XML 52 R29.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
--- | ---
Nov. 30, 2013
Text Block [Abstract] |
Estimated Carrying and Fair Values of Financial Instrument Assets and (Liabilities) Not Measured at Fair Value on a Recurring Basis | The estimated carrying and fair values and basis of valuation of our financial instrument assets and liabilities that are not measured at fair value on a recurring basis were as follows (in millions):
| November 30, 2013 |  | November 30, 2012
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) | $ | 349 |  |  | $ | 349 |  |  | $ | — |  |  | $ | — |  |  | $ | 269 |  |  | $ | 269 |  |  | $ | — |  |  | $ | — |
Long-term other assets (b) | 110 |  |  | 1 |  |  | 58 |  |  | 50 |  |  | 104 |  |  | 1 |  |  | 36 |  |  | 62 |
Total | $ | 459 |  |  | $ | 350 |  |  | $ | 58 |  |  | $ | 50 |  |  | $ | 373 |  |  | $ | 270 |  |  | $ | 36 |  |  | $ | 62 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (c) | $ | 5,574 |  |  | $ | — |  |  | $ | 5,941 |  |  | $ | — |  |  | $ | 5,195 |  |  | $ | — |  |  | $ | 5,825 |  |  | $ | — |
Floating rate debt (c) | 3,986 |  |  | — |  |  | 3,997 |  |  | — |  |  | 3,707 |  |  | — |  |  | 3,706 |  |  | — |
Total | $ | 9,560 |  |  | $ | — |  |  | $ | 9,938 |  |  | $ | — |  |  | $ | 8,902 |  |  | $ | — |  |  | $ | 9,531 |  |  | $ | — |
(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 November 30, 2013 and 2012, substantially all of our long-term other assets were comprised of notes and other receivables. The fair values of our Level 1 and Level 2 notes and other 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.
(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 November 30, 2013 and 2012 being lower than the fixed interest rates on these debt obligations, including the impact of any changes in our credit ratings. At November 30, 2013, 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 November 30, 2013 being slightly lower than the floating interest rates on these debt obligations, including the impact of any changes in our credit ratings. 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. The fair values of our other debt were estimated based on appropriate 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 | 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):
| November 30, 2013 |  | November 30, 2012
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (a) | $ | 113 |  |  | $ | — |  |  | $ | — |  |  | $ | 196 |  |  | $ | — |  |  | $ | — |
Restricted cash (b) | 28 |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | — |
Marketable securities held in rabbi trusts (c) | 113 |  |  | 10 |  |  | — |  |  | 104 |  |  | 16 |  |  | — |
Derivative financial instruments (d) | — |  |  | 60 |  |  | — |  |  | — |  |  | 48 |  |  | — |
Long-term other assets (e) | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | 11 |
Total | $ | 254 |  |  | $ | 70 |  |  | $ | 17 |  |  | $ | 328 |  |  | $ | 64 |  |  | $ | 11 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (d) | $ | — |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |
Total | $ | — |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 43 |  |  | $ | — |
(a) | Cash equivalents are comprised of money market funds.
(b) | Restricted cash is substantially all comprised of money market funds.
(c) | Level 1 and 2 marketable securities are held in rabbi trusts and are principally 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.
(d) | See “Derivative Instruments and Hedging Activities” section below for detailed information regarding our derivative financial instruments.
(e) | Long-term other assets are comprised of an auction-rate security. The fair value was based on a broker quote in an inactive market, which is considered a Level 3 input. During 2013, there were no purchases or sales pertaining to this auction-rate security and, accordingly, the change in its fair value was based solely on the strengthening of the underlying credit.
Reconciliation of Changes in Carrying Amounts of Goodwill | The reconciliation of the changes in the carrying amounts of our goodwill, which goodwill has been allocated to our North America and EAA cruise brands, was as follows (in millions):
| North America Cruise Brands |  | EAA Cruise Brands |  | Total
Balance at November 30, 2011 | $ | 1,898 |  |  | $ | 1,424 |  |  | $ | 3,322 |
Ibero goodwill impairment charge (a) | — |  |  | (153 | ) |  | (153 | )
Foreign currency translation adjustment | — |  |  | 5 |  |  | 5 |
Balance at November 30, 2012 | 1,898 |  |  | 1,276 |  |  | 3,174 |
Foreign currency translation adjustment | — |  |  | 36 |  |  | 36 |
Balance at November 30, 2013 | $ | 1,898 |  |  | $ | 1,312 |  |  | $ | 3,210 |
(a) | At February 29, 2012, given the state of the Spanish economy and considering the low level of Ibero’s estimated fair value in excess of its carrying value, we performed an impairment review of Ibero’s goodwill. During the review, we determined that the interim discounted future cash flow analysis that was used to estimate Ibero’s fair value was primarily impacted by slower than anticipated Ibero capacity growth. As a result, Ibero’s estimated fair value no longer exceeded its carrying value. Accordingly, we recognized a goodwill impairment charge of $153 million during the first quarter of 2012, which represented Ibero’s entire goodwill balance. At November 30, 2013, accumulated goodwill impairment charges were $153 million.
Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks | The reconciliation of the changes in the carrying amounts of our intangible assets not subject to amortization, which represent trademarks that have been allocated to our North America and EAA cruise brands, was as follows (in millions):
| North America Cruise Brands |  | EAA Cruise Brands |  | Total
Balance at November 30, 2011 | $ | 927 |  |  | $ | 386 |  |  | $ | 1,313 |
Ibero trademarks impairment charge (a) | — |  |  | (20 | ) |  | (20 | )
Foreign currency translation adjustment | — |  |  | 6 |  |  | 6 |
Balance at November 30, 2012 | 927 |  |  | 372 |  |  | 1,299 |
Ibero trademarks impairment charge (a) | — |  |  | (13 | ) |  | (13 | )
Foreign currency translation adjustment | — |  |  | — |  |  | — |
Balance at November 30, 2013 | $ | 927 |  |  | $ | 359 |  |  | $ | 1,286 |
(a) | At February 29, 2012, we also performed an interim impairment test of Ibero’s trademarks, which resulted in a $20 million impairment charge during the first quarter of 2012, based on the reduction of revenues primarily as a result of slower than anticipated Ibero capacity growth, which is considered a Level 3 input. In 2013, we recognized a $13 million impairment charge, which related to Ibero’s remaining trademarks’ carrying value.
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets | The estimated fair values of our derivative financial instruments and their location on the Consolidated Balance Sheets were as follows (in millions):
|  |  | November 30,
| Balance Sheet Location |  | 2013 |  | 2012
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Prepaid expenses and other |  | $ | — |  |  | $ | 1 |
| Other assets – long-term |  | 2 |  |  | 6 |
Foreign currency zero cost collars (b) | Prepaid expenses and other |  | — |  |  | 11 |
| Other assets – long-term |  | 8 |  |  | 5 |
Interest rate swaps (c) | Prepaid expenses and other |  | 1 |  |  | — |
| Other assets – long-term |  | 5 |  |  | — |
|  |  | 16 |  |  | 23 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel (d) | Prepaid expenses and other |  | 14 |  |  | — |
| Other assets – long-term |  | 30 |  |  | 25 |
|  |  | 44 |  |  | 25 |
Total derivative assets |  |  | $ | 60 |  |  | $ | 48 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Accrued liabilities and other |  | $ | 4 |  |  | $ | — |
Interest rate swaps (c) | Accrued liabilities and other |  | 13 |  |  | 7 |
| Other long-term liabilities |  | 13 |  |  | 17 |
|  |  | 30 |  |  | 24 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel (d) | Accrued liabilities and other |  | — |  |  | 16 |
| Other long-term liabilities |  | 1 |  |  | 3 |
|  |  | 1 |  |  | 19 |
Total derivative liabilities |  |  | $ | 31 |  |  | $ | 43 |
(a) | At November 30, 2013 and 2012, we had foreign currency forwards totaling $578 million and $235 million, respectively, that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At November 30, 2013, these outstanding foreign currency forwards mature through July 2017.
(b) | At November 30, 2013 and 2012, we had foreign currency derivatives consisting of foreign currency zero cost collars that are 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 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 November 30, 2013 and 2012, these interest rate swap agreements have or will effectively change $909 million and $269 million, respectively, of EURIBOR-based floating rate euro debt to fixed rate euro debt. These interest rate swaps settle through March 2025. In addition, at November 30, 2013 we had U.S. dollar interest rate swaps designated as fair value hedges whereby we receive fixed interest rate payments in exchange for making floating interest rate payments. These interest rate swap agreements effectively changed $500 million of fixed rate debt to U.S. dollar LIBOR-based floating rate debt. These interest rate swaps settle through February 2016.
(d) | At November 30, 2013, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2017. See “Fuel Price Risks” below for additional information regarding these fuel derivatives. At November 30, 2012, we had fuel derivatives consisting of zero cost collars on Brent to cover a portion of our estimated fuel consumption through 2016.
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effective portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income were as follows (in millions):
| November 30,
| 2013 |  | 2012 |  | 2011
Net investment hedges | $ | (11 | ) |  | $ | 48 |  |  | $ | (13 | )
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) |  | $ | 16 |  |  | $ | 76 |
Interest rate swaps – cash flow hedges | $ | 2 |  |  | $ | (11 | ) |  | $ | (4 | )
Fuel Derivatives Outstanding | At November 30, 2013, our outstanding fuel derivatives consisted of zero cost collars on Brent to cover a portion of our estimated fuel consumption as follows:
Maturities (a) | Transaction Dates |  | Barrels (in thousands) |  | Weighted-Average Floor Prices |  | Weighted-Average Ceiling Prices |  | Percent of Estimated Fuel Consumption Covered
Fiscal 2014 |  |  |  |  |  |  |  |  |
| November 2011 |  | 2,112 |  |  | $ | 85 |  |  | $ | 114 |  |  |
| February 2012 |  | 2,112 |  |  | $ | 88 |  |  | $ | 125 |  |  |
| June 2012 |  | 2,376 |  |  | $ | 71 |  |  | $ | 116 |  |  |
| May 2013 |  | 1,728 |  |  | $ | 85 |  |  | $ | 108 |  |  |
|  |  | 8,328 |  |  |  |  |  |  | 43%
Fiscal 2015 |  |  |  |  |  |  |  |  |
| November 2011 |  | 2,160 |  |  | $ | 80 |  |  | $ | 114 |  |  |
| February 2012 |  | 2,160 |  |  | $ | 80 |  |  | $ | 125 |  |  |
| June 2012 |  | 1,236 |  |  | $ | 74 |  |  | $ | 110 |  |  |
| April 2013 |  | 1,044 |  |  | $ | 80 |  |  | $ | 111 |  |  |
| May 2013 |  | 1,884 |  |  | $ | 80 |  |  | $ | 110 |  |  |
|  |  | 8,484 |  |  |  |  |  |  | 43%
Fiscal 2016 |  |  |  |  |  |  |  |  |
| June 2012 |  | 3,564 |  |  | $ | 75 |  |  | $ | 108 |  |  |
| February 2013 |  | 2,160 |  |  | $ | 80 |  |  | $ | 120 |  |  |
| April 2013 |  | 3,000 |  |  | $ | 75 |  |  | $ | 115 |  |  |
|  |  | 8,724 |  |  |  |  |  |  | 44%
Fiscal 2017 |  |  |  |  |  |  |  |  |
| February 2013 |  | 3,276 |  |  | $ | 80 |  |  | $ | 115 |  |  |
| April 2013 |  | 2,028 |  |  | $ | 75 |  |  | $ | 110 |  |  |
|  |  | 5,304 |  |  |  |  |  |  | 27%
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods.

X
- Definition Cost and Fair Value of Financial Instruments Disclosure + References No definition available. + Details
Name: | ccl_CostAndFairValueOfFinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | ccl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: 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=14024403&loc=d3e13816-109267 Reference 2: 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=14024403&loc=d3e13854-109267 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -Subparagraph (b),(d) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
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