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Unsecured Debt (Tables)
 12 Months Ended
Nov. 30, 2015
Debt Disclosure [Abstract]  
Long-Term Debt and Short-Term Borrowings
Long-term debt and short-term borrowings consisted of the following (in millions):
 
 
November 30, 2015
 
November 30,
 
Interest Rates
 
Maturities Through
 
2015 (a)

 
2014 (a)

Long-Term Debt
 
 
 
 
 
 
 
Export Credit Facilities
 
 
 
 
 
 
 
Fixed rate (b)
4.2% to 5.5%
 
2020
 
$
1,032

 
$
1,358

Euro fixed rate (b)
3.8% to 4.5%
 
2025
 
261

 
340

Floating rate (c)
1.5%
 
2026
 
688

 
1,031

Euro floating rate (b) (d)
0.1% to 0.9%
 
2027
 
1,864

 
1,909

Bank Loans
 
 
 
 
 
 
 
Euro fixed rate (b)
3.9%
 
2021
 
160

 
221

Floating rate (b)
0.8% to 1.3%
 
2019
 
800

 
800

Euro floating rate (b) (e)
0.7%
 
2018
 
212

 
249

Private Placement Notes
 
 
 
 
 
 
 
Fixed rate
6.0%
 
2016
 
42

 
116

Euro fixed rate (b)
7.0% to 7.3%
 
2018
 
130

 
153

Publicly-Traded Notes
 
 
 
 
 
 
 
Fixed rate
1.2% to 7.2%
 
2028
 
2,219

 
2,219

Euro fixed rate (f)
1.1% to 1.9%
 
2022
 
1,324

 
—

Other
5.5% to 7.3%
 
2030
 
25

 
26

Short-Term Borrowings
 
 
 
 
 
 
 
Floating rate commercial paper (g)
—%
 
2016
 
—

 
653

Euro floating rate bank loans (g)
1.2%
 
2016
 
30

 
13

Total Debt

 

 
8,787

 
9,088

Less short-term borrowings

 

 
(30
)
 
(666
)
Less current portion of long-term debt

 

 
(1,344
)
 
(1,059
)
Total Long-term Debt

 

 
$
7,413

 
$
7,363

 
(a)
The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2015, 50% and 50% (67% and 33% at November 30, 2014) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. At November 30, 2015, 60% and 40% (52% and 48% at November 30, 2014) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 11) could become due, and all debt and derivative contracts could be terminated. At November 30, 2015, we were in compliance with all of our debt covenants.
(b)
Includes $2.0 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.
(c)
In 2015, we repaid $225 million outstanding under a floating rate export credit facility prior to its maturity through 2025 (see (e) below).
(d)
In 2015, we borrowed $472 million under a euro-denominated, floating rate export credit facility, the proceeds of which were used to pay for a portion of P&O Cruises (UK)'s Britannia purchase price. This debt is due in semi-annual installments through February 2027.
(e)
In 2015, we borrowed $225 million under a euro-denominated, floating rate bank loan, which is due in October 2018. We used the net proceeds of this loan to prepay an equivalent amount outstanding under a floating rate export credit facility prior to its maturity.
(f)
In 2015, we issued $753 million and $591 million of euro-denominated, publicly-traded notes, which bear interest at 1.125% and 1.875% and are due in November 2019 and November 2022, respectively. We are using the net proceeds for general corporate purposes.
(g)
The interest rate associated with our floating rate short-term borrowings represents an aggregate weighted-average interest rate.
Scheduled Annual Maturities of Debt

At November 30, 2015, the scheduled annual maturities of our debt were as follows (in millions):
 
 
Fiscal
 
 
 
 
 
2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
Short-term borrowings
$
30

 
 
 
 
 
 
 
 
 
 
 
$
30

Long-term debt
$
1,344

 
$
1,007

 
$
1,477

 
$
1,400

 
$
1,110

 
$
2,419

 
$
8,757

 
$
1,374

 
$
1,007

 
$
1,477

 
$
1,400

 
$
1,110

 
$
2,419

 
$
8,787
Committed Ship Financings
At November 30, 2015, our committed ship financings are as follows:
 
Cruise Brands and Ships
Fiscal Year
Available for
Funding
 
Amount
 
 
 
(in millions)
North America
 
 
 
Carnival Cruise Line
 
 
 
Carnival Vista (a)
2016
 
$
520

Newbuild (b)
2018
 
478

Holland America Line
 
 
 
Koningsdam (a)
2016
 
408

Newbuild (b)
2018
 
380

Princess
 
 
 
Majestic Princess (b)
2017
 
478

Seabourn
 
 
 
Seabourn Encore (b)
2016
 
190

Seabourn Ovation (b)
2018
 
193

North America Cruise Brands
 
 
2,647

EAA
 
 
 
AIDA
 
 
 
AIDAprima
2016
 
371

Newbuild
2017
 
360

Newbuild (b)
2018
 
768

Newbuild (b)
2020
 
785

Costa
 
 
 
Newbuild (b)
2019
 
776

Newbuild (b)
2020
 
785

EAA Cruise Brands
 
 
3,845

 
 
 
$
6,492

(a) Euro-denominated.
(b) We have the option to draw in either U.S. dollars or euros.