Segment Information

6 Months Ended

May 31, 2012

Segment Information

NOTE 7 – Segment Information

We have three reportable cruise segments that are comprised of our (1) North America cruise brands, (2) EAA cruise brands and (3) Cruise Support. In addition, we have a Tour and Other segment. Our segments are reported on the same basis as the internally reported information that is provided to our Chief Operating Decision Maker, the Chairman of the Boards of Directors and Chief Executive Officer of Carnival Corporation and Carnival plc.

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 May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Ibero impairment charges		Operating income (loss)
2012
North America Cruise Brands	$	2,163		$	1,512		$	238	$	220	$	-	$	193
EAA Cruise Brands		1,338			954			159		140		-		85
Cruise Support		18			(9	)		32		6		-		(11	)
Tour and Other		26			28			2		10		-		(14	)
Intersegment elimination		(7	)		(7	)		-		-		-		-
	$	3,538		$	2,478		$	431	$	376	$	-	$	253
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

	Six Months Ended May 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Ibero impairment charges		Operating income (loss)
2012
North America Cruise Brands	$	4,245		$	3,021		$	475	$	441	$	-	$	308
EAA Cruise Brands		2,804			2,107			314		277		173		(67	)
Cruise Support		43			9			59		14		-		(39	)
Tour and Other		35			42			4		20		-		(31	)
Intersegment elimination		(7	)		(7	)		-		-		-		-
	$	7,120		$	5,172		$	852	$	752	$	173	$	171
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