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Unsecured Debt (Tables)
 12 Months Ended
Nov. 30, 2013
Text Block [Abstract]  
Long-Term Debt and Short-Term Borrowings
Long-term debt and short-term borrowings consisted of the following (in millions):
 
 
November 30, 2013
 
November 30,
 
Interest Rates
 
Maturities Through
 
2013(a)

 
2012(a)

Long-Term Debt
 
 
 
 
 
 
 
Export Credit Facilities
 
 
 
 
 
 
 
Fixed rate (b)
4.2% to 5.5%
 
2020
 
$
1,684

 
$
2,009

Euro fixed rate (b)
3.8% to 4.5%
 
2025
 
408

 
423

Floating rate (c) (d)
1.4% to 1.9%
 
2025
 
1,196

 
1,303

Euro floating rate (b) (e)
0.2% to 1.3%
 
2026
 
1,742

 
1,516

Bank Loans
 
 
 
 
 
 
 
Fixed rate (b)
2.5% to 4.4%
 
2016
 
650

 
650

Euro fixed rate (b)
3.9%
 
2021
 
276

 
296

Floating rate (b) (f)
0.8% to 1.4%
 
2018
 
850

 
700

Euro floating rate (b) (g)
0.8%
 
2014
 
138

 
132

Private Placement Notes
 
 
 
 
 
 
 
Fixed rate
5.9% to 6.0%
 
2016
 
116

 
116

Euro fixed rate (b)
6.9% to 7.3%
 
2018
 
194

 
185

Publicly-Traded Notes
 
 
 
 
 
 
 
Fixed rate (d) (h) (i)
1.2% to 7.1%
 
2028
 
2,219

 
517

Euro fixed rate
—
 
—
 
—

 
971

Other
3.8% to 7.3%
 
2030
 
27

 
28

Short-Term Borrowings
 
 
 
 
 
 
 
Euro bank loans (j)
1.9%
 
2014
 
60

 
56

Total Debt

 

 
9,560

 
8,902

Less short-term borrowings

 

 
(60
)
 
(56
)
Less current portion of long-term debt

 

 
(1,408
)
 
(1,678
)
Total Long-term Debt

 

 
$
8,092

 
$
7,168

 
(a)
The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants.
(b)
Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.
(c)
In 2013, we borrowed $526 million under an export credit facility, the proceeds of which were used to pay for a portion of Royal Princess’ purchase price and is due in semi-annual installments through May 2025.
(d)
In 2013, we issued $500 million of publicly-traded notes, which bear interest at 1.2% and are due in February 2016. The proceeds were used to repay a like amount of floating rate export credit facilities prior to their maturity dates through 2022.
(e)
In 2013, we borrowed $311 million under a euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAstella’s purchase price and is due in semi-annual installments through March 2025.
(f)
In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes.
(g)
In 2013, we entered into a $265 million euro-denominated floating rate revolving bank loan facility. This facility has a perpetual term, although we can terminate it at any time and the bank can terminate the facility at any time upon nine months notice. The facility can be drawn beginning in May 2014.
(h)
In 2013, we issued $500 million of publicly-traded notes, which bear interest at 1.9% and are due in December 2017. We used the net proceeds of these notes for general corporate purposes, including repayments of portions of debt facilities maturing in 2013.
(i)
In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014.
(j)
The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate.
Scheduled Annual Maturities of Debt
At November 30, 2013, the scheduled annual maturities of our debt were as follows (in millions):
 
 
Fiscal
 
 
 
 
 
2014
 
2015
 
2016
 
2017
 
2018
 
Thereafter
 
Total
Short-term borrowings
$
60

 
 
 
 
 
 
 
 
 
 
 
$
60

Long-term debt
1,408

 
$
1,403

 
$
1,537

 
$
627

 
$
1,301

 
$
3,224

 
9,500

 
$
1,468

 
$
1,403

 
$
1,537

 
$
627

 
$
1,301

 
$
3,224

 
$
9,560
Committed Ship Financings
 
Cruise Brands and Ships
Fiscal Year
Scheduled  for
Funding
 
Amount
 
 
 
(in millions)
North America
 
 
 
Carnival Cruise Lines
 
 
 
Carnival Vista (a)
2016
 
$
520

Holland America Line
 
 
 
Newbuild (a)
2016
 
408

Princess
 
 
 
Regal Princess
2014
 
547

North America Cruise Brands
 
 
1,475

EAA
 
 
 
AIDA
 
 
 
AIDAprima
2015
 
460

Newbuild
2016
 
460

Costa
 
 
 
Costa Diadema (a)
2014
 
531

P&O Cruises (UK)
 
 
 
Britannia (a)
2015
 
563

EAA Cruise Brands
 
 
2,014

 
 
 
$
3,489