8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 31, 2020

Carnival Corporation				Carnival plc
(Exact name of registrant as specified in its charter)				(Exact name of registrant as specified in its charter)
Republic of Panama				England and Wales
(State or other jurisdiction of incorporation)				(State or other jurisdiction of incorporation)
001-9610				001-15136
(Commission File Number)				(Commission File Number)
59-1562976				98-0357772
(IRS Employer Identification No.)				(IRS Employer Identification No.)
3655 N.W. 87th Avenue				Carnival House, 100 Harbour Parade,
Miami,	Florida	33178-2428		Southampton	SO15 1ST,	United Kingdom
(Address of principal executive offices) (Zip Code)				(Address of principal executive offices) (Zip Code)

(305)	599-2600	011	44 23 8065 5000
(Registrant’s telephone number, including area code)		(Registrant’s telephone number, including area code)
None		None
(Former name or former address,  if changed since last report.)		(Former name, former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock ($0.01 par value)	CCL	New York Stock Exchange, Inc.
Ordinary Shares each represented by American Depositary Shares ($1.66 par value), Special Voting Share, GBP 1.00 par value and Trust Shares of beneficial interest in the P&O Princess Special Voting Trust	CUK	New York Stock Exchange, Inc.
1.625% Senior Notes due 2021	CCL21	New York Stock Exchange LLC
1.875% Senior Notes due 2022	CUK22	New York Stock Exchange LLC
1.000% Senior Notes due 2029	CUK29	New York Stock Exchange LLC

Indicate by check mark whether the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2) of this chapter).

Emerging growth companies ☐    

If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 8 - Other Events

Item 8.01 Other Events.

On March 31, 2020, Carnival Corporation & plc provided an update regarding its liquidity and management’s plans in anticipation of additional financing transactions. In light of this update, Carnival Corporation & plc updated its risk factors by providing an additional risk factor set forth below.

Additionally, in Exhibit 99.1 to this Current Report on Form 8-K (i) Carnival Corporation & plc updated Note 2 of its consolidated financial statements (“Financial Statements”) in its Annual Report on Form 10-K for the year ended November 30, 2019 (the “2019 Form 10-K”) to add a “Liquidity and Management’s Plans” discussion and (ii) Carnival Corporation & plc’s independent registered public accounting firm, reissued its report to include an emphasis-of-matter paragraph. Other than as described in the preceding sentence, Exhibit 99.1 does not revise, modify, update or otherwise affect the 2019 Form 10-K, including the Financial Statements.

Together with their consolidated subsidiaries, Carnival Corporation and plc are referred to collectively in report as the “Company,” “our,” “us” and “we.”

Update on Liquidity and Management's Plans

Due to the spread of COVID-19 and the effects of growing port restrictions around the world, the Company previously announced a voluntary pause of our global fleet cruise operations. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have, a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak. We have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive regarding the impact of such a cessation on our brands and future prospects is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with reasonable certainty, but we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020.

In March 2020, Moody’s and S&P Global downgraded our long-term issuer and senior unsecured debt ratings. In addition, our long-term ratings were placed on review for further downgrade by both rating agencies. Our short-term commercial paper credit ratings were also placed on review for downgrade. If our credit ratings were to be further downgraded, our access to, and cost of, debt financing may be negatively impacted.

On March 13, 2020, we fully drew down our $3 billion Facility.

At November 30, 2019, we were in compliance with all of our debt covenants. After considering the effect of COVID-19 on our consolidated EBITDA, we can remain in compliance with our current minimum debt service coverage ratio that requires a minimum of 3:1 ratio of EBITDA to Consolidated Net Interest Charges. If we secure additional financing that would cause us not to be in compliance with the covenant, we would have to seek to amend these or other covenants. However, no assurances can be made that such amendments will be approved by our lenders. 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 could become due, and all debt and derivative contracts could be terminated, which could have a material adverse impact to our operations and liquidity.

We are taking further actions to improve our liquidity, including capital expenditure and operating expense reductions, suspending dividend payments on, and the repurchase of, the common stock of Carnival Corporation and the ordinary shares of Carnival plc and pursuing additional financing. Based on these actions and assumptions regarding the impact of COVID-19, we have concluded that we will be able to generate sufficient liquidity to satisfy our obligations and remain in compliance with our existing debt covenants for the next twelve months prior to giving effect to any additional financing, which may occur.

Update to Risk Factors

The following risk factor is provided to update the risk factors of the Company previously disclosed in periodic reports filed with the SEC, including its 2019 Form 10-K.

• COVID-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations, which impacts our ability to obtain acceptable financing to fund resulting reductions in cash from operations. The current, and uncertain future, impact of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price.

The spread of COVID-19 and the recent developments surrounding the global pandemic are having material negative impacts on all aspects of our business. We have implemented a voluntary pause of our global fleet cruise operations across all brands and such pause may be prolonged. As of March 31, 2020, substantially all our ships are at port and all are expected to dock by the end of April. In addition, we have been, and will continue to be further, negatively impacted by related developments, including heightened governmental regulations and travel advisories, including recommendations by the U.S. Department of State and the Centers for Disease Control and Prevention, and travel bans and restrictions, each of which has impacted, and is expected to continue to significantly impact, global guest sourcing and our access to various ports of call.

To date we have incurred, and expect to continue to incur, significant costs as we bring currently ongoing cruises to a conclusion, provide air transportation to return our passengers to their home destinations and assist some of our crew that is, or will be upon docking, unable to return home, with food and housing. We will continue to incur COVID-19 related costs as we sanitize our ships and implement additional hygiene-related protocol to our ships. In addition, the industry may be subject to enhanced health and hygiene requirements in attempts to counteract future outbreaks, which requirements may be costly and take a significant amount of time to implement across our global fleet cruise operations.

Due to the outbreak of COVID-19 on some of our ships, and the resulting illness and loss of life in certain instances, we have been the subject of negative publicity which could have a long term impact on the appeal of our brands, which would diminish demand for vacations on our vessels. We cannot predict how long the negative impact of recent media attention on our brands will last, or the level of investment that will be required to address the concerns of potential travelers through marketing and pricing actions.

We have received, and expect to continue to receive, lawsuits from passengers aboard the Grand Princess voyage in February 2020. We may receive additional lawsuits stemming from COVID-19. We cannot predict the quantum or outcome of any such proceedings and the impact that they will have on our financial results, but any such impact may be material. We also remain subject to extensive, complex, and closely monitored obligations under the court-ordered environmental compliance plan supervised by the U.S. District Court for the Southern District of Florida, as a result of the previously disclosed settlement agreement relating to the violation of probation conditions for a plea agreement entered into by Princess Cruises and the U.S. Department of Justice in 2016. We remain fully committed to satisfying those obligations. However, COVID-19 presents enormous challenges for the Company, which could result in material adverse impacts.

We have insurance coverage for certain liabilities, costs and expenses related to COVID-19 through our participation in Protection and Indemnity (“P&I”) clubs, including coverage for direct and incremental costs including, but not limited to, certain quarantine expenses and for certain liabilities to passengers and crew. P&I clubs are mutual indemnity associations owned by members. There is a $10 million deductible per occurrence (meaning per outbreak on a particular ship). We cannot assure you that we will receive insurance proceeds that will compensate us fully for our liabilities, costs and expenses under these policies. We have no insurance coverage for loss of revenues or earnings from our ships or other operations.

We have a total of 16 cruise ships scheduled to be delivered through 2025, including four during the remainder of fiscal 2020. We believe the effects of COVID-19 on the shipyards where our ships are under construction will result in a delay in ship deliveries, which we cannot predict and may be prolonged.

We cannot predict when any of our ships will begin to sail again and ports will reopen to our ships. Moreover, even once travel advisories and restrictions are lifted, demand for cruises may remain weak for a significant length of time and we cannot predict if and when each brand will return to pre-outbreak demand or fare pricing. In particular, our bookings may be negatively impacted by the adverse changes in the perceived or actual economic climate, including higher unemployment rates, declines in income levels and loss of personal wealth resulting from the impact of COVID-19. In addition, we cannot predict the impact COVID-19 will have on our partners, such as travel agencies, suppliers and other vendors. We may be adversely impacted as a result of the adverse impact our partners suffer.

We have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive regarding the impact of such a cessation on our brands and future prospects is uncertain. In particular, we cannot predict the impact on our financial performance and our cash flows required for cash refunds of deposits as a result of the pause in our global fleet cruise operations, which may be prolonged, and the public’s concern regarding the health and safety of travel, especially

by cruise ship, and related decreases in demand for travel and cruising. Moreover, our ability to attract and retain guests and crew depends, in part, upon the perception and reputation of our company and our brands and the public’s concerns regarding the health and safety of travel generally, as well as regarding the cruising industry and our ships specifically. As a result, we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020, and our ability to forecast our cash inflows and additional capital needs is hampered.

As a result of all of the foregoing, we may be required to raise additional capital and our access to and cost of financing will depend on, among other things, global economic conditions, conditions in the global financing markets, the availability of sufficient amounts of financing, our prospects and our credit ratings. As a result of COVID-19, in March 2020, Moody's and S&P Global downgraded our long-term issuer and senior unsecured debt ratings. In addition, our long-term ratings were placed on review for further downgrade by both rating agencies. Our short-term commercial paper credit ratings were also placed on review for downgrade. If our credit ratings were to be further downgraded, or general market conditions were to ascribe higher risk to our rating levels, our industry, or us, our access to capital and the cost of any debt financing will be further negatively impacted. In addition, the terms of future debt agreements could include more restrictive covenants, or require incremental collateral, which may further restrict our business operations or be unavailable due to our covenant restrictions then in effect. There is no guarantee that debt financings will be available in the future to fund our obligations, or that they will be available on terms consistent with our expectations. Additionally, the impact of COVID-19 on the financial markets is expected to adversely impact our ability to raise funds through equity financings.

In addition, the COVID-19 outbreak has significantly increased economic and demand uncertainty. The current outbreak and continued spread of COVID-19 could cause a global recession, which would have a further adverse impact on our financial condition and operations. In past recessions, demand for our cruise vacations has been significantly negatively impacted which has resulted in lower occupancy rates and adverse pricing, with a corresponding increase in the use of credits and other means to attract travelers. Current economic forecasts for significant increases in unemployment in the U.S. and other regions due to the adoption of social distancing and other policies to slow the spread of the virus is likely to have a negative impact on booking demand for our global fleet cruise operations once our operations resume, and these impacts could exist for an extensive period of time.

The extent of the effects of the outbreak on our business and the cruising industry at large is highly uncertain and will ultimately depend on future developments, including, but not limited to, the duration and severity of the outbreak, the length of time it takes for demand and pricing to return and normal economic and operating conditions to resume. To the extent COVID-19 adversely affects our business, operations, financial condition and operating results, it may also have the effect of heightening many of the other risks described in this “Risk Factors” section (including those described in the Annual Report, which is incorporated by reference in this offering memorandum), such as those relating to our high level of indebtedness, our need to generate sufficient cash flows to service our indebtedness, and our ability to comply with the covenants contained in the agreements that govern our indebtedness.

Cautionary Note Concerning Factors That May Affect Future Results

Some of the statements, estimates or projections contained in this document are “forward-looking statements” that involve risks, uncertainties and assumptions with respect to us, including some statements concerning future results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,” “goal,” “anticipate,” “forecast,” “project,” “future,” “intend,” “plan,” “estimate,” “target,” “indicate,” “outlook,” and similar expressions of future intent or the negative of such terms.

Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:

•    Net revenue yields	•    Net cruise costs, excluding fuel per available lower berth day
•    Booking levels	•    Estimates of ship depreciable lives and residual values
•    Pricing and occupancy	•    Goodwill, ship and trademark fair values
•    Interest, tax and fuel expenses	•    Liquidity
•    Currency exchange rates	•    Adjusted earnings per share

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. Additionally, many of these risks and uncertainties are currently amplified by and will continue to be amplified by, or in the future may be amplified by, the COVID-19 outbreak. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following:

• COVID-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations, which impacts our ability to obtain acceptable financing to fund resulting reductions in cash from operations. The current, and uncertain future, impact of the COVID-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price

• World events impacting the ability or desire of people to travel may lead to a decline in demand for cruises

• Incidents concerning our ships, guests or the cruise vacation industry as well as adverse weather conditions and other natural disasters may impact the satisfaction of our guests and crew and lead to reputational damage

• Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-corruption, economic sanctions, trade protection and tax may lead to litigation, enforcement actions, fines, penalties, and reputational damage

• Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and lead to reputational damage

• Ability to recruit, develop and retain qualified shipboard personnel who live away from home for extended periods of time may adversely impact our business operations, guest services and satisfaction

• Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs

• Fluctuations in foreign currency exchange rates may adversely impact our financial results

• Overcapacity and competition in the cruise and land-based vacation industry may lead to a decline in our cruise sales, pricing and destination options

• Geographic regions in which we try to expand our business may be slow to develop or ultimately not develop how we expect

• Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 23 Consent of Independent Registered Public Accounting Firm.

Exhibit 99.1 Item 8. Financial Statements and Supplementary Data.

Exhibit 101.INS Inline XBRL Instance Document.

Exhibit 101.SCH Inline XBRL Taxonomy Extension Schema Document.

Exhibit 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.

Exhibit 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.

Exhibit 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.

Exhibit 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.

Exhibit 104 Cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CARNIVAL CORPORATION		CARNIVAL PLC
By:	/s/ David Bernstein	By:	/s/ David Bernstein
Name:	David Bernstein	Name:	David Bernstein
Title:	Chief Financial Officer and Chief Accounting Officer	Title:	Chief Financial Officer and Chief Accounting Officer
Date:	March 31, 2020	Date:	March 31, 2020

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the joint Registration Statements on Form S-3 (File Nos. 333-106553, 333-106553-01, 333-223555 and 333-223555-01) of Carnival Corporation and Carnival plc, the joint Registration Statements on Form S-8 (File Nos. 333-173465 and 333-173465-01) of Carnival Corporation and Carnival plc, the Registration Statement on Form S-3 (File No. 033-63563) of Carnival Corporation, the Registration Statements on Form S-8 (File Nos. 333-105672, 333-43885 and 33-51195) of Carnival Corporation and the Registration Statements on Form S-8 (File Nos. 333-124640 and 333-104609) of Carnival plc, of our report dated January 28, 2020, except with respect to our opinion on the consolidated financial statements insofar as it relates to effects of COVID-19, which have impacted the Company’s financial results and liquidity as discussed in Note 2, as to which the date is March 31, 2020 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Current Report on Form 8-K.

/s/PricewaterhouseCoopers LLP

Miami, Florida

March 31, 2020

EX-99.1

Exhibit 99.1

Explanatory Note

Due to the spread of COVID-19 and the effects of growing port restrictions around the world, the Company previously announced a voluntary pause of its global fleet cruise operations. These recent developments have had a significant impact on our operations and liquidity subsequent to the issuance of our Form 10-K on January 28, 2020. As a result of these effects, Note 2 to the financial statements as well as the report of our Independent Registered Public Accounting Firm set forth in this Exhibit 99.1 have been updated from the footnotes and the report of our Independent Registered Public Accounting Firm to the financial statements included in Exhibit 13 to our Annual Report on Form 10-K for the year ended November 30, 2019. No other changes, modifications or updates have been made to the 2019 financial statements. The 2019 financial statements do not reflect events that may have occurred after the original filing date except as noted above. Revisions are highlighted in blue font. 

CARNIVAL CORPORATION & PLC

EXHIBIT 99.1 TO FORM 8-K

FOR THE YEAR ENDED NOVEMBER 30, 2019

TABLE OF CONTENTS

CONSOLIDATED STATEMENTS OF INCOME	F-2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	F-3
CONSOLIDATED BALANCE SHEETS	F-4
CONSOLIDATED STATEMENTS OF CASH FLOWS	F-5
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY	F-6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	F-7
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	F-29

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF INCOME

(in millions, except per share data)

	Years Ended November 30,
	2019			2018			2017
Revenues
Cruise
Passenger ticket	$	14,104		$	13,930		$	12,944
Onboard and other	6,331			4,679			4,330
Tour and other	390			272			236
	20,825			18,881			17,510
Operating Costs and Expenses
Cruise
Commissions, transportation and other	2,720			2,590			2,359
Onboard and other	2,101			638			587
Payroll and related	2,249			2,190			2,107
Fuel	1,562			1,619			1,244
Food	1,083			1,066			1,031
Other ship operating	2,925			2,807			3,010
Tour and other	268			180			163
	12,909			11,089			10,501
Selling and administrative	2,480			2,450			2,265
Depreciation and amortization	2,160			2,017			1,846
Goodwill and trademark impairment	—			—			89
	17,549			15,556			14,701
Operating Income	3,276			3,325			2,809
Nonoperating Income (Expense)
Interest income	23			14			9
Interest expense, net of capitalized interest	(206		)	(194		)	(198		)
Gains on fuel derivatives, net	—			59			35
Other income (expense), net	(32		)	3			11
	(215		)	(118		)	(143		)
Income Before Income Taxes	3,060			3,207			2,666
Income Tax Expense, Net	(71		)	(54		)	(60		)
Net Income	$	2,990		$	3,152		$	2,606
Earnings Per Share
Basic	$	4.34		$	4.45		$	3.61
Diluted	$	4.32		$	4.44		$	3.59

The accompanying notes are an integral part of these consolidated financial statements.

F-2

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

	Years Ended November 30,
	2019			2018			2017
Net Income	$	2,990		$	3,152		$	2,606
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(86		)	(199		)	590
Other	(31		)	32			82
Other Comprehensive Income (Loss)	(117		)	(167		)	672
Total Comprehensive Income	$	2,873		$	2,986		$	3,278

The accompanying notes are an integral part of these consolidated financial statements.

F-3

CARNIVAL CORPORATION & PLC

CONSOLIDATED BALANCE SHEETS

(in millions, except par values)

	November 30,
	2019			2018
ASSETS
Current Assets
Cash and cash equivalents	$	518		$	982
Trade and other receivables, net	444			358
Inventories	427			450
Prepaid expenses and other	671			436
Total current assets	2,059			2,225
Property and Equipment, Net	38,131			35,336
Goodwill	2,912			2,925
Other Intangibles	1,174			1,176
Other Assets	783			738
	$	45,058		$	42,401
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Short-term borrowings	$	231		$	848
Current portion of long-term debt	1,596			1,578
Accounts payable	756			730
Accrued liabilities and other	1,809			1,654
Customer deposits	4,735			4,395
Total current liabilities	9,127			9,204
Long-Term Debt	9,675			7,897
Other Long-Term Liabilities	890			856
Commitments and Contingencies
Shareholders' Equity
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 657 shares at 2019 and 656 shares at 2018 issued	7			7
Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2019 and 2018 issued	358			358
Additional paid-in capital	8,807			8,756
Retained earnings	26,653			25,066
Accumulated other comprehensive income (loss) (“AOCI”)	(2,066		)	(1,949		)
Treasury stock, 130 shares at 2019 and 129 shares at 2018 of Carnival Corporation and 60 shares at 2019 and 48 shares at 2018 of Carnival plc, at cost	(8,394		)	(7,795		)
Total shareholders' equity	25,365			24,443
	$	45,058		$	42,401

The accompanying notes are an integral part of these consolidated financial statements.

F-4

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	Years Ended November 30,
	2019			2018			2017
OPERATING ACTIVITIES
Net income	$	2,990		$	3,152		$	2,606
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	2,160			2,017			1,846
Impairments	26			16			392
Gains on fuel derivatives, net	—			(59		)	(35		)
Share-based compensation	46			65			63
Other, net	43			(6		)	51
	5,265			5,186			4,923
Changes in operating assets and liabilities
Receivables	(114		)	(58		)	6
Inventories	79			(67		)	(49		)
Prepaid expenses and other	(254		)	74			(13		)
Accounts payable	34			(24		)	21
Accrued and other liabilities	80			(100		)	73
Customer deposits	387			539			361
Net cash provided by (used in) operating activities	5,475			5,549			5,322
INVESTING ACTIVITIES
Purchases of property and equipment	(5,429		)	(3,749		)	(2,944		)
Proceeds from sales of ships	26			389			—
Payments of fuel derivative settlements	(6		)	(39		)	(203		)
Other, net	132			(114		)	25
Net cash provided by (used in) investing activities	(5,277		)	(3,514		)	(3,122		)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(605		)	417			(29		)
Principal repayments of long-term debt	(1,651		)	(1,556		)	(1,227		)
Proceeds from issuance of long-term debt	3,674			2,542			467
Dividends paid	(1,387		)	(1,355		)	(1,087		)
Purchases of treasury stock	(603		)	(1,468		)	(552		)
Other, net	(82		)	(39		)	(24		)
Net cash provided by (used in) financing activities	(655		)	(1,460		)	(2,452		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9		)	(1		)	11
Net increase (decrease) in cash, cash equivalents and restricted cash	(465		)	574			(241		)
Cash, cash equivalents and restricted cash at beginning of year	996			422			662
Cash, cash equivalents and restricted cash at end of year	$	530		$	996		$	422

The accompanying notes are an integral part of these consolidated financial statements.

F-5

CARNIVAL CORPORATION & PLC

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(in millions)

	Common stock		Ordinary shares		Additional paid-in capital		Retained earnings			AOCI			Treasury stock			Total shareholders’ equity
At November 30, 2016	$	7	$	358	$	8,632	$	21,843		$	(2,454	)	$	(5,789	)	$	22,597
Change in accounting principle (a)	—		—		2		(2		)	—			—			—
Net income	—		—		—		2,606			—			—			2,606
Other comprehensive income (loss)	—		—		—		—			672			—			672
Cash dividends declared	—		—		—		(1,155		)	—			—			(1,155		)
Purchases of treasury stock under the Repurchase Program and other	—		—		56		—			—			(560		)	(504		)
At November 30, 2017	7		358		8,690		23,292			(1,782		)	(6,349		)	24,216
Net income	—		—		—		3,152			—			—			3,152
Other comprehensive income (loss)	—		—		—		—			(167		)	—			(167		)
Cash dividends declared	—		—		—		(1,378		)	—			—			(1,378		)
Purchases of treasury stock under the Repurchase Program and other	—		—		66		—			—			(1,446		)	(1,380		)
At November 30, 2018	7		358		8,756		25,066			(1,949		)	(7,795		)	24,443
Change in accounting principle (b)	—		—		—		(24		)	—			—			(24		)
Net income	—		—		—		2,990			—			—			2,990
Other comprehensive income (loss)	—		—		—		—			(117		)	—			(117		)
Cash dividends declared	—		—		—		(1,379		)	—			—			(1,379		)
Purchases of treasury stock under the Repurchase Program and other	—		—		51		—			—			(599		)	(548		)
At November 30, 2019	$	7	$	358	$	8,807	$	26,653		$	(2,066	)	$	(8,394	)	$	25,365

The accompanying notes are an integral part of these consolidated financial statements.

(a)    We elected to early adopt the provisions of Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting on December 1, 2016.

(b)    We adopted the provisions of Revenue from Contracts with Customers and Derivatives and Hedging on December 1, 2018.

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CARNIVAL CORPORATION & PLC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – General

Description of Business

Carnival Corporation was incorporated in Panama in 1972 and Carnival plc was incorporated in England and Wales in 2000. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this 2019 Annual Report as “Carnival Corporation & plc,” “our,” “us” and “we.” The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. 

We are the world’s largest leisure travel company and among the most profitable and financially strong in the cruise and vacation industries. We are also the largest cruise company, carrying nearly 45 percent of global cruise guests, and a leading provider of vacations to all major cruise destinations throughout the world. With operations in North America, Australia, Europe and Asia, we operate a portfolio of leading global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences on 104 cruise ships to the world’s most desirable destinations.

DLC Arrangement

Carnival Corporation and Carnival plc operate a dual listed company (“DLC”) arrangement, whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as a single economic enterprise with a single senior executive management team and identical Boards of Directors, but each has retained its separate legal identity. Each company’s shares are publicly traded; on the New York Stock Exchange (“NYSE”) for Carnival Corporation and the London Stock Exchange (“LSE”) for Carnival plc. The Carnival plc American Depository Shares are traded on the NYSE.

The constitutional documents of each company provide that, on most matters, the holders of the common equity of both companies effectively vote as a single body. The Equalization and Governance Agreement between Carnival Corporation and Carnival plc provides for the equalization of dividends and liquidation distributions based on an equalization ratio and contains provisions relating to the governance of the DLC arrangement. Because the equalization ratio is 1 to 1, one share of Carnival Corporation common stock and one Carnival plc ordinary share are generally entitled to the same distributions.

Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross guaranteed all indebtedness and certain other monetary obligations of each other. Once the written demand is made, the holders of indebtedness or other obligations may immediately commence an action against the relevant guarantor.

Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer assets between the companies, make loans to or investments in each other and otherwise enter into intercompany transactions. In addition, the cash flows and assets of one company are required to be used to pay the obligations of the other company, if necessary.

Given the DLC arrangement, we believe that providing separate financial statements for each of Carnival Corporation and Carnival plc would not present a true and fair view of the economic realities of their operations. Accordingly, separate financial statements for Carnival Corporation and Carnival plc have not been presented.

NOTE 2 – Summary of Significant Accounting Policies

Liquidity and Management’s Plans

Due to the spread of COVID-19 and the effects of growing port restrictions around the world, we previously announced a voluntary pause of our global fleet cruise operations. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have, a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak.

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We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with reasonable certainty, but we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020. On March 13, 2020, we fully drew down our $3 billion Facility. We are taking further actions to improve our liquidity, including capital expenditure and operating expense reductions, suspending dividend payments on, and the repurchase of, the common stock of Carnival Corporation and the ordinary shares of Carnival plc and pursuing additional financing. Based on these actions and assumptions regarding the impact of COVID-19, we believe that our current financial resources will be sufficient to fund our liquidity requirements and remain in compliance with our existing debt covenants for the next twelve months, prior to giving effect to any additional financing, which may or may not occur.

At November 30, 2019, we were in compliance with all of our debt covenants. After considering the effect of COVID-19 on our consolidated EBITDA, we expect to remain in compliance with our current minimum debt service coverage ratio that requires a minimum of 3:1 ratio of EBITDA to Consolidated Net Interest Charges. If we secure additional financing that would cause us not to be in compliance with the covenant, we would have to seek to amend these or other covenants. However, no assurances can be made that such amendments will be approved by our lenders. 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 could become due, and all debt and derivative contracts could be terminated, which could have a material adverse impact to our operations and liquidity.

Basis of Presentation

We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method.

Preparation of Financial Statements

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements. Actual results may differ from the estimates used in preparing our consolidated financial statements. All significant intercompany balances and transactions are eliminated in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at cost and present insignificant risk of changes in value. 

Inventories

Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all carried at the lower of cost or net realizable value. Cost is determined using the weighted-average or first-in, first-out methods.

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Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows:

	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0% or 10%
Computer hardware and software	2-12	0% or 10%
Transportation equipment and other	3-20	0% or 10%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

The cost of ships under construction include progress payments for the construction of new ships, as well as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. We account for ship improvement costs, including replacements of certain significant components and parts, by capitalizing those costs we believe add value to our ships and have a useful life greater than one year and depreciating those improvements over their estimated remaining useful life. We have a capital program for the improvement of our ships and for asset replacements in order to enhance the effectiveness and efficiency of our operations; to comply with, or exceed all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits or provide improved product innovations to our guests.

We capitalize interest as part of the cost of capital projects during their construction period. The specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is also included in other ship operating expenses. Liquidated damages received from shipyards as a result of late ship delivery are recorded as reductions to the cost basis of the ship.

The costs of repairs and maintenance, including minor improvement costs and expenses related to dry-docks, are charged to expense as incurred and included in other ship operating expenses. Dry-dock expenses primarily represent planned major maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance.

We review our long-lived assets for impairment whenever events or circumstances indicate that the carrying amounts of these assets may not be recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset from the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships.

Goodwill and Other Intangibles

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment as of July 31 every year, or more frequently if events or circumstances dictate. All of our goodwill has been allocated to our reporting units. The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a reporting unit’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, if the estimated fair value of the reporting unit exceeds its carrying value, no further analysis is required. However, if the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down based on the difference between the reporting unit’s carrying amount and its fair value, limited to the amount of goodwill allocated to the reporting unit.

Trademarks represent substantially all of our other intangibles. Trademarks are estimated to have an indefinite useful life and are not amortizable but are reviewed for impairment at least annually and as events or circumstances dictate. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment

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determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value.

A significant amount of judgment is required in estimating the fair values of our reporting units.

Derivatives and Other Financial Instruments

We utilize derivative and non-derivative 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. We use interest rate swaps primarily to manage our interest rate exposure to achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments for trading or other speculative purposes.

All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change in the fair value of the derivative is recognized as a component of AOCI until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the effective portion of the fair value of the financial instrument are recognized as a component of AOCI to offset the change in the translated value of the designated portion of net investment being hedged until the investment is sold or substantially liquidated, while the impact attributable to components excluded from the assessment of hedge effectiveness is recorded in interest expense, net of capitalized interest, on a systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change in fair value is recognized in earnings.

We classify the fair value of all our derivative contracts as either current or long-term, depending on the maturity date of the derivative contract. The cash flows from derivatives treated as cash flow 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.

Derivative valuations are based on observable inputs such as interest rates and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps 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.

Foreign Currency Translation and Transactions

Each foreign entity determines its functional currency by reference to its primary economic environment. We translate the assets and liabilities of our foreign entities that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign entities are translated at weighted-average exchange rates for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of AOCI, which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies.

We execute transactions in a number of different currencies. At the date that the transaction is recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At each balance sheet date, recorded monetary balances denominated in a currency other than the functional currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other income or other expense, unless such monetary balances have been designated as hedges of net investments in our foreign entities. The net gains or losses resulting from foreign currency transactions were insignificant in 2019, 2018 and 2017. In addition, the unrealized gains or losses on our long-term intercompany receivables and payables which are denominated in a non-functional currency and which are not expected to be repaid in the foreseeable future are recorded as foreign currency translation adjustments included as a component of AOCI.

Revenue and Expense Recognition

Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of

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voyages, with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues, onboard and other revenues and tour and other revenues based upon the estimated standalone selling prices of those goods and services.

Future travel discount vouchers are included as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time of cancellation.

Our sale to guests of air and other transportation to and from airports near the home ports of our ships are included in cruise passenger ticket revenues, and the related cost of purchasing these services are included in cruise transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other cruise revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above.

Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $659 million in 2019, $615 million in 2018 and $579 million in 2017. The remaining portion of fees, taxes and charges are expensed in other ship operating expenses when the corresponding revenues are recognized.

Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement.

Customer Deposits

Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We had customer deposits of $4.9 billion in 2019 and $4.7 billion in 2018. During 2019, we recognized in revenues substantially all of our customer deposits as of December 1, 2018. Our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue and foreign currency translation.

Contract Receivables

Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net.

Contract Assets

Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other and which are subsequently recognized as commissions, transportation and other at the time of revenue recognition. We have contract assets of $154 million and $151 million as of November 30, 2019 and December 1, 2018.

Insurance

We use a combination of insurance and self-insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damage to hull and machinery for each of our ships, war risks, workers’ compensation, directors’ and officers’ liability, property damage and general liability for shoreside third-party claims. We recognize insurance recoverables from third-party insurers up to the amount of recorded losses at the time the recovery is probable and upon settlement for amounts in excess of the recorded losses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions.

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Selling and Administrative Expenses

Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs, which are expensed upon the first airing of the advertisement. Selling expenses totaled $728 million in 2019, $673 million in 2018 and $645 million in 2017. Administrative expenses represent the costs of our shoreside ship support, reservations and other administrative functions, and include salaries and related benefits, professional fees and building occupancy costs, which are typically expensed as incurred.

Share-Based Compensation

We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the vesting period. For performance-based share awards, we estimate compensation cost based on the probability of the performance condition being achieved and recognize expense ratably using the straight-line attribution method over the expected vesting period. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense is reversed and future compensation expense is adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market conditions are not expected to be met, compensation expense will still be recognized. We account for forfeitures as they occur.

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights.

Accounting Pronouncements

The Financial Accounting Standards Board (the “FASB”) issued guidance, Revenue from Contracts with Customers (“ASC 606”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. On December 1, 2018, we adopted this guidance using the modified retrospective method for all contracts as of the adoption date. Results for reporting periods beginning after December 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under ASC 605.

The impact of the adoption of ASC 606 on our consolidated financial statements primarily relates to the gross presentation of prepaid travel agent commissions (Consolidated Balance Sheet), shore excursions and other onboard revenues and costs (Consolidated Statement of Income) which were historically presented net. As of December 1, 2018, we recorded a cumulative effect adjustment of $24 million to retained earnings related to the accounting for our loyalty programs.

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The following tables summarize the impacts of ASC 606 adoption on our consolidated financial statements:

	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Income
Onboard and other (Revenues)	$	4,899		$	1,432		$	6,331
Revenues (Total)	$	19,393		$	1,432		$	20,825
Onboard and other (Operating Costs and Expenses)	$	669		$	1,432		$	2,101
Operating Costs and Expenses (Total)	$	16,117		$	1,432		$	17,549
Operating Income	$	3,276		$	—		$	3,276
Net Income	$	2,990		$	—		$	2,990
	At November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Balance Sheet
Prepaid expenses and other	$	517		$	154		$	671
Total current assets	$	1,905		$	154		$	2,059
Customer deposits	$	4,581		$	154		$	4,735
Total current liabilities	$	8,973		$	154		$	9,127
	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Cash Flows
Prepaid expenses and other	$	(100	)	$	(154	)	$	(254	)
Customer deposits	$	233		$	154		$	387
Net cash provided by operating activities	$	5,475		$	—		$	5,475

The FASB issued amended guidance, Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. On December 1, 2018, we adopted this guidance using the prospective transition method. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Restricted Cash. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. As a result, we now present restricted cash with cash and cash equivalents in the statement of cash flows. The reclassification of restricted cash balances from investing activities to changes in cash, cash equivalents and restricted cash was not material for the periods presented.

The FASB issued amended guidance, Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. On December 1, 2018, we adopted this guidance using the modified retrospective method. The adoption of this guidance had no impact on our consolidated financial statements.

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The FASB issued amended guidance, Derivatives and Hedging, which targeted improvements to accounting for hedging activities such as hedging strategies, effectiveness assessments and recognition of derivative gains or losses. On December 1, 2018, we early adopted this guidance using the modified retrospective approach, which did not have a material impact on our financial statements.

The FASB issued guidance, Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, with the exception of short-term leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods.

We have implemented a new lease accounting system and are executing changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. While we are substantially complete with the process of quantifying the impacts that will result from applying the new guidance, our assessment will be finalized during the first quarter of 2020. Based on our currently contracted commitments and our assessment to date, the initial adoption of this guidance is expected to increase both our total assets and total liabilities by approximately $1.4 billion to $1.6 billion, reflecting the lease rights and obligations arising from our lease arrangements. We do not expect this guidance to have a significant impact to our consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of cash flows or the compliance with debt-covenants under our current agreements.

The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same income statement line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the statement of cash flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021, early adoption is permitted. We have elected the prospective adoption method. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

NOTE 3 – Property and Equipment

	November 30,
(in millions)	2019			2018
Ships and ship improvements	$	50,446		$	46,957
Ships under construction	2,492			2,004
Other property and equipment	3,843			3,661
Total property and equipment	56,781			52,622
Less accumulated depreciation	(18,650		)	(17,286		)
	$	38,131		$	35,336

Capitalized interest amounted to $39 million in 2019, $36 million in 2018 and $28 million in 2017.

Sales of Ships

In March 2019, we sold and transferred an NAA segment 1,680-passenger capacity ship.

In April 2019, we sold and transferred an NAA segment 1,260-passenger capacity ship.

In July 2019, we transferred an NAA segment 840-passenger capacity ship.

In August 2019, we transferred an EA segment 1,880-passenger capacity ship.

In November 2019, we entered into an agreement to sell an NAA segment 1,600-passenger capacity ship. The ship will be transferred to the buyer in 2021.

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In November 2019, we entered into an agreement to sell an NAA segment 1,260-passenger capacity ship. The ship will be transferred to the buyer in 2021.

NOTE 4 – Other Assets

We have a minority interest in Grand Bahama Shipyard Ltd. (“Grand Bahama”), a ship repair and maintenance facility. Grand Bahama provided services to us of $62 million in 2019, $89 million in 2018 and $97 million in 2017. As of November 30, 2019, our investment in Grand Bahama was $54 million, consisting of $15 million in equity and a loan of $39 million. As of November 30, 2018, our investment in Grand Bahama was $64 million, consisting of $24 million in equity and a loan of $40 million.

We have a minority interest in the White Pass & Yukon Route (“White Pass”) that includes port, railroad and retail operations in Skagway, Alaska. White Pass has provided services to us of $22 million in 2019, and $8 million in 2018. As of November 30, 2019, our investment in White Pass was $102 million, consisting of $84 million in equity and a loan of $18 million. As of November 30, 2018, our investment in White Pass was $131 million, consisting of $81 million in equity and a loan of $50 million.

We have a minority interest in CSSC Carnival Cruise Shipping Limited (“CSSC-Carnival”), a China-based cruise company which will operate its own fleet designed to serve the Chinese market. As of November 30, 2019 and 2018, our investment in CSSC-Carnival was $48 million and $49 million. In December 2019, we sold a controlling interest in an entity with full ownership of two EA segment ships to CSSC-Carnival for $251 million. We will continue to operate both EA segment ships under bareboat charter agreements into 2021.

Following a relocation of one of our Executive Officers, we over withheld taxes for the years 2015 to 2017. While the Executive Officer has filed for a refund of the overage from the tax authorities, we cannot be certain as to the timing nor likelihood of a full refund. We have reimbursed the Executive Officer for the amount over withheld by us in the amount of €4 million. In return, we are entitled to any refund received in relation to the over withheld taxes from the tax authorities. We have also paid a portion of the Executive Officer’s professional services fees incurred related to this matter.

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NOTE 5 – Unsecured Debt

 

	November 30, 2019		November 30,
(in millions)	Interest Rates	Maturities Through	2019				2018
Long-Term Debt
Export Credit Facilities
Fixed rate	2.4% to 4.4%	2031	$	3,485			$	1,819
EUR fixed rate	1.1% to 4.5%	2031	699				189
Floating rate	2.4% to 2.7%	2022	174				240
EUR floating rate	0.0% to 0.6%	2027	1,040				1,297
Bank Loans
EUR fixed rate	0.5% to 3.9%	2021	221				257
Floating rate	3.1%	2025	300				495
EUR floating rate	0.0% to 0.7%	2023	1,596				1,193
GBP floating rate	1.3% to 1.7%	2023	854			—	848
Publicly-Traded Notes
Fixed rate	4.0% to 7.2%	2028	1,217				1,217
EUR fixed rate	1.0% to 1.9%	2029	1,816				1,989
Short-Term Borrowings
EUR floating rate commercial paper	(0.3)%	2020	231				621
EUR fixed rate bank loans	—%	—	—				227
Total Debt			11,634				10,394
Less: Unamortized debt issuance costs			(131		)		(71		)
Total Debt, net of unamortized debt issuance costs			11,503				10,323
Less: Short-term borrowings			(231		)		(848		)
Less: Current portion of long-term debt			(1,596		)		(1,578		)
Long-Term Debt			$	9,675			$	7,897

The debt table does not include the impact of our foreign currency and interest rate swaps. The interest rates on some of our debt, and in the case of our revolving credit facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. For the twelve months ended November 30, 2019 we did not have borrowings or repayments of commercial paper with original maturities greater than three months. For the twelve months ended November 30, 2018 and 2017, we had borrowings of $2 million and $111 million and repayments of $2 million and $364 million of commercial paper with original maturities greater than three months.

Interest-bearing debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt issuance costs, and is subsequently stated at amortized cost. Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts and premiums are amortized to interest expense using the effective interest rate method over the term of the notes.

Substantially all of our fixed rate debt can be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements contain one or more financial covenants that require us to:

•Maintain minimum debt service coverage

•Maintain minimum shareholders’ equity

•Limit our debt to capital ratio

•Limit the amounts of our secured assets as well as 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 could become due, and all debt and derivative contracts could be terminated. At November 30, 2019, we were in compliance with all of our debt covenants.

F-16

The scheduled annual maturities of our debt were as follows:

(in millions)
Fiscal	November 30, 2019
2020	$	1,827
2021	1,915
2022	1,352
2023	2,234
2024	680
Thereafter	3,627
	$	11,634

Committed Ship Financings

We have unsecured euro and U.S. dollar long-term export credit committed ship financings. These commitments, if drawn at the time of ship delivery, are generally repayable semi-annually over 12 years. We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date.

Revolving Credit Facility

At November 30, 2019, we had a $3.0 billion ($1.7 billion, €1.0 billion and £150 million) multi-currency revolving credit facility that expires in 2024 (the “Facility”). A total of $2.8 billion of this capacity was available for drawing, which is net of outstanding commercial paper. We have options to extend the Facility through 2026 subject to the approval of each bank in the Facility. The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 22.5 basis points (“bps”). The margin varies based on changes to Carnival Corporation’s long-term credit ratings. The Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any undrawn portion.

NOTE 6 – Commitments

	Fiscal
(in millions)	2020		2021		2022		2023		2024		Thereafter		Total
New ship growth capital	$	4,811	$	3,622	$	3,035	$	2,011	$	49	$	1,003	$	14,531
Port facilities leases	145		140		121		137		131		1,218		1,892
Other operating leases	74		56		40		36		36		190		432
Other long-term commitments	267		202		75		22		15		25		607
	$	5,297	$	4,020	$	3,272	$	2,206	$	231	$	2,436	$	17,463

NOTE 7 – Contingencies

Litigation

On May 2, 2019, two lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Carnival Cruise Line “trafficked” in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. The court denied our motion to dismiss the complaint filed by Javier Garcia-Bengochea, on August 26, 2019. While on August 28, 2019, the court denied our motion to dismiss the complaint filed by Havana Docks Corporation, later on January 6, 2020, it dismissed virtually identical cases brought by Havana Docks Corporation against other cruise lines, on the grounds raised in our motion to dismiss. In doing so, the court explicitly reversed its position on the issue and acknowledged the conflict with our case. Therefore, on January 6, 2020, we asked the court to formally dismiss the Havana Docks Corporation complaint.

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We believe we have meritorious defenses to the claims and we intend to vigorously defend against them. We do not believe that it is likely that the outcome of these matters will be material, but litigation is inherently unpredictable and there can be no assurances that the final outcome of the case might not be material to our operating results or financial condition.

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, or any settlement of claims and lawsuits, are covered by insurance and the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims, lawsuits and settlements, as applicable, each and in the aggregate, will not have a material impact on our consolidated financial statements.

Contingent Obligations – Indemnifications

Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase our lenders’ costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses.

NOTE 8 – Taxation

A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows:

U.S. Income Tax

We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. We also own and operate, among other businesses, the U.S. hotel and transportation business of Holland America Princess Alaska Tours through U.S. corporations.

Our North American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the U.S. Depending on its itinerary, any particular ship may generate income from sources within the U.S. We believe that our U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes.

Our domestic U.S. operations, principally the hotel and transportation business of Holland America Princess Alaska Tours, are subject to federal and state income taxation in the U.S.

In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable U.S. Treasury regulations provide in general that a foreign corporation will qualify for the benefits of Section 883 if, in relevant part, (i) the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. in respect of each category of shipping income for which an exemption is being claimed under Section 883 (an “equivalent exemption jurisdiction”) and (ii) the foreign corporation meets a defined publicly-traded corporation stock ownership test (the “publicly-traded test”). Subsidiaries of foreign corporations that are organized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section 883. We believe that Panama is an equivalent exemption jurisdiction and that Carnival Corporation currently satisfies the publicly-traded test under the regulations. Accordingly, substantially all of Carnival Corporation’s income is exempt from U.S. federal income and branch profit taxes.

Regulations under Section 883 list certain activities that the IRS does not consider to be incidental to the international operation of ships and, therefore, the income attributable to such activities, to the extent such income is U.S. source, does not qualify for the Section 883 exemption. Among the activities identified as not incidental are income from the sale of air transportation, transfers, shore excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S.

We believe that the U.S. source transportation income earned by Carnival plc and its subsidiaries currently qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.

Carnival Corporation and Carnival plc and certain of their subsidiaries are subject to various U.S. state income taxes generally imposed on each state’s portion of the U.S. source income subject to U.S. federal income taxes. However, the state of Alaska imposes an income tax on its allocated portion of the total income of our companies doing business in Alaska and certain of their subsidiaries.

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UK and Australian Income Tax

Cunard, P&O Cruises (UK) and P&O Cruises (Australia) are divisions of Carnival plc and have elected to enter the UK tonnage tax under a rolling ten-year term and, accordingly, reapply every year. Companies to which the tonnage tax regime applies pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands’ relevant shipping income. Relevant shipping income includes income from the operation of qualifying ships and from shipping related activities.

For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also subject to a seafarer training requirement.

Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation tax. Dividends received from subsidiaries of Carnival plc doing business outside the UK are generally exempt from UK corporation tax.

P&O Cruises (Australia) and all of the other cruise ships operated internationally by Carnival plc for the cruise segment of the Australian vacation region are exempt from Australian corporation tax by virtue of the UK/Australian income tax treaty.

Italian and German Income Tax

In early 2015, Costa and AIDA re-elected to enter the Italian tonnage tax regime through 2024 and can reapply for an additional ten-year period beginning in early 2025. Companies to which the tonnage tax regime applies pay corporation taxes on shipping profits calculated by reference to the net tonnage of qualifying ships.

Most of Costa’s and AIDA’s earnings that are not eligible for taxation under the Italian tonnage tax regime will be taxed at an effective tax rate of 4.8% in 2019 and 2018.

Substantially all of AIDA’s earnings are exempt from German income taxes by virtue of the Germany/Italy income tax treaty.

Asian Countries Income Taxes

Substantially all of our brands’ income from their international operations in Asian countries is exempt from income tax by virtue of relevant income tax treaties.

Other

We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, when it is more likely than not to be sustained upon examination by the relevant tax authority. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution. Based on all known facts and circumstances and current tax law, we believe that the total amount of our uncertain income tax position liabilities and related accrued interest are not significant to our financial position. All interest expense related to income tax liabilities is included in income tax expense.

We do not expect to incur income taxes on future distributions of undistributed earnings of foreign subsidiaries and, accordingly, no deferred income taxes have been provided for the distribution of these earnings. In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger capacity or some other measure, and these taxes, fees and other charges are included in commissions, transportation and other costs and other ship operating expenses.

NOTE 9 – Shareholders’ Equity

Under a share repurchase program effective 2004, we are authorized to repurchase Carnival Corporation common stock and Carnival plc ordinary shares (the “Repurchase Program”). Effective August 27, 2018, the company approved modifications of the general authorization under the Repurchase Program, which replenished the remaining authorized repurchases at the time of the approvals to $1.0 billion. The Repurchase Program does not have an expiration date and may be discontinued by our Boards of Directors at any time.

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	Carnival Corporation			Carnival plc
(in millions)	Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased		Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased
2019	0.6	$	26	12.2	$	569
2018	7.8	$	476	16.3	$	985
2017	3.3	$	223	5.6	$	335

	AOCI
	November 30,
(in millions)	2019			2018
Cumulative foreign currency translation adjustments, net	$	(1,961	)	$	(1,875	)
Unrecognized pension expenses	(88		)	(56		)
Net losses on cash flow derivative hedges	(18		)	(19		)
	$	(2,066	)	$	(1,949	)

During 2019, 2018 and 2017, there were $5 million, $5 million and $18 million of unrecognized pension expenses that were reclassified out of accumulated other comprehensive loss and were included within payroll and related expenses and selling and administrative expenses.

We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:

	Quarters Ended
(in millions, except per share data)	February 28		May 31		August 31		November 30
2019
Dividends declared per share	$	0.50	$	0.50	$	0.50	$	0.50
Dividends declared	$	345	$	346	$	342	$	346
2018
Dividends declared per share	$	0.45	$	0.50	$	0.50	$	0.50
Dividends declared	$	322	$	357	$	350	$	349
2017
Dividends declared per share	$	0.35	$	0.40	$	0.40	$	0.45
Dividends declared	$	251	$	291	$	289	$	324

Carnival Corporation’s Articles of Incorporation authorize its Board of Directors, at its discretion, to issue up to 40 million shares of preferred stock. At November 30, 2019 and 2018, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued.

NOTE 10 – Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk

Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:

• Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

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• Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

• Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange.

Financial Instruments that are not Measured at Fair Value on a Recurring Basis

	November 30, 2019								November 30, 2018
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Total	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Liabilities
Fixed rate debt (b)	$	7,438	$	—	$	7,782	$	—	$	5,699	$	—	$	5,799	$	—
Floating rate debt (b)	4,195		—		4,248		—		4,695		—		4,727		—
Total	$	11,634	$	—	$	12,030	$	—	$	10,394	$	—	$	10,526	$	—

(a) Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes 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.

(b) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.

Financial Instruments that are Measured at Fair Value on a Recurring Basis 

	November 30, 2019						November 30, 2018
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	518	$	—	$	—	$	982	$	—	$	—
Restricted cash	13		—		—		14		—		—
Derivative financial instruments	—		58		—		—		—		—
Total	$	530	$	58	$	—	$	996	$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	25	$	—	$	—	$	29	$	—
Total	$	—	$	25	$	—	$	—	$	29	$	—

Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis

Valuation of Goodwill and Trademarks

As of July 31, 2019 and 2018, we performed our annual goodwill and trademark impairment reviews and we determined there was no impairment for goodwill or trademarks.

As of November 30, 2019, we performed an additional goodwill impairment review for our Costa reporting unit, $435 million of goodwill recorded, and we determined there was no impairment for goodwill.

F-21

During 2017, we made a decision to strategically realign our business in Australia, which includes reducing capacity in P&O Cruises (Australia). We performed discounted cash flow analyses and determined that the estimated fair values of the P&O Cruises (Australia) reporting unit and its trademark no longer exceeded their carrying values. We recognized a goodwill impairment charge of $38 million and a trademark impairment charge of $50 million for the year ended November 30, 2017.

The determination of our reporting unit goodwill fair values includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions used in our goodwill impairment reviews consist of:

• Changes in conditions or strategy, including decisions about the allocation of new ships amongst brands and transfer of ships between brands

• Forecasted future operating results, including net revenue yields and fuel expenses

• Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate

We believe that we have made reasonable estimates and judgments. A change in the conditions, circumstances or strategy, including decisions about the allocation of new ships amongst brands and the transfer of ships between brands (influencing fair values in the future), may result in a need to recognize an additional impairment charge.

	Goodwill
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	1,898	$	1,069		$	2,967
Foreign currency translation adjustment	—		(42		)	(42		)
At November 30, 2018	1,898		1,027			2,925
Foreign currency translation adjustment	—		(13		)	(13		)
At November 30, 2019	$	1,898	$	1,014		$	2,912

	Trademarks
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	928	$	251		$	1,179
Foreign currency translation adjustment	—		(10		)	(10		)
At November 30, 2018	927		242			1,169
Foreign currency translation adjustment	—		(2		)	(2		)
At November 30, 2019	$	927	$	240		$	1,167

Impairments of Ships

We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. Primarily as a

result of our decision during 2017 to strategically realign our business in Australia, which included reducing capacity in P&O Cruises (Australia), we performed undiscounted cash flow analyses on certain ships as of July 31, 2017. Based on these undiscounted cash flow analyses, we determined that some of these ships had net carrying values that exceeded their estimated undiscounted future cash flows. We estimated the July 31, 2017 fair values of these ships based on their discounted cash flows and comparable market transactions. We then compared these estimated fair values to the net carrying values and, as a result, we recognized $162 million and $142 million of ship impairment charges in the NAA and EA segments, respectively, for the year end November 30, 2017. The impairment is included in other ship operating expenses in our consolidated statements of income.

The principal assumptions used in our analyses consisted of changes in strategy, including decisions about itineraries and the transfer of ships between brands, forecasted future operating results, including net revenue yields and fuel expenses and estimated ship sale timing and proceeds. All principal assumptions are considered Level 3 inputs.

F-22

Derivative Instruments and Hedging Activities

		November 30,
(in millions)	Balance Sheet Location	2019		2018
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	32	$	—
	Other assets	25
Total derivative assets		$	58	$	—
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)	Accrued liabilities and other	$	1	$	5
	Other long-term liabilities	9		—
Foreign currency zero cost collars (b)	Accrued liabilities and other	1		—
Interest rate swaps (c)	Accrued liabilities and other	6		8
	Other long-term liabilities	9		11
		25		23
Derivatives not designated as hedging instruments
Fuel	Accrued liabilities and other	—		6
Total derivative liabilities		$	25	$	29

(a) At November 30, 2019 and 2018, we had cross currency swaps totaling $1.9 billion and $156 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At November 30, 2019, these cross currency swaps settle through 2031.

(b) At November 30, 2019, 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 interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $300 million at November 30, 2019 and $385 million at November 30, 2018 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2019, these interest rate swaps settle through 2025.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.

	November 30, 2019
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	58	$	—	$	58	$	(4	)	$	54
Liabilities	$	25	$	—	$	25	$	(4	)	$	21
	November 30, 2018
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	—	$	—	$	—	$	—		$	—
Liabilities	$	29	$	—	$	29	$	—		$	29

The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in income was as follows:

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	November 30,
(in millions)	2019			2018			2017
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges	$	43		$	18		$	(31	)
Foreign currency zero cost collars – cash flow hedges	$	(1	)	$	(12	)	$	45
Interest rate swaps – cash flow hedges	$	3		$	6		$	8
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	(7	)	$	(10	)	$	(11	)
Foreign currency zero cost collars - Depreciation and amortization	$	1		$	1		$	1
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest	$	23		$	—		$	—

At November 30, 2019 and 2018, no collateral was required to be posted to or received from our fuel derivative counterparties.

The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. 

Financial Risk

Fuel Price Risks

We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through ship maintenance practices, modifying our itineraries and implementing innovative technologies. We are also adding new, more fuel efficient ships to our fleet and are strategically disposing of smaller, less fuel efficient ships.

	November 30,
(in millions)	2018			2017
Unrealized gains on fuel derivatives, net	$	94		$	227
Realized losses on fuel derivatives, net	(35		)	(192		)
Gains (losses) on fuel derivatives, net	$	59		$	35

There were no unrealized or realized gains or losses on fuel derivatives for the period ended November 30, 2019.

Foreign Currency Exchange Rate Risks

Overall Strategy

We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged.

Operational Currency Risks

Our operations primarily utilize the U.S. dollar, Australian dollar, euro or sterling as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates will affect our financial statements.

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies and are of a long-term nature. We partially mitigate the currency exposure of our investments in foreign operations by designating a portion of our foreign

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currency debt and derivatives as hedges of these investments. As of November 30, 2019, we have designated $854 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations and in 2019, we recognized $6 million of losses on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income. We also have $7.5 billion of euro-denominated debt, including the effect of cross currency swaps, which provides an economic offset for our operations with euro functional currency.

Newbuild Currency Risks

Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments. At November 30, 2019, for the following newbuilds, we had foreign currency zero cost collars for a portion of our euro-denominated shipyard payments. These collars are designated as cash flow hedges.

	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Enchanted Princess	2019	June 2020	$	1.04	$	1.28
Mardi Gras	2019	August 2020	$	1.04	$	1.28

If the spot rate is between the ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars.

At November 30, 2019, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments to non-euro functional currency brands, which represent a total unhedged commitment of $7.3 billion for newbuilds scheduled to be delivered from 2020 through 2025.

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships.

Interest Rate Risks

We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps, issuance of new debt, amendment of existing debt or early retirement of existing debt.

Concentrations of Credit Risk

As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to minimize these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, notes receivables, committed financing facilities, contingent obligations, derivative instruments, insurance contracts, long-term ship charters and new ship progress payment guarantees, by:

• Conducting business with well-established financial institutions, insurance companies and export credit agencies

• Diversifying our counterparties

• Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk

• Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards 

We believe the risk of nonperformance by any of our significant counterparties is remote. At November 30, 2019, our exposures under foreign currency contracts and interest rate swap agreements were not material. We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash

F-25

collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with trade receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. We have not experienced significant credit losses on our trade receivables, notes receivables, charter-hire agreements and contingent obligations. We do not normally require collateral or other security to support normal credit sales.

NOTE 11 – Segment Information

Our operating segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other.

The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.  

	As of and for the years ended November 30,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)				Capital expenditures		Total assets
2019
NAA	$	13,612	$	8,370	$	1,427	$	1,364	$	2,451			$	2,781	$	27,102
EA	6,650		4,146		744		645		1,115				2,462		15,473
Cruise Support	173		125		281		115		(347		)		143		1,861
Tour and Other	390		268		28		36		56				43		623
	$	20,825	$	12,909	$	2,480	$	2,160	$	3,276			$	5,429	$	45,058
2018
NAA	$	12,236	$	7,180	$	1,403	$	1,264	$	2,389			$	2,614	$	25,613
EA	6,243		3,676		751		611		1,205				945		13,825
Cruise Support	129		53		268		103		(296		)		38		2,303
Tour and Other	272		180		28		39		26				152		660
	$	18,881	$	11,089	$	2,450	$	2,017	$	3,325			$	3,749	$	42,401
2017
NAA	$	11,442	$	6,704	$	1,337	$	1,195	$	2,117		(a)	$	1,715	$	24,430
EA	5,703		3,568		667		561		907				793		14,149
Cruise Support	129		66		246		53		(235		)		431		1,739
Tour and Other	236		163		15		37		20				5		459
	$	17,510	$	10,501	$	2,265	$	1,846	$	2,809			$	2,944	$	40,778

(a) Includes $89 million of impairment charges related to NAA’s goodwill and trademarks.

F-26

Revenues by geographic areas, which are based on where our guests are sourced, were as follows:

	Years Ended November 30,
(in millions)	2019		2018		2017
North America	$	11,502	$	10,066	$	9,195
Europe	6,318		5,957		5,414
Australia and Asia	2,632		2,530		2,604
Other	373		327		297
	$	20,825	$	18,881	$	17,510

Substantially all of our long-lived assets consist of our ships and move between geographic areas.

NOTE 12 – Compensation Plans

Equity Plans

We issue our share-based compensation awards, which at November 30, 2019 included time-based share awards (restricted stock awards and restricted stock units), performance-based share awards and market-based share awards (collectively “equity awards”), under the Carnival Corporation and Carnival plc stock plans. Equity awards are principally granted to management level employees and members of our Boards of Directors. The plans are administered by the Compensation Committee which is made up of independent directors who determine which employees are eligible to participate, the monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold within a specified term. We had an aggregate of 11.8 million shares available for future grant at November 30, 2019. We fulfill our equity award obligations using shares purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a three-year period, subject to earlier vesting under certain conditions.

	Shares		Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2016	3,413,125		$	48.03
Granted	1,116,314		$	54.79
Vested	(1,466,690	)	$	38.95
Forfeited	(112,781	)	$	51.72
Outstanding at November 30, 2017	2,949,968		$	51.82
Granted	951,906		$	66.68
Vested	(1,419,218	)	$	45.45
Forfeited	(202,139	)	$	56.57
Outstanding at November 30, 2018	2,280,517		$	61.57
Granted	1,357,177		$	52.17
Vested	(960,693	)	$	53.49
Forfeited	(185,625	)	$	56.13
Outstanding at November 30, 2019	2,491,376		$	59.97

As of November 30, 2019, there was $57 million of total unrecognized compensation cost related to equity awards, which is expected to be recognized over a weighted-average period of 1.4 years.

Defined Benefit Pension Plans

We have several single-employer defined benefit pension plans, which cover some of our shipboard and shoreside employees. The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by U.S. or UK regulations. The remaining defined benefit plans are primarily unfunded. In determining all of our plans’ benefit obligations at November 30, 2019 and 2018, we assumed a weighted-average discount rate of 2.4% for 2019 and 3.4% for 2018.

F-27

In addition, we participate in two multiemployer defined benefit pension plans in the UK, the British Merchant Navy Officers Pension Fund (registration number 10005645) (“MNOPF”), which is divided into two sections, the “New Section” and the “Old Section” and the British Merchant Navy Ratings Pension Fund (registration number 10005646) (“MNRPF”). Collectively, we refer to these as “the multiemployer plans.” The multiemployer plans are maintained for the benefit of the employees of the participating employers who make contributions to the plans. However, contributions made by employers, including us, may be used to provide benefits to employees of other participating employers, and if any of the participating employers withdraw from the multiemployer plans or fail to make their required contributions, any unfunded obligations would be the responsibility of the remaining participating employers. We are contractually obligated to make all required contributions as determined by the plans’ trustees. All of our multiemployer plans are closed to new membership and future benefit accrual. The MNOPF Old Section is fully funded.

We expense our portion of the MNOPF New Section deficit as amounts are invoiced by, and become due and payable to, the trustees. We accrue and expense our portion of the MNRPF deficit based on our estimated probable obligation from the most recent actuarial review. Total expense for all defined benefit pension plans, including the multiemployer plans, was $34 million in 2019, $36 million in 2018 and $53 million in 2017.

Based on the most recent valuation at March 31, 2018 of the MNOPF New Section, it was determined that this plan was 98% funded. In 2019, 2018 and 2017, our contributions to the MNOPF New Section did not exceed 5% of total contributions to the fund. Based on the most recent valuation at March 31, 2019 of the MNRPF, it was determined that this plan was 88% funded. In 2019, 2018 and 2017 our contributions to the MNRPF did not exceed 5% of total contributions to the fund. It is possible that we will be required to fund and expense additional amounts for the multiemployer plans in the future; however, such amounts are not expected to be material to our consolidated financial statements.

Defined Contribution Plans

We have several defined contribution plans available to most of our employees. We contribute to these plans based on employee contributions, salary levels and length of service. Total expense for these plans was $41 million in 2019, $39 million in 2018 and $37 million in 2017.

NOTE 13 – Earnings Per Share

	Years Ended November 30,
(in millions, except per share data)	2019		2018		2017
Net income for basic and diluted earnings per share	$	2,990	$	3,152	$	2,606
Weighted-average shares outstanding	690		709		722
Dilutive effect of equity plans	2		2		3
Diluted weighted-average shares outstanding	692		710		725
Basic earnings per share	$	4.34	$	4.45	$	3.61
Diluted earnings per share	$	4.32	$	4.44	$	3.59

NOTE 14 – Supplemental Cash Flow Information

(in millions)	November 30, 2019		November 30, 2018
Cash and cash equivalents (Consolidated Balance Sheets)	$	518	$	982
Restricted cash included in prepaid expenses and other and other assets	13		14
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	530	$	996

Cash paid for interest, net of capitalized interest, was $171 million in 2019, $182 million in 2018 and $191 million in 2017. In addition, cash paid for income taxes, net of recoveries, was $46 million in 2019, $58 million in 2018 and $43 million in 2017.

During 2019, 2018, and 2017, we issued notes receivable upon sale of ships of $104 million, $35 million and $45 million.

F-28

Report of Independent Registered Public Accounting Firm

To the Boards of Directors and Shareholders of Carnival Corporation and Carnival plc

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Carnival Corporation & plc (comprising Carnival Corporation and Carnival plc and their respective subsidiaries, the “Company”) as of November 30, 2019 and 2018, and the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November 30, 2019, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of November 30, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 30, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended November 30, 2019 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of November 30, 2019, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Annual Report on Internal Control over Financial Reporting (not presented herein) appearing under Item 9A of the Company’s 2019 Annual Report on Form 10-K. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Emphasis of Matter

As discussed in Note 2 to the consolidated financial statements, the effects of COVID-19 are significantly impacting the Company’s financial results and liquidity. Subsequent to the year ended November 30, 2019, the Company has announced a temporary pause of global fleet cruise operations, which has impacted the Company’s financial results and liquidity. Management’s evaluation of the ongoing effects of COVID-19 and management’s plans to mitigate these matters are also described in Note 2.

F-29

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill Quantitative Impairment Assessments

As described in Notes 2 and 10 to the consolidated financial statements, the Company’s consolidated goodwill balance was $2,912 million as of November 30, 2019. Management reviews goodwill for impairment as of July 31 every year, or more frequently if events or circumstances dictate. The impairment review for goodwill allows management to first assess qualitative factors to determine whether it is necessary to perform the more detailed quantitative goodwill impairment test. When performing the quantitative test, if the estimated fair value of the reporting unit exceeds its carrying value, no further analysis is required. However, if the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down based on the difference between the reporting unit’s carrying amount and its fair value, limited to the amount of goodwill allocated to the reporting unit. The determination of the goodwill reporting unit’s fair value includes numerous assumptions with the principal assumptions relating to (i) changes in conditions or strategy, including decisions about the allocation of new ships amongst brands and transfer of ships between brands, (ii) forecasted future operating results, including net revenue yields and fuel expenses, and (iii) weighted average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate, (collectively, the “principal assumptions”).

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessments is a critical audit matter are there was significant judgment by management in determining the fair value of the reporting units. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and in evaluating audit evidence relating to the principal assumptions. In addition, the audit effort involved the use of professionals with specialized skill and knowledge to assist in performing these procedures and evaluating the audit evidence obtained from these procedures.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessments, including controls over the valuation of the Company’s reporting units that were subject to the quantitative test. These procedures also included, among others, testing management’s process for determining the fair value estimate; evaluating the appropriateness of the valuation methodology; testing the completeness, accuracy and relevance of underlying data used in the analyses; and evaluating the reasonableness of the significant assumptions used by management, including the principal assumptions. Evaluating management’s principal assumptions involved evaluating whether the assumptions used by management were reasonable considering (i) the past performance of the reporting units, (ii) the consistency with current revenue booking and cost trends, and (iii) the consistency with external industry data. Professionals with specialized skill and knowledge were used to assist in the evaluation of the discounted cash flow analyses and certain principal assumptions, including the weighted average cost of capital.

F-30

/s/PricewaterhouseCoopers LLP

Miami, Florida

January 28, 2020, except with respect to our opinion on the consolidated financial statements insofar as it relates to effects of COVID-19, which have impacted the Company’s financial results and liquidity as discussed in Note 2, as to which the date is March 31, 2020

We have served as the Company’s auditors since 2003. Prior to that, we served as Carnival Corporation’s auditors since at least 1986. We have not been able to determine the specific year we began serving as auditor of Carnival Corporation.

F-31

XML

Property and Equipment (Details) $ in Millions	1 Months Ended					12 Months Ended
	Nov. 30, 2019 USD ($) passenger	Aug. 31, 2019 passenger	Jul. 31, 2019 passenger	Apr. 30, 2019 passenger	Mar. 31, 2019 passenger	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Ships and ship improvements	$ 50,446					$ 50,446	$ 46,957
Ships under construction	2,492					2,492	2,004
Other property and equipment	3,843					3,843	3,661
Total property and equipment	56,781					56,781	52,622
Less accumulated depreciation	(18,650)					(18,650)	(17,286)
Property and Equipment, Net	$ 38,131					38,131	35,336
Capitalized interest						$ 39	$ 36	$ 28
NAA Segment
Property, Plant and Equipment [Line Items]
Passenger capacity of ship sold | passenger			840	1,260	1,680
EA Segment
Property, Plant and Equipment [Line Items]
Passenger capacity of ship sold | passenger		1,880
Ship One Sold in November | NAA Segment
Property, Plant and Equipment [Line Items]
Passenger capacity of ship sold | passenger	1,600
Ship Two Sold in November | NAA Segment
Property, Plant and Equipment [Line Items]
Passenger capacity of ship sold | passenger	1,260

XML

General (Details)	12 Months Ended
	Nov. 30, 2019 cruise_ship company
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Global cruise guests carried, percent	45.00%
Number of cruise ships | cruise_ship	104
Number of companies operating as a single economic enterprise | company	2
DLC arrangement current equalization ratio	1
Carnival PLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
DLC arrangement current equalization ratio	1

XML

Property and Equipment

12 Months Ended

Nov. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

	November 30,
(in millions)	2019			2018
Ships and ship improvements	$	50,446		$	46,957
Ships under construction	2,492			2,004
Other property and equipment	3,843			3,661
Total property and equipment	56,781			52,622
Less accumulated depreciation	(18,650		)	(17,286		)
	$	38,131		$	35,336

Capitalized interest amounted to $39 million in 2019, $36 million in 2018 and $28 million in 2017.

Sales of Ships

In March 2019, we sold and transferred an NAA segment 1,680-passenger capacity ship.

In April 2019, we sold and transferred an NAA segment 1,260-passenger capacity ship.

In July 2019, we transferred an NAA segment 840-passenger capacity ship.

In August 2019, we transferred an EA segment 1,880-passenger capacity ship.

In November 2019, we entered into an agreement to sell an NAA segment 1,600-passenger capacity ship. The ship will be transferred to the buyer in 2021.

In November 2019, we entered into an agreement to sell an NAA segment 1,260-passenger capacity ship. The ship will be transferred to the buyer in 2021.

XML

Contingencies

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Contingencies

Litigation

On May 2, 2019, two lawsuits were filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Carnival Cruise Line “trafficked” in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. The court denied our motion to dismiss the complaint filed by Javier Garcia-Bengochea, on August 26, 2019. While on August 28, 2019, the court denied our motion to dismiss the complaint filed by Havana Docks Corporation, later on January 6, 2020, it dismissed virtually identical cases brought by Havana Docks Corporation against other cruise lines, on the grounds raised in our motion to dismiss. In doing so, the court explicitly reversed its position on the issue and acknowledged the conflict with our case. Therefore, on January 6, 2020, we asked the court to formally dismiss the Havana Docks Corporation complaint.

We believe we have meritorious defenses to the claims and we intend to vigorously defend against them. We do not believe that it is likely that the outcome of these matters will be material, but litigation is inherently unpredictable and there can be no assurances that the final outcome of the case might not be material to our operating results or financial condition.

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, or any settlement of claims and lawsuits, are covered by insurance and the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims, lawsuits and settlements, as applicable, each and in the aggregate, will not have a material impact on our consolidated financial statements.

Contingent Obligations – Indemnifications

Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase our lenders’ costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses.

XML

Segment Information

12 Months Ended

Nov. 30, 2019

Segment Reporting [Abstract]

Segment Information

Segment Information

Our operating segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other.

The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.  

	As of and for the years ended November 30,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)				Capital expenditures		Total assets
2019
NAA	$	13,612	$	8,370	$	1,427	$	1,364	$	2,451			$	2,781	$	27,102
EA	6,650		4,146		744		645		1,115				2,462		15,473
Cruise Support	173		125		281		115		(347		)		143		1,861
Tour and Other	390		268		28		36		56				43		623
	$	20,825	$	12,909	$	2,480	$	2,160	$	3,276			$	5,429	$	45,058
2018
NAA	$	12,236	$	7,180	$	1,403	$	1,264	$	2,389			$	2,614	$	25,613
EA	6,243		3,676		751		611		1,205				945		13,825
Cruise Support	129		53		268		103		(296		)		38		2,303
Tour and Other	272		180		28		39		26				152		660
	$	18,881	$	11,089	$	2,450	$	2,017	$	3,325			$	3,749	$	42,401
2017
NAA	$	11,442	$	6,704	$	1,337	$	1,195	$	2,117		(a)	$	1,715	$	24,430
EA	5,703		3,568		667		561		907				793		14,149
Cruise Support	129		66		246		53		(235		)		431		1,739
Tour and Other	236		163		15		37		20				5		459
	$	17,510	$	10,501	$	2,265	$	1,846	$	2,809			$	2,944	$	40,778

(a) Includes $89 million of impairment charges related to NAA’s goodwill and trademarks.

Revenues by geographic areas, which are based on where our guests are sourced, were as follows:

	Years Ended November 30,
(in millions)	2019		2018		2017
North America	$	11,502	$	10,066	$	9,195
Europe	6,318		5,957		5,414
Australia and Asia	2,632		2,530		2,604
Other	373		327		297
	$	20,825	$	18,881	$	17,510

Substantially all of our long-lived assets consist of our ships and move between geographic areas.

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, Which Represents Trademarks (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Indefinite-lived Intangible Assets [Line Items]
Impairment charge			$ 50
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 1,169	$ 1,179
Foreign currency translation adjustment	(2)	(10)
Ending Balance	1,167	1,169	1,179
NAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	927	928
Foreign currency translation adjustment	0	0
Ending Balance	927	927	928
EA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance	242	251
Foreign currency translation adjustment	(2)	(10)
Ending Balance	$ 240	$ 242	$ 251

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - Designated as hedging instruments - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 43
Gains (losses) recognized in AOCI, net investment hedges		$ 18	$ (31)
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)	23	0	0
Foreign-currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	(1)
Gains (losses) recognized in AOCI, cash flow hedges		(12)	45
Gains (losses) reclassified from AOCI, cash flow hedges	1
Gains (losses) reclassified from AOCI, cash flow hedges		1	1
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	3
Gains (losses) recognized in AOCI, cash flow hedges		6	8
Gains (losses) reclassified from AOCI, cash flow hedges	$ (7)
Gains (losses) reclassified from AOCI, cash flow hedges		$ (10)	$ (11)

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Segment Information - Segment Reporting Information, by Segment (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Segment Reporting Information [Line Items]
Revenues			$ 20,825,000,000	$ 18,881,000,000	$ 17,510,000,000
Operating costs and expenses			12,909,000,000	11,089,000,000	10,501,000,000
Selling and administrative			2,480,000,000	2,450,000,000	2,265,000,000
Depreciation and amortization			2,160,000,000	2,017,000,000	1,846,000,000
Operating Income			3,276,000,000	3,325,000,000	2,809,000,000
Capital expenditures			5,429,000,000	3,749,000,000	2,944,000,000
Assets			45,058,000,000	42,401,000,000	40,778,000,000
Goodwill and trademark impairment	$ 0	$ 0	0	0	89,000,000
NAA
Segment Reporting Information [Line Items]
Revenues			13,612,000,000	12,236,000,000	11,442,000,000
Operating costs and expenses			8,370,000,000	7,180,000,000	6,704,000,000
Selling and administrative			1,427,000,000	1,403,000,000	1,337,000,000
Depreciation and amortization			1,364,000,000	1,264,000,000	1,195,000,000
Operating Income			2,451,000,000	2,389,000,000	2,117,000,000
Capital expenditures			2,781,000,000	2,614,000,000	1,715,000,000
Assets			27,102,000,000	25,613,000,000	24,430,000,000
Goodwill and trademark impairment					89,000,000
EA
Segment Reporting Information [Line Items]
Revenues			6,650,000,000	6,243,000,000	5,703,000,000
Operating costs and expenses			4,146,000,000	3,676,000,000	3,568,000,000
Selling and administrative			744,000,000	751,000,000	667,000,000
Depreciation and amortization			645,000,000	611,000,000	561,000,000
Operating Income			1,115,000,000	1,205,000,000	907,000,000
Capital expenditures			2,462,000,000	945,000,000	793,000,000
Assets			15,473,000,000	13,825,000,000	14,149,000,000
Cruise Support
Segment Reporting Information [Line Items]
Revenues			173,000,000	129,000,000	129,000,000
Operating costs and expenses			125,000,000	53,000,000	66,000,000
Selling and administrative			281,000,000	268,000,000	246,000,000
Depreciation and amortization			115,000,000	103,000,000	53,000,000
Operating Income			(347,000,000)	(296,000,000)	(235,000,000)
Capital expenditures			143,000,000	38,000,000	431,000,000
Assets			1,861,000,000	2,303,000,000	1,739,000,000
Tour and Other
Segment Reporting Information [Line Items]
Revenues			390,000,000	272,000,000	236,000,000
Operating costs and expenses			268,000,000	180,000,000	163,000,000
Selling and administrative			28,000,000	28,000,000	15,000,000
Depreciation and amortization			36,000,000	39,000,000	37,000,000
Operating Income			56,000,000	26,000,000	20,000,000
Capital expenditures			43,000,000	152,000,000	5,000,000
Assets			$ 623,000,000	$ 660,000,000	$ 459,000,000

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Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 2,990	$ 3,152	$ 2,606
Weighted-average shares outstanding (in shares)	690	709	722
Dilutive effect of equity plans (in shares)	2	2	3
Diluted weighted-average shares outstanding (in shares)	692	710	725
Basic earnings per share (in dollars per share)	$ 4.34	$ 4.45	$ 3.61
Diluted earnings per share (in dollars per share)	$ 4.32	$ 4.44	$ 3.59

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Shareholders' Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Equity [Abstract]
Cumulative foreign currency translation adjustments, net	$ (1,961)	$ (1,875)
Unrecognized pension expenses	(88)	(56)
Net losses on cash flow derivative hedges	(18)
Net losses on cash flow derivative hedges		(19)
Accumulated other comprehensive (loss) income	$ (2,066)	$ (1,949)

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Contingencies (Details)	May 02, 2019 lawsuit
Commitments and Contingencies Disclosure [Abstract]
Number of lawsuits	2

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Carnival Corporation & PLC Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	AOCI	Treasury stock
Beginning Balance at Nov. 30, 2016	$ 22,597	$ 7	$ 358	$ 8,632	$ 21,843	$ (2,454)	$ (5,789)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,606				2,606
Other comprehensive income (loss)	672					672
Cash dividends declared	(1,155)				(1,155)
Purchases of treasury stock under the Repurchase Program and other	(504)			56			(560)
Ending Balance at Nov. 30, 2017	24,216	7	358	8,690	23,292	(1,782)	(6,349)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	3,152				3,152
Other comprehensive income (loss)	(167)					(167)
Cash dividends declared	(1,378)				(1,378)
Purchases of treasury stock under the Repurchase Program and other	(1,380)			66			(1,446)
Ending Balance at Nov. 30, 2018	24,443	7	358	8,756	25,066	(1,949)	(7,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	2,990				2,990
Other comprehensive income (loss)	(117)					(117)
Cash dividends declared	(1,379)				(1,379)
Purchases of treasury stock under the Repurchase Program and other	(548)			51			(599)
Ending Balance at Nov. 30, 2019	$ 25,365	$ 7	$ 358	$ 8,807	$ 26,653	$ (2,066)	$ (8,394)

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Carnival Corporation & PLC Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,990	$ 3,152	$ 2,606
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	(86)	(199)	590
Other	(31)	32	82
Other Comprehensive Income (Loss)	(117)	(167)	672
Total Comprehensive Income	$ 2,873	$ 2,986	$ 3,278

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Summary of Significant Accounting Policies (Policies)

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationWe consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method.

Preparation of Financial Statements

Preparation of Financial Statements

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements. Actual results may differ from the estimates used in preparing our consolidated financial statements. All significant intercompany balances and transactions are eliminated in consolidation.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at cost and present insignificant risk of changes in value. 

Inventories

Inventories

Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all carried at the lower of cost or net realizable value. Cost is determined using the weighted-average or first-in, first-out methods.

Property and Equipment

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows:

	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0% or 10%
Computer hardware and software	2-12	0% or 10%
Transportation equipment and other	3-20	0% or 10%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

The cost of ships under construction include progress payments for the construction of new ships, as well as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. We account for ship improvement costs, including replacements of certain significant components and parts, by capitalizing those costs we believe add value to our ships and have a useful life greater than one year and depreciating those improvements over their estimated remaining useful life. We have a capital program for the improvement of our ships and for asset replacements in order to enhance the effectiveness and efficiency of our operations; to comply with, or exceed all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits or provide improved product innovations to our guests.

We capitalize interest as part of the cost of capital projects during their construction period. The specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is also included in other ship operating expenses. Liquidated damages received from shipyards as a result of late ship delivery are recorded as reductions to the cost basis of the ship.

The costs of repairs and maintenance, including minor improvement costs and expenses related to dry-docks, are charged to expense as incurred and included in other ship operating expenses. Dry-dock expenses primarily represent planned major maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance.

We review our long-lived assets for impairment whenever events or circumstances indicate that the carrying amounts of these assets may not be recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset from the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships.

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment as of July 31 every year, or more frequently if events or circumstances dictate. All of our goodwill has been allocated to our reporting units. The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a reporting unit’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, if the estimated fair value of the reporting unit exceeds its carrying value, no further analysis is required. However, if the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down based on the difference between the reporting unit’s carrying amount and its fair value, limited to the amount of goodwill allocated to the reporting unit.

Trademarks represent substantially all of our other intangibles. Trademarks are estimated to have an indefinite useful life and are not amortizable but are reviewed for impairment at least annually and as events or circumstances dictate. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment

determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value.

A significant amount of judgment is required in estimating the fair values of our reporting units.

Derivatives and Other Financial Instruments

Derivatives and Other Financial Instruments

We utilize derivative and non-derivative 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. We use interest rate swaps primarily to manage our interest rate exposure to achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments for trading or other speculative purposes.

All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change in the fair value of the derivative is recognized as a component of AOCI until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the effective portion of the fair value of the financial instrument are recognized as a component of AOCI to offset the change in the translated value of the designated portion of net investment being hedged until the investment is sold or substantially liquidated, while the impact attributable to components excluded from the assessment of hedge effectiveness is recorded in interest expense, net of capitalized interest, on a systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change in fair value is recognized in earnings.

We classify the fair value of all our derivative contracts as either current or long-term, depending on the maturity date of the derivative contract. The cash flows from derivatives treated as cash flow 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.

Derivative valuations are based on observable inputs such as interest rates and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps 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.

Foreign Currency Translation and Transactions

Foreign Currency Translation and Transactions

Each foreign entity determines its functional currency by reference to its primary economic environment. We translate the assets and liabilities of our foreign entities that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign entities are translated at weighted-average exchange rates for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of AOCI, which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies.

We execute transactions in a number of different currencies. At the date that the transaction is recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At each balance sheet date, recorded monetary balances denominated in a currency other than the functional currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other income or other expense, unless such monetary balances have been designated as hedges of net investments in our foreign entities. The net gains or losses resulting from foreign currency transactions were insignificant in 2019, 2018 and 2017. In addition, the unrealized gains or losses on our long-term intercompany receivables and payables which are denominated in a non-functional currency and which are not expected to be repaid in the foreseeable future are recorded as foreign currency translation adjustments included as a component of AOCI.

Revenue and Expense Recognition

Revenue and Expense Recognition

Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of

voyages, with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues, onboard and other revenues and tour and other revenues based upon the estimated standalone selling prices of those goods and services.

Future travel discount vouchers are included as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time of cancellation.

Our sale to guests of air and other transportation to and from airports near the home ports of our ships are included in cruise passenger ticket revenues, and the related cost of purchasing these services are included in cruise transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other cruise revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above.

Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $659 million in 2019, $615 million in 2018 and $579 million in 2017. The remaining portion of fees, taxes and charges are expensed in other ship operating expenses when the corresponding revenues are recognized.

Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement.

Customer Deposits

Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We had customer deposits of $4.9 billion in 2019 and $4.7 billion in 2018. During 2019, we recognized in revenues substantially all of our customer deposits as of December 1, 2018. Our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue and foreign currency translation.

Contract Receivables

Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net.

Contract Assets

Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other and which are subsequently recognized as commissions, transportation and other at the time of revenue recognition. We have contract assets of $154 million and $151 million as of November 30, 2019 and December 1, 2018.

Insurance

Insurance

We use a combination of insurance and self-insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damage to hull and machinery for each of our ships, war risks, workers’ compensation, directors’ and officers’ liability, property damage and general liability for shoreside third-party claims. We recognize insurance recoverables from third-party insurers up to the amount of recorded losses at the time the recovery is probable and upon settlement for amounts in excess of the recorded losses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions.

Selling and Administrative Expenses

Selling and Administrative Expenses

Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs, which are expensed upon the first airing of the advertisement. Selling expenses totaled $728 million in 2019, $673 million in 2018 and $645 million in 2017. Administrative expenses represent the costs of our shoreside ship support, reservations and other administrative functions, and include salaries and related benefits, professional fees and building occupancy costs, which are typically expensed as incurred.

Share-Based Compensation

Share-Based Compensation

We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the vesting period. For performance-based share awards, we estimate compensation cost based on the probability of the performance condition being achieved and recognize expense ratably using the straight-line attribution method over the expected vesting period. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense is reversed and future compensation expense is adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market conditions are not expected to be met, compensation expense will still be recognized. We account for forfeitures as they occur.

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights.

Accounting Pronouncements

Accounting Pronouncements

The Financial Accounting Standards Board (the “FASB”) issued guidance, Revenue from Contracts with Customers (“ASC 606”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. On December 1, 2018, we adopted this guidance using the modified retrospective method for all contracts as of the adoption date. Results for reporting periods beginning after December 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under ASC 605.

The impact of the adoption of ASC 606 on our consolidated financial statements primarily relates to the gross presentation of prepaid travel agent commissions (Consolidated Balance Sheet), shore excursions and other onboard revenues and costs (Consolidated Statement of Income) which were historically presented net. As of December 1, 2018, we recorded a cumulative effect adjustment of $24 million to retained earnings related to the accounting for our loyalty programs.

The following tables summarize the impacts of ASC 606 adoption on our consolidated financial statements:

	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Income
Onboard and other (Revenues)	$	4,899		$	1,432		$	6,331
Revenues (Total)	$	19,393		$	1,432		$	20,825
Onboard and other (Operating Costs and Expenses)	$	669		$	1,432		$	2,101
Operating Costs and Expenses (Total)	$	16,117		$	1,432		$	17,549
Operating Income	$	3,276		$	—		$	3,276
Net Income	$	2,990		$	—		$	2,990
	At November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Balance Sheet
Prepaid expenses and other	$	517		$	154		$	671
Total current assets	$	1,905		$	154		$	2,059
Customer deposits	$	4,581		$	154		$	4,735
Total current liabilities	$	8,973		$	154		$	9,127
	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Cash Flows
Prepaid expenses and other	$	(100	)	$	(154	)	$	(254	)
Customer deposits	$	233		$	154		$	387
Net cash provided by operating activities	$	5,475		$	—		$	5,475

The FASB issued amended guidance, Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. On December 1, 2018, we adopted this guidance using the prospective transition method. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Restricted Cash. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. As a result, we now present restricted cash with cash and cash equivalents in the statement of cash flows. The reclassification of restricted cash balances from investing activities to changes in cash, cash equivalents and restricted cash was not material for the periods presented.

The FASB issued amended guidance, Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. On December 1, 2018, we adopted this guidance using the modified retrospective method. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Derivatives and Hedging, which targeted improvements to accounting for hedging activities such as hedging strategies, effectiveness assessments and recognition of derivative gains or losses. On December 1, 2018, we early adopted this guidance using the modified retrospective approach, which did not have a material impact on our financial statements.

The FASB issued guidance, Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, with the exception of short-term leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods.

We have implemented a new lease accounting system and are executing changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. While we are substantially complete with the process of quantifying the impacts that will result from applying the new guidance, our assessment will be finalized during the first quarter of 2020. Based on our currently contracted commitments and our assessment to date, the initial adoption of this guidance is expected to increase both our total assets and total liabilities by approximately $1.4 billion to $1.6 billion, reflecting the lease rights and obligations arising from our lease arrangements. We do not expect this guidance to have a significant impact to our consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of cash flows or the compliance with debt-covenants under our current agreements.

The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same income statement line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the statement of cash flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021, early adoption is permitted. We have elected the prospective adoption method. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

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Commitments (Tables)

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of Shipbuilding, Operating Leases, and Port Facilities and Other Commitments

	Fiscal
(in millions)	2020		2021		2022		2023		2024		Thereafter		Total
New ship growth capital	$	4,811	$	3,622	$	3,035	$	2,011	$	49	$	1,003	$	14,531
Port facilities leases	145		140		121		137		131		1,218		1,892
Other operating leases	74		56		40		36		36		190		432
Other long-term commitments	267		202		75		22		15		25		607
	$	5,297	$	4,020	$	3,272	$	2,206	$	231	$	2,436	$	17,463

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Segment Information - Revenue by Geographic Area, Based on Where Guests are Sourced (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 20,825	$ 18,881	$ 17,510
North America
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,502	10,066	9,195
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	6,318	5,957	5,414
Australia and Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,632	2,530	2,604
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 373	$ 327	$ 297

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 518	$ 982
Restricted cash included in prepaid expenses and other and other assets	13	14
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	530	996	$ 422	$ 662
Cash paid for interest, net of capitalized interest	171	182	191
Cash paid for income taxes, net of recoveries	46	58	43
Payments for sale of ships	$ 104	$ 35	$ 45

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Carnival Corporation & PLC Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
OPERATING ACTIVITIES
Net Income	$ 2,990	$ 3,152	$ 2,606
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	2,160	2,017	1,846
Impairments	26	16	392
Gains on fuel derivatives, net	0	(59)	(35)
Share-based compensation	46	65	63
Other, net	43	(6)	51
Adjustments to reconcile net income to net cash provided by (used in) operating activities	5,265	5,186	4,923
Changes in operating assets and liabilities
Receivables	(114)	(58)	6
Inventories	79	(67)	(49)
Prepaid expenses and other	(254)	74	(13)
Accounts payable	34	(24)	21
Accrued and other liabilities	80	(100)	73
Customer deposits	387	539	361
Net cash provided by (used in) operating activities	5,475	5,549	5,322
INVESTING ACTIVITIES
Purchases of property and equipment	(5,429)	(3,749)	(2,944)
Proceeds from sales of ships	26	389	0
Payments of fuel derivative settlements	(6)	(39)	(203)
Other, net	132	(114)	25
Net cash provided by (used in) investing activities	(5,277)	(3,514)	(3,122)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	(605)	417	(29)
Principal repayments of long-term debt	(1,651)	(1,556)	(1,227)
Proceeds from issuance of long-term debt	3,674	2,542	467
Dividends paid	(1,387)	(1,355)	(1,087)
Purchases of treasury stock	(603)	(1,468)	(552)
Other, net	(82)	(39)	(24)
Net cash provided by (used in) financing activities	(655)	(1,460)	(2,452)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9)	(1)	11
Net increase (decrease) in cash, cash equivalents and restricted cash	(465)	574	(241)
Cash, cash equivalents and restricted cash at beginning of year	996	422	662
Cash, cash equivalents and restricted cash at end of year	$ 530	$ 996	$ 422

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Carnival Corporation & PLC Consolidated Statements of Income - USD ($)	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Revenues
Revenues	$ 20,825,000,000	$ 18,881,000,000	$ 17,510,000,000
Cruise
Selling and administrative	2,480,000,000	2,450,000,000	2,265,000,000
Depreciation and amortization	2,160,000,000	2,017,000,000	1,846,000,000
Goodwill and trademark impairment	0	0	89,000,000
Operating costs and expenses	17,549,000,000	15,556,000,000	14,701,000,000
Operating Income	3,276,000,000	3,325,000,000	2,809,000,000
Nonoperating Income (Expense)
Interest income	23,000,000	14,000,000	9,000,000
Interest expense, net of capitalized interest	(206,000,000)	(194,000,000)	(198,000,000)
Gains on fuel derivatives, net	0	59,000,000	35,000,000
Other income (expense), net	(32,000,000)	3,000,000	11,000,000
Nonoperating Income (Expense)	(215,000,000)	(118,000,000)	(143,000,000)
Income Before Income Taxes	3,060,000,000	3,207,000,000	2,666,000,000
Income Tax Expense, Net	(71,000,000)	(54,000,000)	(60,000,000)
Net Income	$ 2,990,000,000	$ 3,152,000,000	$ 2,606,000,000
Earnings Per Share
Basic (in dollars per share)	$ 4.34	$ 4.45	$ 3.61
Diluted (in dollars per share)	$ 4.32	$ 4.44	$ 3.59
Cruise and tour
Cruise
Operating costs and expenses	$ 12,909,000,000	$ 11,089,000,000	$ 10,501,000,000
Cruise
Cruise
Commissions, transportation and other	2,720,000,000	2,590,000,000	2,359,000,000
Onboard and other	2,101,000,000	638,000,000	587,000,000
Payroll and related	2,249,000,000	2,190,000,000	2,107,000,000
Fuel	1,562,000,000	1,619,000,000	1,244,000,000
Food	1,083,000,000	1,066,000,000	1,031,000,000
Other ship operating	2,925,000,000	2,807,000,000	3,010,000,000
Cruise passenger ticket
Revenues
Revenues	14,104,000,000	13,930,000,000	12,944,000,000
Cruise onboard and other
Revenues
Revenues	6,331,000,000	4,679,000,000	4,330,000,000
Cruise
Operating costs and expenses	2,101,000,000
Tour and other
Revenues
Revenues	390,000,000	272,000,000	236,000,000
Cruise
Operating costs and expenses	$ 268,000,000	$ 180,000,000	$ 163,000,000

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Shareholders' Equity - Shares Repurchased (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Stockholders Equity Note [Line Items]
Dollar Amount Paid for Shares Repurchased	$ 603	$ 1,468	$ 552
Repurchase Agreements | Carnival Corp
Stockholders Equity Note [Line Items]
Number of Shares Repurchased	0.6	7.8	3.3
Dollar Amount Paid for Shares Repurchased	$ 26	$ 476	$ 223
Repurchase Agreements | Carnival PLC
Stockholders Equity Note [Line Items]
Number of Shares Repurchased	12.2	16.3	5.6
Dollar Amount Paid for Shares Repurchased	$ 569	$ 985	$ 335

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Commitments - Shipbuilding, Operating Leases, and Port Facilities and Other Commitments (Detail) $ in Millions	Nov. 30, 2019 USD ($)
New ship growth capital
Shipbuilding commitments future minimum payments due in 2020	$ 4,811
Shipbuilding commitments future minimum payments due in 2021	3,622
Shipbuilding commitments future minimum payments due in 2022	3,035
Shipbuilding commitments future minimum payments due in 2023	2,011
Shipbuilding commitments future minimum payments due in 2024	49
Shipbuilding commitments future minimum payments due thereafter	1,003
Shipbuilding commitments future minimum payments due	14,531
Port facilities leases
Operating leases future minimum payments due in 2020	145
Operating leases future minimum payments due in 2021	140
Operating leases future minimum payments due in 2022	121
Operating leases future minimum payments due in 2023	137
Operating leases future minimum payments due in 2024	131
Operating leases future minimum payments due thereafter	1,218
Operating leases future minimum payments due	1,892
Other operating leases
Port facilities and other contractual commitments due in 2020	74
Port facilities and other contractual commitments due in 2021	56
Port facilities and other contractual commitments due in 2022	40
Port facilities and other contractual commitments due in 2023	36
Port facilities and other contractual commitments due in 2024	36
Port facilities and other contractual commitments due thereafter	190
Port facilities and other contractual commitments due	432
Other long-term commitments
Other commitments future minimum payments due in 2020	267
Other commitments future minimum payments due in 2021	202
Other commitments future minimum payments due in 2022	75
Other commitments future minimum payments due in 2023	22
Other commitments future minimum payments due in 2024	15
Other commitments future minimum payments due thereafter	25
Other commitments future minimum payments due	607
Leases and other future minimum payments
Leases and other future minimum payments due in 2020	5,297
Leases and other future minimum payments due in 2021	4,020
Leases and other future minimum payments due in 2022	3,272
Leases and other future minimum payments due in 2023	2,206
Leases and other future minimum payments due in 2024	231
Leases and other future minimum payments due thereafter	2,436
Leases and other future minimum payments due	$ 17,463

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

Schedule of Depreciation and Amortization Expense Computation

Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows:

	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0% or 10%
Computer hardware and software	2-12	0% or 10%
Transportation equipment and other	3-20	0% or 10%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

Schedule of Impacts of ASC 606 Adoption

The following tables summarize the impacts of ASC 606 adoption on our consolidated financial statements:

	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Income
Onboard and other (Revenues)	$	4,899		$	1,432		$	6,331
Revenues (Total)	$	19,393		$	1,432		$	20,825
Onboard and other (Operating Costs and Expenses)	$	669		$	1,432		$	2,101
Operating Costs and Expenses (Total)	$	16,117		$	1,432		$	17,549
Operating Income	$	3,276		$	—		$	3,276
Net Income	$	2,990		$	—		$	2,990
	At November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Balance Sheet
Prepaid expenses and other	$	517		$	154		$	671
Total current assets	$	1,905		$	154		$	2,059
Customer deposits	$	4,581		$	154		$	4,735
Total current liabilities	$	8,973		$	154		$	9,127
	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Cash Flows
Prepaid expenses and other	$	(100	)	$	(154	)	$	(254	)
Customer deposits	$	233		$	154		$	387
Net cash provided by operating activities	$	5,475		$	—		$	5,475

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Shareholders' Equity (Tables)

12 Months Ended

Nov. 30, 2019

Equity [Abstract]

Schedule of Shares Repurchased

	Carnival Corporation			Carnival plc
(in millions)	Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased		Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased
2019	0.6	$	26	12.2	$	569
2018	7.8	$	476	16.3	$	985
2017	3.3	$	223	5.6	$	335

Accumulated Other Comprehensive Loss

	AOCI
	November 30,
(in millions)	2019			2018
Cumulative foreign currency translation adjustments, net	$	(1,961	)	$	(1,875	)
Unrecognized pension expenses	(88		)	(56		)
Net losses on cash flow derivative hedges	(18		)	(19		)
	$	(2,066	)	$	(1,949	)

Schedule of Quarterly Cash Dividends Declared

We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:

	Quarters Ended
(in millions, except per share data)	February 28		May 31		August 31		November 30
2019
Dividends declared per share	$	0.50	$	0.50	$	0.50	$	0.50
Dividends declared	$	345	$	346	$	342	$	346
2018
Dividends declared per share	$	0.45	$	0.50	$	0.50	$	0.50
Dividends declared	$	322	$	357	$	350	$	349
2017
Dividends declared per share	$	0.35	$	0.40	$	0.40	$	0.45
Dividends declared	$	251	$	291	$	289	$	324

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Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Impacts of ASC 606 Adoption (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	$ 20,825	$ 18,881	$ 17,510
Operating costs and expenses	17,549	15,556	14,701
Operating Income	3,276	3,325	2,809
Net Income	2,990	3,152	2,606
Prepaid expenses and other	671	436
Total current assets	2,059	2,225
Customer deposits	4,735	4,395
Total current liabilities	9,127	9,204
Prepaid expenses and other	(254)	74	(13)
Customer deposits	387	539	361
Net cash provided by operating activities	5,475	5,549	5,322
Onboard and other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	6,331	$ 4,679	$ 4,330
Operating costs and expenses	2,101
ASC 606 | Prior to adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	19,393
Operating costs and expenses	16,117
Operating Income	3,276
Net Income	2,990
Prepaid expenses and other	517
Total current assets	1,905
Customer deposits	4,581
Total current liabilities	8,973
Prepaid expenses and other	(100)
Customer deposits	233
Net cash provided by operating activities	5,475
ASC 606 | Prior to adoption of ASC 606 | Onboard and other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	4,899
Operating costs and expenses	669
ASC 606 | Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	1,432
Operating costs and expenses	1,432
Operating Income	0
Net Income	0
Prepaid expenses and other	154
Total current assets	154
Customer deposits	154
Total current liabilities	154
Prepaid expenses and other	(154)
Customer deposits	154
Net cash provided by operating activities	0
ASC 606 | Adjustments | Onboard and other
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenues	1,432
Operating costs and expenses	$ 1,432

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Supplemental Cash Flow Information Supplemental Cash Flow Information (Tables)

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Information

(in millions)	November 30, 2019		November 30, 2018
Cash and cash equivalents (Consolidated Balance Sheets)	$	518	$	982
Restricted cash included in prepaid expenses and other and other assets	13		14
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	530	$	996

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Compensation Plans

12 Months Ended

Nov. 30, 2019

Retirement Benefits [Abstract]

Compensation Plans

Compensation Plans

Equity Plans

We issue our share-based compensation awards, which at November 30, 2019 included time-based share awards (restricted stock awards and restricted stock units), performance-based share awards and market-based share awards (collectively “equity awards”), under the Carnival Corporation and Carnival plc stock plans. Equity awards are principally granted to management level employees and members of our Boards of Directors. The plans are administered by the Compensation Committee which is made up of independent directors who determine which employees are eligible to participate, the monetary value or number of shares for which equity awards are to be granted and the amounts that may be exercised or sold within a specified term. We had an aggregate of 11.8 million shares available for future grant at November 30, 2019. We fulfill our equity award obligations using shares purchased in the open market or with unissued or treasury shares. Our equity awards generally vest over a three-year period, subject to earlier vesting under certain conditions.

	Shares		Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2016	3,413,125		$	48.03
Granted	1,116,314		$	54.79
Vested	(1,466,690	)	$	38.95
Forfeited	(112,781	)	$	51.72
Outstanding at November 30, 2017	2,949,968		$	51.82
Granted	951,906		$	66.68
Vested	(1,419,218	)	$	45.45
Forfeited	(202,139	)	$	56.57
Outstanding at November 30, 2018	2,280,517		$	61.57
Granted	1,357,177		$	52.17
Vested	(960,693	)	$	53.49
Forfeited	(185,625	)	$	56.13
Outstanding at November 30, 2019	2,491,376		$	59.97

As of November 30, 2019, there was $57 million of total unrecognized compensation cost related to equity awards, which is expected to be recognized over a weighted-average period of 1.4 years.

Defined Benefit Pension Plans

We have several single-employer defined benefit pension plans, which cover some of our shipboard and shoreside employees. The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by U.S. or UK regulations. The remaining defined benefit plans are primarily unfunded. In determining all of our plans’ benefit obligations at November 30, 2019 and 2018, we assumed a weighted-average discount rate of 2.4% for 2019 and 3.4% for 2018.

In addition, we participate in two multiemployer defined benefit pension plans in the UK, the British Merchant Navy Officers Pension Fund (registration number 10005645) (“MNOPF”), which is divided into two sections, the “New Section” and the “Old Section” and the British Merchant Navy Ratings Pension Fund (registration number 10005646) (“MNRPF”). Collectively, we refer to these as “the multiemployer plans.” The multiemployer plans are maintained for the benefit of the employees of the participating employers who make contributions to the plans. However, contributions made by employers, including us, may be used to provide benefits to employees of other participating employers, and if any of the participating employers withdraw from the multiemployer plans or fail to make their required contributions, any unfunded obligations would be the responsibility of the remaining participating employers. We are contractually obligated to make all required contributions as determined by the plans’ trustees. All of our multiemployer plans are closed to new membership and future benefit accrual. The MNOPF Old Section is fully funded.

We expense our portion of the MNOPF New Section deficit as amounts are invoiced by, and become due and payable to, the trustees. We accrue and expense our portion of the MNRPF deficit based on our estimated probable obligation from the most recent actuarial review. Total expense for all defined benefit pension plans, including the multiemployer plans, was $34 million in 2019, $36 million in 2018 and $53 million in 2017.

Based on the most recent valuation at March 31, 2018 of the MNOPF New Section, it was determined that this plan was 98% funded. In 2019, 2018 and 2017, our contributions to the MNOPF New Section did not exceed 5% of total contributions to the fund. Based on the most recent valuation at March 31, 2019 of the MNRPF, it was determined that this plan was 88% funded. In 2019, 2018 and 2017 our contributions to the MNRPF did not exceed 5% of total contributions to the fund. It is possible that we will be required to fund and expense additional amounts for the multiemployer plans in the future; however, such amounts are not expected to be material to our consolidated financial statements.

Defined Contribution Plans

We have several defined contribution plans available to most of our employees. We contribute to these plans based on employee contributions, salary levels and length of service. Total expense for these plans was $41 million in 2019, $39 million in 2018 and $37 million in 2017.

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Other Assets

12 Months Ended

Nov. 30, 2019

Other Assets [Abstract]

Other Assets

Other Assets

We have a minority interest in Grand Bahama Shipyard Ltd. (“Grand Bahama”), a ship repair and maintenance facility. Grand Bahama provided services to us of $62 million in 2019, $89 million in 2018 and $97 million in 2017. As of November 30, 2019, our investment in Grand Bahama was $54 million, consisting of $15 million in equity and a loan of $39 million. As of November 30, 2018, our investment in Grand Bahama was $64 million, consisting of $24 million in equity and a loan of $40 million.

We have a minority interest in the White Pass & Yukon Route (“White Pass”) that includes port, railroad and retail operations in Skagway, Alaska. White Pass has provided services to us of $22 million in 2019, and $8 million in 2018. As of November 30, 2019, our investment in White Pass was $102 million, consisting of $84 million in equity and a loan of $18 million. As of November 30, 2018, our investment in White Pass was $131 million, consisting of $81 million in equity and a loan of $50 million.

We have a minority interest in CSSC Carnival Cruise Shipping Limited (“CSSC-Carnival”), a China-based cruise company which will operate its own fleet designed to serve the Chinese market. As of November 30, 2019 and 2018, our investment in CSSC-Carnival was $48 million and $49 million. In December 2019, we sold a controlling interest in an entity with full ownership of two EA segment ships to CSSC-Carnival for $251 million. We will continue to operate both EA segment ships under bareboat charter agreements into 2021.

Following a relocation of one of our Executive Officers, we over withheld taxes for the years 2015 to 2017. While the Executive Officer has filed for a refund of the overage from the tax authorities, we cannot be certain as to the timing nor likelihood of a full refund. We have reimbursed the Executive Officer for the amount over withheld by us in the amount of €4 million. In return, we are entitled to any refund received in relation to the over withheld taxes from the tax authorities. We have also paid a portion of the Executive Officer’s professional services fees incurred related to this matter.

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Taxation

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Taxation

Taxation

A summary of our principal taxes and exemptions in the jurisdictions where our significant operations are located is as follows:

U.S. Income Tax

We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation. We also own and operate, among other businesses, the U.S. hotel and transportation business of Holland America Princess Alaska Tours through U.S. corporations.

Our North American cruise ship businesses and certain ship-owning subsidiaries are engaged in a trade or business within the U.S. Depending on its itinerary, any particular ship may generate income from sources within the U.S. We believe that our U.S. source income and the income of our ship-owning subsidiaries, to the extent derived from, or incidental to, the international operation of a ship or ships, is currently exempt from U.S. federal income and branch profit taxes.

Our domestic U.S. operations, principally the hotel and transportation business of Holland America Princess Alaska Tours, are subject to federal and state income taxation in the U.S.

In general, under Section 883 of the Internal Revenue Code, certain non-U.S. corporations (such as our North American cruise ship businesses) are not subject to U.S. federal income tax or branch profits tax on U.S. source income derived from, or incidental to, the international operation of a ship or ships. Applicable U.S. Treasury regulations provide in general that a foreign corporation will qualify for the benefits of Section 883 if, in relevant part, (i) the foreign country in which the foreign corporation is organized grants an equivalent exemption to corporations organized in the U.S. in respect of each category of shipping income for which an exemption is being claimed under Section 883 (an “equivalent exemption jurisdiction”) and (ii) the foreign corporation meets a defined publicly-traded corporation stock ownership test (the “publicly-traded test”). Subsidiaries of foreign corporations that are organized in an equivalent exemption jurisdiction and meet the publicly-traded test also benefit from Section 883. We believe that Panama is an equivalent exemption jurisdiction and that Carnival Corporation currently satisfies the publicly-traded test under the regulations. Accordingly, substantially all of Carnival Corporation’s income is exempt from U.S. federal income and branch profit taxes.

Regulations under Section 883 list certain activities that the IRS does not consider to be incidental to the international operation of ships and, therefore, the income attributable to such activities, to the extent such income is U.S. source, does not qualify for the Section 883 exemption. Among the activities identified as not incidental are income from the sale of air transportation, transfers, shore excursions and pre- and post-cruise land packages to the extent earned from sources within the U.S.

We believe that the U.S. source transportation income earned by Carnival plc and its subsidiaries currently qualifies for exemption from U.S. federal income tax under applicable bilateral U.S. income tax treaties.

Carnival Corporation and Carnival plc and certain of their subsidiaries are subject to various U.S. state income taxes generally imposed on each state’s portion of the U.S. source income subject to U.S. federal income taxes. However, the state of Alaska imposes an income tax on its allocated portion of the total income of our companies doing business in Alaska and certain of their subsidiaries.

UK and Australian Income Tax

Cunard, P&O Cruises (UK) and P&O Cruises (Australia) are divisions of Carnival plc and have elected to enter the UK tonnage tax under a rolling ten-year term and, accordingly, reapply every year. Companies to which the tonnage tax regime applies pay corporation taxes on profits calculated by reference to the net tonnage of qualifying ships. UK corporation tax is not chargeable under the normal UK tax rules on these brands’ relevant shipping income. Relevant shipping income includes income from the operation of qualifying ships and from shipping related activities.

For a company to be eligible for the regime, it must be subject to UK corporation tax and, among other matters, operate qualifying ships that are strategically and commercially managed in the UK. Companies within UK tonnage tax are also subject to a seafarer training requirement.

Our UK non-shipping activities that do not qualify under the UK tonnage tax regime remain subject to normal UK corporation tax. Dividends received from subsidiaries of Carnival plc doing business outside the UK are generally exempt from UK corporation tax.

P&O Cruises (Australia) and all of the other cruise ships operated internationally by Carnival plc for the cruise segment of the Australian vacation region are exempt from Australian corporation tax by virtue of the UK/Australian income tax treaty.

Italian and German Income Tax

In early 2015, Costa and AIDA re-elected to enter the Italian tonnage tax regime through 2024 and can reapply for an additional ten-year period beginning in early 2025. Companies to which the tonnage tax regime applies pay corporation taxes on shipping profits calculated by reference to the net tonnage of qualifying ships.

Most of Costa’s and AIDA’s earnings that are not eligible for taxation under the Italian tonnage tax regime will be taxed at an effective tax rate of 4.8% in 2019 and 2018.

Substantially all of AIDA’s earnings are exempt from German income taxes by virtue of the Germany/Italy income tax treaty.

Asian Countries Income Taxes

Substantially all of our brands’ income from their international operations in Asian countries is exempt from income tax by virtue of relevant income tax treaties.

Other

We recognize income tax provisions for uncertain tax positions, based solely on their technical merits, when it is more likely than not to be sustained upon examination by the relevant tax authority. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution. Based on all known facts and circumstances and current tax law, we believe that the total amount of our uncertain income tax position liabilities and related accrued interest are not significant to our financial position. All interest expense related to income tax liabilities is included in income tax expense.

We do not expect to incur income taxes on future distributions of undistributed earnings of foreign subsidiaries and, accordingly, no deferred income taxes have been provided for the distribution of these earnings. In addition to or in place of income taxes, virtually all jurisdictions where our ships call impose taxes, fees and other charges based on guest counts, ship tonnage, passenger capacity or some other measure, and these taxes, fees and other charges are included in commissions, transportation and other costs and other ship operating expenses.

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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Impairments of Ships (Details) $ in Millions	12 Months Ended
	Nov. 30, 2017 USD ($)
NAA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 162
EA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 142

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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Fuel Derivatives Outstanding (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Derivative [Line Items]
Gains (losses) on fuel derivatives, net	$ 0	$ 59	$ 35
Fuel
Derivative [Line Items]
Unrealized gains on fuel derivatives, net	0	94	227
Realized losses on fuel derivatives, net	0	(35)	(192)
Gains (losses) on fuel derivatives, net	$ 0	$ 59	$ 35

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Carnival Corporation & PLC Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Current Assets
Cash and cash equivalents	$ 518	$ 982
Trade and other receivables, net	444	358
Inventories	427	450
Prepaid expenses and other	671	436
Total current assets	2,059	2,225
Property and Equipment, Net	38,131	35,336
Goodwill	2,912	2,925
Other Intangibles	1,174	1,176
Other Assets	783	738
Assets	45,058	42,401
Current Liabilities
Short-term borrowings	231	848
Current portion of long-term debt	1,596	1,578
Accounts payable	756	730
Accrued liabilities and other	1,809	1,654
Customer deposits	4,735	4,395
Total current liabilities	9,127	9,204
Long-Term Debt	9,675	7,897
Other Long-Term Liabilities	890	856
Commitments and Contingencies
Shareholders' Equity
Additional paid-in capital	8,807	8,756
Retained earnings	26,653	25,066
Accumulated other comprehensive income (loss) (“AOCI”)	(2,066)	(1,949)
Treasury stock, 130 shares at 2019 and 129 shares at 2018 of Carnival Corporation and 60 shares at 2019 and 48 shares at 2018 of Carnival plc, at cost	(8,394)	(7,795)
Total shareholders' equity	25,365	24,443
Liabilities and Shareholders' Equity	45,058	42,401
Common stock
Shareholders' Equity
Common stock	7	7
Ordinary shares
Shareholders' Equity
Common stock	$ 358	$ 358

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Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017
Equity [Abstract]
Dividends declared per share (USD per share)	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.50	$ 0.45	$ 0.45	$ 0.40	$ 0.40	$ 0.35
Dividends declared	$ 346	$ 342	$ 346	$ 345	$ 349	$ 350	$ 357	$ 322	$ 324	$ 289	$ 291	$ 251

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Taxation (Details) - ITALY	12 Months Ended
	Nov. 30, 2019
Income Tax [Line Items]
Additional tax rate election period beginning 2025	10 years
Effective tax rate	4.80%

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General

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General

Description of Business

Carnival Corporation was incorporated in Panama in 1972 and Carnival plc was incorporated in England and Wales in 2000. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this 2019 Annual Report as “Carnival Corporation & plc,” “our,” “us” and “we.” The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. 

We are the world’s largest leisure travel company and among the most profitable and financially strong in the cruise and vacation industries. We are also the largest cruise company, carrying nearly 45 percent of global cruise guests, and a leading provider of vacations to all major cruise destinations throughout the world. With operations in North America, Australia, Europe and Asia, we operate a portfolio of leading global, regional and national cruise brands that sell tailored cruise products, services and vacation experiences on 104 cruise ships to the world’s most desirable destinations.

DLC Arrangement

Carnival Corporation and Carnival plc operate a dual listed company (“DLC”) arrangement, whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and provisions in Carnival Corporation’s Articles of Incorporation and By-Laws and Carnival plc’s Articles of Association. The two companies operate as a single economic enterprise with a single senior executive management team and identical Boards of Directors, but each has retained its separate legal identity. Each company’s shares are publicly traded; on the New York Stock Exchange (“NYSE”) for Carnival Corporation and the London Stock Exchange (“LSE”) for Carnival plc. The Carnival plc American Depository Shares are traded on the NYSE.

The constitutional documents of each company provide that, on most matters, the holders of the common equity of both companies effectively vote as a single body. The Equalization and Governance Agreement between Carnival Corporation and Carnival plc provides for the equalization of dividends and liquidation distributions based on an equalization ratio and contains provisions relating to the governance of the DLC arrangement. Because the equalization ratio is 1 to 1, one share of Carnival Corporation common stock and one Carnival plc ordinary share are generally entitled to the same distributions.

Under deeds of guarantee executed in connection with the DLC arrangement, as well as stand-alone guarantees executed since that time, each of Carnival Corporation and Carnival plc have effectively cross guaranteed all indebtedness and certain other monetary obligations of each other. Once the written demand is made, the holders of indebtedness or other obligations may immediately commence an action against the relevant guarantor.

Under the terms of the DLC arrangement, Carnival Corporation and Carnival plc are permitted to transfer assets between the companies, make loans to or investments in each other and otherwise enter into intercompany transactions. In addition, the cash flows and assets of one company are required to be used to pay the obligations of the other company, if necessary.

Given the DLC arrangement, we believe that providing separate financial statements for each of Carnival Corporation and Carnival plc would not present a true and fair view of the economic realities of their operations. Accordingly, separate financial statements for Carnival Corporation and Carnival plc have not been presented.

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Unsecured Debt - Additional Information (Details) £ in Millions, $ in Millions, € in Billions	12 Months Ended
	Nov. 30, 2019 EUR (€)	Nov. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)	Nov. 30, 2019 GBP (£)	Nov. 30, 2019 USD ($)
Debt Outstanding [Line Items]
Repayments of commercial paper		$ 2	$ 364
Line of credit, maturity period	12 years
Revolving Credit Facility
Debt Outstanding [Line Items]
Line of credit facility available amount					$ 2,800
Debt instrument, basis spread on variable rate	22.50%
Revolving Credit Facility | Main Credit Facility
Debt Outstanding [Line Items]
Long-term debt					3,000
Revolving Credit Facility | Main Credit Facility | U.S. Dollar Denominated Debt
Debt Outstanding [Line Items]
Long-term debt					$ 1,700
Revolving Credit Facility | Main Credit Facility | Euro Denominated
Debt Outstanding [Line Items]
Long-term debt | €	€ 1.0
Revolving Credit Facility | Main Credit Facility | Sterling-denominated
Debt Outstanding [Line Items]
Long-term debt | £				£ 150
Commercial paper
Debt Outstanding [Line Items]
Short-term borrowings		$ 2	$ 111

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Compensation Plans - Awards Activity (Details) - Equity Awards - $ / shares	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Shares
Outstanding beginning balance (in shares)	2,280,517	2,949,968	3,413,125
Granted (in shares)	1,357,177	951,906	1,116,314
Vested (in shares)	(960,693)	(1,419,218)	(1,466,690)
Forfeited (in shares)	(185,625)	(202,139)	(112,781)
Outstanding ending balance (in shares)	2,491,376	2,280,517	2,949,968
Weighted-Average Grant Date Fair Value
Weighted-average grant date fair value, outstanding beginning balance (in dollars per share)	$ 61.57	$ 51.82	$ 48.03
Weighted-average grant date fair value, granted (in dollars per share)	52.17	66.68	54.79
Weighted-average grant date fair value, vested (in dollars per share)	53.49	45.45	38.95
Weighted-average grant date fair value, forfeited (in dollars per share)	56.13	56.57	51.72
Weighted-average grant date fair value, outstanding ending balance (in dollars per share)	$ 59.97	$ 61.57	$ 51.82

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Supplemental Cash Flow Information

12 Months Ended

Nov. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

(in millions)	November 30, 2019		November 30, 2018
Cash and cash equivalents (Consolidated Balance Sheets)	$	518	$	982
Restricted cash included in prepaid expenses and other and other assets	13		14
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	$	530	$	996

Cash paid for interest, net of capitalized interest, was $171 million in 2019, $182 million in 2018 and $191 million in 2017. In addition, cash paid for income taxes, net of recoveries, was $46 million in 2019, $58 million in 2018 and $43 million in 2017.

During 2019, 2018, and 2017, we issued notes receivable upon sale of ships of $104 million, $35 million and $45 million.

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Unsecured Debt (Tables)

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt and Short-Term Borrowings

 

	November 30, 2019		November 30,
(in millions)	Interest Rates	Maturities Through	2019				2018
Long-Term Debt
Export Credit Facilities
Fixed rate	2.4% to 4.4%	2031	$	3,485			$	1,819
EUR fixed rate	1.1% to 4.5%	2031	699				189
Floating rate	2.4% to 2.7%	2022	174				240
EUR floating rate	0.0% to 0.6%	2027	1,040				1,297
Bank Loans
EUR fixed rate	0.5% to 3.9%	2021	221				257
Floating rate	3.1%	2025	300				495
EUR floating rate	0.0% to 0.7%	2023	1,596				1,193
GBP floating rate	1.3% to 1.7%	2023	854			—	848
Publicly-Traded Notes
Fixed rate	4.0% to 7.2%	2028	1,217				1,217
EUR fixed rate	1.0% to 1.9%	2029	1,816				1,989
Short-Term Borrowings
EUR floating rate commercial paper	(0.3)%	2020	231				621
EUR fixed rate bank loans	—%	—	—				227
Total Debt			11,634				10,394
Less: Unamortized debt issuance costs			(131		)		(71		)
Total Debt, net of unamortized debt issuance costs			11,503				10,323
Less: Short-term borrowings			(231		)		(848		)
Less: Current portion of long-term debt			(1,596		)		(1,578		)
Long-Term Debt			$	9,675			$	7,897

Schedule of Annual Maturities of Debt

The scheduled annual maturities of our debt were as follows:

(in millions)
Fiscal	November 30, 2019
2020	$	1,827
2021	1,915
2022	1,352
2023	2,234
2024	680
Thereafter	3,627
	$	11,634

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Segment Information (Tables)

12 Months Ended

Nov. 30, 2019

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.  

	As of and for the years ended November 30,
(in millions)	Revenues		Operating costs and expenses		Selling and administrative		Depreciation and amortization		Operating income (loss)				Capital expenditures		Total assets
2019
NAA	$	13,612	$	8,370	$	1,427	$	1,364	$	2,451			$	2,781	$	27,102
EA	6,650		4,146		744		645		1,115				2,462		15,473
Cruise Support	173		125		281		115		(347		)		143		1,861
Tour and Other	390		268		28		36		56				43		623
	$	20,825	$	12,909	$	2,480	$	2,160	$	3,276			$	5,429	$	45,058
2018
NAA	$	12,236	$	7,180	$	1,403	$	1,264	$	2,389			$	2,614	$	25,613
EA	6,243		3,676		751		611		1,205				945		13,825
Cruise Support	129		53		268		103		(296		)		38		2,303
Tour and Other	272		180		28		39		26				152		660
	$	18,881	$	11,089	$	2,450	$	2,017	$	3,325			$	3,749	$	42,401
2017
NAA	$	11,442	$	6,704	$	1,337	$	1,195	$	2,117		(a)	$	1,715	$	24,430
EA	5,703		3,568		667		561		907				793		14,149
Cruise Support	129		66		246		53		(235		)		431		1,739
Tour and Other	236		163		15		37		20				5		459
	$	17,510	$	10,501	$	2,265	$	1,846	$	2,809			$	2,944	$	40,778

(a)

Includes $89 million of impairment charges related to NAA’s goodwill and trademarks.

Revenue by Geographic Area, Based on Where Guests are Sourced

Revenues by geographic areas, which are based on where our guests are sourced, were as follows:

	Years Ended November 30,
(in millions)	2019		2018		2017
North America	$	11,502	$	10,066	$	9,195
Europe	6,318		5,957		5,414
Australia and Asia	2,632		2,530		2,604
Other	373		327		297
	$	20,825	$	18,881	$	17,510

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Commitments

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitments

Commitments

	Fiscal
(in millions)	2020		2021		2022		2023		2024		Thereafter		Total
New ship growth capital	$	4,811	$	3,622	$	3,035	$	2,011	$	49	$	1,003	$	14,531
Port facilities leases	145		140		121		137		131		1,218		1,892
Other operating leases	74		56		40		36		36		190		432
Other long-term commitments	267		202		75		22		15		25		607
	$	5,297	$	4,020	$	3,272	$	2,206	$	231	$	2,436	$	17,463

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Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk

Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories:

• Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.

• Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

• Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange.

Financial Instruments that are not Measured at Fair Value on a Recurring Basis

	November 30, 2019								November 30, 2018
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Total	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Liabilities
Fixed rate debt (b)	$	7,438	$	—	$	7,782	$	—	$	5,699	$	—	$	5,799	$	—
Floating rate debt (b)	4,195		—		4,248		—		4,695		—		4,727		—
Total	$	11,634	$	—	$	12,030	$	—	$	10,394	$	—	$	10,526	$	—

(a) Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes 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.

(b)

The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.

Financial Instruments that are Measured at Fair Value on a Recurring Basis 

	November 30, 2019						November 30, 2018
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	518	$	—	$	—	$	982	$	—	$	—
Restricted cash	13		—		—		14		—		—
Derivative financial instruments	—		58		—		—		—		—
Total	$	530	$	58	$	—	$	996	$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	25	$	—	$	—	$	29	$	—
Total	$	—	$	25	$	—	$	—	$	29	$	—

Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis

Valuation of Goodwill and Trademarks

As of July 31, 2019 and 2018, we performed our annual goodwill and trademark impairment reviews and we determined there was no impairment for goodwill or trademarks.

As of November 30, 2019, we performed an additional goodwill impairment review for our Costa reporting unit, $435 million of goodwill recorded, and we determined there was no impairment for goodwill.

During 2017, we made a decision to strategically realign our business in Australia, which includes reducing capacity in P&O Cruises (Australia). We performed discounted cash flow analyses and determined that the estimated fair values of the P&O Cruises (Australia) reporting unit and its trademark no longer exceeded their carrying values. We recognized a goodwill impairment charge of $38 million and a trademark impairment charge of $50 million for the year ended November 30, 2017.

The determination of our reporting unit goodwill fair values includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions used in our goodwill impairment reviews consist of:

• Changes in conditions or strategy, including decisions about the allocation of new ships amongst brands and transfer of ships between brands

• Forecasted future operating results, including net revenue yields and fuel expenses

• Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate

We believe that we have made reasonable estimates and judgments. A change in the conditions, circumstances or strategy, including decisions about the allocation of new ships amongst brands and the transfer of ships between brands (influencing fair values in the future), may result in a need to recognize an additional impairment charge.

	Goodwill
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	1,898	$	1,069		$	2,967
Foreign currency translation adjustment	—		(42		)	(42		)
At November 30, 2018	1,898		1,027			2,925
Foreign currency translation adjustment	—		(13		)	(13		)
At November 30, 2019	$	1,898	$	1,014		$	2,912

	Trademarks
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	928	$	251		$	1,179
Foreign currency translation adjustment	—		(10		)	(10		)
At November 30, 2018	927		242			1,169
Foreign currency translation adjustment	—		(2		)	(2		)
At November 30, 2019	$	927	$	240		$	1,167

Impairments of Ships

We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. Primarily as a

result of our decision during 2017 to strategically realign our business in Australia, which included reducing capacity in P&O Cruises (Australia), we performed undiscounted cash flow analyses on certain ships as of July 31, 2017. Based on these undiscounted cash flow analyses, we determined that some of these ships had net carrying values that exceeded their estimated undiscounted future cash flows. We estimated the July 31, 2017 fair values of these ships based on their discounted cash flows and comparable market transactions. We then compared these estimated fair values to the net carrying values and, as a result, we recognized $162 million and $142 million of ship impairment charges in the NAA and EA segments, respectively, for the year end November 30, 2017. The impairment is included in other ship operating expenses in our consolidated statements of income.

The principal assumptions used in our analyses consisted of changes in strategy, including decisions about itineraries and the transfer of ships between brands, forecasted future operating results, including net revenue yields and fuel expenses and estimated ship sale timing and proceeds. All principal assumptions are considered Level 3 inputs.

Derivative Instruments and Hedging Activities

		November 30,
(in millions)	Balance Sheet Location	2019		2018
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	32	$	—
	Other assets	25
Total derivative assets		$	58	$	—
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)	Accrued liabilities and other	$	1	$	5
	Other long-term liabilities	9		—
Foreign currency zero cost collars (b)	Accrued liabilities and other	1		—
Interest rate swaps (c)	Accrued liabilities and other	6		8
	Other long-term liabilities	9		11
		25		23
Derivatives not designated as hedging instruments
Fuel	Accrued liabilities and other	—		6
Total derivative liabilities		$	25	$	29

(a) At November 30, 2019 and 2018, we had cross currency swaps totaling $1.9 billion and $156 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At November 30, 2019, these cross currency swaps settle through 2031.

(b) At November 30, 2019, 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 interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $300 million at November 30, 2019 and $385 million at November 30, 2018 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2019, these interest rate swaps settle through 2025.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.

	November 30, 2019
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	58	$	—	$	58	$	(4	)	$	54
Liabilities	$	25	$	—	$	25	$	(4	)	$	21
	November 30, 2018
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	—	$	—	$	—	$	—		$	—
Liabilities	$	29	$	—	$	29	$	—		$	29

The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in income was as follows:

	November 30,
(in millions)	2019			2018			2017
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges	$	43		$	18		$	(31	)
Foreign currency zero cost collars – cash flow hedges	$	(1	)	$	(12	)	$	45
Interest rate swaps – cash flow hedges	$	3		$	6		$	8
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	(7	)	$	(10	)	$	(11	)
Foreign currency zero cost collars - Depreciation and amortization	$	1		$	1		$	1
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest	$	23		$	—		$	—

At November 30, 2019 and 2018, no collateral was required to be posted to or received from our fuel derivative counterparties.

The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant.

Financial Risk

Fuel Price Risks

We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through ship maintenance practices, modifying our itineraries and implementing innovative technologies. We are also adding new, more fuel efficient ships to our fleet and are strategically disposing of smaller, less fuel efficient ships.

	November 30,
(in millions)	2018			2017
Unrealized gains on fuel derivatives, net	$	94		$	227
Realized losses on fuel derivatives, net	(35		)	(192		)
Gains (losses) on fuel derivatives, net	$	59		$	35

There were no unrealized or realized gains or losses on fuel derivatives for the period ended November 30, 2019.

Foreign Currency Exchange Rate Risks

Overall Strategy

We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged.

Operational Currency Risks

Our operations primarily utilize the U.S. dollar, Australian dollar, euro or sterling as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates will affect our financial statements.

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies and are of a long-term nature. We partially mitigate the currency exposure of our investments in foreign operations by designating a portion of our foreign

currency debt and derivatives as hedges of these investments. As of November 30, 2019, we have designated $854 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations and in 2019, we recognized $6 million of losses on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income. We also have $7.5 billion of euro-denominated debt, including the effect of cross currency swaps, which provides an economic offset for our operations with euro functional currency.

Newbuild Currency Risks

Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments. At November 30, 2019, for the following newbuilds, we had foreign currency zero cost collars for a portion of our euro-denominated shipyard payments. These collars are designated as cash flow hedges.

	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Enchanted Princess	2019	June 2020	$	1.04	$	1.28
Mardi Gras	2019	August 2020	$	1.04	$	1.28

If the spot rate is between the ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars.

At November 30, 2019, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments to non-euro functional currency brands, which represent a total unhedged commitment of $7.3 billion for newbuilds scheduled to be delivered from 2020 through 2025.

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships.

Interest Rate Risks

We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps, issuance of new debt, amendment of existing debt or early retirement of existing debt.

Concentrations of Credit Risk

As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to minimize these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, notes receivables, committed financing facilities, contingent obligations, derivative instruments, insurance contracts, long-term ship charters and new ship progress payment guarantees, by:

• Conducting business with well-established financial institutions, insurance companies and export credit agencies

• Diversifying our counterparties

• Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk

• Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards 

We believe the risk of nonperformance by any of our significant counterparties is remote. At November 30, 2019, our exposures under foreign currency contracts and interest rate swap agreements were not material. We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash

collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with trade receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. We have not experienced significant credit losses on our trade receivables, notes receivables, charter-hire agreements and contingent obligations. We do not normally require collateral or other security to support normal credit sales.

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Other Assets (Details) € in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Nov. 30, 2019 EUR (€)	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($) cruise_ship	Nov. 30, 2017 USD ($)
Executive Officer
Schedule of Equity Method Investments [Line Items]
Administrative fees | €		€ 4
Grand Bahama Shipyard Ltd.
Schedule of Equity Method Investments [Line Items]
Services provided			$ 62	$ 89	$ 97
Investment equity			15	24
Investment loan			39	40
Equity Method Investments			54	64
White Pass and Yukon Route
Schedule of Equity Method Investments [Line Items]
Investment equity			84	81
Investment loan			18	50
Equity Method Investments			102	131
White Pass and Yukon Route | Carnival Corp & PLC
Schedule of Equity Method Investments [Line Items]
Services provided			22	8
CSSC-Carnival
Schedule of Equity Method Investments [Line Items]
Equity Method Investments			$ 48	$ 49
EA Segment | CSSC-Carnival
Schedule of Equity Method Investments [Line Items]
Number of cruise ships | cruise_ship				2
EA Segment | CSSC-Carnival | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Amount sold	$ 251

XML

Summary of Significant Accounting Policies - Estimates of Average Useful Lives and Residual Values of Property and Equipment (Detail)	12 Months Ended
	Nov. 30, 2019
Ships
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years
Residual value as a percentage of original cost	15.00%
Ship improvements
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Ship improvements | Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Ship improvements | Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	10 years
Residual value as a percentage of original cost	0.00%
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	40 years
Residual value as a percentage of original cost	10.00%
Computer hardware and software | Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	2 years
Residual value as a percentage of original cost	0.00%
Computer hardware and software | Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	12 years
Residual value as a percentage of original cost	10.00%
Transportation equipment and other | Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Residual value as a percentage of original cost	0.00%
Transportation equipment and other | Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	20 years
Residual value as a percentage of original cost	10.00%
Leasehold improvements, including port facilities
Property, Plant and Equipment [Line Items]
Residual value as a percentage of original cost	0.00%
Leasehold improvements, including port facilities | Minimum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	3 years
Leasehold improvements, including port facilities | Maximum
Property, Plant and Equipment [Line Items]
Average useful lives of property and equipment	30 years

XML

Compensation Plans (Tables)

12 Months Ended

Nov. 30, 2019

Retirement Benefits [Abstract]

Share Based Compensation Awards Activity

	Shares		Weighted-Average Grant Date Fair Value
Outstanding at November 30, 2016	3,413,125		$	48.03
Granted	1,116,314		$	54.79
Vested	(1,466,690	)	$	38.95
Forfeited	(112,781	)	$	51.72
Outstanding at November 30, 2017	2,949,968		$	51.82
Granted	951,906		$	66.68
Vested	(1,419,218	)	$	45.45
Forfeited	(202,139	)	$	56.57
Outstanding at November 30, 2018	2,280,517		$	61.57
Granted	1,357,177		$	52.17
Vested	(960,693	)	$	53.49
Forfeited	(185,625	)	$	56.13
Outstanding at November 30, 2019	2,491,376		$	59.97

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) - USD ($)	1 Months Ended		12 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017
Goodwill [Line Items]
Goodwill and trademark impairment	$ 0	$ 0	$ 0	$ 0	$ 89,000,000
Goodwill			2,925,000,000	2,925,000,000	2,967,000,000
Goodwill impairment charge					38,000,000
Goodwill [Roll Forward]
Beginning Balance			2,925,000,000	2,967,000,000
Foreign currency translation adjustment			(13,000,000)	(42,000,000)
Ending Balance			2,912,000,000	2,925,000,000	2,967,000,000
Costa
Goodwill [Line Items]
Goodwill			435,000,000
Goodwill [Roll Forward]
Ending Balance			435,000,000
NAA Segment
Goodwill [Line Items]
Goodwill and trademark impairment					89,000,000
Goodwill			1,898,000,000	1,898,000,000	1,898,000,000
Goodwill [Roll Forward]
Beginning Balance			1,898,000,000	1,898,000,000
Foreign currency translation adjustment			0	0
Ending Balance			1,898,000,000	1,898,000,000	1,898,000,000
EA Segment
Goodwill [Line Items]
Goodwill			1,014,000,000	1,027,000,000	1,069,000,000
Goodwill [Roll Forward]
Beginning Balance			1,027,000,000	1,069,000,000
Foreign currency translation adjustment			(13,000,000)	(42,000,000)
Ending Balance			1,014,000,000	$ 1,027,000,000	$ 1,069,000,000
EA Segment | Costa
Goodwill [Line Items]
Goodwill impairment charge			$ 0

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Assets
Gross Amounts	$ 58	$ 0
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	58	0
Gross Amounts not Offset in the Balance Sheet	(4)	0
Net Amounts	54	0
Liabilities
Gross Amounts	25	29
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	25	29
Gross Amounts not Offset in the Balance Sheet	(4)	0
Net Amounts	$ 21	$ 29

XML

Segment Information - Additional Information (Details)	12 Months Ended
	Nov. 30, 2019 segment
Segment Reporting [Abstract]
Reportable cruise segments	4

XML

Unsecured Debt

12 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Unsecured Debt

Unsecured Debt

 

	November 30, 2019		November 30,
(in millions)	Interest Rates	Maturities Through	2019				2018
Long-Term Debt
Export Credit Facilities
Fixed rate	2.4% to 4.4%	2031	$	3,485			$	1,819
EUR fixed rate	1.1% to 4.5%	2031	699				189
Floating rate	2.4% to 2.7%	2022	174				240
EUR floating rate	0.0% to 0.6%	2027	1,040				1,297
Bank Loans
EUR fixed rate	0.5% to 3.9%	2021	221				257
Floating rate	3.1%	2025	300				495
EUR floating rate	0.0% to 0.7%	2023	1,596				1,193
GBP floating rate	1.3% to 1.7%	2023	854			—	848
Publicly-Traded Notes
Fixed rate	4.0% to 7.2%	2028	1,217				1,217
EUR fixed rate	1.0% to 1.9%	2029	1,816				1,989
Short-Term Borrowings
EUR floating rate commercial paper	(0.3)%	2020	231				621
EUR fixed rate bank loans	—%	—	—				227
Total Debt			11,634				10,394
Less: Unamortized debt issuance costs			(131		)		(71		)
Total Debt, net of unamortized debt issuance costs			11,503				10,323
Less: Short-term borrowings			(231		)		(848		)
Less: Current portion of long-term debt			(1,596		)		(1,578		)
Long-Term Debt			$	9,675			$	7,897

The debt table does not include the impact of our foreign currency and interest rate swaps. The interest rates on some of our debt, and in the case of our revolving credit facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. For the twelve months ended November 30, 2019 we did not have borrowings or repayments of commercial paper with original maturities greater than three months. For the twelve months ended November 30, 2018 and 2017, we had borrowings of $2 million and $111 million and repayments of $2 million and $364 million of commercial paper with original maturities greater than three months.

Interest-bearing debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt issuance costs, and is subsequently stated at amortized cost. Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts and premiums are amortized to interest expense using the effective interest rate method over the term of the notes.

Substantially all of our fixed rate debt can be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements contain one or more financial covenants that require us to:

•Maintain minimum debt service coverage

•Maintain minimum shareholders’ equity

•Limit our debt to capital ratio

•Limit the amounts of our secured assets as well as 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 could become due, and all debt and derivative contracts could be terminated. At November 30, 2019, we were in compliance with all of our debt covenants.

The scheduled annual maturities of our debt were as follows:

(in millions)
Fiscal	November 30, 2019
2020	$	1,827
2021	1,915
2022	1,352
2023	2,234
2024	680
Thereafter	3,627
	$	11,634

Committed Ship Financings

We have unsecured euro and U.S. dollar long-term export credit committed ship financings. These commitments, if drawn at the time of ship delivery, are generally repayable semi-annually over 12 years. We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date.

Revolving Credit Facility

At November 30, 2019, we had a $3.0 billion ($1.7 billion, €1.0 billion and £150 million) multi-currency revolving credit facility that expires in 2024 (the “Facility”). A total of $2.8 billion of this capacity was available for drawing, which is net of outstanding commercial paper. We have options to extend the Facility through 2026 subject to the approval of each bank in the Facility. The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 22.5 basis points (“bps”). The margin varies based on changes to Carnival Corporation’s long-term credit ratings. The Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any undrawn portion.

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Shareholders' Equity

12 Months Ended

Nov. 30, 2019

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Under a share repurchase program effective 2004, we are authorized to repurchase Carnival Corporation common stock and Carnival plc ordinary shares (the “Repurchase Program”). Effective August 27, 2018, the company approved modifications of the general authorization under the Repurchase Program, which replenished the remaining authorized repurchases at the time of the approvals to $1.0 billion. The Repurchase Program does not have an expiration date and may be discontinued by our Boards of Directors at any time.

	Carnival Corporation			Carnival plc
(in millions)	Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased		Number of Shares Repurchased	Dollar Amount Paid for Shares Repurchased
2019	0.6	$	26	12.2	$	569
2018	7.8	$	476	16.3	$	985
2017	3.3	$	223	5.6	$	335

	AOCI
	November 30,
(in millions)	2019			2018
Cumulative foreign currency translation adjustments, net	$	(1,961	)	$	(1,875	)
Unrecognized pension expenses	(88		)	(56		)
Net losses on cash flow derivative hedges	(18		)	(19		)
	$	(2,066	)	$	(1,949	)

During 2019, 2018 and 2017, there were $5 million, $5 million and $18 million of unrecognized pension expenses that were reclassified out of accumulated other comprehensive loss and were included within payroll and related expenses and selling and administrative expenses.

We declared quarterly cash dividends on all of our common stock and ordinary shares as follows:

	Quarters Ended
(in millions, except per share data)	February 28		May 31		August 31		November 30
2019
Dividends declared per share	$	0.50	$	0.50	$	0.50	$	0.50
Dividends declared	$	345	$	346	$	342	$	346
2018
Dividends declared per share	$	0.45	$	0.50	$	0.50	$	0.50
Dividends declared	$	322	$	357	$	350	$	349
2017
Dividends declared per share	$	0.35	$	0.40	$	0.40	$	0.45
Dividends declared	$	251	$	291	$	289	$	324

Carnival Corporation’s Articles of Incorporation authorize its Board of Directors, at its discretion, to issue up to 40 million shares of preferred stock. At November 30, 2019 and 2018, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued.

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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Feb. 28, 2020	Dec. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Fees, taxes, and charges	$ 659	$ 615	$ 579
Contract assets	154				$ 151
Selling expenses	728	673	645
Retained earnings	26,653	25,066
Assets	45,058	42,401	$ 40,778
Cruise Support
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer deposits	$ 4,900	$ 4,700
ASC 606 | Forecast | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets				$ 1,400
Liabilities				1,400
ASC 606 | Forecast | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets				1,600
ASC 606 | Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings					$ 24
ASC 842 | Forecast | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities				$ 1,600

XML

Earnings Per Share (Tables)

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share Computation

	Years Ended November 30,
(in millions, except per share data)	2019		2018		2017
Net income for basic and diluted earnings per share	$	2,990	$	3,152	$	2,606
Weighted-average shares outstanding	690		709		722
Dilutive effect of equity plans	2		2		3
Diluted weighted-average shares outstanding	692		710		725
Basic earnings per share	$	4.34	$	4.45	$	3.61
Diluted earnings per share	$	4.32	$	4.44	$	3.59

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Unsecured Debt - Long-Term Debt And Short-Term Borrowings (Details) - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Debt Outstanding [Line Items]
Total Debt	$ 11,634	$ 10,394
Less: Unamortized debt issuance costs	(131)	(71)
Total Debt, net of unamortized debt issuance costs	11,503	10,323
Less: Short-term borrowings	(231)	(848)
Less: Current portion of long-term debt	(1,596)	(1,578)
Long-Term Debt	9,675	7,897
Export credit facilities fixed rate | Export credit facilities due 2031
Debt Outstanding [Line Items]
Long-Term Debt	$ 3,485	1,819
Export credit facilities fixed rate | Export credit facilities due 2031 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	2.40%
Export credit facilities fixed rate | Export credit facilities due 2031 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	4.40%
Export credit facilities euro-denominated fixed rate | Export credit facilities due 2031
Debt Outstanding [Line Items]
Long-Term Debt	$ 699	189
Export credit facilities euro-denominated fixed rate | Export credit facilities due 2031 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	1.10%
Export credit facilities euro-denominated fixed rate | Export credit facilities due 2031 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	4.50%
Export credit facilities floating rate | Export credit facilities due 2022
Debt Outstanding [Line Items]
Long-Term Debt	$ 174	240
Export credit facilities floating rate | Export credit facilities due 2022 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	2.40%
Export credit facilities floating rate | Export credit facilities due 2022 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	2.70%
Export credit facilities euro-denominated floating rate | Export credit facilities due 2027
Debt Outstanding [Line Items]
Long-Term Debt	$ 1,040	1,297
Export credit facilities euro-denominated floating rate | Export credit facilities due 2027 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.00%
Export credit facilities euro-denominated floating rate | Export credit facilities due 2027 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.60%
Bank loans euro-denominated fixed rate | Bank loans due 2021
Debt Outstanding [Line Items]
Long-Term Debt	$ 221	257
Bank loans euro-denominated fixed rate | Bank loans due 2021 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.50%
Bank loans euro-denominated fixed rate | Bank loans due 2021 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	3.90%
Bank loans floating rate | Bank loans due 2025
Debt Outstanding [Line Items]
Long-Term Debt	$ 300	495
Bank loans floating rate | Bank loans due 2025 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	3.10%
Bank loans euro-denominated floating rate | Bank loans due 2023
Debt Outstanding [Line Items]
Long-Term Debt	$ 1,596	1,193
Bank loans euro-denominated floating rate | Bank loans due 2023 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.00%
Bank loans euro-denominated floating rate | Bank loans due 2023 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.70%
Bank loans sterling-denominated floating rate | Bank loans due 2023
Debt Outstanding [Line Items]
Long-Term Debt	$ 854	848
Bank loans sterling-denominated floating rate | Bank loans due 2023 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	1.30%
Bank loans sterling-denominated floating rate | Bank loans due 2023 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	1.70%
Publicly-traded notes fixed rate | Publicly-traded notes due 2028
Debt Outstanding [Line Items]
Long-Term Debt	$ 1,217	1,217
Publicly-traded notes fixed rate | Publicly-traded notes due 2028 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	4.00%
Publicly-traded notes fixed rate | Publicly-traded notes due 2028 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	7.20%
Publicly-traded notes euro-denominated fixed rate | Publicly-traded notes due 2029
Debt Outstanding [Line Items]
Long-Term Debt	$ 1,816	1,989
Publicly-traded notes euro-denominated fixed rate | Publicly-traded notes due 2029 | Minimum
Debt Outstanding [Line Items]
Debt instrument, interest rate	1.00%
Publicly-traded notes euro-denominated fixed rate | Publicly-traded notes due 2029 | Maximum
Debt Outstanding [Line Items]
Debt instrument, interest rate	1.90%
Euro-denominated commercial paper | Short-term borrowings due 2020
Debt Outstanding [Line Items]
Debt instrument, interest rate	(0.30%)
Short-Term Borrowings	$ 231	621
Euro-denominated bank loan | Short-term borrowings due 2020
Debt Outstanding [Line Items]
Debt instrument, interest rate	0.00%
Euro-denominated bank loan | Short-term Borrowings Due 2018
Debt Outstanding [Line Items]
Short-Term Borrowings	$ 0	$ 227

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Foreign Currency Exchange Risks (Details)	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency translation adjustment losses	$ 86,000,000	$ 199,000,000	$ (590,000,000)
Foreign currency contract commitments	$ 7,300,000,000
Foreign-currency contracts | Enchanted Princess | Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.04
Weighted- Average Ceiling Rate	1.28
Foreign-currency contracts | Mardi Gras | Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.04
Weighted- Average Ceiling Rate	1.28
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	$ 7,500,000,000.0
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt	854,000,000
Foreign currency translation adjustment losses	$ 6,000,000

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Financial Instruments that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Assets
Derivative financial instruments	$ 58	$ 0
Liabilities
Derivative financial instruments	25	29
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1
Assets
Cash and cash equivalents	518	982
Restricted cash	13	14
Total	530	996
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 1 | Derivative financial instruments
Assets
Derivative financial instruments	0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2
Assets
Cash and cash equivalents		0
Restricted cash	0
Total	58
Liabilities
Total	25	29
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Assets
Derivative financial instruments	58
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 2 | Derivative financial instruments
Liabilities
Derivative financial instruments	25	29
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3
Liabilities
Total	0	$ 0
Financial Instruments Measured at Fair Value on a Recurring Basis | Level 3 | Derivative financial instruments
Assets
Derivative financial instruments	$ 0

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Nov. 30, 2019	Aug. 31, 2019	Nov. 30, 2018
Derivatives, Fair Value [Line Items]
Derivative assets	$ 58		$ 0
Derivative liabilities	25		29
Interest rate swaps | Cash flow hedging
Derivatives, Fair Value [Line Items]
Amount of interest rate swap agreements change, of EURIBOR-based floating rate debt to fixed rate debt, for euro interest rate swaps designated as cash flow hedges	300		385
Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	58
Derivative liabilities	25		23
Interest rate swaps | Designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	6		8
Interest rate swaps | Designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	9		11
Foreign-currency contracts | Designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	1		0
Fuel | Not designated as hedging instrument | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	0		6
Cross currency swaps | Designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	1,900		156
Cross currency swaps | Designated as hedging instruments | Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	32		0
Cross currency swaps | Designated as hedging instruments | Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	25
Cross currency swaps | Designated as hedging instruments | Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 1		$ 5
Cross currency swaps | Designated as hedging instruments | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 9

XML

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (24,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(24,000,000)
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(2,000,000)
Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 2,000,000

XML

Shareholders' Equity - Additional Information (Details) - USD ($)	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2017	Aug. 27, 2018
Stockholders Equity Note [Line Items]
Share repurchase program, aggregate value authorized for repurchase				$ 1,000,000,000.0
Unrecognized pension expenses reclassified out of accumulated other comprehensive (loss) income	$ 5,000,000	$ 5,000,000	$ 18,000,000
Preferred stock, authorized (in shares)	40,000,000
Carnival Corp
Stockholders Equity Note [Line Items]
Preferred stock, shares issued (in shares)	0	0
Carnival PLC
Stockholders Equity Note [Line Items]
Preferred stock, shares issued (in shares)	0	0

XML

Summary of Significant Accounting Policies

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 2 – Summary of Significant Accounting Policies

Liquidity and Management’s Plans

Due to the spread of COVID-19 and the effects of growing port restrictions around the world, we previously announced a voluntary pause of our global fleet cruise operations. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have, a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak.

We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive is uncertain. In addition, the magnitude, duration and speed of the global pandemic is uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with reasonable certainty, but we expect a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020. On March 13, 2020, we fully drew down our $3 billion Facility. We are taking further actions to improve our liquidity, including capital expenditure and operating expense reductions, suspending dividend payments on, and the repurchase of, the common stock of Carnival Corporation and the ordinary shares of Carnival plc and pursuing additional financing. Based on these actions and assumptions regarding the impact of COVID-19, we believe that our current financial resources will be sufficient to fund our liquidity requirements and remain in compliance with our existing debt covenants for the next twelve months, prior to giving effect to any additional financing, which may or may not occur.

At November 30, 2019, we were in compliance with all of our debt covenants. After considering the effect of COVID-19 on our consolidated EBITDA, we expect to remain in compliance with our current minimum debt service coverage ratio that requires a minimum of 3:1 ratio of EBITDA to Consolidated Net Interest Charges. If we secure additional financing that would cause us not to be in compliance with the covenant, we would have to seek to amend these or other covenants. However, no assurances can be made that such amendments will be approved by our lenders. 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 could become due, and all debt and derivative contracts could be terminated, which could have a material adverse impact to our operations and liquidity.

Basis of Presentation

We consolidate entities over which we have control, as typically evidenced by a voting control of greater than 50% or for which we are the primary beneficiary, whereby we have the power to direct the most significant activities and the obligation to absorb significant losses or receive significant benefits from the entity. We do not separately present our noncontrolling interests in the consolidated financial statements since the amounts are immaterial. For affiliates we do not control but where significant influence over financial and operating policies exists, as typically evidenced by a voting control of 20% to 50%, the investment is accounted for using the equity method.

Preparation of Financial Statements

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed in our consolidated financial statements. Actual results may differ from the estimates used in preparing our consolidated financial statements. All significant intercompany balances and transactions are eliminated in consolidation.

Cash and Cash Equivalents

Cash and cash equivalents include investments with maturities of three months or less at acquisition, which are stated at cost and present insignificant risk of changes in value. 

Inventories

Inventories consist substantially of food, beverages, hotel supplies, fuel and retail merchandise, which are all carried at the lower of cost or net realizable value. Cost is determined using the weighted-average or first-in, first-out methods.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and any impairment charges. Depreciation is computed using the straight-line method over our estimates of useful lives and residual values, as a percentage of original cost, as follows:

	Years	Residual Values
Ships	30	15%
Ship improvements	3-30	0%
Buildings and improvements	10-40	0% or 10%
Computer hardware and software	2-12	0% or 10%
Transportation equipment and other	3-20	0% or 10%
Leasehold improvements, including port facilities	Shorter of the remaining lease term or related asset life (3-30)	0%

The cost of ships under construction include progress payments for the construction of new ships, as well as design and engineering fees, capitalized interest, construction oversight costs and various owner supplied items. We account for ship improvement costs, including replacements of certain significant components and parts, by capitalizing those costs we believe add value to our ships and have a useful life greater than one year and depreciating those improvements over their estimated remaining useful life. We have a capital program for the improvement of our ships and for asset replacements in order to enhance the effectiveness and efficiency of our operations; to comply with, or exceed all relevant legal and statutory requirements related to health, environment, safety, security and sustainability; and to gain strategic benefits or provide improved product innovations to our guests.

We capitalize interest as part of the cost of capital projects during their construction period. The specifically identified or estimated cost and accumulated depreciation of previously capitalized ship components are written-off upon retirement, which may result in a loss on disposal that is also included in other ship operating expenses. Liquidated damages received from shipyards as a result of late ship delivery are recorded as reductions to the cost basis of the ship.

The costs of repairs and maintenance, including minor improvement costs and expenses related to dry-docks, are charged to expense as incurred and included in other ship operating expenses. Dry-dock expenses primarily represent planned major maintenance activities that are incurred when a ship is taken out-of-service for scheduled maintenance.

We review our long-lived assets for impairment whenever events or circumstances indicate that the carrying amounts of these assets may not be recoverable. Upon the occurrence of a triggering event, the assessment of possible impairment is based on our ability to recover the carrying value of our asset from the asset’s estimated undiscounted future cash flows. If these estimated undiscounted future cash flows are less than the carrying value of the asset, an impairment charge is recognized for the excess, if any, of the asset’s carrying value over its estimated fair value. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the individual ship level. A significant amount of judgment is required in estimating the future cash flows and fair values of our cruise ships.

Goodwill and Other Intangibles

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business acquisition. We review our goodwill for impairment as of July 31 every year, or more frequently if events or circumstances dictate. All of our goodwill has been allocated to our reporting units. The impairment review for goodwill allows us to first assess qualitative factors to determine whether it is necessary to perform the more detailed quantitative goodwill impairment test. We would perform the quantitative test if our qualitative assessment determined it is more-likely-than-not that a reporting unit’s estimated fair value is less than its carrying amount. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test for any reporting unit. When performing the quantitative test, if the estimated fair value of the reporting unit exceeds its carrying value, no further analysis is required. However, if the estimated fair value of the reporting unit is less than the carrying value, goodwill is written down based on the difference between the reporting unit’s carrying amount and its fair value, limited to the amount of goodwill allocated to the reporting unit.

Trademarks represent substantially all of our other intangibles. Trademarks are estimated to have an indefinite useful life and are not amortizable but are reviewed for impairment at least annually and as events or circumstances dictate. The impairment review for trademarks also allows us to first assess qualitative factors to determine whether it is necessary to perform a more detailed quantitative trademark impairment test. We would perform the quantitative test if our qualitative assessment

determined it was more-likely-than-not that the trademarks are impaired. We may also elect to bypass the qualitative assessment and proceed directly to the quantitative test. Our trademarks would be considered impaired if their carrying value exceeds their estimated fair value.

A significant amount of judgment is required in estimating the fair values of our reporting units.

Derivatives and Other Financial Instruments

We utilize derivative and non-derivative 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. We use interest rate swaps primarily to manage our interest rate exposure to achieve a desired proportion of fixed and floating rate debt. Our policy is to not use financial instruments for trading or other speculative purposes.

All derivatives are recorded at fair value. If a derivative is designated as a cash flow hedge, then the change in the fair value of the derivative is recognized as a component of AOCI until the underlying hedged item is recognized in earnings or the forecasted transaction is no longer probable. If a derivative or a non-derivative financial instrument is designated as a hedge of our net investment in a foreign operation, then changes in the effective portion of the fair value of the financial instrument are recognized as a component of AOCI to offset the change in the translated value of the designated portion of net investment being hedged until the investment is sold or substantially liquidated, while the impact attributable to components excluded from the assessment of hedge effectiveness is recorded in interest expense, net of capitalized interest, on a systematic and rational basis. For derivatives that do not qualify for hedge accounting treatment, the change in fair value is recognized in earnings.

We classify the fair value of all our derivative contracts as either current or long-term, depending on the maturity date of the derivative contract. The cash flows from derivatives treated as cash flow 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.

Derivative valuations are based on observable inputs such as interest rates and commodity price curves, forward currency exchange rates, credit spreads, maturity dates, volatilities, and cross currency basis spreads. We use the income approach to value derivatives for foreign currency options and forwards, interest rate swaps and cross currency swaps 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.

Foreign Currency Translation and Transactions

Each foreign entity determines its functional currency by reference to its primary economic environment. We translate the assets and liabilities of our foreign entities that have functional currencies other than the U.S. dollar at exchange rates in effect at the balance sheet date. Revenues and expenses of these foreign entities are translated at weighted-average exchange rates for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of AOCI, which is a separate component of shareholders’ equity. Therefore, the U.S. dollar value of the non-equity translated items in our consolidated financial statements will fluctuate from period to period, depending on the changing value of the U.S. dollar versus these currencies.

We execute transactions in a number of different currencies. At the date that the transaction is recognized, each asset, liability, revenue, expense, gain or loss arising from the transaction is measured and recorded in the functional currency of the recording entity using the exchange rate in effect at that date. At each balance sheet date, recorded monetary balances denominated in a currency other than the functional currency are adjusted using the exchange rate at the balance sheet date, with gains or losses recorded in other income or other expense, unless such monetary balances have been designated as hedges of net investments in our foreign entities. The net gains or losses resulting from foreign currency transactions were insignificant in 2019, 2018 and 2017. In addition, the unrealized gains or losses on our long-term intercompany receivables and payables which are denominated in a non-functional currency and which are not expected to be repaid in the foreseeable future are recorded as foreign currency translation adjustments included as a component of AOCI.

Revenue and Expense Recognition

Guest cruise deposits represent unearned revenues and are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of

voyages, with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues, onboard and other revenues and tour and other revenues based upon the estimated standalone selling prices of those goods and services.

Future travel discount vouchers are included as a reduction of cruise passenger ticket revenues when such vouchers are utilized. Guest cancellation fees are recognized in cruise passenger ticket revenues at the time of cancellation.

Our sale to guests of air and other transportation to and from airports near the home ports of our ships are included in cruise passenger ticket revenues, and the related cost of purchasing these services are included in cruise transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other cruise revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above.

Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. These fees, taxes and charges included in commissions, transportation and other costs were $659 million in 2019, $615 million in 2018 and $579 million in 2017. The remaining portion of fees, taxes and charges are expensed in other ship operating expenses when the corresponding revenues are recognized.

Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement.

Customer Deposits

Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We had customer deposits of $4.9 billion in 2019 and $4.7 billion in 2018. During 2019, we recognized in revenues substantially all of our customer deposits as of December 1, 2018. Our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue and foreign currency translation.

Contract Receivables

Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net.

Contract Assets

Contract assets are amounts paid prior to the start of a voyage, which we record as an asset within prepaid expenses and other and which are subsequently recognized as commissions, transportation and other at the time of revenue recognition. We have contract assets of $154 million and $151 million as of November 30, 2019 and December 1, 2018.

Insurance

We use a combination of insurance and self-insurance to cover a number of risks including illness and injury to crew, guest injuries, pollution, other third-party claims in connection with our cruise activities, damage to hull and machinery for each of our ships, war risks, workers’ compensation, directors’ and officers’ liability, property damage and general liability for shoreside third-party claims. We recognize insurance recoverables from third-party insurers up to the amount of recorded losses at the time the recovery is probable and upon settlement for amounts in excess of the recorded losses. All of our insurance policies are subject to coverage limits, exclusions and deductible levels. The liabilities associated with crew illnesses and crew and guest injury claims, including all legal costs, are estimated based on the specific merits of the individual claims or actuarially estimated based on historical claims experience, loss development factors and other assumptions.

Selling and Administrative Expenses

Selling expenses include a broad range of advertising, marketing and promotional expenses. Advertising is charged to expense as incurred, except for media production costs, which are expensed upon the first airing of the advertisement. Selling expenses totaled $728 million in 2019, $673 million in 2018 and $645 million in 2017. Administrative expenses represent the costs of our shoreside ship support, reservations and other administrative functions, and include salaries and related benefits, professional fees and building occupancy costs, which are typically expensed as incurred.

Share-Based Compensation

We recognize compensation expense for all share-based compensation awards using the fair value method. For time-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period or to the retirement eligibility date, if earlier than the vesting period. For performance-based share awards, we estimate compensation cost based on the probability of the performance condition being achieved and recognize expense ratably using the straight-line attribution method over the expected vesting period. If all or a portion of the performance condition is not expected to be met, the appropriate amount of previously recognized compensation expense is reversed and future compensation expense is adjusted accordingly. For market-based share awards, we recognize compensation cost ratably using the straight-line attribution method over the expected vesting period. If the target market conditions are not expected to be met, compensation expense will still be recognized. We account for forfeitures as they occur.

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted-average number of shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted-average number of shares and common stock equivalents outstanding during each period. For earnings per share purposes, Carnival Corporation common stock and Carnival plc ordinary shares are considered a single class of shares since they have equivalent rights.

Accounting Pronouncements

The Financial Accounting Standards Board (the “FASB”) issued guidance, Revenue from Contracts with Customers (“ASC 606”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. On December 1, 2018, we adopted this guidance using the modified retrospective method for all contracts as of the adoption date. Results for reporting periods beginning after December 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under ASC 605.

The impact of the adoption of ASC 606 on our consolidated financial statements primarily relates to the gross presentation of prepaid travel agent commissions (Consolidated Balance Sheet), shore excursions and other onboard revenues and costs (Consolidated Statement of Income) which were historically presented net. As of December 1, 2018, we recorded a cumulative effect adjustment of $24 million to retained earnings related to the accounting for our loyalty programs.

The following tables summarize the impacts of ASC 606 adoption on our consolidated financial statements:

	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Income
Onboard and other (Revenues)	$	4,899		$	1,432		$	6,331
Revenues (Total)	$	19,393		$	1,432		$	20,825
Onboard and other (Operating Costs and Expenses)	$	669		$	1,432		$	2,101
Operating Costs and Expenses (Total)	$	16,117		$	1,432		$	17,549
Operating Income	$	3,276		$	—		$	3,276
Net Income	$	2,990		$	—		$	2,990
	At November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Balance Sheet
Prepaid expenses and other	$	517		$	154		$	671
Total current assets	$	1,905		$	154		$	2,059
Customer deposits	$	4,581		$	154		$	4,735
Total current liabilities	$	8,973		$	154		$	9,127
	Year ended November 30, 2019
(in millions)	Prior to adoption of ASC 606			Adjustments			As Reported
Consolidated Statement of Cash Flows
Prepaid expenses and other	$	(100	)	$	(154	)	$	(254	)
Customer deposits	$	233		$	154		$	387
Net cash provided by operating activities	$	5,475		$	—		$	5,475

The FASB issued amended guidance, Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. On December 1, 2018, we adopted this guidance using the prospective transition method. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Statement of Cash Flows - Restricted Cash. On December 1, 2018, we adopted this guidance using the retrospective method for each period presented. As a result, we now present restricted cash with cash and cash equivalents in the statement of cash flows. The reclassification of restricted cash balances from investing activities to changes in cash, cash equivalents and restricted cash was not material for the periods presented.

The FASB issued amended guidance, Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. On December 1, 2018, we adopted this guidance using the modified retrospective method. The adoption of this guidance had no impact on our consolidated financial statements.

The FASB issued amended guidance, Derivatives and Hedging, which targeted improvements to accounting for hedging activities such as hedging strategies, effectiveness assessments and recognition of derivative gains or losses. On December 1, 2018, we early adopted this guidance using the modified retrospective approach, which did not have a material impact on our financial statements.

The FASB issued guidance, Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, with the exception of short-term leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods.

We have implemented a new lease accounting system and are executing changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. While we are substantially complete with the process of quantifying the impacts that will result from applying the new guidance, our assessment will be finalized during the first quarter of 2020. Based on our currently contracted commitments and our assessment to date, the initial adoption of this guidance is expected to increase both our total assets and total liabilities by approximately $1.4 billion to $1.6 billion, reflecting the lease rights and obligations arising from our lease arrangements. We do not expect this guidance to have a significant impact to our consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of cash flows or the compliance with debt-covenants under our current agreements.

The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software, which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same income statement line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the statement of cash flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021, early adoption is permitted. We have elected the prospective adoption method. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

XML

Unsecured Debt - Schedule of Annual Maturities of Debt (Details) - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Debt Disclosure [Abstract]
2020	$ 1,827
2021	1,915
2022	1,352
2023	2,234
2024	680
Thereafter	3,627
Total Debt	$ 11,634	$ 10,394

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Carnival Corporation & PLC Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2019	Nov. 30, 2018
Common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960,000,000	1,960,000,000
Common stock, shares issued (in shares)	657,000,000	656,000,000
Treasury stock, shares (in shares)	130,000,000	129,000,000
Carnival PLC | Ordinary shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217,000,000	217,000,000
Treasury stock, shares (in shares)	60,000,000	48,000,000

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk - Financial Instruments that are not Measured at Fair Value on a Recurring Basis (Details) - Financial Instruments Not Measured at Fair Value on a Recurring Basis - USD ($) $ in Millions	Nov. 30, 2019	Nov. 30, 2018
Carrying Value
Assets
Long-term other assets	$ 181	$ 127
Total	181	127
Liabilities
Total	11,634	10,394
Carrying Value | Fixed Rate
Liabilities
Debt	7,438	5,699
Carrying Value | Floating Rate
Liabilities
Debt	4,195	4,695
Fair Value | Level 1
Assets
Long-term other assets	0	0
Total	0	0
Liabilities
Total	0	0
Fair Value | Level 1 | Fixed Rate
Liabilities
Debt	0	0
Fair Value | Level 1 | Floating Rate
Liabilities
Debt	0	0
Fair Value | Level 2
Assets
Long-term other assets	31	30
Total	31	30
Liabilities
Total	12,030	10,526
Fair Value | Level 2 | Fixed Rate
Liabilities
Debt	7,782	5,799
Fair Value | Level 2 | Floating Rate
Liabilities
Debt	4,248	4,727
Fair Value | Level 3
Assets
Long-term other assets	149	95
Total	149	95
Liabilities
Total	0	0
Fair Value | Level 3 | Fixed Rate
Liabilities
Debt	0	0
Fair Value | Level 3 | Floating Rate
Liabilities
Debt	$ 0	$ 0

XML

Cover Page	Mar. 31, 2020
Entity Information [Line Items]
Document Type	8-K
Entity Central Index Key	0000815097
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	CARNIVAL CORP
Entity Incorporation, State or Country Code	R1
Entity File Number	001-9610
Entity Tax Identification Number	59-1562976
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	(305)
Local Phone Number	599-2600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
1.625% Senior Notes Due 2021 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2021
Trading Symbol	CCL21
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity Central Index Key	0001125259
Entity Registrant Name	CARNIVAL PLC
Entity Incorporation, State or Country Code	X0
Entity File Number	001-15136
Entity Tax Identification Number	98-0357772
Entity Address, Address Line One	Carnival House, 100 Harbour Parade,
Entity Address, City or Town	Southampton
Entity Address, Postal Zip Code	SO15 1ST,
Entity Address, Country	GB
City Area Code	011
Local Phone Number	44 23 8065 5000
Entity Emerging Growth Company	false
Carnival PLC | Ordinary Shares [Member]
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC | 1.875% Senior Notes Due 2022 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.875% Senior Notes due 2022
Trading Symbol	CUK22
Security Exchange Name	NYSE
Carnival PLC | 1.000% Senior Notes Due 2029 [Member]
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

XML

Compensation Plans - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Nov. 30, 2019 USD ($) plan shares	Nov. 30, 2018 USD ($)	Nov. 30, 2017 USD ($)	Mar. 31, 2017	Mar. 31, 2015
Employee Benefits Disclosure [Line Items]
Shares available for future grant (in shares) | shares	11.8
Award vesting period (in years)	3 years
Unrecognized compensation cost	$ 57
Weighted-average period over which cost is expected to be recognized (in years)	1 year 4 months 24 days
Pension expense	$ 34	$ 36	$ 53
Defined contribution plans, total expense	$ 41	$ 39	$ 37
Multiemployer Defined Benefit Pension Plan
Employee Benefits Disclosure [Line Items]
Number of multiemployer plans | plan	2
Multiemployer Defined Benefit Pension Plan | MNOPF
Employee Benefits Disclosure [Line Items]
Funded (percentage)					98.00%
Employer contribution of total contributions made by all plan participants (percentage)	5.00%	5.00%	5.00%
Multiemployer Defined Benefit Pension Plan | MNRPF
Employee Benefits Disclosure [Line Items]
Funded (percentage)				88.00%
Employer contribution of total contributions made by all plan participants (percentage)	5.00%	5.00%	5.00%
Pension Plan
Employee Benefits Disclosure [Line Items]
Weighted-average discount rates (percentage)	2.40%	3.40%

XML

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk (Tables)

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

Financial Instruments that are Not Measured at Fair Value on a Recurring Basis

Financial Instruments that are not Measured at Fair Value on a Recurring Basis

	November 30, 2019								November 30, 2018
	Carrying Value		Fair Value						Carrying Value		Fair Value
(in millions)			Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Total	$	181	$	—	$	31	$	149	$	127	$	—	$	30	$	95
Liabilities
Fixed rate debt (b)	$	7,438	$	—	$	7,782	$	—	$	5,699	$	—	$	5,799	$	—
Floating rate debt (b)	4,195		—		4,248		—		4,695		—		4,727		—
Total	$	11,634	$	—	$	12,030	$	—	$	10,394	$	—	$	10,526	$	—

(a) Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes 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.

(b)

The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.

Financial Instruments that are Measured at Fair Value on a Recurring Basis

Financial Instruments that are Measured at Fair Value on a Recurring Basis 

	November 30, 2019						November 30, 2018
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	518	$	—	$	—	$	982	$	—	$	—
Restricted cash	13		—		—		14		—		—
Derivative financial instruments	—		58		—		—		—		—
Total	$	530	$	58	$	—	$	996	$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	25	$	—	$	—	$	29	$	—
Total	$	—	$	25	$	—	$	—	$	29	$	—

Reconciliation of Changes in Carrying Amounts of Goodwill

	Goodwill
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	1,898	$	1,069		$	2,967
Foreign currency translation adjustment	—		(42		)	(42		)
At November 30, 2018	1,898		1,027			2,925
Foreign currency translation adjustment	—		(13		)	(13		)
At November 30, 2019	$	1,898	$	1,014		$	2,912

Reconciliation of Changes in Carrying Amounts of Trademarks

	Trademarks
(in millions)	NAA Segment		EA Segment			Total
At November 30, 2017	$	928	$	251		$	1,179
Foreign currency translation adjustment	—		(10		)	(10		)
At November 30, 2018	927		242			1,169
Foreign currency translation adjustment	—		(2		)	(2		)
At November 30, 2019	$	927	$	240		$	1,167

Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets

		November 30,
(in millions)	Balance Sheet Location	2019		2018
Derivative assets
Derivatives designated as hedging instruments
Cross currency swaps (a)	Prepaid expenses and other	$	32	$	—
	Other assets	25
Total derivative assets		$	58	$	—
Derivative liabilities
Derivatives designated as hedging instruments
Cross currency swaps (a)	Accrued liabilities and other	$	1	$	5
	Other long-term liabilities	9		—
Foreign currency zero cost collars (b)	Accrued liabilities and other	1		—
Interest rate swaps (c)	Accrued liabilities and other	6		8
	Other long-term liabilities	9		11
		25		23
Derivatives not designated as hedging instruments
Fuel	Accrued liabilities and other	—		6
Total derivative liabilities		$	25	$	29

(a) At November 30, 2019 and 2018, we had cross currency swaps totaling $1.9 billion and $156 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At November 30, 2019, these cross currency swaps settle through 2031.

(b) At November 30, 2019, 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 interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $300 million at November 30, 2019 and $385 million at November 30, 2018 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2019, these interest rate swaps settle through 2025.

Offsetting Derivative Instruments

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties.

	November 30, 2019
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	58	$	—	$	58	$	(4	)	$	54
Liabilities	$	25	$	—	$	25	$	(4	)	$	21
	November 30, 2018
(in millions)	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	—	$	—	$	—	$	—		$	—
Liabilities	$	29	$	—	$	29	$	—		$	29

Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss)

The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in income was as follows:

	November 30,
(in millions)	2019			2018			2017
Gains (losses) recognized in AOCI:
Cross currency swaps – net investment hedges	$	43		$	18		$	(31	)
Foreign currency zero cost collars – cash flow hedges	$	(1	)	$	(12	)	$	45
Interest rate swaps – cash flow hedges	$	3		$	6		$	8
Gains (losses) reclassified from AOCI – cash flow hedges:
Interest rate swaps – Interest expense, net of capitalized interest	$	(7	)	$	(10	)	$	(11	)
Foreign currency zero cost collars - Depreciation and amortization	$	1		$	1		$	1
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges)
Cross currency swaps – Interest expense, net of capitalized interest	$	23		$	—		$	—

(Losses) Gains on Fuel Derivatives, Net

	November 30,
(in millions)	2018			2017
Unrealized gains on fuel derivatives, net	$	94		$	227
Realized losses on fuel derivatives, net	(35		)	(192		)
Gains (losses) on fuel derivatives, net	$	59		$	35

Outstanding Fuel Derivatives

At November 30, 2019, for the following newbuilds, we had foreign currency zero cost collars for a portion of our euro-denominated shipyard payments. These collars are designated as cash flow hedges.

	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Enchanted Princess	2019	June 2020	$	1.04	$	1.28
Mardi Gras	2019	August 2020	$	1.04	$	1.28

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Earnings Per Share

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

	Years Ended November 30,
(in millions, except per share data)	2019		2018		2017
Net income for basic and diluted earnings per share	$	2,990	$	3,152	$	2,606
Weighted-average shares outstanding	690		709		722
Dilutive effect of equity plans	2		2		3
Diluted weighted-average shares outstanding	692		710		725
Basic earnings per share	$	4.34	$	4.45	$	3.61
Diluted earnings per share	$	4.32	$	4.44	$	3.59

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Property and Equipment (Tables)

12 Months Ended

Nov. 30, 2019

Property, Plant and Equipment [Abstract]

Property and Equipment

	November 30,
(in millions)	2019			2018
Ships and ship improvements	$	50,446		$	46,957
Ships under construction	2,492			2,004
Other property and equipment	3,843			3,661
Total property and equipment	56,781			52,622
Less accumulated depreciation	(18,650		)	(17,286		)
	$	38,131		$	35,336