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Debt (Tables) | 9 Months Ended
--- | ---
Aug. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt |
|  |  | August 31, |  | November 30,
(in millions) | Maturity |  | Rate (a) (b) |  | 2023 |  | 2022
Secured Subsidiary Guaranteed |  |  |  |  |  |  |
Notes |  |  |  |  |  |  |
Notes | Feb 2026 |  | 10.5% |  | $ | — |  |  | $ | 775 |
EUR Notes | Feb 2026 |  | 10.1% |  | — |  |  | 439 |
Notes | Jun 2027 |  | 7.9% |  | 192 |  |  | 192 |
Notes | Aug 2027 |  | 9.9% |  | 870 |  |  | 900 |
Notes | Aug 2028 |  | 4.0% |  | 2,406 |  |  | 2,406 |
Notes | Aug 2029 |  | 7.0% |  | 500 |  |  | — |
Loans |  |  |  |  |  |  |
EUR floating rate | Jun 2025 |  | EURIBOR + 3.8% |  | 844 |  |  | 808 |
Floating rate | Jun 2025 - Oct 2028 |  | SOFR + 3.0 - 3.3% |  | 3,576 |  |  | 4,101 |
Total Secured Subsidiary Guaranteed |  |  |  | 8,388 |  |  | 9,621 |
Senior Priority Subsidiary Guaranteed |  |  |  |  |  |  |
Notes | May 2028 |  | 10.4% |  | 2,030 |  |  | 2,030 |
Unsecured Subsidiary Guaranteed |  |  |  |  |  |  |
Revolver |  |  |  |  |  |  |
Facility | (c) |  | (c) |  | — |  |  | 200 |
Notes |  |  |  |  |  |  |
Convertible Notes | Apr 2023 |  | 5.8% |  | — |  |  | 96 |
Convertible Notes | Oct 2024 |  | 5.8% |  | 426 |  |  | 426 |
Notes | Mar 2026 |  | 7.6% |  | 1,362 |  |  | 1,450 |
EUR Notes | Mar 2026 |  | 7.6% |  | 544 |  |  | 517 |
Notes | Mar 2027 |  | 5.8% |  | 3,260 |  |  | 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% |  | — |  |  | 590 |
GBP floating rate | Feb 2025 |  | SONIA + 0.9% |  | — |  |  | 419 |
EUR floating rate (d) | Apr 2024 - Mar 2026 |  | EURIBOR + 2.4 - 4.0% |  | 716 |  |  | 827 |
Export Credit Facilities |  |  |  |  |  |  |
Floating rate | Dec 2031 |  | SOFR + 0.8% (e) |  | 583 |  |  | 1,246 |
Fixed rate | Aug 2027 - Dec 2032 |  | 2.4 - 3.4% |  | 2,870 |  |  | 3,143 |
EUR floating rate | May 2024 - Nov 2034 |  | EURIBOR + 0.2 - 0.8% |  | 3,165 |  |  | 3,882 |
EUR fixed rate | Feb 2031 - Jul 2037 |  | 1.1 - 3.4% |  | 3,640 |  |  | 2,592 |
Total Unsecured Subsidiary Guaranteed |  |  |  | 20,698 |  |  | 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% |  | 653 |  |  | 620 |
Total Unsecured Notes (No Subsidiary Guarantee) |  |  |  | 978 |  |  | 945 |
Total Debt |  |  |  |  | 32,093 |  |  | 35,615 |
Less: unamortized debt issuance costs and discounts |  |  |  |  | (797) |  |  | (1,069) |
Total Debt, net of unamortized debt issuance costs and discounts |  |  |  |  | 31,296 |  |  | 34,546 |
Less: short-term borrowings |  |  |  |  | — |  |  | (200) |
Less: current portion of long-term debt |  |  |  |  | (1,780) |  |  | (2,393) |
Long-Term Debt |  |  |  |  | $ | 29,516 |  |  | $ | 31,953 |
(a)The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. During 2023, we amended certain of our variable debt instruments to change the reference rate from LIBOR to SOFR. (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)In March 2023, we entered into an amendment of a EUR floating rate loan to extend maturity through April 2024. (e)The interest rate for the unsecured floating rate export credit facility for the current interest period is referenced to LIBOR.
Schedule of Annual Maturities of Debt | As of August 31, 2023, the scheduled maturities of our debt are as follows:
(in millions) |  |
Year |  | Principal Payments
4Q 2023 |  | $ | 462 |
2024 |  | 2,046 |
2025 |  | 2,211 |
2026 |  | 3,194 |
2027 |  | 6,690 |
Thereafter |  | 17,490 |
Total |  | $ | 32,093 |

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