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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended
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May 31, 2011
Cost and Fair Value of Financial Instruments Disclosure | The estimated carrying and fair values of our financial instrument assets and (liabilities) that are not measured at fair value on a recurring basis were as follows (in millions):
|  | May 31, 2011 |  |  | November 30, 2010 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Cash and cash equivalents (a) |  | $ | 532 |  |  | $ | 532 |  |  | $ | 404 |  |  | $ | 404 |
Long-term other assets (b) |  | $ | 104 |  |  | $ | 97 |  |  | $ | 191 |  |  | $ | 178 |
Fixed rate debt (c) |  | $ | (6,648 | ) |  | $ | (6,972 | ) |  | $ | (6,689 | ) |  | $ | (7,076 | )
Floating rate debt (c) |  | $ | (3,194 | ) |  | $ | (3,141 | ) |  | $ | (2,669 | ) |  | $ | (2,630 | )
Other |  | $ | - |  |  | $ | - |  |  | $ | (6 | ) |  | $ | (7 | )
(a) | Cash and cash equivalents are comprised of cash on hand and time deposits and, due to their short maturities, the carrying values approximate their fair values.
(b) | At May 31, 2011 and November 30, 2010, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates.
(c) | The net difference between the fair value of our fixed rate debt and its carrying value was due to the market interest rates in existence at May 31, 2011 and November 30, 2010 being lower than the fixed interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. The net difference between the fair value of our floating rate debt and its carrying value was due to the market interest rates in existence at May 31, 2011 and November 30, 2010 being higher than the floating interest rates on these debt obligations, including the impact of changes in our credit ratings, if any. The fair values of our publicly-traded notes were based on their quoted market prices in active markets. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The estimated fair value and basis of valuation of our financial instrument assets and (liabilities) that are measured at fair value on a recurring basis were as follows (in millions):
|  | May 31, 2011 |  |  | November 30, 2010 |
|  | Level 1 |  |  | Level 2 |  |  | Level 1 |  |  | Level 2 |
Cash equivalents (a) |  | $ | 25 |  |  | $ | - |  |  | $ | 25 |  |  | $ | - |
Marketable securities held in rabbi trusts (b) |  | $ | 114 |  |  | $ | 19 |  |  | $ | 105 |  |  | $ | 21 |
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ship foreign currency options (c) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8 |
Net investment hedges (d) |  | $ | - |  |  | $ | (7 | ) |  | $ | - |  |  | $ | 12 |
Interest rate swaps (e) |  | $ | - |  |  | $ | 4 |  |  | $ | - |  |  | $ | 1 |
(a) | Cash equivalents are comprised of money market funds.
(b) | Level 1 and 2 marketable securities are held in rabbi trusts and are primarily comprised of frequently-priced mutual funds invested in common stocks and other investments, respectively. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
(c) | At November 30, 2010, we had foreign currency options totaling $785 million that were designated as foreign currency cash flow hedges for certain of our euro-denominated shipbuilding contracts. These foreign currency options matured through May 2011.
(d) | At May 31, 2011 and November 30, 2010, we have foreign currency forwards totaling $216 million and $352 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency and were principally entered into to convert U.S. dollar-denominated debt into euro debt. These foreign currency forwards mature through July 2017.
(e) | We have both U.S. dollar and sterling interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. At May 31, 2011 and November 30, 2010, these interest rate swap agreements effectively changed $530 million and $512 million, respectively, of fixed rate debt to U.S. dollar LIBOR or GBP LIBOR-based floating rate debt. In addition, we have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. At May 31, 2011 and November 30, 2010, these interest rate swap agreements effectively changed $344 million and $333 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate debt. These interest rate swaps mature through February 2022.
Schedule of Goodwill | The carrying amount of our goodwill has been allocated to our North America and EAA cruise brands as follows (in millions):
|  | North America Cruise Brands |  |  | EAA Cruise Brands |  |  | Total |
Balance at November 30, 2010 |  | $ | 1,898 |  |  | $ | 1,422 |  |  | $ | 3,320 |
Foreign currency translation adjustment |  |  | - |  |  |  | 104 |  |  |  | 104 |
Balance at May 31, 2011 |  | $ | 1,898 |  |  | $ | 1,526 |  |  | $ | 3,424
Schedule of Indefinite-lived Intangible Assets by Segment | The carrying amount of our intangible assets not subject to amortization, which represents trademarks, has been allocated to our North America and EAA cruise brands as follows (in millions):
|  | North America Cruise Brands |  |  | EAA Cruise Brands |  |  | Total |
Balance at November 30, 2010 |  | $ | 927 |  |  | $ | 384 |  |  | $ | 1,311 |
Foreign currency translation adjustment |  |  | - |  |  |  | 29 |  |  |  | 29 |
Balance at May 31, 2011 |  | $ | 927 |  |  | $ | 413 |  |  | $ | 1,340

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 45 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 45 -Subparagraph e -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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