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Debt (Tables) | 12 Months Ended
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Nov. 30, 2012
Unsecured Long-Term Debt and Short-Term Borrowings | Unsecured long-term debt and short-term borrowings consisted of the following (in millions):
|  | November 30, |
|  | 2012(a) |  |  | 2011(a) |
Long-Term Debt |  |  |  |  |  |  |  |
Export Credit Facilities |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 4.2% to 5.5%, due through 2020 (b) |  | $ | 2,009 |  |  | $ | 2,340 |
Euro fixed rate, bearing interest at 3.8% to 4.5%, due through 2025 (b) |  |  | 423 |  |  |  | 470 |
Floating rate, bearing interest at LIBOR plus 1.3% to 1.6% (1.9% to 2.0%), due through 2024 (c) |  |  | 1,303 |  |  |  | 872 |
Euro floating rate, bearing interest at EURIBOR plus 0.2% to 1.0% (0.4% to 2.0%), due through 2026 (b)(d) |  |  | 1,516 |  |  |  | 1,314 |
Bank Loans |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 3.5% to 4.4%, due through 2015 (b)(e)(f) |  |  | 650 |  |  |  | 850 |
Euro fixed rate, bearing interest at 3.9%, due in 2021 (b) |  |  | 296 |  |  |  | 350 |
Floating rate, bearing interest at LIBOR plus 0.7% to 1.0% (1.0% to 1.3%), due through 2016 (b)(f) |  |  | 700 |  |  |  | 500 |
Euro floating rate, bearing interest at EURIBOR plus 0.6% (0.8%), due in 2014 (b) |  |  | 132 |  |  |  | 135 |
Private Placement Notes |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 5.9% to 6.0%, due through 2016 |  |  | 116 |  |  |  | 121 |
Euro fixed rate, bearing interest at 6.9% to 7.3%, due through 2018 (b) |  |  | 185 |  |  |  | 247 |
Publicly-Traded Notes |  |  |  |  |  |  |  |
Fixed rate, bearing interest at 6.7% to 7.2%, due through 2028 |  |  | 517 |  |  |  | 528 |
Euro fixed rate, bearing interest at 4.3%, due in 2013 |  |  | 971 |  |  |  | 997 |
Sterling fixed rate, bearing interest at 5.6%, repaid at maturity in 2012 |  |  | - |  |  |  | 314 |
Other |  |  | 28 |  |  |  | 34 |
Short-Term Borrowings |  |  |  |  |  |  |  |
Commercial paper, with aggregate weighted-average interest rate of 0.3% |  |  | - |  |  |  | 162 |
Euro bank loans, with aggregate weighted-average interest rate of 1.7% |  |  | 56 |  |  |  | 119 |
Total Debt |  |  | 8,902 |  |  |  | 9,353 |
Less short-term borrowings |  |  | (56 | ) |  |  | (281 | )
Less current portion of long-term debt |  |  | (1,678 | ) |  |  | (1,019 | )
Total Long-term Debt |  | $ | 7,168 |  |  | $ | 8,053 |
(a) | All interest rates are as of the latest balance sheet date for which there is an outstanding debt balance. The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2012, 58% and 42% of our debt was U.S. dollar and euro-denominated, respectively, and at November 30, 2011, 56%, 41% and 3% of our debt was U.S. dollar, euro and sterling-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring significant costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 11) could become due, and all debt and derivative contracts could be terminated. At November 30, 2012, we believe we were in compliance with all of our debt covenants.
(b) | Includes $3.8 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon certain downgrades in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.
(c) | In 2012, we borrowed $560 million under an unsecured export credit facility, the proceeds of which were used to pay for a portion of Carnival Breeze’s purchase price and is due in semi-annual installments through May 2024.
(d) | In 2012, we borrowed $383 million under an unsecured euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAmar’s purchase price and is due in semi-annual installments through May 2024.
(e) | Includes a $150 million bank loan that currently carries a fixed interest rate. However, the loan can be converted to a floating interest rate at the option of the lenders.
(f) | In 2012, we borrowed $200 million under a bank loan, which is due in 2014. This bank loan was used to repay an existing $200 million unsecured fixed rate bank loan at maturity in 2012.
Scheduled Annual Maturities of Debt | At November 30, 2012, the scheduled annual maturities of our debt were as follows (in millions):
|  | Fiscal |  |  |  |  |  |  |
|  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | Thereafter |  |  | Total |
Short-term borrowings |  | $ | 56 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 56 |
Long-term debt |  |  | 1,678 |  |  | $ | 1,615 |  |  | $ | 1,269 |  |  | $ | 848 |  |  | $ | 593 |  |  | $ | 2,843 |  |  |  | 8,846 |
|  | $ | 1,734 |  |  | $ | 1,615 |  |  | $ | 1,269 |  |  | $ | 848 |  |  | $ | 593 |  |  | $ | 2,843 |  |  | $ | 8,902 |
Committed Ship Financings | At January 22, 2013, our committed ship financings are as follows:
Cruise Brands and Ships |  | Fiscal Year Scheduled for Funding |  |  | Amount |
|  |  |  |  | (in millions) |
North America |  |  |  |  |  |  |  |
Princess |  |  |  |  |  |  |  |
Royal Princess |  |  | 2013 |  |  | $ | 523 |
Regal Princess |  |  | 2014 |  |  |  | 523 |
North America Cruise Brand |  |  |  |  |  |  | 1,046 |
EAA |  |  |  |  |  |  |  |
AIDA |  |  |  |  |  |  |  |
AIDAstella |  |  | 2013 |  |  |  | 310 |
Newbuild |  |  | 2015 |  |  |  | 440 |
Newbuild |  |  | 2016 |  |  |  | 440 |
P&O Cruises (UK) |  |  |  |  |  |  |  |
Newbuild |  |  | 2015 |  |  |  | 539 |
Costa |  |  |  |  |  |  |  |
Costa Diadema |  |  | 2014 |  |  |  | 508 |
EAA Cruise Brands |  |  |  |  |  |  | 2,237 |
|  |  |  |  |  | $ | 3,283 |

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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