Carnival Corporation & plc (CCL) 10-Q 27 Jun 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	May 31, 2024	Jun. 20, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2024
Document Transition Report	false
Entity File Number	001-9610
Entity Registrant Name	Carnival Corporation
Entity Incorporation, State or Country Code	R1
Entity Tax Identification Number	59-1562976
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	(305)
Local Phone Number	599-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,122,454,762
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000815097
Current Fiscal Year End Date	--11-30
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity File Number	001-15136
Entity Registrant Name	Carnival plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-0357772
Entity Address, Address Line One	Carnival House, 100 Harbour Parade
Entity Address, City or Town	Southampton
Entity Address, Postal Zip Code	SO15 1ST
Entity Address, Country	GB
City Area Code	011
Local Phone Number	44 23 8065 5000
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		187,677,217
Entity Central Index Key	0001125259
Current Fiscal Year End Date	--11-30
Carnival PLC | Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares each represented by American Depositary Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Revenues
Revenues	$ 5,781	$ 4,911	$ 11,187	$ 9,343
Operating Expenses
Commissions, transportation and other	732	619	1,552	1,274
Onboard and other	628	549	1,178	1,033
Payroll and related	614	601	1,237	1,183
Fuel	525	489	1,030	1,024
Food	360	325	706	636
Other operating	938	875	1,800	1,619
Cruise and tour operating expenses	3,798	3,457	7,502	6,768
Selling and administrative	789	736	1,603	1,448
Depreciation and amortization	634	597	1,247	1,179
Costs and expenses	5,221	4,791	10,352	9,394
Operating Income (Loss)	560	120	836	(52)
Nonoperating Income (Expense)
Interest income	25	69	58	124
Interest expense, net of capitalized interest	(450)	(542)	(921)	(1,082)
Debt extinguishment and modification costs	(33)	(31)	(66)	(31)
Other income (expense), net	(7)	(17)	(25)	(47)
Nonoperating Income (Expense)	(464)	(522)	(953)	(1,036)
Income (Loss) Before Income Taxes	96	(402)	(118)	(1,087)
Income Tax Benefit (Expense), Net	(5)	(5)	(5)	(13)
Net Income (Loss)	$ 92	$ (407)	$ (123)	$ (1,100)
Earnings Per Share
Basic (in dollars per share)	$ 0.07	$ (0.32)	$ (0.10)	$ (0.87)
Diluted (in dollars per share)	$ 0.07	$ (0.32)	$ (0.10)	$ (0.87)
Passenger ticket
Revenues
Revenues	$ 3,754	$ 3,141	$ 7,370	$ 6,011
Onboard and other
Revenues
Revenues	$ 2,027	$ 1,770	$ 3,817	$ 3,332

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 92	$ (407)	$ (123)	$ (1,100)
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	7	102	7	99
Other	11	(33)	12	(19)
Other Comprehensive Income (Loss)	18	69	19	79
Total Comprehensive Income (Loss)	$ 110	$ (338)	$ (104)	$ (1,021)

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Current Assets
Cash and cash equivalents	$ 1,646	$ 2,415
Trade and other receivables, net	494	556
Inventories	509	528
Prepaid expenses and other	1,118	1,767
Total current assets	3,768	5,266
Property and Equipment, Net	42,105	40,116
Operating Lease Right-of-Use Assets, Net	1,282	1,265
Goodwill	579	579
Other Intangibles	1,167	1,169
Other Assets	702	725
Total assets	49,603	49,120
Current Liabilities
Current portion of long-term debt	2,181	2,089
Current portion of operating lease liabilities	144	149
Accounts payable	1,063	1,168
Accrued liabilities and other	2,114	2,003
Customer deposits	7,883	6,072
Total current liabilities	13,385	11,481
Long-Term Debt	27,154	28,483
Long-Term Operating Lease Liabilities	1,174	1,170
Other Long-Term Liabilities	1,075	1,105
Contingencies and Commitments
Shareholders’ Equity
Additional paid-in capital	16,701	16,712
Retained earnings	62	185
Accumulated other comprehensive income (loss) (“AOCI”)	(1,919)	(1,939)
Treasury stock, 130 shares at 2024 and 2023 of Carnival Corporation and 73 shares at 2024 and 2023 of Carnival plc, at cost	(8,404)	(8,449)
Total shareholders’ equity	6,814	6,882
Total liabilities and shareholders' equity	49,603	49,120
Common Stock
Shareholders’ Equity
Common stock	13	12
Ordinary Shares
Shareholders’ Equity
Common stock	$ 361	$ 361

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares shares in Millions	May 31, 2024	Nov. 30, 2023
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)	1,253	1,250
Treasury stock, shares (in shares)	130	130
Ordinary Shares | Carnival PLC
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	73	73

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	May 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ (123)	$ (1,100)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	1,247	1,179
(Gain) loss on debt extinguishment	63	31
(Income) loss from equity-method investments	7	27
Share-based compensation	30	31
Amortization of discounts and debt issue costs	72	85
Noncash lease expense	67	72
Other	55	(9)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities	1,417	316
Changes in operating assets and liabilities
Receivables	38	(55)
Inventories	14	(6)
Prepaid expenses and other assets	449	(805)
Accounts payable	(52)	(23)
Accrued liabilities and other	(30)	69
Customer deposits	1,971	2,029
Net cash provided by (used in) operating activities	3,807	1,525
INVESTING ACTIVITIES
Purchases of property and equipment	(3,457)	(1,772)
Proceeds from sales of ships	0	255
Other	72	8
Net cash provided by (used in) investing activities	(3,384)	(1,509)
FINANCING ACTIVITIES
Repayments of short-term borrowings	0	(200)
Principal repayments of long-term debt	(4,072)	(2,294)
Debt issuance costs	(117)	(94)
Debt extinguishment costs	(41)	0
Proceeds from issuance of long-term debt	3,048	1,016
Proceeds from issuance of common stock	0	5
Proceeds from issuance of common stock under the Stock Swap Program	0	22
Purchase of treasury stock under the Stock Swap Program	0	(20)
Other	(1)	13
Net cash provided by (used in) financing activities	(1,183)	(1,552)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6)	6
Net increase (decrease) in cash, cash equivalents and restricted cash	(767)	(1,530)
Cash, cash equivalents and restricted cash at beginning of period	2,436	6,037
Cash, cash equivalents and restricted cash at end of period	$ 1,669	$ 4,507

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions		Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings (accumulated deficit)	AOCI	Treasury stock
Beginning balance at Nov. 30, 2022		$ 7,065	$ 12	$ 361	$ 16,872	$ 269	$ (1,982)	$ (8,468)
Beginning balance (Cumulative Effect, Period of Adoption, Adjusted Balance) at Nov. 30, 2022	[1]	(239)			(229)	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(1,100)				(1,100)
Other comprehensive income (loss)		79					79
Issuances of common stock, net		5			5
Conversion of Convertible Notes		3			3
Purchases and issuances under the Stock Swap program, net		2			22			(20)
Issuance of treasury shares for vested share-based awards		0			(41)			41
Share-based compensation and other		50			52			(2)
Ending balance at May. 31, 2023		5,865	12	361	16,684	(841)	(1,903)	(8,449)
Beginning balance at Feb. 28, 2023		6,170	12	361	16,635	(434)	(1,972)	(8,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(407)				(407)
Other comprehensive income (loss)		69					69
Issuances of common stock, net		5			5
Conversion of Convertible Notes		3			3
Purchases and issuances under the Stock Swap program, net		2			22			(20)
Issuance of treasury shares for vested share-based awards		0			(5)			5
Share-based compensation and other		23			24			(1)
Ending balance at May. 31, 2023		5,865	12	361	16,684	(841)	(1,903)	(8,449)
Beginning balance at Nov. 30, 2023		6,882	12	361	16,712	185	(1,939)	(8,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(123)				(123)
Other comprehensive income (loss)		19					19
Issuance of treasury shares for vested share-based awards		0			(47)			47
Share-based compensation and other		35			36			(2)
Ending balance at May. 31, 2024		6,814	13	361	16,701	62	(1,919)	(8,404)
Beginning balance at Feb. 29, 2024		6,682	13	361	16,679	(29)	(1,938)	(8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		92				92
Other comprehensive income (loss)		18					18
Share-based compensation and other		22			22
Ending balance at May. 31, 2024		$ 6,814	$ 13	$ 361	$ 16,701	$ 62	$ (1,919)	$ (8,404)
[1] We adopted the provisions of Debt - Debt with Conversion and Other Options and Derivative and Hedging - Contracts in Entity’s Own Equity on December 1, 2022.

General

General	6 Months Ended
	May 31, 2024
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 accompanying consolidated financial statements are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. 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 2023 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”) on January 26, 2024. For 2023, we reclassified $11 million from restricted cash to prepaid expenses and other in the Consolidated Balance Sheets and $94 million from other financing activities to debt issuance costs in the Consolidated Statements of Cash Flows to conform to the current year presentation. Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance, Liabilities-Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations . This guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. On December 1, 2023, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued guidance, Improvements to Reportable Segment Disclosures . This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (“CODM”) as well as interim disclosures for all reportable segments’ profit or loss and assets. This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is required to be adopted by us in 2025. We are currently evaluating the impact this guidance will have on our consolidated financial statements and disclosures. In December 2023, the FASB issued guidance, Improvements to Income Tax Disclosures . This guidance requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, as well as other amendments relating to income tax disclosures. This guidance is required to be adopted by us in 2026. We are currently evaluating the impact this guidance will have on our consolidated financial statements and disclosures. Regulatory Updates We became subject to the EU Emissions Trading Scheme (“ETS”) on January 1, 2024, which includes a three-year phase-in period. The ETS regulates emissions through a “cap and trade” principle, where a cap is set on the total amount of certain emissions that can be emitted and requires us to procure emission allowances for certain emissions inside EU waters (as defined in the ETS). We record emission allowances at cost within prepaid expenses and other or other assets, based on the timing of when they are required to be surrendered. We record expense for emissions inside EU waters within fuel expense in the period incurred. As of May 31, 2024, the cost of allowances purchased was $49 million. For the three and six months ended May 31, 2024, expense for ETS emissions were not material.

Revenue and Expense Recognition

Revenue and Expense Recognition	6 Months Ended
	May 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Expense Recognition	Revenue and Expense Recognition Guest cruise deposits and advance onboard purchases are initially included in customer deposits when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of these services are included in prepaid expenses and other when paid prior to the start of a voyage and are subsequently recognized in transportation costs at the time of revenue recognition. The cost of prepaid air and other transportation costs at May 31, 2024 and November 30, 2023 were $282 million and $253 million. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. The fees, taxes and charges that vary with guest head counts are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. The remaining portion of fees, taxes and charges are generally expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. In certain situations, we have provided flexibility to guests by allowing guests to rebook at a future date, receive future cruise credits (“FCCs”) or elect to receive refunds in cash. We record a liability for FCCs to the extent we have received and not refunded cash from guests for cancelled bookings. We had total customer deposits of $8.3 billion as of May 31, 2024 and $6.4 billion as of November 30, 2023, which includes approximately $60 million of unredeemed FCCs as of May 31, 2024, of which approximately $36 million are refundable. At November 30, 2023, we had approximately $134 million of unredeemed FCCs, of which $111 million were refundable. During the six months ended May 31, 2024 and 2023, we recognized revenues of $4.7 billion and $3.6 billion related to our customer deposits as of November 30, 2023 and 2022. Our customer deposits balance changes due to the seasonal nature of cash collections, which typically results from higher ticket prices and occupancy levels during the third quarter, the recognition of revenue, refunds of customer deposits and foreign currency changes. Trade and Other Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We have receivables from credit card merchants and travel agents for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net and are less allowances for expected credit losses. Contract Costs We recognize incremental travel agent commissions and credit and debit card fees incurred as a result of obtaining the ticket contract as assets when paid prior to the start of a voyage. We record these amounts within prepaid expenses and other and subsequently recognize these amounts as commissions, transportation and other at the time of revenue recognition or at the time of voyage cancellation. We had incremental costs of obtaining contracts with customers recognized as assets of $434 million as of May 31, 2024 and $294 million as of November 30, 2023 .

Debt

Debt	6 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Debt	Debt May 31, November 30, (in millions) Maturity Rate (a) (b) 2024 2023 Secured Subsidiary Guaranteed Notes Notes Jun 2027 7.9% $ 192 $ 192 Notes (c) Aug 2027 9.9% — 623 Notes Aug 2028 4.0% 2,406 2,406 Notes Aug 2029 7.0% 500 500 Loans EUR floating rate (c) Jun 2025 EURIBOR + 3.8% — 851 Floating rate Aug 2027 - Oct 2028 SOFR + 2.8% (d) 2,749 3,567 Total Secured Subsidiary Guaranteed 5,847 8,138 Senior Priority Subsidiary Guaranteed Notes May 2028 10.4% 2,030 2,030 Unsecured Subsidiary Guaranteed Notes Convertible Notes Oct 2024 5.8% 426 426 Notes Mar 2026 7.6% 1,351 1,351 EUR Notes (c) Mar 2026 7.6% — 550 Notes (c) Mar 2027 5.8% 2,725 3,100 Convertible Notes Dec 2027 5.8% 1,131 1,131 Notes May 2029 6.0% 2,000 2,000 EUR Notes Jan 2030 5.8% 540 — Notes Jun 2030 10.5% 1,000 1,000 Loans EUR floating rate (e) Apr 2025 - Mar 2026 EURIBOR + 2.4 - 3.3% 576 678 Export Credit Facilities Floating rate Dec 2031 SOFR + 1.2% (f) 549 583 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 2,563 2,756 EUR floating rate Mar 2025 - Nov 2034 EURIBOR + 0.2 - 0.8% 2,835 3,086 EUR fixed rate Feb 2031 - Jul 2037 1.1 - 4.0% 5,734 3,652 Total Unsecured Subsidiary Guaranteed 21,429 20,312 Unsecured Notes (No Subsidiary Guarantee) Notes Jan 2028 6.7% 200 200 EUR Notes Oct 2029 1.0% 648 659 Total Unsecured Notes (No Subsidiary Guarantee) 848 859 Total Debt 30,154 31,339 Less: unamortized debt issuance costs and discounts (820) (768) Total Debt, net of unamortized debt issuance costs and discounts 29,334 30,572 Less: current portion of long-term debt (2,181) (2,089) Long-Term Debt $ 27,154 $ 28,483 (a) The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. (b) The above debt table excludes the impact of any outstanding derivative contracts. (c) See “Debt Prepayments” below. (d) As part of the repricing of our senior secured term loans, we amended the loans’ margin from 3.0% – 3.4% (inclusive of credit adjustment spread) to 2.8%. See “Repricing of senior secured term loans” below. (e) The maturity of the principal amount of $216 million was extended from April 2024 to April 2025. (f) Includes applicable credit adjustment spread. Carnival Corporation and/or Carnival plc is the primary obligor of all our outstanding debt excluding the following: • $2.0 billion of senior priority notes (the “2028 Senior Priority Notes”), issued by Carnival Holdings (Bermuda) Limited (“Carnival Holdings”), a subsidiary of Carnival Corporation • $0.4 billion under a term loan facility of Costa Crociere S.p.A. (“Costa”), a subsidiary of Carnival plc • $0.9 billion under an export credit facility of Sun Princess Limited, a subsidiary of Carnival Corporation • $0.1 billion under an export credit facility of Sun Princess II Limited, a subsidiary of Carnival Corporation In addition, Carnival Holdings (Bermuda) II Limited (“Carnival Holdings II”) will be the primary obligor under a $2.5 billion multi-currency revolving facility (“New Revolving Facility”) when the New Revolving Facility replaces our Revolving Facility upon its maturity in August 2024. See “Revolving Facilities.” All of our outstanding debt is issued or guaranteed by substantially the same entities with the exception of the following: • Up to $250 million of the Costa term loan facility, which is guaranteed by certain subsidiaries of Carnival plc and Costa that do not guarantee our other outstanding debt • Our 2028 Senior Priority Notes, issued by Carnival Holdings, which does not guarantee our other outstanding debt • The export credit facilities of Sun Princess Limited and Sun Princess II Limited, which do not guarantee our other outstanding debt As of May 31, 2024, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments Remainder of 2024 $ 1,195 2025 1,744 2026 2,790 2027 5,212 2028 8,741 Thereafter 10,472 Total $ 30,154 Revolving Facilities We had $3.0 billion available for borrowing under our Revolving Facility as of May 31, 2024. We may continue to borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. Carnival Holdings II has a $2.5 billion New Revolving Facility which may be utilized from August 2024 through August 2027, replacing our Revolving Facility upon its maturity in August 2024. The New Revolving Facility was extended from 2025 to 2027 and contains an accordion feature, which Carnival Holdings II partially exercised in 2024 to increase commitments from $2.1 billion to $2.5 billion. The accordion feature allows for further additional commitments not to exceed the aggregate commitments under our Revolving Facility. Repricing of Senior Secured Term Loans In April 2024, we entered into amendments with the lender syndicate to reprice $1.7 billion of our first-priority senior secured term loan facility maturing in 2028 and $1.0 billion of our senior secured term loan facility maturing in 2027, which are included within the total Secured Subsidiary Guaranteed Loans balance in the debt table above. 2030 Senior Unsecured Notes In April 2024, we issued $535 million aggregate principal amount of 5.8% senior unsecured notes due 2030. We used the net proceeds from the issuance, together with cash on hand, to redeem the outstanding principal amount of the 7.6% senior unsecured notes due 2026. Debt Prepayments During the six months ended May 31, 2024, we made prepayments for the following debt instruments: • Euro-denominated tranche of our first-priority senior secured term loan facility maturing in 2025 • First-priority senior secured term loan facilities maturing in 2027 and 2028 • 9.9% second-priority secured notes due 2027 • 7.6% senior unsecured notes due 2026 • 5.8% senior unsecured notes due 2027 The aggregate amount of these prepayments was $3.2 billion. Export Credit Facility Borrowings During the six months ended May 31, 2024, we borrowed $2.3 billion under export credit facilities due in semi-annual installments through 2036. As of May 31, 2024, the net book value of the vessels subject to negative pledges was $18.8 billion. Collateral and Priority Pool As of May 31, 2024, the net book value of our ships and ship improvements, excluding ships under construction, is $40.0 billion. Our secured debt is secured on a first-priority basis by certain collateral, which includes vessels and certain assets related to those vessels and material intellectual property (combined net book value of approximately $22.8 billion, including $21.1 billion related to vessels and certain assets related to those vessels) as of May 31, 2024 and certain other assets. As of May 31, 2024, $8.1 billion in net book value of our ships and ship improvements relate to the priority pool vessels included in the priority pool of 12 unencumbered vessels (the “Senior Priority Notes Subject Vessels”) for our 2028 Senior Priority Notes and $2.9 billion in net book value of our ship and ship improvements relate to the priority pool vessels included in the priority pool of three unencumbered vessels (the “New Revolving Facility Subject Vessels”) for our New Revolving Facility. As of May 31, 2024, there was no change in the identity of the Senior Priority Notes Subject Vessels or the New Revolving Facility Subject Vessels. Covenant Compliance As of May 31, 2024, our Revolving Facility, New Revolving Facility, unsecured loans and export credit facilities contain certain covenants listed below: • Maintain minimum interest coverage (adjusted EBITDA to consolidated net interest charges, as defined in the agreements) (the “Interest Coverage Covenant”) as follows: ◦ For certain of our unsecured loans and our New Revolving Facility, from the end of each fiscal quarter from August 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from August 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards and as applicable through their respective maturity dates. ◦ For our export credit facilities, from the end of each fiscal quarter from May 31, 2024, at a ratio of not less than 2.0 to 1.0 for each testing date occurring from May 31, 2024 until May 31, 2025, at a ratio of not less than 2.5 to 1.0 for the August 31, 2025 and November 30, 2025 testing dates, and at a ratio of not less than 3.0 to 1.0 for the February 28, 2026 testing date onwards. • For certain of our unsecured loans and export credit facilities, maintain minimum issued capital and consolidated reserves (as defined in the agreements) of $5.0 billion. • Limit our debt to capital (as defined in the agreements) percentage to a percentage not to exceed 65%. • Maintain minimum liquidity of $1.5 billion. • Adhere to certain restrictive covenants through August 2027 (subject to such covenants terminating if the Company reaches an investment grade credit rating in accordance with the agreement governing the New Revolving Facility). • Limit the amounts of our secured assets as well as secured and other indebtedness. At May 31, 2024 , we were in compliance with the applicable covenants under our debt agreements. Generally, if an event of default under any debt agreement occurs, then, pursuant to cross-default and/or cross-acceleration clauses therein, substantially all of our outstanding debt and derivative contract payables could become due, and our debt and derivative contracts could be terminated. Any financial covenant amendment may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable.

Contingencies and Commitments

Contingencies and Commitments	6 Months Ended
	May 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Contingencies and Commitments Litigation We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business. We have insurance coverage for certain of these claims and actions, or any settlement of these claims and actions, and historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our self-insurance retention levels. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations, financial position or liquidity. As previously disclosed, on May 2, 2019, the Havana Docks Corporation filed a lawsuit against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act, alleging that Carnival Corporation “trafficked” in confiscated Cuban property when certain ships docked at certain ports in Cuba, and that this alleged “trafficking” entitles the plaintiffs to treble damages. On March 21, 2022, the court granted summary judgment in favor of Havana Docks Corporation as to liability. On December 30, 2022, the court entered judgment against Carnival Corporation in the amount of $110 million plus $4 million in fees and costs. We have filed an appeal. Oral argument was held on May 17, 2024. As of May 31, 2024, two purported class actions brought against us by former guests in the Federal Court in Australia and in Italy remain pending, as previously disclosed. These actions include claims based on a variety of theories, including negligence, gross negligence and failure to warn, physical injuries and severe emotional distress associated with being exposed to and/or contracting COVID-19 onboard our ships. On October 24, 2023, the court in the Australian matter held that we were liable for negligence and for breach of consumer protection warranties as it relates to the lead plaintiff. The court ruled that the lead plaintiff was not entitled to any pain and suffering or emotional distress damages on the negligence claim and awarded medical costs. In relation to the consumer protection warranties claim, the court found that distress and disappointment damages amounted to no more than the refund already provided to guests and therefore made no further award. Further proceedings will determine the applicability of this ruling to the remaining class participants. We continue to take actions to defend against the above claims. We believe the ultimate outcome of these matters will not have a material impact on our consolidated financial statements. Regulatory or Governmental Inquiries and Investigations We have been, and may continue to be, impacted by breaches in data security and lapses in data privacy, which occur from time to time. These can vary in scope and range from inadvertent events to malicious motivated attacks. We have incurred legal and other costs in connection with cyber incidents that have impacted us. The penalties and settlements paid in connection with cyber incidents over recent years were not material. While these incidents did not have a material adverse effect on our business, results of operations, financial position or liquidity, no assurances can be given about the future and we may be subject to future attacks, incidents or litigation that could have such a material adverse effect. On March 14, 2022, the U.S. Department of Justice and the U.S. Environmental Protection Agency notified us of potential civil penalties and injunctive relief for alleged Clean Water Act violations by owned and operated vessels covered by the 2013 Vessel General Permit. We are working with these agencies to reach a resolution of this matter. We believe the ultimate outcome will not have a material impact on our consolidated financial statements. Other Contingent Obligations Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase the lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request, under certain circumstances, that we provide a capped reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the credit card processor. As of May 31, 2024 and November 30, 2023 , we had $25 million and $844 million in reserve funds. Additionally, as of May 31, 2024 and November 30, 2023 , we had $51 million and $158 million in compensating deposits we are required to maintain. These balances are included within other assets as of May 31, 2024. Ship Commitments As of May 31, 2024, our new ship growth capital commitments were $0.1 billion for the remainder of 2024 and $0.9 billion, $0.3 billion, $1.2 billion and $1.0 billion for the years ending November 30, 2025, 2026, 2027 and 2028.

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	6 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks Fair Value Measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: • Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. • Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. • Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. Financial Instruments that are not Measured at Fair Value on a Recurring Basis May 31, 2024 November 30, 2023 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Fixed rate debt (a) $ 23,445 $ — $ 22,919 $ — $ 22,575 $ — $ 21,503 $ — Floating rate debt (a) 6,709 — 6,516 — 8,764 — 8,225 — Total $ 30,154 $ — $ 29,435 $ — $ 31,339 $ — $ 29,728 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt. Financial Instruments that are Measured at Fair Value on a Recurring Basis May 31, 2024 November 30, 2023 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents (a) $ 769 $ — $ — $ 1,021 $ — $ — Derivative financial instruments — 24 — — 22 — Total $ 769 $ 24 $ — $ 1,021 $ 22 $ — Liabilities Derivative financial instruments $ — $ — $ — $ — $ 28 $ — Total $ — $ — $ — $ — $ 28 $ — (a) Consists of money market funds and cash investments with original maturities of less than 90 days. Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and Trademarks As of May 31, 2024 and November 30, 2023 , goodwill for our North America and Australia (“NAA”) segment was $579 million. Trademarks (in millions) NAA Europe Total November 30, 2023 $ 927 $ 237 $ 1,164 Exchange movements — (1) (1) May 31, 2024 $ 927 $ 236 $ 1,163 Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2024 November 30, 2023 Derivative assets Derivatives designated as hedging instruments Interest rate swaps (a) Prepaid expenses and other $ 19 $ — Other assets 4 22 Derivatives not designated as hedging instruments Interest rate swaps (a) Prepaid expenses and other — 1 Total derivative assets $ 24 $ 22 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (b) Other long-term liabilities $ — $ 12 Interest rate swaps (a) Other long-term liabilities — 16 Total derivative liabilities $ — $ 28 (a) We have interest rate swaps whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $22 million at May 31, 2024 and $46 million at November 30, 2023 of EURIBOR-based floating rate euro debt to fixed rate euro debt, and $2.0 billion at May 31, 2024 of SOFR-based variable rate debt to fixed rate debt. As of May 31, 2024 and November 30, 2023 , the EURIBOR-based interest rate swaps settle through 2025 and were not designated as cash flow hedges; the SOFR-based interest rate swaps settle through 2027 and were designated as cash flow hedges. (b) At November 30, 2023 , we had a cross currency swap with a notional amount of $670 million that was designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. This cross currency swap was terminated in January 2024. Our derivative contracts include rights of offset with our counterparties. As of May 31, 2024 and November 30, 2023 , there was no netting for our derivative assets and liabilities. The amounts that were not offset in the balance sheet were not material. The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ — $ (5) $ — $ 9 Cross currency swaps – net investment hedges - excluded component $ — $ — $ — $ (4) Interest rate swaps – cash flow hedges $ 20 $ (33) $ 33 $ (19) (Gains) losses reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ (8) $ (9) $ (20) $ (10) Foreign currency zero cost collars – Depreciation and amortization $ — $ — $ 1 $ (1) Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ — $ 3 $ 2 $ 4 The amount of gains and losses on derivatives not designated as hedging instruments recognized in earnings during the three and six months ended May 31, 2024 and estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months are not material. Financial Risks Fuel Price Risks We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through fleet optimization, energy efficiency, itinerary efficiency and new technologies and alternative fuels. Foreign Currency Exchange Rate Risks Overall Strategy We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We consider hedging certain of our ship commitments and net investments in foreign operations. The financial impacts of our hedging instruments generally offset the changes in the underlying exposures being hedged. Operational Currency Risks Our operations primarily utilize the U.S. dollar, Euro, Sterling or the Australian dollar as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates affect our financial statements. Investment Currency Risks We consider our investments in foreign operations to be denominated in stable currencies and of a long-term nature. We have euro-denominated debt which provides an economic offset for our operations with euro functional currency. In addition, we have in the past and may in the future utilize derivative financial instruments, such as cross currency swaps, to manage our exposure to investment currency risks. Newbuild Currency Risks Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. At May 31, 2024, our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild contract payments for non-euro functional currency brands, which represent a total unhedged commitment of $2.1 billion for newbuilds scheduled to be delivered through 2027. The cost of shipbuilding orders that we may place in the future that are denominated in a different currency than our cruise brands’ functional currency will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships. Interest Rate Risks Concentrations of Credit Risk As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to manage these credit risk exposures, including counterparty nonperformance primarily associated with our cash and cash equivalents, investments, notes receivables, reserve funds related to customer deposits, future financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by: • Conducting business with well-established financial institutions, insurance companies and export credit agencies • Diversifying our counterparties • Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk • Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales and new ship progress payments to shipyards We also monitor the creditworthiness of travel agencies and tour operators in Australia and Europe and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales and have not experienced significant credit losses.

Segment Information

Segment Information	6 Months Ended
	May 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The chief operating decision maker, who is the President, Chief Executive Officer and Chief Climate Officer of Carnival Corporation and Carnival plc assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) NAA cruise operations, (2) Europe cruise operations (“Europe”), (3) Cruise Support and (4) Tour and Other. Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as 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 May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2024 NAA $ 3,984 $ 2,580 $ 464 $ 414 $ 525 Europe 1,697 1,135 230 164 168 Cruise Support 63 39 90 49 (114) Tour and Other 37 44 6 6 (19) $ 5,781 $ 3,798 $ 789 $ 634 $ 560 2023 NAA $ 3,355 $ 2,282 $ 435 $ 374 $ 265 Europe 1,465 1,101 222 169 (27) Cruise Support 55 29 71 48 (93) Tour and Other 35 45 8 7 (25) $ 4,911 $ 3,457 $ 736 $ 597 $ 120 Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2024 NAA $ 7,558 $ 4,982 $ 966 $ 813 $ 797 Europe 3,466 2,386 464 328 288 Cruise Support 122 75 162 94 (210) Tour and Other 41 59 10 12 (40) $ 11,187 $ 7,502 $ 1,603 $ 1,247 $ 836 2023 NAA $ 6,434 $ 4,471 $ 875 $ 738 $ 351 Europe 2,759 2,179 436 338 (193) Cruise Support 106 55 124 90 (162) Tour and Other 44 64 14 13 (47) $ 9,343 $ 6,768 $ 1,448 $ 1,179 $ (52) Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 North America $ 3,542 $ 2,988 $ 6,663 $ 5,684 Europe 1,631 1,446 3,199 2,633 Australia 355 307 781 645 Other 252 169 545 380 $ 5,781 $ 4,911 $ 11,187 $ 9,343

Earnings Per Share

Earnings Per Share	6 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Six Months Ended (in millions, except per share data) 2024 2023 2024 2023 Net income (loss) for basic and diluted earnings per share $ 92 $ (407) $ (123) $ (1,100) Weighted-average shares outstanding 1,267 1,263 1,265 1,261 Dilutive effect of equity awards 4 — — — Diluted weighted-average shares outstanding 1,271 1,263 1,265 1,261 Basic earnings per share $ 0.07 $ (0.32) $ (0.10) $ (0.87) Diluted earnings per share $ 0.07 $ (0.32) $ (0.10) $ (0.87) Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Equity awards — 1 5 1 Convertible Notes 127 130 127 134 Total antidilutive securities 127 131 132 134

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) May 31, 2024 November 30, 2023 Cash and cash equivalents (Consolidated Balance Sheets) $ 1,646 $ 2,415 Restricted cash (included in prepaid expenses and other and other assets) 23 21 Total cash, cash equivalents and restricted cash (Consolidated Statements $ 1,669 $ 2,436

Subsequent Events

Subsequent Events	6 Months Ended
	May 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn June 2024, we announced that we will fold the operations of P&O Cruises Australia into Carnival Cruise Line in March 2025. We do not anticipate this realignment to have a material impact on our consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 92	$ (407)	$ (123)	$ (1,100)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General (Policies)

General (Policies)	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported and disclosed. We have made reasonable estimates and judgments of such items within our financial statements and there may be changes to those estimates in future periods. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. 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 2023 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”) on January 26, 2024.
Accounting Pronouncements	Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance, Liabilities-Supplier Finance Programs - Disclosure of Supplier Finance Program Obligations . This guidance requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. On December 1, 2023, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued guidance, Improvements to Reportable Segment Disclosures . This guidance requires annual and interim disclosure of significant segment expenses that are provided to the chief operating decision maker (“CODM”) as well as interim disclosures for all reportable segments’ profit or loss and assets. This guidance also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. This guidance is required to be adopted by us in 2025. We are currently evaluating the impact this guidance will have on our consolidated financial statements and disclosures. In December 2023, the FASB issued guidance, Improvements to Income Tax Disclosures . This guidance requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction, as well as other amendments relating to income tax disclosures. This guidance is required to be adopted by us in 2026. We are currently evaluating the impact this guidance will have on our consolidated financial statements and disclosures.
Regulatory Updates	Regulatory Updates We became subject to the EU Emissions Trading Scheme (“ETS”) on January 1, 2024, which includes a three-year phase-in period. The ETS regulates emissions through a “cap and trade” principle, where a cap is set on the total amount of certain emissions that can be emitted and requires us to procure emission allowances for certain emissions inside EU waters (as defined in the ETS). We record emission allowances at cost within prepaid expenses and other or other assets, based on the timing of when they are required to be surrendered. We record expense for emissions inside EU waters within fuel expense in the period incurred. As of May 31, 2024, the cost of allowances purchased was $49 million. For the three and six months ended May 31, 2024, expense for ETS emissions were not material.
Revenue from Contract with Customer	Guest cruise deposits and advance onboard purchases are initially included in customer deposits when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not material. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of these services are included in prepaid expenses and other when paid prior to the start of a voyage and are subsequently recognized in transportation costs at the time of revenue recognition. The cost of prepaid air and other transportation costs at May 31, 2024 and November 30, 2023 were $282 million and $253 million. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. The fees, taxes and charges that vary with guest head counts are expensed in commissions, transportation and other costs when the corresponding revenues are recognized. The remaining portion of fees, taxes and charges are generally expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed.

Debt (Tables)

Debt (Tables)	6 Months Ended
	May 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	May 31, November 30, (in millions) Maturity Rate (a) (b) 2024 2023 Secured Subsidiary Guaranteed Notes Notes Jun 2027 7.9% $ 192 $ 192 Notes (c) Aug 2027 9.9% — 623 Notes Aug 2028 4.0% 2,406 2,406 Notes Aug 2029 7.0% 500 500 Loans EUR floating rate (c) Jun 2025 EURIBOR + 3.8% — 851 Floating rate Aug 2027 - Oct 2028 SOFR + 2.8% (d) 2,749 3,567 Total Secured Subsidiary Guaranteed 5,847 8,138 Senior Priority Subsidiary Guaranteed Notes May 2028 10.4% 2,030 2,030 Unsecured Subsidiary Guaranteed Notes Convertible Notes Oct 2024 5.8% 426 426 Notes Mar 2026 7.6% 1,351 1,351 EUR Notes (c) Mar 2026 7.6% — 550 Notes (c) Mar 2027 5.8% 2,725 3,100 Convertible Notes Dec 2027 5.8% 1,131 1,131 Notes May 2029 6.0% 2,000 2,000 EUR Notes Jan 2030 5.8% 540 — Notes Jun 2030 10.5% 1,000 1,000 Loans EUR floating rate (e) Apr 2025 - Mar 2026 EURIBOR + 2.4 - 3.3% 576 678 Export Credit Facilities Floating rate Dec 2031 SOFR + 1.2% (f) 549 583 Fixed rate Aug 2027 - Dec 2032 2.4 - 3.4% 2,563 2,756 EUR floating rate Mar 2025 - Nov 2034 EURIBOR + 0.2 - 0.8% 2,835 3,086 EUR fixed rate Feb 2031 - Jul 2037 1.1 - 4.0% 5,734 3,652 Total Unsecured Subsidiary Guaranteed 21,429 20,312 Unsecured Notes (No Subsidiary Guarantee) Notes Jan 2028 6.7% 200 200 EUR Notes Oct 2029 1.0% 648 659 Total Unsecured Notes (No Subsidiary Guarantee) 848 859 Total Debt 30,154 31,339 Less: unamortized debt issuance costs and discounts (820) (768) Total Debt, net of unamortized debt issuance costs and discounts 29,334 30,572 Less: current portion of long-term debt (2,181) (2,089) Long-Term Debt $ 27,154 $ 28,483 (a) The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. (b) The above debt table excludes the impact of any outstanding derivative contracts. (c) See “Debt Prepayments” below. (d) As part of the repricing of our senior secured term loans, we amended the loans’ margin from 3.0% – 3.4% (inclusive of credit adjustment spread) to 2.8%. See “Repricing of senior secured term loans” below. (e) The maturity of the principal amount of $216 million was extended from April 2024 to April 2025. (f) Includes applicable credit adjustment spread.
Schedule of Annual Maturities of Debt	As of May 31, 2024, the scheduled maturities of our debt are as follows: (in millions) Year Principal Payments Remainder of 2024 $ 1,195 2025 1,744 2026 2,790 2027 5,212 2028 8,741 Thereafter 10,472 Total $ 30,154

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables)	6 Months Ended
	May 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	Financial Instruments that are not Measured at Fair Value on a Recurring Basis May 31, 2024 November 30, 2023 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Liabilities Fixed rate debt (a) $ 23,445 $ — $ 22,919 $ — $ 22,575 $ — $ 21,503 $ — Floating rate debt (a) 6,709 — 6,516 — 8,764 — 8,225 — Total $ 30,154 $ — $ 29,435 $ — $ 31,339 $ — $ 29,728 $ — (a) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Schedule of Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial Instruments that are Measured at Fair Value on a Recurring Basis May 31, 2024 November 30, 2023 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash equivalents (a) $ 769 $ — $ — $ 1,021 $ — $ — Derivative financial instruments — 24 — — 22 — Total $ 769 $ 24 $ — $ 1,021 $ 22 $ — Liabilities Derivative financial instruments $ — $ — $ — $ — $ 28 $ — Total $ — $ — $ — $ — $ 28 $ — (a) Consists of money market funds and cash investments with original maturities of less than 90 days.
Schedule of Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA Europe Total November 30, 2023 $ 927 $ 237 $ 1,164 Exchange movements — (1) (1) May 31, 2024 $ 927 $ 236 $ 1,163
Schedule of Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2024 November 30, 2023 Derivative assets Derivatives designated as hedging instruments Interest rate swaps (a) Prepaid expenses and other $ 19 $ — Other assets 4 22 Derivatives not designated as hedging instruments Interest rate swaps (a) Prepaid expenses and other — 1 Total derivative assets $ 24 $ 22 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (b) Other long-term liabilities $ — $ 12 Interest rate swaps (a) Other long-term liabilities — 16 Total derivative liabilities $ — $ 28 (a) We have interest rate swaps whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $22 million at May 31, 2024 and $46 million at November 30, 2023 of EURIBOR-based floating rate euro debt to fixed rate euro debt, and $2.0 billion at May 31, 2024 of SOFR-based variable rate debt to fixed rate debt. As of May 31, 2024 and November 30, 2023 , the EURIBOR-based interest rate swaps settle through 2025 and were not designated as cash flow hedges; the SOFR-based interest rate swaps settle through 2027 and were designated as cash flow hedges. (b) At November 30, 2023 , we had a cross currency swap with a notional amount of $670 million that was designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. This cross currency swap was terminated in January 2024.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Gains (losses) recognized in AOCI: Cross currency swaps – net investment hedges - included component $ — $ (5) $ — $ 9 Cross currency swaps – net investment hedges - excluded component $ — $ — $ — $ (4) Interest rate swaps – cash flow hedges $ 20 $ (33) $ 33 $ (19) (Gains) losses reclassified from AOCI – cash flow hedges: Interest rate swaps – Interest expense, net of capitalized interest $ (8) $ (9) $ (20) $ (10) Foreign currency zero cost collars – Depreciation and amortization $ — $ — $ 1 $ (1) Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps – Interest expense, net of capitalized interest $ — $ 3 $ 2 $ 4

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	May 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2024 NAA $ 3,984 $ 2,580 $ 464 $ 414 $ 525 Europe 1,697 1,135 230 164 168 Cruise Support 63 39 90 49 (114) Tour and Other 37 44 6 6 (19) $ 5,781 $ 3,798 $ 789 $ 634 $ 560 2023 NAA $ 3,355 $ 2,282 $ 435 $ 374 $ 265 Europe 1,465 1,101 222 169 (27) Cruise Support 55 29 71 48 (93) Tour and Other 35 45 8 7 (25) $ 4,911 $ 3,457 $ 736 $ 597 $ 120 Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2024 NAA $ 7,558 $ 4,982 $ 966 $ 813 $ 797 Europe 3,466 2,386 464 328 288 Cruise Support 122 75 162 94 (210) Tour and Other 41 59 10 12 (40) $ 11,187 $ 7,502 $ 1,603 $ 1,247 $ 836 2023 NAA $ 6,434 $ 4,471 $ 875 $ 738 $ 351 Europe 2,759 2,179 436 338 (193) Cruise Support 106 55 124 90 (162) Tour and Other 44 64 14 13 (47) $ 9,343 $ 6,768 $ 1,448 $ 1,179 $ (52)
Schedule of Revenue by Geographical Area	Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 North America $ 3,542 $ 2,988 $ 6,663 $ 5,684 Europe 1,631 1,446 3,199 2,633 Australia 355 307 781 645 Other 252 169 545 380 $ 5,781 $ 4,911 $ 11,187 $ 9,343

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	May 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Computations	Three Months Ended Six Months Ended (in millions, except per share data) 2024 2023 2024 2023 Net income (loss) for basic and diluted earnings per share $ 92 $ (407) $ (123) $ (1,100) Weighted-average shares outstanding 1,267 1,263 1,265 1,261 Dilutive effect of equity awards 4 — — — Diluted weighted-average shares outstanding 1,271 1,263 1,265 1,261 Basic earnings per share $ 0.07 $ (0.32) $ (0.10) $ (0.87) Diluted earnings per share $ 0.07 $ (0.32) $ (0.10) $ (0.87)
Schedule of Antidilutive Shares Excluded from Diluted Earnings Per Share Computations	Antidilutive shares excluded from diluted earnings per share computations were as follows: Three Months Ended Six Months Ended (in millions) 2024 2023 2024 2023 Equity awards — 1 5 1 Convertible Notes 127 130 127 134 Total antidilutive securities 127 131 132 134

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	May 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	(in millions) May 31, 2024 November 30, 2023 Cash and cash equivalents (Consolidated Balance Sheets) $ 1,646 $ 2,415 Restricted cash (included in prepaid expenses and other and other assets) 23 21 Total cash, cash equivalents and restricted cash (Consolidated Statements $ 1,669 $ 2,436

General (Details)

General (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	May 31, 2023	Jan. 01, 2024	Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash (included in prepaid expenses and other and other assets)				$ 11
Payments of debt issuance costs	$ 117	$ 94
Emissions trading scheme, phase-in period			3 years
Cost of allowance purchased	$ 49

Revenue and Expense Recogniti_2

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	May 31, 2023	Nov. 30, 2023
Revenue from Contract with Customer [Abstract]
Cost of prepaid air and other transportation costs	$ 282		$ 253
Customer deposits	8,300		6,400
Unredeemable future cruise credits	60
Refundable future cruise credits	36
Unredeemable future cruise credits			134
Refundable future cruise credits			111
Revenues recognized related to customer deposits at beginning of period	4,700	$ 3,600
Contract assets	$ 434		$ 294

Debt - Long-Term and Short-Term

Debt - Long-Term and Short-Term Borrowings (Details) - USD ($) $ in Millions	1 Months Ended	4 Months Ended	6 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	May 31, 2024	Nov. 30, 2023
Debt Instrument [Line Items]
Long-term debt			$ 216
Total Debt			30,154	$ 31,339
Less: unamortized debt issuance costs and discounts			(820)	(768)
Total Debt, net of unamortized debt issuance costs and discounts			29,334	30,572
Less: current portion of long-term debt			(2,181)	(2,089)
Long-Term Debt			$ 27,154	28,483
Eurodollar | Maximum
Debt Instrument [Line Items]
Credit adjustment spread			0.75%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Credit adjustment spread			0%
Senior Secured Term Loan
Debt Instrument [Line Items]
Credit adjustment spread	2.80%
Senior Secured Term Loan | Minimum
Debt Instrument [Line Items]
Credit adjustment spread		3%
Senior Secured Term Loan | Maximum
Debt Instrument [Line Items]
Credit adjustment spread		3.40%
Secured | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 5,847	8,138
Secured | Notes Payable Due June 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			7.90%
Long-term debt			$ 192	192
Secured | Notes Payable Due August 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			9.90%
Long-term debt			$ 0	623
Secured | Notes Payable Due August 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			4%
Long-term debt			$ 2,406	2,406
Secured | Notes Payable Due August 2029 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			7%
Long-term debt			$ 500	500
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 0	851
Secured | Euro-denominated Floating Rate Bank Loan Due June 2025 | Guarantor Subsidiaries | Eurodollar
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			3.80%
Secured | Floating Rate Bank Loan Due August 2027 to October 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 2,749	3,567
Secured | Floating Rate Bank Loan Due August 2027 to October 2028 | Guarantor Subsidiaries | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			2.80%
Secured | Notes Payable Due May 2028 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			10.40%
Long-term debt			$ 2,030	2,030
Unsecured Debt | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			21,429	20,312
Unsecured Debt | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 848	859
Unsecured Debt | Convertible Notes Payable Due October 2024 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			5.80%
Long-term debt			$ 426	426
Unsecured Debt | Notes Payable Due March 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			7.60%
Long-term debt			$ 1,351	1,351
Unsecured Debt | Euro-denominated Notes Payable Due March 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			7.60%
Long-term debt			$ 0	550
Unsecured Debt | Notes Payable Due March 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			5.80%
Long-term debt			$ 2,725	3,100
Unsecured Debt | Convertible Notes Payable Due December 2027 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			5.80%
Long-term debt			$ 1,131	1,131
Unsecured Debt | Notes Payable Due May 2029 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			6%
Long-term debt			$ 2,000	2,000
Unsecured Debt | Euro-denominated Notes Payable Due January 2030 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			5.80%
Long-term debt			$ 540	0
Unsecured Debt | Notes Payable Due June 2030 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			10.50%
Long-term debt			$ 1,000	1,000
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due March 2026 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 576	678
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due March 2026 | Guarantor Subsidiaries | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			2.40%
Unsecured Debt | Euro-denominated Floating Rate Bank Loan Due March 2026 | Guarantor Subsidiaries | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			3.30%
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 549	583
Unsecured Debt | Line of Credit, Floating Rate Due December 2031 | Guarantor Subsidiaries | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			1.20%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 2,563	2,756
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			2.40%
Unsecured Debt | Line of Credit, Fixed Rate Due December 2032 | Guarantor Subsidiaries | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			3.40%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 2,835	3,086
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries | Eurodollar | Minimum
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			0.20%
Unsecured Debt | Line of Credit, Euro-denominated Floating Rate Due November 2034 | Guarantor Subsidiaries | Eurodollar | Maximum
Debt Instrument [Line Items]
Debt instrument, variable rate (as a percent)			0.80%
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due July 2037 | Guarantor Subsidiaries
Debt Instrument [Line Items]
Long-term debt			$ 5,734	3,652
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due July 2037 | Guarantor Subsidiaries | Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			1.10%
Unsecured Debt | Line of Credit, Euro-denominated Fixed Rate Due July 2037 | Guarantor Subsidiaries | Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			4%
Unsecured Debt | Notes Payable Due January 2028 | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			6.70%
Long-term debt			$ 200	200
Unsecured Debt | Euro-denominated Notes Payable Due October 2029 | Non-Guarantor Subsidiaries
Debt Instrument [Line Items]
Debt instrument, interest rate (as a percent)			1%
Long-term debt			$ 648	$ 659

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	6 Months Ended
	May 31, 2024 USD ($) cruise_ship identity	May 31, 2023 USD ($)	May 30, 2024 USD ($)	Apr. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)
Schedule of Debt Outstanding [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	$ 29,334				$ 30,572
Prepayment amount	41	$ 0
Ships and ship improvements	40,000
Vessels and material intellectual property	22,800
Vessels and related assets	21,100
Debt instrument, convertible, equity component minimum threshold	$ 5,000
Debt Instrument, Debt Covenant, Period Four
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required debt to capital covenant (as a percent)	65%
Guarantor Subsidiaries
Schedule of Debt Outstanding [Line Items]
Prepayment amount	$ 3,200
New revolving facility
Schedule of Debt Outstanding [Line Items]
Debt instrument, convertible, liquidity component minimum threshold	$ 1,500
New revolving facility | May 31, 2025 testing date
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2
New revolving facility | November 30, 2025 testing date
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2.5
New revolving facility | February 28, 2026 testing date onwards
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	3
Revolving credit facility
Schedule of Debt Outstanding [Line Items]
Available for borrowing	$ 3,000
Carnival Bermuda II (Holdings) Limited | New revolving facility
Schedule of Debt Outstanding [Line Items]
Line of credit facility, maximum borrowing capacity	2,500		$ 2,100
Senior Priority Notes Due 2028 | Carnival Bermuda (Holdings) Limited
Schedule of Debt Outstanding [Line Items]
Ships and ship improvements	$ 8,100
Number of unencumbered vessels | cruise_ship	12
Changes in identity of vessels | identity	0
Senior Priority Notes Due 2028 | Secured | Carnival Bermuda (Holdings) Limited
Schedule of Debt Outstanding [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	$ 2,000
Costa Term Loan Facility | Secured
Schedule of Debt Outstanding [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	250
Costa Term Loan Facility | Secured | Costa Crociere S.p.A
Schedule of Debt Outstanding [Line Items]
Total Debt, net of unamortized debt issuance costs and discounts	$ 400
Export Credit Facility | May 31, 2025 testing date
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2
Export Credit Facility | November 30, 2025 testing date
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	2.5
Export Credit Facility | February 28, 2026 testing date onwards
Schedule of Debt Outstanding [Line Items]
Debt instrument, debt covenant, required interest coverage covenant, ratio	3
Export Credit Facility | Line of credit | Sun Princess Limited
Schedule of Debt Outstanding [Line Items]
Debt instrument, face amount	$ 900
Export Credit Facility | Line of credit | Sun Princess II Limited
Schedule of Debt Outstanding [Line Items]
Debt instrument, face amount	$ 100
2028 Secured Term Loan Facility | Line of credit
Schedule of Debt Outstanding [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,700
2027 Secured Term Loan Facility | Line of credit
Schedule of Debt Outstanding [Line Items]
Line of credit facility, maximum borrowing capacity				1,000
Senior Unsecured Notes Due 2030 | Unsecured Debt
Schedule of Debt Outstanding [Line Items]
Debt instrument, face amount				$ 535
Euro-denominated Notes Payable Due March 2026 | Unsecured Debt | Guarantor Subsidiaries
Schedule of Debt Outstanding [Line Items]
Debt instrument, interest rate (as a percent)	7.60%
Notes Payable Due August 2027 | Secured | Guarantor Subsidiaries
Schedule of Debt Outstanding [Line Items]
Debt instrument, interest rate (as a percent)	9.90%
Notes Payable Due March 2027 | Unsecured Debt | Guarantor Subsidiaries
Schedule of Debt Outstanding [Line Items]
Debt instrument, interest rate (as a percent)	5.80%
Export Credit Facility Due 2035 | Line of credit
Schedule of Debt Outstanding [Line Items]
Debt instrument, face amount	$ 2,300
Value of vessels subject to negative pledges	18,800
New Revolving Facility Notes Due 2028 | Carnival Bermuda (Holdings) Limited
Schedule of Debt Outstanding [Line Items]
Ships and ship improvements	$ 2,900
Number of unencumbered vessels | cruise_ship	3

Debt - Schedule of Annual Matur

Debt - Schedule of Annual Maturities of Debt (Details) $ in Millions	May 31, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 1,195
2025	1,744
2026	2,790
2027	5,212
2028	8,741
Thereafter	10,472
Total	$ 30,154

Contingencies and Commitments (

Contingencies and Commitments (Details) $ in Millions	May 31, 2024 USD ($) classAction	Nov. 30, 2023 USD ($)	Dec. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency liability			$ 110
Loss contingency, fees and costs			$ 4
Number of class actions, COVID-19 | classAction	2
Customer deposits	$ 25	$ 844
Deposit assets	51	$ 158
Remainder of 2024	100
2025	900
2026	300
2027	1,200
2028	$ 1,000

Fair Value Measurements, Deri_3

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Carrying Value
Liabilities
Total	$ 30,154	$ 31,339
Carrying Value | Fixed rate debt
Liabilities
Debt	23,445	22,575
Carrying Value | Floating rate debt
Liabilities
Debt	6,709	8,764
Fair Value | Level 1
Liabilities
Total	0	0
Fair Value | Level 1 | Fixed rate debt
Liabilities
Debt	0	0
Fair Value | Level 1 | Floating rate debt
Liabilities
Debt	0	0
Fair Value | Level 2
Liabilities
Total	29,435	29,728
Fair Value | Level 2 | Fixed rate debt
Liabilities
Debt	22,919	21,503
Fair Value | Level 2 | Floating rate debt
Liabilities
Debt	6,516	8,225
Fair Value | Level 3
Liabilities
Total	0	0
Fair Value | Level 3 | Fixed rate debt
Liabilities
Debt	0	0
Fair Value | Level 3 | Floating rate debt
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Deri_4

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Financial Instruments Measured at Fair Value on a Recurring Basis - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Level 1
Assets
Cash equivalents	$ 769	$ 1,021
Total	769	1,021
Level 1 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	0	0
Level 2
Assets
Total	24	22
Liabilities
Total		28
Level 2 | Derivative financial instruments, assets
Assets
Derivative financial instruments	24	22
Level 2 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	0	28
Level 3 | Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 0	$ 0

Fair Value Measurements, Deri_5

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Valuation of Goodwill (Details) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023
Goodwill [Line Items]
Goodwill	$ 579	$ 579
NAA
Goodwill [Line Items]
Goodwill	$ 579	$ 579

Fair Value Measurements, Deri_6

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Trademarks (Details) $ in Millions	6 Months Ended
	May 31, 2024 USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	$ 1,164
Exchange movements	(1)
Trademarks, ending balance	1,163
NAA
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	927
Exchange movements	0
Trademarks, ending balance	927
Europe
Indefinite-lived Intangible Assets [Roll Forward]
Trademarks, beginning balance	237
Exchange movements	(1)
Trademarks, ending balance	$ 236

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	6 Months Ended
	May 31, 2024	Nov. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative assets	$ 24	$ 22
Derivative liabilities	0	28
Interest rate swaps – cash flow hedges | Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	22	46
Change in fair value of interest rate swap agreements	2,000
Cross currency swaps | Cash flow hedging
Derivatives, Fair Value [Line Items]
Cash flow hedge liability fair value		670
Derivatives designated as hedging instruments | Prepaid expenses and other | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	19	0
Derivatives designated as hedging instruments | Other assets | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	4	22
Derivatives designated as hedging instruments | Other long-term liabilities | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	16
Derivatives designated as hedging instruments | Other long-term liabilities | Cross currency swaps
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	12
Derivatives not designated as hedging instruments | Prepaid expenses and other | Interest rate swaps – cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0	$ 1

Fair Value Measurements, Deri_8

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - Designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 0	$ (5)	$ 0	$ 9
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	0	0	0	(4)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swaps – cash flow hedges	20	(33)	33	(19)
(Gains) losses reclassified from AOCI, cash flow hedges	(8)	(9)	(20)	(10)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
(Gains) losses reclassified from AOCI, cash flow hedges	0	0	1	(1)
Cross currency swaps, interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)	$ 0	$ 3	$ 2	$ 4

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Rate Risks (Details) $ in Billions	May 31, 2024 USD ($)
Fair Value Disclosures [Abstract]
Foreign currency contract commitments	$ 2.1

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	May 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Segment R

Segment Information - Segment Reporting (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 5,781	$ 4,911	$ 11,187	$ 9,343
Operating costs and expenses	3,798	3,457	7,502	6,768
Selling and administrative	789	736	1,603	1,448
Depreciation and amortization	634	597	1,247	1,179
Operating Income (Loss)	560	120	836	(52)
NAA
Segment Reporting Information [Line Items]
Revenues	3,984	3,355	7,558	6,434
Operating costs and expenses	2,580	2,282	4,982	4,471
Selling and administrative	464	435	966	875
Depreciation and amortization	414	374	813	738
Operating Income (Loss)	525	265	797	351
Europe
Segment Reporting Information [Line Items]
Revenues	1,697	1,465	3,466	2,759
Operating costs and expenses	1,135	1,101	2,386	2,179
Selling and administrative	230	222	464	436
Depreciation and amortization	164	169	328	338
Operating Income (Loss)	168	(27)	288	(193)
Cruise Support
Segment Reporting Information [Line Items]
Revenues	63	55	122	106
Operating costs and expenses	39	29	75	55
Selling and administrative	90	71	162	124
Depreciation and amortization	49	48	94	90
Operating Income (Loss)	(114)	(93)	(210)	(162)
Tour and Other
Segment Reporting Information [Line Items]
Revenues	37	35	41	44
Operating costs and expenses	44	45	59	64
Selling and administrative	6	8	10	14
Depreciation and amortization	6	7	12	13
Operating Income (Loss)	$ (19)	$ (25)	$ (40)	$ (47)

Segment Information - Geographi

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 5,781	$ 4,911	$ 11,187	$ 9,343
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	3,542	2,988	6,663	5,684
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	1,631	1,446	3,199	2,633
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	355	307	781	645
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 252	$ 169	$ 545	$ 380

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Earnings Per Share [Abstract]
Net income (loss) for basic earnings per share	$ 92	$ (407)	$ (123)	$ (1,100)
Net income (loss) for diluted earnings per share	$ 92	$ (407)	$ (123)	$ (1,100)
Weighted-average shares outstanding (in shares)	1,267	1,263	1,265	1,261
Dilutive effect of equity awards (in shares)	4	0	0	0
Diluted weighted-average shares outstanding (in shares)	1,271	1,263	1,265	1,261
Basic earnings per share (in dollars per share)	$ 0.07	$ (0.32)	$ (0.10)	$ (0.87)
Diluted earnings per share (in dollars per share)	$ 0.07	$ (0.32)	$ (0.10)	$ (0.87)

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	May 31, 2024	May 31, 2023	May 31, 2024	May 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	127	131	132	134
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	0	1	5	1
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	127	130	127	134

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	May 31, 2024	Nov. 30, 2023	May 31, 2023	Nov. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 1,646	$ 2,415
Restricted cash (included in prepaid expenses and other and other assets)	23	21
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$ 1,669	$ 2,436	$ 4,507	$ 6,037