Carnival Corporation & plc (CCL) 10-Q10 Jul 202020 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	May 31, 2020	Jul. 01, 2020
Entity Information [Line Items]
Document Type	10-Q
Entity Central Index Key	0000815097
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--11-30
Document Quarterly Report	true
Document Period End Date	May 31, 2020
Document Transition Report	false
Entity File Number	001-9610
Entity Registrant Name	Carnival Corporation
Entity Incorporation, State or Country Code	R1
Entity Tax Identification Number	59-1562976
Entity Address, Address Line One	3655 N.W. 87th Avenue
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178-2428
City Area Code	(305)
Local Phone Number	599-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		600,663,402
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock ($0.01 par value)
Trading Symbol	CCL
Security Exchange Name	NYSE
1.625% Senior Notes Due 2021
Entity Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2021
Trading Symbol	CCL21
Security Exchange Name	NYSE
Carnival PLC
Entity Information [Line Items]
Entity Central Index Key	0001125259
Current Fiscal Year End Date	--11-30
Entity File Number	001-15136
Entity Registrant Name	Carnival plc
Entity Incorporation, State or Country Code	X0
Entity Tax Identification Number	98-0357772
Entity Address, Address Line One	Carnival House, 100 Harbour Parade
Entity Address, City or Town	Southampton
Entity Address, Country	GB
Entity Address, Postal Zip Code	SO15 1ST
City Area Code	011
Local Phone Number	44 23 8065 5000
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,572,740
Carnival PLC \| Ordinary Shares
Entity Information [Line Items]
Title of 12(b) Security	Ordinary Shares ($1.66 par value)
Trading Symbol	CUK
Security Exchange Name	NYSE
Carnival PLC \| 1.875% Senior Notes Due 2022
Entity Information [Line Items]
Title of 12(b) Security	1.875% Senior Notes due 2022
Trading Symbol	CUK22
Security Exchange Name	NYSE
Carnival PLC \| 1.000% Senior Notes Due 2029
Entity Information [Line Items]
Title of 12(b) Security	1.000% Senior Notes due 2029
Trading Symbol	CUK29
Security Exchange Name	NYSE

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues
Revenues	$ 740	$ 4,838	$ 5,529	$ 9,511
Cost of Revenue [Abstract]
Selling and administrative	492	621	1,170	1,250
Depreciation and amortization	577	542	1,147	1,059
Goodwill impairment	1,364	0	2,096	0
Operating costs and expenses	4,918	4,323	10,420	8,609
Operating Income (Loss)	(4,177)	515	(4,891)	902
Nonoperating Income (Expense)
Interest income	6	5	11	9
Interest expense, net of capitalized interest	(182)	(54)	(237)	(105)
Other income (expense), net	(32)	(7)	(39)	(9)
Nonoperating Income (Expense)	(208)	(56)	(265)	(105)
Income (Loss) Before Income Taxes	(4,385)	459	(5,155)	797
Income Tax Benefit (Expense), Net	11	(8)	0	(10)
Net Income (Loss)	$ (4,374)	$ 451	$ (5,155)	$ 787
Earnings Per Share
Basic (in dollars per share)	$ (6.07)	$ 0.65	$ (7.34)	$ 1.14
Diluted (in dollars per share)	$ (6.07)	$ 0.65	$ (7.34)	$ 1.13
Cruise
Cost of Revenue [Abstract]
Commissions, transportation and other	$ 297	$ 613	$ 1,064	$ 1,322
Onboard and other	114	485	585	952
Payroll and related	705	566	1,315	1,123
Fuel	201	423	598	804
Food	108	269	385	538
Ship and other impairments	589	0	919	0
Other operating	471	803	1,142	1,562
Operating costs and expenses	2,484	3,159	6,007	6,301
Cruise passenger ticket
Revenues
Revenues	446	3,257	3,680	6,456
Cruise onboard and other
Revenues
Revenues	$ 294	$ 1,580	$ 1,849	$ 3,054

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (4,374)	$ 451	$ (5,155)	$ 787
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	23	(194)	48	(114)
Other	43	(13)	56	(13)
Other Comprehensive Income (Loss)	65	(207)	103	(127)
Total Comprehensive Income (Loss)	$ (4,309)	$ 244	$ (5,052)	$ 660

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		May 31, 2020	Nov. 30, 2019
Current Assets
Cash and cash equivalents		$ 6,881	$ 518
Trade and other receivables, net		604	444
Inventories		362	427
Prepaid expenses and other		374	671
Total current assets		8,222	2,059
Property and Equipment, Net		37,139	38,131
Operating Leases Right-of-Use Assets	[1]	1,413
Goodwill		790	2,912
Other Intangibles		1,168	1,174
Other Assets		1,086	783
Total assets		49,817	45,058
Current Liabilities
Short-term borrowings		3,562	231
Current portion of long-term debt		2,373	1,596
Current portion of operating lease liabilities	[1]	153
Accounts payable		1,809	756
Accrued liabilities and other		1,343	1,809
Customer deposits		2,618	4,735
Total current liabilities		11,858	9,127
Long-Term Debt		14,870	9,675
Long-Term Operating Lease Liabilities	[1]	1,292
Other Long-Term Liabilities		956	890
Contingencies
Shareholders’ Equity
Additional paid-in capital		9,683	8,807
Retained earnings		21,155	26,653
Accumulated other comprehensive income (loss) (“AOCI”)		(1,962)	(2,066)
Treasury stock, 130 shares at 2020 and 2019 of Carnival Corporation and 60 shares at 2020 and 2019 of Carnival plc, at cost		(8,404)	(8,394)
Total shareholders’ equity		20,840	25,365
Total liabilities and shareholders' equity		49,817	45,058
Common Stock
Shareholders’ Equity
Common stock		7	7
Ordinary Shares
Shareholders’ Equity
Common stock		$ 360	$ 358

[1]	We adopted the provisions of Leases on December 1, 2019.

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 31, 2020	Nov. 30, 2019
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960,000,000	1,960,000,000
Common stock, shares issued (in shares)	731,000,000	657,000,000
Treasury stock, shares (in shares)	130,000,000	130,000,000
Carnival PLC \| Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217,000,000	217,000,000
Treasury stock, shares (in shares)	60,000,000	60,000,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	May 31, 2020	May 31, 2019
OPERATING ACTIVITIES
Net income (loss)	$ (5,155)	$ 787
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	1,147	1,059
Impairments	3,015	2
Share-based compensation	38	27
Gain on ship sales and other, net	56	7
Adjustments to reconcile net income (loss) to net cash provided by operating activities	(900)	1,883
Changes in operating assets and liabilities
Receivables	(202)	(50)
Inventories	58	5
Prepaid expenses and other	171	(302)
Accounts payable	1,052	68
Accrued liabilities and other	3	48
Customer deposits	(1,987)	1,516
Net cash provided by (used in) operating activities	(1,804)	3,169
INVESTING ACTIVITIES
Purchases of property and equipment	(1,668)	(3,021)
Proceeds from sales of ships	236	6
Payments of fuel derivative settlements	0	(6)
Purchase of minority interest	(81)	0
Derivative settlements and other, net	257	103
Net cash provided by (used in) investing activities	(1,256)	(2,918)
FINANCING ACTIVITIES
Proceeds from (repayments of) short-term borrowings, net	3,333	(357)
Principal repayments of long-term debt	(383)	(338)
Proceeds from issuance of long-term debt	6,674	1,722
Dividends paid	(689)	(694)
Purchases of treasury stock	(12)	(316)
Issuance of common stock, net	558	2
Other, net	(56)	(45)
Net cash provided by (used in) financing activities	9,425	(26)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	(5)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,366	220
Cash, cash equivalents and restricted cash at beginning of period	530	996
Cash, cash equivalents and restricted cash at end of period	$ 6,896	$ 1,215

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Changes in accounting principles	[1]	Common stock	Ordinary shares	Additional paid-in capital	Retained earnings	Retained earningsChanges in accounting principles	[1]	AOCI	Treasury stock
Beginning balance at Nov. 30, 2018	$ 24,443	$ (24)		$ 7	$ 358	$ 8,756	$ 25,066	$ (24)		$ (1,949)	$ (7,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	787						787
Other comprehensive income (loss)	(127)									(127)
Cash dividends declared	(691)						(691)
Purchases of treasury stock under the Repurchase Program and other	(280)					29					(310)
Ending balance at May. 31, 2019	24,108			7	358	8,785	25,138			(2,076)	(8,104)
Beginning balance at Feb. 28, 2019	24,241			7	358	8,776	25,033			(1,869)	(8,063)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	451						451
Other comprehensive income (loss)	(207)									(207)
Cash dividends declared	(346)						(346)
Purchases of treasury stock under the Repurchase Program and other	(32)					9					(41)
Ending balance at May. 31, 2019	24,108			7	358	8,785	25,138			(2,076)	(8,104)
Beginning balance at Nov. 30, 2019	25,365			7	358	8,807	26,653			(2,066)	(8,394)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,155)						(5,155)
Other comprehensive income (loss)	103									103
Cash dividends declared	(342)						(342)
Issuance of common stock through underwritten public offering (net of offering expenses and underwriters’ discount)	556			1		555
Equity component of Convertible Senior Notes	286					286
Purchases of treasury stock under the Repurchase Program and other	27				2	35					(10)
Ending balance at May. 31, 2020	20,840			7	360	9,683	21,155			(1,962)	(8,404)
Beginning balance at Feb. 29, 2020	24,290			7	358	8,829	25,527			(2,028)	(8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,374)						(4,374)
Other comprehensive income (loss)	65									65
Issuance of common stock through underwritten public offering (net of offering expenses and underwriters’ discount)	556			1		555
Equity component of Convertible Senior Notes	286					286
Purchases of treasury stock under the Repurchase Program and other	16				2	12	2
Ending balance at May. 31, 2020	$ 20,840			$ 7	$ 360	$ 9,683	$ 21,155			$ (1,962)	$ (8,404)

[1]	We adopted the provisions of Revenue from Contracts with Customers and Derivatives and Hedging

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	May 31, 2019	May 31, 2020	May 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.50	$ 1

General

General	6 Months Ended
General	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” Liquidity and Management’s Plans Due to the spread of COVID-19, we previously announced a pause of our global cruise operations. Significant events affecting travel, including COVID-19, typically have an impact on booking patterns, with the full extent of the impact generally determined by the length of time the event influences travel decisions. We believe that the effects of COVID-19 on our operations and global bookings will continue to have a material negative impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such outbreak. We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our guest cruise operations, and as a consequence, our ability to be predictive is uncertain. In addition, the magnitude, duration and speed of the global pandemic are uncertain. As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with reasonable certainty, but we continue to expect a net loss on both a U.S. GAAP and adjusted basis for the second half of 2020. We have taken and continue to take actions to improve our liquidity, including capital expenditure and operating expense reductions, suspending dividend payments on, and the repurchase of, common stock of Carnival Corporation and ordinary shares of Carnival plc and pursuing various financing transactions. In May 2020, we announced a combination of layoffs, furloughs and salary reductions across the company, including senior management. Based on these actions and assumptions regarding the impact of COVID-19, we have concluded that we will be able to generate sufficient liquidity to satisfy our obligations for at least the next twelve months. Basis of Presentation The Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three and six months ended May 31, 2020 and 2019, and the Consolidated Balance Sheet at May 31, 2020 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2019 joint Annual Report on Form 10-K (“Form 10-K”) and Form 10-K/A filed with the U.S. Securities and Exchange Commission on January 28, 2020 and March 31, 2020, respectively. For the three and six months ended May 31, 2019, we reclassified $71 million and $99 million from tour and other revenues to onboard and other revenues as well as $61 million and $90 million from tour and other costs and expenses to other operating cost and expenses in order to conform to the current year presentation. COVID-19 Use of Estimates and Risks and Uncertainty The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are highly uncertain. We believe that we have made reasonable estimates and judgments of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods. Accounting Pronouncements On December 1, 2019, we adopted the FASB issued guidance, Leases , using the modified retrospective approach, which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods. We have implemented changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. Upon adoption of the new guidance, the most significant impact was the recognition of $1.4 billion of right-of-use assets and lease liabilities relating to operating leases, reported within operating lease right-of-use assets and long-term operating lease liabilities, with the current portion of the liability reported within current portion of operating lease liabilities, in our Consolidated Balance Sheet as of December 1, 2019. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. This guidance had an immaterial impact on our Consolidated Statements of Income (Loss), Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and the compliance with debt covenants under our current agreements. The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same net income (loss) line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the Consolidated Statements of Cash Flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021 and must be applied using either a prospective or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance, Financial Instruments - Credit Losses

Revenue and Expense Recognition

Revenue and Expense Recognition	6 Months Ended
Revenue and Expense Recognition	May 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue and Expense Recognition	Revenue and Expense Recognition Guest cruise deposits are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in cruise passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three and six months ended May 31, fees, taxes and charges included in commissions, transportation and other costs were $41 million and $215 million in 2020 and $154 million and $317 million in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized. Revenues and expenses from our hotel and transportation operations, which are included in our Tour and Other segment, are recognized at the time the services are performed. Revenues from the long-term leasing of ships, which are also included in our Tour and Other segment, are recognized ratably over the term of the agreement. Customer Deposits Our payment terms generally require an initial deposit to confirm a reservation, with the balance due prior to the voyage. Cash received from guests in advance of the cruise is recorded in customer deposits and in other long-term liabilities on our Consolidated Balance Sheets. These amounts include refundable deposits. We are providing flexibility to guests with bookings on sailings cancelled due to the pause in cruise operations by allowing guests to receive enhanced future cruise credits ("FCC") or elect to receive refunds in cash. We expect to be required to pay cash refunds of customer deposits with respect to a portion of these cancelled cruises. The amount of cash refunds to be paid may depend on the length of the pause and level of guest acceptance of FCCs. We record a liability for FCCs to the extent we have received cash from guests with bookings on cancelled sailings. We had customer deposits of $2.9 billion as of May 31, 2020 and $4.9 billion as of November 30, 2019. The current portion of our customer deposits was $2.6 billion as of May 31, 2020. These amounts include deposits related to cancelled cruises prior to the election of a cash refund by guests. Refunds payable to guests who have elected cash refunds are recorded in accounts payable. Due to the uncertainty associated with the duration and extent of COVID-19, we are unable to estimate the amount of the May 31, 2020 customer deposits that will be recognized in earnings compared to amounts that will be refunded to customers or issued as a credit for future travel . During the six months ended May 31, 2020 and 2019, we recognized revenues of $3.5 billion and $3.7 billion related to our customer deposits as of November 30, 2019 and December 1, 2018. Historically, our customer deposits balance changes due to the seasonal nature of cash collections, the recognition of revenue, refund of customer deposits and foreign currency translation. Contract Receivables Although we generally require full payment from our customers prior to or concurrently with their cruise, we grant credit terms to a relatively small portion of our revenue source. We also have receivables from credit card merchants for cruise ticket purchases and onboard revenue. These receivables are included within trade and other receivables, net. Contract Assets

Debt

Debt	6 Months Ended
Debt	May 31, 2020
Debt Disclosure [Abstract]
Debt	Debt At May 31, 2020, our short-term borrowings consisted primarily of $3.0 billion borrowing under our multicurrency revolving credit facility (the “Revolving Facility”), $467 million commercial paper, $58 million euro-denominated commercial paper and $31 million sterling-denominated commercial paper. For the six months ended May 31, 2020, we had borrowings of $525 million and no repayments of commercial paper with original maturities greater than three months. For the six months ended May 31, 2019, there were no borrowings or repayments of commercial paper with original maturities greater than three months. In December 2019, we borrowed $823 million under an export credit facility due in semi-annual installments through fiscal year 2032. 2023 Secured Notes In April 2020, we issued $4.0 billion aggregate principal amount of 11.5% first-priority senior secured notes due in 2023 (the “2023 Secured Notes”). The 2023 Secured Notes mature on April 1, 2023 unless earlier redeemed or repurchased. They are guaranteed by Carnival plc and certain of our subsidiaries that own or operate our vessels and material intellectual property, and are secured by collateral, which includes vessels and intellectual property with a net book value of $28.3 billion as of May 31, 2020 and certain other assets. Prior to January 1, 2023, we may redeem the 2023 Secured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount, plus a “make-whole” premium and accrued and unpaid interest to the redemption date. On or after January 1, 2023, we may redeem the 2023 Secured Notes, in whole or in part, at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to the redemption date. We may also redeem the 2023 Secured Notes, in whole but not in part, at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if Carnival Corporation or any guarantor would have to pay any additional amounts on the 2023 Secured Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. Upon the occurrence of certain change of control events, we are required to offer to repurchase the 2023 Secured Notes at a price equal to 101% of the principal amount, plus accrued and unpaid interest to the purchase date. The indenture governing the 2023 Secured Notes contains covenants that limit our ability to, among other things: (i) incur additional indebtedness or issue certain preferred shares; (ii) make dividend payments on or make other distributions in respect of our capital stock or make other restricted payments; (iii) make certain investments; (iv) sell certain assets; (v) create liens on assets; (vi) consolidate, merge, sell or otherwise dispose of all or substantially all of our assets; and (vii) enter into certain transactions with our affiliates. These covenants are subject to a number of important limitations and exceptions. Convertible Notes In April 2020, we issued $2.0 billion aggregate principal amount of 5.75% convertible senior notes due 2023 (the “Convertible Notes”). The Convertible Notes mature on April 1, 2023, unless earlier repurchased or redeemed by us or earlier converted in accordance with their terms prior to the maturity date. The Convertible Notes are guaranteed on a senior unsecured basis by Carnival plc and our subsidiaries that guarantee the 2023 Secured Notes. The Convertible Notes are convertible by holders, subject to the conditions described below, into cash, shares of our common stock, or a combination thereof, at our election. The Convertible Notes have an initial conversion rate of 100 shares of our common stock per $1,000 principal amount of the Convertible Notes, equivalent to an initial conversion price of $10 per share of common stock. The initial conversion price is subject to certain anti-dilutive adjustments and may also increase if the Convertible Notes are converted in connection with a tax redemption or certain corporate events. The Convertible Notes are convertible at any time prior to the close of business on the business day immediately preceding January 1, 2023, only under the following circumstances: • during any fiscal quarter commencing after the fiscal quarter ended on May 31, 2020 (and only during such fiscal quarter), if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of common stock and the conversion rate on each such trading day; • prior to the close of business on the second scheduled trading day immediately preceding any tax redemption date; or • upon the occurrence of specified corporate events. On or after January 1, 2023, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Convertible Notes at any time. As of May 31, 2020, the conditions allowing holders of the Convertible Notes to convert have not been met and therefore the Convertible Notes are not yet convertible. Subsequent to May 31, 2020, the holders are entitled to convert all or any portion of their Convertible Notes at any time during the calendar quarter starting on July 1, 2020 and ending on September 30, 2020, at the conversion rate of 100 shares of common stock per $1,000 principal amount of Convertible Notes. If we undergo certain corporate events (each, a “fundamental change”), subject to certain conditions, holders may require us to repurchase for cash all or any portion of their Convertible Notes at a price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to the fundamental change repurchase date. We may redeem the Convertible Notes, in whole but not in part, at any time on or prior to December 31, 2022 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, if we or any guarantor would have to pay any additional amounts on the Convertible Notes due to a change in tax laws, regulations or rulings or a change in the official application, administration or interpretation thereof. We account for the Convertible Notes as separate liability and equity components. We determined the carrying amount of the liability component as the present value of its cash flows. The carrying amount of the equity component representing the conversion option was $286 million and was calculated by deducting the carrying value of the liability component from the initial proceeds from the Convertible Notes. The excess of the principal amount of the Convertible Notes over the carrying amount of the liability component represents a debt discount that is amortized to interest expense over the term of the Convertible Notes under the effective interest rate method using an effective interest rate of 12.9%. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The net carrying value of the liability component of the Convertible Notes was as follows: (in millions) May 31, 2020 Principal $ 2,013 Less: Unamortized debt discount and transaction costs (333) $ 1,680 The interest expense recognized related to the Convertible Notes was as follows: (in millions) Three and Six Months ended May 31, 2020 Contractual interest expense $ 17 Amortization of debt discount and transaction costs 15 $ 32 Modifications In February 2020, we extended a $452 million sterling-denominated floating rate bank loan, originally maturing in 2022, to 2025 with an option to extend to 2026. In April 2020, we amended and extended a $166 million euro-denominated fixed rate bank loan, originally maturing in September 2020, to a floating rate loan maturing in March 2021. Certain export credit agencies have offered 12-month debt amortization and a financial covenant holiday ("Debt Holiday"). We entered into supplemental agreements or side letters for Debt Holiday amendments to defer certain principal repayments otherwise due through March 31, 2021 through the creation of separate tranches of loans under the facilities with repayments made over the following four years. Debt Covenant Compliance Many of our debt agreements contain one or more financial covenants that require us to: • Maintain minimum debt service coverage • Maintain minimum shareholders' equity • Limit our debt to capital ratio • Limit the amounts of our secured and other indebtedness At May 31, 2020, we were in compliance with all of our debt covenants. Under the terms of certain of our debt facilities, we are required to maintain minimum debt service coverage (EBITDA to consolidated net interest charges for the most recently ended four fiscal quarters) of not less than 3.0 to 1.0 at the end of each fiscal quarter. We have entered into supplemental agreements or side letters to amend our agreements with respect to this covenant to: • Waive compliance, in conjunction with the Debt Holiday, for our export credit facilities through March 31, 2021, August 31, 2021 or December 31, 2021, as applicable. We will be required to comply beginning with the next testing date of May 31, 2021, November 30, 2021 or February 28, 2022, respectively. • Waive compliance through November 30, 2021 for certain of our bank loans. We will be required to comply beginning with the next testing date of February 28, 2022. • Waive compliance for the remaining applicable bank loans through their respective maturity dates. Any covenant waiver may lead to increased costs, increased interest rates, additional restrictive covenants and other available lender protections that would be applicable. There can be no assurance that we would be able to obtain additional waivers in a timely manner, or on acceptable terms at all. If we were not able to obtain additional waivers or repay the debt facilities, this would lead to an event of default and potential acceleration of amounts due under all of our outstanding debt and derivative contract payables. As a result, the failure to obtain the additional waivers would have a material adverse effect on us. Secured Term Loan Facility In June 2020, we borrowed an aggregate principal amount of $2.8 billion in two tranches ($1.9 billion and €800 million), under a first-priority senior secured term loan facility that matures on June 30, 2025 (the "Secured Term Loan Facility"). The U.S. dollar tranche bears interest at a rate per annum equal to adjusted LIBOR (with a 1% floor) plus 7.5%. The euro tranche bears interest at a rate per annum equal to EURIBOR (with a 0% floor) plus 7.5%. Both tranches of the Secured Term Loan Facility are prepayable, in whole or in part, at our option at a price equal to the face value plus a customary make-whole amount for the first year after closing, 102% of the face value for the second year after closing and par thereafter. The Secured Term Loan Facility is guaranteed by Carnival plc and the same subsidiaries that currently guarantee, and is secured on a first-priority basis by the same collateral that currently secures, the 2023 Secured Notes. The Secured Term Loan Facility contains covenants that are substantially similar to the covenants in the indenture governing the 2023 Secured Notes. These covenants are subject to a number of important limitations and exceptions. Credit Ratings Update In March and April 2020, Moody’s and S&P Global downgraded our long-term issuer, senior secured and senior unsecured debt ratings. Our short-term commercial paper credit ratings were also downgraded. In May and June 2020, Moody's and S&P Global further downgraded our long-term issuer rating and our short-term rating, which prevents us from issuing additional commercial paper except for government-backed programs. In addition, our long-term ratings were placed on review for further downgrade by both rating agencies.

Contingencies

Contingencies	6 Months Ended
Contingencies	May 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation We are routinely involved in legal proceedings, claims, disputes, regulatory matters and governmental inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. Additionally, as a result of the impact of COVID-19, litigation claims, enforcement actions, regulatory actions and investigations, including, but not limited to, those arising from personal injury and loss of life, have been and may, in the future, be asserted against us. The existing assertions are in their initial stages. We expect many of these claims and actions, or any settlement of these claims and actions, to be covered by insurance and historically the maximum amount of our liability, net of any insurance recoverables, has been limited to our self-insurance retention levels. We record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal proceedings and government investigations are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial monetary damages. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations, financial position or liquidity. As previously disclosed, on May 2, 2019, an action was filed against Carnival Corporation in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. On April 17, 2020, the court reversed its dismissal of the virtually identical cases brought by Havana Docks Corporation against other cruise lines, and at that time, denied our pending motion for reconsideration on our prior motion to dismiss and allowed the plaintiff to file an amended complaint. As a result, on April 27, 2020, we filed a motion seeking leave to appeal. On May 18, 2020, we filed a motion to dismiss the plaintiff’s amended complaint and the briefing is now complete. On June 26, 2020, the court denied our motion seeking leave to appeal and denied our motion to stay discovery for 90 days. Contingent Obligations – Indemnifications Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase our lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. Other Contingencies We have agreements with a number of credit card processors that transact customer deposits related to our cruise vacations. Certain of these agreements allow the credit card processors to request under certain circumstances that we provide a reserve fund in cash. Although the agreements vary, these requirements may generally be satisfied either through a withheld percentage of customer payments or providing cash funds directly to the card processor. As of May 31, 2020, we have been requested to provide reserve funds of $27 million and have had $14 million of customer deposits withheld to satisfy these requirements. We expect the funds withheld under these agreements will be approximately $80 million per month up to a maximum of $600 million. COVID-19 Actions Class Actions On April 7, 2020, Paul Turner, a former guest from Costa Luminosa, filed a purported class action against Costa Crociere, S.p.A. (“Costa”) and Costa Cruise Line, Inc. in the U.S. District Court for the Southern District of Florida seeking compensation based on alleged severe emotional distress associated with being exposed to COVID-19 onboard and/or alleged physical injuries and severe emotional distress associated with contracting COVID-19 onboard. The action asserts claims for negligence, negligent infliction of emotional distress, intentional infliction of emotional distress, misleading advertising in violation of Florida Statute § 817.41, and negligent misrepresentation. On April 8, 2020, numerous former guests from Grand Princess filed a purported class action against Carnival Corporation & plc and two of our subsidiaries, Princess Cruise Lines Ltd. (“Princess”) and Fairline Shipping International Corporation, Ltd. (“Fairline”), seeking compensation based on alleged severe emotional distress associated with being exposed to COVID-19 onboard, contracting COVID-19 onboard, and/or contracting COVID-19 while onboard and subsequently passing away as a result of COVID-19. The complaint asserts claims for negligence and gross negligence. This action was originally filed in the U.S. District Court for the Northern District of California, however, on May 4, 2020, the parties entered into a stipulation, which was approved by the court on May 5, 2020, that the case be transferred to the U.S. District Court for the Central District of California pursuant to the terms of the plaintiffs’ ticket contracts. Following the transfer, the plaintiffs filed a First Amended Complaint on June 2, 2020 that named Carnival Corporation and Carnival plc as defendants in place of Carnival Corporation & plc and removed Fairline as a defendant, and also added claims for negligent and intentional infliction of emotional distress. On May 27, 2020, Service Lamp Corporation Profit Sharing Plan filed a purported class action in the U.S. District Court for the Southern District of Florida against Carnival Corporation, Arnold W. Donald and David Bernstein on behalf of all purchasers of Carnival Corporation securities between January 28 and May 1, 2020. On June 3, 2020, John P. Elmensdorp filed a purported class action in the U.S. District Court for the Southern District of Florida against the same defendants, and adding Micky Arison as a defendant. This action is on behalf of all purchasers of Carnival Corporation securities between September 26, 2019 and April 30, 2020. These complaints allege that the defendants violated Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 by making misrepresentations and omissions related to Carnival Corporation’s COVID-19 knowledge and response, and seek to recover unspecified damages and equitable relief for the alleged misstatements and omissions. On June 4, 2020, another group of former guests from Grand Princess filed a purported class action against Carnival Corporation, Carnival plc, and Princess in the U.S. District Court for the Central District of California, seeking compensation based on the same factual theories presented in the class actions described above. The action asserts claims for negligence, gross negligence, negligent infliction of emotional distress and intentional infliction of emotional distress. On June 4, 2020, Gregory Eicher, a former guest from Grand Princess filed a purported class action against Princess in the U.S. District Court for the Central District of California, seeking compensation based on alleged severe emotional distress associated with being exposed to COVID-19 onboard and/or alleged physical injuries and severe emotional distress associated with contracting COVID-19 onboard. The action asserts claims for negligence, negligent infliction of emotional distress and intentional infliction of emotional distress. On June 4, 2020, numerous former guests from Ruby Princess filed a purported class action against Princess in the U.S. District Court for the Central District of California, seeking compensation based on alleged severe emotional distress associated with being exposed to COVID-19 onboard and/or alleged physical injuries and severe emotional distress associated with contracting COVID-19 onboard. The action asserts claims for negligence, negligent infliction of emotional distress, and intentional infliction of emotional distress. On June 24, 2020, Leonard C. Lindsay and Carl E.W. Zehner, former guests from Zaandam filed a purported class action in the U.S. District Court for the Western District of Washington at Seattle against Carnival Corporation, Carnival plc, Holland America Line, Inc., and Holland American Line – U.S.A., Inc. seeking compensation based on alleged serious personal injury and emotional distress, for those contracting COVID-19 and those claiming exposure to COVID-19. The action asserts claims for negligence, gross negligence, negligent infliction of emotional distress and intentional infliction of emotional distress. This case also seeks injunctive relief in the form of certain disclosures to passengers and medical monitoring. We believe that the claims asserted in these actions are without merit and are taking proper actions to defend against them. Individual Actions Between March 9, 2020 and July 7, 2020, more than 100 former U.S. guests who sailed onboard various vessels, including, but not limited to, Diamond Princess , Grand Princess , or Ruby Princess, filed individual actions against Princess, and in some actions also against Carnival Corporation and/or Carnival plc in the U.S. District Court for the Central District of California. On June 11, 2020, a former guest who sailed onboard Coral Princess filed an action against Princess, Carnival Corporation and Carnival plc in the Superior Court of California, County of Los Angeles. These lawsuits include tort claims based on a variety of theories, including but not limited to negligence and failure to warn. The plaintiffs in these cases allege a variety of injuries: some plaintiffs allege only emotional distress, while others allege injuries arising from testing positive for COVID-19. A smaller number of cases include wrongful death claims. The defendants will respond to each of these complaints individually. Motions to dismiss were filed on June 2, 2020 in the individual actions against Princess that allege emotional distress associated with exposure to COVID-19 while onboard. In addition, between April 7, 2020 and July 7, 2020, four former U.S. guests from Costa Luminosa filed individual actions against Costa in the U.S. District Court for the Southern District of Florida or the Circuit Court in and for the 11 th Judicial Circuit in and for Miami-Dade County. These plaintiffs seek compensation on factual allegations similar to those presented by the former U.S. guests who have filed the purported class actions described above. The defendants will respond to each of these complaints individually. On June 16, 2020, Patricia Vickers, on behalf of the Estate of Jessie Vickers, a former guest from Carnival Ecstasy , filed an action against Carnival Corporation in the U.S. District Court for the Southern District of Georgia seeking compensation based on a claim alleging wrongful death as a result of contracting COVID-19. The action asserts a claim for negligence. On June 30, 2020, Kenneth and Nora Hook, former guests from Zaandam , filed an action against Holland America Line N.V. in the U.S. District Court for the Western District of Washington at Seattle seeking compensation in the form of economic and non-economic damages relating to Mr. Hook contracting COVID-19 and punitive damages. The action asserts a claim for negligence. These individual actions seek monetary and punitive damages but do not specify exact amounts. We are taking proper actions to defend against them. Governmental Inquiries and Investigations Federal, state and non-U.S. governmental agencies and officials are investigating or otherwise seeking information, testimony and/or documents, regarding COVID-19 incidents and related matters, including, but not limited to, those noted below. We are investigating these matters internally and are cooperating with all requests. The investigations could result in the imposition of civil and criminal penalties in the future. In March and April, 2020, there were several inquiries or investigations initiated by foreign governmental authorities related to Ruby Princess , including authorities in Australia and New Zealand.

Fair Value Measurements, Deriva

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	6 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks	Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks Fair Value Measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and is measured using inputs in one of the following three categories: • Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. • Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities. • Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange. Financial Instruments that are not Measured at Fair Value on a Recurring Basis May 31, 2020 November 30, 2019 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Long-term other assets (a) $ 94 $ — $ 30 $ 62 $ 181 $ — $ 31 $ 149 Total $ 94 $ — $ 30 $ 62 $ 181 $ — $ 31 $ 149 Liabilities Fixed rate debt (b) $ 13,061 $ — $ 12,901 $ — $ 7,438 $ — $ 7,782 $ — Floating rate debt (b) 8,362 — 7,112 — 4,195 — 4,248 — Total $ 21,422 $ — $ 20,013 $ — $ 11,634 $ — $ 12,030 $ — (a) Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. (b) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt. Financial Instruments that are Measured at Fair Value on a Recurring Basis May 31, 2020 November 30, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,881 $ — $ — $ 518 $ — $ — Restricted cash 15 — — 13 — — Derivative financial instruments — — — — 58 — Total $ 6,896 $ — $ — $ 530 $ 58 $ — Liabilities Derivative financial instruments $ — $ 12 $ — $ — $ 25 $ — Total $ — $ 12 $ — $ — $ 25 $ — Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis Valuation of Goodwill and Trademarks As a result of the effect of COVID-19 on our expected future operating cash flows, we performed interim discounted cash flow analyses for certain reporting units with goodwill as of February 29, 2020 and for all reporting units with goodwill as of May 31, 2020. During the six months ended May 31, 2020, we determined that the estimated fair values of two of our North America & Australia (“NAA”) segment reporting units and two of our Europe & Asia (“EA”) segment reporting units no longer exceeded their carrying values. We recognized goodwill impairment charges of $1.4 billion and $2.1 billion during the three and six months ended May 31, 2020, respectively and have no remaining goodwill for those reporting units. We also performed trademark impairment reviews and determined there was no impairment to our trademarks. The determination of our reporting units' goodwill and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions, all of which are considered Level 3 inputs, used in our cash flow analyses consisted of: • Changes in market conditions, port restrictions or strategy, including decision about the allocation of new ships amongst brands and the transfer of ships between brands • Forecasted future operating results, including net revenue yields and fuel expenses • Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate We believe that we have made reasonable estimates and judgments. A change in the conditions, circumstances or strategy (including decisions about the allocation of new ships amongst brands and the transfer of ships between brands), which influence determinations of fair value, may result in a need to recognize an additional impairment charge. Refer to Note 1 - "General, COVID-19 Use of Estimates and Risks and Uncertainty" for additional discussion. Goodwill (in millions) NAA EA Total At November 30, 2019 $ 1,898 $ 1,014 $ 2,912 Impairment charges (1,319) (777) (2,096) Foreign currency translation adjustment — (26) (26) At May 31, 2020 $ 579 $ 211 $ 790 Trademarks (in millions) NAA EA Total At November 30, 2019 $ 927 $ 240 $ 1,167 Foreign currency translation adjustment — (6) (6) At May 31, 2020 $ 927 $ 234 $ 1,162 Impairment of Ships We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. As a result of the effect of COVID-19 on our expected future operating cash flows, we determined certain impairment triggers had occurred. Accordingly, we performed undiscounted cash flow analyses on some ships in our fleet as of February 29, 2020 and May 31, 2020. Based on these undiscounted cash flow analyses, we determined that certain ships had net carrying values that exceeded their estimated undiscounted future cash flows. We estimated the fair values of these ships based on their discounted cash flows or estimated selling value. We then compared these estimated fair values to the net carrying values and, as a result, we recognized the following ship impairment charges: • $348 million and $150 million of ship impairment charges in the NAA and EA segments, respectively for the three months ended May 31, 2020. • $520 million and $308 million of ship impairment charges in the NAA and EA segments, respectively for the six months ended May 31, 2020. Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2020 November 30, 2019 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ — $ 32 Other assets — 25 Total derivative assets $ — $ 58 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (a) Accrued liabilities and other $ — $ 1 Other long-term liabilities — 9 Foreign currency zero cost collars (b) Accrued liabilities and other 2 1 Interest rate swaps (c) Accrued liabilities and other 5 6 Other long-term liabilities 6 9 Total derivative liabilities $ 12 $ 25 (a) At May 31, 2020, we had no cross currency swaps. At November 30, 2019, we had cross currency swaps totaling $1.9 billion that were designated as hedges of our net investment in foreign operations with a euro-denominated functional currency. (b) At May 31, 2020 and November 30, 2019, we had foreign currency derivatives consisting of foreign currency zero cost collars designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives. (c) We have interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $266 million at May 31, 2020 and $300 million at November 30, 2019 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At May 31, 2020, these interest rate swaps settle through 2025. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. May 31, 2020 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ — $ — $ — $ — $ — Liabilities $ 12 $ — $ 12 $ — $ 12 November 30, 2019 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 58 $ — $ 58 $ (4) $ 54 Liabilities $ 25 $ — $ 25 $ (4) $ 21 The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended May 31, Six Months Ended (in millions) 2020 2019 2020 2019 Gains (losses) recognized in AOCI: Cross currency swaps - net investment hedges - included component $ 133 $ 18 $ 131 $ 20 Cross currency swaps - net investment hedges - excluded component $ (43) $ 10 $ (1) $ (1) Foreign currency zero cost collars - cash flow hedges $ 1 $ (1) $ (1) $ (1) Foreign currency forwards - cash flow hedges $ 38 $ — $ 53 $ — Interest rate swaps - cash flow hedges $ 4 $ — $ 4 $ 1 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ (1) $ (2) $ (3) $ (4) Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps - Interest expense, net of capitalized interest $ 2 $ 6 $ 12 $ 11 The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. Financial Risks Fuel Price Risks We manage our exposure to fuel price risk by managing our consumption of fuel. Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We manage fuel consumption through ship maintenance practices, modifying our itineraries and implementing innovative technologies. Foreign Currency Exchange Rate Risks Overall Strategy We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged. Operational Currency Risks Our operations primarily utilize the U.S. dollar, Australian dollar, euro or sterling as their functional currencies. Our operations also have revenue and expenses denominated in non-functional currencies. Movements in foreign currency exchange rates will affect our financial statements. Investment Currency Risks We consider our investments in foreign operations to be denominated in stable currencies and are of a long-term nature. We partially mitigate the currency exposure of our investments in foreign operations by designating a portion of our foreign currency debt and derivatives as hedges of these investments. As of May 31, 2020, we have designated $816 million of our sterling-denominated debt as non-derivative hedges of our net investments in foreign operations and for the three and six months ended May 31, 2020, we recognized $36 million and $38 million of gains on these non-derivative net investment hedges in the cumulative translation adjustment section of other comprehensive income (loss). We also have $5.3 billion of euro-denominated debt, which provides an economic offset for our operations with euro functional currency. Newbuild Currency Risks Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments. At May 31, 2020, for the following newbuilds, we had foreign currency contracts for a portion of our euro-denominated shipyard payments. These contracts are designated as cash flow hedges. Entered Into Matures In Weighted-Average Floor Rate Weighted- Average Ceiling Rate Foreign currency zero cost collars Enchanted Princess 2019 June 2020 $ 1.04 $ 1.28 Mardi Gras 2019 October 2020 $ 1.05 $ 1.28 If the spot rate is between the ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under the zero cost collars. At May 31, 2020, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments to non-euro functional currency brands, which represent a total unhedged commitment of $7.3 billion for newbuilds scheduled to be delivered from 2020 through 2025. The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships. Interest Rate Risks Concentrations of Credit Risk As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to minimize these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, notes receivables, committed financing facilities, contingent obligations, derivative instruments, insurance contracts, long-term ship charters and new ship progress payment guarantees, by: • Conducting business with well-established financial institutions, insurance companies and export credit agencies • Diversifying our counterparties • Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk • Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards At May 31, 2020, our exposures under derivative instruments were not material. We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia and credit and debit card providers to which we extend credit in the normal course of our business. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with trade receivables and other receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. Normally, we have not required collateral or other security to support normal credit sales.

Leases

Leases	6 Months Ended
Leases	May 31, 2020
Leases [Abstract]
Leases	Leases Substantially all of our leases for which we are the lessee are operating leases of port facilities and real estate and are included within operating lease right-of-use assets, long-term operating lease liabilities and current portion of operating lease liabilities in our Consolidated Balance Sheet as of May 31, 2020. We have port facilities and real estate lease agreements with lease and non-lease components, and in such cases, we account for the components as a single lease component. We do not recognize lease assets and lease liabilities for any leases with an original term of less than one year. For some of our port facilities and real estate lease agreements, we have the option to extend our current lease term by 1 to 10 years. Generally, we do not include renewal options as a component of our present value calculation as we are not reasonably certain that we will exercise the options. As most of our leases do not have a readily determinable implicit rate, we estimate the incremental borrowing rate ("IBR") to determine the present value of lease payments. We apply judgment in estimating the IBR including considering the term of the lease, the currency in which the lease is denominated, and the impact of collateral and our credit risk on the rate. For leases that were in place upon adoption of Leases , we used the remaining lease term as of December 1, 2019 in determining the IBR. For the initial measurement of the lease liabilities for leases commencing after December 1, 2019, the IBR at the lease commencement date was applied. We amortize our lease assets on a straight-line basis over the lease term. The components of expense were as follows: (in millions) Three months ended May 31, 2020 Six months ended May 31, 2020 Operating lease expense $ 55 $ 103 Variable lease expense (a) (b) $ (21) $ 10 (a) Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commission, transportation and other in our Consolidated Statements of Income (Loss). Variable and short-term lease costs related to operating leases, other than the port facilities, were not material to our consolidated financial statements. (b) Several of our preferential berthing agreements have Force Majeure provisions. We have treated the concessions granted under such provision as variable payment adjustments. If our interpretation of the Force Majeure provisions is disputed, we could be required to record and make additional guarantee payments. We have multiple agreements, with a total undiscounted minimum commitment of approximately $430 million, that have been executed but the lease term has not commenced as of May 31, 2020. These are substantially all related to our rights to use certain port facilities. The leases are expected to commence between 2020 and 2022. During the six months ended May 31, 2020, we obtained $124 million of right-of-use assets in exchange for new operating lease liabilities. The cash outflow for leases was materially consistent with the lease expense recognized during the three and six months ended May 31, 2020. Weighted average of the remaining lease terms and weighted average discount rates are as follows: May 31, 2020 Weighted average remaining lease term - operating leases (in years) 13 Weighted average discount rate - operating leases 3.2 % As of May 31, 2020, maturities of operating lease liabilities were as follows: (in millions) Year Remainder of 2020 $ 92 2021 191 2022 159 2023 153 2024 145 Thereafter 1,066 Total lease payments 1,806 Less: Present value discount (360) Present value of lease liabilities $ 1,445 Under ASC 840, Leases , future minimum lease payments under non-cancelable operating leases of port facilities and other assets as of November 30, 2019 were as follows: (in millions) Year 2020 $ 219 2021 196 2022 161 2023 173 2024 167 Thereafter 1,408 $ 2,324 For time charter arrangements where we are the lessor and for transactions with cruise guests related to the use of cabins, we do not separate lease and non-lease components. As the non-lease components are the predominant components in the agreements, we account for these transactions under the Revenue Recognition guidance. We have sales-type leases of ships for which we are the lessor. As of May 31, 2020, the net investment related to these leases was $48 million.

Segment Information

Segment Information	6 Months Ended
Segment Information	May 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Our operating segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments. Our four reportable segments are comprised of (1) NAA cruise operations, (2) EA cruise operations, (3) Cruise Support and (4) Tour and Other. The operating segments within each of our NAA and EA reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our Cruise Support segment includes our portfolio of leading port destinations and other services, all of which are operated for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations. Three Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2020 NAA $ 457 $ 1,631 $ 297 $ 369 $ (2,860) (a) EA 238 773 126 168 (1,174) (b) Cruise Support 22 53 61 33 (125) Tour and Other 24 28 8 7 (19) $ 740 $ 2,484 $ 492 $ 577 $ (4,177) 2019 NAA $ 3,162 $ 2,033 $ 342 $ 339 $ 447 EA 1,561 1,033 185 166 177 Cruise Support 44 32 87 27 (102) Tour and Other 71 61 7 9 (7) $ 4,838 $ 3,159 $ 621 $ 542 $ 515 (a) Includes $1.0 billion of goodwill impairment charges. (b) Includes $345 million of goodwill impairment charges. Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2020 NAA $ 3,597 $ 3,904 $ 697 $ 733 $ (3,056) (c) EA 1,790 2,090 333 334 (1,743) (d) Cruise Support 66 (34) 126 64 (91) Tour and Other 76 47 14 16 — $ 5,529 $ 6,007 $ 1,170 $ 1,147 $ (4,891) 2019 NAA $ 6,239 $ 4,043 $ 695 $ 667 $ 833 EA 3,087 2,108 390 318 270 Cruise Support 86 60 152 55 (180) Tour and Other 99 90 13 19 (22) $ 9,511 $ 6,301 $ 1,250 $ 1,059 $ 902 (c) Includes $1.3 billion of goodwill impairment charges. (d) Includes $777 million of goodwill impairment charges. Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended May 31, Six Months Ended May 31, (in millions) 2020 2019 2020 2019 North America $ 404 $ 2,639 $ 3,051 $ 5,159 Europe 250 1,350 1,616 2,749 Australia and Asia 65 741 680 1,324 Other 21 108 182 279 $ 740 $ 4,838 $ 5,529 $ 9,511

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	May 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Three Months Ended Six Months Ended (in millions, except per share data) 2020 2019 2020 2019 Net income (loss) for basic and diluted earnings per share $ (4,374) $ 451 $ (5,155) $ 787 Weighted-average shares outstanding 721 691 702 692 Dilutive effect of equity plans — 2 — 2 Diluted weighted-average shares outstanding 721 693 702 694 Basic earnings per share $ (6.07) $ 0.65 $ (7.34) $ 1.14 Diluted earnings per share $ (6.07) $ 0.65 $ (7.34) $ 1.13 Antidilutive shares excluded from diluted earnings per share computations were as follows: (in millions) Three Months Ended Six Months Ended Equity awards — 1 Convertible senior notes 120 60 Total antidilutive securities 120 61 There were no antidilutive shares excluded from our 2019 diluted earnings per share computations.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information (in millions) May 31, 2020 November 30, 2019 Cash and cash equivalents (Consolidated Balance Sheets) $ 6,881 $ 518 Restricted cash included in prepaid expenses and other and other assets 15 13 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 6,896 $ 530 We did not issue notes receivable upon sale of ships during the six months ended May 31, 2020. For the six months ended May 31, 2019, we issued notes receivable upon sale of ships of $104 million.

Other Assets

Other Assets	6 Months Ended
Other Assets	May 31, 2020
Other Assets [Abstract]
Other Assets	Other AssetsWe have a minority interest in CSSC Carnival Cruise Shipping Limited (“CSSC-Carnival”), a China-based cruise company which will operate its own fleet designed to serve the Chinese market. Our investment in CSSC-Carnival was $131 million as of May 31, 2020 and $48 million as of November 30, 2019. In December 2019, we sold to CSSC-Carnival a controlling interest in an entity with full ownership of two EA segment ships and recognized a related gain of $107 million, included in other operating expenses in our Consolidated Statements of Income (Loss). We will continue to operate both ships under bareboat charter agreements into 2021.

Defined Benefit Pension Plans a

Defined Benefit Pension Plans and Restructuring Costs	6 Months Ended
Defined Benefit Pension Plans and Restructuring Costs	May 31, 2020
Retirement Benefits [Abstract]
Defined Benefit Pension Plans and Restructuring Costs	Defined Benefit Pension Plans and Restructuring Costs We have several single-employer defined benefit pension plans, which cover some of our shipboard and shoreside employees. The U.S. and UK shoreside employee plans are closed to new membership and are funded at or above the level required by U.S. or UK regulations. As required by UK regulations, the UK employee plan is undergoing its triennial valuation. Due to the COVID-19 pandemic and its impact on the economic environment and our operations, the finalization of the valuation may result in a plan deficit which would then trigger a funding obligation under UK regulations. The remaining defined benefit plans are primarily unfunded. In determining all of our plans’ benefit obligations at November 30, 2019 and 2018, we assumed a weighted-average discount rate of 2.4% for 2019 and 3.4% for 2018. In May 2020, we announced a combination of layoffs, furloughs and salary reductions across the company in response to the extended pause in our global cruise operations. We incurred restructuring costs of $39 million principally consisting of severance and our continued payment of health benefits to affected employees. These costs are included in the selling and administrative line item within our Consolidated Statements of Income (Loss).

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	May 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Property and Equipment In June 2020, we entered into an agreement to sell an NAA segment 1,350-passenger capacity ship. In June 2020, we entered into an agreement to sell an NAA segment 1,260-passenger capacity ship. In June 2020, we entered into an agreement to sell an EA segment 2,010-passenger capacity ship. In June 2020, we sold and transferred an EA segment 1,930-passenger capacity ship. In July 2020, we entered into an agreement to sell an NAA segment 2,060-passenger capacity ship. In July 2020, we entered into an agreement to sell an NAA segment 2,050-passenger capacity ship.

General (Policies)

General (Policies)	6 Months Ended
General (Policies)	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe Consolidated Statements of Income (Loss), the Consolidated Statements of Comprehensive Income (Loss), the Consolidated Statements of Cash Flows and the Consolidated Statements of Shareholders’ Equity for the three and six months ended May 31, 2020 and 2019, and the Consolidated Balance Sheet at May 31, 2020 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2019 joint Annual Report on Form 10-K (“Form 10-K”) and Form 10-K/A filed with the U.S. Securities and Exchange Commission on January 28, 2020 and March 31, 2020, respectively.
COVID-19 Use of Estimates and Risks and Uncertainty	COVID-19 Use of Estimates and Risks and Uncertainty The preparation of our interim consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the amounts reported and disclosed. The full extent to which the effects of COVID-19 will directly or indirectly impact our business, operations, results of operations and financial condition, including our valuation of goodwill and trademarks, impairment of ships, collectability of trade and notes receivables as well as provisions for pending litigation, will depend on future developments that are highly uncertain. We believe that we have made reasonable estimates and judgments of the impact of COVID-19 within our financial statements and there may be changes to those estimates in future periods.
Accounting Pronouncements	Accounting Pronouncements On December 1, 2019, we adopted the FASB issued guidance, Leases , using the modified retrospective approach, which allows entities to either apply the new lease standard to the beginning of the earliest period presented or only to the consolidated financial statements in the period of adoption without restating prior periods. We have elected to apply the new guidance at the date of adoption without restating prior periods. We have implemented changes to our internal controls to address the collection, recording, and accounting for leases in accordance with the new guidance. Upon adoption of the new guidance, the most significant impact was the recognition of $1.4 billion of right-of-use assets and lease liabilities relating to operating leases, reported within operating lease right-of-use assets and long-term operating lease liabilities, with the current portion of the liability reported within current portion of operating lease liabilities, in our Consolidated Balance Sheet as of December 1, 2019. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. This guidance had an immaterial impact on our Consolidated Statements of Income (Loss), Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Cash Flows and the compliance with debt covenants under our current agreements. The FASB issued amended guidance, Intangibles - Goodwill and Other - Internal-Use Software , which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. The expense related to deferred implementation costs is required to be presented in the same net income (loss) line item as the related hosting fees. Additionally, the payments for deferred implementation costs are required to be presented in the same line item in the Consolidated Statements of Cash Flows as payments for the related hosting fees. This guidance is required to be adopted by us in the first quarter of 2021 and must be applied using either a prospective or a retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance, Financial Instruments - Credit Losses
Revenue from Contract with Customer	Guest cruise deposits are initially included in customer deposit liabilities when received. Customer deposits are subsequently recognized as cruise revenues, together with revenues from onboard and other activities, and all associated direct costs and expenses of a voyage are recognized as cruise costs and expenses, upon completion of voyages with durations of ten nights or less and on a pro rata basis for voyages in excess of ten nights. The impact of recognizing these shorter duration cruise revenues and costs and expenses on a completed voyage basis versus on a pro rata basis is not significant. Certain of our product offerings are bundled and we allocate the value of the bundled services and goods between passenger ticket revenues and onboard and other revenues based upon the estimated standalone selling prices of those goods and services. Guest cancellation fees, when applicable, are recognized in cruise passenger ticket revenues at the time of cancellation. Our sales to guests of air and other transportation to and from airports near the home ports of our ships are included in passenger ticket revenues, and the related costs of purchasing these services are included in transportation costs. The proceeds that we collect from the sales of third-party shore excursions are included in onboard and other revenues and the related costs are included in onboard and other costs. The amounts collected on behalf of our onboard concessionaires, net of the amounts remitted to them, are included in onboard and other revenues as concession revenues. All of these amounts are recognized on a completed voyage or pro rata basis as discussed above. Passenger ticket revenues include fees, taxes and charges collected by us from our guests. A portion of these fees, taxes and charges vary with guest head counts and are directly imposed on a revenue-producing arrangement. This portion of the fees, taxes and charges is expensed in commissions, transportation and other costs when the corresponding revenues are recognized. For the three and six months ended May 31, fees, taxes and charges included in commissions, transportation and other costs were $41 million and $215 million in 2020 and $154 million and $317 million in 2019. The remaining portion of fees, taxes and charges are expensed in other operating expenses when the corresponding revenues are recognized.

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	May 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The net carrying value of the liability component of the Convertible Notes was as follows: (in millions) May 31, 2020 Principal $ 2,013 Less: Unamortized debt discount and transaction costs (333) $ 1,680 The interest expense recognized related to the Convertible Notes was as follows: (in millions) Three and Six Months ended May 31, 2020 Contractual interest expense $ 17 Amortization of debt discount and transaction costs 15 $ 32

Fair Value Measurements, Deri_2

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)	6 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis	Financial Instruments that are not Measured at Fair Value on a Recurring Basis May 31, 2020 November 30, 2019 Carrying Fair Value Carrying Fair Value (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Long-term other assets (a) $ 94 $ — $ 30 $ 62 $ 181 $ — $ 31 $ 149 Total $ 94 $ — $ 30 $ 62 $ 181 $ — $ 31 $ 149 Liabilities Fixed rate debt (b) $ 13,061 $ — $ 12,901 $ — $ 7,438 $ — $ 7,782 $ — Floating rate debt (b) 8,362 — 7,112 — 4,195 — 4,248 — Total $ 21,422 $ — $ 20,013 $ — $ 11,634 $ — $ 12,030 $ — (a) Long-term other assets are comprised of notes receivables, which include loans on ship sales. The fair values of our Level 2 notes receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates. (b) The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. The fair values of our publicly-traded notes were based on their unadjusted quoted market prices in markets that are not sufficiently active to be Level 1 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on current market interest rates being applied to this debt.
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial Instruments that are Measured at Fair Value on a Recurring Basis May 31, 2020 November 30, 2019 (in millions) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 6,881 $ — $ — $ 518 $ — $ — Restricted cash 15 — — 13 — — Derivative financial instruments — — — — 58 — Total $ 6,896 $ — $ — $ 530 $ 58 $ — Liabilities Derivative financial instruments $ — $ 12 $ — $ — $ 25 $ — Total $ — $ 12 $ — $ — $ 25 $ —
Reconciliation of Changes in Carrying Amounts of Goodwill	Goodwill (in millions) NAA EA Total At November 30, 2019 $ 1,898 $ 1,014 $ 2,912 Impairment charges (1,319) (777) (2,096) Foreign currency translation adjustment — (26) (26) At May 31, 2020 $ 579 $ 211 $ 790
Reconciliation of Changes in Carrying Amounts of Trademarks	Trademarks (in millions) NAA EA Total At November 30, 2019 $ 927 $ 240 $ 1,167 Foreign currency translation adjustment — (6) (6) At May 31, 2020 $ 927 $ 234 $ 1,162
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets	Derivative Instruments and Hedging Activities (in millions) Balance Sheet Location May 31, 2020 November 30, 2019 Derivative assets Derivatives designated as hedging instruments Cross currency swaps (a) Prepaid expenses and other $ — $ 32 Other assets — 25 Total derivative assets $ — $ 58 Derivative liabilities Derivatives designated as hedging instruments Cross currency swaps (a) Accrued liabilities and other $ — $ 1 Other long-term liabilities — 9 Foreign currency zero cost collars (b) Accrued liabilities and other 2 1 Interest rate swaps (c) Accrued liabilities and other 5 6 Other long-term liabilities 6 9 Total derivative liabilities $ 12 $ 25 (a) At May 31, 2020, we had no cross currency swaps. At November 30, 2019, we had cross currency swaps totaling $1.9 billion that were designated as hedges of our net investment in foreign operations with a euro-denominated functional currency. (b) At May 31, 2020 and November 30, 2019, we had foreign currency derivatives consisting of foreign currency zero cost collars designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.
Offsetting Derivative Instruments	May 31, 2020 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ — $ — $ — $ — $ — Liabilities $ 12 $ — $ 12 $ — $ 12 November 30, 2019 (in millions) Gross Amounts Gross Amounts Offset in the Balance Sheet Total Net Amounts Presented in the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Amounts Assets $ 58 $ — $ 58 $ (4) $ 54 Liabilities $ 25 $ — $ 25 $ (4) $ 21
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)	The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows: Three Months Ended May 31, Six Months Ended (in millions) 2020 2019 2020 2019 Gains (losses) recognized in AOCI: Cross currency swaps - net investment hedges - included component $ 133 $ 18 $ 131 $ 20 Cross currency swaps - net investment hedges - excluded component $ (43) $ 10 $ (1) $ (1) Foreign currency zero cost collars - cash flow hedges $ 1 $ (1) $ (1) $ (1) Foreign currency forwards - cash flow hedges $ 38 $ — $ 53 $ — Interest rate swaps - cash flow hedges $ 4 $ — $ 4 $ 1 Gains (losses) reclassified from AOCI - cash flow hedges: Interest rate swaps - Interest expense, net of capitalized interest $ (1) $ (2) $ (3) $ (4) Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) Cross currency swaps - Interest expense, net of capitalized interest $ 2 $ 6 $ 12 $ 11
Schedule of Newbuild Currency	At May 31, 2020, for the following newbuilds, we had foreign currency contracts for a portion of our euro-denominated shipyard payments. These contracts are designated as cash flow hedges. Entered Into Matures In Weighted-Average Floor Rate Weighted- Average Ceiling Rate Foreign currency zero cost collars Enchanted Princess 2019 June 2020 $ 1.04 $ 1.28 Mardi Gras 2019 October 2020 $ 1.05 $ 1.28

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	May 31, 2020
Leases [Abstract]
Schedule of Components of Lease Expenses	We amortize our lease assets on a straight-line basis over the lease term. The components of expense were as follows: (in millions) Three months ended May 31, 2020 Six months ended May 31, 2020 Operating lease expense $ 55 $ 103 Variable lease expense (a) (b) $ (21) $ 10 (a) Variable lease expense represents costs associated with our multi-year preferential berthing agreements which vary based on the number of passengers. These costs are recorded within commission, transportation and other in our Consolidated Statements of Income (Loss). Variable and short-term lease costs related to operating leases, other than the port facilities, were not material to our consolidated financial statements. (b) Several of our preferential berthing agreements have Force Majeure provisions. We have treated the concessions granted under such provision as variable payment adjustments. If our interpretation of the Force Majeure provisions is disputed, we could be required to record and make additional guarantee payments. Weighted average of the remaining lease terms and weighted average discount rates are as follows: May 31, 2020 Weighted average remaining lease term - operating leases (in years) 13 Weighted average discount rate - operating leases 3.2 %
Schedule of Maturities of Operating Lease Liabilities	As of May 31, 2020, maturities of operating lease liabilities were as follows: (in millions) Year Remainder of 2020 $ 92 2021 191 2022 159 2023 153 2024 145 Thereafter 1,066 Total lease payments 1,806 Less: Present value discount (360) Present value of lease liabilities $ 1,445
Schedule of Future Minimum Lease Payments	Under ASC 840, Leases , future minimum lease payments under non-cancelable operating leases of port facilities and other assets as of November 30, 2019 were as follows: (in millions) Year 2020 $ 219 2021 196 2022 161 2023 173 2024 167 Thereafter 1,408 $ 2,324

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	May 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Information	Three Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2020 NAA $ 457 $ 1,631 $ 297 $ 369 $ (2,860) (a) EA 238 773 126 168 (1,174) (b) Cruise Support 22 53 61 33 (125) Tour and Other 24 28 8 7 (19) $ 740 $ 2,484 $ 492 $ 577 $ (4,177) 2019 NAA $ 3,162 $ 2,033 $ 342 $ 339 $ 447 EA 1,561 1,033 185 166 177 Cruise Support 44 32 87 27 (102) Tour and Other 71 61 7 9 (7) $ 4,838 $ 3,159 $ 621 $ 542 $ 515 (a) Includes $1.0 billion of goodwill impairment charges. (b) Includes $345 million of goodwill impairment charges. Six Months Ended May 31, (in millions) Revenues Operating costs and Selling Depreciation Operating 2020 NAA $ 3,597 $ 3,904 $ 697 $ 733 $ (3,056) (c) EA 1,790 2,090 333 334 (1,743) (d) Cruise Support 66 (34) 126 64 (91) Tour and Other 76 47 14 16 — $ 5,529 $ 6,007 $ 1,170 $ 1,147 $ (4,891) 2019 NAA $ 6,239 $ 4,043 $ 695 $ 667 $ 833 EA 3,087 2,108 390 318 270 Cruise Support 86 60 152 55 (180) Tour and Other 99 90 13 19 (22) $ 9,511 $ 6,301 $ 1,250 $ 1,059 $ 902 (c) Includes $1.3 billion of goodwill impairment charges. (d) Includes $777 million of goodwill impairment charges.
Schedule of Revenue by Geographical Area	Revenue by geographic areas, which are based on where our guests are sourced, were as follows: Three Months Ended May 31, Six Months Ended May 31, (in millions) 2020 2019 2020 2019 North America $ 404 $ 2,639 $ 3,051 $ 5,159 Europe 250 1,350 1,616 2,749 Australia and Asia 65 741 680 1,324 Other 21 108 182 279 $ 740 $ 4,838 $ 5,529 $ 9,511

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	May 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Computations	Three Months Ended Six Months Ended (in millions, except per share data) 2020 2019 2020 2019 Net income (loss) for basic and diluted earnings per share $ (4,374) $ 451 $ (5,155) $ 787 Weighted-average shares outstanding 721 691 702 692 Dilutive effect of equity plans — 2 — 2 Diluted weighted-average shares outstanding 721 693 702 694 Basic earnings per share $ (6.07) $ 0.65 $ (7.34) $ 1.14 Diluted earnings per share $ (6.07) $ 0.65 $ (7.34) $ 1.13
Antidilutive Shares Excluded from Diluted Earnings Per Share Computations	Antidilutive shares excluded from diluted earnings per share computations were as follows: (in millions) Three Months Ended Six Months Ended Equity awards — 1 Convertible senior notes 120 60 Total antidilutive securities 120 61

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	May 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Information	(in millions) May 31, 2020 November 30, 2019 Cash and cash equivalents (Consolidated Balance Sheets) $ 6,881 $ 518 Restricted cash included in prepaid expenses and other and other assets 15 13 Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows) $ 6,896 $ 530

General (Details)

General (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
General (Details) - USD ($) $ in Millions		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Dec. 01, 2019
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenues		$ 740	$ 4,838	$ 5,529	$ 9,511
Operating lease right-of-use assets	[1]	1,413		1,413
Operating lease liabilities		1,445		1,445
ASU 2016-02
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating lease right-of-use assets						$ 1,400
Operating lease liabilities						$ 1,400
Cruise onboard and other
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenues		294	1,580	1,849	3,054
Cruise onboard and other \| Adjustment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Revenues			71		99
Cruise
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Other operating		$ 471	803	$ 1,142	1,562
Cruise \| Adjustment
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Other operating			$ 61		$ 90

[1]	We adopted the provisions of Leases on December 1, 2019.

Revenue and Expense Recogniti_2

Revenue and Expense Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Dec. 01, 2019	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Fees, taxes, and charges	$ 41	$ 154	$ 215	$ 317
Customer deposits, current portion	2,618		2,618			$ 4,735
Contract assets	9		9		$ 154
Cruise
Disaggregation of Revenue [Line Items]
Customer deposits	2,900		2,900			$ 4,900
Customer deposits, current portion	$ 2,600		2,600
Revenues recognized related to customer deposits at beginning of period			$ 3,500	$ 3,700

Debt - Narrative (Details)

Debt - Narrative (Details)	1 Months Ended				6 Months Ended
Debt - Narrative (Details)	Jun. 30, 2020USD ($)tranche	Apr. 30, 2020USD ($)shares$ / shares	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)	May 31, 2020USD ($)dayshares	Jun. 30, 2020EUR (€)tranche
Debt Instrument [Line Items]
Current unsecured debt					$ 3,000,000,000
Debt instrument, convertible, conversion ratio					3
Export credit facility \| Export credit facility due 2032
Debt Instrument [Line Items]
Proceeds from long-term debt				$ 823,000,000
Sterling-denominated floating rate bank loan \| Sterling-denominated floating rate bank loan due 2025
Debt Instrument [Line Items]
Proceeds from long-term debt			$ 452,000,000
Euro-denominated fixed rate bank loan \| Euro-denominated fixed rate bank loan due 2021
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 166,000,000
Secured \| Senior Secured Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 4,000,000,000
Debt instrument, interest rate (percent)		11.50%
Long-term debt					$ 28,300,000,000
Secured \| Senior Secured Notes due 2023 \| On or After January 1, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)					100.00%
Secured \| Senior Secured Notes due 2023 \| Maximum \| On or After January 1, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)					101.00%
Secured \| Senior Secured Term Loan Facility due 2025 \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,800,000,000
Debt instrument, redemption price (percentage)	102.00%
Number of tranches \| tranche	2					2
Debt instrument, face amount, tranche one	$ 1,900,000,000
Debt instrument, face amount, tranche two \| €						€ 800,000,000
Secured \| Senior Secured Term Loan Facility due 2025 \| Subsequent Event \| LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate on variable rate (percentage)	1.00%
Debt instrument, variable rate (percentage)	7.50%
Secured \| Senior Secured Term Loan Facility due 2025 \| Subsequent Event \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, floor rate on variable rate (percentage)	0.00%
Debt instrument, variable rate (percentage)	7.50%
Convertible \| Senior Convertible Notes due 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 2,000,000,000
Debt instrument, interest rate (percent)		5.75%
Long-term debt					$ 1,680,000,000
Debt instrument, convertible, number of shares \| shares		100
Conversion rate, amount		$ 1,000
Debt instrument, conversion price (in dollars per share) \| $ / shares		$ 10
Debt instrument, convertible, carrying amount					$ 286,000,000
Debt instrument, effective interest rate (percentage)					12.90%
Convertible \| Senior Convertible Notes due 2023 \| On or After January 1, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)					100.00%
Debt instrument, convertible, number of shares \| shares					100
Conversion rate, amount					$ 1,000
Convertible \| Senior Convertible Notes due 2023 \| Measurement Period
Debt Instrument [Line Items]
Conversion rate, amount					$ 1,000
Convertible threshold trading days \| day					5
Convertible threshold consecutive trading days \| day					5
Convertible \| Senior Convertible Notes due 2023 \| Minimum \| Before January 1, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)					130.00%
Convertible threshold trading days \| day					20
Convertible threshold consecutive trading days \| day					30
Convertible \| Senior Convertible Notes due 2023 \| Minimum \| Measurement Period
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)					98.00%
Commercial paper
Debt Instrument [Line Items]
Current unsecured debt					$ 467,000,000
Proceeds from short term debt					525,000,000
Repayments of short term debt					0
Euro-denominated commercial paper
Debt Instrument [Line Items]
Current unsecured debt					58,000,000
Sterling-denominated commercial paper
Debt Instrument [Line Items]
Current unsecured debt					$ 31,000,000

Debt - Debt Instrument (Details

Debt - Debt Instrument (Details) - Convertible - Senior Convertible Notes due 2023 $ in Millions	May 31, 2020USD ($)
Debt Instrument [Line Items]
Principal	$ 2,013
Less: Unamortized debt discount and transaction costs	(333)
Total	$ 1,680

Debt - Interest Expense, Debt (

Debt - Interest Expense, Debt (Details) - Convertible - Senior Convertible Notes due 2023 $ in Millions	6 Months Ended
	May 31, 2020USD ($)
Debt Instrument [Line Items]
Contractual interest expense	$ 17
Amortization of debt discount and transaction costs	15
Interest expense total	$ 32

Contingencies (Details)

Contingencies (Details) $ in Millions	3 Months Ended	4 Months Ended	6 Months Ended
Contingencies (Details) $ in Millions	Jun. 26, 2020plaintiff	Jun. 26, 2020plaintiff	May 31, 2020USD ($)
Loss Contingencies [Line Items]
Reserve funds			$ 27
Customer deposits			14
Estimate of reserve funds, per month			80
Estimate of reserve funds, maximum			$ 600
Subsequent Event
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff	4
Subsequent Event \| Minimum
Loss Contingencies [Line Items]
Number of plaintiffs \| plaintiff		100

Fair Value Measurements, Deri_3

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Carrying Value
Assets
Long-term other assets	$ 94	$ 181
Total	94	181
Liabilities
Total	21,422	11,634
Carrying Value \| Fixed rate debt
Liabilities
Debt	13,061	7,438
Carrying Value \| Floating rate debt
Liabilities
Debt	8,362	4,195
Fair Value \| Level 1
Assets
Long-term other assets	0	0
Total	0	0
Liabilities
Total	0	0
Fair Value \| Level 1 \| Fixed rate debt
Liabilities
Debt	0	0
Fair Value \| Level 1 \| Floating rate debt
Liabilities
Debt	0	0
Fair Value \| Level 2
Assets
Long-term other assets	30	31
Total	30	31
Liabilities
Total	20,013	12,030
Fair Value \| Level 2 \| Fixed rate debt
Liabilities
Debt	12,901	7,782
Fair Value \| Level 2 \| Floating rate debt
Liabilities
Debt	7,112	4,248
Fair Value \| Level 3
Assets
Long-term other assets	62	149
Total	62	149
Liabilities
Total	0	0
Fair Value \| Level 3 \| Fixed rate debt
Liabilities
Debt	0	0
Fair Value \| Level 3 \| Floating rate debt
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Deri_4

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Assets
Derivative financial instruments		$ 58
Liabilities
Derivative financial instruments	$ 12	25
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Restricted cash	15	13
Total	6,896	530
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Money market funds
Assets
Cash and cash equivalents	6,881	518
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Total		58
Liabilities
Total	12	25
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments, assets
Assets
Derivative financial instruments		58
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments, liabilities
Liabilities
Derivative financial instruments	$ 12	$ 25

Fair Value Measurements, Deri_5

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020USD ($)	May 31, 2019USD ($)	May 31, 2020USD ($)cruise_ship	May 31, 2019USD ($)
Goodwill [Roll Forward]
At November 30, 2019			$ 2,912
Impairment charges	$ (1,364)	$ 0	(2,096)	$ 0
Foreign currency translation adjustment			(26)
At May 31, 2020	790		$ 790
NAA Segment
Goodwill [Line Items]
Number of reporting units impaired \| cruise_ship			2
Goodwill [Roll Forward]
At November 30, 2019			$ 1,898
Impairment charges			(1,319)
Foreign currency translation adjustment			0
At May 31, 2020	579		$ 579
EA Segment
Goodwill [Line Items]
Number of reporting units impaired \| cruise_ship			2
Goodwill [Roll Forward]
At November 30, 2019			$ 1,014
Impairment charges			(777)
Foreign currency translation adjustment			(26)
At May 31, 2020	$ 211		$ 211

Fair Value Measurements, Deri_6

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Reconciliation of Changes in Carrying Amounts of Trademarks (Details) $ in Millions	6 Months Ended
	May 31, 2020USD ($)
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	$ 1,167
Foreign currency translation adjustment	(6)
At May 31, 2020	1,162
NAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	927
Foreign currency translation adjustment	0
At May 31, 2020	927
EA Segment
Indefinite-lived Intangible Assets [Roll Forward]
At November 30, 2019	240
Foreign currency translation adjustment	(6)
At May 31, 2020	$ 234

Fair Value Measurements, Deri_7

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Impairment of Ships (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	May 31, 2020	May 31, 2020
NAA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 348	$ 520
EA Segment
Property, Plant and Equipment [Line Items]
Ship impairment charges	$ 150	$ 308

Fair Value Measurements, Deri_8

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Derivatives, Fair Value [Line Items]
Derivative assets		$ 58
Derivative liabilities	$ 12	25
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets		58
Cross currency swaps \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	0	32
Cross currency swaps \| Derivatives designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	25
Cross currency swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	1
Cross currency swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities		9
Foreign currency zero cost collars \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	2	1
Interest rate swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	5	6
Interest rate swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	6	9
Interest rate swaps \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	$ 266	300
Currency swap \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 1,900

Fair Value Measurements, Deri_9

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	May 31, 2020	Nov. 30, 2019
Assets
Gross Amounts		$ 58
Gross Amounts Offset in the Balance Sheet	$ 0	0
Total Net Amounts Presented in the Balance Sheet		58
Gross Amounts not Offset in the Balance Sheet	0	(4)
Net Amounts	0	54
Liabilities
Gross Amounts	12	25
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	12	25
Gross Amounts not Offset in the Balance Sheet	0	(4)
Net Amounts	$ 12	$ 21

Fair Value Measurements, Der_10

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - Designated as hedging instruments - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Cross currency swaps, included component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	$ 133	$ 18	$ 131	$ 20
Cross currency swaps, excluded component
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, net investment hedges	(43)	10	(1)	(1)
Foreign currency zero cost collars
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	1	(1)	(1)	(1)
Foreign currency forwards
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	38	0	53	0
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in AOCI, cash flow hedges	4	0	4	1
Gains (losses) reclassified from AOCI, cash flow hedges	(1)	(2)	(3)	(4)
Cross currency swaps, interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing - net investment hedges)	$ 2	$ 6	$ 12	$ 11

Fair Value Measurements, Der_11

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks - Foreign Currency Exchange Rate Risks (Details)	3 Months Ended		6 Months Ended
	May 31, 2020USD ($)	May 31, 2019USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Change in foreign currency translation adjustment	$ 23,000,000	$ (194,000,000)	$ 48,000,000	$ (114,000,000)
Foreign currency contract commitments	$ 7,300,000,000		$ 7,300,000,000
Foreign currency zero cost collars \| Enchanted Princess \| Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.04		1.04
Weighted- Average Ceiling Rate	1.28		1.28
Foreign currency zero cost collars \| Mardi Gras \| Cash flow hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.05		1.05
Weighted- Average Ceiling Rate	1.28		1.28
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 816,000,000		$ 816,000,000
Change in foreign currency translation adjustment	36,000,000		38,000,000
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 5,300,000,000		$ 5,300,000,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
Leases - Narrative (Details) $ in Millions	May 31, 2020USD ($)
Lessee, Lease, Description [Line Items]
Operating lease minimum commitment	$ 430
Right-of-use assets obtained in exchange for operating lease liabilities	124
Net investment in leases	$ 48
Minimum
Lessee, Lease, Description [Line Items]
Lease term (in years)	1 year
Lease renewal term (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease renewal term (in years)	10 years

Leases - Lease Terms (Details)

Leases - Lease Terms (Details) $ in Millions	3 Months Ended	6 Months Ended
Leases - Lease Terms (Details) $ in Millions	May 31, 2020USD ($)	May 31, 2020USD ($)
Leases [Abstract]
Operating lease expense	$ 55	$ 103
Variable lease expense	$ (21)	$ 10
Weighted average remaining lease term - operating leases (in years)	13 years	13 years
Weighted average discount rate - operating leases (percent)	3.20%	3.20%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	May 31, 2020USD ($)
Leases [Abstract]
Remainder of 2020	$ 92
2021	191
2022	159
2023	153
2024	145
Thereafter	1,066
Total lease payments	1,806
Less: Present value discount	(360)
Present value of lease liabilities	$ 1,445

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Millions	Nov. 30, 2019USD ($)
Leases [Abstract]
2020	$ 219
2021	196
2022	161
2023	173
2024	167
Thereafter	1,408
Total	$ 2,324

Segment Information - Segment R

Segment Information - Segment Reporting (Details) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020USD ($)	May 31, 2019USD ($)	May 31, 2020USD ($)segment	May 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Revenues	$ 740	$ 4,838	$ 5,529	$ 9,511
Operating costs and expenses	2,484	3,159	6,007	6,301
Selling and administrative	492	621	1,170	1,250
Depreciation and amortization	577	542	1,147	1,059
Operating Income (Loss)	(4,177)	515	(4,891)	902
Goodwill impairment	1,364	0	2,096	0
NAA
Segment Reporting Information [Line Items]
Goodwill impairment			1,319
EA
Segment Reporting Information [Line Items]
Goodwill impairment			777
Operating Segments \| NAA
Segment Reporting Information [Line Items]
Revenues	457	3,162	3,597	6,239
Operating costs and expenses	1,631	2,033	3,904	4,043
Selling and administrative	297	342	697	695
Depreciation and amortization	369	339	733	667
Operating Income (Loss)	(2,860)	447	(3,056)	833
Goodwill impairment	1,000		1,300
Operating Segments \| EA
Segment Reporting Information [Line Items]
Revenues	238	1,561	1,790	3,087
Operating costs and expenses	773	1,033	2,090	2,108
Selling and administrative	126	185	333	390
Depreciation and amortization	168	166	334	318
Operating Income (Loss)	(1,174)	177	(1,743)	270
Goodwill impairment	345		777
Operating Segments \| Cruise Support
Segment Reporting Information [Line Items]
Revenues	22	44	66	86
Operating costs and expenses	53	32	(34)	60
Selling and administrative	61	87	126	152
Depreciation and amortization	33	27	64	55
Operating Income (Loss)	(125)	(102)	(91)	(180)
Operating Segments \| Tour and Other
Segment Reporting Information [Line Items]
Revenues	24	71	76	99
Operating costs and expenses	28	61	47	90
Selling and administrative	8	7	14	13
Depreciation and amortization	7	9	16	19
Operating Income (Loss)	$ (19)	$ (7)	$ 0	$ (22)

Segment Information - Geographi

Segment Information - Geographic Area Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 740	$ 4,838	$ 5,529	$ 9,511
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	404	2,639	3,051	5,159
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	250	1,350	1,616	2,749
Australia and Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	65	741	680	1,324
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 21	$ 108	$ 182	$ 279

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Earnings Per Share [Abstract]
Net income (loss) for basic and diluted earnings per share	$ (4,374)	$ 451	$ (5,155)	$ 787
Weighted-average shares outstanding (in shares)	721	691	702	692
Dilutive effect of equity plans (in shares)	0	2	0	2
Diluted weighted-average shares outstanding (in shares)	721	693	702	694
Basic earnings per share (in dollars per share)	$ (6.07)	$ 0.65	$ (7.34)	$ 1.14
Diluted earnings per share (in dollars per share)	$ (6.07)	$ 0.65	$ (7.34)	$ 1.13

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Shares Excluded from Diluted Earnings Per Share Computations (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	May 31, 2020	May 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	120	61
Equity awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	0	1
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive equity awards excluded from diluted earnings per share computations (in shares)	120	60

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	May 31, 2020	May 31, 2019	Nov. 30, 2019	Nov. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents (Consolidated Balance Sheets)	$ 6,881,000,000		$ 518,000,000
Restricted cash included in prepaid expenses and other and other assets	15,000,000		13,000,000
Total cash, cash equivalents and restricted cash (Consolidated Statements of Cash Flows)	6,896,000,000	$ 1,215,000,000	$ 530,000,000	$ 996,000,000
Proceeds from sale of notes receivable	$ 0	$ 104,000,000

Other Assets (Details)

Other Assets (Details) - CSSC-Carnival $ in Millions	1 Months Ended
Other Assets (Details) - CSSC-Carnival $ in Millions	Dec. 31, 2019USD ($)cruise_ship	May 31, 2020USD ($)	Nov. 30, 2019USD ($)
Schedule of Equity Method Investments [Line Items]
Investment, amount		$ 131	$ 48
EA Segment
Schedule of Equity Method Investments [Line Items]
Number of cruise ships \| cruise_ship	2
Investment amount sold, gain	$ 107

Defined Benefit Pension Plans_2

Defined Benefit Pension Plans and Restructuring Costs (Details) - USD ($) $ in Millions	1 Months Ended
	May 31, 2020	Nov. 30, 2019	Nov. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Restructuring costs	$ 39
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted-average discount rate (percentage)		2.40%	3.40%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - passenger	1 Months Ended
Subsequent Events (Details) - Subsequent Event - passenger	Jul. 31, 2020	Jun. 30, 2020
NAA Segment \| Ship One Sold in June
Subsequent Event [Line Items]
Capacity of ship sold		1,350
NAA Segment \| Ship Two Sold in June
Subsequent Event [Line Items]
Capacity of ship sold		1,260
NAA Segment \| Ship One Sold in July
Subsequent Event [Line Items]
Capacity of ship sold	2,060
NAA Segment \| Ship Two Sold in July
Subsequent Event [Line Items]
Capacity of ship sold	2,050
EA Segment \| Ship One Sold in June
Subsequent Event [Line Items]
Capacity of ship sold		2,010
EA Segment \| Ship Two Sold in June
Subsequent Event [Line Items]
Capacity of ship sold		1,930