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FORM 10-K
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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission file number: 001-9610
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Commission file number: 001-15136
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Carnival Corporation
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Carnival plc
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(Exact name of registrant as
specified in its charter)
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(Exact name of registrant as
specified in its charter)
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Republic of Panama
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England and Wales
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(State or other jurisdiction of
incorporation or organization)
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(State or other jurisdiction of
incorporation or organization)
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59-1562976
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98-0357772
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(I.R.S. Employer Identification No.)
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(I.R.S. Employer Identification No.)
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3655 N.W. 87th Avenue
Miami, Florida 33178-2428
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Carnival House, 100 Harbour Parade,
Southampton SO15 1ST, United Kingdom
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(Address of principal
executive offices
and zip code)
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(Address of principal
executive offices
and zip code)
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(305) 599-2600
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011 44 23 8065 5000
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(Registrant’s telephone number,
including area code)
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(Registrant’s telephone number,
including area code)
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Securities registered pursuant
to Section 12(b) of the Act:
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Securities registered pursuant
to Section 12(b) of the Act:
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Title of each class
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Title of each class
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Common Stock
($0.01 par value)
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Ordinary Shares each represented
by American Depositary Shares
($1.66 par value), Special Voting Share,
GBP 1.00 par value and Trust Shares
of beneficial interest in the
P&O Princess Special Voting Trust
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Name of each exchange on which registered
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Name of each exchange on which registered
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New York Stock Exchange, Inc.
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New York Stock Exchange, Inc.
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Large accelerated filers
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þ
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Accelerated filers
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¨
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Non-accelerated filers
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¨
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Smaller reporting companies
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¨
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Emerging growth companies
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¨
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The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $25.6 billion as of the last business day of the registrant’s most recently completed second fiscal quarter.
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The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $11.9 billion as of the last business day of the registrant’s most recently completed second fiscal quarter.
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At January 18, 2018, Carnival Corporation had outstanding 534,171,562 shares of its Common Stock, $0.01 par value.
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At January 18, 2018, Carnival plc had outstanding 209,345,279 Ordinary Shares $1.66 par value, one Special Voting Share GBP 1.00 par value and 534,171,562 Trust Shares of beneficial interest in the P&O Princess Special Voting Trust.
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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Item 16.
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I.
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Summary
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II.
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Vision, Goals and Related Strategies
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•
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Health, environment, safety, security and sustainability
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•
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Guests
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•
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Employees
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•
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Shareholders and other stakeholders
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• Expanded entertainment options and shipboard activities
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• Enhanced internet and communication capabilities
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• Flexible dining options including open-seating dining
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• Beverage package options
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• Branded specialty restaurants, bars and cafés
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• Money-back guarantees
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•
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4.9% for Australia and New Zealand
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•
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3.4% for the United States (“U.S.”) and Canada
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•
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2.9% for the United Kingdom (“UK”)
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•
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1.9% for Germany and Italy
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(in thousands)
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Average Passenger (Lower Berth) Capacity (a)
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Cruise Guests Carried
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Year
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Global
Cruise Industry (b)
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Carnival
Corporation & plc
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Global
Cruise Industry (c)
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Carnival
Corporation & plc
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2015
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450
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215
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23,000
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10,840
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2016
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470
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220
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24,700
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11,520
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2017
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490
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230
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26,000
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12,100
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(a)
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In accordance with cruise industry practice, passenger capacity is calculated based on the assumption of two passengers per cabin even though some cabins can accommodate three or more passengers.
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(b)
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Amounts were based on internal estimates using public industry data.
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(c)
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The global cruise guests carried for 2015 and
2016
were obtained from G.P. Wild, an independent cruise research company. The estimates for global cruise guests carried for
2017
are internally developed.
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November 30, 2017
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Passenger Capacity
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Percentage of Total Capacity
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Number of Cruise Ships
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North America Segment
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Carnival Cruise Line
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66,380
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29%
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25
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Princess Cruises
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45,230
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20
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17
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Holland America Line
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23,820
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10
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14
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Seabourn
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1,970
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1
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4
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137,400
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60
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60
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Europe, Australia & Asia (“EAA”) Segment
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Costa Cruises ("Costa")
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35,920
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15
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15
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AIDA Cruises ("AIDA")
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25,250
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11
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12
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P&O Cruises (UK)
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18,380
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8
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8
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P&O Cruises (Australia)
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7,790
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3
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5
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Cunard
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6,830
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3
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3
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94,170
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40
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43
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231,570
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100%
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103
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Scheduled Delivery Date
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Passenger Capacity
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Carnival Cruise Line
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Carnival Horizon
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March 2018
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3,950
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Carnival Panorama
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October 2019
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3,950
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Newbuild
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August 2020
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5,250
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Newbuild
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October 2022
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5,250
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Princess Cruises
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Sky Princess
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October 2019
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3,660
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Newbuild
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July 2020
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3,660
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Newbuild
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February 2022
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3,660
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Holland America Line
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Nieuw Statendam
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November 2018
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2,670
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Newbuild
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May 2021
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2,670
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Seabourn
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Seabourn Ovation
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April 2018
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600
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Costa
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Costa Venezia
(intended for Asia)
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February 2019
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4,200
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Costa Smeralda
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October 2019
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5,220
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Newbuild (intended for Asia)
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September 2020
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4,200
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Newbuild
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May 2021
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5,220
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AIDA
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AIDAnova
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November 2018
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5,230
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Newbuild
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May 2021
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5,230
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P&O Cruises (UK)
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Newbuild
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May 2020
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5,200
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Cunard
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Newbuild
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April 2022
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3,000
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•
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Unique destination experiences including our top rated Alaska onboard and land based program. Caribbean vacations featuring Princess Cays
®
, our award winning private beach in The Bahamas, exclusive shore excursions in partnership with Discovery and Animal Planet, and More Ashore late night as well as overnight port stays
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•
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Designed for Fresh cuisine featuring a variety of dining options, including traditional, anytime and specialty dining venues, such as the award-winning restaurant SHARE by international chef & TV host Curtis Stone,
our Chocolate Journeys dessert experience featuring delicacies from Master Chocolatier Norman Love, and specialty dining restaurants from multiple Michelin star chefs. Princess Cruises also offers tasty casual offerings including on-deck pizza voted the best pizza at sea
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Interactive onboard activities and shore excursions designed in collaboration with Discovery Channel and local experts in key regional destinations to provide guests with authentic and exclusive experience on board and ashore and to entertain and delight them about the nature, wildlife, history and culture of the regions they visit. In addition, Camp Discovery, the newly redesigned youth and teen centers on board select ships, offers the line’s youngest guests the opportunity to connect, play and learn
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O, The Oprah Magazine partnership rolled-out across the brand’s North America fleet; featuring O Magazine-inspired activities, including meditation, tai chi, healthy cooking demonstrations, an onboard book club and more
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America’s Test Kitchen, a popular cooking show on American television, is producing several live cooking shows and hands-on workshops
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BBC Earth brings enriching and entertaining programming such as Frozen Planet Live
to guests while onboard
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AFAR Media, an experiential travel expert, provides Destination Guides
,
on the brand’s website covering nearly 400 Holland America Line ports around the globe to help guests dream, plan and prepare for journeys tailored to their personal tastes and interests
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“An Evening with Tim Rice”, the new evening entertainment experience created exclusively for the line in association with Belinda King Creative Productions
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Spa and Wellness with Dr. Andrew Weil, offering guests a holistic spa and wellness experience that integrates physical, social, environmental and spiritual well-being
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The Grill by Thomas Keller, reminiscent of the classic American restaurant from the 50’s and 60’s. Exclusive to Seabourn, The Grill is a unique culinary concept for Chef Keller, focusing on updated versions of iconic dishes
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A multi-year agreement with the United Nations Educational Scientific and Cultural Organization (“UNESCO”) to support its mission of safeguarding unique cultural and natural features around the world and promote sustainable tourism, thus providing its guests with unique access to more than 150 World Heritage Sites
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Excursions to small unexplored Italian towns of artistic and cultural interest to guests, promoting local history, traditions, craft activities and cuisine through its partnership with Associazione de I Borghi più belli d’Italia
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Dining options created by chef Bruno Barbieri, who has earned multiple Michelin Stars
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Enriched entertainment including the Voice of the Sea shows and Peppa Pig-branded kids games and educational activities
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Immersive and digitized onboard experience with the WeChat Mini Program, a social mobile application that allows guests to enjoy hassle-free entertainment booking and payment onboard Costa’s ships sailing in China
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The Organic Spa, featuring five saunas, indoor and outdoor jacuzzis, as well as a Nail Spa and Wellness Oasis
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•
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Beerhouse, an onboard brewery that sells its own draft beers using purified seawater for brewing beer
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Beach Club, a two-deck high relaxation oasis, covered with a glass dome for a tropical beach-like experience with live plants and palm trees; in the evenings, the club is transformed into a party zone
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Sports Deck area, featuring combined sports courts, a putting green area, golf simulator, rock climbing wall, high ropes course, power walking/jogging track and water slides, which can convert into an ice skating rink during the winter
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Carnival Corporation & plc
Cruise Guests Carried
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(in thousands)
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2017
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2016
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2015
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Brands Mainly Serving
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United States and Canada
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6,440
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6,100
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6,110
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Carnival Cruise Line, Holland America Line, Princess Cruises, Seabourn and Cunard
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Continental Europe
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AIDA and Costa
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Germany
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1,150
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1,070
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980
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Italy
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420
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400
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430
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Other
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720
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700
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740
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2,290
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2,170
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2,150
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United Kingdom
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800
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840
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790
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P&O Cruises (UK) and Cunard
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Australia and New Zealand
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1,060
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1,010
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820
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P&O Cruises (Australia), Princess Cruises and Carnival Cruise Line
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Asia
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1,240
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1,130
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700
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Costa and Princess Cruises
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Other
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270
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270
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270
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Total
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12,100
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11,520
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10,840
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Carnival Corporation & plc
Percentage of Passenger Capacity Deployed
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2018
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2017
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2016
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Caribbean
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33
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%
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32
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%
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32
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%
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Europe without Mediterranean
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14
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13
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13
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Mediterranean
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13
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13
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15
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Australia and New Zealand
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8
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8
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8
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Alaska
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6
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5
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5
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China
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5
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6
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5
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Other
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21
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23
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22
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100
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%
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100
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%
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100
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%
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•
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Accommodations
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Most meals, including snacks at numerous venues
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Access to amenities such as swimming pools, water slides, water parks, whirlpools, a health club, and sun decks
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Child care and supervised youth programs
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Entertainment, such as theatrical and comedy shows, live music and nightclubs
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Visits to multiple destinations
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Substantially all liquor and some non-alcoholic beverage sales
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Internet and communication services
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Casino gaming
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Full service spas
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Shore excursions
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Specialty restaurants
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Gift shop sales
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Art sales
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Photo sales
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Laundry and dry cleaning services
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•
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Reduce intensity of carbon dioxide equivalent (“CO
2
e”) emissions from operations by 25% by 2020 relative to our 2005 baseline
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Continue to improve the quality of our emissions into the air by developing, deploying and operating exhaust gas cleaning systems (“EGCS”) across our fleet
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Increase usage of ship-to-shore power connection capabilities
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Increase Advanced Wastewater Purification Systems coverage of our fleet capacity by 10 percentage points by 2020 relative to our 2014 baseline
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Continue to improve our shipboard operations’ water use efficiency by 5% by 2020 relative to our 2010 baseline
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Continue to reduce waste generated by our shipboard operations by 5% by 2020 relative to our 2010 baseline
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Continue to build on our commitment to protect the health, safety and security of guests, employees and all others working on our behalf
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Continue to build a diverse and inclusive workforce and provide all employees with a positive work environment and opportunities to build a rewarding career to further drive employee engagement
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Further develop and implement vendor assurance procedures ensuring compliance with Carnival Corporation & plc’s Business Partner Code of Conduct and Ethics
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Continue to work on initiatives and partnerships that support and sponsor a broad range of organizations for the benefit of the communities where we operate
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Ocean Medallion
TM
- a revolutionary wearable device that enables a highly personalized vacation experience that works in conjunction with a portfolio of digital experiences all focused on simplifying guest access to experiences and facilitating a more immersive vacation
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xiOT
TM
- an invisible network of interactive intelligent sensors and embedded devices mounted throughout the ship, home ports and destinations that uses a guest-centric, Internet of Things approach to enable a seamless guest experience
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a.
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General
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b.
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Protection and Indemnity (“P&I”) Coverages
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c.
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Hull and Machinery Insurance
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d.
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War Risk Insurance
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e.
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Other Insurance
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•
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Provide regular health, environmental, safety and security support, training, guidance and information to guests, employees and others working on our behalf
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Develop and implement effective and verifiable management systems to fulfill our health, environmental, safety, security and sustainability commitments
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Perform regular shoreside and shipboard audits and take appropriate action when deficiencies are identified
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Report and investigate all health, environmental, safety and security incidents and take appropriate action to prevent recurrence
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Identify those employees responsible for managing health, safety, environment, security and sustainability programs and ensure that there are clear lines of accountability
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Identify the aspects of our business that impact the environment and continue to take appropriate action to minimize that impact
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Develop a Safety Management System (“SMS”) that includes, among other things, the adoption of safety and environmental protection policies setting forth instructions and procedures for operating vessels safely and describing procedures for responding to emergencies and protecting the environment
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Obtain a Document of Compliance (“DOC”) for the vessel operator, as well as a Safety Management Certificate (“SMC”) for each vessel they operate. These documents are issued by the vessel’s Flag State and evidence compliance with the SMS
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Verify or renew DOCs and SMCs periodically in accordance with the ISM Code
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Expansion and acceleration of the training of our bridge and engineering officers in maritime related best practices at our new CSMART Academy, the Center for Simulator Maritime Training located within our Arison Maritime Center in Almere, Netherlands
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•
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Further standardization of our detailed bridge and engine resource management procedures on all of our ships
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Expansion of our existing oversight function to monitor bridge and engine room operations
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Identifying and standardizing best-practice policies and procedures in health, environment, safety and security disciplines across the entire organization including on all our ships
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Further enhancement of our processes for auditing our HESS performance throughout our operations
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•
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Implementation of specific security measures, including onboard installation of a ship security alert system
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•
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Assessment of vessel security
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•
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Efforts to identify and deter security threats
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•
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Training, drills and exercises
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•
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Security plans that may include guest, vehicle and baggage screening procedures, security patrols, establishment of restricted areas, personnel identification procedures, access control measures and installation of surveillance equipment
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•
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Establishment of procedures and policies for reporting and managing allegations of crimes
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•
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AIDA now uses an LNG hybrid barge as an ecologically friendly and flexible power supply and an alternative to shore power, while its ships are moored in the port of Hamburg, Germany
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AIDAprima
is the first cruise ship in the world that regularly uses dual-fuel engines for an energy supply with LNG while in ports on her Northern European deployment. Her sister ship
AIDAperla
was delivered in April, 2017 with the same technology
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We have seven next-generation cruise ships on order that will be the first in the industry to be powered at sea by LNG. Pioneering a new era in the use of low carbon fuels, these new ships will use LNG to generate 100 percent of their power both in port and on the open sea - an innovation that will reduce exhaust emissions to help protect the environment
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a.
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U.S. Income Tax
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1.
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Application of Section 883 of the Internal Revenue Code
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2.
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Exemption Under Applicable Income Tax Treaties
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3.
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U.S. State Income Tax
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b.
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UK and Australian Income Tax
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c.
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Italian and German Income Tax
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d.
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Asian Countries Income and Other Taxes
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e.
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Other
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d.
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Disruptions and other damages to our information technology and other networks and operations, breaches in data security, lapses in data privacy, and failure to keep pace with developments in technology
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e.
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Ability to recruit, develop and retain qualified shipboard personnel who live on ships away from home for extended periods of time
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f.
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Increases in fuel prices and availability of fuel supply
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g.
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Fluctuations in foreign currency exchange rates
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h.
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Overcapacity and competition in the cruise ship and land-based vacation industry
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i.
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Continuing financial viability of our travel agent distribution system, air service providers and other key vendors in our supply chain, as well as reductions in the availability of, and increases in the prices for, the services and products provided by these vendors
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j.
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Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with our expectations, as well as increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages
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k.
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Geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect
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•
Net revenue yields
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•
Net cruise costs, excluding fuel per available lower berth day
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•
Booking levels
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•
Estimates of ship depreciable lives and residual values
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•
Pricing and occupancy
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•
Goodwill, ship and trademark fair values
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•
Interest, tax and fuel expenses
|
•
Liquidity
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•
Currency exchange rates
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•
Adjusted earnings per share
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Location
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Square Footage
(in thousands)
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Own/Lease
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Principal Operations
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Miami, FL, U.S.A.
|
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463/55
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Own/Lease
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Carnival Corporation and Carnival Cruise Line
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Genoa, Italy
|
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246/66
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Own/Lease
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AIDA and Costa
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Santa Clarita, CA, U.S.A.
|
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311
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Lease
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Holland America Line, Princess Cruises and Seabourn
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Almere, Netherlands
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253
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Own
|
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Arison Maritime Center
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Rostock, Germany
|
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224
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Own
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AIDA and Costa
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Seattle, WA, U.S.A.
|
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175
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Lease
|
|
Holland America Line, Princess Cruises and Seabourn
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Southampton, England
|
|
150
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|
Lease
|
|
Carnival plc, P&O Cruises (UK) and Cunard
|
Hamburg, Germany
|
|
137
|
|
Lease
|
|
AIDA and Costa
|
Sydney, NSW, Australia
|
|
37
|
|
Lease
|
|
P&O Cruises (Australia) and Princess Cruises
|
|
Age
|
|
Years of Service (a)
|
|
Title
|
Micky Arison
|
68
|
|
46
|
|
Chairman of the Boards of Directors
|
David Bernstein
|
60
|
|
19
|
|
Chief Financial Officer and Chief Accounting Officer
|
Arnold W. Donald
|
63
|
|
17
|
|
President and Chief Executive Officer and Director
|
Stein Kruse
|
59
|
|
18
|
|
Group Chief Executive Officer of Holland America Group and Carnival UK
|
Arnaldo Perez
|
57
|
|
25
|
|
General Counsel and Secretary
|
Michael Thamm
|
54
|
|
24
|
|
Group Chief Executive Officer of Costa Group and Carnival Asia
|
(a)
|
Years of service with us or Carnival plc predecessor companies.
|
|
Quarters Ended
|
||||||||||||||
|
February 28/29
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
2017
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
2016
|
$
|
0.30
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
Period
|
|
Total Number of Shares of Carnival Corporation
Common Stock Purchased
(in millions)
|
|
Average Price Paid per Share of Carnival Corporation Common Stock
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
|
|||||
September 1, 2017 through September 30, 2017
|
|
0.8
|
|
|
$
|
66.31
|
|
|
$
|
760
|
|
October 1, 2017 through October 31, 2017
|
|
0.1
|
|
|
$
|
66.25
|
|
|
$
|
673
|
|
November 1, 2017 through November 30, 2017
|
|
0.1
|
|
|
$
|
64.87
|
|
|
$
|
587
|
|
|
|
1.0
|
|
|
$
|
66.23
|
|
|
|
Period
|
|
Total Number of Shares of Carnival plc
Purchased (in millions)
|
|
Average Price Paid per Share of Carnival plc
|
|
Maximum Dollar Value of Shares That May Yet Be Purchased Under the Repurchase Program (in millions)
|
|||||
September 1, 2017 through September 30, 2017
|
|
0.2
|
|
|
$
|
64.41
|
|
|
$
|
760
|
|
October 1, 2017 through October 31, 2017
|
|
1.2
|
|
|
$
|
65.20
|
|
|
$
|
673
|
|
November 1, 2017 through November 30, 2017
|
|
1.3
|
|
|
$
|
65.44
|
|
|
$
|
587
|
|
|
|
2.7
|
|
|
$
|
65.24
|
|
|
|
|
In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to sell shares of Carnival Corporation common stock, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of Carnival plc ordinary shares in the UK market.
|
|
In the event Carnival plc ordinary shares trade at a premium to Carnival Corporation common stock, we may elect to sell ordinary shares of Carnival plc, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of shares of Carnival Corporation common stock in the U.S.
|
•
|
In January 2017, to sell up to 22.0 million of Carnival Corporation common stock in the U.S. market and repurchase up to 22.0 million of Carnival plc ordinary shares in the UK market.
|
•
|
In February 2016, to sell up to 26.9 million of existing shares of Carnival plc in the UK market and repurchase up to 26.9 million shares of Carnival Corporation common stock in the U.S. market.
|
Plan category
|
|
Number of securities to be issued upon exercise of warrants and rights
(in millions)
|
|
Weighted-average exercise price of outstanding warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1))
(in millions)
|
|
||
|
|
(1)
|
|
|
|
|
|
||
Equity compensation plans approved by security holders
|
|
2.3
|
|
(a)
|
-
|
|
10.0
|
|
(b)
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
-
|
|
—
|
|
|
|
|
2.3
|
|
|
-
|
|
10.0
|
|
|
(a)
|
Represents
2.3 million
of restricted share units outstanding under the Carnival Corporation 2011 Stock Plan.
|
(b)
|
Includes Carnival Corporation common stock available for issuance as of November 30, 2017 as follows: 2.1 million under the Carnival Corporation Employee Stock Purchase Plan, which includes 28,839 shares subject to purchase during the current purchase period and 7.9 million under the Carnival Corporation 2011 Stock Plan.
|
Plan category
|
|
Number of securities to be issued upon exercise of warrants and rights
(in millions)
|
|
Weighted-average exercise price of outstanding warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (1))
(in millions)
|
||
|
|
(1)
|
|
|
|
|
||
Equity compensation plans approved by security holders
|
|
0.7
|
|
(a)
|
-
|
|
7.6
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
-
|
|
—
|
|
|
|
0.7
|
|
|
-
|
|
7.6
|
|
(a)
|
Represents
0.7 million
restricted share units outstanding under the Carnival plc 2005 Employee Share Plan and Carnival plc 2014 Employee Share Plan.
|
INDEX TO EXHIBITS
|
|
|
|
|
|
|
||
|
|
Incorporated by Reference
|
||||||
Exhibit Number
|
Exhibit Description
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
|
|
|
|
|
|
|
|
|
4.10
|
Post
Amend- ment to Form F-6 |
|
99-a
|
|
4/15/03
|
|
|
|
|
|
|
|
|
|
|
|
|
4.11
|
S-3
|
|
4.1
|
|
7/2/09
|
|
|
|
Material contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1*
|
10-Q
|
|
10.1
|
|
9/28/07
|
|
|
|
|
|
|
|
|
|
|
|
|
10.2
|
10-Q
|
|
10.1
|
|
10/3/14
|
|
|
|
|
|
|
|
|
|
|
|
|
10.3*
|
10-Q
|
|
10.1
|
|
6/27/08
|
|
|
|
|
|
|
|
|
|
|
|
|
10.4*
|
10-Q
|
|
10.2
|
|
6/27/08
|
|
|
|
|
|
|
|
|
|
|
|
|
10.5*
|
10-Q
|
|
10.1
|
|
4/2/09
|
|
|
|
|
|
|
|
|
|
|
|
|
10.6
|
10-Q
|
|
10.2
|
|
7/12/02
|
|
|
|
|
|
|
|
|
|
|
|
|
10.7*
|
10-K
|
|
10.23
|
|
1/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.8*
|
10-Q
|
|
10.2
|
|
3/30/12
|
|
|
|
|
|
|
|
|
|
|
|
|
10.9*
|
10-Q
|
|
10.2
|
|
10/3/14
|
|
|
|
|
|
|
|
|
|
|
|
|
10.10*
|
10-K
|
|
10.39
|
|
1/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.11*
|
10-Q
|
|
10.1
|
|
7/1/15
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEX TO EXHIBITS
|
|
|
|
|
|
|
||
|
|
Incorporated by Reference
|
||||||
Exhibit Number
|
Exhibit Description
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
10.12*
|
10-Q
|
|
10.2
|
|
7/1/15
|
|
|
|
|
|
|
|
|
|
|
|
|
10.13*
|
10-Q
|
|
10.3
|
|
7/1/15
|
|
|
|
|
|
|
|
|
|
|
|
|
10.14*
|
10-Q
|
|
10.1
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.15*
|
10-Q
|
|
10.3
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.16*
|
10-Q
|
|
10.4
|
|
7/1/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.17*
|
8-K
|
|
99.1
|
|
10/21/16
|
|
|
|
|
|
|
|
|
|
|
|
|
10.18*
|
10-Q
|
|
10.1
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.19*
|
10-Q
|
|
10.2
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.20*
|
10-Q
|
|
10.3
|
|
3/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.21*
|
8-K
|
|
10.1
|
|
4/27/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.22*
|
10-Q
|
|
10.2
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.23*
|
10-Q
|
|
10.3
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
10.24*
|
10-Q
|
|
10.4
|
|
6/30/17
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEX TO EXHIBITS
|
|
|
|
|
|
|
||
|
|
Incorporated by Reference
|
||||||
Exhibit Number
|
Exhibit Description
|
Form
|
|
Exhibit
|
|
Filing Date
|
|
Filed Herewith
|
Statements regarding computations of ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Annual report to security holders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries of the registrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Consents of experts and counsel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Power of attorney
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||
24
|
|
|
|
|
X
|
|||
|
|
|
|
|
|
|
||
Rule 13a-14(a)/15d-14(a) certifications
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
||
31.1
|
|
|
|
|
X
|
|||
|
|
|
|
|
|
|||
31.2
|
|
|
|
|
X
|
|||
|
|
|
|
|
|
|
||
31.3
|
|
|
|
|
X
|
|||
|
|
|
|
|
|
|
||
31.4
|
|
|
|
|
X
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
CARNIVAL CORPORATION
|
CARNIVAL PLC
|
/s/ Arnold W. Donald
|
/s/ Arnold W. Donald
|
President and Chief Executive Officer and
|
President and Chief Executive Officer and
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
CARNIVAL CORPORATION
|
CARNIVAL PLC
|
/s/ Arnold W. Donald
|
/s/ Arnold W. Donald
|
President and Chief Executive Officer and
|
President and Chief Executive Officer and
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/ David Bernstein
|
/s/ David Bernstein
|
David Bernstein
|
David Bernstein
|
Chief Financial Officer and Chief Accounting Officer
|
Chief Financial Officer and Chief Accounting Officer
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Micky Arison
|
/s/*Micky Arison
|
Micky Arison
|
Micky Arison
|
Chairman of the Board of
|
Chairman of the Board of
|
Directors
|
Directors
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Sir Jonathon Band
|
/s/*Sir Jonathon Band
|
Sir Jonathon Band
|
Sir Jonathon Band
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Jason Glen Cahilly
|
/s/*Jason Glen Cahilly
|
Jason Glen Cahilly
|
Jason Glen Cahilly
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Helen Deeble
|
/s/*Helen Deeble
|
Helen Deeble
|
Helen Deeble
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
|
|
|
|
|
|
/s/*Richard J. Glasier
|
/s/*Richard J. Glasier
|
Richard J. Glasier
|
Richard J. Glasier
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Debra Kelly-Ennis
|
/s/*Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Sir John Parker
|
/s/*Sir John Parker
|
Sir John Parker
|
Sir John Parker
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Stuart Subotnick
|
/s/*Stuart Subotnick
|
Stuart Subotnick
|
Stuart Subotnick
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Laura Weil
|
/s/*Laura Weil
|
Laura Weil
|
Laura Weil
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
/s/*Randall J. Weisenburger
|
/s/*Randall J. Weisenburger
|
Randall J. Weisenburger
|
Randall J. Weisenburger
|
Director
|
Director
|
January 29, 2018
|
January 29, 2018
|
|
|
*By: /s/ Arnaldo Perez
|
*By: /s/ Arnaldo Perez
|
Arnaldo Perez
|
Arnaldo Perez
|
(Attorney-in-fact)
|
(Attorney-in-fact)
|
January 29, 2018
|
January 29, 2018
|
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Years Ended November 30,
|
|||||||||||||||||||||||
(in millions, except ratios)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
Net income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
|
$
|
1,216
|
|
|
$
|
1,055
|
|
|||||
Income tax (benefit) expense, net
|
60
|
|
|
49
|
|
|
42
|
|
|
9
|
|
|
(6
|
)
|
||||||||||
Income before income taxes
|
2,666
|
|
|
2,828
|
|
|
1,799
|
|
|
1,225
|
|
|
1,049
|
|
||||||||||
Fixed charges
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest expense, net
|
198
|
|
|
223
|
|
|
217
|
|
|
288
|
|
|
319
|
|
||||||||||
Interest portion of rent expense (a)
|
23
|
|
|
22
|
|
|
23
|
|
|
21
|
|
|
20
|
|
||||||||||
Capitalized interest
|
28
|
|
|
26
|
|
|
22
|
|
|
21
|
|
|
15
|
|
||||||||||
Total fixed charges
|
249
|
|
|
271
|
|
|
262
|
|
|
330
|
|
|
354
|
|
||||||||||
Fixed charges not affecting earnings
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Capitalized interest
|
(28
|
)
|
|
(26
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
(15
|
)
|
||||||||||
Earnings before fixed charges
|
$
|
2,887
|
|
|
$
|
3,073
|
|
|
$
|
2,039
|
|
|
$
|
1,534
|
|
|
$
|
1,388
|
|
|||||
Ratio of earnings to fixed charges
|
11.6x
|
|
|
11.3x
|
|
|
7.8x
|
|
|
4.6x
|
|
|
3.9x
|
|
(a)
|
Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended November 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues
|
|
|
|
|
|
||||||
Cruise
|
|
|
|
|
|
||||||
Passenger ticket
|
$
|
12,944
|
|
|
$
|
12,090
|
|
|
$
|
11,601
|
|
Onboard and other
|
4,330
|
|
|
4,068
|
|
|
3,887
|
|
|||
Tour and other
|
236
|
|
|
231
|
|
|
226
|
|
|||
|
17,510
|
|
|
16,389
|
|
|
15,714
|
|
|||
Operating Costs and Expenses
|
|
|
|
|
|
||||||
Cruise
|
|
|
|
|
|
||||||
Commissions, transportation and other
|
2,359
|
|
|
2,240
|
|
|
2,161
|
|
|||
Onboard and other
|
587
|
|
|
553
|
|
|
526
|
|
|||
Payroll and related
|
2,107
|
|
|
1,993
|
|
|
1,859
|
|
|||
Fuel
|
1,244
|
|
|
915
|
|
|
1,249
|
|
|||
Food
|
1,031
|
|
|
1,005
|
|
|
981
|
|
|||
Other ship operating
|
3,010
|
|
|
2,525
|
|
|
2,516
|
|
|||
Tour and other
|
163
|
|
|
152
|
|
|
155
|
|
|||
|
10,501
|
|
|
9,383
|
|
|
9,447
|
|
|||
Selling and administrative
|
2,265
|
|
|
2,197
|
|
|
2,067
|
|
|||
Depreciation and amortization
|
1,846
|
|
|
1,738
|
|
|
1,626
|
|
|||
Goodwill and trademark impairment
|
89
|
|
|
—
|
|
|
—
|
|
|||
|
14,701
|
|
|
13,318
|
|
|
13,140
|
|
|||
Operating Income
|
2,809
|
|
|
3,071
|
|
|
2,574
|
|
|||
Nonoperating Income (Expense)
|
|
|
|
|
|
||||||
Interest income
|
9
|
|
|
6
|
|
|
8
|
|
|||
Interest expense, net of capitalized interest
|
(198
|
)
|
|
(223
|
)
|
|
(217
|
)
|
|||
Gains (losses) on fuel derivatives, net
|
35
|
|
|
(47
|
)
|
|
(576
|
)
|
|||
Other income, net
|
11
|
|
|
21
|
|
|
10
|
|
|||
|
(143
|
)
|
|
(243
|
)
|
|
(775
|
)
|
|||
Income Before Income Taxes
|
2,666
|
|
|
2,828
|
|
|
1,799
|
|
|||
Income Tax Expense, Net
|
(60
|
)
|
|
(49
|
)
|
|
(42
|
)
|
|||
Net Income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
Earnings Per Share
|
|
|
|
|
|
||||||
Basic
|
$
|
3.61
|
|
|
$
|
3.73
|
|
|
$
|
2.26
|
|
Diluted
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
Dividends Declared Per Share
|
$
|
1.60
|
|
|
$
|
1.35
|
|
|
$
|
1.10
|
|
|
Years Ended November 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net Income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
Items Included in Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Change in foreign currency translation adjustment
|
590
|
|
|
(675
|
)
|
|
(1,078
|
)
|
|||
Other
|
82
|
|
|
(38
|
)
|
|
(47
|
)
|
|||
Other Comprehensive Income (Loss)
|
672
|
|
|
(713
|
)
|
|
(1,125
|
)
|
|||
Total Comprehensive Income
|
$
|
3,278
|
|
|
$
|
2,066
|
|
|
$
|
632
|
|
|
November 30,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
395
|
|
|
$
|
603
|
|
Trade and other receivables, net
|
312
|
|
|
298
|
|
||
Inventories
|
387
|
|
|
322
|
|
||
Prepaid expenses and other
|
502
|
|
|
466
|
|
||
Total current assets
|
1,596
|
|
|
1,689
|
|
||
Property and Equipment, Net
|
34,430
|
|
|
32,429
|
|
||
Goodwill
|
2,967
|
|
|
2,910
|
|
||
Other Intangibles
|
1,200
|
|
|
1,275
|
|
||
Other Assets
|
585
|
|
|
578
|
|
||
|
$
|
40,778
|
|
|
$
|
38,881
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities
|
|
|
|
||||
Short-term borrowings
|
$
|
485
|
|
|
$
|
457
|
|
Current portion of long-term debt
|
1,717
|
|
|
640
|
|
||
Accounts payable
|
762
|
|
|
713
|
|
||
Accrued liabilities and other
|
1,877
|
|
|
1,740
|
|
||
Customer deposits
|
3,958
|
|
|
3,522
|
|
||
Total current liabilities
|
8,800
|
|
|
7,072
|
|
||
Long-Term Debt
|
6,993
|
|
|
8,302
|
|
||
Other Long-Term Liabilities
|
769
|
|
|
910
|
|
||
Commitments and Contingencies
|
|
|
|
||||
Shareholders’ Equity
|
|
|
|
||||
Common stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 655 shares at 2017 and 654 shares at 2016 issued
|
7
|
|
|
7
|
|
||
Ordinary shares of Carnival plc, $1.66 par value; 217 shares at 2017 and 2016 issued
|
358
|
|
|
358
|
|
||
Additional paid-in capital
|
8,690
|
|
|
8,632
|
|
||
Retained earnings
|
23,292
|
|
|
21,843
|
|
||
Accumulated other comprehensive loss
|
(1,782
|
)
|
|
(2,454
|
)
|
||
Treasury stock, 122 shares at 2017 and 118 shares at 2016 of Carnival Corporation and 32 shares at 2017 and 27 shares at 2016 of Carnival plc, at cost
|
(6,349
|
)
|
|
(5,789
|
)
|
||
Total shareholders’ equity
|
24,216
|
|
|
22,597
|
|
||
|
$
|
40,778
|
|
|
$
|
38,881
|
|
|
Years Ended November 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|||||||||||
Depreciation and amortization
|
1,846
|
|
|
1,738
|
|
|
1,626
|
|
|||
Impairments
|
392
|
|
|
—
|
|
|
—
|
|
|||
(Gains) losses on fuel derivatives, net
|
(35
|
)
|
|
47
|
|
|
576
|
|
|||
Share-based compensation
|
63
|
|
|
55
|
|
|
55
|
|
|||
Other, net
|
51
|
|
|
71
|
|
|
32
|
|
|||
|
4,923
|
|
|
4,690
|
|
|
4,046
|
|
|||
Changes in operating assets and liabilities
|
|
|
|
|
|
||||||
Receivables
|
6
|
|
|
(22
|
)
|
|
4
|
|
|||
Inventories
|
(49
|
)
|
|
1
|
|
|
5
|
|
|||
Prepaid expenses and other
|
(13
|
)
|
|
11
|
|
|
131
|
|
|||
Accounts payable
|
21
|
|
|
109
|
|
|
36
|
|
|||
Accrued and other liabilities
|
73
|
|
|
(21
|
)
|
|
(31
|
)
|
|||
Customer deposits
|
361
|
|
|
366
|
|
|
354
|
|
|||
Net cash provided by operating activities
|
5,322
|
|
|
5,134
|
|
|
4,545
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Purchases of property and equipment
|
(2,944
|
)
|
|
(3,062
|
)
|
|
(2,294
|
)
|
|||
Payments of fuel derivative settlements
|
(203
|
)
|
|
(291
|
)
|
|
(219
|
)
|
|||
Other, net
|
58
|
|
|
30
|
|
|
35
|
|
|||
Net cash used in investing activities
|
(3,089
|
)
|
|
(3,323
|
)
|
|
(2,478
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
(Repayments of) proceeds from short-term borrowings, net
|
(29
|
)
|
|
447
|
|
|
(633
|
)
|
|||
Principal repayments of long-term debt
|
(1,227
|
)
|
|
(1,278
|
)
|
|
(1,238
|
)
|
|||
Proceeds from issuance of long-term debt
|
467
|
|
|
1,542
|
|
|
2,041
|
|
|||
Dividends paid
|
(1,087
|
)
|
|
(977
|
)
|
|
(816
|
)
|
|||
Purchases of treasury stock
|
(552
|
)
|
|
(2,340
|
)
|
|
(533
|
)
|
|||
Sales of treasury stock
|
—
|
|
|
40
|
|
|
264
|
|
|||
Other, net
|
(24
|
)
|
|
(25
|
)
|
|
(27
|
)
|
|||
Net cash used in financing activities
|
(2,452
|
)
|
|
(2,591
|
)
|
|
(942
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
11
|
|
|
(12
|
)
|
|
(61
|
)
|
|||
Net (decrease) increase in cash and cash equivalents
|
(208
|
)
|
|
(792
|
)
|
|
1,064
|
|
|||
Cash and cash equivalents at beginning of year
|
603
|
|
|
1,395
|
|
|
331
|
|
|||
Cash and cash equivalents at end of year
|
$
|
395
|
|
|
$
|
603
|
|
|
$
|
1,395
|
|
|
Common
stock |
|
Ordinary
shares |
|
Additional
paid-in capital |
|
Retained
earnings |
|
Accumulated other comprehensive loss
|
|
Treasury
stock |
|
Total
shareholders’ equity |
||||||||||||||
At November 30, 2014
|
$
|
7
|
|
|
$
|
358
|
|
|
$
|
8,384
|
|
|
$
|
19,158
|
|
|
$
|
(616
|
)
|
|
$
|
(3,087
|
)
|
|
$
|
24,204
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,757
|
|
|
—
|
|
|
—
|
|
|
1,757
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,125
|
)
|
|
—
|
|
|
(1,125
|
)
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(855
|
)
|
|
—
|
|
|
—
|
|
|
(855
|
)
|
|||||||
Purchases and sales under the Stock Swap program, net
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
(112
|
)
|
|
7
|
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
(276
|
)
|
|
(217
|
)
|
|||||||
At November 30, 2015
|
7
|
|
|
358
|
|
|
8,562
|
|
|
20,060
|
|
|
(1,741
|
)
|
|
(3,475
|
)
|
|
23,771
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,779
|
|
|
—
|
|
|
—
|
|
|
2,779
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(713
|
)
|
|
—
|
|
|
(713
|
)
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(996
|
)
|
|
—
|
|
|
—
|
|
|
(996
|
)
|
|||||||
Purchases and sales under the Stock Swap program, net
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
1
|
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
(2,301
|
)
|
|
(2,245
|
)
|
|||||||
At November 30, 2016
|
7
|
|
|
358
|
|
|
8,632
|
|
|
21,843
|
|
|
(2,454
|
)
|
|
(5,789
|
)
|
|
22,597
|
|
|||||||
Change in accounting principle (a)
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
|
—
|
|
|
—
|
|
|
2,606
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
672
|
|
|
—
|
|
|
672
|
|
|||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|
—
|
|
|
—
|
|
|
(1,155
|
)
|
|||||||
Purchases of treasury stock under the Repurchase Program and other
|
—
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
(560
|
)
|
|
(504
|
)
|
|||||||
At November 30, 2017
|
$
|
7
|
|
|
$
|
358
|
|
|
$
|
8,690
|
|
|
$
|
23,292
|
|
|
$
|
(1,782
|
)
|
|
$
|
(6,349
|
)
|
|
$
|
24,216
|
|
(a)
|
We elected to early adopt the provisions of ASU 2016-09,
Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting,
on December 1, 2016 using the modified retrospective approach. The impact primarily related to forfeitures.
|
|
Years
|
|
Residual
Values |
Ships
|
30
|
|
15%
|
Ship improvements
|
3-30
|
|
0%
|
Buildings and improvements
|
10-40
|
|
0% or 10%
|
Computer hardware and software
|
3-12
|
|
0% or 10%
|
Transportation equipment and other
|
3-20
|
|
0% or 10%
|
Leasehold improvements, including port facilities
|
Shorter of the remaining lease term or related asset life (3-30)
|
|
0%
|
|
November 30,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
Ships and ship improvements
|
$
|
46,744
|
|
|
$
|
44,122
|
|
Ships under construction
|
790
|
|
|
725
|
|
||
Other property and equipment
|
3,331
|
|
|
2,677
|
|
||
Total property and equipment
|
50,865
|
|
|
47,524
|
|
||
Less accumulated depreciation
|
(16,435
|
)
|
|
(15,095
|
)
|
||
|
$
|
34,430
|
|
|
$
|
32,429
|
|
|
November 30, 2017
|
|
November 30,
|
|||||||||
(in millions)
|
Interest Rates
|
|
Maturities Through
|
|
2017
|
|
2016
|
|||||
Long-Term Debt
|
|
|
|
|
|
|
|
|||||
Export Credit Facilities
|
|
|
|
|
|
|
|
|||||
Fixed rate
|
2.4% to 5.0%
|
|
2028
|
|
$
|
860
|
|
|
$
|
941
|
|
|
EUR fixed rate
|
3.8% to 4.5%
|
|
2025
|
|
229
|
|
|
233
|
|
|||
Floating rate
|
2.0% to 2.1%
|
|
2022
|
|
307
|
|
|
793
|
|
|||
EUR floating rate
|
0.0% to 0.7%
|
|
2027
|
|
1,596
|
|
|
1,649
|
|
|||
Bank Loans
|
|
|
|
|
|
|
|
|||||
EUR fixed rate
|
0.2% to 3.9%
|
|
2021
|
|
653
|
|
|
612
|
|
|||
Floating rate
|
2.2% to 2.3%
|
|
2022
|
|
500
|
|
|
800
|
|
|||
EUR floating rate
|
0.4% to 0.8%
|
|
2021
|
|
355
|
|
|
319
|
|
|||
GBP floating rate
|
1.0%
|
|
2018
|
|
415
|
|
—
|
|
—
|
|
||
Private Placement Notes
|
|
|
|
|
|
|
|
|||||
EUR fixed rate
|
7.3%
|
|
2018
|
|
57
|
|
|
51
|
|
|||
Publicly-Traded Notes
|
|
|
|
|
|
|
|
|||||
Fixed rate
|
1.9% to 7.9%
|
|
2028
|
|
1,717
|
|
|
1,717
|
|
|||
EUR fixed rate
|
1.1% to 1.9%
|
|
2022
|
|
2,072
|
|
|
1,857
|
|
|||
Other
|
—
|
|
—
|
|
—
|
|
|
25
|
|
|||
Short-Term Borrowings
|
|
|
|
|
|
|
|
|||||
Floating rate commercial paper
|
1.5%
|
|
2018
|
|
420
|
|
|
—
|
|
|||
EUR floating rate commercial paper
|
(0.1)%
|
|
2018
|
|
65
|
|
|
451
|
|
|||
EUR floating rate bank loans
|
—
|
|
—
|
|
—
|
|
|
6
|
|
|||
Total Debt
|
|
|
|
|
9,246
|
|
|
9,454
|
|
|||
Less: Unamortized debt issuance costs
|
|
|
|
|
(51
|
)
|
|
(55
|
)
|
|||
Total Debt, net of unamortized debt issuance costs
|
|
|
|
|
9,195
|
|
|
9,399
|
|
|||
Less: Short-term borrowings
|
|
|
|
|
(485
|
)
|
|
(457
|
)
|
|||
Less: Current portion of long-term debt
|
|
|
|
|
(1,717
|
)
|
|
(640
|
)
|
|||
Long-Term Debt
|
|
|
|
|
$
|
6,993
|
|
|
$
|
8,302
|
|
|
Fiscal
|
|
|
|
|
||||||||||||||||||||||
(in millions)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Shipbuilding
|
$
|
2,919
|
|
|
$
|
3,819
|
|
|
$
|
3,569
|
|
|
$
|
2,628
|
|
|
$
|
2,357
|
|
|
$
|
—
|
|
|
$
|
15,292
|
|
Operating leases
|
49
|
|
|
47
|
|
|
43
|
|
|
34
|
|
|
32
|
|
|
170
|
|
|
375
|
|
|||||||
Port facilities and other
|
190
|
|
|
182
|
|
|
162
|
|
|
157
|
|
|
151
|
|
|
926
|
|
|
1,768
|
|
|||||||
|
$
|
3,158
|
|
|
$
|
4,048
|
|
|
$
|
3,774
|
|
|
$
|
2,819
|
|
|
$
|
2,540
|
|
|
$
|
1,096
|
|
|
$
|
17,435
|
|
|
Carnival Corporation
|
|
Carnival plc
|
||||||||||
(in millions)
|
Number of Shares Repurchased
|
|
Dollar Amount Paid for Shares Repurchased
|
|
Number of Shares Repurchased
|
|
Dollar Amount Paid for Shares Repurchased
|
||||||
2017
|
3.3
|
|
|
$
|
223
|
|
|
5.6
|
|
|
$
|
335
|
|
2016
|
47.8
|
|
|
$
|
2,264
|
|
|
0.7
|
|
|
$
|
35
|
|
2015
|
5.3
|
|
|
$
|
276
|
|
|
—
|
|
|
$
|
—
|
|
|
Accumulated Other Comprehensive Loss
|
||||||
|
November 30,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
Cumulative foreign currency translation adjustments, net
|
$
|
(1,675
|
)
|
|
$
|
(2,266
|
)
|
Unrecognized pension expenses
|
(94
|
)
|
|
(120
|
)
|
||
Unrealized losses on marketable securities
|
—
|
|
|
(3
|
)
|
||
Net losses on cash flow derivative hedges
|
(13
|
)
|
|
(65
|
)
|
||
|
$
|
(1,782
|
)
|
|
$
|
(2,454
|
)
|
|
Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28/29
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
2017
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
Dividends declared
|
$
|
251
|
|
|
$
|
291
|
|
|
$
|
289
|
|
|
$
|
324
|
|
|
|
|
|
|
|
|
|
||||||||
2016
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.30
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
Dividends declared
|
$
|
225
|
|
|
$
|
261
|
|
|
$
|
256
|
|
|
$
|
254
|
|
|
|
|
|
|
|
|
|
||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.25
|
|
|
$
|
0.25
|
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
Dividends declared
|
$
|
194
|
|
|
$
|
194
|
|
|
$
|
234
|
|
|
$
|
233
|
|
•
|
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.
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||||||||||||||||||||||
|
Carrying
Value |
|
Fair Value
|
|
Carrying
Value |
|
Fair Value
|
||||||||||||||||||||||||
(in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Long-term other assets (a)
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
75
|
|
|
$
|
99
|
|
|
$
|
1
|
|
|
$
|
68
|
|
|
$
|
31
|
|
Total
|
$
|
126
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
75
|
|
|
$
|
99
|
|
|
$
|
1
|
|
|
$
|
68
|
|
|
$
|
31
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt (b)
|
$
|
5,588
|
|
|
$
|
—
|
|
|
$
|
5,892
|
|
|
$
|
—
|
|
|
$
|
5,436
|
|
|
$
|
—
|
|
|
$
|
5,727
|
|
|
$
|
—
|
|
Floating rate debt (b)
|
3,658
|
|
|
—
|
|
|
3,697
|
|
|
—
|
|
|
4,018
|
|
|
—
|
|
|
4,048
|
|
|
—
|
|
||||||||
Total
|
$
|
9,246
|
|
|
$
|
—
|
|
|
$
|
9,589
|
|
|
$
|
—
|
|
|
$
|
9,454
|
|
|
$
|
—
|
|
|
$
|
9,775
|
|
|
$
|
—
|
|
(a)
|
Long-term other assets is comprised of notes receivables. The fair values of our Level 2 notes 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 current market interest rates being applied to this debt.
|
|
November 30, 2017
|
|
November 30, 2016
|
||||||||||||||||||||
(in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
603
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted cash
|
26
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
—
|
|
||||||
Short-term investments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||
Marketable securities held in rabbi trusts (a)
|
97
|
|
|
—
|
|
|
—
|
|
|
93
|
|
|
4
|
|
|
—
|
|
||||||
Derivative financial instruments
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
||||||
Total
|
$
|
518
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
756
|
|
|
$
|
19
|
|
|
$
|
21
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative financial instruments
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
434
|
|
|
$
|
—
|
|
Total
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
434
|
|
|
$
|
—
|
|
(a)
|
At
November 30, 2017
and
2016
, the use of marketable securities held in rabbi trusts is restricted to funding certain deferred compensation and non-qualified U.S. pension plans.
|
•
|
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
|
|
Goodwill
|
||||||||||
(in millions)
|
North America
Segment |
|
EAA
Segment |
|
Total
|
||||||
At November 30, 2015
|
$
|
1,898
|
|
|
$
|
1,112
|
|
|
$
|
3,010
|
|
Foreign currency translation adjustment
|
—
|
|
|
(100
|
)
|
|
(100
|
)
|
|||
At November 30, 2016
|
1,898
|
|
|
1,012
|
|
|
2,910
|
|
|||
Impairment charge
|
—
|
|
|
(38
|
)
|
|
(38
|
)
|
|||
Foreign currency translation adjustment
|
—
|
|
|
95
|
|
|
95
|
|
|||
At November 30, 2017
|
$
|
1,898
|
|
|
$
|
1,069
|
|
|
$
|
2,967
|
|
|
Trademarks
|
||||||||||
(in millions)
|
North America
Segment |
|
EAA
Segment |
|
Total
|
||||||
At November 30, 2015
|
$
|
927
|
|
|
$
|
307
|
|
|
$
|
1,234
|
|
Foreign currency translation adjustment
|
—
|
|
|
(28
|
)
|
|
(28
|
)
|
|||
At November 30, 2016
|
927
|
|
|
279
|
|
|
1,206
|
|
|||
Impairment charge
|
—
|
|
|
(50
|
)
|
|
(50
|
)
|
|||
Foreign currency translation adjustment
|
—
|
|
|
23
|
|
|
23
|
|
|||
At November 30, 2017
|
$
|
927
|
|
|
$
|
252
|
|
|
$
|
1,179
|
|
|
|
|
November 30,
|
||||||
(in millions)
|
Balance Sheet Location
|
|
2017
|
|
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 (b)
|
Prepaid expenses and other
|
|
12
|
|
|
—
|
|
||
Total derivative assets
|
|
|
$
|
15
|
|
|
$
|
15
|
|
Derivative liabilities
|
|
|
|
|
|
||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
||||
Net investment hedges (a)
|
Accrued liabilities and other
|
|
$
|
13
|
|
|
$
|
26
|
|
|
Other long-term liabilities
|
|
17
|
|
|
—
|
|
||
Interest rate swaps (c)
|
Accrued liabilities and other
|
|
10
|
|
|
10
|
|
||
|
Other long-term liabilities
|
|
17
|
|
|
23
|
|
||
Foreign currency zero cost collars (b)
|
Accrued liabilities and other
|
|
—
|
|
|
12
|
|
||
|
Other long-term liabilities
|
|
—
|
|
|
21
|
|
||
|
|
|
57
|
|
|
92
|
|
||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
||||
Fuel (d)
|
Accrued liabilities and other
|
|
95
|
|
|
198
|
|
||
|
Other long-term liabilities
|
|
9
|
|
|
144
|
|
||
|
|
|
104
|
|
|
342
|
|
||
Total derivative liabilities
|
|
|
$
|
161
|
|
|
$
|
434
|
|
(a)
|
At
November 30, 2017
and
2016
, we had foreign currency swaps totaling
$324 million
and
$291 million
, respectively, that are designated as hedges of our net investments in foreign operations with a euro-denominated functional currency. At
November 30, 2017
, these foreign currency swaps settle through September 2019. At
November 30, 2016
we had foreign currency forwards totaling
$456 million
that were designated as hedges of our net investments in foreign operations, which have a euro-denominated functional currency.
|
(b)
|
At
November 30, 2017
and
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.
|
(c)
|
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
$479 million
at
November 30, 2017
and
$500 million
at November 30,
2016
of EURIBOR-based floating rate euro debt to fixed rate euro debt. At
November 30, 2017
, these interest rate swaps settle through March 2025.
|
(d)
|
At
November 30, 2017
and
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 fuel derivatives.
|
|
November 30, 2017
|
||||||||||||||||||
(in millions)
|
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
|
|
|
$
|
(8
|
)
|
|
$
|
7
|
|
Liabilities
|
$
|
161
|
|
|
$
|
—
|
|
|
$
|
161
|
|
|
$
|
(8
|
)
|
|
$
|
153
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
November 30, 2016
|
||||||||||||||||||
(in millions)
|
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
|
|
|
November 30,
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Net investment hedges
|
$
|
(31
|
)
|
|
$
|
(33
|
)
|
|
$
|
58
|
|
Foreign currency zero cost collars – cash flow hedges
|
$
|
45
|
|
|
$
|
(8
|
)
|
|
$
|
(57
|
)
|
Interest rate swaps – cash flow hedges
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
2
|
|
|
November 30,
|
||||||||||
(in millions)
|
2017
|
|
2016
|
|
2015
|
||||||
Unrealized gains (losses) on fuel derivatives, net
|
$
|
227
|
|
|
$
|
236
|
|
|
$
|
(332
|
)
|
Realized losses on fuel derivatives, net
|
(192
|
)
|
|
(283
|
)
|
|
(244
|
)
|
|||
Gains (losses) on fuel derivatives, net
|
$
|
35
|
|
|
$
|
(47
|
)
|
|
$
|
(576
|
)
|
Maturities (a)
|
Transaction
Dates |
|
Barrels
(in thousands) |
|
Weighted-Average
Floor Prices |
|
Weighted-Average
Ceiling Prices |
|||||
Fiscal 2018
|
|
|
|
|
|
|
|
|||||
|
January 2014
|
|
2,700
|
|
|
$
|
75
|
|
|
$
|
110
|
|
|
October 2014
|
|
3,000
|
|
|
$
|
80
|
|
|
$
|
114
|
|
|
|
|
5,700
|
|
|
|
|
|
(a)
|
Fuel derivatives mature evenly over each month in 2018.
|
|
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
|
|
Nieuw Statendam
|
2016
|
|
November 2018
|
|
$
|
1.05
|
|
|
$
|
1.25
|
|
•
|
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
|
|
As of and for the years ended November 30,
|
||||||||||||||||||||||||||
(in millions)
|
Revenues
|
|
Operating Costs and
Expenses |
|
Selling
and Administrative |
|
Depreciation
and Amortization |
|
Operating
Income (Loss) |
|
Capital
Expenditures |
|
Total
Assets |
||||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
North America
|
$
|
11,135
|
|
|
$
|
6,338
|
|
|
$
|
1,284
|
|
|
$
|
1,136
|
|
|
$
|
2,376
|
|
|
$
|
1,497
|
|
|
$
|
23,907
|
|
EAA
|
6,158
|
|
|
4,082
|
|
|
720
|
|
|
620
|
|
|
648
|
|
(a)
|
1,011
|
|
|
14,672
|
|
|||||||
Cruise Support
|
129
|
|
|
66
|
|
|
246
|
|
|
53
|
|
|
(235
|
)
|
|
431
|
|
|
1,739
|
|
|||||||
Tour and Other
|
236
|
|
|
163
|
|
|
15
|
|
|
37
|
|
|
20
|
|
|
5
|
|
|
459
|
|
|||||||
Intersegment elimination
|
(148
|
)
|
|
(148
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
17,510
|
|
|
$
|
10,501
|
|
|
$
|
2,265
|
|
|
$
|
1,846
|
|
|
$
|
2,809
|
|
|
$
|
2,944
|
|
|
$
|
40,778
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
North America
|
$
|
10,267
|
|
|
$
|
5,786
|
|
|
$
|
1,220
|
|
|
$
|
1,056
|
|
|
$
|
2,205
|
|
|
$
|
2,069
|
|
|
$
|
23,454
|
|
EAA
|
5,906
|
|
|
3,524
|
|
|
691
|
|
|
599
|
|
|
1,092
|
|
|
667
|
|
|
13,456
|
|
|||||||
Cruise Support
|
131
|
|
|
67
|
|
|
278
|
|
|
42
|
|
|
(256
|
)
|
|
310
|
|
|
1,513
|
|
|||||||
Tour and Other
|
231
|
|
|
152
|
|
|
8
|
|
|
41
|
|
|
30
|
|
|
16
|
|
|
458
|
|
|||||||
Intersegment elimination
|
(146
|
)
|
|
(146
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
16,389
|
|
|
$
|
9,383
|
|
|
$
|
2,197
|
|
|
$
|
1,738
|
|
|
$
|
3,071
|
|
|
$
|
3,062
|
|
|
$
|
38,881
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
North America
|
$
|
9,866
|
|
|
$
|
5,925
|
|
|
$
|
1,140
|
|
|
$
|
994
|
|
|
$
|
1,807
|
|
|
$
|
854
|
|
|
$
|
22,420
|
|
EAA
|
5,636
|
|
|
3,442
|
|
|
695
|
|
|
561
|
|
|
938
|
|
|
1,265
|
|
|
14,076
|
|
|||||||
Cruise Support
|
119
|
|
|
58
|
|
|
223
|
|
|
27
|
|
|
(189
|
)
|
|
162
|
|
|
2,248
|
|
|||||||
Tour and Other
|
226
|
|
|
155
|
|
|
9
|
|
|
44
|
|
|
18
|
|
|
13
|
|
|
493
|
|
|||||||
Intersegment elimination
|
(133
|
)
|
|
(133
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
15,714
|
|
|
$
|
9,447
|
|
|
$
|
2,067
|
|
|
$
|
1,626
|
|
|
$
|
2,574
|
|
|
$
|
2,294
|
|
|
$
|
39,237
|
|
(a)
|
Includes
$89 million
of impairment charges related to EAA’s goodwill and trademarks.
|
|
Shares
|
|
Weighted-Average
Grant Date Fair Value |
|||
Outstanding at November 30, 2014
|
4,053,057
|
|
|
$
|
37.94
|
|
Granted
|
1,253,050
|
|
|
$
|
45.70
|
|
Vested
|
(1,298,318
|
)
|
|
$
|
31.35
|
|
Forfeited
|
(398,394
|
)
|
|
$
|
39.48
|
|
Outstanding at November 30, 2015
|
3,609,395
|
|
|
$
|
42.84
|
|
Granted
|
1,451,917
|
|
|
$
|
53.98
|
|
Vested
|
(1,454,381
|
)
|
|
$
|
38.18
|
|
Forfeited
|
(193,806
|
)
|
|
$
|
47.76
|
|
Outstanding at November 30, 2016
|
3,413,125
|
|
|
$
|
48.03
|
|
Granted
|
1,116,314
|
|
|
$
|
54.79
|
|
Vested
|
(1,466,690
|
)
|
|
$
|
38.95
|
|
Forfeited
|
(112,781
|
)
|
|
$
|
51.72
|
|
Outstanding at November 30, 2017
|
2,949,968
|
|
|
$
|
51.82
|
|
|
Years Ended November 30,
|
||||||||||
(in millions, except per share data)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income for basic and diluted earnings per share
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
Weighted-average shares outstanding
|
722
|
|
|
745
|
|
|
777
|
|
|||
Dilutive effect of equity plans
|
3
|
|
|
2
|
|
|
2
|
|
|||
Diluted weighted-average shares outstanding
|
725
|
|
|
747
|
|
|
779
|
|
|||
Basic earnings per share
|
$
|
3.61
|
|
|
$
|
3.73
|
|
|
$
|
2.26
|
|
Diluted earnings per share
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
•
Net revenue yields
|
•
Net cruise costs, excluding fuel per available lower berth day
|
•
Booking levels
|
•
Estimates of ship depreciable lives and residual values
|
•
Pricing and occupancy
|
•
Goodwill, ship and trademark fair values
|
•
Interest, tax and fuel expenses
|
•
Liquidity
|
•
Currency exchange rates
|
•
Adjusted earnings per share
|
•
|
The demand for cruises may decline due to adverse world events impacting the ability or desire of people to travel, including conditions
affecting the safety and security of travel, government regulations and requirements, and decline in consumer confidence
|
•
|
Incidents, such as ship incidents, security incidents, the spread of contagious diseases and threats thereof, adverse weather conditions or other natural disasters and the related adverse publicity affecting our reputation and the health, safety, security and satisfaction of guests and crew
|
•
|
Changes in and compliance with laws and regulations relating to environment, health, safety, security, data privacy and protection, tax and anti-corruption under which we operate may lead to litigations, enforcement actions, fines, or penalties
|
•
|
Disruptions and other damages to our information technology and other networks and operations, breaches in data security, lapses in data privacy, and failure to keep pace with developments in technology
|
•
|
Ability to recruit, develop and retain qualified shipboard personnel who live on ships away from home for extended periods of time
|
•
|
Increases in fuel prices and availability of fuel supply
|
•
|
Fluctuations in foreign currency exchange rates
|
•
|
Overcapacity and competition in the cruise ship and land-based vacation industry
|
•
|
Continuing financial viability of our travel agent distribution system, air service providers and other key vendors in our supply chain, as well as reductions in the availability of, and increases in the prices for, the services and products provided by these vendors
|
•
|
Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments on terms that are favorable or consistent with our expectations, as well as increases to our repairs and maintenance expenses and refurbishment costs as our fleet ages
|
•
|
Geographic regions in which we try to expand our business may be slow to develop and ultimately not develop how we expect
|
•
|
Net income for
2017
of
$2.6 billion
, or
$3.59
diluted earnings per share, compared to
$2.8 billion
, or
$3.72
diluted earnings per share for
2016
.
|
•
|
Adjusted net income increased
7.4%
to
$2.8 billion
from
$2.6 billion
in
2016
and adjusted diluted earnings per share increased to
$3.82
from
$3.45
in
2016
. Adjusted net income excludes unrealized gains on fuel derivatives of $
227 million
and impairments and other net charges of $390 million for the full year
2017
and unrealized gains on fuel derivatives of $
236 million
and other net charges of $37 million for the full year
2016
.
|
•
|
Revenues increased $
1.1 billion
to $
17.5 billion
from $
16.4 billion
in
2016
.
|
•
|
Gross revenue yields (revenue per available lower berth day or “ALBD”) increased
3.9%
. In constant currency, net revenue yields increased
4.5%
, comprised of a
4.9%
increase in net passenger ticket revenue yields and a
3.4%
increase in net onboard and other revenue yields.
|
•
|
Gross cruise costs including fuel per ALBD increased
7.2%
. Net cruise costs excluding fuel per ALBD in constant currency increased
2.7%
.
|
•
|
Changes in fuel prices (including realized fuel derivatives) and currency exchange rates decreased earnings by $0.03 per share.
|
•
|
Noncash impairment charges for ships, trademark and goodwill of $392 million resulting primarily from our decision to strategically realign our business in Australia.
|
•
|
In November 2017, we debuted the OCEAN experience platform on
Regal Princess
, ushering in a new era in highly personalized travel at scale. We are fine tuning and enhancing the platform based on real time learning as we prepare for a full roll out aboard
Regal Princess
. We also recently introduced PlayOcean, our proprietary mobile gaming portfolio. PlayOcean taps into the growing interest in mobile gaming by offering a selection of original games that can be played at home.
|
•
|
We announced a new partnership with Univision to develop the first OCEAN prime-time series, La Gran Sorpresa
,
providing programing in Spanish featuring the Hispanic community. The cruise vacation experiences shared in La Gran Sopresa align with the core values of the Univision audience, focusing on multi-generational family, togetherness, fun and passion for life
.
We also launched OceanView™, our own proprietary digital streaming network featuring compelling experiential content twenty-four/seven, and currently available on major digital platforms as well as onboard our ships. OceanView™ launched simultaneously with our two new proprietary original content digital productions, Go and Local Eyes, that complement our three award winning television shows, The Voyager with Josh Garcia on NBC, Ocean Treks with
|
•
|
Other successful public relations efforts include the premiere of the major motion picture, The Greatest Showman. on Cunard’s
Queen Mary 2
as well as Holland America Line’s featured cruises in partnership with O Magazine, including Oprah’s own voyage on
Eurodam
in Alaska. In Italy, our third commercial for our Costa brand featuring Shakira launched on Christmas Day, continuing that highly successful marketing campaign. These efforts are all engineered to reach audiences multiple times in multiple ways to help drive demand for our brands, ultimately leading to higher yields.
|
•
|
We continued the roll out of our new state-of-the-art revenue management system across six of our brands, which is expected to facilitate further yield uplift.
|
•
|
We also accelerated progress on our cost containment efforts delivering more than $100 million of savings.
|
•
|
Two of our brands obtained approval and are now operating cruises to Cuba, our contemporary Carnival Cruise Line sailing from Tampa and our premium Holland America Line brand sailing from Fort Lauderdale.
|
|
December 19, 2017
|
|
January 24, 2018
|
||||||||||||
|
Full Year 2018
|
|
First Quarter 2018
|
|
Full Year 2018
|
|
First Quarter 2018
|
||||||||
Fuel cost per metric ton consumed
|
$
|
442
|
|
|
$
|
420
|
|
|
$
|
458
|
|
|
$
|
434
|
|
Currencies (USD to 1)
|
|
|
|
|
|
|
|
||||||||
AUD
|
$
|
0.76
|
|
|
$
|
0.76
|
|
|
$
|
0.80
|
|
|
$
|
0.79
|
|
CAD
|
$
|
0.78
|
|
|
$
|
0.78
|
|
|
$
|
0.81
|
|
|
$
|
0.80
|
|
EUR
|
$
|
1.18
|
|
|
$
|
1.18
|
|
|
$
|
1.23
|
|
|
$
|
1.22
|
|
GBP
|
$
|
1.34
|
|
|
$
|
1.34
|
|
|
$
|
1.42
|
|
|
$
|
1.40
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
•
|
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
|
•
|
Sales of passenger cruise tickets and, in some cases, the sale of air and other transportation to and from airports near our ships’ home ports and cancellation fees. We also collect fees, taxes and other charges from our guests
|
•
|
The cruise ticket price typically includes the following:
|
•
|
Accommodations
|
•
|
Most meals, including snacks at numerous venues
|
•
|
Access to amenities such as swimming pools, water slides, water parks, whirlpools, a health club and sun decks
|
•
|
Supervised youth programs
|
•
|
Entertainment, such as theatrical and comedy shows, live music and nightclubs
|
•
|
Visits to multiple destinations
|
•
|
Sales of goods and services not included in the cruise ticket price are generally the following:
|
•
|
The costs of passenger cruise bookings, which represent costs that are directly associated with passenger cruise ticket revenues, and include travel agent commissions, cost of air and other transportation and credit and debit card fees
|
•
|
Onboard and other cruise costs, which represent costs that are directly associated with onboard and other revenues, and include the costs of liquor and some non-alcoholic beverages, costs of tangible goods sold by us in our gift shops and from our photo packages, communication costs, costs of cruise vacation protection programs, costs of pre- and post-cruise land packages and credit and debit card fees
|
•
|
Fuel costs, which include fuel delivery costs
|
•
|
Payroll and related costs, which represent all costs related to our shipboard personnel, including bridge and engineering officers and crew and hotel and administrative employees, while costs associated with our shoreside personnel are included in selling and administrative expenses
|
•
|
Food costs, which include both our guest and crew food costs
|
•
|
Other ship operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; gains and losses on ship sales; ship impairments; freight and logistics; insurance premiums and all other ship operating expenses
|
|
Years Ended November 30,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
ALBDs (in thousands) (a) (b)
|
82,303
|
|
|
80,002
|
|
|
77,307
|
|
|||
Occupancy percentage (c)
|
105.9
|
%
|
|
105.9
|
%
|
|
104.8
|
%
|
|||
Passengers carried (in thousands)
|
12,130
|
|
|
11,520
|
|
|
10,840
|
|
|||
Fuel consumption in metric tons (in thousands)
|
3,286
|
|
|
3,233
|
|
|
3,181
|
|
|||
Fuel consumption in metric tons per thousand ALBDs
|
39.9
|
|
|
40.4
|
|
|
41.2
|
|
|||
Fuel cost per metric ton consumed
|
$
|
378
|
|
|
$
|
283
|
|
|
$
|
393
|
|
Currencies (USD to 1)
|
|
|
|
|
|
||||||
AUD
|
$
|
0.77
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
CAD
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
0.79
|
|
EUR
|
$
|
1.12
|
|
|
$
|
1.11
|
|
|
$
|
1.12
|
|
GBP
|
$
|
1.28
|
|
|
$
|
1.37
|
|
|
$
|
1.54
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
(a)
|
ALBD is a standard measure of passenger capacity for the period that we use to approximate rate and capacity variances, based on consistently applied formulas that we use to perform analyses to determine the main non-capacity driven factors that cause our cruise revenues and expenses to vary. ALBDs assume that each cabin we offer for sale accommodates two passengers and is computed by multiplying passenger capacity by revenue-producing ship operating days in the period.
|
(b)
|
In
2017
compared to
2016
, we had a 2.9% capacity increase in ALBDs comprised of a 3.2% capacity increase in our North America segment and a 2.4% capacity increase in our EAA segment.
|
•
|
Full period impact from one Seabourn 600-passenger capacity ship that entered into service in December 2016
|
•
|
Partial period impact from one Holland America Line 2,650-passenger capacity ship that entered into service in April 2016
|
•
|
Partial period impact from one Carnival Cruise Line 3,930-passenger capacity ship that entered into service in May 2016
|
•
|
Partial period impact from one Princess Cruises 3,560-passenger capacity ship that entered into service in April 2017
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship that entered into service in April 2016
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship that entered into service in June 2017
|
•
|
Partial period impact from the transfer of one Princess Cruises 2,000-passenger capacity ship to P&O Cruises (Australia) that entered into service in July 2017
|
•
|
Partial period impact from one Carnival Cruise Line 3,930-passenger capacity ship delivered in May 2016
|
•
|
Partial period impact from one Holland America Line 2,650-passenger capacity ship delivered in April 2016
|
•
|
Full period impact from the transfer of two Holland America Line 1,260-passenger capacity ships to P&O Cruises
|
•
|
Partial period impact from one P&O Cruises (UK) 3,650-passenger capacity ship delivered in 2015
|
•
|
Partial period impact from one AIDA 3,290-passenger capacity ship delivered in April 2016
|
•
|
Fewer ship dry-dock days in 2016 compared to 2015
|
•
|
$517 million - increase in cruise ticket revenues, driven primarily by price improvements in our Caribbean, European and Alaska programs, partially offset by decrease in our China programs
|
•
|
$348 million - 2.9% capacity increase in ALBDs
|
•
|
$55 million - increase in other passenger revenue
|
•
|
$54 million - foreign currency translational impact from a stronger U.S. dollar against the functional currencies of our foreign operations (“foreign currency translational impact”)
|
•
|
$20 million - decrease in air transportation revenues
|
•
|
$117 million - 2.9% capacity increase in ALBDs
|
•
|
$369 million - increase in cruise ticket revenues, driven primarily by price improvements in Caribbean, European and Alaska programs, partially offset by decrease in our China programs
|
•
|
$232 million - 3.2% capacity increase in ALBDs
|
•
|
$32 million - increase in occupancy
|
•
|
$28 million - increase in other passenger revenue
|
•
|
$88 million - higher onboard spending by our guests
|
•
|
$141 million - increase in cruise ticket revenues, driven primarily by price improvements in the European programs, partially offset by decrease in the China programs
|
•
|
$117 million - 2.4% capacity increase in ALBDs
|
•
|
$54 million - foreign currency translational impact
|
•
|
$25 million - decrease in occupancy
|
•
|
$68 million - higher cruise payroll and related expenses
|
•
|
$67 million - higher port expenses
|
•
|
$65 million - higher commissions, transportation and other expenses
|
•
|
$64 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$196 million - higher fuel prices
|
•
|
$179 million - 3.2% capacity increase in ALBDs
|
•
|
$76 million - higher commissions, transportation and other expenses
|
•
|
$41 million - higher port expenses
|
•
|
$37 million - higher cruise payroll and related expenses
|
•
|
$86 million - 2.4% capacity increase in ALBDs
|
•
|
$56 million - higher dry-dock expenses and repair and maintenance expenses
|
•
|
$26 million - higher port expenses
|
•
|
$26 million - higher cruise payroll and related expenses
|
•
|
$34 million - foreign currency translational impact
|
•
|
$20 million - decrease in air transportation costs
|
|
Years Ended November 30,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
Unrealized gains on fuel derivatives
|
$
|
227
|
|
|
$
|
236
|
|
Realized losses on fuel derivatives, net
|
(192
|
)
|
|
(283
|
)
|
||
Gains (losses) on fuel derivatives, net
|
$
|
35
|
|
|
$
|
(47
|
)
|
•
|
The translation of our EAA segment operations to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies.
|
•
|
Our North America segment operations have a U.S. dollar functional currency but also have revenue and expense transactions in currencies other than the U.S. dollar. If the U.S. dollar strengthens against these other currencies, it reduces the U.S. dollar revenues and expenses. If the U.S. dollar weakens against these other currencies, it increases the U.S. dollar revenues and expenses.
|
•
|
Our EAA segment operations have euro, sterling and Australian dollar functional currencies but also have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except yields)
|
2017
|
|
2017
Constant Dollar |
|
2016
|
|
2016
Constant Dollar |
|
2015
|
||||||||||
Passenger ticket revenues
|
$
|
12,944
|
|
|
$
|
12,998
|
|
|
$
|
12,090
|
|
|
$
|
12,305
|
|
|
$
|
11,601
|
|
Onboard and other revenues
|
4,330
|
|
|
4,338
|
|
|
4,068
|
|
|
4,114
|
|
|
3,887
|
|
|||||
Gross cruise revenues
|
17,274
|
|
|
17,336
|
|
|
16,158
|
|
|
16,419
|
|
|
15,488
|
|
|||||
Less cruise costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Commissions, transportation and other
|
(2,359
|
)
|
|
(2,371
|
)
|
|
(2,240
|
)
|
|
(2,280
|
)
|
|
(2,161
|
)
|
|||||
Onboard and other
|
(587
|
)
|
|
(589
|
)
|
|
(553
|
)
|
|
(560
|
)
|
|
(526
|
)
|
|||||
|
(2,946
|
)
|
|
(2,960
|
)
|
|
(2,793
|
)
|
|
(2,840
|
)
|
|
(2,687
|
)
|
|||||
Net passenger ticket revenues
|
10,585
|
|
|
10,627
|
|
|
9,850
|
|
|
10,025
|
|
|
9,440
|
|
|||||
Net onboard and other revenues
|
3,744
|
|
|
3,749
|
|
|
3,515
|
|
|
3,554
|
|
|
3,361
|
|
|||||
Net cruise revenues
|
$
|
14,329
|
|
|
$
|
14,376
|
|
|
$
|
13,365
|
|
|
$
|
13,579
|
|
|
$
|
12,801
|
|
ALBDs
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|
80,002,092
|
|
|
77,307,323
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross revenue yields
|
$
|
209.88
|
|
|
$
|
210.63
|
|
|
$
|
201.97
|
|
|
$
|
205.23
|
|
|
$
|
200.34
|
|
% increase
|
3.9
|
%
|
|
4.3
|
%
|
|
0.8
|
%
|
|
2.4
|
%
|
|
|
|
|||||
Net revenue yields
|
$
|
174.10
|
|
|
$
|
174.67
|
|
|
$
|
167.06
|
|
|
$
|
169.74
|
|
|
$
|
165.58
|
|
% increase
|
4.2
|
%
|
|
4.6
|
%
|
|
0.9
|
%
|
|
2.5
|
%
|
|
|
|
|||||
Net passenger ticket revenue yields
|
$
|
128.62
|
|
|
$
|
129.12
|
|
|
$
|
123.11
|
|
|
$
|
125.31
|
|
|
$
|
122.11
|
|
% increase
|
4.5
|
%
|
|
4.9
|
%
|
|
0.8
|
%
|
|
2.6
|
%
|
|
|
|
|||||
Net onboard and other revenue yields
|
$
|
45.48
|
|
|
$
|
45.55
|
|
|
$
|
43.95
|
|
|
$
|
44.43
|
|
|
$
|
43.48
|
|
% increase
|
3.5
|
%
|
|
3.6
|
%
|
|
1.1
|
%
|
|
2.2
|
%
|
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except yields)
|
2017
|
|
2017
Constant Currency |
|
2016
|
|
2016
Constant Currency |
|
2015
|
||||||||||
Net passenger ticket revenues
|
$
|
10,585
|
|
|
$
|
10,632
|
|
|
$
|
9,850
|
|
|
$
|
10,210
|
|
|
$
|
9,440
|
|
Net onboard and other revenues
|
3,744
|
|
|
3,741
|
|
|
3,515
|
|
|
3,557
|
|
|
3,361
|
|
|||||
Net cruise revenues
|
$
|
14,329
|
|
|
$
|
14,373
|
|
|
$
|
13,365
|
|
|
$
|
13,767
|
|
|
$
|
12,801
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|
80,002,092
|
|
|
77,307,323
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net revenue yields
|
$
|
174.10
|
|
|
$
|
174.63
|
|
|
$
|
167.06
|
|
|
$
|
172.08
|
|
|
$
|
165.58
|
|
% increase
|
4.2
|
%
|
|
4.5
|
%
|
|
0.9
|
%
|
|
3.9
|
%
|
|
|
||||||
Net passenger ticket revenue yields
|
$
|
128.62
|
|
|
$
|
129.18
|
|
|
$
|
123.11
|
|
|
$
|
127.62
|
|
|
$
|
122.11
|
|
% increase
|
4.5
|
%
|
|
4.9
|
%
|
|
0.8
|
%
|
|
4.5
|
%
|
|
|
||||||
Net onboard and other revenue yields
|
$
|
45.48
|
|
|
$
|
45.45
|
|
|
$
|
43.95
|
|
|
$
|
44.46
|
|
|
$
|
43.48
|
|
% increase
|
3.5
|
%
|
|
3.4
|
%
|
|
1.1
|
%
|
|
2.3
|
%
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except costs per ALBD)
|
2017
|
|
2017
Constant Dollar |
|
2016
|
|
2016
Constant Dollar |
|
2015
|
||||||||||
Cruise operating expenses
|
$
|
10,338
|
|
|
$
|
10,372
|
|
|
$
|
9,231
|
|
|
$
|
9,366
|
|
|
$
|
9,292
|
|
Cruise selling and administrative expenses
|
2,250
|
|
|
2,259
|
|
|
2,188
|
|
|
2,216
|
|
|
2,058
|
|
|||||
Gross cruise costs
|
12,588
|
|
|
12,631
|
|
|
11,419
|
|
|
11,582
|
|
|
11,350
|
|
|||||
Less cruise costs included above
|
|
|
|
|
|
|
|
|
|
||||||||||
Commissions, transportation and other
|
(2,359
|
)
|
|
(2,371
|
)
|
|
(2,240
|
)
|
|
(2,280
|
)
|
|
(2,161
|
)
|
|||||
Onboard and other
|
(587
|
)
|
|
(589
|
)
|
|
(553
|
)
|
|
(560
|
)
|
|
(526
|
)
|
|||||
(Losses) gains on ship sales and impairments
|
(298
|
)
|
|
(288
|
)
|
|
2
|
|
|
2
|
|
|
8
|
|
|||||
Restructuring expenses
|
(3
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(25
|
)
|
|||||
Other
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(41
|
)
|
|
—
|
|
|||||
Net cruise costs
|
9,341
|
|
|
9,380
|
|
|
8,585
|
|
|
8,701
|
|
|
8,646
|
|
|||||
Less fuel
|
(1,244
|
)
|
|
(1,244
|
)
|
|
(915
|
)
|
|
(915
|
)
|
|
(1,249
|
)
|
|||||
Net cruise costs excluding fuel
|
$
|
8,097
|
|
|
$
|
8,136
|
|
|
$
|
7,670
|
|
|
$
|
7,786
|
|
|
$
|
7,397
|
|
ALBDs
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|
80,002,092
|
|
|
77,307,323
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross cruise costs per ALBD
|
$
|
152.94
|
|
|
$
|
153.46
|
|
|
$
|
142.73
|
|
|
$
|
144.78
|
|
|
$
|
146.81
|
|
% increase
|
7.2
|
%
|
|
7.5
|
%
|
|
(2.8
|
)%
|
|
(1.4
|
)%
|
|
|
|
|||||
Net cruise costs excluding fuel per ALBD
|
$
|
98.37
|
|
|
$
|
98.84
|
|
|
$
|
95.87
|
|
|
$
|
97.34
|
|
|
$
|
95.68
|
|
% increase
|
2.6
|
%
|
|
3.1
|
%
|
|
0.2
|
%
|
|
1.7
|
%
|
|
|
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except costs per ALBD)
|
2017
|
|
2017
Constant Currency |
|
2016
|
|
2016
Constant Currency |
|
2015
|
||||||||||
Net cruise costs excluding fuel
|
$
|
8,097
|
|
|
$
|
8,108
|
|
|
$
|
7,670
|
|
|
$
|
7,777
|
|
|
$
|
7,397
|
|
ALBDs
|
82,302,887
|
|
|
82,302,887
|
|
|
80,002,092
|
|
|
80,002,092
|
|
|
77,307,323
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net cruise costs excluding fuel per ALBD
|
$
|
98.37
|
|
|
$
|
98.51
|
|
|
$
|
95.87
|
|
|
$
|
97.21
|
|
|
$
|
95.68
|
|
% increase
|
2.6
|
%
|
|
2.7
|
%
|
|
0.2
|
%
|
|
1.6
|
%
|
|
|
|
Years Ended November 30,
|
||||||||||
(in millions, except per share data)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
|
|
|
|
|
||||||
U.S. GAAP net income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(227
|
)
|
|
(236
|
)
|
|
332
|
|
|||
Losses (gains) on ship sales and impairments
|
387
|
|
|
(2
|
)
|
|
(8
|
)
|
|||
Restructuring expenses
|
3
|
|
|
2
|
|
|
25
|
|
|||
Other
|
—
|
|
|
37
|
|
|
—
|
|
|||
Adjusted net income
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
$
|
2,106
|
|
Weighted-average shares outstanding
|
725
|
|
|
747
|
|
|
779
|
|
|||
|
|
|
|
|
|
||||||
Earnings per share
|
|
|
|
|
|
||||||
U.S. GAAP earnings per share
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.31
|
)
|
|
(0.32
|
)
|
|
0.42
|
|
|||
Losses (gains) on ship sales and impairments
|
0.53
|
|
|
—
|
|
|
(0.01
|
)
|
|||
Restructuring expenses
|
—
|
|
|
—
|
|
|
0.03
|
|
|||
Other
|
—
|
|
|
0.05
|
|
|
—
|
|
|||
Adjusted earnings per share
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
$
|
2.70
|
|
|
|
|
|
|
|
•
|
$381 million - 2.9% capacity increase in ALBDs
|
•
|
$404 million - 3.5% capacity increase in ALBDs
|
•
|
$138 million - an accounting reclassification in our EAA segment, which has no impact on our operating income as the increase in passenger revenues is fully offset by an increase in operating expenses (“accounting reclassification”)
|
•
|
$114 million - slight increase in occupancy
|
•
|
$40 million - increase in cruise ticket revenue, driven primarily by price improvements in Caribbean and Alaskan programs for our North America segment and Mediterranean and North European programs for our EAA segment, partially offset by net unfavorable foreign currency transactional impacts
|
•
|
$135 million - 3.5% capacity increase in ALBDs
|
•
|
$55 million - higher onboard spending by our guests
|
•
|
$38 million - slight increase in occupancy
|
•
|
$92 million - net increase in cruise ticket revenue, driven primarily by price improvements in Caribbean and Alaskan programs, partially offset by unfavorable foreign currency transactional impacts
|
•
|
$67 million - slight capacity increase in ALBDs
|
•
|
$58 million - increase in air transportation revenues from guests who purchased their tickets from us
|
•
|
$53 million - slight increase in occupancy
|
•
|
$52 million - higher onboard spending by our guests
|
•
|
$26 million - slight capacity increase in ALBDs
|
•
|
$21 million - slight increase in occupancy
|
•
|
$344 million - 7.5% capacity increase in ALBDs
|
•
|
$138 million - the accounting reclassification
|
•
|
$69 million - 1.5 percentage point increase in occupancy
|
•
|
$215 million - foreign currency translational impact
|
•
|
$66 million - decrease in air transportation revenues from guests who purchased their tickets from us
|
•
|
$59 million - decrease in cruise ticket revenue, driven by unfavorable foreign currency transactional impacts
|
•
|
$377 million - lower fuel prices of $354 million and improved fuel consumption of $23 million
|
•
|
$136 million - foreign currency translational impact
|
•
|
$57 million - lower dry-dock expenses
|
•
|
$324 million - 3.5% capacity increase in ALBDs
|
•
|
$138 million - the accounting reclassification
|
•
|
$36 million - slight increase in occupancy
|
•
|
$72 million - 3.5% capacity increase in ALBDs
|
•
|
$46 million - various selling and administrative initiatives
|
•
|
$40 million - litigation settlements
|
•
|
$239 million - lower fuel prices of $221 million and improved fuel consumption of $18 million
|
•
|
$22 million - lower dry-dock expenses
|
•
|
$55 million - slight capacity increase in ALBDs
|
•
|
$53 million - higher air costs
|
•
|
$20 million - the nonrecurrence of a gain on a litigation settlement in 2015
|
•
|
$257 million - 7.5% capacity increase in ALBDs
|
•
|
$138 million - the accounting reclassification
|
•
|
$22 million - 1.5 percentage point decrease in occupancy
|
•
|
$21 million - higher ship port costs
|
•
|
$136 million - foreign currency translational impact
|
•
|
$132 million - lower fuel prices
|
•
|
$67 million - higher air costs
|
•
|
$34 million - higher dry-dock expenses
|
•
|
$42 million - 7.5% capacity increase in ALBDs
|
•
|
$22 million - improvements to existing ships and shoreside assets
|
|
Years Ended November 30,
|
||||||
|
2016
|
|
2015
|
||||
Unrealized gains (losses) on fuel derivatives
|
$
|
236
|
|
|
$
|
(332
|
)
|
Realized losses on fuel derivatives, net
|
(283
|
)
|
|
(244
|
)
|
||
Losses on fuel derivatives, net
|
$
|
(47
|
)
|
|
$
|
(576
|
)
|
•
|
$446 million - 3.5% capacity increase in ALBDs
|
•
|
$519 million - 3.9% increase in constant currency net revenue yields
|
•
|
Capital expenditures of $1.4 billion for our ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.5 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Payments of $
203 million
of fuel derivative settlements
|
•
|
Capital expenditures of $1.9 billion for ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.2 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Payments of $
291 million
of fuel derivative settlements
|
•
|
Capital expenditures of $981 million for our ongoing new shipbuilding program
|
•
|
Capital expenditures of $1.3 billion for ship improvements and replacements, information technology and buildings and improvements
|
•
|
Payments of $
219 million
of fuel derivative settlements
|
•
|
Net repayments of short-term borrowings of
$29 million
in connection with our availability of, and needs for, cash at various times throughout the period
|
•
|
Repayments of
$1.2 billion
of long-term debt
|
•
|
Issuances of $100 million of long-term debt under a term loan
|
•
|
Proceeds of $367 million of long-term debt under an export credit facility
|
•
|
Payments of cash dividends of
$1.1 billion
|
•
|
Purchases of
$552 million
of Carnival Corporation common stock and Carnival plc ordinary shares in open market transactions under our Repurchase Program
|
•
|
Net proceeds from short-term borrowings of $447 million in connection with our availability of, and needs for, cash at various times throughout the period
|
•
|
Repayments of $1.3 billion of long-term debt
|
•
|
Issuances of $555 million of euro-denominated publicly-traded notes, which net proceeds were used for general corporate purposes
|
•
|
Proceeds of $987 million of long-term debt
|
•
|
Payments of cash dividends of $977 million
|
•
|
Purchases of $2.3 billion of shares of Carnival Corporation common stock and $35 million of Carnival plc ordinary shares in open market transactions under our Repurchase Program
|
•
|
Net repayments of short-term borrowings of $633 million in connection with our availability of, and needs for, cash at various times throughout the year
|
•
|
Repayments of $1.2 billion of long-term debt
|
•
|
Issuances of $1.3 billion of publicly-traded notes, which net proceeds were used for generally corporate purposes
|
•
|
Net proceeds of $697 million of long-term debt
|
•
|
Payments of cash dividends of $816 million
|
•
|
Purchases of $276 million of shares of Carnival Corporation common stock in open market transactions under our Repurchase Program
|
•
|
Purchases of $257 million and sales of $264 million of treasury stock under our Stock Swap program
|
|
Payments Due by
|
|
|
|
|
|||||||||||||||||||||||
(in millions)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|||||||||||||||
Debt (a)
|
$
|
2,381
|
|
|
$
|
2,262
|
|
|
$
|
1,445
|
|
|
$
|
1,242
|
|
|
$
|
1,107
|
|
|
$
|
1,653
|
|
|
$
|
10,090
|
|
|
Other long-term liabilities reflected on the balance
sheet (b)
|
—
|
|
|
136
|
|
|
83
|
|
|
66
|
|
|
58
|
|
|
189
|
|
|
532
|
|
||||||||
Shipbuilding
|
2,919
|
|
|
3,819
|
|
|
3,569
|
|
|
2,628
|
|
|
2,357
|
|
|
—
|
|
|
15,292
|
|
||||||||
Operating leases
|
49
|
|
|
47
|
|
|
43
|
|
|
34
|
|
|
32
|
|
|
170
|
|
|
375
|
|
||||||||
Port facilities and other
|
190
|
|
|
182
|
|
|
162
|
|
|
157
|
|
—
|
|
151
|
|
|
926
|
|
|
1,768
|
|
|||||||
Purchase obligations
|
379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
379
|
|
||||||||
Total Contractual Cash Obligations
|
$
|
5,918
|
|
|
$
|
6,446
|
|
|
$
|
5,302
|
|
|
$
|
4,127
|
|
|
$
|
3,705
|
|
|
$
|
2,938
|
|
|
$
|
28,436
|
|
(a)
|
Includes principal as well as interest payments.
|
(b)
|
Represents cash outflows for certain of our long-term liabilities which can be reasonably estimated. The primary outflows are for estimates of our compensation plans’ obligations, crew and guest claims and certain deferred income taxes. Customer deposits and certain other deferred income taxes have been excluded from the table because they do not require a cash settlement in the future.
|
(in billions)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Total annual capital expenditures
|
|
$
|
4.5
|
|
|
$
|
5.0
|
|
|
$
|
4.8
|
|
|
$
|
3.9
|
|
|
$
|
3.6
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|||||
Annual Capacity increase (a)
|
|
1.9
|
%
|
|
5.5
|
%
|
|
7.4
|
%
|
|
7.5
|
%
|
|
3.9
|
%
|
(a)
|
These percentage increases include only contracted ship orders and dispositions.
|
•
|
In the event Carnival Corporation common stock trades at a premium to Carnival plc ordinary shares, we may elect to sell shares of Carnival Corporation common stock, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of Carnival plc ordinary shares in the UK market.
|
•
|
In the event Carnival plc ordinary shares trade at a premium to Carnival Corporation common stock, we may elect to sell ordinary shares of Carnival plc, at prevailing market prices in ordinary brokers’ transactions and repurchase an equivalent number of shares of Carnival Corporation common stock in the U.S.
|
(in millions)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Availability of committed future financing at November 30, 2017
|
|
$
|
2,075
|
|
|
$
|
2,668
|
|
|
$
|
3,015
|
|
|
$
|
2,951
|
|
|
$
|
928
|
|
•
|
$0.46 per share on an annualized basis for
2018
|
•
|
$0.02 per share for the first quarter of
2018
|
|
November 30,
|
||||||
USD to 1:
|
2017
|
|
2016
|
||||
AUD
|
$
|
0.76
|
|
|
$
|
0.75
|
|
CAD
|
$
|
0.78
|
|
|
$
|
0.75
|
|
EUR
|
$
|
1.18
|
|
|
$
|
1.06
|
|
GBP
|
$
|
1.33
|
|
|
$
|
1.24
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.14
|
|
|
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
|
|
Nieuw Statendam
|
2016
|
|
November 2018
|
|
$
|
1.05
|
|
|
$
|
1.25
|
|
|
November 30, 2017
|
|
Fixed rate
|
28
|
%
|
EUR fixed rate
|
38
|
%
|
Floating rate
|
10
|
%
|
EUR floating rate
|
20
|
%
|
GBP floating rate
|
4
|
%
|
•
|
$0.21 per share on an annualized basis for
2018
|
•
|
$0.05 per share for the first quarter of
2018
|
•
|
$0.01 per share for the first quarter of
2018
|
(in millions, except per share, per ton and currency data)
|
Years Ended November 30,
|
||||||||||||||||||
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||
Statements of Income Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
17,510
|
|
|
$
|
16,389
|
|
|
$
|
15,714
|
|
|
$
|
15,884
|
|
|
$
|
15,456
|
|
Operating income
|
$
|
2,809
|
|
|
$
|
3,071
|
|
|
$
|
2,574
|
|
|
$
|
1,772
|
|
|
$
|
1,329
|
|
Net income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
|
$
|
1,216
|
|
|
$
|
1,055
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
3.61
|
|
|
$
|
3.73
|
|
|
$
|
2.26
|
|
|
$
|
1.57
|
|
|
$
|
1.36
|
|
Diluted
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
|
$
|
1.56
|
|
|
$
|
1.36
|
|
Adjusted net income
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
$
|
2,106
|
|
|
$
|
1,504
|
|
|
$
|
1,209
|
|
Adjusted earnings per share - diluted
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
$
|
2.70
|
|
|
$
|
1.93
|
|
|
$
|
1.55
|
|
Dividends declared per share
|
$
|
1.60
|
|
|
$
|
1.35
|
|
|
$
|
1.10
|
|
|
$
|
1.00
|
|
|
$
|
1.00
|
|
Statements of Cash Flow Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash provided by operating activities
|
$
|
5,322
|
|
|
$
|
5,134
|
|
|
$
|
4,545
|
|
|
$
|
3,430
|
|
|
$
|
2,834
|
|
Cash used in investing activities
|
$
|
3,089
|
|
|
$
|
3,323
|
|
|
$
|
2,478
|
|
|
$
|
2,507
|
|
|
$
|
2,056
|
|
Capital expenditures
|
$
|
2,944
|
|
|
$
|
3,062
|
|
|
$
|
2,294
|
|
|
$
|
2,583
|
|
|
$
|
2,149
|
|
Cash used in financing activities
|
$
|
2,452
|
|
|
$
|
2,591
|
|
|
$
|
942
|
|
|
$
|
1,028
|
|
|
$
|
780
|
|
Dividends paid
|
$
|
1,087
|
|
|
$
|
977
|
|
|
$
|
816
|
|
|
$
|
776
|
|
|
$
|
1,164
|
|
Statistical Data
|
|
|
|
|
|
|
|
|
|
||||||||||
ALBDs (in thousands)
|
82,303
|
|
|
80,002
|
|
|
77,307
|
|
|
76,000
|
|
|
74,033
|
|
|||||
Occupancy percentage
|
105.9
|
%
|
|
105.9
|
%
|
|
104.8
|
%
|
|
104.1
|
%
|
|
105.1
|
%
|
|||||
Passengers carried (in thousands)
|
12,130
|
|
|
11,520
|
|
|
10,840
|
|
|
10,570
|
|
|
10,060
|
|
|||||
Fuel consumption in metric tons (in thousands)
|
3,286
|
|
|
3,233
|
|
|
3,181
|
|
|
3,194
|
|
|
3,266
|
|
|||||
Fuel consumption in metric tons per thousand ALBDs
|
39.9
|
|
|
40.4
|
|
|
41.2
|
|
|
42.0
|
|
|
44.1
|
|
|||||
Fuel cost per metric ton consumed
|
$
|
378
|
|
|
$
|
283
|
|
|
$
|
393
|
|
|
$
|
636
|
|
|
$
|
676
|
|
Currencies (USD to 1)
|
|
|
|
|
|
|
|
|
|
||||||||||
AUD
|
$
|
0.77
|
|
|
$
|
0.74
|
|
|
$
|
0.76
|
|
|
$
|
0.91
|
|
|
$
|
0.98
|
|
CAD
|
$
|
0.77
|
|
|
$
|
0.75
|
|
|
$
|
0.79
|
|
|
$
|
0.91
|
|
|
$
|
0.97
|
|
EUR
|
$
|
1.12
|
|
|
$
|
1.11
|
|
|
$
|
1.12
|
|
|
$
|
1.34
|
|
|
$
|
1.32
|
|
GBP
|
$
|
1.28
|
|
|
$
|
1.37
|
|
|
$
|
1.54
|
|
|
$
|
1.66
|
|
|
$
|
1.56
|
|
RMB
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
As of November 30,
|
||||||||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Balance Sheet and Other Data
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets (b)
|
$
|
40,778
|
|
|
$
|
38,881
|
|
|
$
|
39,237
|
|
|
$
|
39,448
|
|
|
$
|
40,042
|
|
Total debt (b)
|
$
|
9,195
|
|
|
$
|
9,399
|
|
|
$
|
8,787
|
|
|
$
|
9,088
|
|
|
$
|
9,560
|
|
Total shareholders’ equity
|
$
|
24,216
|
|
|
$
|
22,597
|
|
|
$
|
23,771
|
|
|
$
|
24,204
|
|
|
$
|
24,492
|
|
Total debt to capital (a)
|
27.5
|
%
|
|
29.4
|
%
|
|
27.0
|
%
|
|
27.3
|
%
|
|
28.1
|
%
|
(a)
|
Percentage of total debt to the sum of total debt and shareholders’ equity.
|
(b)
|
Total assets and total debt for years 2015, 2014, and 2013 have not been updated to reflect the changes as a result of adopting ASU 2015-03 -
Debt Issuance Cost
|
|
Years Ended November 30,
|
||||||||||||||||||
(in millions, except for per share data):
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Net income
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. GAAP net income
|
$
|
2,606
|
|
|
$
|
2,779
|
|
|
$
|
1,757
|
|
|
$
|
1,216
|
|
|
$
|
1,055
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(227
|
)
|
|
(236
|
)
|
|
332
|
|
|
268
|
|
|
(36
|
)
|
|||||
Losses (gains) on ship sales and impairments
|
387
|
|
|
(2
|
)
|
|
(8
|
)
|
|
2
|
|
|
190
|
|
|||||
Restructuring expenses
|
3
|
|
|
2
|
|
|
25
|
|
|
18
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted net income
|
$
|
2,770
|
|
|
$
|
2,580
|
|
|
$
|
2,106
|
|
|
$
|
1,504
|
|
|
$
|
1,209
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average shares outstanding
|
725
|
|
|
747
|
|
|
779
|
|
|
778
|
|
|
777
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. GAAP earnings per share
|
$
|
3.59
|
|
|
$
|
3.72
|
|
|
$
|
2.26
|
|
|
$
|
1.56
|
|
|
$
|
1.36
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.31
|
)
|
|
(0.32
|
)
|
|
0.42
|
|
|
0.35
|
|
|
(0.05
|
)
|
|||||
Losses (gains) on ship sales and impairments
|
0.53
|
|
|
—
|
|
|
(0.01
|
)
|
|
—
|
|
|
0.24
|
|
|||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
0.03
|
|
|
0.02
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
0.05
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted
earnings per share
|
$
|
3.82
|
|
|
$
|
3.45
|
|
|
$
|
2.70
|
|
|
$
|
1.93
|
|
|
$
|
1.55
|
|
|
Carnival Corporation
|
|
Carnival plc
|
||||||||||||||||||||
|
Per Share
|
|
Per Ordinary Share
|
|
Per ADS
|
||||||||||||||||||
|
High
|
|
Low
|
|
High
|
|
Low
|
|
High
|
|
Low
|
||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fourth Quarter
|
$
|
69.89
|
|
|
$
|
63.01
|
|
|
£
|
54.35
|
|
|
£
|
46.07
|
|
|
$
|
70.56
|
|
|
$
|
63.15
|
|
Third Quarter
|
$
|
69.55
|
|
|
$
|
62.67
|
|
|
£
|
54.15
|
|
|
£
|
49.51
|
|
|
$
|
70.16
|
|
|
$
|
62.96
|
|
Second Quarter
|
$
|
64.33
|
|
|
$
|
55.07
|
|
|
£
|
50.05
|
|
|
£
|
43.81
|
|
|
$
|
64.33
|
|
|
$
|
54.23
|
|
First Quarter
|
$
|
57.79
|
|
|
$
|
49.73
|
|
|
£
|
44.62
|
|
|
£
|
38.63
|
|
|
$
|
56.33
|
|
|
$
|
49.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fourth Quarter
|
$
|
53.27
|
|
|
$
|
44.11
|
|
|
£
|
41.77
|
|
|
£
|
32.98
|
|
|
$
|
52.77
|
|
|
$
|
44.60
|
|
Third Quarter
|
$
|
50.00
|
|
|
$
|
42.94
|
|
|
£
|
37.13
|
|
|
£
|
30.75
|
|
|
$
|
52.20
|
|
|
$
|
43.45
|
|
Second Quarter
|
$
|
53.21
|
|
|
$
|
45.74
|
|
|
£
|
38.14
|
|
|
£
|
33.27
|
|
|
$
|
54.56
|
|
|
$
|
47.42
|
|
First Quarter
|
$
|
55.77
|
|
|
$
|
40.52
|
|
|
£
|
39.55
|
|
|
£
|
29.17
|
|
|
$
|
58.08
|
|
|
$
|
42.45
|
|
|
Assumes $100 Invested on November 30, 2012
Assumes Dividends Reinvested Years Ended November 30, |
|||||||||||||||||||||||
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
Carnival Corporation Common Stock
|
|
$
|
100
|
|
|
$
|
97
|
|
|
$
|
122
|
|
|
$
|
143
|
|
|
$
|
150
|
|
|
$
|
195
|
|
Dow Jones Recreational Index
|
|
$
|
100
|
|
|
$
|
115
|
|
|
$
|
153
|
|
|
$
|
170
|
|
|
$
|
166
|
|
|
$
|
222
|
|
FTSE 100 Index
|
|
$
|
100
|
|
|
$
|
120
|
|
|
$
|
119
|
|
|
$
|
113
|
|
|
$
|
104
|
|
|
$
|
127
|
|
S&P 500 Index
|
|
$
|
100
|
|
|
$
|
130
|
|
|
$
|
152
|
|
|
$
|
156
|
|
|
$
|
169
|
|
|
$
|
208
|
|
|
Assumes $100 Invested on November 30, 2012
Assumes Dividends Reinvested Years Ended November 30, |
||||||||||||||||||||||
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
Carnival plc ADS
|
$
|
100
|
|
|
$
|
94
|
|
|
$
|
116
|
|
|
$
|
141
|
|
|
$
|
141
|
|
|
$
|
187
|
|
Dow Jones Recreational Index
|
$
|
100
|
|
|
$
|
115
|
|
|
$
|
153
|
|
|
$
|
170
|
|
|
$
|
166
|
|
|
$
|
222
|
|
FTSE 100 Index
|
$
|
100
|
|
|
$
|
120
|
|
|
$
|
119
|
|
|
$
|
113
|
|
|
$
|
104
|
|
|
$
|
127
|
|
S&P 500 Index
|
$
|
100
|
|
|
$
|
130
|
|
|
$
|
152
|
|
|
$
|
156
|
|
|
$
|
169
|
|
|
$
|
208
|
|
|
2017 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Revenues
|
$
|
3,791
|
|
|
$
|
3,945
|
|
|
$
|
5,515
|
|
|
$
|
4,259
|
|
Operating income
|
$
|
368
|
|
|
$
|
500
|
|
|
$
|
1,393
|
|
|
$
|
548
|
|
Net income
|
$
|
352
|
|
|
$
|
379
|
|
|
$
|
1,329
|
|
|
$
|
546
|
|
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.84
|
|
|
$
|
0.76
|
|
Diluted
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.83
|
|
|
$
|
0.76
|
|
Adjusted net income (a)
|
$
|
279
|
|
|
$
|
378
|
|
|
$
|
1,659
|
|
|
$
|
452
|
|
Adjusted earnings per share - diluted (a)
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
$
|
2.29
|
|
|
$
|
0.63
|
|
Dividends declared per share
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.45
|
|
(a)
|
Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
|
|
2017 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 28
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Net income
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP net income
|
$
|
352
|
|
|
$
|
379
|
|
|
$
|
1,329
|
|
|
$
|
546
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(72
|
)
|
|
2
|
|
|
(65
|
)
|
|
(93
|
)
|
||||
(Gains) losses on ship sales and impairments
|
—
|
|
|
(4
|
)
|
|
392
|
|
|
(1
|
)
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Other
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Adjusted net income
|
$
|
279
|
|
|
$
|
378
|
|
|
$
|
1,659
|
|
|
$
|
452
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding
|
728
|
|
|
727
|
|
|
726
|
|
|
722
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP earnings per share
|
$
|
0.48
|
|
|
$
|
0.52
|
|
|
$
|
1.83
|
|
|
$
|
0.76
|
|
Unrealized (gains) losses on fuel derivatives, net
|
(0.10
|
)
|
|
—
|
|
|
(0.09
|
)
|
|
(0.13
|
)
|
||||
(Gains) losses on ship sales and impairments
|
—
|
|
|
—
|
|
|
0.55
|
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Adjusted earnings per share
|
$
|
0.38
|
|
|
$
|
0.52
|
|
|
$
|
2.29
|
|
|
$
|
0.63
|
|
|
2016 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 29
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Revenues
|
$
|
3,651
|
|
|
$
|
3,705
|
|
|
$
|
5,097
|
|
|
$
|
3,935
|
|
Operating income
|
$
|
434
|
|
|
$
|
478
|
|
|
$
|
1,562
|
|
|
$
|
597
|
|
Net income
|
$
|
142
|
|
|
$
|
605
|
|
|
$
|
1,424
|
|
|
$
|
609
|
|
Earnings per share
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.18
|
|
|
$
|
0.81
|
|
|
$
|
1.93
|
|
|
$
|
0.84
|
|
Diluted
|
$
|
0.18
|
|
|
$
|
0.80
|
|
|
$
|
1.93
|
|
|
$
|
0.83
|
|
Adjusted net income (a)
|
$
|
301
|
|
|
$
|
370
|
|
|
$
|
1,417
|
|
|
$
|
491
|
|
Adjusted earnings per share - diluted (a)
|
$
|
0.39
|
|
|
$
|
0.49
|
|
|
$
|
1.92
|
|
|
$
|
0.67
|
|
Dividends declared per share
|
$
|
0.30
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
(a)
|
Adjusted net income and adjusted fully diluted earnings per share were computed as follows:
|
|
2016 Quarters Ended
|
||||||||||||||
(in millions, except per share data)
|
February 29
|
|
May 31
|
|
August 31
|
|
November 30
|
||||||||
Net income
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP net income
|
$
|
142
|
|
|
$
|
605
|
|
|
$
|
1,424
|
|
|
$
|
609
|
|
Unrealized losses (gains) on fuel derivatives, net
|
145
|
|
|
(242
|
)
|
|
(25
|
)
|
|
(115
|
)
|
||||
(Gains) losses on ship sales and impairments
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Other
|
16
|
|
|
5
|
|
|
18
|
|
|
(3
|
)
|
||||
Adjusted net income
|
$
|
301
|
|
|
$
|
370
|
|
|
$
|
1,417
|
|
|
$
|
491
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding
|
769
|
|
|
753
|
|
|
739
|
|
|
729
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share
|
|
|
|
|
|
|
|
||||||||
U.S. GAAP earnings per share
|
$
|
0.18
|
|
|
$
|
0.80
|
|
|
$
|
1.93
|
|
|
$
|
0.83
|
|
Unrealized losses (gains) on fuel derivatives, net
|
0.19
|
|
|
(0.32
|
)
|
|
(0.03
|
)
|
|
(0.16
|
)
|
||||
(Gains) losses on ship sales and impairments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Restructuring expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other
|
0.02
|
|
|
0.01
|
|
|
0.02
|
|
|
—
|
|
||||
Adjusted earnings per share
|
$
|
0.39
|
|
|
$
|
0.49
|
|
|
$
|
1.92
|
|
|
$
|
0.67
|
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
A.C.N. 098 290 834 Pty. Ltd.
|
Australia
|
A.J. Juneau Dock, LLC
|
Alaska
|
APVS S.r.L.
|
Italy
|
AIDA Kundecenter GmbH
|
Germany
|
Air-Sea Holiday GmbH
|
Switzerland
|
Alaska Hotel Properties LLC
|
Delaware
|
Barcelona Cruise Terminal SLU
|
Spain
|
Bay Island Cruise Port, S.A.
|
Honduras
|
Belize Cruise Terminal Limited
|
Belize
|
Carnival UK Limited
|
UK
|
Carnival Bahamas FC Limited
|
Bahamas
|
Carnival Bahamas Holding Limited
|
Bahamas
|
Carnival Celebration, Inc.
|
Texas
|
Carnival Corporation Hong King Limited
|
Hong Kong
|
Carnival Corporation Korea Ltd.
|
Korea
|
Carnival Corporation & plc Asia (Hong Kong) Limited
|
Hong Kong
|
Carnival Corporation & plc Asia Pte. Ltd.
|
Singapore
|
Carnival Grand Bahama Investments Limited
|
Bahamas
|
Carnival Investments Limited
|
Bahamas
|
Carnival Japan, Inc.
|
Japan
|
Carnival License Holdings Limited
|
Bahamas
|
Carnival Maritime GmbH
|
Germany
|
Carnival North America LLC
|
Florida
|
Carnival Ports Inc.
|
Florida
|
Carnival Support Services India Private Limited
|
India
|
Carnival Technical Services (UK) Limited
|
UK
|
Carnival Technical Services GmbH
|
Germany
|
Carnival Technical Services, Inc.
|
Japan
|
CCL Gifts, LLC
|
Florida
|
CC U.S. Ventures, Inc.
|
Delaware
|
C.F.G. Cruise & Ferry Group Srl
|
Italy
|
CGTH Srl
|
Italy
|
Chantier Naval de Marseille SAS
|
France
|
Costa Crociere PTE Ltd.
|
Singapore
|
Costa Crociere S.p.A.
|
Italy
|
Costa Cruceros S.A.
|
Argentina
|
Costa Cruise Lines (UK) Ltd.
|
UK
|
Costa Cruise Lines Inc.
|
Florida
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
Costa Cruises Shipping Services (Shanghai) Company Limited
|
China
|
Costa Cruises Travel Agency (Shanghai) Co., Ltd.
|
China
|
Costa Cruzeiros Agencia Maritima e Turismo Ltda.
|
Brazil
|
Costa Group Digital & Strategic Services GmbH
|
Germany
|
Costa International B.V.
|
Netherlands
|
Costa Kreuzfahrten GmbH
|
Switzerland
|
Costamed Ship Services S.r.L.
|
Italy
|
Cozumel Cruise Terminal S.A. de C.V.
|
Mexico
|
Cruiseport Curacao C.V.
|
Curacao
|
Cruise Ships Catering & Services International N.V.
|
Curacao
|
Cruise Shipping Services Limited
|
Bahamas
|
Cruise Terminal Services, S.A. de C.V.
|
Mexico
|
Cunard Celtic Limited
|
Hong Kong
|
DR Cruise Port, Ltd.
|
Bahamas
|
Ecospray Technologies S.r.L.
|
Italy
|
F.P.M. SAS
|
French Polynesia
|
F.P.P. SAS
|
French Polynesia
|
Fathom Travel Ltd.
|
UK
|
Finpax S.r.L.
|
Italy
|
Fleet Maritime Services (Bermuda) Limited
|
Bermuda
|
Fleet Maritime Services Holdings (Bermuda) Limited
|
Bermuda
|
Fleet Maritime Services International Limited
|
Bermuda
|
GEO S.p.A. (f/k/a Promo Net S.p.A.)
|
Italy
|
Gibs, Inc.
|
Delaware
|
Global Experience Innovators, Inc.
|
Florida
|
Global Fine Arts, Inc.
|
Florida
|
Global Shipping Service (Shanghai) Co., Ltd.
|
China
|
Grand Bahama Ship Yard Limited
|
Bahamas
|
Grand Cruise Shipping Unipessoal LdA
|
Portugal (Madeira)
|
Grand Turk Cruise Center Ltd.
|
Turks & Caicos
|
GXI, LLC
|
Delaware
|
HAL Antillen N.V.
|
Curacao
|
HAL Beheer B.V.
|
Netherlands
|
HAL Cruises Limited
|
Bahamas
|
HAL Maritime Ltd.
|
British Virgin Islands
|
HAL Nederland N.V.
|
Curacao
|
HAL Properties Limited
|
Bahamas
|
HAL Services B.V.
|
Netherlands
|
HCC Hanseatic Cruise Centers GmbH
|
Germany
|
Holding Division Iberocruceros SLU
|
Spain
|
Holland America Line Inc.
|
Washington
|
Holland America Line Paymaster of Washington LLC
|
Washington
|
Holland America Line U.S.A., Inc.
|
Delaware
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
Holland America Line N.V.
|
Curacao
|
HSE Hamburg School of Entertainment GmbH
|
Germany
|
Ibero Cruzeiros Ltda.
|
Brazil
|
Iberocruceros SLU
|
Spain
|
Information Assistance Corporation
|
Bermuda
|
International Cruise Services, S.A. de C.V.
|
Mexico
|
International Leisure Travel Inc.
|
Panama
|
International Maritime Recruitment Agency, S.A. de C.V.
|
Mexico
|
Ketchikan Dock Company, LLC
|
Alaska
|
Marseille Provence Cruise Terminal SAS
|
France
|
Milestone N.V.
|
Curacao
|
Navitrans B.V.
|
Netherlands
|
Ocean Medallion Fulfillment, Ltd.
|
Bahamas
|
Operadora Catalina S.r.L.
|
Dominican Republic
|
P&O Princess American Holdings
|
UK
|
P&O Princess Cruises International Limited
|
UK
|
P&O Princess Cruises Pension Trustee Limited
|
UK
|
P&O Properties (California), Inc.
|
California
|
P&O Travel Limited
|
UK
|
Prestige Cruises Management S.A.M.
|
Monaco
|
Prestige Cruises N.V.
|
Curacao
|
Princess Bermuda Holdings, Ltd.
|
Bermuda
|
Princess Cays Ltd.
|
Bahamas
|
Princess Cruise Lines, Ltd.
|
Bermuda
|
Princess Cruises and Tours, Inc.
|
Delaware
|
Princess Cruise Corporation Inc.
|
Panama
|
Princess U.S. Holdings, Inc.
|
California
|
RCT Maintenance & Related Services S.A.
|
Honduras
|
RCT Pilots & Related Services, S.A.
|
Honduras
|
RCT Security & Related Services S.A.
|
Honduras
|
Roatan Cruise Terminal S.A. de C.V.
|
Honduras
|
Roma Cruise Terminal S.p.L.
|
Italy
|
Royal Hyway Tours, Inc.
|
Alaska
|
Seabourn Cruise Line Limited
|
Bermuda
|
SeaVacations Limited
|
UK
|
SeaVacations UK Limited
|
UK
|
Shanghai Coast Cruise Consulting Co. Lda
|
China
|
Ship Care (Bahamas) Limited
|
Bahamas
|
Sitmar Cruises Inc.
|
Panama
|
Societa per il Nuovo Deposito Franco Darsena del porto di Genova S.r.L.
|
Italy
|
Southwark 2013 Ltd.
|
Isle of Man
|
Spanish Cruise Services N.V.
|
Curacao
|
Stazioni Maritime S.p.A.
|
Italy
|
Name of Subsidiary
|
Jurisdiction of
Incorporation
or Organization
|
Sunshine Shipping Corporation Ltd.
|
Bermuda
|
Terminal Napoli S.p.A.
|
Italy
|
Tour Alaska, LLC
|
Delaware
|
Transnational Services Corporation
|
Panama
|
Trident Insurance Company Ltd.
|
Bermuda
|
Trieste Adriatic Maritime Initiatives S.r.L.
|
Italy
|
Venezia Investimenti S.r.L.
|
Italy
|
Venezia Terminal Passeggeri S.p.A.
|
Italy
|
Welcome Travel Group S.p.A.
|
Italy
|
Westmark Hotels of Canada, Ltd.
|
British Columbia Canada
|
Westmark Hotels, Inc.
|
Alaska
|
Westours Motor Coaches, LLC
|
Alaska
|
Wind Surf Limited
|
Bahamas
|
World Leading Cruise Management (Shanghai) Co., Ltd.
|
China
|
CARNIVAL CORPORATION
|
|
CARNIVAL PLC
|
|
|
|
/s/ Micky Arison
|
|
/s/ Micky Arison
|
Micky Arison
|
|
Micky Arison
|
Chairman of the Board of Directors
|
|
Chairman of the Board of Directors
|
|
|
|
/s/ Sir Jonathon Band
|
|
/s/ Sir Jonathon Band
|
Sir Jonathon Band
|
|
Sir Jonathon Band
|
Director
|
|
Director
|
|
|
|
/s/ Jason Glen Cahilly
|
|
/s/ Jason Glen Cahilly
|
Jason Glen Cahilly
|
|
Jason Glen Cahilly
|
Director
|
|
Director
|
|
|
|
/s/ Helen Deeble
|
|
/s/ Helen Deeble
|
Helen Deeble
|
|
Helen Deeble
|
Director
|
|
Director
|
|
|
|
/s/ Richard J. Glasier
|
|
/s/ Richard J. Glasier
|
Richard J. Glasier
|
|
Richard J. Glasier
|
Director
|
|
Director
|
|
|
|
/s/ Debra Kelly-Ennis
|
|
/s/ Debra Kelly-Ennis
|
Debra Kelly-Ennis
|
|
Debra Kelly-Ennis
|
Director
|
|
Director
|
|
|
|
/s/ Sir John Parker
|
|
/s/ Sir John Parker
|
Sir John Parker
|
|
Sir John Parker
|
Director
|
|
Director
|
|
|
|
/s/ Stuart Subotnick
|
|
/s/ Stuart Subotnick
|
Stuart Subotnick
|
|
Stuart Subotnick
|
Director
|
|
Director
|
|
|
|
/s/ Laura Weil
|
|
/s/ Laura Weil
|
Laura Weil
|
|
Laura Weil
|
Director
|
|
Director
|
|
|
|
/s/ Randall J. Weisenburger
|
|
/s/ Randall J. Weisenburger
|
Randall J. Weisenburger
|
|
Randall J. Weisenburger
|
Director
|
|
Director
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Carnival Corporation.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Carnival Corporation.
|