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Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended
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Nov. 30, 2017
Fair Value Disclosures [Abstract] |
Financial Instruments that are not Measured at Fair Value on a Recurring Basis | Financial Instruments that are not Measured at Fair Value on a Recurring Basis
| November 30, 2017 |  | November 30, 2016
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term other assets (a) | $ | 126 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 75 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 68 |  |  | $ | 31 |
Total | $ | 126 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 75 |  |  | $ | 99 |  |  | $ | 1 |  |  | $ | 68 |  |  | $ | 31 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 5,588 |  |  | $ | — |  |  | $ | 5,892 |  |  | $ | — |  |  | $ | 5,436 |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |
Floating rate debt (b) | 3,658 |  |  | — |  |  | 3,697 |  |  | — |  |  | 4,018 |  |  | — |  |  | 4,048 |  |  | — |
Total | $ | 9,246 |  |  | $ | — |  |  | $ | 9,589 |  |  | $ | — |  |  | $ | 9,454 |  |  | $ | — |  |  | $ | 9,775 |  |  | $ | — |
(a) | Long-term other assets is comprised of notes receivables. The fair values of our Level 2 notes 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 current market interest rates being applied to this debt.
Financial Instruments that are Measured at Fair Value on a Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| November 30, 2017 |  | November 30, 2016
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 395 |  |  | $ | — |  |  | $ | — |  |  | $ | 603 |  |  | $ | — |  |  | $ | — |
Restricted cash | 26 |  |  | — |  |  | — |  |  | 60 |  |  | — |  |  | — |
Short-term investments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21 |
Marketable securities held in rabbi trusts (a) | 97 |  |  | — |  |  | — |  |  | 93 |  |  | 4 |  |  | — |
Derivative financial instruments | — |  |  | 15 |  |  | — |  |  | — |  |  | 15 |  |  | — |
Total | $ | 518 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 756 |  |  | $ | 19 |  |  | $ | 21 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 161 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |
Total | $ | — |  |  | $ | 161 |  |  | $ | — |  |  | $ | — |  |  | $ | 434 |  |  | $ | — |
(a) | At November 30, 2017 and 2016, the use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
Reconciliation of Changes in Carrying Amounts of Goodwill |
| Goodwill
(in millions) | North America Segment |  | EAA Segment |  | Total
At November 30, 2015 | $ | 1,898 |  |  | $ | 1,112 |  |  | $ | 3,010 |
Foreign currency translation adjustment | — |  |  | (100 | ) |  | (100 | )
At November 30, 2016 | 1,898 |  |  | 1,012 |  |  | 2,910 |
Impairment charge | — |  |  | (38 | ) |  | (38 | )
Foreign currency translation adjustment | — |  |  | 95 |  |  | 95 |
At November 30, 2017 | $ | 1,898 |  |  | $ | 1,069 |  |  | $ | 2,967 |
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
At November 30, 2015 | $ | 927 |  |  | $ | 307 |  |  | $ | 1,234 |
Foreign currency translation adjustment | — |  |  | (28 | ) |  | (28 | )
At November 30, 2016 | 927 |  |  | 279 |  |  | 1,206 |
Impairment charge | — |  |  | (50 | ) |  | (50 | )
Foreign currency translation adjustment | — |  |  | 23 |  |  | 23 |
At November 30, 2017 | $ | 927 |  |  | $ | 252 |  |  | $ | 1,179 |
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets |
|  |  | November 30,
(in millions) | Balance Sheet Location |  | 2017 |  | 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 (b) | Prepaid expenses and other |  | 12 |  |  | — |
Total derivative assets |  |  | $ | 15 |  |  | $ | 15 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Net investment hedges (a) | Accrued liabilities and other |  | $ | 13 |  |  | $ | 26 |
| Other long-term liabilities |  | 17 |  |  | — |
Interest rate swaps (c) | Accrued liabilities and other |  | 10 |  |  | 10 |
| Other long-term liabilities |  | 17 |  |  | 23 |
Foreign currency zero cost collars (b) | Accrued liabilities and other |  | — |  |  | 12 |
| Other long-term liabilities |  | — |  |  | 21 |
|  |  | 57 |  |  | 92 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel (d) | Accrued liabilities and other |  | 95 |  |  | 198 |
| Other long-term liabilities |  | 9 |  |  | 144 |
|  |  | 104 |  |  | 342 |
Total derivative liabilities |  |  | $ | 161 |  |  | $ | 434 |
(a) | At November 30, 2017 and 2016, we had foreign currency swaps totaling $324 million and $291 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At November 30, 2017, these foreign currency swaps settle through September 2019. At November 30, 2016 we had foreign currency forwards totaling $456 million that were designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency.
(b) | At November 30, 2017 and 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.
(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. These interest rate swap agreements effectively changed $479 million at November 30, 2017 and $500 million at November 30, 2016 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2017, these interest rate swaps settle through March 2025.
(d) | At November 30, 2017 and 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 fuel 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.
| November 30, 2017
(in millions) | 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 |  |  | $ | (8 | ) |  | $ | 7 |
Liabilities | $ | 161 |  |  | $ | — |  |  | $ | 161 |  |  | $ | (8 | ) |  | $ | 153 |
| November 30, 2016
(in millions) | 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 |
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) | The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows:
| November 30,
(in millions) | 2017 |  | 2016 |  | 2015
Net investment hedges | $ | (31 | ) |  | $ | (33 | ) |  | $ | 58 |
Foreign currency zero cost collars – cash flow hedges | $ | 45 |  |  | $ | (8 | ) |  | $ | (57 | )
Interest rate swaps – cash flow hedges | $ | 8 |  |  | $ | 8 |  |  | $ | 2 |
(Losses) Gains on Fuel Derivatives, Net |
| November 30,
(in millions) | 2017 |  | 2016 |  | 2015
Unrealized gains (losses) on fuel derivatives, net | $ | 227 |  |  | $ | 236 |  |  | $ | (332 | )
Realized losses on fuel derivatives, net | (192 | ) |  | (283 | ) |  | (244 | )
Gains (losses) on fuel derivatives, net | $ | 35 |  |  | $ | (47 | ) |  | $ | (576 | )
Fuel Derivatives Outstanding | At November 30, 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 2018 |  |  |  |  |  |  |
| January 2014 |  | 2,700 |  |  | $ | 75 |  |  | $ | 110 |
| October 2014 |  | 3,000 |  |  | $ | 80 |  |  | $ | 114 |
|  |  | 5,700 |  |  |  |  |
(a) | Fuel derivatives mature evenly over each month in 2018.
Newbuild Currency Risks |
| 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 |
Nieuw Statendam | 2016 |  | November 2018 |  | $ | 1.05 |  |  | $ | 1.25 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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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 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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