Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Feb. 28, 2014 | Mar. 24, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Feb-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CCL | ' |
Entity Registrant Name | 'CARNIVAL CORP | ' |
Entity Central Index Key | '0000815097 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 592,622,537 |
CARNIVAL PLC | ' | ' |
Trading Symbol | 'CUK | ' |
Entity Registrant Name | 'CARNIVAL PLC | ' |
Entity Central Index Key | '0001125259 | ' |
Current Fiscal Year End Date | '--11-30 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 215,713,772 |
Carnival_Corporation_Plc_Conso
Carnival Corporation & Plc Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Cruise | ' | ' |
Passenger tickets | $2,727 | $2,740 |
Onboard and other | 850 | 844 |
Tour and other | 8 | 9 |
Revenues | 3,585 | 3,593 |
Cruise | ' | ' |
Commissions, transportation and other | 620 | 617 |
Onboard and other | 114 | 127 |
Fuel | 523 | 559 |
Payroll and related | 481 | 460 |
Food | 245 | 243 |
Other ship operating | 590 | 579 |
Tour and other | 15 | 14 |
Operating expenses | 2,588 | 2,599 |
Selling and administrative | 521 | 460 |
Depreciation and amortization | 404 | 389 |
Costs and Expenses | 3,513 | 3,448 |
Operating income | 72 | 145 |
Nonoperating (Expense) Income | ' | ' |
Interest income | 2 | 2 |
Interest expense, net of capitalized interest | -72 | -83 |
Losses on fuel derivatives, net | -16 | -28 |
Other income, net | 0 | 3 |
Nonoperating Income (Expense), Total | -86 | -106 |
(Loss) Income Before Income Taxes | -14 | 39 |
Income Tax Expense, Net | -1 | -2 |
Net (Loss) Income | ($15) | $37 |
(Loss) Earnings Per Share, Basic and Diluted | ($0.02) | $0.05 |
Dividends Declared Per Share (USD per share) | $0.25 | $0.25 |
Carnival_Corporation_Plc_Conso1
Carnival Corporation & Plc Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Net (Loss) Income | ($15) | $37 |
Items Included in Other Comprehensive Income (Loss) | ' | ' |
Change in foreign currency translation adjustment | 116 | -208 |
Other | -4 | 16 |
Other Comprehensive Income (Loss) | 112 | -192 |
Total Comprehensive Income (Loss) | $97 | ($155) |
Carnival_Corporation_Plc_Conso2
Carnival Corporation & Plc Consolidated Balance Sheets (USD $) | Feb. 28, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $421 | $462 |
Trade and other receivables, net | 258 | 405 |
Insurance recoverables | 269 | 381 |
Inventories | 381 | 374 |
Prepaid expenses and other | 316 | 315 |
Total current assets | 1,645 | 1,937 |
Property and Equipment, Net | 32,991 | 32,905 |
Goodwill | 3,226 | 3,210 |
Other Intangibles | 1,296 | 1,292 |
Other Assets | 747 | 760 |
Total assets | 39,905 | 40,104 |
Current Liabilities | ' | ' |
Short-term borrowings | 406 | 60 |
Current portion of long-term debt | 1,212 | 1,408 |
Accounts payable | 554 | 639 |
Claims reserve | 352 | 456 |
Accrued liabilities and other | 1,084 | 1,126 |
Customer deposits | 3,080 | 3,031 |
Total current liabilities | 6,688 | 6,720 |
Long-Term Debt | 7,992 | 8,092 |
Other Long-Term Liabilities | 755 | 736 |
Contingencies | ' | ' |
Shareholders' Equity | ' | ' |
Additional paid-in capital | 8,333 | 8,325 |
Retained earnings | 18,573 | 18,782 |
Accumulated other comprehensive income (loss) | 273 | 161 |
Treasury stock, 59 shares at 2014 and 2013 of Carnival Corporation and 32 shares at 2014 and 2013 of Carnival plc, at cost | -3,074 | -3,077 |
Total shareholders' equity | 24,470 | 24,556 |
Liabilities and Equity, Total | 39,905 | 40,104 |
Common Stock | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | 7 | 7 |
Ordinary Shares | ' | ' |
Shareholders' Equity | ' | ' |
Common stock | $358 | $358 |
Carnival_Corporation_Plc_Conso3
Carnival Corporation & Plc Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Nov. 30, 2012 |
In Millions, except Per Share data, unless otherwise specified | ||
Common Stock | ' | ' |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, shares authorized | 1,960 | 1,960 |
Common stock, shares issued | 652 | 651 |
Treasury stock, shares | 59 | 59 |
Ordinary Shares | ' | ' |
Common stock, par value (USD per share) | $1.66 | $1.66 |
Common stock, shares issued | 216 | 216 |
Treasury stock, shares | 32 | 32 |
Carnival_Corporation_Plc_Conso4
Carnival Corporation & Plc Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
OPERATING ACTIVITIES | ' | ' |
Net (Loss) Income | ($15) | $37 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 404 | 389 |
Losses on fuel derivatives, net | 16 | 28 |
Share-based compensation | 13 | 18 |
Other, net | 5 | 19 |
Changes in operating assets and liabilities | ' | ' |
Receivables | 146 | -134 |
Inventories | -5 | 5 |
Insurance recoverables, prepaid expenses and other | 103 | 76 |
Accounts payable | -88 | 23 |
Claims reserves and accrued and other liabilities | -125 | -23 |
Customer deposits | 23 | -39 |
Net cash provided by operating activities | 477 | 399 |
INVESTING ACTIVITIES | ' | ' |
Additions to property and equipment | -353 | -241 |
Proceeds from sale of ships | 0 | 70 |
Other, net | 4 | 4 |
Net cash used in investing activities | -349 | -167 |
FINANCING ACTIVITIES | ' | ' |
Proceeds from short-term borrowings, net | 344 | 67 |
Principal repayments of long-term debt | -312 | -612 |
Proceeds from issuance of long-term debt | 0 | 1,000 |
Dividends paid | -194 | -582 |
Purchases of treasury stock | 0 | -113 |
Sales of treasury stock | 0 | 35 |
Other, net | 0 | 2 |
Net cash used in financing activities | -162 | -203 |
Effect of exchange rate changes on cash and cash equivalents | -7 | -18 |
Net (decrease) increase in cash and cash equivalents | -41 | 11 |
Cash and cash equivalents at beginning of year | 462 | 465 |
Cash and cash equivalents at end of year | $421 | $476 |
General
General | 3 Months Ended |
Feb. 28, 2014 | |
Text Block [Abstract] | ' |
General | ' |
General | |
The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” | |
The Consolidated Balance Sheet at February 28, 2014 and the Consolidated Statements of Operations, the Consolidated Statements of Comprehensive Income (Loss) and the Consolidated Statements of Cash Flows for the three months ended February 28, 2014 and 2013 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2013 joint Annual Report on Form 10-K (“Form 10-K”). Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Certain prior period amounts have been reclassified in the Consolidated Balance Sheets to conform to the current period presentation. | |
Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. The portion of these fees, taxes and charges included in passenger ticket revenues and commissions, transportation and other costs were $137 million and $139 million for the three months ended February 28, 2014 and 2013, respectively. | |
During the three months ended February 28, 2014 and 2013, repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were $248 million and $225 million, respectively, and are substantially all included in other ship operating expenses |
Unsecured_Debt
Unsecured Debt | 3 Months Ended |
Feb. 28, 2014 | |
Text Block [Abstract] | ' |
Debt | ' |
Unsecured Debt | |
At February 28, 2014, substantially all of our short-term borrowings consisted of euro-denominated commercial paper with an aggregate weighted average interest rate of 0.4%. | |
In December 2013, we entered into a five-year $150 million floating rate bank loan due five years after the draw date. We plan to draw under this loan by September 2014 and use the proceeds for general corporate purposes. | |
In January 2014, we repaid $200 million of a floating rate bank loan prior to its October 2014 maturity date. | |
In March 2014, we repaid $139 million of a floating rate euro-denominated bank loan prior to its September 2014 maturity date. |
Contingencies
Contingencies | 3 Months Ended |
Feb. 28, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Litigation | |
As a result of the January 2012 Costa Concordia incident, litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury, loss of life, loss of or damage to personal property, business interruption losses or environmental damage to any affected coastal waters and the surrounding areas, have been and may be asserted or brought against various parties, including us. The existing assertions are ongoing and there are significant jurisdictional uncertainties. The ultimate outcome of these matters cannot be determined at this time. However, we do not expect these matters to have a significant impact on our results of operations because we have insurance coverage for these types of third-party claims. | |
Additionally, in the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material adverse impact on our consolidated financial statements. | |
Contingent Obligations – Lease Out and Lease Back Type (“LILO”) Transactions | |
At February 28, 2014, Carnival Corporation had estimated contingent obligations totaling $389 million, excluding termination payments as discussed below, to participants in LILO transactions for two of its ships. At the inception of these leases, the aggregate of the net present value of these obligations was paid by Carnival Corporation to a group of major financial institutions, who agreed to act as payment undertakers and directly pay these obligations. As a result, these contingent obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our Consolidated Balance Sheets. | |
In the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants, we estimate that it would, as of February 28, 2014, be responsible for a termination payment of $30 million. In 2017, Carnival Corporation has the right to exercise options that would terminate these LILO transactions at no cost to it. | |
In certain cases, if the credit ratings of the financial institutions who are directly paying the contingent obligations fall below AA-, then Carnival Corporation will be required to replace these financial institutions with other financial institutions whose credit ratings are at least AA or meet other specified credit requirements. In such circumstances, it would incur additional costs, although we estimate that they would not be material to our consolidated financial statements. For the two financial institution payment undertakers subject to this AA- credit rating threshold, one has a credit rating of AA and the other has a credit rating of AA-. If Carnival Corporation’s credit rating, which is BBB+, falls below BBB, it will be required to provide a standby letter of credit for $34 million, or, alternatively, provide mortgages for this aggregate amount on these two ships. | |
Contingent Obligations – Indemnifications | |
Some of the debt contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes and changes in laws that increase lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any material payments under such indemnification clauses in the past and, under current circumstances, we do not believe a request for material future indemnification payments is probable. |
Fair_Value_Measurements_Deriva
Fair Value Measurements, Derivative Instruments and Hedging Activities | 3 Months Ended | |||||||||||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements, Derivative Instruments and Hedging Activities | ' | |||||||||||||||||||||||||||||||
Fair Value Measurements, Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||
U.S. accounting standards establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: | ||||||||||||||||||||||||||||||||
• | Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. | |||||||||||||||||||||||||||||||
• | Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. | |||||||||||||||||||||||||||||||
• | Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. | |||||||||||||||||||||||||||||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between independent and knowledgeable market participants at the measurement date. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that we believe market participants would use in pricing the asset or liability at the measurement date. | ||||||||||||||||||||||||||||||||
The fair value measurement of a financial asset or financial liability must reflect the nonperformance risk of the counterparty and us. Therefore, the impact of our counterparty’s creditworthiness was considered when in an asset position, and our creditworthiness was considered when in a liability position in the fair value measurement of our financial instruments. Creditworthiness did not have a significant impact on the fair values of our financial instruments at February 28, 2014 and November 30, 2013. Both the counterparties and we are expected to continue to perform under the contractual terms of the instruments. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair values presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. | ||||||||||||||||||||||||||||||||
Financial Instruments that are not Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 233 | $ | 233 | $ | — | $ | — | $ | 349 | $ | 349 | $ | — | $ | — | ||||||||||||||||
Long-term other assets (b) | 114 | 1 | 56 | 52 | 110 | 1 | 58 | 50 | ||||||||||||||||||||||||
Total | $ | 347 | $ | 234 | $ | 56 | $ | 52 | $ | 459 | $ | 350 | $ | 58 | $ | 50 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Fixed rate debt (c) | $ | 5,508 | $ | — | $ | 5,901 | $ | — | $ | 5,574 | $ | — | $ | 5,941 | $ | — | ||||||||||||||||
Floating rate debt (c) | 4,102 | — | 4,086 | — | 3,986 | — | 3,997 | — | ||||||||||||||||||||||||
Total | $ | 9,610 | $ | — | $ | 9,987 | $ | — | $ | 9,560 | $ | — | $ | 9,938 | $ | — | ||||||||||||||||
(a) | Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values. | |||||||||||||||||||||||||||||||
(b) | At February 28, 2014 and November 30, 2013, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. | |||||||||||||||||||||||||||||||
(c) | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at February 28, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At February 28, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at February 28, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. | |||||||||||||||||||||||||||||||
Financial Instruments that are Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||
The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents (a) | $ | 188 | $ | — | $ | — | $ | 113 | $ | — | $ | — | ||||||||||||||||||||
Restricted cash (b) | 29 | — | — | 28 | — | — | ||||||||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 112 | 10 | — | 113 | 10 | — | ||||||||||||||||||||||||||
Derivative financial instruments (d) | — | 37 | — | — | 60 | — | ||||||||||||||||||||||||||
Long-term other assets (e) | — | — | 20 | — | — | 17 | ||||||||||||||||||||||||||
Total | $ | 329 | $ | 47 | $ | 20 | $ | 254 | $ | 70 | $ | 17 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | $ | — | ||||||||||||||||||||
Total | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | $ | — | ||||||||||||||||||||
(a) | Cash equivalents are comprised of money market funds. | |||||||||||||||||||||||||||||||
(b) | Restricted cash is primarily comprised of money market funds. | |||||||||||||||||||||||||||||||
(c) | At February 28, 2014, marketable securities held in rabbi trusts were substantially comprised of Level 1 bonds and frequently-priced mutual funds invested in common stocks and Level 2 other investments. At November 30, 2013, marketable securities held in rabbi trusts were principally comprised of Level 1 frequently-priced mutual funds invested in common stocks and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. | |||||||||||||||||||||||||||||||
(d) | See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments. | |||||||||||||||||||||||||||||||
(e) | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the three months ended February 28, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. | |||||||||||||||||||||||||||||||
We measure our derivatives using valuations that are calibrated to the initial trade prices. Subsequent valuations are based on observable inputs and other variables included in the valuation models such as interest rate, yield and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities and netting arrangements. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and fuel derivatives using observable market data for all significant inputs and standard valuation techniques to convert future amounts to a single present value amount, assuming that participants are motivated, but not compelled to transact. We also corroborate our fair value estimates using valuations provided by our counterparties. | ||||||||||||||||||||||||||||||||
Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||||||||||
Valuation of Goodwill and Other Intangibles | ||||||||||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and Europe, Australia & Asia (“EAA”) cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 1,898 | $ | 1,312 | $ | 3,210 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 16 | 16 | |||||||||||||||||||||||||||||
Balance at February 28, 2014 | $ | 1,898 | $ | 1,328 | $ | 3,226 | ||||||||||||||||||||||||||
At July 31, 2013, all of our cruise brands carried goodwill, except for Ibero Cruises (“Ibero”) and Seabourn. As of that date, we performed our annual goodwill impairment reviews and no goodwill was impaired. At February 28, 2014, accumulated goodwill impairment charges were $153 million. | ||||||||||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 927 | $ | 359 | $ | 1,286 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 4 | — | 4 | ||||||||||||||||||||||||||||
Balance at February 28, 2014 | $ | 927 | $ | 363 | $ | 1,290 | ||||||||||||||||||||||||||
As of July 31, 2013, we also performed our annual trademark impairment reviews for our cruise brands that have significant trademarks recorded, which are AIDA Cruises (“AIDA”), P&O Cruises (Australia), P&O Cruises (UK) and Princess Cruises (“Princess”). No trademarks were considered to be impaired at that time. | ||||||||||||||||||||||||||||||||
At February 28, 2014 and November 30, 2013, our intangible assets subject to amortization are not significant to our consolidated financial statements. | ||||||||||||||||||||||||||||||||
The determination of our cruise brand, cruise ship and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. We believe that we have made reasonable estimates and judgments in determining whether our goodwill, cruise ships and trademarks have been impaired. However, if there is a change in assumptions used or if there is a change in the conditions or circumstances influencing fair values in the future, then we may need to recognize an impairment charge. | ||||||||||||||||||||||||||||||||
There have not been any events or circumstances subsequent to July 31, 2013, which we believe would require us to perform an interim goodwill or trademark impairment test. | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||||||||||||||||||||
We utilize derivative and nonderivative financial instruments, such as foreign currency forwards, options and swaps, foreign currency debt obligations and foreign currency cash balances, to manage our exposure to fluctuations in certain foreign currency exchange rates, and interest rate swaps to manage our interest rate exposure in order to achieve a desired proportion of fixed and floating rate debt. In addition, we utilize our fuel derivatives program to mitigate a portion of the risk to our future cash flows attributable to potential fuel price increases, which we define as our “economic risk.” Our policy is to not use any financial instruments for trading or other speculative purposes. | ||||||||||||||||||||||||||||||||
All derivatives are recorded at fair value. The changes in fair value are recognized currently in earnings if the derivatives do not qualify as effective hedges, or if we do not seek to qualify for hedge accounting treatment, such as for our fuel derivatives. If a derivative is designated as a fair value hedge, then changes in the fair value of the derivative are offset against the changes in the fair value of the underlying hedged item. If a derivative is designated as a cash flow hedge, then the effective portion of the changes in the fair value of the derivative is recognized as a component of accumulated other comprehensive income ("AOCI") until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a nonderivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the fair value of the financial instrument are recognized as a component of AOCI to offset a portion of the change in the translated value of the net investment being hedged, until the investment is sold or liquidated. We formally document hedging relationships for all derivative and nonderivative hedges and the underlying hedged items, as well as our risk management objectives and strategies for undertaking the hedge transactions. | ||||||||||||||||||||||||||||||||
We classify the fair values of all our derivative contracts as either current or long-term, depending on whether the maturity date of the derivative contract is within or beyond one year from the balance sheet date. The cash flows from derivatives treated as hedges are classified in our Consolidated Statements of Cash Flows in the same category as the item being hedged. Our cash flows related to fuel derivatives are classified within investing activities. | ||||||||||||||||||||||||||||||||
The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions): | ||||||||||||||||||||||||||||||||
Balance Sheet Location | 28-Feb-14 | 30-Nov-13 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Other assets – long-term | $ | 1 | $ | 2 | |||||||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | 6 | — | |||||||||||||||||||||||||||||
Other assets – long-term | — | 8 | ||||||||||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | 1 | |||||||||||||||||||||||||||||
Other assets – long-term | — | 5 | ||||||||||||||||||||||||||||||
8 | 16 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 10 | 14 | |||||||||||||||||||||||||||||
Other assets – long-term | 19 | 30 | ||||||||||||||||||||||||||||||
29 | 44 | |||||||||||||||||||||||||||||||
Total derivative assets | $ | 37 | $ | 60 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Accrued liabilities and other | $ | — | $ | 4 | |||||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | 14 | 13 | |||||||||||||||||||||||||||||
Other long-term liabilities | 15 | 13 | ||||||||||||||||||||||||||||||
29 | 30 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Other long-term liabilities | 2 | 1 | |||||||||||||||||||||||||||||
2 | 1 | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 31 | ||||||||||||||||||||||||||||
(a) | At February 28, 2014 and November 30, 2013, we had foreign currency forwards totaling $103 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At February 28, 2014, these outstanding foreign currency forwards mature through July 2017. | |||||||||||||||||||||||||||||||
(b) | At February 28, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. | |||||||||||||||||||||||||||||||
(c) | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At February 28, 2014 and November 30, 2013, these interest rate swap agreements effectively changed $900 million and $909 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at February 28, 2014 and November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | |||||||||||||||||||||||||||||||
(d) | At February 28, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2017. | |||||||||||||||||||||||||||||||
Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | ||||||||||||||||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Total Net Amounts Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | Net Amounts | ||||||||||||||||||||||||||||
Assets | $ | 110 | $ | (73 | ) | $ | 37 | $ | (3 | ) | $ | 34 | ||||||||||||||||||||
Liabilities | $ | 104 | $ | (73 | ) | $ | 31 | $ | (3 | ) | $ | 28 | ||||||||||||||||||||
30-Nov-13 | ||||||||||||||||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Total Net Amounts Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | Net Amounts | ||||||||||||||||||||||||||||
Assets | $ | 137 | $ | (77 | ) | $ | 60 | $ | (7 | ) | $ | 53 | ||||||||||||||||||||
Liabilities | $ | 108 | $ | (77 | ) | $ | 31 | $ | (7 | ) | $ | 24 | ||||||||||||||||||||
The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended February 28, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Net investment hedges | $ | 2 | $ | (3 | ) | |||||||||||||||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (3 | ) | $ | 13 | |||||||||||||||||||||||||||
Interest rate swaps – cash flow hedges | $ | (4 | ) | $ | 2 | |||||||||||||||||||||||||||
There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our fuel derivative counterparty agreements. These provisions require interest-bearing, non-restricted cash to be posted or received as collateral to the extent the fuel derivative fair value payable to or receivable from an individual counterparty, respectively, exceeds $100 million. At February 28, 2014 and November 30, 2013, no collateral was required to be posted to or received from our fuel derivative counterparties. | ||||||||||||||||||||||||||||||||
The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of February 28, 2014 and November 30, 2013 and for the three months ended February 28, 2014 and 2013 where such impacts were not significant. | ||||||||||||||||||||||||||||||||
Foreign Currency Exchange Rate Risks | ||||||||||||||||||||||||||||||||
Overall Strategy | ||||||||||||||||||||||||||||||||
We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and nonderivative financial instruments. Our primary focus is to manage the economic foreign currency exchange risks faced by our operations, which are the ultimate foreign currency exchange risks that would be realized by us if we exchanged one currency for another, and not accounting risks. Accordingly, we do not currently hedge foreign currency exchange accounting risks with derivative financial instruments. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged. | ||||||||||||||||||||||||||||||||
Operational and Investment Currency Risks | ||||||||||||||||||||||||||||||||
Our European and Australian cruise brands subject us to foreign currency translation risk related to the euro, sterling and Australian dollar because these brands generate significant revenues and incur significant expenses in euro, sterling or the Australian dollar. Accordingly, exchange rate fluctuations of the euro, sterling and Australian dollar against the U.S. dollar will affect our reported financial results since the reporting currency for our consolidated financial statements is the U.S. dollar. Any strengthening of the U.S. dollar against these foreign currencies has the financial statement effect of decreasing the U.S. dollar values reported for cruise revenues and expenses. Any weakening of the U.S. dollar has the opposite effect. | ||||||||||||||||||||||||||||||||
Most of our brands also have non-functional currency risk related to their international sales operations, which has become an increasingly larger part of most of their businesses over time, and primarily includes the euro, sterling and Australian, Canadian and U.S. dollars. In addition, all of our brands have non-functional currency expenses for a portion of their operating expenses. Accordingly, these brands’ revenues and expenses in non-functional currencies create some degree of natural offset for recognized transactional currency gains and losses due to currency exchange movements. | ||||||||||||||||||||||||||||||||
We consider our investments in foreign operations to be denominated in relatively stable currencies and of a long-term nature. We partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies, principally sterling. As of February 28, 2014 and November 30, 2013, we have designated $2.2 billion of our foreign currency intercompany payables as nonderivative hedges of our net investments in foreign operations. Accordingly, we have included [$194 million] and $234 million of cumulative foreign currency transaction nonderivative gains in the cumulative translation adjustment component of AOCI at February 28, 2014 and November 30, 2013, respectively, which offsets a portion of the losses recorded in AOCI upon translating our foreign operations’ net assets into U.S. dollars. During the three months ended February 28, 2014 and 2013, we recognized foreign currency nonderivative transaction (losses) gains of $(40) million and $89 million, respectively, in the cumulative translation adjustment component of AOCI. | ||||||||||||||||||||||||||||||||
Newbuild Currency Risks | ||||||||||||||||||||||||||||||||
Our shipbuilding contracts are typically denominated in euros. Our decisions regarding whether or not to hedge a non-functional currency ship commitment for our cruise brands are made on a case-by-case basis, taking into consideration the amount and duration of the exposure, market volatility, currency exchange rate correlation, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts and have used nonderivative financial instruments to manage foreign currency exchange rate risk for some of our ship construction payments. | ||||||||||||||||||||||||||||||||
In July 2012, we entered into foreign currency zero cost collars that are designated as cash flow hedges for a portion of P&O Cruises (UK) Britannia’s euro-denominated shipyard payments. These collars mature in February 2015 at a weighted-average ceiling rate of £0.83 to the euro, or $306 million and a weighted-average floor rate of £0.77 to the euro, or $284 million. If the spot rate is between these two rates on the date of maturity, then we would not owe or receive any payments under these collars. | ||||||||||||||||||||||||||||||||
At February 28, 2014, substantially all of our remaining newbuild currency exchange rate risk relates to euro-denominated newbuild construction payments for Regal Princess, the Seabourn newbuild, and a portion of Britannia, which represent a total commitment of $1.3 billion. | ||||||||||||||||||||||||||||||||
The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ or the shipyards’ functional currency is expected to be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our desire to order new cruise ships. | ||||||||||||||||||||||||||||||||
Interest Rate Risks | ||||||||||||||||||||||||||||||||
We manage our exposure to fluctuations in interest rates through our investment and debt portfolio management strategies. These strategies include purchasing high quality short-term investments with floating interest rates, and evaluating our debt portfolio as to whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt or the early retirement of existing debt. At February 28, 2014, 62% and 38% (59% and 41% at November 30, 2013) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps. | ||||||||||||||||||||||||||||||||
Fuel Price Risks | ||||||||||||||||||||||||||||||||
Our exposure to market risk for changes in fuel prices substantially all relate to the consumption of fuel on our ships. We use our fuel derivatives program to mitigate a portion of our economic risk attributable to potential fuel price increases. We designed our fuel derivatives program to maximize operational flexibility by utilizing derivative markets with significant trading liquidity and our program currently consists of zero cost collars on Brent. | ||||||||||||||||||||||||||||||||
All of our derivatives are based on Brent prices whereas the actual fuel used on our ships is marine fuel. Changes in the Brent prices may not show a high degree of correlation with changes in our underlying marine fuel prices. We will not realize any economic gain or loss upon the monthly maturities of our zero cost collars unless the average monthly price of Brent is above the ceiling price or below the floor price. We believe that these derivatives will act as economic hedges, however hedge accounting is not applied. As part of our fuel derivatives program, we will continue to evaluate various derivative products and strategies. | ||||||||||||||||||||||||||||||||
At February 28, 2014, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows: | ||||||||||||||||||||||||||||||||
Maturities (a) | Transaction | Barrels | Weighted-Average | Weighted-Average | Percent of Estimated | |||||||||||||||||||||||||||
Dates | (in thousands) | Floor Prices | Ceiling Prices | Fuel Consumption | ||||||||||||||||||||||||||||
Covered | ||||||||||||||||||||||||||||||||
Fiscal 2014 (Q2-Q4) | ||||||||||||||||||||||||||||||||
November 2011 | 1,584 | $ | 85 | $ | 114 | |||||||||||||||||||||||||||
Feb-12 | 1,584 | $ | 88 | $ | 125 | |||||||||||||||||||||||||||
Jun-12 | 1,782 | $ | 71 | $ | 116 | |||||||||||||||||||||||||||
May-13 | 1,296 | $ | 85 | $ | 108 | |||||||||||||||||||||||||||
6,246 | 46% | |||||||||||||||||||||||||||||||
Fiscal 2015 | ||||||||||||||||||||||||||||||||
November 2011 | 2,160 | $ | 80 | $ | 114 | |||||||||||||||||||||||||||
Feb-12 | 2,160 | $ | 80 | $ | 125 | |||||||||||||||||||||||||||
Jun-12 | 1,236 | $ | 74 | $ | 110 | |||||||||||||||||||||||||||
Apr-13 | 1,044 | $ | 80 | $ | 111 | |||||||||||||||||||||||||||
May-13 | 1,884 | $ | 80 | $ | 110 | |||||||||||||||||||||||||||
8,484 | 46% | |||||||||||||||||||||||||||||||
Fiscal 2016 | ||||||||||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | |||||||||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | |||||||||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | |||||||||||||||||||||||||||
8,724 | 47% | |||||||||||||||||||||||||||||||
Fiscal 2017 | ||||||||||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | |||||||||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | |||||||||||||||||||||||||||
Jan-14 | 1,800 | $ | 75 | $ | 114 | |||||||||||||||||||||||||||
7,104 | 38% | |||||||||||||||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||||||||||||||||
Jan-14 | 2,700 | $ | 75 | $ | 110 | 15% | ||||||||||||||||||||||||||
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods. | |||||||||||||||||||||||||||||||
Concentrations of Credit Risk | ||||||||||||||||||||||||||||||||
As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Our maximum exposure under foreign currency and fuel derivative contracts and interest rate swap agreements that are in-the-money, which were not material at February 28, 2014, is the replacement cost, net of any collateral received or contractually allowed offset, in the event of nonperformance by the counterparties to the contracts, all of which are currently our lending banks. We seek to minimize credit risk exposure, including counterparty nonperformance primarily associated with our cash equivalents, investments, committed financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by normally conducting business with large, well-established financial institutions, insurance companies and export credit agencies, and by diversifying our counterparties. In addition, we have guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk. We normally do require collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards. We currently believe the risk of nonperformance by any of our significant counterparties is remote. | ||||||||||||||||||||||||||||||||
We also monitor the creditworthiness of travel agencies and tour operators in Europe and credit card providers to which we extend credit in the normal course of our business. Our credit exposure includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in most of Europe where we are obligated to extend credit in a like amount to these guests even if we do not receive payment from the travel agents and tour operators. Concentrations of credit risk associated with these receivables and contingent obligations are not considered to be material, primarily due to the large number of unrelated accounts within our customer base, the amount of these contingent obligations and their short maturities. We have experienced only minimal credit losses on our trade receivables and related contingent obligations. We do not normally require collateral or other security to support normal credit sales. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||
Segment Information | ' | |||||||||||||||||||
Segment Information | ||||||||||||||||||||
We have three reportable cruise segments that are comprised of our (1) North America cruise brands, (2) EAA cruise brands and (3) Cruise Support. In addition, we have a Tour and Other segment. Our segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. Decisions to allocate resources and assess performance for Carnival Corporation & plc are made by the CODM upon review of the segment results across all of our cruise brands and other segments. | ||||||||||||||||||||
Our North America cruise segment includes Carnival Cruise Lines, Holland America Line, Princess and Seabourn. Our EAA cruise segment includes AIDA, Costa Cruises, Cunard, Ibero, P&O Cruises (Australia) and P&O Cruises (UK). These individual cruise brand operating segments have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, maintenance requirements, supporting systems and processes and products and services they provide. Our Cruise Support segment represents certain of our port and related facilities and other corporate-wide services that are provided for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours. During the three months ended February 28, 2013, our Tour and Other segment also included two ships that we chartered to an unaffiliated entity. In April 2013, we sold one of these two ships and, accordingly, subsequent to this 2013 sale our Tour and Other segment includes only one ship. | ||||||||||||||||||||
Selected information for our segments was as follows (in millions): | ||||||||||||||||||||
Three months ended February 28, | ||||||||||||||||||||
Revenues | Operating | Selling | Depreciation | Operating | ||||||||||||||||
expenses | and | and | income (loss) | |||||||||||||||||
administrative | amortization | |||||||||||||||||||
2014 | ||||||||||||||||||||
North America Cruise Brands | $ | 2,119 | $ | 1,533 | $ | 297 | $ | 235 | $ | 54 | ||||||||||
EAA Cruise Brands | 1,433 | 1,039 | 187 | 152 | 55 | |||||||||||||||
Cruise Support | 25 | 1 | 35 | 9 | (20 | ) | ||||||||||||||
Tour and Other | 8 | 15 | 2 | 8 | (17 | ) | ||||||||||||||
$ | 3,585 | $ | 2,588 | $ | 521 | $ | 404 | $ | 72 | |||||||||||
2013 | ||||||||||||||||||||
North America Cruise Brands | $ | 2,124 | $ | 1,530 | $ | 261 | $ | 228 | $ | 105 | ||||||||||
EAA Cruise Brands | 1,434 | 1,052 | 164 | 146 | 72 | |||||||||||||||
Cruise Support | 26 | 3 | 33 | 5 | (15 | ) | ||||||||||||||
Tour and Other | 9 | 14 | 2 | 10 | (17 | ) | ||||||||||||||
$ | 3,593 | $ | 2,599 | $ | 460 | $ | 389 | $ | 145 | |||||||||||
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
(Loss) Earnings Per Share | ||||||||
Our basic and diluted (loss) earnings per share were computed as follows (in millions, except per share data): | ||||||||
Three Months Ended February 28, | ||||||||
2014 | 2013 | |||||||
Net (loss) income for basic and diluted (loss) earnings per share | $ | (15 | ) | $ | 37 | |||
Weighted-average common and ordinary shares outstanding | 776 | 776 | ||||||
Dilutive effect of equity plans | — | 2 | ||||||
Diluted weighted-average shares outstanding | 776 | 778 | ||||||
Basic and diluted (loss) earnings per share | $ | (0.02 | ) | $ | 0.05 | |||
Anti-dilutive equity awards excluded from diluted (loss) earnings per share computations | 3 | 5 | ||||||
Subsequent_Event
Subsequent Event | 3 Months Ended |
Feb. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
In March 2014, we sold Costa Voyager and will recognize a $37 million gain as a reduction of other ship operating expenses during the second quarter of 2014. In July 2013, we recognized a $73 million impairment charge related to this ship, and in November 2013 it was taken out of service. |
Fair_Value_Measurements_Deriva1
Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||||||||||||||
Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||||||||||
The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||
Value | Level 1 | Level 2 | Level 3 | Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents (a) | $ | 233 | $ | 233 | $ | — | $ | — | $ | 349 | $ | 349 | $ | — | $ | — | ||||||||||||||||
Long-term other assets (b) | 114 | 1 | 56 | 52 | 110 | 1 | 58 | 50 | ||||||||||||||||||||||||
Total | $ | 347 | $ | 234 | $ | 56 | $ | 52 | $ | 459 | $ | 350 | $ | 58 | $ | 50 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Fixed rate debt (c) | $ | 5,508 | $ | — | $ | 5,901 | $ | — | $ | 5,574 | $ | — | $ | 5,941 | $ | — | ||||||||||||||||
Floating rate debt (c) | 4,102 | — | 4,086 | — | 3,986 | — | 3,997 | — | ||||||||||||||||||||||||
Total | $ | 9,610 | $ | — | $ | 9,987 | $ | — | $ | 9,560 | $ | — | $ | 9,938 | $ | — | ||||||||||||||||
(a) | Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values. | |||||||||||||||||||||||||||||||
(b) | At February 28, 2014 and November 30, 2013, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. | |||||||||||||||||||||||||||||||
(c) | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at February 28, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At February 28, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at February 28, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. | |||||||||||||||||||||||||||||||
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and (Liabilities) Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||||||||||
The estimated fair value and basis of valuation of our financial instrument assets and liabilities that are measured at fair value on a recurring basis were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | 30-Nov-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Cash equivalents (a) | $ | 188 | $ | — | $ | — | $ | 113 | $ | — | $ | — | ||||||||||||||||||||
Restricted cash (b) | 29 | — | — | 28 | — | — | ||||||||||||||||||||||||||
Marketable securities held in rabbi trusts (c) | 112 | 10 | — | 113 | 10 | — | ||||||||||||||||||||||||||
Derivative financial instruments (d) | — | 37 | — | — | 60 | — | ||||||||||||||||||||||||||
Long-term other assets (e) | — | — | 20 | — | — | 17 | ||||||||||||||||||||||||||
Total | $ | 329 | $ | 47 | $ | 20 | $ | 254 | $ | 70 | $ | 17 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Derivative financial instruments (d) | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | $ | — | ||||||||||||||||||||
Total | $ | — | $ | 31 | $ | — | $ | — | $ | 31 | $ | — | ||||||||||||||||||||
(a) | Cash equivalents are comprised of money market funds. | |||||||||||||||||||||||||||||||
(b) | Restricted cash is primarily comprised of money market funds. | |||||||||||||||||||||||||||||||
(c) | At February 28, 2014, marketable securities held in rabbi trusts were substantially comprised of Level 1 bonds and frequently-priced mutual funds invested in common stocks and Level 2 other investments. At November 30, 2013, marketable securities held in rabbi trusts were principally comprised of Level 1 frequently-priced mutual funds invested in common stocks and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. | |||||||||||||||||||||||||||||||
(d) | See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments. | |||||||||||||||||||||||||||||||
(e) | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During the three months ended February 28, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. | |||||||||||||||||||||||||||||||
Reconciliation of Changes in Carrying Amounts of Goodwill | ' | |||||||||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and Europe, Australia & Asia (“EAA”) cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 1,898 | $ | 1,312 | $ | 3,210 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 16 | 16 | |||||||||||||||||||||||||||||
Balance at February 28, 2014 | $ | 1,898 | $ | 1,328 | $ | 3,226 | ||||||||||||||||||||||||||
Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks | ' | |||||||||||||||||||||||||||||||
The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions): | ||||||||||||||||||||||||||||||||
North America | EAA | Total | ||||||||||||||||||||||||||||||
Cruise Brands | Cruise Brands | |||||||||||||||||||||||||||||||
Balance at November 30, 2013 | $ | 927 | $ | 359 | $ | 1,286 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | — | 4 | — | 4 | ||||||||||||||||||||||||||||
Balance at February 28, 2014 | $ | 927 | $ | 363 | $ | 1,290 | ||||||||||||||||||||||||||
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets | ' | |||||||||||||||||||||||||||||||
The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions): | ||||||||||||||||||||||||||||||||
Balance Sheet Location | 28-Feb-14 | 30-Nov-13 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Other assets – long-term | $ | 1 | $ | 2 | |||||||||||||||||||||||||||
Foreign currency zero cost collars (b) | Prepaid expenses and other | 6 | — | |||||||||||||||||||||||||||||
Other assets – long-term | — | 8 | ||||||||||||||||||||||||||||||
Interest rate swaps (c) | Prepaid expenses and other | 1 | 1 | |||||||||||||||||||||||||||||
Other assets – long-term | — | 5 | ||||||||||||||||||||||||||||||
8 | 16 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Prepaid expenses and other | 10 | 14 | |||||||||||||||||||||||||||||
Other assets – long-term | 19 | 30 | ||||||||||||||||||||||||||||||
29 | 44 | |||||||||||||||||||||||||||||||
Total derivative assets | $ | 37 | $ | 60 | ||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||
Net investment hedges (a) | Accrued liabilities and other | $ | — | $ | 4 | |||||||||||||||||||||||||||
Interest rate swaps (c) | Accrued liabilities and other | 14 | 13 | |||||||||||||||||||||||||||||
Other long-term liabilities | 15 | 13 | ||||||||||||||||||||||||||||||
29 | 30 | |||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Fuel (d) | Other long-term liabilities | 2 | 1 | |||||||||||||||||||||||||||||
2 | 1 | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | 31 | $ | 31 | ||||||||||||||||||||||||||||
(a) | At February 28, 2014 and November 30, 2013, we had foreign currency forwards totaling $103 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At February 28, 2014, these outstanding foreign currency forwards mature through July 2017. | |||||||||||||||||||||||||||||||
(b) | At February 28, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. | |||||||||||||||||||||||||||||||
(c) | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At February 28, 2014 and November 30, 2013, these interest rate swap agreements effectively changed $900 million and $909 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at February 28, 2014 and November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | |||||||||||||||||||||||||||||||
(d) | At February 28, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2017. | |||||||||||||||||||||||||||||||
Offsetting Derivative Instruments [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions): | ||||||||||||||||||||||||||||||||
28-Feb-14 | ||||||||||||||||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Total Net Amounts Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | Net Amounts | ||||||||||||||||||||||||||||
Assets | $ | 110 | $ | (73 | ) | $ | 37 | $ | (3 | ) | $ | 34 | ||||||||||||||||||||
Liabilities | $ | 104 | $ | (73 | ) | $ | 31 | $ | (3 | ) | $ | 28 | ||||||||||||||||||||
30-Nov-13 | ||||||||||||||||||||||||||||||||
Gross Amounts | Gross Amounts Offset in the Balance Sheet | Total Net Amounts Presented in the Balance Sheet | Gross Amounts not Offset in the Balance Sheet | Net Amounts | ||||||||||||||||||||||||||||
Assets | $ | 137 | $ | (77 | ) | $ | 60 | $ | (7 | ) | $ | 53 | ||||||||||||||||||||
Liabilities | $ | 108 | $ | (77 | ) | $ | 31 | $ | (7 | ) | $ | 24 | ||||||||||||||||||||
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | ' | |||||||||||||||||||||||||||||||
The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions): | ||||||||||||||||||||||||||||||||
Three Months Ended February 28, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Net investment hedges | $ | 2 | $ | (3 | ) | |||||||||||||||||||||||||||
Foreign currency zero cost collars – cash flow hedges | $ | (3 | ) | $ | 13 | |||||||||||||||||||||||||||
Interest rate swaps – cash flow hedges | $ | (4 | ) | $ | 2 | |||||||||||||||||||||||||||
Fuel Derivatives Outstanding | ' | |||||||||||||||||||||||||||||||
At February 28, 2014, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows: | ||||||||||||||||||||||||||||||||
Maturities (a) | Transaction | Barrels | Weighted-Average | Weighted-Average | Percent of Estimated | |||||||||||||||||||||||||||
Dates | (in thousands) | Floor Prices | Ceiling Prices | Fuel Consumption | ||||||||||||||||||||||||||||
Covered | ||||||||||||||||||||||||||||||||
Fiscal 2014 (Q2-Q4) | ||||||||||||||||||||||||||||||||
November 2011 | 1,584 | $ | 85 | $ | 114 | |||||||||||||||||||||||||||
Feb-12 | 1,584 | $ | 88 | $ | 125 | |||||||||||||||||||||||||||
Jun-12 | 1,782 | $ | 71 | $ | 116 | |||||||||||||||||||||||||||
May-13 | 1,296 | $ | 85 | $ | 108 | |||||||||||||||||||||||||||
6,246 | 46% | |||||||||||||||||||||||||||||||
Fiscal 2015 | ||||||||||||||||||||||||||||||||
November 2011 | 2,160 | $ | 80 | $ | 114 | |||||||||||||||||||||||||||
Feb-12 | 2,160 | $ | 80 | $ | 125 | |||||||||||||||||||||||||||
Jun-12 | 1,236 | $ | 74 | $ | 110 | |||||||||||||||||||||||||||
Apr-13 | 1,044 | $ | 80 | $ | 111 | |||||||||||||||||||||||||||
May-13 | 1,884 | $ | 80 | $ | 110 | |||||||||||||||||||||||||||
8,484 | 46% | |||||||||||||||||||||||||||||||
Fiscal 2016 | ||||||||||||||||||||||||||||||||
Jun-12 | 3,564 | $ | 75 | $ | 108 | |||||||||||||||||||||||||||
Feb-13 | 2,160 | $ | 80 | $ | 120 | |||||||||||||||||||||||||||
Apr-13 | 3,000 | $ | 75 | $ | 115 | |||||||||||||||||||||||||||
8,724 | 47% | |||||||||||||||||||||||||||||||
Fiscal 2017 | ||||||||||||||||||||||||||||||||
Feb-13 | 3,276 | $ | 80 | $ | 115 | |||||||||||||||||||||||||||
Apr-13 | 2,028 | $ | 75 | $ | 110 | |||||||||||||||||||||||||||
Jan-14 | 1,800 | $ | 75 | $ | 114 | |||||||||||||||||||||||||||
7,104 | 38% | |||||||||||||||||||||||||||||||
Fiscal 2018 | ||||||||||||||||||||||||||||||||
Jan-14 | 2,700 | $ | 75 | $ | 110 | 15% | ||||||||||||||||||||||||||
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||
Feb. 28, 2014 | ||||||||||||||||||||
Text Block [Abstract] | ' | |||||||||||||||||||
Selected Information for Cruise and Tour and Other Segments | ' | |||||||||||||||||||
Selected information for our segments was as follows (in millions): | ||||||||||||||||||||
Three months ended February 28, | ||||||||||||||||||||
Revenues | Operating | Selling | Depreciation | Operating | ||||||||||||||||
expenses | and | and | income (loss) | |||||||||||||||||
administrative | amortization | |||||||||||||||||||
2014 | ||||||||||||||||||||
North America Cruise Brands | $ | 2,119 | $ | 1,533 | $ | 297 | $ | 235 | $ | 54 | ||||||||||
EAA Cruise Brands | 1,433 | 1,039 | 187 | 152 | 55 | |||||||||||||||
Cruise Support | 25 | 1 | 35 | 9 | (20 | ) | ||||||||||||||
Tour and Other | 8 | 15 | 2 | 8 | (17 | ) | ||||||||||||||
$ | 3,585 | $ | 2,588 | $ | 521 | $ | 404 | $ | 72 | |||||||||||
2013 | ||||||||||||||||||||
North America Cruise Brands | $ | 2,124 | $ | 1,530 | $ | 261 | $ | 228 | $ | 105 | ||||||||||
EAA Cruise Brands | 1,434 | 1,052 | 164 | 146 | 72 | |||||||||||||||
Cruise Support | 26 | 3 | 33 | 5 | (15 | ) | ||||||||||||||
Tour and Other | 9 | 14 | 2 | 10 | (17 | ) | ||||||||||||||
$ | 3,593 | $ | 2,599 | $ | 460 | $ | 389 | $ | 145 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Feb. 28, 2014 | ||||||||
Text Block [Abstract] | ' | |||||||
Basic and Diluted Earnings Per Share Computation | ' | |||||||
Our basic and diluted (loss) earnings per share were computed as follows (in millions, except per share data): | ||||||||
Three Months Ended February 28, | ||||||||
2014 | 2013 | |||||||
Net (loss) income for basic and diluted (loss) earnings per share | $ | (15 | ) | $ | 37 | |||
Weighted-average common and ordinary shares outstanding | 776 | 776 | ||||||
Dilutive effect of equity plans | — | 2 | ||||||
Diluted weighted-average shares outstanding | 776 | 778 | ||||||
Basic and diluted (loss) earnings per share | $ | (0.02 | ) | $ | 0.05 | |||
Anti-dilutive equity awards excluded from diluted (loss) earnings per share computations | 3 | 5 | ||||||
General_Details
General (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Taxes fees and port expenses collected by us from our guests | $137 | $139 |
Cost of Property Repairs and Maintenance | $248 | $225 |
Unsecured_Debt_Additional_Info
Unsecured Debt - Additional Information (Detail) (USD $) | 3 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 |
Unsecured Floating Rate Bank Loan [Member] | Euro Denominated [Member] | Euro Denominated [Member] | United States Dollar Denominated Debt [Member] | United States Dollar Denominated Debt [Member] | Commercial Paper [Member] | |
Unsecured Floating Rate Bank Loan [Member] | Unsecured Floating Rate Bank Loan [Member] | Unsecured Floating Rate Bank Loan [Member] | Unsecured Floating Rate Bank Loan [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | 0.40% |
Debt Instrument Maturity Month Year | 'October 2014 | 'September 2014 | ' | ' | ' | ' |
Long-term debt | ' | ' | $139 | $200 | $150 | ' |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Contingencies [Line Items] | ' | ' |
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB | ' | ' |
Lease Out And Lease Back Type Transactions | ' | ' |
Contingencies [Line Items] | ' | ' |
Estimated contingent obligations | 389 | ' |
Estimated termination payment in the event that Carnival Corporation were to default on its contingent obligations and assuming performance by all other participants | 30 | ' |
Required standby letter of credit if Carnival Corporation's credit rating falls below BBB | $34 | ' |
Fair_Value_Measurements_Deriva2
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on Recurring Basis (Detail) (Financial Instruments Not Measured at Fair Value on a Recurring Basis, USD $) | Feb. 28, 2014 | Nov. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Carrying Value | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | $233 | [1] | $349 | [1] |
Long-term other assets | 114 | 110 | ||
Total | 347 | 459 | ||
Liabilities | ' | ' | ||
Total | 9,610 | 9,560 | ||
Carrying Value | Fixed Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 5,508 | [2] | 5,574 | [2] |
Carrying Value | Floating Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 4,102 | [2] | 3,986 | [2] |
Fair Value | Level 1 | ' | ' | ||
Assets | ' | ' | ||
Cash and cash equivalents | 233 | [1] | 349 | [1] |
Long-term other assets | 1 | 1 | ||
Total | 234 | 350 | ||
Fair Value | Level 2 | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | 56 | 58 | ||
Total | 56 | 58 | ||
Liabilities | ' | ' | ||
Total | 9,987 | 9,938 | ||
Fair Value | Level 2 | Fixed Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 5,901 | [2] | 5,941 | [2] |
Fair Value | Level 2 | Floating Rate | ' | ' | ||
Liabilities | ' | ' | ||
Debt | 4,086 | [2] | 3,997 | [2] |
Fair Value | Level 3 | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | 52 | 50 | ||
Total | $52 | $50 | ||
[1] | Cash and cash equivalents are comprised of cash on hand, and at November 30, 2013, also include time deposits and, due to their short maturities, the carrying values approximate their fair values. | |||
[2] | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at FebruaryB 28, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At FebruaryB 28, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at FebruaryB 28, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. |
Fair_Value_Measurements_Deriva3
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And (Liabilities) Measured at Fair Value on Recurring Basis (Detail) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Derivative financial instruments | $110 | $137 | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 104 | 108 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | ' | ' | ||
Assets | ' | ' | ||
Total | 329 | 254 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Money market funds | ' | ' | ||
Assets | ' | ' | ||
Cash equivalents | 188 | [1] | 113 | [1] |
Restricted cash | 29 | [2] | 28 | [2] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Marketable securities held in rabbi trusts | ' | ' | ||
Assets | ' | ' | ||
Marketable securities held in rabbi trusts | 112 | [3] | 113 | [3] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | ' | ' | ||
Assets | ' | ' | ||
Total | 47 | 70 | ||
Liabilities | ' | ' | ||
Total | 31 | 31 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Marketable securities held in rabbi trusts | ' | ' | ||
Assets | ' | ' | ||
Marketable securities held in rabbi trusts | 10 | [3] | 10 | [3] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ' | ' | ||
Assets | ' | ' | ||
Derivative financial instruments | 37 | [4] | 60 | [4] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments | ' | ' | ||
Liabilities | ' | ' | ||
Derivative financial instruments | 31 | [4] | 31 | [4] |
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | ' | ' | ||
Assets | ' | ' | ||
Total | 20 | 17 | ||
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Long-term other assets | ' | ' | ||
Assets | ' | ' | ||
Long-term other assets | $20 | [5] | $17 | [5] |
[1] | Cash equivalents are comprised of money market funds. | |||
[2] | Restricted cash is primarily comprised of money market funds. | |||
[3] | At February 28, 2014, marketable securities held in rabbi trusts were substantially comprised of Level 1 bonds and frequently-priced mutual funds invested in common stocks and Level 2 other investments. At November 30, 2013, marketable securities held in rabbi trusts were principally comprised of Level 1 frequently-priced mutual funds invested in common stocks and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans. | |||
[4] | See bDerivative Instruments and Hedging Activitiesb section below for detailed information regarding our derivative financial instruments. | |||
[5] | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input.B During the three months ended February 28, 2014, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit. |
Fair_Value_Measurements_Deriva4
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Goodwill [Roll Forward] | ' |
Beginning Balance | $3,210 |
Foreign currency translation adjustment | 16 |
Ending Balance | 3,226 |
North America Cruise Brands | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,898 |
Foreign currency translation adjustment | ' |
Ending Balance | 1,898 |
EAA Cruise Brands | ' |
Goodwill [Roll Forward] | ' |
Beginning Balance | 1,312 |
Foreign currency translation adjustment | 16 |
Ending Balance | $1,328 |
Fair_Value_Measurements_Deriva5
Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Indefinite-lived Intangible Assets [Roll Forward] | ' |
Beginning Balance | $1,286 |
Foreign currency translation adjustment | 4 |
Ending Balance | 1,290 |
North America Cruise Brands | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' |
Beginning Balance | 927 |
Foreign currency translation adjustment | ' |
Ending Balance | 927 |
EAA Cruise Brands | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' |
Beginning Balance | 359 |
Foreign currency translation adjustment | 4 |
Ending Balance | $363 |
Fair_Value_Measurements_Deriva6
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Detail) | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Jul. 31, 2012 | Feb. 28, 2014 | Nov. 30, 2013 | Jul. 31, 2012 | Feb. 28, 2014 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | ||||||||||||||||||||||
In Millions, unless otherwise specified | USD ($) | USD ($) | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Net investment hedges | Foreign currency zero cost collars | Foreign currency zero cost collars | Foreign currency zero cost collars | Foreign currency zero cost collars | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Fuel | Fuel | Fuel | Fuel | Fuel | Fuel | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Maximum | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | ||||||||||||||||||||||
USD ($) | USD ($) | Other assets - long-term | Other assets - long-term | Accrued liabilities and other | Accrued liabilities and other | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Accrued liabilities and other | Accrued liabilities and other | Other long-term liabilities | Other long-term liabilities | Prepaid expenses and other | Prepaid expenses and other | Other assets - long-term | Other assets - long-term | Other long-term liabilities | Other long-term liabilities | Interest rate swaps | Interest rate swaps | Interest rate swaps | Cash Flow Hedging [Member] | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Derivative, Average Cap Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.83 | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Derivative Instruments in Hedges, Net Investment in Foreign Operations, Assets, Fair Value | ' | ' | $103 | $578 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Interest Rate Cash Flow Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900 | 909 | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Foreign Currency Cash Flow Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 306 | ' | ' | ' | ' | ||||||||||||||||||||||
Interest Rate Fair Value Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||
Derivative assets designated as hedging instruments | 8 | 16 | ' | ' | 1 | [1] | 2 | [1] | ' | ' | 6 | [2] | ' | [2] | ' | [2] | 8 | [2] | 1 | [3] | 1 | [3] | ' | [3] | 5 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Derivative assets not designated as hedging instruments | 29 | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | [4] | 14 | [4] | 19 | [4] | 30 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Derivative, Fair Value, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31 | 31 | 37 | 60 | ||||||||||||||||||||||
Derivative liabilities designated as hedging instruments | 29 | 30 | ' | ' | ' | ' | ' | [1] | 4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 14 | [3] | 13 | [3] | 15 | [3] | 13 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Derivative liabilities not designated as hedging instruments | $2 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | [4] | $1 | [4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
[1] | At FebruaryB 28, 2014 and November 30, 2013, we had foreign currency forwards totaling $103 million and $578 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At FebruaryB 28, 2014, these outstanding foreign currency forwards mature through July 2017. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | At FebruaryB 28, 2014 and November 30, 2013, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See bNewbuild Currency Risksb below for additional information regarding these derivatives. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At FebruaryB 28, 2014 and November 30, 2013, these interest rate swap agreements effectively changed $900 million and $909 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at FebruaryB 28, 2014 and November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | At FebruaryB 28, 2014, we had fuel derivatives consisting of zero cost collars on Brent crude oil (bBrentb) to cover a portion of our estimated fuel consumption through 2018. See bFuel Price Risksb below for additional information regarding these fuel derivatives. At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2017. |
Fair_Value_Measurements_Deriva7
Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Parenthetical) (Detail) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Feb. 28, 2014 | Nov. 30, 2013 | ||
Cash Flow Hedging | Us Dollar [Member] | Maximum | Fuel Derivatives Twenty Eighteen Maturity Jan Twenty Fourteen Transaction [Domain] | Maturing In July Twenty Seventeen [Member] | ||
Interest rate swaps | Interest rate swaps | Maximum | ||||
Fair Value Hedging [Member] | Cash Flow Hedging | Net Investment Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | |
Derivative Inception Month And Year | ' | ' | ' | '2014-01 | [1] | ' |
Maturity Of Foreign Currency Derivatives Month And Year | ' | ' | ' | ' | '2017-07 | |
Derivative Maturity Month And Year | '2015-02 | '2016-02 | '2025-03 | ' | ' | |
[1] | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Fair_Value_Measurements_Deriva8
Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Derivative Instruments [Line Items] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $110 | $137 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | -73 | -77 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | -3 | -7 |
Derivative Asset | 34 | 53 |
Derivative Liability, Fair Value, Gross Liability | 104 | 108 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -73 | -77 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -3 | -7 |
Derivative Liability | 28 | 24 |
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Offsetting Derivative Instruments [Line Items] | ' | ' |
Derivative, Fair Value, Net | 31 | 31 |
Derivative Financial Instruments, Assets [Member] | ' | ' |
Offsetting Derivative Instruments [Line Items] | ' | ' |
Derivative, Fair Value, Net | $37 | $60 |
Fair_Value_Measurements_Deriva9
Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Detail) (Designated as hedging instruments, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Net Investment Hedging [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | $2 | ($3) |
Foreign Exchange Option [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | -3 | 13 |
Interest rate swaps | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income | ($4) | $2 |
Recovered_Sheet1
Fair Value Measurements, Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 3 Months Ended | ||||||
Feb. 28, 2014 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2014 | Jul. 31, 2012 | Jul. 31, 2012 | Jul. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Foreign Currency Intercompany Payable | Minimum | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
USD ($) | USD ($) | Maximum | Minimum | |||||
USD ($) | USD ($) | |||||||
Fair Value, Measurement Inputs, Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | $153,000,000 | ' | ' | ' | ' | ' | ' | ' |
Derivative asset, cash collateral netting threshold, fair value | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Designated debt and other obligations as non-derivative hedges of net investments in foreign operations | ' | ' | ' | 2,200,000,000 | ' | ' | ' | ' |
Cumulative foreign currency transaction gains and (losses) included in the cumulative translation adjustment component of AOCI | 194,000,000 | ' | 234,000,000 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -40,000,000 | 89,000,000 | ' | ' | ' | ' | ' | ' |
Derivative, Average Cap Price | ' | ' | ' | ' | ' | 0.83 | ' | ' |
Foreign Currency Cash Flow Hedge Asset at Fair Value | ' | ' | ' | ' | ' | ' | 306,000,000 | 284,000,000 |
Weighted-average floor rate (GBP per Euro in July) | ' | ' | ' | ' | ' | 0.77 | ' | ' |
Foreign currency contract commitments | $1,300,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of debt bore fixed interest rates, including the effect of interest rate swaps | 62.00% | ' | 59.00% | ' | ' | ' | ' | ' |
Percentage of debt bore floating interest rates, including the effect of interest rate swaps | 38.00% | ' | 41.00% | ' | ' | ' | ' | ' |
Recovered_Sheet2
Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Detail) | 3 Months Ended | |
Feb. 28, 2014 | ||
bbl | ||
Fuel Derivatives 2014 Maturity November 2011 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,584,000 | [1] |
Weighted-Average Floor Price | 85 | [1] |
Weighted-Average Ceiling Price | 114 | [1] |
Derivative Inception Month And Year | '2011-11 | [1] |
Fuel Derivatives 2014 Maturity February 2012 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,584,000 | [1] |
Weighted-Average Floor Price | 88 | [1] |
Weighted-Average Ceiling Price | 125 | [1] |
Derivative Inception Month And Year | '2012-02 | [1] |
Fuel Derivatives 2014 Maturity June 2012 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,782,000 | [1] |
Weighted-Average Floor Price | 71 | [1] |
Weighted-Average Ceiling Price | 116 | [1] |
Derivative Inception Month And Year | '2012-06 | [1] |
Fuel Derivatives 2014 Maturity May 2013 Transaction | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,296,000 | [1] |
Weighted-Average Floor Price | 85 | [1] |
Weighted-Average Ceiling Price | 108 | [1] |
Derivative Inception Month And Year | '2013-05 | [1] |
Fuel Derivatives 2014 Maturity | ' | |
Derivative [Line Items] | ' | |
Barrels | 6,246,000 | [1] |
Percent of Estimated Fuel Consumption | 46.00% | [1] |
Fuel Derivatives 2015 Maturity November 2011 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 2,160,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 114 | [1] |
Derivative Inception Month And Year | '2011-11 | [1] |
Fuel Derivatives 2015 Maturity February 2012 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 2,160,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 125 | [1] |
Derivative Inception Month And Year | '2012-02 | [1] |
Fuel Derivatives 2015 Maturity June 2012 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,236,000 | [1] |
Weighted-Average Floor Price | 74 | [1] |
Weighted-Average Ceiling Price | 110 | [1] |
Derivative Inception Month And Year | '2012-06 | [1] |
Fuel Derivatives 2015 Maturity April 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,044,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 111 | [1] |
Derivative Inception Month And Year | '2013-04 | [1] |
Fuel Derivatives 2015 Maturity May 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,884,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 110 | [1] |
Derivative Inception Month And Year | '2013-05 | [1] |
Fuel Derivatives 2015 Maturity | ' | |
Derivative [Line Items] | ' | |
Barrels | 8,484,000 | [1] |
Percent of Estimated Fuel Consumption | 46.00% | |
Fuel Derivatives 2016 Maturity June 2012 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 3,564,000 | [1] |
Weighted-Average Floor Price | 75 | [1] |
Weighted-Average Ceiling Price | 108 | [1] |
Derivative Inception Month And Year | '2012-06 | [1] |
Fuel Derivatives 2016 Maturity February 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 2,160,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 120 | [1] |
Derivative Inception Month And Year | '2013-02 | [1] |
Fuel Derivatives 2016 Maturity April 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 3,000,000 | [1] |
Weighted-Average Floor Price | 75 | [1] |
Weighted-Average Ceiling Price | 115 | [1] |
Derivative Inception Month And Year | '2013-04 | [1] |
Fuel Derivatives 2016 Maturity | ' | |
Derivative [Line Items] | ' | |
Barrels | 8,724,000 | [1] |
Percent of Estimated Fuel Consumption | 47.00% | [1] |
Fuel Derivatives 2017 Maturity February 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 3,276,000 | [1] |
Weighted-Average Floor Price | 80 | [1] |
Weighted-Average Ceiling Price | 115 | [1] |
Derivative Inception Month And Year | '2013-02 | [1] |
Fuel Derivatives 2017 Maturity April 2013 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 2,028,000 | [1] |
Weighted-Average Floor Price | 75 | [1] |
Weighted-Average Ceiling Price | 110 | [1] |
Derivative Inception Month And Year | '2013-04 | [1] |
Fuel Derivatives 2017 Maturity Date January 2014 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Barrels | 1,800,000 | [1] |
Weighted-Average Floor Price | 75 | |
Weighted-Average Ceiling Price | 114 | |
Derivative Inception Month And Year | '2014-01 | [1] |
Fuel Derivatives 2017 Maturity | ' | |
Derivative [Line Items] | ' | |
Barrels | 7,104,000 | [1] |
Percent of Estimated Fuel Consumption | 38.00% | [1] |
Fuel Derivatives 2018 Maturity January 2014 Transaction Date | ' | |
Derivative [Line Items] | ' | |
Weighted-Average Floor Price | 75 | |
Weighted-Average Ceiling Price | 110 | |
Fuel Derivatives 2018 Maturity | ' | |
Derivative [Line Items] | ' | |
Barrels | 2,700,000 | [1] |
Percent of Estimated Fuel Consumption | 15.00% | [1] |
[1] | Fuel derivatives mature evenly over each month within the above fiscal periods. |
Segment_Information_Selected_I
Segment Information Selected Information for Cruise and Tour and Other Segments (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 | |
Segment | |||
Segment Reporting Information [Line Items] | ' | ' | |
Number of Reportable Segments | 3 | ' | |
Revenues | $3,585 | $3,593 | |
Operating expenses | 2,588 | 2,599 | |
Selling and administrative | 521 | 460 | |
Depreciation and amortization | 404 | 389 | |
Operating income | 72 | 145 | |
North America Cruise Brands | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Revenues | 2,119 | 2,124 | |
Operating expenses | 1,533 | 1,530 | |
Selling and administrative | 297 | 261 | |
Depreciation and amortization | 235 | 228 | |
Operating income | 54 | 105 | |
EAA Cruise Brands | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Revenues | 1,433 | 1,434 | |
Operating expenses | 1,039 | 1,052 | |
Selling and administrative | 187 | 164 | |
Depreciation and amortization | 152 | 146 | |
Operating income | 55 | 72 | [1] |
Cruise Support | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Revenues | 25 | 26 | |
Operating expenses | 1 | 3 | |
Selling and administrative | 35 | 33 | |
Depreciation and amortization | 9 | 5 | |
Operating income | -20 | -15 | |
Tour and Other | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Revenues | 8 | 9 | |
Operating expenses | 15 | 14 | |
Selling and administrative | 2 | 2 | |
Depreciation and amortization | 8 | 10 | |
Operating income | ($17) | ($17) | |
[1] | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at FebruaryB 28, 2014 and November 30, 2013 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At FebruaryB 28, 2014 and November 30, 2013, the net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at FebruaryB 28, 2014 and November 30, 2013, being higher and slightly lower, respectively, than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt. |
Earnings_Per_Share_Basic_and_D
Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Feb. 28, 2013 |
Disclosure Basic And Diluted Earnings Per Share Computation [Abstract] | ' | ' |
Net (Loss) Income | ($15) | $37 |
Weighted-average common and ordinary shares outstanding | 776 | 776 |
Dilutive effect of equity plans | 0 | 2 |
Diluted weighted-average shares outstanding | 776 | 778 |
(Loss) Earnings Per Share, Basic and Diluted | ($0.02) | $0.05 |
Anti-dilutive equity awards excluded from diluted (loss) earnings per share computations | 3 | 5 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2014 |
Subsequent Event [Line Items] | ' |
Gain (Loss) on Disposition of Property Plant Equipment | $37 |
Costa Voyager [Member] | ' |
Subsequent Event [Line Items] | ' |
Impairment of Long-Lived Assets to be Disposed of | $73 |