Debt (Tables)

3 Months Ended

Feb. 28, 2023

Debt Disclosure [Abstract]

Schedule of Debt

			February 28,		November 30,
(in millions)	Maturity	Rate (a) (b)	2023		2022
Secured Subsidiary Guaranteed
Notes
Notes	Feb 2026	10.5%	$	775	$	775
EUR Notes	Feb 2026	10.1%	448		439
Notes	Jun 2027	7.9%	192		192
Notes	Aug 2027	9.9%	900		900
Notes	Aug 2028	4.0%	2,406		2,406
Loans
EUR floating rate	Jun 2025	EURIBOR + 3.8%	823		808
Floating rate	Jun 2025 - Oct 2028	LIBOR + 3.0 - 3.3%	4,091		4,101
Total Secured Subsidiary Guaranteed			9,634		9,621
Senior Priority Subsidiary Guaranteed
Notes	May 2028	10.4%	2,030		2,030
Unsecured Subsidiary Guaranteed
Revolver
Facility	(c)	LIBOR + 0.7%	200		200
Notes
Convertible Notes	Apr 2023	5.8%	96		96
Convertible Notes	Oct 2024	5.8%	426		426
Notes	Mar 2026	7.6%	1,450		1,450
EUR Notes	Mar 2026	7.6%	527		517
Notes	Mar 2027	5.8%	3,500		3,500
Convertible Notes	Dec 2027	5.8%	1,131		1,131
Notes	May 2029	6.0%	2,000		2,000
Notes	Jun 2030	10.5%	1,000		1,000
Loans
Floating rate	Jul 2024 - Sep 2024	LIBOR + 3.8%	300		590
GBP floating rate	Feb 2025	SONIA + 0.9% (d)	418		419
EUR floating rate	Apr 2023 - Mar 2026	EURIBOR + 1.8 - 2.4%	844		827
Export Credit Facilities
Floating rate	Oct 2024 - Dec 2031	LIBOR + 0.8 - 1.5%	1,172		1,246
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	3,064		3,143
EUR floating rate	Mar 2023 - Nov 2034	EURIBOR + 0.2 - 1.6%	3,841		3,882
EUR fixed rate	Feb 2031 - Dec 2034	1.1 - 3.1%	3,372		2,592
Total Unsecured Subsidiary Guaranteed			23,342		23,019
Unsecured Notes (No Subsidiary Guarantee)
Notes	Oct 2023	7.2%	125		125
Notes	Jan 2028	6.7%	200		200
EUR Notes	Oct 2029	1.0%	633		620
Total Unsecured Notes (No Subsidiary Guarantee)			958		945
Total Debt			35,963		35,615
Less: unamortized debt issuance costs and discounts			(828)		(1,069)
Total Debt, net of unamortized debt issuance costs and discounts			35,135		34,546
Less: short-term borrowings			(200)		(200)

Less: current portion of long-term debt	(2,264)		(2,393)
Long-Term Debt	$	32,672	$	31,953

(a)The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors.

(b)The above debt table excludes the impact of our interest rate swaps and as of February 28, 2023, it also excludes the impact of our foreign currency swaps. As of November 30, 2022, we had no foreign currency swaps. The interest rates on some of our debt, including our Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.

(c)Amounts outstanding under our Revolving Facility were drawn in 2020 for an initial six-month term. See “Short-Term Borrowings” below.

(d)The interest rate for the GBP unsecured loan is subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced SONIA rate with the credit adjustment spread is subject to a 0% floor.

Schedule of Annual Maturities of Debt

As of February 28, 2023, the scheduled maturities of our debt are as follows:

(in millions)
Year	Principal Payments
2Q 2023 (a)	$	785
3Q 2023	465
4Q 2023	529
2024 (a) (b)	2,734
2025	4,488
2026	4,611
2027	5,742
Thereafter	16,611
Total	$	35,963

(a)Subsequent to February 28, 2023, we extended the maturity of $211 million of principal payments from second quarter 2023 to 2024.

(b)Includes borrowings of $0.2 billion under our Revolving Facility.