Segment Information

6 Months Ended

May 31, 2011

Segment Information

NOTE 5 – Segment Information

During the fourth quarter of 2010, we began to separate our cruise brand operating segments into three reportable cruise segments in order to provide a better understanding of our business’ performance. These three reportable cruise segments are comprised of our (1) North America cruise brands, (2) Europe, Australia & Asia (“EAA”) cruise brands and (3) Cruise Support. All information for the three and six months ended May 31, 2010 has been restated to conform to this new cruise segment presentation. There were no changes made to our Tour and Other segment.

Our North America cruise segment includes Carnival Cruise Lines, Holland America Line, Princess Cruises (“Princess”) and Seabourn. Our EAA cruise segment includes AIDA Cruises (“AIDA”), Costa Cruises, Cunard, Ibero Cruises (“Ibero”), P&O Cruises (UK) and P&O Cruises (Australia). These individual cruise brand operating segments have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including the products and services they provide. Our Cruise Support segment represents certain of our port and related facilities and other corporate-wide services that are provided for the benefit of our cruise brands. Our Tour and Other segment represents the hotel, tour and transportation operations of Holland America Princess Alaska Tours and our two owned ships that we charter to an unaffiliated entity.

Selected information for our Cruise and Tour and Other segments was as follows (in millions):

	Three Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2011
North America Cruise Brands	$	2,063		$	1,445		$	238	$	216	$	164
EAA Cruise Brands		1,510			1,052			170		146		142
Cruise Support		22			(3	)		26		8		(9	)
Tour and Other		35			37			6		10		(18	)
Intersegment elimination		(10	)		(10	)		-		-		-
	$	3,620		$	2,521		$	440	$	380	$	279
2010
North America Cruise Brands	$	1,935		$	1,264		$	227	$	208	$	236
EAA Cruise Brands		1,280			872			146		125		137
Cruise Support		21			(3	)		23		6		(5	)
Tour and Other		45			46			8		10		(19	)
Intersegment elimination		(14	)		(14	)		-		-		-
	$	3,267		$	2,165		$	404	$	349	$	349
	Six Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2011
North America Cruise Brands	$	3,991		$	2,775		$	472	$	429	$	315
EAA Cruise Brands		2,971			2,111			326		281		253
Cruise Support		42			(6	)		52		15		(19	)
Tour and Other		45			46			12		22		(35	)
Intersegment elimination		(10	)		(10	)		-		-		-
	$	7,039		$	4,916		$	862	$	747	$	514
2010
North America Cruise Brands	$	3,829		$	2,538		$	452	$	414	$	425
EAA Cruise Brands		2,536			1,763			287		249		237
Cruise Support		41			(1	)		46		13		(17	)
Tour and Other		54			62			15		18		(41	)
Intersegment elimination		(15	)		(15	)		-		-		-
	$	6,445		$	4,347		$	800	$	694	$	604