Debt (Tables)

6 Months Ended

May 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

			May 31,		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%	455		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%	833		808
Floating rate	Jun 2025 - Oct 2028	LIBOR + 3.0 - 3.3%	4,080		4,101
Total Secured Subsidiary Guaranteed			9,640		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
Notes
Convertible Notes	Apr 2023	5.8%	—		96
Convertible Notes	Oct 2024	5.8%	426		426
Notes	Mar 2026	7.6%	1,450		1,450
EUR Notes	Mar 2026	7.6%	535		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)	432		419
EUR floating rate (e)	Apr 2024 - Mar 2026	EURIBOR + 2.4 - 4.0%	749		827
Export Credit Facilities
Floating rate	Dec 2031	LIBOR + 0.8	617		1,246
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	2,950		3,143
EUR floating rate	May 2024 - Nov 2034	EURIBOR + 0.2 - 0.8%	3,201		3,882
EUR fixed rate	Feb 2031 - Jan 2036	1.1 - 3.4%	3,582		2,592
Total Unsecured Subsidiary Guaranteed			21,874		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%	642		620
Total Unsecured Notes (No Subsidiary Guarantee)			967		945
Total Debt			34,511		35,615
Less: unamortized debt issuance costs and discounts			(802)		(1,069)
Total Debt, net of unamortized debt issuance costs and discounts			33,710		34,546
Less: short-term borrowings			—		(200)

Less: current portion of long-term debt	(1,789)		(2,393)
Long-Term Debt	$	31,921	$	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 any outstanding derivative contracts. The interest rates on some of our debt fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.

(c)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 Sterling Overnight Index Average (“SONIA”) rate with the credit adjustment spread is subject to a 0% floor.

(e)In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024.

Schedule of Annual Maturities of Debt

As of May 31, 2023, the scheduled maturities of our debt are as follows:

(in millions)
Year	Principal Payments
3Q 2023	$	394
4Q 2023	431
2024 (a)	2,420
2025	4,297
2026	4,466
2027	5,700
Thereafter	16,803
Total	$	34,511

(a)Subsequent to May 31, 2023, we pre-paid $300 million of 2024 debt maturities.