Segment Information

9 Months Ended

Aug. 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 of Holland America Princess Alaska Tours and two of our 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		Ibero impairment charges		Operating income (loss)
2012
North America Cruise Brands (a)	$	2,934		$	1,642		$	231	$	227	$	-	$	834
EAA Cruise Brands		1,657			956			153		140		-		408
Cruise Support		22			(5	)		23		6		-		(2	)
Tour and Other (a)		158			91			2		10		-		55
Intersegment elimination (a)		(87	)		(87	)		-		-		-		-
	$	4,684		$	2,597		$	409	$	383	$	-	$	1,295
2011
North America Cruise Brands (a)	$	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 (a)		305			233			8		11		-		53
Intersegment elimination (a)		(90	)		(90	)		-		-		-		-
	$	5,058		$	2,814		$	421	$	390	$	-	$	1,433

	Nine Months Ended August 31,
	Revenues			Operating expenses			Selling and administrative		Depreciation and amortization		Ibero impairment charges		Operating income (loss)
2012
North America Cruise Brands (a)	$	7,186		$	4,670		$	706	$	669	$	-	$	1,141
EAA Cruise Brands		4,462			3,063			467		417		173		342
Cruise Support		64			4			82		19		-		(41	)
Tour and Other (a)		186			126			6		30		-		24
Intersegment elimination (a)		(94	)		(94	)		-		-		-		-
	$	11,804		$	7,769		$	1,261	$	1,135	$	173	$	1,466
2011
North America Cruise Brands (a)	$	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 (a)		349			279			18		33		-		19
Intersegment elimination (a)		(100	)		(100	)		-		-		-		-
	$	12,096		$	7,730		$	1,282	$	1,137	$	-	$	1,947

(a) In 2011, a portion of Tour and Other segment revenues included revenues for the cruise portion of a tour when a cruise was sold along with a land tour package by Holland America Princess Alaska Tours. These intersegment cruise revenues, which were included in our North America cruise brands’ segment, were eliminated directly against the Tour and Other segment revenues and operating expenses in the line “Intersegment elimination.”

In 2012, the Tour and Other segment no longer includes revenues for the cruise portion of a tour. However, a portion of the North America cruise brands’ segment revenues include revenues for the tour portion of a cruise when a land tour package is sold along with a cruise by Holland America Line and Princess. These intersegment tour revenues, which are included in our Tour and Other segment, are eliminated directly against the North America cruise brands’ segment revenues and operating expenses in the line “Intersegment elimination.”

This change in 2012 from 2011 is referred to as “the change in the accounting for our North America cruise brands and Tour and Other segments” and did not have a significant impact on either of these segments’ 2011 and 2012 operating income.