XML 45 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Unsecured Debt | 12 Months Ended
--- | ---
Nov. 30, 2018
Debt Disclosure [Abstract] |
Unsecured Debt | Unsecured Debt
| November 30, 2018 |  | November 30,
(in millions) | Interest Rates |  | Maturities Through |  | 2018 |  | 2017
Long-Term Debt |  |  |  |  |  |  |
Export Credit Facilities |  |  |  |  |  |  |
Fixed rate | 2.4% to 5.0% |  | 2030 |  | $ | 1,819 |  |  | $ | 860 |
EUR fixed rate | 3.8% to 4.5% |  | 2025 |  | 189 |  |  | 229 |
Floating rate | 3.0% to 3.3% |  | 2022 |  | 240 |  |  | 307 |
EUR floating rate | 0.0% to 0.7% |  | 2027 |  | 1,297 |  |  | 1,596 |
Bank Loans |  |  |  |  |  |  |
EUR fixed rate | 0.5% to 3.9% |  | 2021 |  | 257 |  |  | 653 |
Floating rate | 3.2% to 3.6% |  | 2025 |  | 495 |  |  | 500 |
EUR floating rate | 0.3% to 0.7% |  | 2023 |  | 1,193 |  |  | 355 |
GBP floating rate | 1.3% to 1.7% |  | 2023 |  | 848 |  | — |  | 415 |
Private Placement Notes |  |  |  |  |  |  |
EUR fixed rate | — |  | — |  | — |  |  | 57 |
Publicly-Traded Notes |  |  |  |  |  |  |
Fixed rate | 4.0% to 7.2% |  | 2028 |  | 1,217 |  |  | 1,717 |
EUR fixed rate | 1.1% to 1.9% |  | 2022 |  | 1,989 |  |  | 2,072 |
Short-Term Borrowings |  |  |  |  |  |  |
Floating rate commercial paper | — |  | — |  | — |  |  | 420 |
EUR floating rate commercial paper | (0.2)% |  | 2019 |  | 621 |  |  | 65 |
EUR fixed rate bank loans | (0.2)% |  | 2019 |  | 227 |  |  | — |
Total Debt |  |  |  |  | 10,394 |  |  | 9,246 |
Less: Unamortized debt issuance costs |  |  |  |  | (71 | ) |  | (51 | )
Total Debt, net of unamortized debt issuance costs |  |  |  |  | 10,323 |  |  | 9,195 |
Less: Short-term borrowings |  |  |  |  | (848 | ) |  | (485 | )
Less: Current portion of long-term debt |  |  |  |  | (1,578 | ) |  | (1,717 | )
Long-Term Debt |  |  |  |  | $ | 7,897 |  |  | $ | 6,993 |
The debt table does not include the impact of our foreign currency and interest rate swaps. The interest rates on some of our debt, and in the case of our main revolving credit facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. For the twelve months ended November 30, 2018 and 2017, we had borrowings of $2 million and $111 million and repayments of $2 million and $364 million of commercial paper with original maturities greater than three months. Interest-bearing debt is recorded at initial fair value, which normally reflects the proceeds received by us, net of debt issuance costs, and is subsequently stated at amortized cost. Debt issuance costs are generally amortized to interest expense using the straight-line method, which approximates the effective interest method, over the term of the debt. In addition, all debt issue discounts and premiums are amortized to interest expense using the effective interest rate method over the term of the notes. Substantially all of our fixed rate debt can 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 to: •Maintain minimum debt service coverage •Maintain minimum shareholders’ equity •Limit our debt to capital and debt to equity ratios •Limit the amounts of our secured assets as well as 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 could become due, and all debt and derivative contracts could be terminated. At November 30, 2018, we were in compliance with all of our debt covenants. The scheduled annual maturities of our debt were as follows:
(in millions) |  |
Fiscal |  | November 30, 2018
2019 |  | $ | 2,426 |
2020 |  | 2,143 |
2021 |  | 1,101 |
2022 |  | 1,081 |
2023 |  | 1,776 |
Thereafter |  | 1,868 |
|  | $ | 10,394 |
Committed Ship Financings We have unsecured euro and U.S. dollar long-term export credit committed ship financings. These commitments, if drawn at the time of ship delivery, are generally repayable semi-annually over 12 years. We have the option to cancel each one at specified dates prior to the underlying ship’s delivery date. Revolving Credit Facilities At November 30, 2018, we had $2.9 billion of total revolving credit facilities comprised of a $2.6 billion ($1.9 billion, €500 million and £169 million) multi-currency revolving credit facility that expires in 2021 (the “Facility”) and a $300 million revolving credit facility that expires in 2020. A total of $2.3 billion of this capacity was available for drawing, which is net of outstanding commercial paper. The Facility currently bears interest at LIBOR/EURIBOR plus a margin of 30 basis points (“bps”). The margin varies based on changes to Carnival Corporation’s and Carnival plc’s long-term senior unsecured credit ratings. We are required to pay a commitment fee on any undrawn portion.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration