XML 85 R28.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risk (Tables) | 12 Months Ended
--- | ---
Nov. 30, 2019
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, 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) | $ | 181 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 149 |  |  | $ | 127 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 95 |
Total | $ | 181 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 149 |  |  | $ | 127 |  |  | $ | — |  |  | $ | 30 |  |  | $ | 95 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (b) | $ | 7,438 |  |  | $ | — |  |  | $ | 7,782 |  |  | $ | — |  |  | $ | 5,699 |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |
Floating rate debt (b) | 4,195 |  |  | — |  |  | 4,248 |  |  | — |  |  | 4,695 |  |  | — |  |  | 4,727 |  |  | — |
Total | $ | 11,634 |  |  | $ | — |  |  | $ | 12,030 |  |  | $ | — |  |  | $ | 10,394 |  |  | $ | — |  |  | $ | 10,526 |  |  | $ | — |
(a) | Long-term other assets are comprised of notes receivables, which include loans on ship sales. 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, 2019 |  | November 30, 2018
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 518 |  |  | $ | — |  |  | $ | — |  |  | $ | 982 |  |  | $ | — |  |  | $ | — |
Restricted cash | 13 |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | — |
Derivative financial instruments | — |  |  | 58 |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 530 |  |  | $ | 58 |  |  | $ | — |  |  | $ | 996 |  |  | $ | — |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |
Total | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 29 |  |  | $ | — |
Reconciliation of Changes in Carrying Amounts of Goodwill |
| Goodwill
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2017 | $ | 1,898 |  |  | $ | 1,069 |  |  | $ | 2,967 |
Foreign currency translation adjustment | — |  |  | (42 | ) |  | (42 | )
At November 30, 2018 | 1,898 |  |  | 1,027 |  |  | 2,925 |
Foreign currency translation adjustment | — |  |  | (13 | ) |  | (13 | )
At November 30, 2019 | $ | 1,898 |  |  | $ | 1,014 |  |  | $ | 2,912 |
Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | EA Segment |  | Total
At November 30, 2017 | $ | 928 |  |  | $ | 251 |  |  | $ | 1,179 |
Foreign currency translation adjustment | — |  |  | (10 | ) |  | (10 | )
At November 30, 2018 | 927 |  |  | 242 |  |  | 1,169 |
Foreign currency translation adjustment | — |  |  | (2 | ) |  | (2 | )
At November 30, 2019 | $ | 927 |  |  | $ | 240 |  |  | $ | 1,167 |
Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets |
|  |  | November 30,
(in millions) | Balance Sheet Location |  | 2019 |  | 2018
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Prepaid expenses and other |  | $ | 32 |  |  | $ | — |
| Other assets |  | 25 |  |  |
Total derivative assets |  |  | $ | 58 |  |  | $ | — |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (a) | Accrued liabilities and other |  | $ | 1 |  |  | $ | 5 |
| Other long-term liabilities |  | 9 |  |  | — |
Foreign currency zero cost collars (b) | Accrued liabilities and other |  | 1 |  |  | — |
Interest rate swaps (c) | Accrued liabilities and other |  | 6 |  |  | 8 |
| Other long-term liabilities |  | 9 |  |  | 11 |
|  |  | 25 |  |  | 23 |
Derivatives not designated as hedging instruments |  |  |  |  |
Fuel | Accrued liabilities and other |  | — |  |  | 6 |
Total derivative liabilities |  |  | $ | 25 |  |  | $ | 29 |
(a) | At November 30, 2019 and 2018, we had cross currency swaps totaling $1.9 billion and $156 million, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At November 30, 2019, these cross currency swaps settle through 2031.
(b) | At November 30, 2019, 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 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 $300 million at November 30, 2019 and $385 million at November 30, 2018 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At November 30, 2019, these interest rate swaps settle through 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.
| November 30, 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 | $ | 58 |  |  | $ | — |  |  | $ | 58 |  |  | $ | (4 | ) |  | $ | 54 |
Liabilities | $ | 25 |  |  | $ | — |  |  | $ | 25 |  |  | $ | (4 | ) |  | $ | 21 |
| 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 |
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) | The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in income was as follows:
| November 30,
(in millions) | 2019 |  | 2018 |  | 2017
Gains (losses) recognized in AOCI: |  |  |  |  |
Cross currency swaps – net investment hedges | $ | 43 |  |  | $ | 18 |  |  | $ | (31 | )
Foreign currency zero cost collars – cash flow hedges | $ | (1 | ) |  | $ | (12 | ) |  | $ | 45 |
Interest rate swaps – cash flow hedges | $ | 3 |  |  | $ | 6 |  |  | $ | 8 |
Gains (losses) reclassified from AOCI – cash flow hedges: |  |  |  |  |
Interest rate swaps – Interest expense, net of capitalized interest | $ | (7 | ) |  | $ | (10 | ) |  | $ | (11 | )
Foreign currency zero cost collars - Depreciation and amortization | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Gains (losses) recognized on derivative instruments (amount excluded from effectiveness testing – net investment hedges) |  |  |  |  |
Cross currency swaps – Interest expense, net of capitalized interest | $ | 23 |  |  | $ | — |  |  | $ | — |
(Losses) Gains on Fuel Derivatives, Net |
| November 30,
(in millions) | 2018 |  | 2017
Unrealized gains on fuel derivatives, net | $ | 94 |  |  | $ | 227 |
Realized losses on fuel derivatives, net | (35 | ) |  | (192 | )
Gains (losses) on fuel derivatives, net | $ | 59 |  |  | $ | 35 |
Outstanding Fuel Derivatives | At November 30, 2019, for the following newbuilds, 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
Enchanted Princess | 2019 |  | June 2020 |  | $ | 1.04 |  |  | $ | 1.28 |
Mardi Gras | 2019 |  | August 2020 |  | $ | 1.04 |  |  | $ | 1.28 |

X
- Definition Cost and Fair Value of Financial Instruments Disclosure + References No definition available. + Details
Name: | ccl_CostAndFairValueOfFinancialInstrumentsDisclosureTableTextBlock
Namespace Prefix: | ccl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition [Table Text Block] for Offsetting Derivative Instruments [Table] + References No definition available. + Details
Name: | ccl_OffsettingDerivativeInstrumentsTableTextBlock
Namespace Prefix: | ccl_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13854-109267 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance and exist in perpetuity, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -Subparagraph (b),(d) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16373-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration