XML 49 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Fair Value Measurements, Derivative Instruments and Hedging Activities and Financial Risks (Tables) | 6 Months Ended
--- | ---
May 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis | Financial Instruments that are not Measured at Fair Value on a Recurring Basis
| May 31, 2024 |  | November 30, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed rate debt (a) | $ | 23,445 |  |  | $ | — |  |  | $ | 22,919 |  |  | $ | — |  |  | $ | 22,575 |  |  | $ | — |  |  | $ | 21,503 |  |  | $ | — |
Floating rate debt (a) | 6,709 |  |  | — |  |  | 6,516 |  |  | — |  |  | 8,764 |  |  | — |  |  | 8,225 |  |  | — |
Total | $ | 30,154 |  |  | $ | — |  |  | $ | 29,435 |  |  | $ | — |  |  | $ | 31,339 |  |  | $ | — |  |  | $ | 29,728 |  |  | $ | — |
(a)The debt amounts above do not include the impact of interest rate swaps or debt issuance costs and discounts. 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.
Schedule of Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial Instruments that are Measured at Fair Value on a Recurring Basis
| May 31, 2024 |  | November 30, 2023
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |  |  |  |
Cash equivalents (a) | $ | 769 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,021 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments | — |  |  | 24 |  |  | — |  |  | — |  |  | 22 |  |  | — |
Total | $ | 769 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 1,021 |  |  | $ | 22 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | — |
(a)Consists of money market funds and cash investments with original maturities of less than 90 days.
Schedule of Reconciliation of Changes in Carrying Amounts of Trademarks |
| Trademarks
(in millions) | NAA Segment |  | Europe Segment |  | Total
November 30, 2023 | $ | 927 |  |  | $ | 237 |  |  | $ | 1,164 |
Exchange movements | — |  |  | (1) |  |  | (1) |
May 31, 2024 | $ | 927 |  |  | $ | 236 |  |  | $ | 1,163 |
Schedule of Estimated Fair Values of Derivative Financial Instruments and Location in the Consolidated Balance Sheets | Derivative Instruments and Hedging Activities
(in millions) | Balance Sheet Location |  | May 31, 2024 |  | November 30, 2023
Derivative assets |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Interest rate swaps (a) | Prepaid expenses and other |  | $ | 19 |  |  | $ | — |
| Other assets |  | 4 |  |  | 22 |
Derivatives not designated as hedging instruments |  |  |  |  |
Interest rate swaps (a) | Prepaid expenses and other |  | — |  |  | 1 |
Total derivative assets |  |  | $ | 24 |  |  | $ | 22 |
Derivative liabilities |  |  |  |  |
Derivatives designated as hedging instruments |  |  |  |  |
Cross currency swaps (b) | Other long-term liabilities |  | $ | — |  |  | $ | 12 |
Interest rate swaps (a) | Other long-term liabilities |  | — |  |  | 16 |
Total derivative liabilities |  |  | $ | — |  |  | $ | 28 |
(a)We have interest rate swaps whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $22 million at May 31, 2024 and $46 million at November 30, 2023 of EURIBOR-based floating rate euro debt to fixed rate euro debt, and $2.0 billion at May 31, 2024 of SOFR-based variable rate debt to fixed rate debt. As of May 31, 2024 and November 30, 2023, the EURIBOR-based interest rate swaps settle through 2025 and were not designated as cash flow hedges; the SOFR-based interest rate swaps settle through 2027 and were designated as cash flow hedges. (b)At November 30, 2023, we had a cross currency swap with a notional amount of $670 million that was designated as a hedge of our net investment in foreign operations with euro-denominated functional currencies. This cross currency swap was terminated in January 2024.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The effect of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) and in net income (loss) was as follows:
| Three Months Ended May 31, |  | Six Months Ended May 31,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Gains (losses) recognized in AOCI: |  |  |  |  |  |  |
Cross currency swaps – net investment hedges - included component | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | 9 |
Cross currency swaps – net investment hedges - excluded component | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (4) |
Interest rate swaps – cash flow hedges | $ | 20 |  |  | $ | (33) |  |  | $ | 33 |  |  | $ | (19) |
(Gains) losses reclassified from AOCI – cash flow hedges: |  |  |  |  |  |  |
Interest rate swaps – Interest expense, net of capitalized interest | $ | (8) |  |  | $ | (9) |  |  | $ | (20) |  |  | $ | (10) |
Foreign currency zero cost collars – Depreciation and amortization | $ | — |  |  | $ | — |  |  | $ | 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 | $ | — |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 4 |

X
- Definition Cost and Fair Value of Financial Instruments Disclosure + References No definition available. + Details
Name: | ccl_CostAndFairValueOfFinancialInstrumentsDisclosureTableTextBlock
Namespace Prefix: | ccl_
Data Type: | dtr-types1: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 net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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 -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration