EX-12 6 ex_12q22016.htm EXHIBIT 12 Exhibit


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 
Six Months Ended
 
May 31,
 
2016
 
2015
 
 
 
 
Net income
$
747

 
$
271

Income tax expense, net
3

 
7

Income before income taxes
750

 
278

Fixed charges
 
 
 
   Interest expense, net
108

 
114

   Interest portion of rent expense (a)
11

 
11

   Capitalized interest
16

 
10

Total fixed charges
135

 
135

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(16
)
 
(10
)
Earnings before fixed charges
$
869

 
$
403

Ratio of earnings to fixed charges
6.4

 
3.0


(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.