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(in billions)
|
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First Quarter
2021 |
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Second
Quarter 2021 |
| |
Third
Quarter 2021 |
| |
Fourth
Quarter 2021 |
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Principal payments on outstanding debt(1)
|
| | | $ | 0.5 | | | | | $ | 0.4 | | | | | $ | 0.6 | | | | | $ | 0.3 | | |
Principal payments on expected Export Credit Facilities(2)
|
| | | $ | — | | | | | $ | — | | | | | $ | 0.1 | | | | | $ | — | | |
Total
|
| | | $ | 0.5 | | | | | $ | 0.4 | | | | | $ | 0.6 | | | | | $ | 0.3 | | |
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Year Ended November 30,
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(in millions)
|
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2018
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2019
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2020
|
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Results of Operations Data: | | | | | | | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | | | | | | | |
Passenger ticket
|
| | | $ | 13,930 | | | | | $ | 14,104 | | | | | $ | 3,684 | | |
Onboard and other(1)(2)
|
| | | | 4,950 | | | | | | 6,721 | | | | | | 1,910 | | |
| | | | | 18,881 | | | | | | 20,825 | | | | | | 5,595 | | |
Operating Costs and Expenses | | | | | | | | | | | | | | | | | | | |
Commissions, transportation and other
|
| | | | 2,590 | | | | | | 2,720 | | | | | | 1,139 | | |
Onboard and other(1)
|
| | | | 638 | | | | | | 2,101 | | | | | | 605 | | |
Payroll and related
|
| | | | 2,190 | | | | | | 2,249 | | | | | | 1,780 | | |
Fuel
|
| | | | 1,619 | | | | | | 1,562 | | | | | | 823 | | |
Food
|
| | | | 1,066 | | | | | | 1,083 | | | | | | 413 | | |
Ship and other impairments
|
| | | | 16 | | | | | | 26 | | | | | | 1,967 | | |
Other operating(2)
|
| | | | 2,971 | | | | | | 3,167 | | | | | | 1,518 | | |
| | | | | 11,089 | | | | | | 12,909 | | | | | | 8,245 | | |
Selling and administrative
|
| | | | 2,450 | | | | | | 2,480 | | | | | | 1,878 | | |
Depreciation and amortization
|
| | | | 2,017 | | | | | | 2,160 | | | | | | 2,241 | | |
Goodwill impairments
|
| | | | — | | | | | | — | | | | | | 2,096 | | |
| | | | | 15,556 | | | | | | 17,549 | | | | | | 14,460 | | |
Operating Income (Loss)
|
| | | | 3,325 | | | | | | 3,276 | | | | | | (8,865) | | |
Nonoperating Income (Expense): | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 14 | | | | | | 23 | | | | | | 18 | | |
Interest expense, net of capitalized interest
|
| | | | (194) | | | | | | (206) | | | | | | (895) | | |
Gains on fuel derivatives, net(3)
|
| | | | 59 | | | | | | — | | | | | | — | | |
Other income (expense), net
|
| | | | 3 | | | | | | (32) | | | | | | (511) | | |
| | | | | (118) | | | | | | (215) | | | | | | (1,388) | | |
Income (Loss) Before Income Taxes
|
| | | | 3,207 | | | | | | 3,060 | | | | | | (10,253) | | |
Income Tax (Expense) Benefit, Net
|
| | |
|
(54)
|
| | | |
|
(71)
|
| | | |
|
17
|
| |
Net Income (Loss)
|
| | | $ | 3,152 | | | | | $ | 2,990 | | | | | $ | (10,236) | | |
| | |
Year Ended November 30,
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(in millions)
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2018
|
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2019
|
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2020
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Other Financial Data: | | | | | | | | | | | | | | | | | | | |
Adjusted net income(4)
|
| | | $ | 3,029 | | | | | $ | 3,041 | | | | | $ | (5,793) | | |
Adjusted EBITDA(4)
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| | | $ | 5,280 | | | | | $ | 5,455 | | | | | $ | (2,692) | | |
| | |
As of November 30,
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(in millions)
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2018
|
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2019
|
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2020
|
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2020
|
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Actual
|
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Actual
|
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Actual
|
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(As-Adjusted)(5)
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Balance Sheet Data: | | | | | | ||||||||||||||||||||
Cash and cash equivalents
|
| | | $ | 982 | | | | | $ | 518 | | | | | $ | 9,513 | | | | | $ | 12,161 | | |
Total current assets
|
| | | | 2,225 | | | | | | 2,059 | | | | | | 10,563 | | | | | | 13,211 | | |
Total non-current assets
|
| | | | 40,176 | | | | | | 42,999 | | | | | | 43,030 | | | | | | 44,550 | | |
Total assets
|
| | | $ | 42,401 | | | | | $ | 45,058 | | | | | $ | 53,593 | | | | | $ | 57,761 | | |
Total current liabilities
|
| | | $ | 9,204 | | | | | $ | 9,127 | | | | | $ | 8,686 | | | | | $ | 6,942 | | |
Total long-term liabilities
|
| | | | 8,754 | | | | | | 10,566 | | | | | | 24,353 | | | | | | 29,309 | | |
Total liabilities
|
| | | $ | 17,958 | | | | | $ | 19,693 | | | | | $ | 33,038 | | | | | $ | 36,250 | | |
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Year Ended November 30,
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(in millions)
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2018
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2019
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2020
|
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Net Income (Loss)
|
| | | $ | 3,152 | | | | | $ | 2,990 | | | | | $ | (10,236) | | |
Unrealized (gains) losses on fuel derivatives, net
|
| | | | (94) | | | | | | — | | | | | | — | | |
(Gains) losses on ship sales and impairments
|
| | | | (38) | | | | | | (6) | | | | | | 3,934 | | |
Restructuring expenses
|
| | | | 1 | | | | | | 10 | | | | | | 47 | | |
Other
|
| | | | 8 | | | | | | 47 | | | | | | 462 | | |
Adjusted net income (loss)
|
| | | $ | 3,029 | | | | | $ | 3,041 | | | | | $ | (5,793) | | |
Interest expense, net of capitalized interest
|
| | | | 194 | | | | | | 206 | | | | | | 895 | | |
Interest income
|
| | | | (14) | | | | | | (23) | | | | | | (18) | | |
Income tax expense, net
|
| | | | 54 | | | | | | 71 | | | | | | (17) | | |
Depreciation and amortization
|
| | | | 2,017 | | | | | | 2,160 | | | | | | 2,241 | | |
Adjusted EBITDA
|
| | | $ | 5,280 | | | | | $ | 5,455 | | | | | $ | (2,692) | | |
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As of November 30, 2020
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Actual
|
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As Adjusted
|
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(all share and dollar amounts,
except par value, in millions) |
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Cash and cash equivalents(a)
|
| | | $ | 9,513 | | | | | $ | 12,161 | | |
Short-term borrowings: | | | | | | | | | | | | | |
Commercial Paper
|
| | | $ | — | | | | | $ | — | | |
Other(b)
|
| | | | 2 | | | | | | — | | |
Revolving Facility(c)
|
| | | | 3,083 | | | | | | 3,083 | | |
Current portion of long-term debt(b)
|
| | | | 1,742 | | | | | | — | | |
Total short-term debt
|
| | | $ | 4,827 | | | | | $ | 3,083 | | |
Long-term borrowings:
|
| | | | | | | | | | | | |
Unsecured:
|
| | | | | | | | | | | | |
Export Credit Facilities(d)
|
| | | $ | 6,702 | | | | | $ | 8,158 | | |
Loans
|
| | | | 2,447 | | | | | | 2,447 | | |
Convertible Notes(e)
|
| | | | 537 | | | | | | 537 | | |
2027 Unsecured Notes
|
| | | | — | | | | | | 3,500 | | |
2026 Unsecured Notes
|
| | | | 2,048 | | | | | | 2,048 | | |
Other Unsecured Notes
|
| | | | 1,701 | | | | | | 1,701 | | |
Unsecured long-term debt
|
| | | | 13,434 | | | | | | 18,390 | | |
Secured:
|
| | | | | | | | | | | | |
First Lien Notes
|
| | | $ | 4,192 | | | | | $ | 4,192 | | |
Secured Term Loan Facility
|
| | | | 2,782 | | | | | | 2,782 | | |
Long-term portion of EIB Facility
|
| | | | 163 | | | | | | 163 | | |
Second Lien Notes
|
| | | | 2,183 | | | | | | 2,183 | | |
Secured long-term debt
|
| | | $ | 9,321 | | | | | $ | 9,321 | | |
Total long-term borrowings (excluding unamortized debt issuance costs
and discounts) |
| | | $ | 22,754 | | | | | $ | 27,710 | | |
Total borrowings (excluding unamortized debt issuance costs and discounts)
|
| | | $ | 27,582 | | | | | $ | 30,793 | | |
Common Stock of Carnival Corporation, $0.01 par value; 1,960 shares authorized; 1,060 shares issued(f)
|
| | | $ | 11 | | | | | $ | 12 | | |
Ordinary shares of Carnival plc, $1.66 par value; 217 shares issued
|
| | | | 361 | | | | | | 361 | | |
Additional paid-in capital
|
| | | | 13,948 | | | | | | 14,948 | | |
Retained earnings
|
| | | | 16,075 | | | | | | 16,075 | | |
Accumulated other comprehensive loss
|
| | | | (1,436) | | | | | | (1,436) | | |
Treasury stock, 130 shares of Carnival Corporation and 60 shares of Carnival plc, at cost
|
| | | | (8,404) | | | | | | (8,404) | | |
Total shareholders’ equity
|
| | | $ | 20,555 | | | | | $ | 21,555 | | |
Total capitalization
|
| | | $ | 48,137 | | | | | $ | 52,349 | | |
| | | | | |
Scheduled Principal Payments in 2021
|
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Instrument
(in millions) |
| |
Rate(i)
|
| |
First
Quarter |
| |
Second
Quarter |
| |
Third
Quarter |
| |
Fourth
Quarter |
| ||||||||||||
Secured debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Bank loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro fixed rate
|
| |
5.5 – 6.2%
|
| | | $ | 8 | | | | | $ | 8 | | | | | $ | 8 | | | | | $ | 8 | | |
Floating rate
|
| |
LIBOR + 7.5%
|
| | | | 5 | | | | | | 5 | | | | | | 5 | | | | | | 5 | | |
Euro floating rate
|
| |
EURIBOR + 2.7 – 7.5%
|
| | | | 2 | | | | | | 8 | | | | | | 2 | | | | | | 8 | | |
Unsecured debt: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro notes
|
| |
1.6%
|
| | | | 429 | | | | | | — | | | | | | — | | | | | | — | | |
Bank loans: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro fixed rate
|
| |
0.3 – 3.9%
|
| | | | — | | | | | | 17 | | | | | | — | | | | | | 15 | | |
Euro floating rate
|
| |
EURIBOR + 0.3 – 4.8%
|
| | | | — | | | | | | 179 | | | | | | — | | | | | | — | | |
GBP floating rate
|
| |
GBP LIBOR + 0.8 – 0.9%
|
| | | | 40 | | | | | | — | | | | | | 375 | | | | | | — | | |
Export Credit Facilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Euro floating rate(ii)
|
| |
EURIBOR + 0.2 – 1.5%
|
| | | | — | | | | | | 24 | | | | | | 87 | | | | | | 124 | | |
Euro fixed rate
|
| |
1.1%
|
| | | | — | | | | | | — | | | | | | 26 | | | | | | 26 | | |
Fixed rate(ii)
|
| |
2.4 – 3.4%
|
| | | | — | | | | | | 74 | | | | | | 62 | | | | | | 98 | | |
Floating rate
|
| |
LIBOR + 0.5 – 1.5%
|
| | | | 16 | | | | | | 35 | | | | | | 68 | | | | | | 41 | | |
Total | | | | | | | $ | 500 | | | | | $ | 350 | | | | | $ | 633 | | | | | $ | 325 | | |
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Per Share
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Total
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