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v3.19.1

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended
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Feb. 28, 2019
Fair Value Disclosures [Abstract] |
Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | Financial Instruments that are not Measured at Fair Value on a Recurring Basis
| February 28, 2019 |  | November 30, 2018
| 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) | $ | 123 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 91 |  |  | $ | 127 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 95 |
Total | $ | 123 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 91 |  |  | $ | 127 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 95 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 6,875 |  |  | $ | — |  |  | $ | 7,030 |  |  | $ | — |  |  | $ | 5,699 |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |
Floating rate debt (b) | 4,822 |  |  | — |  |  | 4,867 |  |  | — |  |  | 4,695 |  |  | — |  |  | 4,727 |  |  | — |
Total | $ | 11,697 |  |  | $ | — |  |  | $ | 11,897 |  |  | $ | — |  |  | $ | 10,394 |  |  | $ | — |  |  | $ | 10,526 |  |  | $ | — |
(a) | Long-term other assets are comprised of notes receivable. The fair values of our Level 2 notes receivable 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.
Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| February 28, 2019 |  | November 30, 2018
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | 982 |  |  | $ | — |  |  | $ | — |
Restricted cash | 16 |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 665 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 996 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |
Total | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |
Reconciliation of Changes in Carrying Amounts of Goodwill | Valuation of Goodwill and Trademarks
| Goodwill
(in millions) | NAA (a) Segment |  | EA (b) Segment |  | Total
At November 30, 2018 | $ | 1,898 |  |  | $ | 1,027 |  |  | $ | 2,925 |
Foreign currency translation adjustment | — |  |  | 18 |  |  | 18 |
At February 28, 2019 | $ | 1,898 |  |  | $ | 1,044 |  |  | $ | 2,943 |
(a) North America & Australia (“NAA”) (b) Europe & Asia (“EA”)
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2018 | $ | 927 |  |  | $ | 242 |  |  | $ | 1,169 |
Foreign currency translation adjustment | — |  |  | 5 |  |  | 5 |
At February 28, 2019 | $ | 927 |  |  | $ | 247 |  |  | $ | 1,174 |
Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets | Derivative Instruments and Hedging Activities
(in millions) | Balance Sheet Location |  | February 28, 2019 |  | November 30, 2018
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Prepaid expenses and other |  | $ | 16 |  |  | $ | — |
Total derivative assets |  |  | $ | 16 |  |  | $ | — |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Accrued liabilities and other |  | $ | 6 |  |  | $ | 5 |
| Other long-term liabilities |  | 22 |  |  | — |
Interest rate swaps (b) | Accrued liabilities and other |  | 7 |  |  | 8 |
| Other long-term liabilities |  | 11 |  |  | 11 |
|  |  | 47 |  |  | 23 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel | Accrued liabilities and other |  | — |  |  | 6 |
Total derivative liabilities |  |  | $ | 47 |  |  | $ | 29 |
(a) | At February 28, 2019 and November 30, 2018, we had cross currency swaps totaling $1.0 billion and $156 million, respectively, that are designated as hedges of our net investment in foreign operations with a euro-denominated functional currency. At February 28, 2019, these cross currency swaps settle through December 2030.
(b) | We have 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 $373 million at February 28, 2019 and $385 million at November 30, 2018 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At February 28, 2019, these interest rate swaps settle through March 2025.
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.
|  | February 28, 2019
(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 |  | $ | 17 |  |  | $ | (1 | ) |  | $ | 16 |  |  | $ | (6 | ) |  | $ | 11 |
Liabilities |  | $ | 47 |  |  | $ | (1 | ) |  | $ | 47 |  |  | $ | (6 | ) |  | $ | 41 |
|  | November 30, 2018
(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 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ |  |  |  | $ | — |
Liabilities |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |  |  | $ | 29 |
Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income | The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income and in income was as follows:
| Three Months Ended February 28,
(in millions) | 2019 |  | 2018
(Losses) gains recognized in AOCI: |  |  |
Cross currency swaps – net investment hedges | $ | (10 | ) |  | $ | (6 | )
Foreign currency zero cost collars – cash flow hedges | $ | — |  |  | $ | 1 |
Interest rate swaps – cash flow hedges | $ | 1 |  |  | $ | 4 |
Losses reclassified from AOCI – cash flow hedges: |  |  |
Interest rate swaps – Interest expense, net of capitalized interest | $ | (2 | ) |  | $ | (3 | )
Gains recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |
Cross currency swaps – Interest expense, net of capitalized interest | $ | 4 |  |  | $ | — |
Outstanding Fuel Derivatives | At February 28, 2019, for the following newbuild, we had foreign currency zero cost collars for a portion of our euro-denominated shipyard payments. These collars are designated as cash flow hedges.
| Entered Into |  | Matures in |  | Weighted-Average Floor Rate |  | Weighted- Average Ceiling Rate
Carnival Panorama | 2019 |  | October 2019 |  | $ | 1.05 |  |  | $ | 1.28 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
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