Debt (Tables)

9 Months Ended

Aug. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

			August 31,		November 30,
(in millions)	Maturity	Rate (a) (b)	2023		2022
Secured Subsidiary Guaranteed
Notes
Notes	Feb 2026	10.5%	$	—	$	775
EUR Notes	Feb 2026	10.1%	—		439
Notes	Jun 2027	7.9%	192		192
Notes	Aug 2027	9.9%	870		900
Notes	Aug 2028	4.0%	2,406		2,406
Notes	Aug 2029	7.0%	500		—
Loans
EUR floating rate	Jun 2025	EURIBOR + 3.8%	844		808
Floating rate	Jun 2025 - Oct 2028	SOFR + 3.0 - 3.3%	3,576		4,101
Total Secured Subsidiary Guaranteed			8,388		9,621
Senior Priority Subsidiary Guaranteed
Notes	May 2028	10.4%	2,030		2,030
Unsecured Subsidiary Guaranteed
Revolver
Facility	(c)	(c)	—		200
Notes
Convertible Notes	Apr 2023	5.8%	—		96
Convertible Notes	Oct 2024	5.8%	426		426
Notes	Mar 2026	7.6%	1,362		1,450
EUR Notes	Mar 2026	7.6%	544		517
Notes	Mar 2027	5.8%	3,260		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%	—		590
GBP floating rate	Feb 2025	SONIA + 0.9%	—		419
EUR floating rate (d)	Apr 2024 - Mar 2026	EURIBOR + 2.4 - 4.0%	716		827
Export Credit Facilities
Floating rate	Dec 2031	SOFR + 0.8% (e)	583		1,246
Fixed rate	Aug 2027 - Dec 2032	2.4 - 3.4%	2,870		3,143
EUR floating rate	May 2024 - Nov 2034	EURIBOR + 0.2 - 0.8%	3,165		3,882
EUR fixed rate	Feb 2031 - Jul 2037	1.1 - 3.4%	3,640		2,592
Total Unsecured Subsidiary Guaranteed			20,698		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%	653		620
Total Unsecured Notes (No Subsidiary Guarantee)			978		945
Total Debt			32,093		35,615

Less: unamortized debt issuance costs and discounts	(797)		(1,069)
Total Debt, net of unamortized debt issuance costs and discounts	31,296		34,546
Less: short-term borrowings	—		(200)
Less: current portion of long-term debt	(1,780)		(2,393)
Long-Term Debt	$	29,516	$	31,953

(a)The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. During 2023, we amended certain of our variable debt instruments to change the reference rate from LIBOR to SOFR.

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

(e)The interest rate for the unsecured floating rate export credit facility for the current interest period is referenced to LIBOR.

Schedule of Annual Maturities of Debt

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

(in millions)
Year	Principal Payments
4Q 2023	$	462
2024	2,046
2025	2,211
2026	3,194
2027	6,690
Thereafter	17,490
Total	$	32,093