's, P&O Cruises (Australia)’s and Princess' trademarks significantly exceeded their carrying values and, therefore, none of these trademarks were impaired. 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. At August 31, 2015 and November 30, 2014 , our intangible assets subject to amortization are not significant to our consolidated financial statements. Derivative Instruments and Hedging Activities We utilize derivative and non-derivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of fixed and floating rate debt. In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future cash flows attributable to potential fuel price increases, which we define as our “economic risk.” Our policy is to not use any financial instruments for trading or other speculative purposes. All derivatives are recorded at fair value. The changes in fair value are recognized currently in earnings if the derivatives do not qualify as effective hedges, or if we do not seek to qualify for hedge accounting treatment, such as for our fuel derivatives. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of accumulated other comprehensive income ("AOCI") until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a non-derivative 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 substantially liquidated. We formally document hedging relationships for all derivative and non-derivative 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 in the Consolidated Balance Sheets were as follows (in millions): Balance Sheet Location August 31, 2015 November 30, 2014 Derivative assets Derivatives designated as hedging instruments Net investment hedges (a) Prepaid expenses and other $ 9 $ 6 Other assets – long-term 5 6 Interest rate swaps (b) Prepaid expenses and other 1 1 Other assets – long-term — 1 Total derivative assets $ 15 $ 14 Derivative liabilities Derivatives designated as hedging instruments Net investment hedges (a) Accrued liabilities and other $ 1 $ — Other long-term liabilities 13 — Interest rate swaps (b) Accrued liabilities and other 11 13 Other long-term liabilities 25 35 Foreign currency zero cost collars (c) Accrued liabilities and other — 1 Other long-term liabilities 7 — 57 49 Derivatives not designated as hedging instruments Fuel (d) Accrued liabilities and other 176 90 Other long-term liabilities 270 139 446 229 Total derivative liabilities $ 503 $ 278 (a) We had foreign currency forwards totaling $164 million at August 31, 2015 and $403 million at November 30, 2014 that are designated as hedges of our net investments in foreign operations, which have a euro- and sterling-denominated functional currency. At August 31, 2015 , these foreign currency forwards settle through July 2017. At August 31, 2015 , we also had foreign currency swaps totaling $408 million that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2015 , these foreign currency swaps settle through September 2019. (b) 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. These interest rate swap agreements effectively changed $625 million at August 31, 2015 and $750 million at November 30, 2014 of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at August 31, 2015 and November 30, 2014 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. At August 31, 2015 and November 30, 2014 , 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. (c) At August 31, 2015 and November 30, 2014 , 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. (d) At August 31, 2015 and November 30, 2014 , we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions): August 31, 2015 Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 33 $ (18 ) $ 15 $ (15 ) $ — Liabilities $ 521 $ (18 ) $ 503 $ (15 ) $ 488 November 30, 2014 Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 78 $ (64 ) $ 14 $ (14 ) $ — Liabilities $ 342 $ (64 ) $ 278 $ (14 ) $ 264 The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Net investment hedges $ (13 ) $ 3 $ 33 $ 3 Foreign currency zero cost collars – cash flow hedges $ 9 $ (5 ) $ (39 ) $ (11 ) Interest rate swaps – cash flow hedges $ 5 $ (11 ) $ 8 $ (26 ) 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 exceeds $100 million . At August 31, 2015 , we had $22 million of collateral posted to one of our fuel derivative counterparties, of which $9 million was returned to us in September 2015 as the collateral posting was no longer required. At August 31, 2015 , no collateral was required to be received from our fuel derivative counterparties. At November 30, 2014 , no collateral was required to be posted to or received from our fuel derivative counterparties. The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of August 31, 2015 and November 30, 2014 and for the three and nine months ended August 31, 2015 and 2014 where such impacts were not significant. Fuel Price Risks Our exposure to market risk for changes in fuel prices substantially all relates 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. Our unrealized and realized (losses) gains, net on fuel derivatives were as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Unrealized (losses) gains on fuel derivatives, net $ (137 ) $ 15 $ (215 ) $ 8 Realized (losses) gains on fuel derivatives (60 ) — (163 ) 2 (Losses) gains on fuel derivatives, net $ (197 ) $ 15 $ (378 ) $ 10 At August 31, 2015 , 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 Fiscal 2015 (Q4) November 2011 540 $ 80 $ 114 February 2012 540 $ 80 $ 125 June 2012 309 $ 74 $ 110 April 2013 261 $ 80 $ 111 May 2013 471 $ 80 $ 110 October 2014 480 $ 79 $ 110 2,601 50% Fiscal 2016 June 2012 3,564 $ 75 $ 108 February 2013 2,160 $ 80 $ 120 April 2013 3,000 $ 75 $ 115 8,724 53% Fiscal 2017 February 2013 3,276 $ 80 $ 115 April 2013 2,028 $ 75 $ 110 January 2014 1,800 $ 75 $ 114 October 2014 1,020 $ 80 $ 113 8,124 49% Fiscal 2018 January 2014 2,700 $ 75 $ 110 October 2014 3,000 $ 80 $ 114 5,700 34% (a) Fuel derivatives mature evenly over each month within the above fiscal periods. Foreign Currency Exchange Rate Risks Overall Strategy We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to 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. While we will continue to monitor our exposure to these economic risks, we do not currently hedge our foreign currency exchange risks with derivative or non-derivative financial instruments, with the exception of certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged. Operational Currency Risks Our European and Australian cruise brands generate significant revenues and incur significant expenses in their euro, sterling or Australian dollar functional currency, which subjects us to "foreign currency translational" risk related to these currencies. 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 these cruise brands’ revenues and expenses. Any weakening of the U.S. dollar has the opposite effect. Substantially all 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 principally 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, we also have "foreign currency transactional" risks related to changes in the exchange rates for our brands’ revenues and expenses that are in a currency other than their functional currency. However, these brands’ revenues and expenses in non-functional currencies create some degree of natural offset from these currency exchange movements. In addition, we monitor this foreign currency transactional risk in order to measure its impact on our results of operations. Investment Currency Risks 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, substantially all sterling. At August 31, 2015 and November 30, 2014 , we have designated $2.4 billion of our foreign currency intercompany payables as non-derivative hedges of our net investments in foreign operations. Accordingly, we have included $456 million at August 31, 2015 and $359 million at November 30, 2014 of cumulative foreign currency transaction non-derivative gains in the cumulative translation adjustment component of AOCI, which offsets a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During the three and nine months ended August 31, 2015 and 2014 , we recognized foreign currency non-derivative transaction gains (losses) of $7 million ( $14 million in 2014 ) and $97 million ( $(25) million in 2014 ), 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, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts and have used non-derivative financial instruments to manage foreign currency exchange rate risk for some of our ship construction payments. In January 2015, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of a Princess newbuild's and Seabourn Encore's euro-denominated shipyard payments. The Princess newbuild’s collars mature in March 2017 at a weighted-average ceiling of $590 million and a weighted-average floor of $504 million . The Seabourn Encore's collars mature in November 2016 at a weighted-average ceiling of $221 million and a weighted-average floor of $185 million . If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars. In February 2015, we settled our foreign currency zero cost collars that were designated as cash flow hedges for the final euro-denominated shipyard payments of P&O Cruises (UK)'s Britannia , which resulted in $33 million being recognized in other comprehensive loss during the three months ended February 28, 2015. At August 31, 2015 , our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild contract payments, which represent a total unhedged commitment of $1.5 billion and substantially relates to Carnival Cruise Line, Holland America Line and Seabourn newbuilds all scheduled to be delivered in 2018. At August 31, 2015 , these euro-denominated newbuild contract payments exclude the five new cruise ships to be built by Italian shipbuilder, Fincantieri S.p.A., pursuant to our strategic Memorandum of Agreement (“MOA”), dated March 26, 2015. 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 debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt or the early retirement of existing debt. At August 31, 2015 , 53% and 47% ( 52% and 48% at November 30, 2014 ) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps. In addition, to the extent that we have excess cash available for investment, we purchase high quality short-term investments with floating interest rates, which offset a portion of the impact of interest rate fluctuations arising from our floating interest rate debt portfolio. 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 August 31, 2015 , is the replacement cost, net of any collateral received or contractually allowed offset, in the event of nonperformance by the counterparties to the contracts, all of which are currently our lending banks. We seek to minimize these credit risk exposures, 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 these significant counterparties is r |
Segment Information
Segment Information | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [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 Line, Holland America Line, Princess and Seabourn. Our EAA cruise segment includes AIDA, Costa, Cunard, P&O Cruises (Australia), P&O Cruises (UK) and prior to November 2014, Ibero Cruises ("the former Ibero"). 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 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 2014, our Tour and Other segment also included one ship that we chartered to an unaffiliated entity. In November 2014, we entered into a bareboat charter/sale agreement under which Grand Holiday was chartered to an unrelated entity in January 2015 through March 2025. Additionally, in December 2014, we entered into a bareboat charter/sale agreement under which Costa Celebration was chartered to an unrelated entity in December 2014 through August 2021, as amended. Under these agreements, ownership of Grand Holiday and Costa Celebration will be transferred to the buyer at the end of their lease term. Neither of these transactions met the criteria to qualify as a sales-type lease and, accordingly, they are being accounted for as operating leases whereby we recognize the charter revenue over the term of the agreements. Subsequent to entering into these agreements, our Tour and Other segment includes these three ships. Selected information for our segments was as follows (in millions): Three Months Ended August 31, Revenues Operating costs and Selling Depreciation Operating 2015 North America Cruise Brands (a) $ 3,111 $ 1,647 $ 271 $ 242 $ 951 EAA Cruise Brands 1,691 852 162 140 537 Cruise Support 30 8 49 6 (33 ) Tour and Other (a) 150 82 2 11 55 Intersegment elimination (a) (99 ) (99 ) — — — $ 4,883 $ 2,490 $ 484 $ 399 $ 1,510 2014 North America Cruise Brands (a) $ 3,035 $ 1,797 $ 271 $ 243 $ 724 EAA Cruise Brands 1,839 977 163 156 543 Cruise Support 25 (2 ) 45 6 (24 ) Tour and Other (a) 144 84 2 9 49 Intersegment elimination (a) (96 ) (96 ) — — — $ 4,947 $ 2,760 $ 481 $ 414 $ 1,292 Nine Months Ended August 31, Revenues Operating costs and Selling Depreciation Operating 2015 North America Cruise Brands (a) $ 7,570 $ 4,558 $ 830 $ 738 $ 1,444 EAA Cruise Brands 4,273 2,644 511 417 701 Cruise Support 82 14 156 18 (106 ) Tour and Other (a) 194 129 7 33 25 Intersegment elimination (a) (116 ) (116 ) — — — $ 12,003 $ 7,229 $ 1,504 $ 1,206 $ 2,064 2014 North America Cruise Brands (a) $ 7,321 $ 4,915 $ 848 $ 718 $ 840 EAA Cruise Brands 4,709 2,989 529 465 726 Cruise Support 63 (1 ) 124 20 (80 ) Tour and Other (a) 182 130 6 26 20 Intersegment elimination (a) (110 ) (110 ) — — — $ 12,165 $ 7,923 $ 1,507 $ 1,229 $ 1,506 (a) 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." |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Aug. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Our basic and diluted earnings per share were computed as follows (in millions, except per share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net income for basic and diluted earnings per share $ 1,216 $ 1,241 $ 1,487 $ 1,319 Weighted-average common and ordinary shares outstanding 778 776 778 776 Dilutive effect of equity plans 3 2 3 2 Diluted weighted-average shares outstanding 781 778 781 778 Basic and diluted earnings per share $ 1.56 $ 1.60 $ 1.91 $ 1.70 Anti-dilutive equity awards excluded from diluted earnings per share computations — 3 — 3 |
Shareholder's Equity (Notes)
Shareholder's Equity (Notes) | 9 Months Ended |
Aug. 31, 2015 | |
Shareholder's Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity During the nine months ended August 31, 2015 , we repurchased 78 thousand shares of Carnival Corporation common stock for $4 million under our general repurchase authorization program (“Repurchase Program”). From September 1, 2015 through October 1, 2015, there were an additional 20 thousand shares of Carnival Corporation common stock repurchased for $1 million under the Repurchase Program. At October 1, 2015, the remaining availability under the Repurchase Program was $970 million . During the nine months ended August 31, 2015 , Carnival Investments Limited ("CIL"), a subsidiary of Carnival Corporation, sold 3.2 million of Carnival plc ordinary shares for net proceeds of $167 million . Substantially all of the net proceeds from these sales were used to purchase 3.2 million shares of Carnival Corporation common stock. Pursuant to our Stock Swap (“Stock Swap”) program, Carnival Corporation sold these Carnival plc ordinary shares owned by CIL only to the extent it was able to repurchase shares of Carnival Corporation common stock in the U.S. on at least an equivalent basis. During the three months ended August 31, 2015 , our Boards of Directors declared a 20 percent dividend increase to holders of Carnival Corporation common stock and Carnival plc ordinary shares from $0.25 per share to $0.30 per share, or $40 million , which was paid in September 2015. |
General (Policies)
General (Policies) | 9 Months Ended |
Aug. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Pronouncement | Accounting Pronouncement In 2014, amended guidance was issued by the Financial Accounting Standards Board regarding the accounting for service concession arrangements. The new guidance defines a service concession as an arrangement between a public-sector grantor, such as a port authority, and a company that will operate and maintain the grantor's infrastructure for a specified period of time. In exchange, the company may be given a right to charge the public, such as our cruise guests, for the use of the infrastructure. This guidance will prohibit us from recording the infrastructure we have constructed to be used by us pursuant to the service concession arrangement within property and equipment. We are required to adopt this guidance in the first quarter of 2016 on a modified retrospective basis. Early adoption, however, is permitted. The adoption of this guidance will not have a material impact to our consolidated financial statements. |
General (Tables)
General (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Prior Period Adjustments | The effects of this revision on our Consolidated Statements of Income were as follows (in millions, except per share data): Three Months Ended August 31, 2014 Nine Months Ended August 31, 2014 As Previously Adjustment As Revised As Previously Reported Adjustment As Revised Other ship operating $ 599 $ 6 $ 605 $ 1,825 $ 17 $ 1,842 Depreciation and amortization $ 414 $ — $ 414 $ 1,227 $ 2 $ 1,229 Operating income $ 1,298 $ (6 ) $ 1,292 $ 1,525 $ (19 ) $ 1,506 Income before income taxes $ 1,247 $ (6 ) $ 1,241 $ 1,340 $ (19 ) $ 1,321 Net income $ 1,247 $ (6 ) $ 1,241 $ 1,338 $ (19 ) $ 1,319 Earnings per share Basic $ 1.61 $ (0.01 ) $ 1.60 $ 1.72 $ (0.02 ) $ 1.70 Diluted $ 1.60 $ — $ 1.60 $ 1.72 $ (0.02 ) $ 1.70 The effects of this revision on our Consolidated Statements of Comprehensive Income were as follows (in millions): Three Months Ended August 31, 2014 Nine Months Ended August 31, 2014 As Previously Adjustment As Revised As Previously Reported Adjustment As Revised Net income $ 1,247 $ (6 ) $ 1,241 $ 1,338 $ (19 ) $ 1,319 Total comprehensive income $ 976 $ (6 ) $ 970 $ 1,149 $ (19 ) $ 1,130 The effects of this revision on our Consolidated Balance Sheet were as follows (in millions): November 30, 2014 As Previously Adjustment As Revised Inventories $ 364 $ (15 ) $ 349 Total current assets $ 1,503 $ (15 ) $ 1,488 Property and equipment, net $ 32,773 $ 46 $ 32,819 Other assets $ 859 $ (115 ) $ 744 Total assets $ 39,532 $ (84 ) $ 39,448 Retained earnings $ 19,242 $ (84 ) (a) $ 19,158 Total shareholders' equity $ 24,288 $ (84 ) $ 24,204 Total liabilities and shareholders' equity $ 39,532 $ (84 ) $ 39,448 (a) As of November 30, 2014, the cumulative impact of this revision was an $ 84 million reduction in retained earnings. The diluted earnings per share decreases were $0.03 for each of 2014 and 2013, $0.02 for 2012, $0.03 for pre-2010 and $0.11 in the aggregate. There was no annual diluted earnings per share impact for 2011 and 2010. This non-cash revision did not impact our operating cash flows for any period. The effects of this revision on the individual line items within operating cash flows on our Consolidated Statement of Cash Flows were as follows (in millions): Nine Months Ended August 31, 2014 As Previously Adjustment As Revised Net income $ 1,338 $ (19 ) $ 1,319 Depreciation and amortization $ 1,227 $ 2 $ 1,229 Inventories $ 15 $ — $ 15 Insurance recoverables, prepaid expenses and other $ 402 $ 19 $ 421 Claims reserves and accrued and other liabilities $ (379 ) $ (2 ) $ (381 ) |
Fair Value Measurements, Deri16
Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on a Recurring Basis | The carrying values and estimated 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): August 31, 2015 November 30, 2014 Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents (a) $ 329 $ 329 $ — $ — $ 240 $ 240 $ — $ — Restricted cash (b) 7 7 — — 11 11 — — Long-term other assets (c) 129 1 95 36 156 1 103 49 Total $ 465 $ 337 $ 95 $ 36 $ 407 $ 252 $ 103 $ 49 Liabilities Fixed rate debt (d) $ 4,027 $ — $ 4,296 $ — $ 4,433 $ — $ 4,743 $ — Floating rate debt (d) 3,833 — 3,844 — 4,655 — 4,562 — Total $ 7,860 $ — $ 8,140 $ — $ 9,088 $ — $ 9,305 $ — (a) Cash and cash equivalents are comprised of cash on hand, and at August 31, 2015 , also included a money market deposit account and time deposits. Due to their short maturities, the carrying values approximate their fair values. (b) Restricted cash is comprised of a money market deposit account. (c) At August 31, 2015 and November 30, 2014 , long-term other assets were substantially all 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. (d) Debt does not include the impact of interest rate swaps. The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 and November 30, 2014 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At August 31, 2015 and November 30, 2014 , the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at August 31, 2015 being slightly lower and at November 30, 2014 being slightly higher 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, and accordingly, are considered Level 2. 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): August 31, 2015 November 30, 2014 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents (a) $ 210 $ — $ — $ 91 $ — $ — Restricted cash (b) 22 — — 19 — — Marketable securities held in rabbi trusts (c) 104 9 — 113 9 — Derivative financial instruments (d) — 15 — — 14 — Long-term other asset (e) — — 20 — — 20 Total $ 336 $ 24 $ 20 $ 223 $ 23 $ 20 Liabilities Derivative financial instruments (d) $ — $ 503 $ — $ — $ 278 $ — Total $ — $ 503 $ — $ — $ 278 $ — (a) Cash equivalents are comprised of money market funds. (b) The majority of restricted cash is comprised of money market funds. (c) At August 31, 2015 and November 30, 2014 , marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. 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 asset is 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 the nine months ended August 31, 2015 , there were no purchases or sales pertaining to this auction rate security. |
Reconciliation of Changes in Carrying Amounts of Goodwill | The reconciliation of the changes in the carrying amounts of our goodwill, which has been allocated to our North America and Europe, Australia & Asia (“EAA”) cruise brands, was as follows (in millions): North America EAA Total Balance at November 30, 2014 $ 1,898 $ 1,229 $ 3,127 Foreign currency translation adjustment — (75 ) (75 ) Balance at August 31, 2015 $ 1,898 $ 1,154 $ 3,052 |
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 Balance at November 30, 2014 $ 927 $ 338 $ 1,265 Foreign currency translation adjustment — (22 ) (22 ) Balance at August 31, 2015 $ 927 $ 316 $ 1,243 |
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 in the Consolidated Balance Sheets were as follows (in millions): Balance Sheet Location August 31, 2015 November 30, 2014 Derivative assets Derivatives designated as hedging instruments Net investment hedges (a) Prepaid expenses and other $ 9 $ 6 Other assets – long-term 5 6 Interest rate swaps (b) Prepaid expenses and other 1 1 Other assets – long-term — 1 Total derivative assets $ 15 $ 14 Derivative liabilities Derivatives designated as hedging instruments Net investment hedges (a) Accrued liabilities and other $ 1 $ — Other long-term liabilities 13 — Interest rate swaps (b) Accrued liabilities and other 11 13 Other long-term liabilities 25 35 Foreign currency zero cost collars (c) Accrued liabilities and other — 1 Other long-term liabilities 7 — 57 49 Derivatives not designated as hedging instruments Fuel (d) Accrued liabilities and other 176 90 Other long-term liabilities 270 139 446 229 Total derivative liabilities $ 503 $ 278 (a) We had foreign currency forwards totaling $164 million at August 31, 2015 and $403 million at November 30, 2014 that are designated as hedges of our net investments in foreign operations, which have a euro- and sterling-denominated functional currency. At August 31, 2015 , these foreign currency forwards settle through July 2017. At August 31, 2015 , we also had foreign currency swaps totaling $408 million that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2015 , these foreign currency swaps settle through September 2019. (b) 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. These interest rate swap agreements effectively changed $625 million at August 31, 2015 and $750 million at November 30, 2014 of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at August 31, 2015 and November 30, 2014 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. At August 31, 2015 and November 30, 2014 , 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. (c) At August 31, 2015 and November 30, 2014 , 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. (d) At August 31, 2015 and November 30, 2014 , we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. |
Offsetting Derivative Instruments | Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions): August 31, 2015 Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 33 $ (18 ) $ 15 $ (15 ) $ — Liabilities $ 521 $ (18 ) $ 503 $ (15 ) $ 488 November 30, 2014 Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 78 $ (64 ) $ 14 $ (14 ) $ — Liabilities $ 342 $ (64 ) $ 278 $ (14 ) $ 264 |
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Net investment hedges $ (13 ) $ 3 $ 33 $ 3 Foreign currency zero cost collars – cash flow hedges $ 9 $ (5 ) $ (39 ) $ (11 ) Interest rate swaps – cash flow hedges $ 5 $ (11 ) $ 8 $ (26 ) |
(Losses) gains on fuel derivatives, net | Our unrealized and realized (losses) gains, net on fuel derivatives were as follows (in millions): Three Months Ended August 31, Nine Months Ended August 31, 2015 2014 2015 2014 Unrealized (losses) gains on fuel derivatives, net $ (137 ) $ 15 $ (215 ) $ 8 Realized (losses) gains on fuel derivatives (60 ) — (163 ) 2 (Losses) gains on fuel derivatives, net $ (197 ) $ 15 $ (378 ) $ 10 |
Fuel Derivatives Outstanding | At August 31, 2015 , 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 Fiscal 2015 (Q4) November 2011 540 $ 80 $ 114 February 2012 540 $ 80 $ 125 June 2012 309 $ 74 $ 110 April 2013 261 $ 80 $ 111 May 2013 471 $ 80 $ 110 October 2014 480 $ 79 $ 110 2,601 50% Fiscal 2016 June 2012 3,564 $ 75 $ 108 February 2013 2,160 $ 80 $ 120 April 2013 3,000 $ 75 $ 115 8,724 53% Fiscal 2017 February 2013 3,276 $ 80 $ 115 April 2013 2,028 $ 75 $ 110 January 2014 1,800 $ 75 $ 114 October 2014 1,020 $ 80 $ 113 8,124 49% Fiscal 2018 January 2014 2,700 $ 75 $ 110 October 2014 3,000 $ 80 $ 114 5,700 34% (a) Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Segment Reporting [Abstract] | |
Selected Information for Cruise and Tour and Other Segments | Selected information for our segments was as follows (in millions): Three Months Ended August 31, Revenues Operating costs and Selling Depreciation Operating 2015 North America Cruise Brands (a) $ 3,111 $ 1,647 $ 271 $ 242 $ 951 EAA Cruise Brands 1,691 852 162 140 537 Cruise Support 30 8 49 6 (33 ) Tour and Other (a) 150 82 2 11 55 Intersegment elimination (a) (99 ) (99 ) — — — $ 4,883 $ 2,490 $ 484 $ 399 $ 1,510 2014 North America Cruise Brands (a) $ 3,035 $ 1,797 $ 271 $ 243 $ 724 EAA Cruise Brands 1,839 977 163 156 543 Cruise Support 25 (2 ) 45 6 (24 ) Tour and Other (a) 144 84 2 9 49 Intersegment elimination (a) (96 ) (96 ) — — — $ 4,947 $ 2,760 $ 481 $ 414 $ 1,292 Nine Months Ended August 31, Revenues Operating costs and Selling Depreciation Operating 2015 North America Cruise Brands (a) $ 7,570 $ 4,558 $ 830 $ 738 $ 1,444 EAA Cruise Brands 4,273 2,644 511 417 701 Cruise Support 82 14 156 18 (106 ) Tour and Other (a) 194 129 7 33 25 Intersegment elimination (a) (116 ) (116 ) — — — $ 12,003 $ 7,229 $ 1,504 $ 1,206 $ 2,064 2014 North America Cruise Brands (a) $ 7,321 $ 4,915 $ 848 $ 718 $ 840 EAA Cruise Brands 4,709 2,989 529 465 726 Cruise Support 63 (1 ) 124 20 (80 ) Tour and Other (a) 182 130 6 26 20 Intersegment elimination (a) (110 ) (110 ) — — — $ 12,165 $ 7,923 $ 1,507 $ 1,229 $ 1,506 (a) 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." |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Aug. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share Computation | Our basic and diluted earnings per share were computed as follows (in millions, except per share data): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net income for basic and diluted earnings per share $ 1,216 $ 1,241 $ 1,487 $ 1,319 Weighted-average common and ordinary shares outstanding 778 776 778 776 Dilutive effect of equity plans 3 2 3 2 Diluted weighted-average shares outstanding 781 778 781 778 Basic and diluted earnings per share $ 1.56 $ 1.60 $ 1.91 $ 1.70 Anti-dilutive equity awards excluded from diluted earnings per share computations — 3 — 3 |
General - Statement of Operatio
General - Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other ship operating | $ 582 | $ 605 | $ 1,913 | $ 1,842 |
Depreciation and amortization | 399 | 414 | 1,206 | 1,229 |
Operating income | 1,510 | 1,292 | 2,064 | 1,506 |
Income before income taxes | 1,250 | 1,241 | 1,528 | 1,321 |
Net income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Earnings per share | ||||
Earnings Per Share, Basic (in dollars per share) | $ 1.56 | $ 1.60 | $ 1.91 | $ 1.70 |
Earnings Per Share, Diluted (in dollars per share) | $ 1.56 | $ 1.60 | $ 1.91 | $ 1.70 |
Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other ship operating | $ 605 | $ 1,842 | ||
Depreciation and amortization | 414 | 1,229 | ||
Operating income | 1,292 | 1,506 | ||
Income before income taxes | 1,241 | 1,321 | ||
Net income | $ 1,241 | $ 1,319 | ||
Earnings per share | ||||
Earnings Per Share, Basic (in dollars per share) | $ 1.60 | $ 1.70 | ||
Earnings Per Share, Diluted (in dollars per share) | $ 1.60 | $ 1.70 | ||
As Previously Reported | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other ship operating | $ 599 | $ 1,825 | ||
Depreciation and amortization | 414 | 1,227 | ||
Operating income | 1,298 | 1,525 | ||
Income before income taxes | 1,247 | 1,340 | ||
Net income | $ 1,247 | $ 1,338 | ||
Earnings per share | ||||
Earnings Per Share, Basic (in dollars per share) | $ 1.61 | $ 1.72 | ||
Earnings Per Share, Diluted (in dollars per share) | $ 1.60 | $ 1.72 | ||
Adjustment | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other ship operating | $ 6 | $ 17 | ||
Depreciation and amortization | 0 | 2 | ||
Operating income | (6) | (19) | ||
Income before income taxes | (6) | (19) | ||
Net income | $ (6) | $ (19) | ||
Earnings per share | ||||
Earnings Per Share, Basic (in dollars per share) | $ (0.01) | $ (0.02) | ||
Earnings Per Share, Diluted (in dollars per share) | $ 0 | $ (0.02) |
General - Statement of Comprehe
General - Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Total comprehensive income | $ 1,317 | 970 | $ 725 | 1,130 |
Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | 1,241 | 1,319 | ||
Total comprehensive income | 970 | 1,130 | ||
As Previously Reported | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | 1,247 | 1,338 | ||
Total comprehensive income | 976 | 1,149 | ||
Adjustment | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | (6) | (19) | ||
Total comprehensive income | $ (6) | $ (19) |
General - Balance Sheet (Detail
General - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 84 Months Ended | ||||||
Nov. 30, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Nov. 30, 2010 | Nov. 30, 2009 | Nov. 30, 2014 | Aug. 31, 2015 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Inventories | $ 349 | $ 349 | $ 305 | |||||
Total current assets | 1,488 | 1,488 | 1,617 | |||||
Property and equipment, net | 32,819 | 32,819 | 32,232 | |||||
Other assets | 744 | 744 | 649 | |||||
Total assets | 39,448 | 39,448 | 38,797 | |||||
Retained earnings | 19,158 | 19,158 | 20,023 | |||||
Total shareholders’ equity | 24,204 | 24,204 | 24,353 | |||||
Total liabilities and shareholders' equity | 39,448 | 39,448 | $ 38,797 | |||||
Reclassification of Expense | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Inventories | 349 | 349 | ||||||
Total current assets | 1,488 | 1,488 | ||||||
Property and equipment, net | 32,819 | 32,819 | ||||||
Other assets | 744 | 744 | ||||||
Total assets | 39,448 | 39,448 | ||||||
Retained earnings | 19,158 | 19,158 | ||||||
Total shareholders’ equity | 24,204 | 24,204 | ||||||
Total liabilities and shareholders' equity | $ 39,448 | 39,448 | ||||||
Cumulative impact of revision, reduction in retained earnings | $ 84 | |||||||
Impact of revision on diluted earnings per share, decrease (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.02 | $ 0 | $ 0 | $ 0.03 | $ 0.11 | |
As Previously Reported | Reclassification of Expense | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Inventories | $ 364 | $ 364 | ||||||
Total current assets | 1,503 | 1,503 | ||||||
Property and equipment, net | 32,773 | 32,773 | ||||||
Other assets | 859 | 859 | ||||||
Total assets | 39,532 | 39,532 | ||||||
Retained earnings | 19,242 | 19,242 | ||||||
Total shareholders’ equity | 24,288 | 24,288 | ||||||
Total liabilities and shareholders' equity | 39,532 | 39,532 | ||||||
Adjustment | Reclassification of Expense | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Inventories | (15) | (15) | ||||||
Total current assets | (15) | (15) | ||||||
Property and equipment, net | 46 | 46 | ||||||
Other assets | (115) | (115) | ||||||
Total assets | (84) | (84) | ||||||
Retained earnings | (84) | (84) | ||||||
Total shareholders’ equity | (84) | (84) | ||||||
Total liabilities and shareholders' equity | $ (84) | $ (84) |
General - Statement of Cash Flo
General - Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Depreciation and amortization | $ 399 | 414 | 1,206 | 1,229 |
Inventories | 35 | 15 | ||
Insurance recoverables, prepaid expenses and other | 94 | 421 | ||
Claims reserves and accrued and other liabilities | $ (19) | (381) | ||
Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | 1,241 | 1,319 | ||
Depreciation and amortization | 414 | 1,229 | ||
Inventories | 15 | |||
Insurance recoverables, prepaid expenses and other | 421 | |||
Claims reserves and accrued and other liabilities | (381) | |||
As Previously Reported | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | 1,247 | 1,338 | ||
Depreciation and amortization | 414 | 1,227 | ||
Inventories | 15 | |||
Insurance recoverables, prepaid expenses and other | 402 | |||
Claims reserves and accrued and other liabilities | (379) | |||
Adjustment | Reclassification of Expense | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income | (6) | (19) | ||
Depreciation and amortization | $ 0 | 2 | ||
Inventories | 0 | |||
Insurance recoverables, prepaid expenses and other | 19 | |||
Claims reserves and accrued and other liabilities | $ (2) |
General - Other (Details)
General - Other (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Fees, taxes and charges collected by us from our guests | $ 141 | $ 146 | $ 398 | $ 407 |
Cost of Property Repairs and Maintenance | $ 184 | $ 186 | $ 786 | $ 712 |
Unsecured Debt - Additional Inf
Unsecured Debt - Additional Information (Detail) $ in Millions | 1 Months Ended | |||
Apr. 30, 2015 | Feb. 28, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||||
Weighted average interest rate | 1.30% | |||
Export Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 505 | |||
Euro-denominated Export Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from credit facility | $ 472 | |||
Bank Loans | Euro-denominated | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings | $ 35 | |||
Main Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Expiration Period | 5 years | |||
Subsequent Event | Export Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 2,800 | |||
Line of Credit Facility, Number | 5 | |||
Line of Credit Facility, Number of Cruise Ships | 5 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) $ in Millions | Aug. 31, 2015USD ($)ship | Nov. 30, 2014USD ($) |
Loss Contingencies [Line Items] | ||
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB | ||
Lease Out And Lease Back Type Transactions | ||
Loss Contingencies [Line Items] | ||
Estimated contingent obligations | $ 379 | |
Contingent Obligations, Number of Cruise Ships | ship | 2 | |
Estimated termination payment in the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants | $ 22 | |
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB | $ 31 |
Fair Value Measurements, Deri26
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 ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Carrying Value | ||
Assets | ||
Cash and cash equivalents | $ 329 | $ 240 |
Restricted cash | 7 | 11 |
Long-term other assets | 129 | 156 |
Total | 465 | 407 |
Liabilities | ||
Total | 7,860 | 9,088 |
Carrying Value | Fixed Rate | ||
Liabilities | ||
Debt | 4,027 | 4,433 |
Carrying Value | Floating Rate | ||
Liabilities | ||
Debt | 3,833 | 4,655 |
Fair Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 329 | 240 |
Restricted cash | 7 | 11 |
Long-term other assets | 1 | 1 |
Total | 337 | 252 |
Liabilities | ||
Total | 0 | 0 |
Fair Value | Level 1 | Fixed Rate | ||
Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 1 | Floating Rate | ||
Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Long-term other assets | 95 | 103 |
Total | 95 | 103 |
Liabilities | ||
Total | 8,140 | 9,305 |
Fair Value | Level 2 | Fixed Rate | ||
Liabilities | ||
Debt | 4,296 | 4,743 |
Fair Value | Level 2 | Floating Rate | ||
Liabilities | ||
Debt | 3,844 | 4,562 |
Fair Value | Level 3 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Long-term other assets | 36 | 49 |
Total | 36 | 49 |
Liabilities | ||
Total | 0 | 0 |
Fair Value | Level 3 | Fixed Rate | ||
Liabilities | ||
Debt | 0 | 0 |
Fair Value | Level 3 | Floating Rate | ||
Liabilities | ||
Debt | $ 0 | $ 0 |
Fair Value Measurements, Deri27
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 ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Assets | ||
Derivative financial instruments | $ 33 | $ 78 |
Liabilities | ||
Derivative financial instruments | 521 | 342 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | ||
Assets | ||
Total | 336 | 223 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds | ||
Assets | ||
Cash equivalents | 210 | 91 |
Restricted cash | 22 | 19 |
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 | 104 | 113 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | ||
Assets | ||
Total | 24 | 23 |
Liabilities | ||
Total | 503 | 278 |
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 | 9 | 9 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ||
Assets | ||
Derivative financial instruments | 15 | 14 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ||
Liabilities | ||
Derivative financial instruments | 503 | 278 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | ||
Assets | ||
Total | 20 | $ 20 |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Marketable securities held in rabbi trusts | ||
Assets | ||
Marketable securities held in rabbi trusts | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Long-term other assets | ||
Assets | ||
Long-term other assets | $ 20 | $ 20 |
Fair Value Measurements, Deri28
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Detail) $ in Millions | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 3,127 |
Foreign currency translation adjustment | (75) |
Ending Balance | 3,052 |
North America Cruise Brands | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,898 |
Foreign currency translation adjustment | 0 |
Ending Balance | 1,898 |
EAA Cruise Brands | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,229 |
Foreign currency translation adjustment | (75) |
Ending Balance | $ 1,154 |
Fair Value Measurements, Deri29
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization (Detail) $ in Millions | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | $ 1,265 |
Foreign currency translation adjustment | (22) |
Ending Balance | 1,243 |
North America Cruise Brands | |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 927 |
Foreign currency translation adjustment | 0 |
Ending Balance | 927 |
EAA Cruise Brands | |
Indefinite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 338 |
Foreign currency translation adjustment | (22) |
Ending Balance | $ 316 |
Fair Value Measurements, Deri30
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 15 | $ 14 |
Derivative liabilities | 503 | 278 |
Designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 57 | 49 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 446 | 229 |
Net investment hedges | Designated as hedging instruments | Prepaid Expenses and Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 9 | 6 |
Net investment hedges | Designated as hedging instruments | Other Assets – Long-term | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 5 | 6 |
Net investment hedges | Designated as hedging instruments | Accrued Liabilities And Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1 | 0 |
Net investment hedges | Designated as hedging instruments | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 13 | 0 |
Interest Rate Swaps | Designated as hedging instruments | Prepaid Expenses and Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1 | 1 |
Interest Rate Swaps | Designated as hedging instruments | Other Assets – Long-term | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 1 |
Interest Rate Swaps | Designated as hedging instruments | Accrued Liabilities And Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 11 | 13 |
Interest Rate Swaps | Designated as hedging instruments | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 25 | 35 |
Interest Rate Swaps | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate cash flow hedge asset at fair value | 625 | 750 |
Interest Rate Swaps | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate fair value hedge asset at fair value | 500 | 500 |
Foreign currency zero cost collars | Designated as hedging instruments | Accrued Liabilities And Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 0 | 1 |
Foreign currency zero cost collars | Designated as hedging instruments | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 7 | 0 |
Fuel | Not Designated as Hedging Instruments | Accrued Liabilities And Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 176 | 90 |
Fuel | Not Designated as Hedging Instruments | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 270 | 139 |
Foreign Currency Forward | Designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 164 | $ 403 |
Currency swap | Designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 408 |
Fair Value Measurements, Deri31
Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions | Aug. 31, 2015 | Nov. 30, 2014 |
Assets | ||
Gross Amounts | $ 33 | $ 78 |
Gross Amounts Offset in the Balance Sheet | (18) | (64) |
Total Net Amounts Presented in the Balance Sheet | 15 | 14 |
Gross Amounts not Offset in the Balance Sheet | (15) | (14) |
Net Amounts | 0 | 0 |
Liabilities | ||
Gross Amounts | 521 | 342 |
Gross Amounts Offset in the Balance Sheet | (18) | (64) |
Total Net Amounts Presented in the Balance Sheet | 503 | 278 |
Gross Amounts not Offset in the Balance Sheet | (15) | (14) |
Net Amounts | $ 488 | $ 264 |
Fair Value Measurements, Deri32
Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Detail) | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2015USD ($)counterparty | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($)counterparty | Aug. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Nov. 30, 2014USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Fuel Derivative, Counterparty | counterparty | 1 | 1 | ||||
Fuel | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral posted | $ 22,000,000 | $ 22,000,000 | ||||
Collateral required to be received | 0 | 0 | ||||
Collateral required to be posted | $ 0 | |||||
Minimum | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative asset, cash collateral netting threshold, fair value | 100,000,000 | 100,000,000 | ||||
Designated as hedging instruments | Net investment hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | (13,000,000) | $ 3,000,000 | 33,000,000 | $ 3,000,000 | ||
Designated as hedging instruments | Foreign currency zero cost collars | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | 9,000,000 | (5,000,000) | (39,000,000) | (11,000,000) | ||
Designated as hedging instruments | Interest Rate Swaps | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | $ 5,000,000 | $ (11,000,000) | $ 8,000,000 | $ (26,000,000) | ||
Subsequent Event | Fuel | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral posted | $ 9,000,000 |
Fair Value Measurements, Deri33
Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Detail) bbl in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015USD ($)bbl$ / bbl | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($)bbl$ / bbl | Aug. 31, 2014USD ($) | |
Derivative [Line Items] | ||||
(Losses) gains on fuel derivatives, net | $ | $ (197) | $ 15 | $ (378) | $ 10 |
Fuel Derivatives 2015 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 2,601 | 2,601 | ||
Percent of Estimated Fuel Consumption | 50.00% | 50.00% | ||
Fuel Derivatives 2015 Maturity November 2011 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 540 | 540 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 114 | 114 | ||
Fuel Derivatives 2015 Maturity February 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 540 | 540 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 125 | 125 | ||
Fuel Derivatives 2015 Maturity June 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 309 | 309 | ||
Weighted-Average Floor Price (in dollars per barrel) | 74 | 74 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 110 | 110 | ||
Fuel Derivatives 2015 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 261 | 261 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 111 | 111 | ||
Fuel Derivatives 2015 Maturity May 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 471 | 471 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 110 | 110 | ||
Fuel Derivatives 2015 Maturity October 2014 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 480 | 480 | ||
Weighted-Average Floor Price (in dollars per barrel) | 79 | 79 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 110 | 110 | ||
Fuel Derivatives 2016 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 8,724 | 8,724 | ||
Percent of Estimated Fuel Consumption | 53.00% | 53.00% | ||
Fuel Derivatives 2016 Maturity June 2012 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 3,564 | 3,564 | ||
Weighted-Average Floor Price (in dollars per barrel) | 75 | 75 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 108 | 108 | ||
Fuel Derivatives 2016 Maturity February 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 2,160 | 2,160 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 120 | 120 | ||
Fuel Derivatives 2016 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 3,000 | 3,000 | ||
Weighted-Average Floor Price (in dollars per barrel) | 75 | 75 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 115 | 115 | ||
Fuel Derivatives 2017 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 8,124 | 8,124 | ||
Percent of Estimated Fuel Consumption | 49.00% | 49.00% | ||
Fuel Derivatives 2017 Maturity February 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 3,276 | 3,276 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 115 | 115 | ||
Fuel Derivatives 2017 Maturity April 2013 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 2,028 | 2,028 | ||
Weighted-Average Floor Price (in dollars per barrel) | 75 | 75 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 110 | 110 | ||
Fuel Derivatives 2017 Maturity January 2014 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 1,800 | 1,800 | ||
Weighted-Average Floor Price (in dollars per barrel) | 75 | 75 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 114 | 114 | ||
Fuel Derivatives 2017 Maturity October 2014 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 1,020 | 1,020 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 113 | 113 | ||
Fuel Derivatives 2018 Maturity | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 5,700 | 5,700 | ||
Percent of Estimated Fuel Consumption | 34.00% | 34.00% | ||
Fuel Derivatives 2018 Maturity January 2014 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 2,700 | 2,700 | ||
Weighted-Average Floor Price (in dollars per barrel) | 75 | 75 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 110 | 110 | ||
Fuel Derivatives 2018 Maturity October 2014 Transaction Date | ||||
Derivative [Line Items] | ||||
Barrels | bbl | 3,000 | 3,000 | ||
Weighted-Average Floor Price (in dollars per barrel) | 80 | 80 | ||
Weighted-Average Ceiling Price (in dollars per barrel) | 114 | 114 | ||
Fuel | ||||
Derivative [Line Items] | ||||
Unrealized gain (loss), net on derivatives | $ | $ (137) | 15 | $ (215) | 8 |
Realized gain (loss), net on derivatives | $ | $ (60) | $ 0 | $ (163) | $ 2 |
Fair Value Measurements, Deri34
Fair Value Measurements, Derivative Instruments and Hedging Activities - Foreign Currency Exchange Rate Risks (Detail) $ in Millions | Aug. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Aug. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Mar. 26, 2015ship | Jan. 31, 2015USD ($) |
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI | $ 456 | $ 359 | $ 456 | $ 456 | |||||
Foreign currency transaction gains (losses) | 7 | $ 14 | 97 | $ (25) | |||||
Foreign currency contract commitments | $ 1,500 | $ 1,500 | $ 1,500 | ||||||
Number of Cruise Ships, Excluded per MOA | ship | 5 | ||||||||
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps | 53.00% | 52.00% | 53.00% | 53.00% | |||||
Percentage of debt bore floating interest rates, including the effect of interest rate swaps | 47.00% | 48.00% | 47.00% | 47.00% | |||||
Foreign currency zero cost collars | Princess Cruises | Cash Flow Hedging | Maximum | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Currency exchange risk hedged | $ 590 | ||||||||
Foreign currency zero cost collars | Princess Cruises | Cash Flow Hedging | Minimum | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Currency exchange risk hedged | 504 | ||||||||
Foreign currency zero cost collars | Seabourn Cruises | Cash Flow Hedging | Maximum | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Currency exchange risk hedged | 221 | ||||||||
Foreign currency zero cost collars | Seabourn Cruises | Cash Flow Hedging | Minimum | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Currency exchange risk hedged | $ 185 | ||||||||
Foreign currency zero cost collars | P&O Cruises (UK) Britannia | Cash Flow Hedging | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Settlement of foreign currency zero cost collars, amount of loss recognized in other comprehensive loss | $ 33 | ||||||||
Foreign Currency Intercompany Payable | |||||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | |||||||||
Designated debt and other obligations as non-derivative hedges of net investments in foreign operations | $ 2,400 | $ 2,400 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015USD ($)ship | Aug. 31, 2014USD ($) | Aug. 31, 2015USD ($)shipSegment | Aug. 31, 2014USD ($) | Nov. 30, 2014ship | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | Segment | 3 | ||||
Number of Reportable Cruise Brand Operating Segments | Segment | 2 | ||||
Revenues | $ 4,883 | $ 4,947 | $ 12,003 | $ 12,165 | |
Operating expenses | 2,490 | 2,760 | 7,229 | 7,923 | |
Selling and administrative | 484 | 481 | 1,504 | 1,507 | |
Depreciation and amortization | 399 | 414 | 1,206 | 1,229 | |
Operating Income | 1,510 | 1,292 | 2,064 | 1,506 | |
North America Cruise Brands | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,111 | 3,035 | 7,570 | 7,321 | |
Operating expenses | 1,647 | 1,797 | 4,558 | 4,915 | |
Selling and administrative | 271 | 271 | 830 | 848 | |
Depreciation and amortization | 242 | 243 | 738 | 718 | |
Operating Income | 951 | 724 | 1,444 | 840 | |
EAA Cruise Brands | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,691 | 1,839 | 4,273 | 4,709 | |
Operating expenses | 852 | 977 | 2,644 | 2,989 | |
Selling and administrative | 162 | 163 | 511 | 529 | |
Depreciation and amortization | 140 | 156 | 417 | 465 | |
Operating Income | 537 | 543 | 701 | 726 | |
Cruise Support | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 30 | 25 | 82 | 63 | |
Operating expenses | 8 | (2) | 14 | (1) | |
Selling and administrative | 49 | 45 | 156 | 124 | |
Depreciation and amortization | 6 | 6 | 18 | 20 | |
Operating Income | $ (33) | (24) | $ (106) | (80) | |
Tour and Other | |||||
Segment Reporting Information [Line Items] | |||||
Number of cruise ships | ship | 3 | 3 | 1 | ||
Revenues | $ 150 | 144 | $ 194 | 182 | |
Operating expenses | 82 | 84 | 129 | 130 | |
Selling and administrative | 2 | 2 | 7 | 6 | |
Depreciation and amortization | 11 | 9 | 33 | 26 | |
Operating Income | 55 | 49 | 25 | 20 | |
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (99) | (96) | (116) | (110) | |
Operating expenses | (99) | (96) | (116) | (110) | |
Selling and administrative | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Operating Income | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share - Basic and
Earnings Per Share - Basic and Diluted Earnings (Loss) Per Share Computation (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Earnings Per Share [Abstract] | ||||
Net Income | $ 1,216 | $ 1,241 | $ 1,487 | $ 1,319 |
Weighted-average common and ordinary shares outstanding | 778 | 776 | 778 | 776 |
Dilutive effect of equity plans | 3 | 2 | 3 | 2 |
Diluted weighted-average shares outstanding | 781 | 778 | 781 | 778 |
Earnings Per Share, Basic and Diluted (in dollars per share) | $ 1.56 | $ 1.60 | $ 1.91 | $ 1.70 |
Anti-dilutive equity awards excluded from diluted earnings per share computations | 0 | 3 | 0 | 3 |
Shareholder's Equity (Details)
Shareholder's Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2015 | Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | Sep. 30, 2015 | May. 31, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Purchases of treasury stock | $ 166 | $ 0 | ||||
Sales of treasury stock | $ 167 | $ 0 | ||||
Dividend Increase, Percentage | 20.00% | |||||
Dividends Payable, Amount Per Share | $ 0.30 | $ 0.30 | $ 0.25 | |||
Carnival Corp | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 78 | |||||
Purchases of treasury stock | $ 4 | |||||
Carnival Corp | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 3,200 | |||||
Stock Issued During Period, Shares, Treasury Stock Reissued | 3,200 | |||||
Sales of treasury stock | $ 167 | |||||
Subsequent Event | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | $ 970 | |||||
Dividends Payable | $ 40 | |||||
Subsequent Event | Carnival Corp | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 20 | |||||
Purchases of treasury stock | $ 1 |