EX-12 3 exhibit12201710-k.htm EXHIBIT 12 Exhibit


Exhibit 12
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.