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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended
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Aug. 31, 2017
Fair Value Disclosures [Abstract] |
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | The carrying values, estimated fair values and basis of valuation of our financial instrument assets and liabilities not measured at fair value on a recurring basis were as follows (in millions):
| August 31, 2017 |  | November 30, 2016
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term other assets (a) | $ | 133 |  |  | $ | — |  |  | $ | 54 |  |  | $ | 75 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 68 |  |  | $ | 31 |
Total | $ | 133 |  |  | $ | — |  |  | $ | 54 |  |  | $ | 75 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 68 |  |  | $ | 31 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 5,755 |  |  | $ | — |  |  | $ | 6,108 |  |  | $ | — |  |  | $ | 5,436 |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |
Floating rate debt (b) | 3,470 |  |  | — |  |  | 3,553 |  |  | — |  |  | 4,018 |  |  | — |  |  | 4,048 |  |  | — |
Total | $ | 9,225 |  |  | $ | — |  |  | $ | 9,661 |  |  | $ | — |  |  | $ | 9,454 |  |  | $ | — |  |  | $ | 9,775 |  |  | $ | — |
(a) | Long-term other assets are comprised of notes and other receivables. The fair values of our 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.
(b) | The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. 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 and, accordingly, are considered Level 2. The fair values of our other debt were estimated based on appropriate market interest rates being applied to this debt.
Reconciliation of Changes in Carrying Amounts of Goodwill | The reconciliations of the changes in the carrying amounts of our goodwill, trademarks, and amortizable intangibles were as follows:
| Goodwill
(in millions) | North America Segment |  | EAA (a) Segment |  | Total
Balance at November 30, 2016 | $ | 1,898 |  |  | $ | 1,012 |  |  | $ | 2,910 |
Impairment charge | — |  |  | (38 | ) |  | (38 | )
Foreign currency translation adjustment | — |  |  | 85 |  |  | 85 |
Balance at August 31, 2017 | $ | 1,898 |  |  | $ | 1,059 |  |  | $ | 2,957 |
(a) Europe, Australia & Asia (“EAA”)
Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks |
| Trademarks
(in millions) | North America Segment |  | EAA Segment |  | Total
Balance at November 30, 2016 | $ | 927 |  |  | $ | 279 |  |  | $ | 1,206 |
Impairment charge | — |  |  | (50 | ) |  | (50 | )
Foreign currency translation adjustment | — |  |  | 19 |  |  | 19 |
Balance at August 31, 2017 | $ | 927 |  |  | $ | 248 |  |  | $ | 1,175 |
Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization, Which Represents Port Usage Rights |
| Amortizable Intangibles
(in millions) | Cruise Support Segment |  | EAA Segment |  | Tour and Other Segment |  | Total
Balance at November 30, 2016 | $ | 57 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 69 |
Additions | — |  |  | — |  |  | 4 |  |  | 4 |
Amortization | (2 | ) |  | — |  |  | (1 | ) |  | (3 | )
Foreign currency translation adjustment | — |  |  | 1 |  |  | — |  |  | 1 |
Balance at August 31, 2017 | $ | 55 |  |  | $ | 13 |  |  | $ | 3 |  |  | $ | 71 |
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 measured at fair value on a recurring basis were as follows (in millions):
| August 31, 2017 |  | November 30, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (a) | $ | 489 |  |  | $ | — |  |  | $ | — |  |  | $ | 603 |  |  | $ | — |  |  | $ | — |
Restricted cash | 31 |  |  | — |  |  | — |  |  | 60 |  |  | — |  |  | — |
Short-term investments (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |
Marketable securities held in rabbi trusts (c) | 91 |  |  | 4 |  |  | — |  |  | 93 |  |  | 4 |  |  | — |
Derivative financial instruments | — |  |  | 22 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Total | $ | 611 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 756 |  |  | $ | 19 |  |  | $ | 21 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 265 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |
Total | $ | — |  |  | $ | 265 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |
(a) | Cash and cash equivalents are comprised of cash and marketable securities with maturities of less than 90 days.
(b) | The fair value of the auction rate security included in short-term investments, as of November 30, 2016, was based on a broker quote in an inactive market, which is considered a Level 3 input. This auction-rate security was sold in December 2016.
(c) | At August 31, 2017, marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
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 in the Consolidated Balance Sheets were as follows (in millions):
| Balance Sheet Location |  | August 31, 2017 |  | November 30, 2016
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Prepaid expenses and other |  | $ | 3 |  |  | $ | 12 |
| Other assets |  | — |  |  | 3 |
Foreign currency zero cost collars (c) | Prepaid expenses and other |  | 8 |  |  | — |
| Other assets |  | 11 |  |  | — |
Total derivative assets |  |  | $ | 22 |  |  | $ | 15 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Accrued liabilities and other |  | $ | 13 |  |  | $ | 26 |
| Other long-term liabilities |  | 16 |  |  | — |
Interest rate swaps (b) | Accrued liabilities and other |  | 11 |  |  | 10 |
| Other long-term liabilities |  | 21 |  |  | 23 |
Foreign currency zero cost collars (c) | Accrued liabilities and other |  | — |  |  | 12 |
| Other long-term liabilities |  | — |  |  | 21 |
|  |  | 61 |  |  | 92 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel (d) | Accrued liabilities and other |  | 159 |  |  | 198 |
| Other long-term liabilities |  | 45 |  |  | 144 |
|  |  | 204 |  |  | 342 |
Total derivative liabilities |  |  | $ | 265 |  |  | $ | 434 |
(a) | We had foreign currency swaps totaling $328 million at August 31, 2017 and $291 million at November 30, 2016 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2017, these foreign currency swaps settle through 2019.
(b) | 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. These interest rate swap agreements effectively changed $511 million at August 31, 2017 and $500 million at November 30, 2016 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2017, these interest rate swaps settle through 2025.
(c) | At August 31, 2017 and November 30, 2016, 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.
(d) | At August 31, 2017 and November 30, 2016, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these derivatives.
Offsetting Derivative Instruments | Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions):
|  | August 31, 2017
|  | Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Total Net Amounts Presented in the Balance Sheet |  | Gross Amounts not Offset in the Balance Sheet |  | Net Amounts
Assets |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | (9 | ) |  | $ | 13 |
Liabilities |  | $ | 265 |  |  | $ | — |  |  | $ | 265 |  |  | $ | (9 | ) |  | $ | 256 |
|  | November 30, 2016
|  | Gross Amounts |  | Gross Amounts Offset in the Balance Sheet |  | Total Net Amounts Presented in the Balance Sheet |  | Gross Amounts not Offset in the Balance Sheet |  | Net Amounts
Assets |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |  | $ | (15 | ) |  | $ | — |
Liabilities |  | $ | 434 |  |  | $ | — |  |  | $ | 434 |  |  | $ | (15 | ) |  | $ | 419 |
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
Net investment hedges | $ | (17 | ) |  | $ | — |  |  | $ | (33 | ) |  | $ | (17 | )
Foreign currency zero cost collars – cash flow hedges | $ | 17 |  |  | $ | 2 |  |  | $ | 52 |  |  | $ | 21 |
Interest rate swaps – cash flow hedges | $ | 1 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 3 |
Unrealized (losses) gains on fuel derivatives, net | Our unrealized and realized gains (losses), net on fuel derivatives were as follows (in millions):
| Three Months Ended August 31, |  | Nine Months Ended August 31,
| 2017 |  | 2016 |  | 2017 |  | 2016
Unrealized gains on fuel derivatives, net | $ | 65 |  |  | $ | 25 |  |  | $ | 134 |  |  | $ | 121 |
Realized losses on fuel derivatives, net | (57 | ) |  | (61 | ) |  | (153 | ) |  | (223 | )
Gains (losses) on fuel derivatives, net | $ | 7 |  |  | $ | (36 | ) |  | $ | (19 | ) |  | $ | (102 | )
Fuel/Foreign Currency Derivatives Outstanding | At August 31, 2017, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:
Maturities (a) | Transaction Dates |  | Barrels (in thousands) |  | Weighted-Average Floor Prices |  | Weighted-Average Ceiling Prices
Fiscal 2017 (4Q) |  |  |  |  |  |  |
| February 2013 |  | 819 |  |  | $ | 80 |  |  | $ | 115 |
| April 2013 |  | 507 |  |  | $ | 75 |  |  | $ | 110 |
| January 2014 |  | 450 |  |  | $ | 75 |  |  | $ | 114 |
| October 2014 |  | 255 |  |  | $ | 80 |  |  | $ | 113 |
|  |  | 2,031 |  |  |  |  |
Fiscal 2018 |  |  |  |  |  |  |
| January 2014 |  | 2,700 |  |  | $ | 75 |  |  | $ | 110 |
| October 2014 |  | 3,000 |  |  | $ | 80 |  |  | $ | 114 |
|  |  | 5,700 |  |  |  |  |
(a) | Fuel derivatives mature evenly over each month within the above fiscal periods.
At August 31, 2017, we had foreign currency zero cost collars that are designated as cash flow hedges for a portion of euro-denominated shipyard payments for the following newbuilds:
| Entered Into |  | Matures in |  | Weighted-Average Floor Rate |  | Weighted- Average Ceiling Rate
Carnival Horizon | 2016 |  | March 2018 |  | $ | 1.02 |  |  | $ | 1.25 |
Seabourn Ovation | 2016 |  | April 2018 |  | $ | 1.02 |  |  | $ | 1.25 |
Holland America Nieuw Statendam | 2016 |  | November 2018 |  | $ | 1.05 |  |  | $ | 1.25 |

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- 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=84234895&loc=SL5624171-113959 + Details
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- 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 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: 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=84234895&loc=SL5624163-113959 Reference 3: 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=84234895&loc=d3e41678-113959 Reference 4: 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=84234895&loc=d3e41638-113959 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=84234895&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 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: 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=84234895&loc=SL5624171-113959 Reference 8: 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=84234895&loc=SL5579240-113959 Reference 9: 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=84234895&loc=d3e41620-113959 Reference 10: 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
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- 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=84234895&loc=SL5618551-113959 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure for other derivative instruments not designated 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 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
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