XML 54 R26.htm IDEA: XBRL DOCUMENT
v3.20.2

Leases (Tables) | 9 Months Ended
--- | ---
Aug. 31, 2020
Leases [Abstract] |
Schedule of Components of Lease Expenses | We amortize our lease assets on a straight-line basis over the lease term. The components of expense were as follows:
(in millions) | Three months ended August 31, 2020 |  | Nine months ended August 31, 2020
Operating lease expense | $ | 51 |  |  | $ | 153 |
Variable lease expense (a) (b) | $ | (36) |  |  | $ | (26) |
(a)Variable lease expense represents costs associated with our multi-year preferential berthing agreements, which vary based on the number of passengers. These costs are recorded within commission, transportation and other in our Consolidated Statements of Income (Loss). Variable and short-term lease costs related to operating leases, other than the port facilities, were not material to our consolidated financial statements. (b)Several of our preferential berthing agreements have force majeure provisions. We have treated the concessions granted under such provision as variable payment adjustments. If our interpretation of the force majeure provisions is disputed, we could be required to record and make additional guarantee payments. Weighted average of the remaining lease terms and weighted average discount rates are as follows:
|  | August 31, 2020
Weighted average remaining lease term - operating leases (in years) |  | 13
Weighted average discount rate - operating leases |  | 3.2 | %
Schedule of Maturities of Operating Lease Liabilities | As of August 31, 2020, maturities of operating lease liabilities were as follows:
(in millions) Year |  |
Remainder of 2020 |  | $ | 36 |
2021 |  | 197 |
2022 |  | 162 |
2023 |  | 156 |
2024 |  | 147 |
Thereafter |  | 1,074 |
Total lease payments |  | 1,773 |
Less: Present value discount |  | (342) |
Present value of lease liabilities |  | $ | 1,431 |
Schedule of Future Minimum Lease Payments | Under ASC 840, Leases, future minimum lease payments under non-cancelable operating leases of port facilities and other assets as of November 30, 2019 were as follows:
(in millions) Year |  |
2020 |  | $ | 219 |
2021 |  | 196 |
2022 |  | 161 |
2023 |  | 173 |
2024 |  | 167 |
Thereafter |  | 1,408 |
|  | $ | 2,324 |

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41502-112717 + Details
Name: | us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration