Segment Information

9 Months Ended

Aug. 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 nine months ended August 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, 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 August 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income (loss)
2011
North America Cruise Brands	$	2,819		$	1,575		$	228	$	220	$	796
EAA Cruise Brands		2,004			1,103			160		152		589
Cruise Support		20			(7	)		25		7		(5	)
Tour and Other		305			233			8		11		53
Intersegment elimination		(90	)		(90	)		-		-		-
	$	5,058		$	2,814		$	421	$	390	$	1,433
2010
North America Cruise Brands	$	2,594		$	1,397		$	221	$	214	$	762
EAA Cruise Brands		1,713			873			126		123		591
Cruise Support		18			(9	)		26		7		(6	)
Tour and Other		292			218			8		11		55
Intersegment elimination		(90	)		(90	)		-		-		-
	$	4,527		$	2,389		$	381	$	355	$	1,402
	Nine Months Ended August 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Operating income  (loss)
2011
North America Cruise Brands	$	6,810		$	4,350		$	700	$	649	$	1,111
EAA Cruise Brands		4,975			3,215			485		432		843
Cruise Support		62			(14	)		79		23		(26	)
Tour and Other		349			279			18		33		19
Intersegment elimination		(100	)		(100	)		-		-		-
	$	12,096		$	7,730		$	1,282	$	1,137	$	1,947
2010
North America Cruise Brands	$	6,422		$	3,935		$	673	$	627	$	1,187
EAA Cruise Brands		4,249			2,636			413		372		828
Cruise Support		60			(9	)		72		20		(23	)
Tour and Other		346			279			23		30		14
Intersegment elimination		(105	)		(105	)		-		-		-
	$	10,972		$	6,736		$	1,181	$	1,049	$	2,006