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Unsecured Debt (Tables) | 12 Months Ended
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Nov. 30, 2015
Debt Disclosure [Abstract] |
Long-Term Debt and Short-Term Borrowings | Long-term debt and short-term borrowings consisted of the following (in millions):
| November 30, 2015 |  | November 30,
| Interest Rates |  | Maturities Through |  | 2015 (a) |  |  | 2014 (a) |
Long-Term Debt |  |  |  |  |  |  |
Export Credit Facilities |  |  |  |  |  |  |
Fixed rate (b) | 4.2% to 5.5% |  | 2020 |  | $ | 1,032 |  |  | $ | 1,358 |
Euro fixed rate (b) | 3.8% to 4.5% |  | 2025 |  | 261 |  |  | 340 |
Floating rate (c) | 1.5% |  | 2026 |  | 688 |  |  | 1,031 |
Euro floating rate (b) (d) | 0.1% to 0.9% |  | 2027 |  | 1,864 |  |  | 1,909 |
Bank Loans |  |  |  |  |  |  |
Euro fixed rate (b) | 3.9% |  | 2021 |  | 160 |  |  | 221 |
Floating rate (b) | 0.8% to 1.3% |  | 2019 |  | 800 |  |  | 800 |
Euro floating rate (b) (e) | 0.7% |  | 2018 |  | 212 |  |  | 249 |
Private Placement Notes |  |  |  |  |  |  |
Fixed rate | 6.0% |  | 2016 |  | 42 |  |  | 116 |
Euro fixed rate (b) | 7.0% to 7.3% |  | 2018 |  | 130 |  |  | 153 |
Publicly-Traded Notes |  |  |  |  |  |  |
Fixed rate | 1.2% to 7.2% |  | 2028 |  | 2,219 |  |  | 2,219 |
Euro fixed rate (f) | 1.1% to 1.9% |  | 2022 |  | 1,324 |  |  | — |
Other | 5.5% to 7.3% |  | 2030 |  | 25 |  |  | 26 |
Short-Term Borrowings |  |  |  |  |  |  |
Floating rate commercial paper (g) | —% |  | 2016 |  | — |  |  | 653 |
Euro floating rate bank loans (g) | 1.2% |  | 2016 |  | 30 |  |  | 13 |
Total Debt |  |  |  |  | 8,787 |  |  | 9,088 |
Less short-term borrowings |  |  |  |  | (30 | ) |  | (666 | )
Less current portion of long-term debt |  |  |  |  | (1,344 | ) |  | (1,059 | )
Total Long-term Debt |  |  |  |  | $ | 7,413 |  |  | $ | 7,363 |
(a) | The debt table does not include the impact of our foreign currency and interest rate swaps. At November 30, 2015, 50% and 50% (67% and 33% at November 30, 2014) of our debt was U.S. dollar and euro-denominated, respectively, including the effect of foreign currency swaps. At November 30, 2015, 60% and 40% (52% and 48% at November 30, 2014) of our debt bore fixed and floating interest rates, respectively, including the effect of interest rate 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 11) could become due, and all debt and derivative contracts could be terminated. At November 30, 2015, we were in compliance with all of our debt covenants.
(b) | Includes $2.0 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 2015, we repaid $225 million outstanding under a floating rate export credit facility prior to its maturity through 2025 (see (e) below).
(d) | In 2015, we borrowed $472 million under a euro-denominated, floating rate export credit facility, the proceeds of which were used to pay for a portion of P&O Cruises (UK)'s Britannia purchase price. This debt is due in semi-annual installments through February 2027.
(e) | In 2015, we borrowed $225 million under a euro-denominated, floating rate bank loan, which is due in October 2018. We used the net proceeds of this loan to prepay an equivalent amount outstanding under a floating rate export credit facility prior to its maturity.
(f) | In 2015, we issued $753 million and $591 million of euro-denominated, publicly-traded notes, which bear interest at 1.125% and 1.875% and are due in November 2019 and November 2022, respectively. We are using the net proceeds for general corporate purposes.
(g) | The interest rate associated with our floating rate short-term borrowings represents an aggregate weighted-average interest rate.
Scheduled Annual Maturities of Debt | At November 30, 2015, the scheduled annual maturities of our debt were as follows (in millions):
| Fiscal |  |  |  |
| 2016 |  | 2017 |  | 2018 |  | 2019 |  | 2020 |  | Thereafter |  | Total
Short-term borrowings | $ | 30 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30 |
Long-term debt | $ | 1,344 |  |  | $ | 1,007 |  |  | $ | 1,477 |  |  | $ | 1,400 |  |  | $ | 1,110 |  |  | $ | 2,419 |  |  | $ | 8,757 |
| $ | 1,374 |  |  | $ | 1,007 |  |  | $ | 1,477 |  |  | $ | 1,400 |  |  | $ | 1,110 |  |  | $ | 2,419 |  |  | $ | 8,787 |
Committed Ship Financings | At November 30, 2015, our committed ship financings are as follows:
Cruise Brands and Ships | Fiscal Year Available for Funding |  | Amount
|  |  | (in millions)
North America |  |  |
Carnival Cruise Line |  |  |
Carnival Vista (a) | 2016 |  | $ | 520 |
Newbuild (b) | 2018 |  | 478 |
Holland America Line |  |  |
Koningsdam (a) | 2016 |  | 408 |
Newbuild (b) | 2018 |  | 380 |
Princess |  |  |
Majestic Princess (b) | 2017 |  | 478 |
Seabourn |  |  |
Seabourn Encore (b) | 2016 |  | 190 |
Seabourn Ovation (b) | 2018 |  | 193 |
North America Cruise Brands |  |  | 2,647 |
EAA |  |  |
AIDA |  |  |
AIDAprima | 2016 |  | 371 |
Newbuild | 2017 |  | 360 |
Newbuild (b) | 2018 |  | 768 |
Newbuild (b) | 2020 |  | 785 |
Costa |  |  |
Newbuild (b) | 2019 |  | 776 |
Newbuild (b) | 2020 |  | 785 |
EAA Cruise Brands |  |  | 3,845 |
|  |  | $ | 6,492 |
(a) Euro-denominated. (b) We have the option to draw in either U.S. dollars or euros.

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