Under a share repurchase program effective 2004, we had been authorized to repurchase Carnival Corporation common stock and Carnival plc ordinary shares (the “Repurchase Program”). On June 15, 2020, to enhance our liquidity and comply with restrictions in our recent financing transactions, the Boards of Directors terminated the Repurchase Program.


	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
2020	—	$	—	0.2	$	10
2019	0.6	$	26	12.2	$	569
2018	7.8	$	476	16.3	$	985


	AOCI
	November 30,
(in millions)	2020		2019
Cumulative foreign currency translation adjustments, net	$	(1,382)	$	(1,961)
Unrecognized pension expenses	(95)		(88)

Net losses on cash flow derivative hedges	41		(18)
	$	(1,436)	$	(2,066)

During 2020, 2019 and 2018, there were $3 million, $5 million and $5 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.

To enhance our liquidity, as well as comply with the dividend restrictions contained in our debt agreements, we suspended the payment of dividends on the common stock of Carnival Corporation and the ordinary shares of Carnival plc. 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
2020
Dividends declared per share	$	0.50	$	—	$	—	$	—
Dividends declared	$	342	$	—	$	—	$	—

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

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, 2020 and 2019, no Carnival Corporation preferred stock or Carnival plc preference shares had been issued.

In April 2020, we completed a public offering of 71.9 million shares of Carnival Corporation’s common stock at a price per share of $8.00, resulting in net proceeds of $556 million.

In October 2020, we completed our $1.0 billion “at-the-market” (“ATM”) equity offering program that was announced on September 15, 2020, pursuant to which we sold 67.1 million shares of Carnival Corporation common stock.

In November 2020, we completed our $1.5 billion ATM equity offering program that was announced on November 10, 2020, pursuant to which we sold 94.5 million shares of Carnival Corporation common stock.