Carnival Corporation & plc (CCL) 10-Q 22 Mar 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 28, 2018	Mar. 15, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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		534,352,222
CARNIVAL PLC
Entity Registrant Name	CARNIVAL PLC
Entity Central Index Key	1,125,259
Entity Common Stock, Shares Outstanding		207,338,276

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cruise
Passenger ticket	$ 3,148	$ 2,804
Onboard and other	1,071	978
Tour and other	13	9
Revenues	4,232	3,791
Cruise
Commissions, transportation and other	663	569
Onboard and other	140	125
Payroll and related	558	519
Fuel	359	297
Food	264	251
Other ship operating	711	661
Tour and other	14	13
Operating expenses	2,709	2,435
Selling and administrative	616	549
Depreciation and amortization	488	439
Operating costs and expenses	3,813	3,423
Operating Income	419	368
Nonoperating Income (Expense)
Interest income	3	2
Interest expense, net of capitalized interest	(48)	(51)
Gains on fuel derivatives, net	16	27
Other income, net	1	8
Nonoperating Income (Expense), Total	(28)	(14)
Income Before Income Taxes	390	354
Income Tax Expense, Net	0	(2)
Net Income	$ 391	$ 352
Earnings Per Share
Earnings per share, basic (in dollars per share)	$ 0.54	$ 0.48
Earnings per share, diluted (in dollars per share)	0.54	0.48
Dividends declared per share (in dollars per share)	$ 0.45	$ 0.35

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 391	$ 352
Items Included in Other Comprehensive Income
Change in foreign currency translation adjustment	292	1
Other	3	14
Other Comprehensive Income	295	15
Total Comprehensive Income	$ 686	$ 367

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017
Current Assets
Cash and cash equivalents	$ 453	$ 395
Trade and other receivables, net	345	312
Inventories	394	387
Prepaid expenses and other	475	502
Total current assets	1,667	1,596
Property and Equipment, Net	35,027	34,430
Goodwill	3,014	2,967
Other Intangibles	1,198	1,200
Other Assets	535	585
Total assets	41,441	40,778
Current Liabilities
Short-term borrowings	1,108	485
Current portion of long-term debt	1,006	1,717
Accounts payable	795	762
Accrued liabilities and other	1,653	1,877
Customer deposits	4,288	3,958
Total current liabilities	8,851	8,800
Long-Term Debt	7,445	6,993
Other Long-Term Liabilities	764	769
Contingencies
Shareholders' Equity
Additional paid-in capital	8,708	8,690
Retained earnings	23,360	23,292
Accumulated other comprehensive loss	(1,486)	(1,782)
Treasury stock, 122 shares at 2018 and 2017 of Carnival Corporation and 35 shares at 2018 and 32 shares at 2017 of Carnival plc, at cost	(6,565)	(6,349)
Total shareholders' equity	24,382	24,216
Liabilities and Equity, Total	41,441	40,778
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	Feb. 28, 2018	Nov. 30, 2017
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	656	655
Treasury stock, shares (in shares)	122	122
CARNIVAL PLC | Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	35	32

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
OPERATING ACTIVITIES
Net income	$ 391	$ 352
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	488	439
Gains on fuel derivatives, net	(16)	(27)
Share-based compensation	18	20
Other, net	24	20
Adjustments to reconcile net income to net cash provided by operating activities	904	804
Changes in operating assets and liabilities
Receivables	(30)	(2)
Inventories	1	(35)
Prepaid expenses and other	98	(10)
Accounts payable	19	(47)
Accrued liabilities and other	(198)	3
Customer deposits	271	219
Net cash provided by operating activities	1,064	932
INVESTING ACTIVITIES
Purchases of property and equipment	(574)	(412)
Payments of fuel derivative settlements	(21)	(52)
Other, net	4	(10)
Net cash used in investing activities	(591)	(474)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	611	(289)
Principal repayments of long-term debt	(963)	(101)
Proceeds from issuance of long-term debt	469	100
Dividends paid	(323)	(254)
Purchases of treasury stock	(218)	(69)
Other, net	(4)	(2)
Net cash used in financing activities	(428)	(615)
Effect of exchange rate changes on cash and cash equivalents	12	(9)
Net increase (decrease) in cash and cash equivalents	58	(166)
Cash and cash equivalents at beginning of period	395	603
Cash and cash equivalents at end of period	$ 453	$ 437

General

General	3 Months Ended
	Feb. 28, 2018
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 Statements of Income and the Consolidated Statements of Comprehensive Income for the three months ended February 28, 2018 and 2017 , the Consolidated Balance Sheet at February 28, 2018 and the Consolidated Statements of Cash Flows for the three months ended February 28, 2018 and 2017 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2017 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 29, 2018 . Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued amended guidance, Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the bifurcation of service costs and other components of net benefit cost. The presentation of the other components of net benefit cost have been recorded in other income. On December 1, 2017, we adopted this guidance using the retrospective transition method for the presentation of the service cost component and other components of net benefit cost. The impact of adopting this guidance was immaterial to our consolidated financial statements, and as such, prior period information was not revised. The FASB issued guidance, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. Based on our assessment to date, the adoption of this guidance is not expected to have a material impact to the timing of our recognition of revenue and will require additional disclosures. We are currently evaluating if this guidance will have any other impact on our consolidated financial statements. The FASB issued amended guidance, Business Combinations - Clarifying the Definition of a Business , which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Statement of Cash Flows - Restricted Cash , which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance, Leases , which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. Based on our assessment to date, the initial adoption of this guidance is expected to increase both our total assets and total liabilities and will require additional disclosures. We are currently evaluating if this guidance will have any other impact on our consolidated financial statements. The FASB issued guidance, Derivatives and Hedging , which targeted improvements to accounting for hedging activities such as hedging strategies, effectiveness assessments, and recognition of derivative gains or losses. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. 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 $148 million and $143 million for the three months ended February 28, 2018 and 2017 , respectively.

Unsecured Debt

Unsecured Debt	3 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt At February 28, 2018 , our short-term borrowings consisted of euro- and U.S. dollar-denominated commercial paper of $862 million and a euro-denominated bank loan of $246 million due in 2019. For the three months ended February 28, 2018 and 2017, we had borrowings of $2 million and $111 million and repayments of $0 million and $240 million of commercial paper with original maturities greater than three months. In December 2017, we borrowed $469 million under a sterling-denominated floating rate bank loan due in 2022 and repaid a $500 million bond. In January 2018, we repaid $365 million of euro-denominated floating rate bank loans prior to their 2018 and 2021 maturity dates. We use the net proceeds from our borrowings for payments related to the purchases of new ships and general corporate purposes.

Contingencies

Contingencies	3 Months Ended
	Feb. 28, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation 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 the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims and lawsuits will not have a material impact on our consolidated financial statements. Contingent Obligations – Indemnifications Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase our lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses.

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	3 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks Fair Value Measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: • Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. • Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. • Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. Financial Instruments that are not Measured at Fair Value on a Recurring Basis February 28, 2018 November 30, 2017 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Long-term other assets (a) $ 117 $ — $ 43 $ 71 $ 126 $ — $ 49 $ 75 Total $ 117 $ — $ 43 $ 71 $ 126 $ — $ 49 $ 75 Liabilities Fixed rate debt (b) $ 5,168 $ — $ 5,418 $ — $ 5,588 $ — $ 5,892 $ — Floating rate debt (b) 4,442 — 4,488 — 3,658 — 3,697 — Total $ 9,610 $ — $ 9,906 $ — $ 9,246 $ — $ 9,589 $ — (a) Long-term other assets are comprised of notes receivable. The fair values of our Level 2 notes receivable 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. (b) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt. Financial Instruments that are Measured at Fair Value on a Recurring Basis February 28, 2018 November 30, 2017 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 453 $ — $ — $ 395 $ — $ — Restricted cash 29 — — 26 — — Marketable securities held in rabbi trusts (a) 6 — — 97 — — Derivative financial instruments — 17 — — 15 — Total $ 488 $ 17 $ — $ 518 $ 15 $ — Liabilities Derivative financial instruments $ — $ 130 $ — $ — $ 161 $ — Total $ — $ 130 $ — $ — $ 161 $ — (a) The use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and Other Intangibles Goodwill (in millions) NAA (a) EA (b) Total At November 30, 2017 $ 1,898 $ 1,069 $ 2,967 Foreign currency translation adjustment — 47 47 At February 28, 2018 $ 1,898 $ 1,115 $ 3,014 (a) North America & Australia (“NAA”) (b) Europe & Asia (“EA”) Trademarks (in millions) NAA EA Total At November 30, 2017 $ 927 $ 252 $ 1,179 Foreign currency translation adjustment — 11 11 At February 28, 2018 $ 927 $ 263 $ 1,190 The determination of our reporting unit goodwill 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. A change in the conditions, circumstances or strategy, may result in a need to recognize an impairment charge. Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location February 28, 2018 November 30, 2017 Derivative assets Derivatives designated as hedging instruments Net investment hedges (a) Prepaid expenses and other $ 4 $ 3 Foreign currency zero cost collars (b) Prepaid expenses and other 13 12 Total derivative assets $ 17 $ 15 Derivative liabilities Derivatives designated as hedging instruments Net investment hedges (a) Accrued liabilities and other $ 17 $ 13 Other long-term liabilities 21 17 Interest rate swaps (c) Accrued liabilities and other 10 10 Other long-term liabilities 14 17 63 57 Derivatives not designated as hedging instruments Fuel (d) Accrued liabilities and other 67 95 Other long-term liabilities — 9 67 104 Total derivative liabilities $ 130 $ 161 (a) At February 28, 2018 and November 30, 2017 , we had foreign currency swaps totaling $337 million and $324 million , respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At February 28, 2018 , these foreign currency swaps settle through September 2019. (b) At February 28, 2018 and November 30, 2017 , we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. (c) We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $485 million at February 28, 2018 and $479 million at November 30, 2017 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2018 , these interest rate swaps settle through March 2025. (d) At February 28, 2018 and November 30, 2017 , 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 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. February 28, 2018 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 17 $ — $ 17 $ (5 ) $ 12 Liabilities $ 130 $ — $ 130 $ (5 ) $ 125 November 30, 2017 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 15 $ — $ 15 $ (8 ) $ 7 Liabilities $ 161 $ — $ 161 $ (8 ) $ 153 The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income were as follows: Three Months Ended (in millions) 2018 2017 Net investment hedges $ (6 ) $ 1 Foreign currency zero cost collars – cash flow hedges $ 1 $ 8 Interest rate swaps – cash flow hedges $ 4 $ 2 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 cash collateral to be posted or received to the extent the fuel derivative fair value payable to or receivable from an individual counterparty exceeds $100 million . At February 28, 2018 and November 30, 2017 , 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. Financial Risks Fuel Price Risks Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We have Brent call options and Brent put options, collectively referred to as zero cost collars, that establish ceiling and floor prices and mitigate a portion of our economic risk attributable to potential fuel price increases. To maximize operational flexibility we utilized derivative markets with significant trading liquidity. Our zero cost collars 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 zero cost collars will act as economic hedges; however, hedge accounting is not applied. Three Months Ended (in millions) 2018 2017 Unrealized gains on fuel derivatives, net $ 32 $ 72 Realized losses on fuel derivatives, net (16 ) (45 ) Gains on fuel derivatives, net $ 16 $ 27 At February 28, 2018 , our outstanding fuel derivatives consisted of zero cost collars on Brent as follows: Maturities (a) Transaction Barrels Weighted-Average Weighted-Average Fiscal 2018 January 2014 2,025 $ 75 $ 110 October 2014 2,250 $ 80 $ 114 4,275 (a) Fuel derivatives mature evenly over each month in 2018. Foreign Currency Exchange Rate Risks Overall Strategy We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge 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 operations primarily utilize the U.S. dollar, Australian dollar, euro or sterling as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates will affect our financial statements. Investment Currency Risks We consider our investments in foreign operations to be denominated in stable currencies. Our investments in foreign operations are of a long-term nature. We have $5.6 billion and $924 million of euro- and sterling-denominated debt, respectively, including the effect of foreign currency swaps, which provides an economic offset for our operations with euro and sterling functional currency. We also partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies. Newbuild Currency Risks Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments. At February 28, 2018 , for the following newbuilds, we had foreign currency zero cost collars for a portion of euro-denominated shipyard payments. These collars are designated as cash flow hedges. Entered Into Matures in Weighted-Average Floor Rate Weighted- Average Ceiling Rate Carnival Horizon 2016 March 2018 $ 1.02 $ 1.25 Seabourn Ovation 2016 April 2018 $ 1.02 $ 1.25 Nieuw Statendam 2016 November 2018 $ 1.05 $ 1.25 If the spot rate is between the ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars. At February 28, 2018 , our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments, which represent a total unhedged commitment of $8.2 billion and substantially relates to newbuilds scheduled to be delivered in 2019 through 2022 to non-euro functional currency brands. The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships. Interest Rate Risks We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps, issuance of new debt, amendment of existing debt or early retirement of existing debt. Concentrations of Credit Risk As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to 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: • Conducting business with large, well-established financial institutions, insurance companies and export credit agencies • Diversifying our counterparties • Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk • Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards We currently believe the risk of nonperformance by any of our significant counterparties is remote. At February 28, 2018 , our exposures under foreign currency and fuel derivative contracts and interest rate swap agreements were not material. We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with these trade receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. We have not experienced significant credit losses on our trade receivables, charter-hire agreements and contingent obligations. We do not normally require collateral or other security to support normal credit sales.

Segment Information

Segment Information	3 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information We revised our operating segments due to changes in our internal reporting as a result of the recent strategic realignment of our business in Australia. The presentation of prior period segment information has been revised to reflect this change. Our operating segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) North America and Australia cruise operations (“NAA”), (2) Europe and Asia cruise operations (“EA”), (3) Cruise Support and (4) Tour and Other. The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. Our Cruise Support segment represents our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Three Months Ended February 28, (in millions) Revenues Operating costs and Selling Depreciation Operating 2018 NAA $ 2,684 $ 1,658 $ 367 $ 299 $ 360 EA 1,503 1,005 188 157 154 Cruise Support 32 33 55 23 (78 ) Tour and Other 13 14 6 10 (17 ) Intersegment elimination — — — — — $ 4,232 $ 2,709 $ 616 $ 488 $ 419 2017 NAA $ 2,517 $ 1,557 $ 333 $ 289 $ 338 EA 1,226 859 159 130 78 Cruise Support 39 6 55 11 (33 ) Tour and Other 9 13 2 9 (15 ) Intersegment elimination — — — — — $ 3,791 $ 2,435 $ 549 $ 439 $ 368 A portion of the NAA segment’s revenues includes revenues for the tour portion of a cruise when a cruise and land tour package are sold together by Holland America Line and Princess Cruises. These intersegment tour revenues, which are also included in our Tour and Other segment, are eliminated by the NAA segment’s revenues and operating expenses in the line “Intersegment elimination.”

Earnings Per Share

Earnings Per Share	3 Months Ended
	Feb. 28, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended (in millions, except per share data) 2018 2017 Net income for basic and diluted earnings per share $ 391 $ 352 Weighted-average shares outstanding 717 725 Dilutive effect of equity plans 2 3 Diluted weighted-average shares outstanding 719 728 Basic earnings per share $ 0.54 $ 0.48 Diluted earnings per share $ 0.54 $ 0.48

Shareholder's Equity

Shareholder's Equity	3 Months Ended
	Feb. 28, 2018
Shareholder's Equity [Abstract]
Shareholder's Equity	Shareholders’ Equity During the three months ended February 28, 2018 , we repurchased 3.0 million shares of Carnival plc ordinary shares and 0.2 million shares of Carnival Corporation common stock for $204 million and $12 million , respectively, under our general authorization to repurchase Carnival Corporation common stock and/or Carnival plc ordinary shares (the “Repurchase Program”). At February 28, 2018 , the remaining availability under the Repurchase Program was $370 million . During the three months ended February 28, 2018 , our Boards of Directors declared a dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.45 per share.

General (Policies)

General (Policies)	3 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three months ended February 28, 2018 and 2017 , the Consolidated Balance Sheet at February 28, 2018 and the Consolidated Statements of Cash Flows for the three months ended February 28, 2018 and 2017 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2017 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 29, 2018 . Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued amended guidance, Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires the bifurcation of service costs and other components of net benefit cost. The presentation of the other components of net benefit cost have been recorded in other income. On December 1, 2017, we adopted this guidance using the retrospective transition method for the presentation of the service cost component and other components of net benefit cost. The impact of adopting this guidance was immaterial to our consolidated financial statements, and as such, prior period information was not revised. The FASB issued guidance, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. Based on our assessment to date, the adoption of this guidance is not expected to have a material impact to the timing of our recognition of revenue and will require additional disclosures. We are currently evaluating if this guidance will have any other impact on our consolidated financial statements. The FASB issued amended guidance, Business Combinations - Clarifying the Definition of a Business , which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments , which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Statement of Cash Flows - Restricted Cash , which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance, Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance, Leases , which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. Based on our assessment to date, the initial adoption of this guidance is expected to increase both our total assets and total liabilities and will require additional disclosures. We are currently evaluating if this guidance will have any other impact on our consolidated financial statements. The FASB issued guidance, Derivatives and Hedging , which targeted improvements to accounting for hedging activities such as hedging strategies, effectiveness assessments, and recognition of derivative gains or losses. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Fair Value Measurements, Deri15

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	Financial Instruments that are not Measured at Fair Value on a Recurring Basis February 28, 2018 November 30, 2017 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Long-term other assets (a) $ 117 $ — $ 43 $ 71 $ 126 $ — $ 49 $ 75 Total $ 117 $ — $ 43 $ 71 $ 126 $ — $ 49 $ 75 Liabilities Fixed rate debt (b) $ 5,168 $ — $ 5,418 $ — $ 5,588 $ — $ 5,892 $ — Floating rate debt (b) 4,442 — 4,488 — 3,658 — 3,697 — Total $ 9,610 $ — $ 9,906 $ — $ 9,246 $ — $ 9,589 $ — (a) Long-term other assets are comprised of notes receivable. The fair values of our Level 2 notes receivable 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. (b) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial Instruments that are Measured at Fair Value on a Recurring Basis February 28, 2018 November 30, 2017 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 453 $ — $ — $ 395 $ — $ — Restricted cash 29 — — 26 — — Marketable securities held in rabbi trusts (a) 6 — — 97 — — Derivative financial instruments — 17 — — 15 — Total $ 488 $ 17 $ — $ 518 $ 15 $ — Liabilities Derivative financial instruments $ — $ 130 $ — $ — $ 161 $ — Total $ — $ 130 $ — $ — $ 161 $ — (a) The use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
Reconciliation of Changes in Carrying Amounts of Goodwill	Valuation of Goodwill and Other Intangibles Goodwill (in millions) NAA (a) EA (b) Total At November 30, 2017 $ 1,898 $ 1,069 $ 2,967 Foreign currency translation adjustment — 47 47 At February 28, 2018 $ 1,898 $ 1,115 $ 3,014 (a) North America & Australia (“NAA”) (b) Europe & Asia (“EA”)
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA EA Total At November 30, 2017 $ 927 $ 252 $ 1,179 Foreign currency translation adjustment — 11 11 At February 28, 2018 $ 927 $ 263 $ 1,190
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location February 28, 2018 November 30, 2017 Derivative assets Derivatives designated as hedging instruments Net investment hedges (a) Prepaid expenses and other $ 4 $ 3 Foreign currency zero cost collars (b) Prepaid expenses and other 13 12 Total derivative assets $ 17 $ 15 Derivative liabilities Derivatives designated as hedging instruments Net investment hedges (a) Accrued liabilities and other $ 17 $ 13 Other long-term liabilities 21 17 Interest rate swaps (c) Accrued liabilities and other 10 10 Other long-term liabilities 14 17 63 57 Derivatives not designated as hedging instruments Fuel (d) Accrued liabilities and other 67 95 Other long-term liabilities — 9 67 104 Total derivative liabilities $ 130 $ 161 (a) At February 28, 2018 and November 30, 2017 , we had foreign currency swaps totaling $337 million and $324 million , respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At February 28, 2018 , these foreign currency swaps settle through September 2019. (b) At February 28, 2018 and November 30, 2017 , we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. (c) We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $485 million at February 28, 2018 and $479 million at November 30, 2017 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2018 , these interest rate swaps settle through March 2025. (d) At February 28, 2018 and November 30, 2017 , 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 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. February 28, 2018 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 17 $ — $ 17 $ (5 ) $ 12 Liabilities $ 130 $ — $ 130 $ (5 ) $ 125 November 30, 2017 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 15 $ — $ 15 $ (8 ) $ 7 Liabilities $ 161 $ — $ 161 $ (8 ) $ 153
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income	The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income were as follows: Three Months Ended (in millions) 2018 2017 Net investment hedges $ (6 ) $ 1 Foreign currency zero cost collars – cash flow hedges $ 1 $ 8 Interest rate swaps – cash flow hedges $ 4 $ 2
Unrealized and Realized Gains (Losses) on Fuel Derivatives, Net	Three Months Ended (in millions) 2018 2017 Unrealized gains on fuel derivatives, net $ 32 $ 72 Realized losses on fuel derivatives, net (16 ) (45 ) Gains on fuel derivatives, net $ 16 $ 27
Outstanding Fuel Derivatives	At February 28, 2018 , our outstanding fuel derivatives consisted of zero cost collars on Brent as follows: Maturities (a) Transaction Barrels Weighted-Average Weighted-Average Fiscal 2018 January 2014 2,025 $ 75 $ 110 October 2014 2,250 $ 80 $ 114 4,275 (a) Fuel derivatives mature evenly over each month in 2018. At February 28, 2018 , for the following newbuilds, we had foreign currency zero cost collars for a portion of euro-denominated shipyard payments. These collars are designated as cash flow hedges. Entered Into Matures in Weighted-Average Floor Rate Weighted- Average Ceiling Rate Carnival Horizon 2016 March 2018 $ 1.02 $ 1.25 Seabourn Ovation 2016 April 2018 $ 1.02 $ 1.25 Nieuw Statendam 2016 November 2018 $ 1.05 $ 1.25

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Feb. 28, 2018
Segment Reporting [Abstract]
Schedule of Segment Information	The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. Our Cruise Support segment represents our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Three Months Ended February 28, (in millions) Revenues Operating costs and Selling Depreciation Operating 2018 NAA $ 2,684 $ 1,658 $ 367 $ 299 $ 360 EA 1,503 1,005 188 157 154 Cruise Support 32 33 55 23 (78 ) Tour and Other 13 14 6 10 (17 ) Intersegment elimination — — — — — $ 4,232 $ 2,709 $ 616 $ 488 $ 419 2017 NAA $ 2,517 $ 1,557 $ 333 $ 289 $ 338 EA 1,226 859 159 130 78 Cruise Support 39 6 55 11 (33 ) Tour and Other 9 13 2 9 (15 ) Intersegment elimination — — — — — $ 3,791 $ 2,435 $ 549 $ 439 $ 368

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Feb. 28, 2018
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Computation	Three Months Ended (in millions, except per share data) 2018 2017 Net income for basic and diluted earnings per share $ 391 $ 352 Weighted-average shares outstanding 717 725 Dilutive effect of equity plans 2 3 Diluted weighted-average shares outstanding 719 728 Basic earnings per share $ 0.54 $ 0.48 Diluted earnings per share $ 0.54 $ 0.48

General - Other (Details)

General - Other (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fees, taxes and charges collected by us from our guests	$ 148	$ 143

Unsecured Debt (Details)

Unsecured Debt (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Feb. 28, 2018	Feb. 28, 2017
Sterling-denominated floating rate bank loan due December 2022
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 469
Senior notes
Debt Instrument [Line Items]
Repayments of long-term debt		$ 500
Euro floating rate bank loans
Debt Instrument [Line Items]
Repayments of long-term debt	$ 365
Commercial paper
Debt Instrument [Line Items]
Current unsecured debt			$ 862
Proceeds from short term debt			2	$ 111
Repayments of short term debt			0	$ 240
Euro-denominated bank loan | Euro-denominated bank loans
Debt Instrument [Line Items]
Current unsecured debt			$ 246

Fair Value Measurements, Deri20

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017
Carrying Value
Assets
Long-term other assets	$ 117	$ 126
Total	117	126
Liabilities
Total	9,610	9,246
Carrying Value | Fixed Rate
Liabilities
Debt	5,168	5,588
Carrying Value | Floating Rate
Liabilities
Debt	4,442	3,658
Fair Value | Level 1
Assets
Long-term other assets	0	0
Total	0	0
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
Long-term other assets	43	49
Total	43	49
Liabilities
Total	9,906	9,589
Fair Value | Level 2 | Fixed Rate
Liabilities
Debt	5,418	5,892
Fair Value | Level 2 | Floating Rate
Liabilities
Debt	4,488	3,697
Fair Value | Level 3
Assets
Long-term other assets	71	75
Total	71	75
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, Deri21

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017	Feb. 28, 2017	Nov. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 453	$ 395	$ 437	$ 603
Assets
Derivative financial instruments	17	15
Liabilities
Derivative financial instruments	130	161
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Restricted cash	29	26
Total	488	518
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds
Assets
Cash and cash equivalents	453	395
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Marketable securities held in rabbi trusts
Assets
Investments	6	97
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2
Assets
Total	17	15
Liabilities
Total	130	161
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Assets
Derivative financial instruments	17	15
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Liabilities
Derivative financial instruments	$ 130	$ 161

Fair Value Measurements, Deri22

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,967
Foreign currency translation adjustment	47
Ending Balance	3,014
NAA Segment
Goodwill [Roll Forward]
Beginning Balance	1,898
Foreign currency translation adjustment	0
Ending Balance	1,898
EA Segment
Goodwill [Roll Forward]
Beginning Balance	1,069
Foreign currency translation adjustment	47
Ending Balance	$ 1,115

Fair Value Measurements, Deri23

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization (Details) $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,179
Foreign currency translation adjustment	11
Ending Balance	1,190
NAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	927
Foreign currency translation adjustment	0
Ending Balance	927
EA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	252
Foreign currency translation adjustment	11
Ending Balance	$ 263

Fair Value Measurements, Deri24

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017
Derivatives, Fair Value [Line Items]
Derivative assets	$ 17	$ 15
Derivative liabilities	130	161
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	17	15
Derivative liabilities	63	57
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	67	104
Net investment hedges | Derivatives designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	4	3
Net investment hedges | Derivatives designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	17	13
Net investment hedges | Derivatives designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	21	17
Foreign currency zero cost collars – cash flow hedges | Derivatives designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	13	12
Interest Rate Swaps | Derivatives designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	10	10
Interest Rate Swaps | Derivatives designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	14	17
Interest Rate Swaps | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	485	479
Fuel | Derivatives not designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	67	95
Fuel | Derivatives not designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		9
Currency swap | Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 337	$ 324

Fair Value Measurements, Deri25

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Nov. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 17,000,000		$ 15,000,000
Derivative liabilities	130,000,000		161,000,000
Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, cash collateral netting threshold, fair value	100,000,000
Interest rate swaps – cash flow hedges | Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swaps designated as cash flow hedges	485,000,000		479,000,000
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Collateral required to be posted	0		0
Collateral required to be received	0		0
Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	17,000,000		15,000,000
Derivative liabilities	63,000,000		57,000,000
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	(6,000,000)	$ 1,000,000
Designated as hedging instruments | Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	1,000,000	8,000,000
Designated as hedging instruments | Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	4,000,000	$ 2,000,000
Designated as hedging instruments | Currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	337,000,000		324,000,000
Not designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	67,000,000		104,000,000
Prepaid expenses and other | Designated as hedging instruments | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	4,000,000		3,000,000
Prepaid expenses and other | Designated as hedging instruments | Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	13,000,000		12,000,000
Accrued liabilities and other | Designated as hedging instruments | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	17,000,000		13,000,000
Accrued liabilities and other | Designated as hedging instruments | Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	10,000,000		10,000,000
Accrued liabilities and other | Not designated as hedging instrument | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	67,000,000		95,000,000
Other long-term liabilities | Designated as hedging instruments | Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	21,000,000		17,000,000
Other long-term liabilities | Designated as hedging instruments | Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 14,000,000		17,000,000
Other long-term liabilities | Not designated as hedging instrument | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities			$ 9,000,000

Fair Value Measurements, Deri26

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Feb. 28, 2018	Nov. 30, 2017
Assets
Gross Amounts	$ 17	$ 15
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	17	15
Gross Amounts not Offset in the Balance Sheet	(5)	(8)
Net Amounts	12	7
Liabilities
Gross Amounts	130	161
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	130	161
Gross Amounts not Offset in the Balance Sheet	(5)	(8)
Net Amounts	$ 125	$ 153

Fair Value Measurements, Deri27

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Fuel Derivatives Outstanding (Details) bbl in Thousands, $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)$ / bblbbl	Feb. 28, 2017USD ($)
Derivative [Line Items]
Gains on fuel derivatives, net | $	$ 16	$ 27
Fuel
Derivative [Line Items]
Unrealized gains on fuel derivatives, net | $	32	72
Realized losses on fuel derivatives, net | $	(16)	(45)
Gains on fuel derivatives, net | $	$ 16	$ 27
Fuel Derivatives 2018 Maturity January 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) | bbl	2,025
Weighted-average floor price (in dollars per barrel) | $ / bbl	75
Weighted-average ceiling price (in dollars per barrel) | $ / bbl	110
Fuel Derivatives 2018 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) | bbl	2,250
Weighted-average floor price (in dollars per barrel) | $ / bbl	80
Weighted-average ceiling price (in dollars per barrel) | $ / bbl	114
Fuel Derivatives 2018 Maturity
Derivative [Line Items]
Barrels (in thousands) | bbl	4,275

Fair Value Measurements, Deri28

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Rate Risks (Details)	Feb. 28, 2018USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency contract commitments	$ 8,200,000,000
Foreign currency zero cost collars – cash flow hedges | Carnival Horizon | Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.02
Weighted- Average Ceiling Rate	1.25
Foreign currency zero cost collars – cash flow hedges | Seabourn Ovation | Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.02
Weighted- Average Ceiling Rate	1.25
Foreign currency zero cost collars – cash flow hedges | Nieuw Statendam | Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.05
Weighted- Average Ceiling Rate	1.25
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 5,600,000,000
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 924,000,000

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Feb. 28, 2018USD ($)segment	Feb. 28, 2017USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	4
Revenues	$ 4,232	$ 3,791
Operating costs and expenses	2,709	2,435
Selling and administrative	616	549
Depreciation and amortization	488	439
Operating Income	419	368
Operating Segments | NAA
Segment Reporting Information [Line Items]
Revenues	2,684	2,517
Operating costs and expenses	1,658	1,557
Selling and administrative	367	333
Depreciation and amortization	299	289
Operating Income	360	338
Operating Segments | EA
Segment Reporting Information [Line Items]
Revenues	1,503	1,226
Operating costs and expenses	1,005	859
Selling and administrative	188	159
Depreciation and amortization	157	130
Operating Income	154	78
Operating Segments | Cruise Support
Segment Reporting Information [Line Items]
Revenues	32	39
Operating costs and expenses	33	6
Selling and administrative	55	55
Depreciation and amortization	23	11
Operating Income	(78)	(33)
Operating Segments | Tour and Other Segment
Segment Reporting Information [Line Items]
Revenues	13	9
Operating costs and expenses	14	13
Selling and administrative	6	2
Depreciation and amortization	10	9
Operating Income	(17)	(15)
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenues	0	0
Operating costs and expenses	0	0
Selling and administrative	0	0
Depreciation and amortization	0	0
Operating Income	$ 0	$ 0

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 391	$ 352
Weighted-average shares outstanding (in shares)	717	725
Dilutive effect of equity plans (in shares)	2	3
Diluted weighted-average shares outstanding (in shares)	719	728
Basic earnings per share (in dollars per share)	$ 0.54	$ 0.48
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.48

Shareholder's Equity (Details)

Shareholder's Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Equity, Class of Treasury Stock [Line Items]
Purchases of treasury stock (in dollars)	$ 218	$ 69
Dividends declared per share (in dollars per share)	$ 0.45	$ 0.35
Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount	$ 370
Repurchase Program | CARNIVAL PLC
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	3
Purchases of treasury stock (in dollars)	$ 204
Repurchase Program | Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)	0.2
Purchases of treasury stock (in dollars)	$ 12