Shareholder's Equity

9 Months Ended

Aug. 31, 2016

Shareholder's Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

During the nine months ended August 31, 2016, we repurchased 43.6 million shares of Carnival Corporation common stock for $2.1 billion under our general repurchase authorization program (“Repurchase Program”). On June 27, 2016, our Board of Directors increased the authorization under our Repurchase Program by $1.0 billion. From September 1, 2016 through September 23, 2016, we repurchased 2.3 million shares of Carnival Corporation common stock for $107 million under the Repurchase Program. Accordingly, at September 23, 2016, the remaining availability under the Repurchase Program was $531 million.

During the nine months ended August 31, 2016, Carnival Investments Limited (“CIL”), a subsidiary of Carnival Corporation, sold 891,000 of Carnival plc ordinary shares for net proceeds of $40 million. Substantially all of the net proceeds from these sales were used to purchase 891,000 shares of Carnival Corporation common stock. Pursuant to our Stock Swap Program, Carnival Corporation sold these Carnival plc ordinary shares owned by CIL only to the extent it was able to repurchase shares of Carnival Corporation common stock in the U.S. on at least an equivalent basis.

During the nine months ended August 31, 2016, our Board of Directors declared a 17% dividend increase to holders of Carnival Corporation common stock and Carnival plc ordinary shares from $0.30 per share to $0.35 per share.