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Debt (Tables)
 12 Months Ended
Nov. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
November 30,
(in millions)MaturityRate (a) (b)20232022
Secured Subsidiary Guaranteed
Notes
Notes Feb 202610.5%$— $775 
EUR NotesFeb 202610.1%— 439 
NotesJun 20277.9%192 192 
NotesAug 20279.9%623 900 
NotesAug 20284.0%2,406 2,406 
NotesAug 20297.0%500 — 
Loans
EUR floating rateJun 2025
EURIBOR + 3.8%
851 808 
Floating rateJun 2025 - Oct 2028
SOFR + 3.0 - 3.3%
3,567 4,101 
          Total Secured Subsidiary Guaranteed8,138 9,621 
Senior Priority Subsidiary Guaranteed
NotesMay 202810.4%2,030 2,030 
Unsecured Subsidiary Guaranteed
Revolver
Facility(c)(c)— 200 
Notes
Convertible NotesApr 20235.8%— 96 
Convertible NotesOct 20245.8%426 426 
NotesMar 20267.6%1,351 1,450 
EUR NotesMar 20267.6%550 517 
Notes Mar 20275.8%3,100 3,500 
Convertible NotesDec 20275.8%1,131 1,131 
NotesMay 20296.0%2,000 2,000 
NotesJun 203010.5%1,000 1,000 
Loans
Floating rateJul 2024 - Sep 2024
LIBOR + 3.8%
— 590 
GBP floating rateFeb 2025
SONIA + 0.9%
— 419 
EUR floating rate (d)Apr 2024 - Mar 2026
EURIBOR + 2.4 - 4.0%
678 827 
Export Credit Facilities
Floating rateDec 2031
SOFR + 0.8% (e)
583 1,246 
Fixed rateAug 2027 - Dec 2032
2.4 - 3.4%
2,756 3,143 
EUR floating rateMay 2024 - Nov 2034
EURIBOR + 0.2 - 0.8%
3,086 3,882 
EUR fixed rateFeb 2031 - Jul 2037
1.1 - 3.4%
3,652 2,592 
          Total Unsecured Subsidiary Guaranteed20,312 23,019 
Unsecured Notes (No Subsidiary Guarantee)
NotesOct 20237.2%— 125 
NotesJan 20286.7%200 200 
EUR NotesOct 20291.0%659 620 
          Total Unsecured Notes (No Subsidiary Guarantee)859 945 
Total Debt31,339 35,615 
Less: unamortized debt issuance costs and discounts(768)(1,069)
Total Debt, net of unamortized debt issuance costs and discounts30,572 34,546 
Less: short-term borrowings— (200)
Less: current portion of long-term debt(2,089)(2,393)
Long-Term Debt$28,483 $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. These amendments did not modify the amounts and timing of interest payments, other than for the change in reference rates, and did not have a material impact on our consolidated financial statements.
(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.
The net carrying value of the Convertible Notes was as follows:
November 30,
(in millions)20232022
Principal$1,557 $1,653 
Less: Unamortized debt discount and debt issue costs(27)(275)
$1,530 $1,378 
The interest expense recognized related to the Convertible Notes was as follows:
November 30,
(in millions)202320222021
Contractual interest expense$91 $32 $31 
Amortization of debt discount and debt issue costs9 29 29 
$100 $61 $60 
Schedule of Annual Maturities of Debt
As of November 30, 2023, the scheduled maturities of our debt are as follows:
(in millions)
YearPrincipal Payments
2024$2,089 
20252,229 
20263,197 
2027 (a)6,288 
20288,979 
Thereafter8,557 
Total$31,339 

(a)Subsequent to November 30, 2023, we retired $52 million of the outstanding principal amount of our 9.9% second-priority secured notes due 2027. In addition, on January 22, 2024, we issued a notice of redemption for the entire outstanding principal amount of $571 million to be redeemed on February 1, 2024 at a price equal to 104.938% of the principal amount to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date.