Carnival Corp. & plc, balance sheet: debt

US$ in millions

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Short-term borrowings	—)	200)	2,790)	3,084)	231)	848)
Current portion of long-term debt	2,089)	2,393)	1,927)	1,742)	1,596)	1,578)
Long-term debt, excluding current portion	28,483)	31,953)	28,509)	22,130)	9,675)	7,897)
Total debt (carrying amount)	30,572)	34,546)	33,226)	26,956)	11,502)	10,323)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Carnival Corp. & plc total debt increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Nov 30, 2023
Selected Financial Data (US$ in millions)
Total debt (fair value)	29,728)
Financial Ratio
Debt, fair value to carrying amount ratio	0.97

Weighted-average interest rate on debt: 5.74%

Interest rate	Debt amount¹	Interest rate × Debt amount
7.90%	192)	15)
9.90%	623)	62)
4.00%	2,406)	96)
7.00%	500)	35)
10.40%	2,030)	211)
5.80%	426)	25)
7.60%	1,351)	103)
7.60%	550)	42)
5.80%	3,100)	180)
5.80%	1,131)	66)
6.00%	2,000)	120)
10.50%	1,000)	105)
3.40%	2,756)	94)
3.40%	3,652)	124)
6.70%	200)	13)
1.00%	659)	7)
Total	22,576)	1,297)
5.74%

¹ US$ in millions

² Weighted-average interest rate = 100 × 1,297 ÷ 22,576 = 5.74%

Carnival Corp. & plc, interest costs incurred

US$ in millions

12 months ended:	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Interest expense, net of capitalized interest	2,066)	1,609)	1,601)	895)	206)	194)
Capitalized interest	64)	48)	83)	66)	39)	36)
Interest costs incurred	2,130)	1,657)	1,684)	961)	245)	230)

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Debt item	Description	The company
Interest expense, net of capitalized interest	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Carnival Corp. & plc interest expense, net of capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Carnival Corp. & plc capitalized interest decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Carnival Corp. & plc interest costs incurred decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Add: Income tax expense	12)	13)	(21)	(17)	71)	54)
Add: Interest expense, net of capitalized interest	2,066)	1,609)	1,601)	895)	206)	194)
Earnings before interest and tax (EBIT)	2,004)	(4,471)	(7,921)	(9,358)	3,267)	3,400)

Interest costs incurred	2,130)	1,657)	1,684)	961)	245)	230)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	0.97	-2.78	-4.95	-10.46	15.86	17.53
Adjusted interest coverage ratio (with capitalized interest)²	0.94	-2.70	-4.70	-9.74	13.33	14.78

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of capitalized interest
= 2,004 ÷ 2,066 = 0.97

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 2,004 ÷ 2,130 = 0.94

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Carnival Corp. & plc adjusted interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc (NYSE:CCL)

Analysis of Debt