EX-12 2 ex_12q32017.htm EXHIBIT 12 Exhibit


Exhibit 12

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

 
Nine Months Ended
 
August 31,
 
2017
 
2016
 
 
 
 
Net income
$
2,060

 
$
2,171

Income tax expense, net
46

 
44

Income before income taxes
2,106

 
2,215

Fixed charges
 
 
 
   Interest expense, net of capitalized interest
150

 
168

   Interest portion of rent expense (a)
17

 
16

   Capitalized interest
20

 
21

Total fixed charges
187

 
205

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(20
)
 
(21
)
Earnings before fixed charges
$
2,273

 
$
2,399

Ratio of earnings to fixed charges
12.2

 
11.7


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