XML 47 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Debt (Tables) | 6 Months Ended
--- | ---
May 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | May 31, |  | November 30,
(in millions) | Maturity |  | Rate (a) (b) |  | 2023 |  | 2022
Secured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Feb 2026 |  | 10.5% |  | $ | 775 |  |  | $ | 775 |
EUR Notes | Feb 2026 |  | 10.1% |  | 455 |  |  | 439 |
Notes | Jun 2027 |  | 7.9% |  | 192 |  |  | 192 |
Notes | Aug 2027 |  | 9.9% |  | 900 |  |  | 900 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | 2,406 |
Loans |  |  |  |  |  |  |
EUR floating rate | Jun 2025 |  | EURIBOR + 3.8% |  | 833 |  |  | 808 |
Floating rate | Jun 2025 - Oct 2028 |  | LIBOR + 3.0 - 3.3% |  | 4,080 |  |  | 4,101 |
Total Secured Subsidiary Guaranteed |  |  |  | 9,640 |  |  | 9,621 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |  |
Notes | May 2028 |  | 10.4% |  | 2,030 |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility | (c) |  | LIBOR + 0.7% |  | — |  |  | 200 |
Notes |  |  |  |  |  |  |
Convertible Notes | Apr 2023 |  | 5.8% |  | — |  |  | 96 |
Convertible Notes | Oct 2024 |  | 5.8% |  | 426 |  |  | 426 |
Notes | Mar 2026 |  | 7.6% |  | 1,450 |  |  | 1,450 |
EUR Notes | Mar 2026 |  | 7.6% |  | 535 |  |  | 517 |
Notes | Mar 2027 |  | 5.8% |  | 3,500 |  |  | 3,500 |
Convertible Notes | Dec 2027 |  | 5.8% |  | 1,131 |  |  | 1,131 |
Notes | May 2029 |  | 6.0% |  | 2,000 |  |  | 2,000 |
Notes | Jun 2030 |  | 10.5% |  | 1,000 |  |  | 1,000 |
Loans |  |  |  |  |  |  |
Floating rate | Jul 2024 - Sep 2024 |  | LIBOR + 3.8% |  | 300 |  |  | 590 |
GBP floating rate | Feb 2025 |  | SONIA + 0.9% (d) |  | 432 |  |  | 419 |
EUR floating rate (e) | Apr 2024 - Mar 2026 |  | EURIBOR + 2.4 - 4.0% |  | 749 |  |  | 827 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | LIBOR + 0.8 |  | 617 |  |  | 1,246 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 2,950 |  |  | 3,143 |
EUR floating rate | May 2024 - Nov 2034 |  | EURIBOR + 0.2 - 0.8% |  | 3,201 |  |  | 3,882 |
EUR fixed rate | Feb 2031 - Jan 2036 |  | 1.1 - 3.4% |  | 3,582 |  |  | 2,592 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 21,874 |  |  | 23,019 |
Unsecured Notes (No Subsidiary Guarantee) |  |  |  |  |  |
Notes | Oct 2023 |  | 7.2% |  | 125 |  |  | 125 |
Notes | Jan 2028 |  | 6.7% |  | 200 |  |  | 200 |
EUR Notes | Oct 2029 |  | 1.0% |  | 642 |  |  | 620 |
Total Unsecured Notes (No Subsidiary Guarantee) |  |  |  | 967 |  |  | 945 |
Total Debt |  |  |  |  | 34,511 |  |  | 35,615 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (802) |  |  | (1,069) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 33,710 |  |  | 34,546 |
Less: short-term borrowings |  |  |  |  | — |  |  | (200) |
Less: current portion of long-term debt |  |  |  |  | (1,789) |  |  | (2,393) |
Long-Term Debt |  |  |  |  | $ | 31,921 |  |  | $ | 31,953 |
(a)The reference rates for substantially all of our LIBOR and EURIBOR based variable debt have 0.0% to 0.75% floors. (b)The above debt table excludes the impact of any outstanding derivative contracts. The interest rates on some of our debt fluctuate based on the applicable rating of senior unsecured long-term securities of Carnival Corporation or Carnival plc. (c)See “Short-Term Borrowings” below. (d)The interest rate for the GBP unsecured loan is subject to a credit adjustment spread ranging from 0.03% to 0.28%. The referenced Sterling Overnight Index Average (“SONIA”) rate with the credit adjustment spread is subject to a 0% floor. (e)In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024.
Schedule of Annual Maturities of Debt | As of May 31, 2023, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
3Q 2023 |  | $ | 394 |
4Q 2023 |  | 431 |
2024 (a) |  | 2,420 |
2025 |  | 4,297 |
2026 |  | 4,466 |
2027 |  | 5,700 |
Thereafter |  | 16,803 |
Total |  | $ | 34,511 |
(a)Subsequent to May 31, 2023, we pre-paid $300 million of 2024 debt maturities.

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 Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration