Segment Information

3 Months Ended

Feb. 29, 2012

Segment Information

NOTE 7 – Segment Information

We have three reportable cruise segments that are comprised of our (1) North America cruise brands, (2) Europe, Australia & Asia (“EAA”) cruise brands and (3) Cruise Support. In addition, we have a Tour and Other segment.

Our North America cruise segment includes Carnival Cruise Lines, Holland America Line, Princess and Seabourn. Our EAA cruise segment includes AIDA, Costa, Cunard, Ibero, P&O Cruises (Australia) and P&O Cruises (UK). These individual cruise brand operating segments have been aggregated into two reportable segments based on the similarity of their economic and other characteristics, including types of customers, regulatory environment, maintenance requirements, supporting systems and processes and 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 and transportation operations, and also the tour operations in 2011, 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 February 29/28,
	Revenues		Operating expenses			Selling and administrative		Depreciation and amortization		Ibero impairment charges		Operating (loss) income
2012
North America Cruise Brands	$	2,082	$	1,510		$	237	$	221	$	-	$	114
EAA Cruise Brands		1,466		1,153			154		138		173		(152	)
Cruise Support		25		17			28		7		-		(27	)
Tour and Other		9		14			2		10		-		(17	)
	$	3,582	$	2,694		$	421	$	376	$	173	$	(82	)
2011
North America Cruise Brands	$	1,928	$	1,331		$	233	$	213	$	-	$	151
EAA Cruise Brands		1,460		1,059			156		135		-		110
Cruise Support		21		(4	)		27		8		-		(10	)
Tour and Other		10		9			6		11		-		(16	)
	$	3,419	$	2,395		$	422	$	367	$	-	$	235