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Debt (Tables) | 12 Months Ended
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Nov. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | November 30,
(in millions) | Maturity |  | Rate (a) (c) |  | 2021 |  | 2020
Secured Debt |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Apr 2023 |  | 11.5% |  | $ | — |  |  | $ | 4,000 |
Notes | Feb 2026 |  | 10.5% |  | 775 |  |  | 775 |
EUR Notes | Feb 2026 |  | 10.1% |  | 481 |  |  | 508 |
Notes | Jun 2027 |  | 7.9% |  | 192 |  |  | 192 |
Notes | Aug 2027 |  | 9.9% |  | 900 |  |  | 900 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | — |
Loans |  |  |  |  |  |  |
EUR fixed rate | Jul 2024 - May 2025 |  | 5.5 - 6.2% |  | 98 |  |  | 136 |
EUR floating rate | Jun 2025 - Oct 2026 |  | EURIBOR + 2.7 - 3.8% |  | 951 |  |  | 1,026 |
Floating rate | Jun 2025 - Oct 2028 |  | LIBOR + 3.0 - 3.3% |  | 4,137 |  |  | 1,855 |
Total Secured Debt |  |  |  |  | 9,939 |  |  | 9,393 |
Unsecured Debt |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility | (b) |  | LIBOR + 0.7% |  | 2,790 |  |  | 3,083 |
Notes |  |  |  |  |  |  |
EUR Notes | Feb 2021 |  | 1.6% |  | — |  |  | 429 |
EUR Notes | Nov 2022 |  | 1.9% |  | 622 |  |  | 658 |
Convertible Notes | Apr 2023 |  | 5.8% |  | 522 |  |  | 537 |
Notes | Oct 2023 |  | 7.2% |  | 125 |  |  | 125 |
Notes | Mar 2026 |  | 7.6% |  | 1,450 |  |  | 1,450 |
EUR Notes | Mar 2026 |  | 7.6% |  | 566 |  |  | 598 |
Notes | Mar 2027 |  | 5.8% |  | 3,500 |  |  | — |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
Notes | May 2029 |  | 6.0% |  | 2,000 |  |  | — |
EUR Notes | Oct 2029 |  | 1.0% |  | 679 |  |  | 718 |
Loans |  |  |  |  |  |  |
EUR fixed rate | Mar 2021 - Sep 2021 |  | 0.3 - 3.9% |  | — |  |  | 32 |
Floating rate | Feb 2023 - Sep 2024 |  | LIBOR + 3.8 - 4.5% |  | 590 |  |  | 300 |
GBP floating rate | Feb 2025 |  | GBP LIBOR + 0.9% |  | 467 |  |  | 881 |
EUR floating rate | Dec 2021 - Mar 2026 |  | EURIBOR + 0.3 - 4.8% |  | 1,375 |  |  | 1,860 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Feb 2022 - Dec 2031 |  | LIBOR + 0.5 - 1.5% |  | 1,363 |  |  | 1,138 |
EUR floating rate | Feb 2022 - Dec 2032 |  | EURIBOR + 0.2 - 1.6% |  | 2,742 |  |  | 1,891 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 3,488 |  |  | 3,131 |
EUR fixed rate | Feb 2031 - Jul 2033 |  | 1.1 - 1.6% |  | 1,551 |  |  | 1,159 |
Total Unsecured Debt |  |  |  |  | 24,031 |  |  | 18,188 |
Total Debt |  |  |  |  | 33,970 |  |  | 27,581 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (744) |  |  | (624) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  | 33,226 |  |  | 26,957 |
Less: short-term borrowings |  |  |  |  | (2,790) |  |  | (3,084) |
Less: current portion of long-term debt |  |  |  |  | (1,927) |  |  | (1,742) |
Long-Term Debt |  |  |  |  | $ | 28,509 |  |  | $ | 22,130 |
The net carrying value of the liability component of the Convertible Notes was as follows:
|  | November 30,
(in millions) |  | 2021 |  | 2020
Principal |  | $ | 522 |  |  | $ | 537 |
Less: Unamortized debt discount |  | (45) |  |  | (76) |
|  | $ | 478 |  |  | $ | 461 |
The interest expense recognized related to the Convertible Notes was as follows:
|  | November 30,
(in millions) |  | 2021 |  | 2020
Contractual interest expense |  | $ | 31 |  |  | $ | 58 |
Amortization of debt discount |  | 29 |  |  | 50 |
|  | $ | 60 |  |  | $ | 109 |
Schedule of Annual Maturities of Debt | The scheduled maturities of our debt are as follows:
| November 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |
(in millions) | Rate (a) (c) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter
Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |  |  |  |  |  |  |
Notes | 10.5% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 775 |  |  | $ | — |
EUR Notes | 10.1% |  | — |  |  | — |  |  | — |  |  | — |  |  | 481 |  |  | — |
Notes | 7.9% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 192 |
Notes | 9.9% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 900 |
Notes | 4.0% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,406 |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |
EUR fixed rate | 5.5 - 6.2% |  | 30 |  |  | 30 |  |  | 30 |  |  | 8 |  |  | — |  |  | — |
EUR floating rate | EURIBOR + 2.7 - 3.8% |  | 20 |  |  | 20 |  |  | 20 |  |  | 878 |  |  | 11 |  |  | — |
Floating rate | LIBOR + 3.0 - 3.3% |  | 36 |  |  | 42 |  |  | 42 |  |  | 1,804 |  |  | 23 |  |  | 2,191 |
Total Secured Debt |  |  | 86 |  |  | 92 |  |  | 92 |  |  | 2,690 |  |  | 1,290 |  |  | 5,688 |
Unsecured Debt |  |  |  |  |  |  |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |  |  |  |  |  |  |
Facility | LIBOR + 0.7% |  | — |  |  | — |  |  | 2,790 |  |  | — |  |  | — |  |  | — |
Notes |  |  |  |  |  |  |  |  |  |  |  |  |
EUR Notes | 1.9% |  | 622 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Convertible Notes | 5.8% |  | — |  |  | 522 |  |  | — |  |  | — |  |  | — |  |  | — |
Notes | 7.2% |  | — |  |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |
Notes | 7.6% |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,450 |  |  | — |
EUR Notes | 7.6% |  | — |  |  | — |  |  | — |  |  | — |  |  | 566 |  |  | — |
Notes | 5.8% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,500 |
Notes | 6.7% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 200 |
Notes | 6.0% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
EUR Notes | 1.0% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 679 |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate | LIBOR + 3.8 - 4.5% |  | — |  |  | 290 |  |  | 300 |  |  | — |  |  | — |  |  | — |
GBP floating rate | GBP LIBOR + 0.9% |  | — |  |  | — |  |  | 93 |  |  | 374 |  |  | — |  |  | — |
EUR floating rate | EURIBOR + 0.3 - 4.8% |  | 413 |  |  | 490 |  |  | 189 |  |  | 189 |  |  | 94 |  |  | — |
Export Credit Facilities |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate | LIBOR + 0.5 - 1.5% |  | 202 |  |  | 246 |  |  | 246 |  |  | 186 |  |  | 163 |  |  | 406 |
EUR floating rate | EURIBOR + 0.2 - 1.6% |  | 269 |  |  | 468 |  |  | 441 |  |  | 364 |  |  | 317 |  |  | 952 |
Fixed rate | 2.4 - 3.4% |  | 260 |  |  | 387 |  |  | 387 |  |  | 387 |  |  | 387 |  |  | 1,596 |
EUR fixed rate | 1.1 - 1.6% |  | 74 |  |  | 144 |  |  | 144 |  |  | 144 |  |  | 144 |  |  | 832 |
Total Unsecured Debt |  |  | 1,840 |  |  | 2,673 |  |  | 4,590 |  |  | 1,642 |  |  | 3,120 |  |  | 10,165 |
Total Debt |  |  | $ | 1,927 |  |  | $ | 2,765 |  |  | $ | 4,682 |  |  | $ | 4,332 |  |  | $ | 4,411 |  |  | $ | 15,854 |
(a)Substantially all of our variable debt has a 0.0% to 0.75% floor. (b)Amounts outstanding under our $1.7 billion, €1.0 billion and £0.2 billion multi-currency revolving credit facility (the “Revolving Facility”) were drawn in 2020 for an initial six-month term. We may continue to re-borrow or otherwise utilize available amounts under the Revolving Facility through August 2024, subject to satisfaction of the conditions in the facility. We had $0.2 billion available for borrowing under our Revolving Facility as of November 30, 2021. The Revolving Facility also includes an emissions linked margin adjustment whereby, after the initial applicable margin is set per the margin pricing grid, the margin may be adjusted based on performance in achieving certain agreed annual carbon emissions goals. We are required to pay a commitment fee on any unutilized portion. (c)The above debt tables do 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 Revolving Facility, fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc.

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