XML 95 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Unsecured Debt (Tables) | 12 Months Ended
--- | ---
Nov. 30, 2013
Text Block [Abstract] |
Long-Term Debt and Short-Term Borrowings | Long-term debt and short-term borrowings consisted of the following (in millions):
| November 30, 2013 |  | November 30,
| Interest Rates |  | Maturities Through |  | 2013(a) |  |  | 2012(a) |
Long-Term Debt |  |  |  |  |  |  |
Export Credit Facilities |  |  |  |  |  |  |
Fixed rate (b) | 4.2% to 5.5% |  | 2020 |  | $ | 1,684 |  |  | $ | 2,009 |
Euro fixed rate (b) | 3.8% to 4.5% |  | 2025 |  | 408 |  |  | 423 |
Floating rate (c) (d) | 1.4% to 1.9% |  | 2025 |  | 1,196 |  |  | 1,303 |
Euro floating rate (b) (e) | 0.2% to 1.3% |  | 2026 |  | 1,742 |  |  | 1,516 |
Bank Loans |  |  |  |  |  |  |
Fixed rate (b) | 2.5% to 4.4% |  | 2016 |  | 650 |  |  | 650 |
Euro fixed rate (b) | 3.9% |  | 2021 |  | 276 |  |  | 296 |
Floating rate (b) (f) | 0.8% to 1.4% |  | 2018 |  | 850 |  |  | 700 |
Euro floating rate (b) (g) | 0.8% |  | 2014 |  | 138 |  |  | 132 |
Private Placement Notes |  |  |  |  |  |  |
Fixed rate | 5.9% to 6.0% |  | 2016 |  | 116 |  |  | 116 |
Euro fixed rate (b) | 6.9% to 7.3% |  | 2018 |  | 194 |  |  | 185 |
Publicly-Traded Notes |  |  |  |  |  |  |
Fixed rate (d) (h) (i) | 1.2% to 7.1% |  | 2028 |  | 2,219 |  |  | 517 |
Euro fixed rate | — |  | — |  | — |  |  | 971 |
Other | 3.8% to 7.3% |  | 2030 |  | 27 |  |  | 28 |
Short-Term Borrowings |  |  |  |  |  |  |
Euro bank loans (j) | 1.9% |  | 2014 |  | 60 |  |  | 56 |
Total Debt |  |  |  |  | 9,560 |  |  | 8,902 |
Less short-term borrowings |  |  |  |  | (60 | ) |  | (56 | )
Less current portion of long-term debt |  |  |  |  | (1,408 | ) |  | (1,678 | )
Total Long-term Debt |  |  |  |  | $ | 8,092 |  |  | $ | 7,168 |
(a) | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2013, 69% and 31% (58% and 42% at November 30, 2012) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. Substantially all of our fixed rate debt can only be called or prepaid by incurring additional costs. In addition, substantially all of our debt agreements, including our main revolving credit facility, contain one or more financial covenants that require us, among other things, to maintain minimum debt service coverage and minimum shareholders’ equity and to limit our debt to capital and debt to equity ratios and the amounts of our secured assets and secured and other indebtedness. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default acceleration clauses, substantially all of our outstanding debt and derivative contract payables (see Note 10) could become due, and all debt and derivative contracts could be terminated. At November 30, 2013, we believe we were in compliance with all of our debt covenants.
(b) | Includes $3.4 billion of debt whose interest rates, and in the case of our main revolver its commitment fees, would increase upon a downgrade in the long-term senior unsecured credit ratings of Carnival Corporation or Carnival plc.
(c) | In 2013, we borrowed $526 million under an export credit facility, the proceeds of which were used to pay for a portion of Royal Princess’ purchase price and is due in semi-annual installments through May 2025.
(d) | In 2013, we issued $500 million of publicly-traded notes, which bear interest at 1.2% and are due in February 2016. The proceeds were used to repay a like amount of floating rate export credit facilities prior to their maturity dates through 2022.
(e) | In 2013, we borrowed $311 million under a euro-denominated export credit facility, the proceeds of which were used to pay for a portion of AIDAstella’s purchase price and is due in semi-annual installments through March 2025.
(f) | In 2013, we borrowed $150 million under a floating rate bank loan, which is due in November 2018. We used the net proceeds of this loan for general corporate purposes.
(g) | In 2013, we entered into a $265 million euro-denominated floating rate revolving bank loan facility. This facility has a perpetual term, although we can terminate it at any time and the bank can terminate the facility at any time upon nine months notice. The facility can be drawn beginning in May 2014.
(h) | In 2013, we issued $500 million of publicly-traded notes, which bear interest at 1.9% and are due in December 2017. We used the net proceeds of these notes for general corporate purposes, including repayments of portions of debt facilities maturing in 2013.
(i) | In 2013, we issued $700 million of publicly-traded notes, which bear interest at 4.0% and are due in October 2020. We intend to use the net proceeds of these notes for general corporate purposes, which may include repaying portions of various debt facilities maturing through May 2014.
(j) | The interest rate associated with our short-term borrowings represents an aggregate-weighted average interest rate.
Scheduled Annual Maturities of Debt | At November 30, 2013, the scheduled annual maturities of our debt were as follows (in millions):
| Fiscal |  |  |  |
| 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | Thereafter |  | Total
Short-term borrowings | $ | 60 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60 |
Long-term debt | 1,408 |  |  | $ | 1,403 |  |  | $ | 1,537 |  |  | $ | 627 |  |  | $ | 1,301 |  |  | $ | 3,224 |  |  | 9,500 |
| $ | 1,468 |  |  | $ | 1,403 |  |  | $ | 1,537 |  |  | $ | 627 |  |  | $ | 1,301 |  |  | $ | 3,224 |  |  | $ | 9,560 |
Committed Ship Financings |
Cruise Brands and Ships | Fiscal Year Scheduled for Funding |  | Amount
|  |  | (in millions)
North America |  |  |
Carnival Cruise Lines |  |  |
Carnival Vista (a) | 2016 |  | $ | 520 |
Holland America Line |  |  |
Newbuild (a) | 2016 |  | 408 |
Princess |  |  |
Regal Princess | 2014 |  | 547 |
North America Cruise Brands |  |  | 1,475 |
EAA |  |  |
AIDA |  |  |
AIDAprima | 2015 |  | 460 |
Newbuild | 2016 |  | 460 |
Costa |  |  |
Costa Diadema (a) | 2014 |  | 531 |
P&O Cruises (UK) |  |  |
Britannia (a) | 2015 |  | 563 |
EAA Cruise Brands |  |  | 2,014 |
|  |  | $ | 3,489 |

X
- Definition Committed Ship Financings + References No definition available. + Details
Name: | ccl_LongTermDebtAndEquityFinancingTableTextBlock
Namespace Prefix: | ccl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_TextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration