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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Aug. 31, 2017	Sep. 22, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--11-30
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	CARNIVAL CORP
Entity Central Index Key	0000815097
Entity Common Stock, Shares Outstanding		533,637,019
CARNIVAL PLC
Entity Registrant Name	CARNIVAL PLC
Entity Central Index Key	0001125259
Entity Common Stock, Shares Outstanding		213,468,320

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Cruise
Passenger ticket	$ 4,138	$ 3,803	$ 9,814	$ 9,217
Onboard and other	1,223	1,146	3,237	3,047
Tour and other	154	148	200	190
Revenues	5,515	5,097	13,251	12,454
Cruise
Commissions, transportation and other	699	646	1,781	1,723
Onboard and other	184	171	438	411
Payroll and related	520	494	1,552	1,488
Fuel	307	265	914	648
Food	270	260	774	755
Other ship operating	947	643	2,293	1,914
Tour and other	86	84	132	125
Operating expenses	3,013	2,563	7,884	7,064
Selling and administrative	547	529	1,649	1,613
Depreciation and amortization	473	443	1,368	1,303
Goodwill and trademark impairment	89	0	89	0
Operating costs and expenses	4,122	3,535	10,990	9,980
Operating income (loss)	1,393	1,562	2,261	2,474
Nonoperating Income (Expense)
Interest income	3	2	7	5
Interest expense, net of capitalized interest	(49)	(61)	(150)	(168)
Gains (Losses) on fuel derivatives, net	7	(36)	(19)	(102)
Other income (expense), net	14	(2)	7	6
Nonoperating (Expense) Income, Total	(25)	(97)	(155)	(259)
Income Before Income Taxes	1,368	1,465	2,106	2,215
Income Tax Expense, Net	(39)	(41)	(46)	(44)
Net Income	$ 1,329	$ 1,424	$ 2,060	$ 2,171
Earnings Per Share
Earnings per share, basic (in dollars per share)	$ 1.84	$ 1.93	$ 2.85	$ 2.89
Earnings per share, diluted (in dollars per share)	1.83	1.93	2.84	2.88
Dividends declared per share (in dollars per share)	$ 0.40	$ 0.35	$ 1.15	$ 1

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Statement of Comprehensive Income [Abstract]
Net Income	$ 1,329	$ 1,424	$ 2,060	$ 2,171
Items Included in Other Comprehensive Income (Loss)
Change in foreign currency translation adjustment	285	(366)	543	(294)
Other	24	2	66	23
Other Comprehensive Income (Loss)	309	(364)	609	(271)
Total Comprehensive Income	$ 1,638	$ 1,060	$ 2,669	$ 1,900

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 31, 2017	Nov. 30, 2016
Current Assets
Cash and cash equivalents	$ 489	$ 603
Trade and other receivables, net	324	298
Inventories	357	322
Prepaid expenses and other	491	466
Total current assets	1,661	1,689
Property and Equipment, Net	34,172	32,429
Goodwill	2,957	2,910
Other Intangibles	1,247	1,275
Other Assets	606	578
Total assets	40,643	38,881
Current Liabilities
Short-term borrowings	182	457
Current portion of long-term debt	1,265	640
Accounts payable	639	713
Accrued liabilities and other	1,845	1,740
Customer deposits	4,038	3,522
Total current liabilities	7,969	7,072
Long-Term Debt	7,723	8,302
Other Long-Term Liabilities	779	910
Contingencies
Shareholders’ Equity
Additional paid-in capital	8,690	8,632
Retained earnings	23,066	21,843
Accumulated other comprehensive loss	(1,845)	(2,454)
Treasury stock, 121 shares at 2017 and 118 shares at 2016 of Carnival Corporation and 30 shares at 2017 and 27 shares at 2016 of Carnival plc, at cost	(6,104)	(5,789)
Total shareholders’ equity	24,172	22,597
Liabilities and Equity, Total	40,643	38,881
Common Stock
Shareholders’ Equity
Common stock	7	7
Ordinary Shares
Shareholders’ Equity
Common stock	$ 358	$ 358

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions	Aug. 31, 2017	Nov. 30, 2016
Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,960	1,960
Common stock, shares issued (in shares)	655	654
Treasury stock, shares (in shares)	121	118
CARNIVAL PLC \| Ordinary Shares
Common stock, par value (in dollars per share)	$ 1.66	$ 1.66
Common stock, shares issued (in shares)	217	217
Treasury stock, shares (in shares)	30	27

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
OPERATING ACTIVITIES
Net income	$ 2,060	$ 2,171
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	1,368	1,303
Impairments	392	0
Losses on fuel derivatives, net	19	102
Share-based compensation	48	40
Other, net	52	46
Adjustments to reconcile net income to net cash provided by operating activities	3,939	3,662
Changes in operating assets and liabilities
Receivables	(1)	(35)
Inventories	(18)	15
Prepaid expenses and other	(1)	(10)
Accounts payable	(101)	88
Accrued liabilities and other	25	(5)
Customer deposits	455	395
Net cash provided by operating activities	4,298	4,110
INVESTING ACTIVITIES
Additions to property and equipment	(2,296)	(2,416)
Proceeds from sales of ships	0	19
Payments of fuel derivative settlements	(157)	(231)
Collateral proceeds for fuel derivatives	0	22
Other, net	34	(16)
Net cash used in investing activities	(2,419)	(2,622)
FINANCING ACTIVITIES
(Repayments of) proceeds from short-term borrowings, net	(335)	301
Principal repayments of long-term debt	(1,012)	(971)
Proceeds from issuance of long-term debt	467	1,044
Dividends paid	(797)	(721)
Purchases of treasury stock	(305)	(2,110)
Sales of treasury stock	0	40
Other, net	(22)	(9)
Net cash used in financing activities	(2,004)	(2,426)
Effect of exchange rate changes on cash and cash equivalents	11	5
Net decrease in cash and cash equivalents	(114)	(933)
Cash and cash equivalents at beginning of period	603	1,395
Cash and cash equivalents at end of period	$ 489	$ 462

General	9 Months Ended
General	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The consolidated financial statements include the accounts of Carnival Corporation and Carnival plc and their respective subsidiaries. Together with their consolidated subsidiaries, they are referred to collectively in these consolidated financial statements and elsewhere in this joint Quarterly Report on Form 10-Q as “Carnival Corporation & plc,” “our,” “us” and “we.” Basis of Presentation The Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2017 and 2016, the Consolidated Balance Sheet at August 31, 2017 and the Consolidated Statements of Cash Flows for the nine months ended August 31, 2017 and 2016 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2016 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 30, 2017. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year. Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs and which clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. On December 1, 2016, we adopted this guidance using the retrospective approach and reclassified $55 million from Other Assets to Long-Term Debt on our November 30, 2016 Consolidated Balance Sheet. The FASB issued amended guidance regarding Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. On December 1, 2016, we early adopted this guidance using the modified retrospective approach. The impact of adopting this guidance was primarily related to forfeitures and immaterial to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Intangibles - Goodwill and Other - Internal-Use Software, which clarifies the accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license or if the arrangement should be accounted for as a service contract. The amendments impact the accounting for software licenses but will not change a customer’s accounting for service contracts. On December 1, 2016, we adopted this guidance on a prospective basis, and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. On March 1, 2017, we early adopted this guidance on a prospective basis, and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments, which clarifies the requirements for assessing whether contingent call and put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts or whether the embedded call and put options should be bifurcated from the related debt instrument and accounted for separately as a derivative. On June 1, 2017, we early adopted this guidance using a modified retrospective approach and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Intangibles - Goodwill and Other - Simplifying the Accounting for Goodwill Impairment, which simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test requiring a hypothetical purchase price allocation. The new guidance requires that the impairment charge is based on the difference between the reporting unit's carrying amount and its fair value, but is limited to the amount of goodwill allocated to that reporting unit. On June 1, 2017, we early adopted this guidance on a prospective basis. The FASB issued guidance regarding Presentation of Financial Statements - Going Concern, which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. This guidance is required to be adopted by us as of November 30, 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued guidance regarding accounting for Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance regarding Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the bifurcation of net benefit cost. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for the presentation of the service cost component and the other components of net benefit cost, and on a prospective basis for the capitalization of only the service cost component of net benefit cost. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding accounting for Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements. Other Cruise passenger ticket revenues include fees, taxes and charges collected by us from our guests. The portion of these fees, taxes and charges included in passenger ticket revenues and commissions, transportation and other costs were $161 million and $148 million and $440 million and $407 million for the three and nine months ended August 31, 2017 and 2016, respectively.

Unsecured Debt	9 Months Ended
Unsecured Debt	Aug. 31, 2017
Debt Disclosure [Abstract]
Unsecured Debt	Unsecured Debt At August 31, 2017, our short-term borrowings consisted of euro- and U.S. dollar-denominated commercial paper of $138 million and $28 million, respectively, and euro-denominated bank loans of $16 million. In January 2017, we borrowed $100 million under a floating rate bank loan, due in January 2022. In January 2017, we entered into an approximately $800 million export credit facility, which may be drawn in euros or U.S. dollars in 2021 and will be due in semi-annual installments through 2033. The interest rate on this export credit facility can be fixed or floating, at our discretion. In April 2017, we entered into two euro-denominated export credit facilities totaling $1.6 billion. The facilities are expected to be drawn in 2021 and 2022 and will be due in semi-annual installments through 2033 and 2034, respectively. The interest rate on these export credit facilities can be fixed or floating, at our discretion. In May 2017, we repaid $620 million of export credit facilities prior to their 2025 and 2026 maturity dates. In May 2017, we borrowed $367 million under an export credit facility. The facility is due in semi-annual installments through April 2028. In June 2017, we entered into a $619 million export credit facility, which may be drawn in euro or U.S. dollars in 2020 and will be due in semi-annual installments through 2032. The interest rate on this export credit facility can be fixed or floating, at our discretion. For the nine months ended August 31, 2017, we had borrowings of $111 million and repayments of $364 million of commercial paper with original maturities greater than three months. We use the net proceeds from our borrowings for payments related to the purchases of new ships and general corporate purposes.

Contingencies	9 Months Ended
Contingencies	Aug. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. We believe the ultimate outcome of these claims and lawsuits will not have a material impact on our consolidated financial statements. Contingent Obligation – Lease Out and Lease Back Type Transaction At August 31, 2017, we had an estimated contingent obligation of $122 million. At the inception of the lease, we paid the aggregate of the net present value of the obligation to a group of major financial institutions, who agreed to act as payment undertakers and directly pay this obligation. As a result, this contingent obligation is considered extinguished and neither the funds nor the contingent obligation have been included in our Consolidated Balance Sheets. In January 2016, we exercised our option to terminate, at no cost, this transaction as of January 2, 2018. Contingent Obligations – Indemnifications Some of the debt contracts we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase our lender’s costs. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses.

Fair Value Measurements, Derivative Instruments and Hedging Activities

9 Months Ended

Aug. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements, Derivative Instruments and Hedging Activities

Fair Value Measurements

Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and is measured using inputs in one of the following three categories:


•	Level 1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.


•	Level 2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.


•	Level 3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

Considerable judgment may be required in interpreting market data used to develop the estimates of fair value. Accordingly, certain estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized in a current or future market exchange.

Financial Instruments that are not Measured at Fair Value on a Recurring Basis

The carrying values, estimated fair values and basis of valuation of our financial instrument assets and liabilities not measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2017								November 30, 2016
	Carrying Value		Fair Value						Carrying Value		Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Carrying Value		Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	133	$	—	$	54	$	75	$	99	$	1	$	68	$	31
Total	$	133	$	—	$	54	$	75	$	99	$	1	$	68	$	31
Liabilities
Fixed rate debt (b)	$	5,755	$	—	$	6,108	$	—	$	5,436	$	—	$	5,727	$	—
Floating rate debt (b)	3,470		—		3,553		—		4,018		—		4,048		—
Total	$	9,225	$	—	$	9,661	$	—	$	9,454	$	—	$	9,775	$	—


(a)	Long-term other assets are comprised of notes and other receivables. The fair values of our Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.

(b)

The debt amounts above do not include the impact of interest rate swaps or debt issuance costs. 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 appropriate market interest rates being applied to this debt.

Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis

Valuation of Goodwill and Other Intangibles

As of July 31, 2017, we performed our annual goodwill and trademark impairment reviews and we determined there was no impairment for goodwill or trademarks related to AIDA, Carnival Cruise Line, Costa, Cunard, Holland America Line, Princess Cruises, and P&O Cruises (UK).

During the third quarter of 2017, we made a decision to strategically realign our business in Australia, which includes reducing capacity in P&O Cruises (Australia). We performed discounted cash flow analyses and determined that the estimated fair values of the P&O Cruises (Australia) reporting unit and its trademark no longer exceeded their carrying values. We recognized a goodwill impairment charge of $38 million and a trademark impairment charge of $50 million during the third quarter of 2017.

The determination of our reporting unit goodwill and trademark fair values includes numerous assumptions that are subject to various risks and uncertainties. The principal assumptions, all of which are considered Level 3 inputs, used in our cash flow analyses consisted of:


•	Forecasted operating results, including net revenue yields and net cruise costs including fuel prices


•	Capacity changes and the expected rotation of vessels into or out of each of these cruise brands, including decisions about the allocation of new ships amongst brands, the transfer of ships between brands and the timing of ship dispositions


•	Weighted-average cost of capital of market participants, adjusted for the risk attributable to the geographic regions in which these cruise brands operate


•	Capital expenditures, proceeds from forecasted dispositions of ships and terminal values

We believe that we have made reasonable estimates and judgments. Changes in the conditions or circumstances may result in a need to recognize an additional impairment charge.

The reconciliations of the changes in the carrying amounts of our goodwill, trademarks, and amortizable intangibles were as follows:



	Goodwill
(in millions)	North America Segment		EAA (a) Segment			Total
Balance at November 30, 2016	$	1,898	$	1,012		$	2,910
Impairment charge	—		(38		)	(38		)
Foreign currency translation adjustment	—		85			85
Balance at August 31, 2017	$	1,898	$	1,059		$	2,957

(a) Europe, Australia & Asia (“EAA”)



	Trademarks
(in millions)	North America Segment		EAA Segment			Total
Balance at November 30, 2016	$	927	$	279		$	1,206
Impairment charge	—		(50		)	(50		)
Foreign currency translation adjustment	—		19			19
Balance at August 31, 2017	$	927	$	248		$	1,175



	Amortizable Intangibles
(in millions)	Cruise Support Segment			EAA Segment		Tour and Other Segment			Total
Balance at November 30, 2016	$	57		$	12	$	—		$	69
Additions	—			—		4			4
Amortization	(2		)	—		(1		)	(3		)
Foreign currency translation adjustment	—			1		—			1
Balance at August 31, 2017	$	55		$	13	$	3		$	71

Impairments of Ships

We review our long-lived assets for impairment whenever events or circumstances indicate potential impairment. Primarily as a result of our decision during the third quarter of 2017 to strategically realign our business in Australia, which includes reducing capacity in P&O Cruises (Australia), we performed undiscounted cash flow analyses on certain ships as of July 31, 2017. Based on these undiscounted cash flow analyses, we determined that certain ships had net carrying values that exceeded their estimated undiscounted future cash flows. We estimated the July 31, 2017 fair values of these ships based on their discounted cash flows and comparable market transactions. We then compared these estimated fair values to the net carrying values and, as a result, we recognized $304 million of ship impairment charges in the EAA segment, included in other ship operating expenses of our consolidated statements of income for the third quarter of 2017.

The principal assumptions used in our analyses consisted of forecasted future operating results, including net revenue yields and net cruise costs including fuel prices, estimated ship sale proceeds, and changes in strategy, including decisions about the transfer of ships between brands. All principal assumptions are considered Level 3 inputs.

Financial Instruments that are Measured at Fair Value on a Recurring Basis

The estimated fair value and basis of valuation of our financial instrument assets and liabilities measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2017						November 30, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	489	$	—	$	—	$	603	$	—	$	—
Restricted cash	31		—		—		60		—		—
Short-term investments (b)	—		—		—		—		—		21
Marketable securities held in rabbi trusts (c)	91		4		—		93		4		—
Derivative financial instruments	—		22		—		—		15		—
Total	$	611	$	26	$	—	$	756	$	19	$	21
Liabilities
Derivative financial instruments	$	—	$	265	$	—	$	—	$	434	$	—
Total	$	—	$	265	$	—	$	—	$	434	$	—


(a)	Cash and cash equivalents are comprised of cash and marketable securities with maturities of less than 90 days.


(b)	The fair value of the auction rate security included in short-term investments, as of November 30, 2016, was based on a broker quote in an inactive market, which is considered a Level 3 input. This auction-rate security was sold in December 2016.


(c)	At August 31, 2017, marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.

Derivative Instruments and Hedging Activities

The estimated fair values of our derivative financial instruments and their location in the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	August 31, 2017		November 30, 2016
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	3	$	12
	Other assets	—		3
Foreign currency zero cost collars (c)	Prepaid expenses and other	8		—
	Other assets	11		—
Total derivative assets		$	22	$	15
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	13	$	26
	Other long-term liabilities	16		—
Interest rate swaps (b)	Accrued liabilities and other	11		10
	Other long-term liabilities	21		23
Foreign currency zero cost collars (c)	Accrued liabilities and other	—		12
	Other long-term liabilities	—		21
		61		92
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	159		198
	Other long-term liabilities	45		144
		204		342
Total derivative liabilities		$	265	$	434


(a)	We had foreign currency swaps totaling $328 million at August 31, 2017 and $291 million at November 30, 2016 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2017, these foreign currency swaps settle through 2019.

(b)

We have euro interest rate swaps designated as cash flow hedges whereby we receive floating interest rate payments in exchange for making fixed interest rate payments. These interest rate swap agreements effectively changed $511 million at August 31, 2017 and $500 million at November 30, 2016 of EURIBOR-based floating rate euro debt to fixed rate euro debt. At August 31, 2017, these interest rate swaps settle through 2025.


(c)	At August 31, 2017 and November 30, 2016, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.


(d)	At August 31, 2017 and November 30, 2016, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these derivatives.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain of our derivative assets and liabilities within counterparties. The amounts recognized within assets and liabilities were as follows (in millions):



	August 31, 2017
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	22	$	—	$	22	$	(9	)	$	13
Liabilities	$	265	$	—	$	265	$	(9	)	$	256

	November 30, 2016
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	15	$	—	$	15	$	(15	)	$	—
Liabilities	$	434	$	—	$	434	$	(15	)	$	419

The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions):



	Three Months Ended August 31,					Nine Months Ended August 31,
	2017			2016		2017			2016
Net investment hedges	$	(17	)	$	—	$	(33	)	$	(17	)
Foreign currency zero cost collars – cash flow hedges	$	17		$	2	$	52		$	21
Interest rate swaps – cash flow hedges	$	1		$	—	$	5		$	3

There are no credit risk related contingent features in our derivative agreements, except for bilateral credit provisions within our fuel derivative counterparty agreements. These provisions require cash collateral to be posted or received to the extent the fuel derivative fair value payable to or receivable from an individual counterparty exceeds $100 million. At August 31, 2017 and November 30, 2016, no collateral was required to be posted to or received from our fuel derivative counterparties.

The amount of estimated cash flow hedges’ unrealized gains and losses that are expected to be reclassified to earnings in the next twelve months is not significant. We have not provided additional disclosures of the impact that derivative instruments and hedging activities have on our consolidated financial statements as of August 31, 2017 and November 30, 2016 and for the three and nine months ended August 31, 2017 and 2016 where such impacts were not significant.

Fuel Price Risks

Substantially all of our exposure to market risk for changes in fuel prices relates to the consumption of fuel on our ships. We have Brent call options and Brent put options, collectively referred to as zero cost collars, that establish ceiling and floor prices and mitigate a portion of our economic risk attributable to potential fuel price increases. To maximize operational flexibility we utilized derivative markets with significant trading liquidity.

Our zero cost collars are based on Brent prices whereas the actual fuel used on our ships is marine fuel. Changes in the Brent prices may not show a high degree of correlation with changes in our underlying marine fuel prices. We will not realize any economic gain or loss upon the monthly maturities of our zero cost collars unless the average monthly price of Brent is above the ceiling price or below the floor price. We believe that these zero cost collars will act as economic hedges; however, hedge accounting is not applied.

Our unrealized and realized gains (losses), net on fuel derivatives were as follows (in millions):



	Three Months Ended August 31,						Nine Months Ended August 31,
	2017			2016			2017			2016
Unrealized gains on fuel derivatives, net	$	65		$	25		$	134		$	121
Realized losses on fuel derivatives, net	(57		)	(61		)	(153		)	(223		)
Gains (losses) on fuel derivatives, net	$	7		$	(36	)	$	(19	)	$	(102	)

At August 31, 2017, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices
Fiscal 2017 (4Q)
	February 2013	819	$	80	$	115
	April 2013	507	$	75	$	110
	January 2014	450	$	75	$	114
	October 2014	255	$	80	$	113
		2,031
Fiscal 2018
	January 2014	2,700	$	75	$	110
	October 2014	3,000	$	80	$	114
		5,700


(a)	Fuel derivatives mature evenly over each month within the above fiscal periods.

Foreign Currency Exchange Rate Risks

Overall Strategy

We manage our exposure to fluctuations in foreign currency exchange rates through our normal operating and financing activities, including netting certain exposures to take advantage of any natural offsets and, when considered appropriate, through the use of derivative and non-derivative financial instruments. Our primary focus is to monitor our exposure to, and manage, the economic foreign currency exchange risks faced by our operations and realized if we exchange one currency for another. We currently only hedge certain of our ship commitments and net investments in foreign operations. The financial impacts of the hedging instruments we do employ generally offset the changes in the underlying exposures being hedged.

Operational Currency Risks

Our EAA segment operations generate significant revenues and incur significant expenses in their functional currencies, which subjects us to “foreign currency translational” risk related to these currencies. Accordingly, exchange rate fluctuations in their functional currencies against the U.S. dollar will affect our reported financial results since the reporting currency for our consolidated financial statements is the U.S. dollar. Any strengthening of the U.S. dollar against these foreign currencies has the financial statement effect of decreasing the U.S. dollar values reported for this segment’s revenues and expenses. Any weakening of the U.S. dollar has the opposite effect.

Substantially all of our operations also have non-functional currency risk related to their international sales. In addition, we have a portion of our operating expenses denominated in non-functional currencies. Accordingly, we also have “foreign currency transactional” risks related to changes in the exchange rates for our revenues and expenses that are in a currency other than the functional currency. The revenues and expenses which occur in the same non-functional currencies create some degree of natural offset.

Investment Currency Risks

We consider our investments in foreign operations to be denominated in stable currencies. Our investments in foreign operations are of a long-term nature. We have $5.6 billion and $402 million of euro- and sterling-denominated debt, respectively, including the effect of foreign currency swaps, which provides an economic offset for our operations with euro and sterling functional currency. We also partially mitigate our net investment currency exposures by denominating a portion of our foreign currency intercompany payables in our foreign operations’ functional currencies.

Newbuild Currency Risks

Our shipbuilding contracts are typically denominated in euros. Our decision to hedge a non-functional currency ship commitment for our cruise brands is made on a case-by-case basis, considering the amount and duration of the exposure, market volatility, economic trends, our overall expected net cash flows by currency and other offsetting risks. We use foreign currency derivative contracts to manage foreign currency exchange rate risk for some of our ship construction payments.

At August 31, 2017, we had foreign currency zero cost collars that are designated as cash flow hedges for a portion of euro-denominated shipyard payments for the following newbuilds:



	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Carnival Horizon	2016	March 2018	$	1.02	$	1.25
Seabourn Ovation	2016	April 2018	$	1.02	$	1.25
Holland America Nieuw Statendam	2016	November 2018	$	1.05	$	1.25

If the spot rate is between the weighted-average ceiling and floor rates on the date of maturity, then we would not owe or receive any payments under these collars.

At August 31, 2017, our remaining newbuild currency exchange rate risk primarily relates to euro-denominated newbuild contract payments (including newbuild contracts entered into through September 26, 2017), which represent a total unhedged commitment of $7.0 billion and substantially relates to newbuilds to be delivered during 2019 through 2022 to non-euro functional currency brands.

The cost of shipbuilding orders that we may place in the future that is denominated in a different currency than our cruise brands’ will be affected by foreign currency exchange rate fluctuations. These foreign currency exchange rate fluctuations may affect our decision to order new cruise ships.

Interest Rate Risks

We manage our exposure to fluctuations in interest rates through our debt portfolio management and investment strategies. We evaluate our debt portfolio to determine whether to make periodic adjustments to the mix of fixed and floating rate debt through the use of interest rate swaps and the issuance of new debt or the early retirement of existing debt.

Concentrations of Credit Risk

As part of our ongoing control procedures, we monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. We seek to minimize these credit risk exposures, including counterparty nonperformance primarily associated with our cash equivalents, investments, committed financing facilities, contingent obligations, derivative instruments, insurance contracts and new ship progress payment guarantees, by:


•	Conducting business with large, well-established financial institutions, insurance companies and export credit agencies


•	Diversifying our counterparties


•	Having guidelines regarding credit ratings and investment maturities that we follow to help safeguard liquidity and minimize risk


•	Generally requiring collateral and/or guarantees to support notes receivable on significant asset sales, long-term ship charters and new ship progress payments to shipyards

We currently believe the risk of nonperformance by any of our significant counterparties is remote. At August 31, 2017, our exposures under foreign currency and fuel derivative contracts and interest rate swap agreements were not material.

We also monitor the creditworthiness of travel agencies and tour operators in Asia, Australia and Europe, which includes charter-hire agreements in Asia, and credit and debit card providers to which we extend credit in the normal course of our business prior to sailing. Our credit exposure also includes contingent obligations related to cash payments received directly by travel agents and tour operators for cash collected by them on cruise sales in Australia and most of Europe where we are obligated to honor our guests’ cruise payments made by them to their travel agents and tour operators regardless of whether we have received these payments. Concentrations of credit risk associated with these trade receivables, charter-hire agreements and contingent obligations are not considered to be material, principally due to the large number of unrelated accounts, the nature of these contingent obligations and their short maturities. We have not experienced significant credit losses on our trade receivables, charter-hire agreements and contingent obligations. We do not normally require collateral or other security to support normal credit sales.

Segment Information

9 Months Ended

Aug. 31, 2017

Segment Reporting [Abstract]

Segment Information

We have four reportable segments that are comprised of (1) North America, (2) EAA, (3) Cruise Support and (4) Tour and Other. Our segments are reported on the same basis as the internally reported information that is provided to our chief operating decision maker (“CODM”), who is the President and Chief Executive Officer of Carnival Corporation and Carnival plc. The CODM assesses performance and makes decisions to allocate resources for Carnival Corporation & plc based upon review of the results across all of our segments.

Our North America segment includes Carnival Cruise Line, Holland America Line, Princess Cruises and Seabourn. Our EAA segment includes AIDA Cruises, Costa Cruises, Cunard, P&O Cruises (Australia) and P&O Cruises (UK). The operations of these reporting units have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, maintenance requirements, supporting systems and processes and products and services they provide. Our Cruise Support segment represents certain of our port and related facilities and other services that are provided for the benefit of our cruise brands. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.

Selected information for our segments and the reconciliation to the consolidated financial statement amounts was as follows (in millions):



	Three Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	3,561		$	1,773		$	306	$	287	$	1,195
EAA	1,879			1,262			172		163		193			(a)
Cruise Support	28			—			65		13		(50		)
Tour and Other	155			86			4		10		55
Intersegment elimination	(108		)	(108		)	—		—		—
	$	5,515		$	3,013		$	547	$	473	$	1,393
2016
North America	$	3,284		$	1,668		$	293	$	272	$	1,051
EAA	1,738			903			161		152		522
Cruise Support	31			12			73		9		(63		)
Tour and Other	148			84			2		10		52
Intersegment elimination	(104		)	(104		)	—		—		—
	$	5,097		$	2,563		$	529	$	443	$	1,562

	Nine Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	8,547		$	4,776		$	945	$	845	$	1,981
EAA	4,527			3,082			512		459		385			(a)
Cruise Support	101			18			180		36		(133		)
Tour and Other	200			132			12		28		28
Intersegment elimination	(124		)	(124		)	—		—		—
	$	13,251		$	7,884		$	1,649	$	1,368	$	2,261
2016
North America	$	7,823		$	4,368		$	897	$	791	$	1,767
EAA	4,466			2,666			513		450		837
Cruise Support	93			23			196		32		(158		)
Tour and Other	190			125			7		30		28
Intersegment elimination	(118		)	(118		)	—		—		—
	$	12,454		$	7,064		$	1,613	$	1,303	$	2,474

(a) Includes $89 million of impairment charges related to EAA's goodwill and trademarks.

A portion of the North America segment’s revenues includes revenues for the tour portion of a cruise when a cruise and land tour package are sold together by Holland America Line and Princess Cruises. These intersegment tour revenues, which are also included in our Tour and Other segment, are eliminated by the North America segment’s revenues and operating expenses in the line “Intersegment elimination.”

Earnings Per Share

9 Months Ended

Aug. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Our basic and diluted earnings per share were computed as follows (in millions, except per share data):



	Three Months Ended August 31,				Nine Months Ended August 31,
	2017		2016		2017		2016
Net income for basic and diluted earnings per share	$	1,329	$	1,424	$	2,060	$	2,171
Weighted-average shares outstanding	723		737		724		751
Dilutive effect of equity plans	3		2		3		3
Diluted weighted-average shares outstanding	726		739		727		754
Basic earnings per share	$	1.84	$	1.93	$	2.85	$	2.89
Diluted earnings per share	$	1.83	$	1.93	$	2.84	$	2.88

Shareholder's Equity	9 Months Ended
Shareholder's Equity	Aug. 31, 2017
Shareholder's Equity [Abstract]
Shareholder's Equity	Shareholders’ Equity On April 6, 2017, the Boards of Directors approved a modification of the general authorization to repurchase Carnival Corporation common stock and/or Carnival plc ordinary shares (the “Repurchase Program”), which replenished the remaining authorized repurchases at the time of the approval to $1.0 billion. During the nine months ended August 31, 2017, we repurchased 2.8 million shares of Carnival plc ordinary shares and 2.4 million shares of Carnival Corporation common stock for $156 million and $158 million, respectively, under the Repurchase Program. At August 31, 2017, the remaining availability under the Repurchase Program was $830 million. During the three months ended August 31, 2017, our Boards of Directors declared a dividend to holders of Carnival Corporation common stock and Carnival plc ordinary shares of $0.40 per share.

Property and Equipment	9 Months Ended
Property and Equipment	Aug. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment In April 2017, we transferred an EAA segment 1,550-passenger capacity ship under a bareboat charter agreement which was accounted for as a sale. In July 2017, we entered into a bareboat charter agreement under which an EAA segment 1,300-passenger capacity ship will be chartered from April 2018 through April 2025. This transaction will be accounted for as a sales-type lease with the recognition of sale and derecognition of asset upon asset delivery. In September 2017, we entered into an agreement to sell an EAA segment 700-passenger capacity ship. The ownership of the ship will be transferred to the buyer in March 2018.

General (Policies)	9 Months Ended
General (Policies)	Aug. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and nine months ended August 31, 2017 and 2016, the Consolidated Balance Sheet at August 31, 2017 and the Consolidated Statements of Cash Flows for the nine months ended August 31, 2017 and 2016 are unaudited and, in the opinion of our management, contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement. Our interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in the Carnival Corporation & plc 2016 joint Annual Report on Form 10-K (“Form 10-K”) filed with the U.S. Securities and Exchange Commission on January 30, 2017. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire year.
Accounting Pronouncements	Accounting Pronouncements The Financial Accounting Standards Board (“FASB”) issued amended guidance regarding accounting for Interest - Imputation of Interest, which simplifies the presentation of debt issuance costs and which clarifies the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. The guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability. On December 1, 2016, we adopted this guidance using the retrospective approach and reclassified $55 million from Other Assets to Long-Term Debt on our November 30, 2016 Consolidated Balance Sheet. The FASB issued amended guidance regarding Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting, which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. On December 1, 2016, we early adopted this guidance using the modified retrospective approach. The impact of adopting this guidance was primarily related to forfeitures and immaterial to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Intangibles - Goodwill and Other - Internal-Use Software, which clarifies the accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license or if the arrangement should be accounted for as a service contract. The amendments impact the accounting for software licenses but will not change a customer’s accounting for service contracts. On December 1, 2016, we adopted this guidance on a prospective basis, and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that a change in the counterparty to a derivative instrument that has been designated as a hedging instrument does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. On March 1, 2017, we early adopted this guidance on a prospective basis, and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding accounting for Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments, which clarifies the requirements for assessing whether contingent call and put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts or whether the embedded call and put options should be bifurcated from the related debt instrument and accounted for separately as a derivative. On June 1, 2017, we early adopted this guidance using a modified retrospective approach and it did not have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Intangibles - Goodwill and Other - Simplifying the Accounting for Goodwill Impairment, which simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test requiring a hypothetical purchase price allocation. The new guidance requires that the impairment charge is based on the difference between the reporting unit's carrying amount and its fair value, but is limited to the amount of goodwill allocated to that reporting unit. On June 1, 2017, we early adopted this guidance on a prospective basis. The FASB issued guidance regarding Presentation of Financial Statements - Going Concern, which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and to provide related disclosures. This guidance is required to be adopted by us as of November 30, 2017. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued guidance regarding accounting for Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. When effective, this standard will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles (“U.S. GAAP”). The standard also requires more detailed disclosures and provides additional guidance for transactions that were not comprehensively addressed in U.S. GAAP. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued amended guidance regarding Business Combinations - Clarifying the Definition of a Business, which assists entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This guidance is required to be adopted by us in the first quarter of 2019 on a prospective basis. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, which clarifies how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments are aimed at reducing the existing diversity in practice. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Statement of Cash Flows - Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents in the statement of cash flows. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach to each period presented. Early adoption is permitted, including adoption in an interim period. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Compensation - Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the bifurcation of net benefit cost. This guidance is required to be adopted by us in the first quarter of 2019 and must be applied using a retrospective approach for the presentation of the service cost component and the other components of net benefit cost, and on a prospective basis for the capitalization of only the service cost component of net benefit cost. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact to our consolidated financial statements. The FASB issued amended guidance regarding Service Concession Arrangements, which clarifies that the grantor in a service arrangement should be considered the customer of the operating entity in all cases. This guidance is required to be adopted by us in the first quarter of 2019 and can be applied using either a retrospective or a modified retrospective approach. We are currently evaluating the impact this guidance will have on our consolidated financial statements. The FASB issued guidance regarding accounting for Leases, which requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. This guidance is required to be adopted by us in the first quarter of 2020 and must be applied using a modified retrospective approach. Early adoption is permitted. We are currently evaluating the impact this guidance will have on our consolidated financial statements.

Fair Value Measurements, Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Aug. 31, 2017

Fair Value Disclosures [Abstract]

Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

The carrying values, estimated fair values and basis of valuation of our financial instrument assets and liabilities not measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2017								November 30, 2016
	Carrying Value		Fair Value						Carrying Value		Fair Value
	Carrying Value		Level 1		Level 2		Level 3		Carrying Value		Level 1		Level 2		Level 3
Assets
Long-term other assets (a)	$	133	$	—	$	54	$	75	$	99	$	1	$	68	$	31
Total	$	133	$	—	$	54	$	75	$	99	$	1	$	68	$	31
Liabilities
Fixed rate debt (b)	$	5,755	$	—	$	6,108	$	—	$	5,436	$	—	$	5,727	$	—
Floating rate debt (b)	3,470		—		3,553		—		4,018		—		4,048		—
Total	$	9,225	$	—	$	9,661	$	—	$	9,454	$	—	$	9,775	$	—


(a)	Long-term other assets are comprised of notes and other receivables. The fair values of our Level 2 notes and other receivables were based on estimated future cash flows discounted at appropriate market interest rates. The fair values of our Level 3 notes receivable were estimated using risk-adjusted discount rates.

(b)

Reconciliation of Changes in Carrying Amounts of Goodwill

The reconciliations of the changes in the carrying amounts of our goodwill, trademarks, and amortizable intangibles were as follows:



	Goodwill
(in millions)	North America Segment		EAA (a) Segment			Total
Balance at November 30, 2016	$	1,898	$	1,012		$	2,910
Impairment charge	—		(38		)	(38		)
Foreign currency translation adjustment	—		85			85
Balance at August 31, 2017	$	1,898	$	1,059		$	2,957

(a) Europe, Australia & Asia (“EAA”)

Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization, which Represents Trademarks



	Trademarks
(in millions)	North America Segment		EAA Segment			Total
Balance at November 30, 2016	$	927	$	279		$	1,206
Impairment charge	—		(50		)	(50		)
Foreign currency translation adjustment	—		19			19
Balance at August 31, 2017	$	927	$	248		$	1,175

Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization, Which Represents Port Usage Rights



	Amortizable Intangibles
(in millions)	Cruise Support Segment			EAA Segment		Tour and Other Segment			Total
Balance at November 30, 2016	$	57		$	12	$	—		$	69
Additions	—			—		4			4
Amortization	(2		)	—		(1		)	(3		)
Foreign currency translation adjustment	—			1		—			1
Balance at August 31, 2017	$	55		$	13	$	3		$	71

Estimated Fair Value and Basis of Valuation of Financial Instrument Assets and Liabilities Measured at Fair Value on Recurring Basis

The estimated fair value and basis of valuation of our financial instrument assets and liabilities measured at fair value on a recurring basis were as follows (in millions):



	August 31, 2017						November 30, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents (a)	$	489	$	—	$	—	$	603	$	—	$	—
Restricted cash	31		—		—		60		—		—
Short-term investments (b)	—		—		—		—		—		21
Marketable securities held in rabbi trusts (c)	91		4		—		93		4		—
Derivative financial instruments	—		22		—		—		15		—
Total	$	611	$	26	$	—	$	756	$	19	$	21
Liabilities
Derivative financial instruments	$	—	$	265	$	—	$	—	$	434	$	—
Total	$	—	$	265	$	—	$	—	$	434	$	—


(a)	Cash and cash equivalents are comprised of cash and marketable securities with maturities of less than 90 days.


(b)	The fair value of the auction rate security included in short-term investments, as of November 30, 2016, was based on a broker quote in an inactive market, which is considered a Level 3 input. This auction-rate security was sold in December 2016.


(c)	At August 31, 2017, marketable securities held in rabbi trusts were comprised of Level 1 bonds, frequently-priced mutual funds invested in common stocks and money market funds and Level 2 other investments. Their use is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.

Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets

The estimated fair values of our derivative financial instruments and their location in the Consolidated Balance Sheets were as follows (in millions):



	Balance Sheet Location	August 31, 2017		November 30, 2016
Derivative assets
Derivatives designated as hedging instruments
Net investment hedges (a)	Prepaid expenses and other	$	3	$	12
	Other assets	—		3
Foreign currency zero cost collars (c)	Prepaid expenses and other	8		—
	Other assets	11		—
Total derivative assets		$	22	$	15
Derivative liabilities
Derivatives designated as hedging instruments
Net investment hedges (a)	Accrued liabilities and other	$	13	$	26
	Other long-term liabilities	16		—
Interest rate swaps (b)	Accrued liabilities and other	11		10
	Other long-term liabilities	21		23
Foreign currency zero cost collars (c)	Accrued liabilities and other	—		12
	Other long-term liabilities	—		21
		61		92
Derivatives not designated as hedging instruments
Fuel (d)	Accrued liabilities and other	159		198
	Other long-term liabilities	45		144
		204		342
Total derivative liabilities		$	265	$	434


(a)	We had foreign currency swaps totaling $328 million at August 31, 2017 and $291 million at November 30, 2016 that are designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency. At August 31, 2017, these foreign currency swaps settle through 2019.

(b)


(c)	At August 31, 2017 and November 30, 2016, we had foreign currency derivatives consisting of foreign currency zero cost collars that are designated as foreign currency cash flow hedges for a portion of our euro-denominated shipbuilding payments. See “Newbuild Currency Risks” below for additional information regarding these derivatives.


(d)	At August 31, 2017 and November 30, 2016, we had fuel derivatives consisting of zero cost collars on Brent crude oil (“Brent”) to cover a portion of our estimated fuel consumption through 2018. See “Fuel Price Risks” below for additional information regarding these derivatives.

Offsetting Derivative Instruments



	August 31, 2017
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	22	$	—	$	22	$	(9	)	$	13
Liabilities	$	265	$	—	$	265	$	(9	)	$	256

	November 30, 2016
	Gross Amounts		Gross Amounts Offset in the Balance Sheet		Total Net Amounts Presented in the Balance Sheet		Gross Amounts not Offset in the Balance Sheet			Net Amounts
Assets	$	15	$	—	$	15	$	(15	)	$	—
Liabilities	$	434	$	—	$	434	$	(15	)	$	419

Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income

The effective gain (loss) portions of our derivatives qualifying and designated as hedging instruments recognized in other comprehensive income (loss) were as follows (in millions):



	Three Months Ended August 31,					Nine Months Ended August 31,
	2017			2016		2017			2016
Net investment hedges	$	(17	)	$	—	$	(33	)	$	(17	)
Foreign currency zero cost collars – cash flow hedges	$	17		$	2	$	52		$	21
Interest rate swaps – cash flow hedges	$	1		$	—	$	5		$	3

Unrealized (losses) gains on fuel derivatives, net

Our unrealized and realized gains (losses), net on fuel derivatives were as follows (in millions):



	Three Months Ended August 31,						Nine Months Ended August 31,
	2017			2016			2017			2016
Unrealized gains on fuel derivatives, net	$	65		$	25		$	134		$	121
Realized losses on fuel derivatives, net	(57		)	(61		)	(153		)	(223		)
Gains (losses) on fuel derivatives, net	$	7		$	(36	)	$	(19	)	$	(102	)

Fuel/Foreign Currency Derivatives Outstanding

At August 31, 2017, our outstanding fuel derivatives consisted of zero cost collars on Brent as follows:



Maturities (a)	Transaction Dates	Barrels (in thousands)	Weighted-Average Floor Prices		Weighted-Average Ceiling Prices
Fiscal 2017 (4Q)
	February 2013	819	$	80	$	115
	April 2013	507	$	75	$	110
	January 2014	450	$	75	$	114
	October 2014	255	$	80	$	113
		2,031
Fiscal 2018
	January 2014	2,700	$	75	$	110
	October 2014	3,000	$	80	$	114
		5,700


(a)	Fuel derivatives mature evenly over each month within the above fiscal periods.

At August 31, 2017, we had foreign currency zero cost collars that are designated as cash flow hedges for a portion of euro-denominated shipyard payments for the following newbuilds:



	Entered Into	Matures in	Weighted-Average Floor Rate		Weighted- Average Ceiling Rate
Carnival Horizon	2016	March 2018	$	1.02	$	1.25
Seabourn Ovation	2016	April 2018	$	1.02	$	1.25
Holland America Nieuw Statendam	2016	November 2018	$	1.05	$	1.25

Segment Information (Tables)

9 Months Ended

Aug. 31, 2017

Segment Reporting [Abstract]

Selected Information for Cruise and Tour and Other Segments

Selected information for our segments and the reconciliation to the consolidated financial statement amounts was as follows (in millions):



	Three Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	3,561		$	1,773		$	306	$	287	$	1,195
EAA	1,879			1,262			172		163		193			(a)
Cruise Support	28			—			65		13		(50		)
Tour and Other	155			86			4		10		55
Intersegment elimination	(108		)	(108		)	—		—		—
	$	5,515		$	3,013		$	547	$	473	$	1,393
2016
North America	$	3,284		$	1,668		$	293	$	272	$	1,051
EAA	1,738			903			161		152		522
Cruise Support	31			12			73		9		(63		)
Tour and Other	148			84			2		10		52
Intersegment elimination	(104		)	(104		)	—		—		—
	$	5,097		$	2,563		$	529	$	443	$	1,562

	Nine Months Ended August 31,
	Revenues			Operating costs and expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2017
North America	$	8,547		$	4,776		$	945	$	845	$	1,981
EAA	4,527			3,082			512		459		385			(a)
Cruise Support	101			18			180		36		(133		)
Tour and Other	200			132			12		28		28
Intersegment elimination	(124		)	(124		)	—		—		—
	$	13,251		$	7,884		$	1,649	$	1,368	$	2,261
2016
North America	$	7,823		$	4,368		$	897	$	791	$	1,767
EAA	4,466			2,666			513		450		837
Cruise Support	93			23			196		32		(158		)
Tour and Other	190			125			7		30		28
Intersegment elimination	(118		)	(118		)	—		—		—
	$	12,454		$	7,064		$	1,613	$	1,303	$	2,474

(a) Includes $89 million of impairment charges related to EAA's goodwill and trademarks.

Earnings Per Share (Tables)

9 Months Ended

Aug. 31, 2017

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share Computation

Our basic and diluted earnings per share were computed as follows (in millions, except per share data):



	Three Months Ended August 31,				Nine Months Ended August 31,
	2017		2016		2017		2016
Net income for basic and diluted earnings per share	$	1,329	$	1,424	$	2,060	$	2,171
Weighted-average shares outstanding	723		737		724		751
Dilutive effect of equity plans	3		2		3		3
Diluted weighted-average shares outstanding	726		739		727		754
Basic earnings per share	$	1.84	$	1.93	$	2.85	$	2.89
Diluted earnings per share	$	1.83	$	1.93	$	2.84	$	2.88

General - Accounting Pronouncements (Details) - Accounting Standards Update 2015-03 $ in Millions	Nov. 30, 2016 USD ($)
Long-term Debt
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ 55
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt issuance costs	$ (55)

General - Other (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
General - Other (Details) - USD ($) $ in Millions	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fees, taxes and charges collected by us from our guests	$ 161	$ 148	$ 440	$ 407

Unsecured Debt (Details)	1 Months Ended	9 Months Ended
Unsecured Debt (Details)	May 31, 2017 USD ($)	Aug. 31, 2017 USD ($)	Jun. 30, 2017 USD ($)	Apr. 30, 2017 USD ($) debt_instrument	Jan. 31, 2017 USD ($)
Floating Rate Bank Loan Due Jan 2022
Debt Instrument [Line Items]
Long-term debt					$ 100,000,000
Fixed Rate Bank Loan Due 2033
Debt Instrument [Line Items]
Long-term debt					$ 800,000,000
Euro Denominated Loan Due 2033/2034 \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of debt instruments \| debt_instrument				2
Line of credit facility, maximum borrowing capacity				$ 1,600,000,000.0
Loan Maturing in 2025/2026 \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of credit facilities	$ 620,000,000
Loan Due in April 2028 \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 367,000,000
Euro Denominated Loan Due 2032 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 619,000,000
Commercial Paper
Debt Instrument [Line Items]
Proceeds from short term debt		$ 111,000,000
Repayments of short term debt		364,000,000
Commercial Paper \| Euro-denominated commercial paper
Debt Instrument [Line Items]
Current unsecured debt		138,000,000
Commercial Paper \| US-denominated commercial paper
Debt Instrument [Line Items]
Current unsecured debt		28,000,000
Euro-denominated bank loan \| Euro-denominated bank loans
Debt Instrument [Line Items]
Current unsecured debt		$ 16,000,000

Contingencies (Details) $ in Millions	Aug. 31, 2017 USD ($)
Lease Out And Lease Back Type Transactions
Loss Contingencies [Line Items]
Estimated contingent obligations	$ 122

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Carrying and Fair Values of Financial Instrument Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Aug. 31, 2017	Nov. 30, 2016
Carrying Value
Assets
Long-term other assets	$ 133	$ 99
Total	133	99
Liabilities
Total	9,225	9,454
Carrying Value \| Fixed Rate
Liabilities
Debt	5,755	5,436
Carrying Value \| Floating Rate
Liabilities
Debt	3,470	4,018
Fair Value \| Level 1
Assets
Long-term other assets	0	1
Total	0	1
Liabilities
Total	0	0
Fair Value \| Level 1 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 1 \| Floating Rate
Liabilities
Debt	0	0
Fair Value \| Level 2
Assets
Long-term other assets	54	68
Total	54	68
Liabilities
Total	9,661	9,775
Fair Value \| Level 2 \| Fixed Rate
Liabilities
Debt	6,108	5,727
Fair Value \| Level 2 \| Floating Rate
Liabilities
Debt	3,553	4,048
Fair Value \| Level 3
Assets
Long-term other assets	75	31
Total	75	31
Liabilities
Total	0	0
Fair Value \| Level 3 \| Fixed Rate
Liabilities
Debt	0	0
Fair Value \| Level 3 \| Floating Rate
Liabilities
Debt	$ 0	$ 0

Fair Value Measurements, Derivative Instruments and Hedging Activities - Nonfinancial Instruments that are Measured at Fair Value on a Nonrecurring Basis (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge	$ 38	$ 38
Trademark impairment charge	50	50
EAA Segment
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment charge		38
Trademark impairment charge		$ 50
Ship impairment charges	$ 304

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2017
Goodwill [Roll Forward]
Beginning Balance		$ 2,910
Impairment charge	$ (38)	(38)
Foreign currency translation adjustment		85
Ending Balance	2,957	2,957
North America Segment
Goodwill [Roll Forward]
Beginning Balance		1,898
Impairment charge		0
Foreign currency translation adjustment		0
Ending Balance	1,898	1,898
EAA Segment
Goodwill [Roll Forward]
Beginning Balance		1,012
Impairment charge		(38)
Foreign currency translation adjustment		85
Ending Balance	$ 1,059	$ 1,059

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2017
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance		$ 1,206
Impairment charge	$ (50)	(50)
Foreign currency translation adjustment		19
Ending Balance	1,175	1,175
North America Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance		927
Impairment charge		0
Foreign currency translation adjustment		0
Ending Balance	927	927
EAA Segment
Indefinite-lived Intangible Assets [Roll Forward]
Beginning Balance		279
Impairment charge		(50)
Foreign currency translation adjustment		19
Ending Balance	$ 248	$ 248

Fair Value Measurements, Derivative Instruments and Hedging Activities - Reconciliation of Changes in Carrying Amounts of Intangible Assets Subject to Amortization (Details) $ in Millions	9 Months Ended
	Aug. 31, 2017 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	$ 69
Additions	4
Amortization	(3)
Foreign currency translation adjustment	1
Ending balance	71
Cruise Support Segment
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	57
Additions	0
Amortization	(2)
Foreign currency translation adjustment	0
Ending balance	55
EAA Segment
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	12
Additions	0
Amortization	0
Foreign currency translation adjustment	1
Ending balance	13
Tour and Other Segment
Finite-lived Intangible Assets [Roll Forward]
Beginning balance	0
Additions	4
Amortization	(1)
Foreign currency translation adjustment	0
Ending balance	$ 3

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Value and Basis of Valuation of Financial Instrument Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Aug. 31, 2017	Nov. 30, 2016
Assets
Derivative financial instruments	$ 22	$ 15
Liabilities
Derivative financial instruments	265	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1
Assets
Restricted cash	31	60
Total	611	756
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Money market funds
Assets
Cash and cash equivalents	489	603
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 1 \| Marketable securities held in rabbi trusts
Assets
Investments	91	93
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2
Assets
Total	26	19
Liabilities
Total	265	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Marketable securities held in rabbi trusts
Assets
Investments	4	4
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Assets
Derivative financial instruments	22	15
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 2 \| Derivative financial instruments
Liabilities
Derivative financial instruments	$ 265	434
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3
Assets
Total		21
Financial Instruments Measured at Fair Value on a Recurring Basis \| Level 3 \| Short-term investments
Assets
Investments		$ 21

Fair Value Measurements, Derivative Instruments and Hedging Activities - Estimated Fair Values of Derivative Financial Instruments and Location on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Aug. 31, 2017	Nov. 30, 2016
Derivatives, Fair Value [Line Items]
Derivative assets	$ 22	$ 15
Derivative liabilities	265	434
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets	22	15
Derivative liabilities	61	92
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	204	342
Net investment hedges \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	3	12
Net investment hedges \| Derivatives designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	0	3
Net investment hedges \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	13	26
Net investment hedges \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	16	0
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Prepaid expenses and other
Derivatives, Fair Value [Line Items]
Derivative assets	8	0
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Other assets
Derivatives, Fair Value [Line Items]
Derivative assets	11	0
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	12
Foreign currency zero cost collars – cash flow hedges \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	0	21
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	11	10
Interest Rate Swaps \| Derivatives designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	21	23
Interest Rate Swaps \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Interest rate cash flow hedge asset at fair value	511	500
Fuel \| Derivatives not designated as hedging instruments \| Accrued liabilities and other
Derivatives, Fair Value [Line Items]
Derivative liabilities	159	198
Fuel \| Derivatives not designated as hedging instruments \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities	45	144
Currency swap \| Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 328	$ 291

Fair Value Measurements, Derivative Instruments and Hedging Activities - Derivatives Qualifying and Designated as Hedging Instruments Recognized in Other Comprehensive Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016	Nov. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	$ 22,000,000		$ 22,000,000		$ 15,000,000
Derivative liabilities	265,000,000		265,000,000		434,000,000
Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset, cash collateral netting threshold, fair value	100,000,000		100,000,000
Interest rate swaps – cash flow hedges \| Cash flow hedging
Derivative Instruments, Gain (Loss) [Line Items]
Interest rate swaps designated as cash flow hedges	511,000,000		511,000,000		500,000,000
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Collateral required to be posted	0		0		0
Collateral required to be received	0		0		0
Designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	22,000,000		22,000,000		15,000,000
Derivative liabilities	61,000,000		61,000,000		92,000,000
Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	(17,000,000)	$ 0	(33,000,000)	$ (17,000,000)
Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	17,000,000	2,000,000	52,000,000	21,000,000
Designated as hedging instruments \| Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Effective portions of derivatives qualifying and designated as hedging instruments recognized in other comprehensive income	1,000,000	$ 0	5,000,000	$ 3,000,000
Designated as hedging instruments \| Currency swap
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	328,000,000		328,000,000		291,000,000
Not designated as hedging instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	204,000,000		204,000,000		342,000,000
Prepaid expenses and other \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	3,000,000		3,000,000		12,000,000
Prepaid expenses and other \| Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	8,000,000		8,000,000		0
Other assets \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	0		0		3,000,000
Other assets \| Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative assets	11,000,000		11,000,000		0
Accrued liabilities and other \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	13,000,000		13,000,000		26,000,000
Accrued liabilities and other \| Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	0		0		12,000,000
Accrued liabilities and other \| Designated as hedging instruments \| Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	11,000,000		11,000,000		10,000,000
Accrued liabilities and other \| Not designated as hedging instrument \| Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	159,000,000		159,000,000		198,000,000
Other long-term liabilities \| Designated as hedging instruments \| Net investment hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	16,000,000		16,000,000		0
Other long-term liabilities \| Designated as hedging instruments \| Foreign currency zero cost collars – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	0		0		21,000,000
Other long-term liabilities \| Designated as hedging instruments \| Interest rate swaps – cash flow hedges
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	21,000,000		21,000,000		23,000,000
Other long-term liabilities \| Not designated as hedging instrument \| Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liabilities	$ 45,000,000		$ 45,000,000		$ 144,000,000

Fair Value Measurements, Derivative Instruments and Hedging Activities - Offsetting Derivative Instruments (Details) - USD ($) $ in Millions	Aug. 31, 2017	Nov. 30, 2016
Assets
Gross Amounts	$ 22	$ 15
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	22	15
Gross Amounts not Offset in the Balance Sheet	(9)	(15)
Net Amounts	13	0
Liabilities
Gross Amounts	265	434
Gross Amounts Offset in the Balance Sheet	0	0
Total Net Amounts Presented in the Balance Sheet	265	434
Gross Amounts not Offset in the Balance Sheet	(9)	(15)
Net Amounts	$ 256	$ 419

Fair Value Measurements, Derivative Instruments and Hedging Activities - Fuel Derivatives Outstanding (Details) bbl in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017 USD ($) bbl $ / bbl	Aug. 31, 2016 USD ($)	Aug. 31, 2017 USD ($) bbl $ / bbl	Aug. 31, 2016 USD ($)
Derivative [Line Items]
Gains (losses) on fuel derivatives, net \| $	$ 7	$ (36)	$ (19)	$ (102)
Fuel
Derivative [Line Items]
Unrealized gains on fuel derivatives, net \| $	65	25	134	121
Realized losses on fuel derivatives, net \| $	(57)	(61)	(153)	(223)
Gains (losses) on fuel derivatives, net \| $	$ 7	$ (36)	$ (19)	$ (102)
Fuel Derivatives 2017 Maturity February 2013 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	819		819
Weighted-average floor price (in dollars per barrel)	80		80
Weighted-average ceiling price (in dollars per barrel)	115		115
Fuel Derivatives 2017 Maturity April 2013 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	507		507
Weighted-average floor price (in dollars per barrel)	75		75
Weighted-average ceiling price (in dollars per barrel)	110		110
Fuel Derivatives 2017 Maturity Date January 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	450		450
Weighted-average floor price (in dollars per barrel)	75		75
Weighted-average ceiling price (in dollars per barrel)	114		114
Fuel Derivatives 2017 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	255		255
Weighted-average floor price (in dollars per barrel)	80		80
Weighted-average ceiling price (in dollars per barrel)	113		113
Fuel Derivatives 2017 Maturity
Derivative [Line Items]
Barrels (in thousands) \| bbl	2,031		2,031
Fuel Derivatives 2018 Maturity January 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	2,700		2,700
Weighted-average floor price (in dollars per barrel)	75		75
Weighted-average ceiling price (in dollars per barrel)	110		110
Fuel Derivatives 2018 Maturity October 2014 Transaction
Derivative [Line Items]
Barrels (in thousands) \| bbl	3,000		3,000
Weighted-average floor price (in dollars per barrel)	80		80
Weighted-average ceiling price (in dollars per barrel)	114		114
Fuel Derivatives 2018 Maturity
Derivative [Line Items]
Barrels (in thousands) \| bbl	5,700		5,700

Fair Value Measurements, Derivative Instruments and Hedging Activities - Foreign Currency Exchange Rate Risks (Details)	Aug. 31, 2017 USD ($)
Fair Value, Measurement Inputs, Disclosure [Line Items]
Foreign currency contract commitments	$ 7,000,000,000
Foreign currency zero cost collars – cash flow hedges \| Carnival Horizon \| Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.02
Weighted- Average Ceiling Rate	1.25
Foreign currency zero cost collars – cash flow hedges \| Seabourn Ovation \| Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.02
Weighted- Average Ceiling Rate	1.25
Foreign currency zero cost collars – cash flow hedges \| Holland America Nieuw Statendam \| Cash Flow Hedging
Fair Value, Measurement Inputs, Disclosure [Line Items]
Weighted-Average Floor Rate	1.05
Weighted- Average Ceiling Rate	1.25
Euro-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 5,600,000,000.0
Sterling-denominated
Fair Value, Measurement Inputs, Disclosure [Line Items]
Debt instrument, face amount	$ 402,000,000

Segment Information (Details) $ in Millions	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Millions	Aug. 31, 2017 USD ($)	Aug. 31, 2016 USD ($)	Aug. 31, 2017 USD ($) segment	Aug. 31, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			4
Number of reportable cruise brand operating segments \| segment			2
Revenues	$ 5,515	$ 5,097	$ 13,251	$ 12,454
Operating costs and expenses	3,013	2,563	7,884	7,064
Selling and administrative	547	529	1,649	1,613
Depreciation and amortization	473	443	1,368	1,303
Operating income (loss)	1,393	1,562	2,261	2,474
Goodwill and trademark impairment	89	0	89	0
EAA
Segment Reporting Information [Line Items]
Goodwill and trademark impairment			89
Operating Segments \| North America
Segment Reporting Information [Line Items]
Revenues	3,561	3,284	8,547	7,823
Operating costs and expenses	1,773	1,668	4,776	4,368
Selling and administrative	306	293	945	897
Depreciation and amortization	287	272	845	791
Operating income (loss)	1,195	1,051	1,981	1,767
Operating Segments \| EAA
Segment Reporting Information [Line Items]
Revenues	1,879	1,738	4,527	4,466
Operating costs and expenses	1,262	903	3,082	2,666
Selling and administrative	172	161	512	513
Depreciation and amortization	163	152	459	450
Operating income (loss)	193	522	385	837
Operating Segments \| Cruise Support
Segment Reporting Information [Line Items]
Revenues	28	31	101	93
Operating costs and expenses	0	12	18	23
Selling and administrative	65	73	180	196
Depreciation and amortization	13	9	36	32
Operating income (loss)	(50)	(63)	(133)	(158)
Operating Segments \| Tour and Other Segment
Segment Reporting Information [Line Items]
Revenues	155	148	200	190
Operating costs and expenses	86	84	132	125
Selling and administrative	4	2	12	7
Depreciation and amortization	10	10	28	30
Operating income (loss)	55	52	28	28
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenues	(108)	(104)	(124)	(118)
Operating costs and expenses	(108)	(104)	(124)	(118)
Selling and administrative	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating income (loss)	$ 0	$ 0	$ 0	$ 0

Earnings Per Share - Basic and Diluted Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016
Earnings Per Share [Abstract]
Net income for basic and diluted earnings per share	$ 1,329	$ 1,424	$ 2,060	$ 2,171
Weighted-average shares outstanding (in shares)	723	737	724	751
Dilutive effect of equity plans (in shares)	3	2	3	3
Diluted weighted-average shares outstanding (in shares)	726	739	727	754
Basic earnings per share (in dollars per share)	$ 1.84	$ 1.93	$ 2.85	$ 2.89
Diluted earnings per share (in dollars per share)	$ 1.83	$ 1.93	$ 2.84	$ 2.88

Shareholder's Equity (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Aug. 31, 2017	Aug. 31, 2016	Apr. 06, 2017
Equity, Class of Treasury Stock [Line Items]
Purchases of treasury stock (in dollars)			$ 305,000,000	$ 2,110,000,000
Dividends declared per share (in dollars per share)	$ 0.40	$ 0.35	$ 1.15	$ 1
CARNIVAL PLC
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)	$ 0.40
Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Shares authorized to be repurchased (in dollars)					$ 1,000,000,000.0
Remaining number of shares available under the repurchase program (in shares)	$ 830,000,000		$ 830,000,000
Repurchase Program \| CARNIVAL PLC
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)			2.8
Purchases of treasury stock (in dollars)			$ 156,000,000
Repurchase Program \| Carnival Corp
Equity, Class of Treasury Stock [Line Items]
Shares repurchased (in shares)			2.4
Purchases of treasury stock (in dollars)			$ 158,000,000

Property and Equipment (Details) - Passenger	1 Months Ended
Property and Equipment (Details) - Passenger	Sep. 30, 2017	Jul. 31, 2017	Apr. 30, 2017
Subsequent Event [Line Items]
Passenger capacity of ship sold		1,300	1,550
Subsequent Event
Subsequent Event [Line Items]
Passenger capacity of ship sold	700