Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Carnival Corp. & plc, balance sheet: goodwill and intangible assets

US$ in millions

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Goodwill	579)	579)	579)	807)	2,912)	2,925)
Trademarks	1,164)	1,151)	1,175)	1,180)	1,167)	1,169)
Other	5)	5)	6)	6)	7)	7)
Other intangibles	1,169)	1,156)	1,181)	1,186)	1,174)	1,176)
Goodwill and other intangibles	1,748)	1,735)	1,760)	1,993)	4,086)	4,101)

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Other intangibles	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Carnival Corp. & plc other intangibles decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Goodwill and other intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Carnival Corp. & plc goodwill and other intangibles decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Carnival Corp. & plc, adjustments to financial statements

US$ in millions

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Adjustment to Total Assets
Total assets (as reported)	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Less: Goodwill	579)	579)	579)	807)	2,912)	2,925)
Total assets (adjusted)	48,541)	51,124)	52,765)	52,786)	42,146)	39,476)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Less: Goodwill	579)	579)	579)	807)	2,912)	2,925)
Shareholders’ equity (adjusted)	6,303)	6,486)	11,565)	19,748)	22,453)	21,518)
Adjustment to Net Income (loss)
Net income (loss) (as reported)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Add: Goodwill impairment charge	—)	—)	226)	2,096)	—)	—)
Net income (loss) (adjusted)	(74)	(6,093)	(9,275)	(8,140)	2,990)	3,152)

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Carnival Corp. & plc, Financial Data: Reported vs. Adjusted

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Carnival Corp. & plc, adjusted financial ratios

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Net Profit Margin
Reported net profit margin	-0.34%	-50.07%	-497.96%	-182.95%	14.36%	16.69%
Adjusted net profit margin	-0.34%	-50.07%	-486.11%	-145.49%	14.36%	16.69%
Total Asset Turnover
Reported total asset turnover	0.44	0.24	0.04	0.10	0.46	0.45
Adjusted total asset turnover	0.44	0.24	0.04	0.11	0.49	0.48
Financial Leverage
Reported financial leverage	7.14	7.32	4.39	2.61	1.78	1.73
Adjusted financial leverage	7.70	7.88	4.56	2.67	1.88	1.83
Return on Equity (ROE)
Reported ROE	-1.08%	-86.24%	-78.24%	-49.80%	11.79%	12.90%
Adjusted ROE	-1.17%	-93.94%	-80.20%	-41.22%	13.32%	14.65%
Return on Assets (ROA)
Reported ROA	-0.15%	-11.78%	-17.81%	-19.10%	6.64%	7.43%
Adjusted ROA	-0.15%	-11.92%	-17.58%	-15.42%	7.09%	7.98%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Carnival Corp. & plc adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc, Financial Ratios: Reported vs. Adjusted

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	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Profitability Ratio
Net profit margin¹	-0.34%	-50.07%	-497.96%	-182.95%	14.36%	16.69%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(74)	(6,093)	(9,275)	(8,140)	2,990)	3,152)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Profitability Ratio
Adjusted net profit margin²	-0.34%	-50.07%	-486.11%	-145.49%	14.36%	16.69%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × -74 ÷ 21,593 = -0.34%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × -74 ÷ 21,593 = -0.34%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Carnival Corp. & plc adjusted net profit margin ratio improved from 2021 to 2022 and from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Activity Ratio
Total asset turnover¹	0.44	0.24	0.04	0.10	0.46	0.45
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Adjusted total assets	48,541)	51,124)	52,765)	52,786)	42,146)	39,476)
Activity Ratio
Adjusted total asset turnover²	0.44	0.24	0.04	0.11	0.49	0.48

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 21,593 ÷ 49,120 = 0.44

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 21,593 ÷ 48,541 = 0.44

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Carnival Corp. & plc adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Financial leverage¹	7.14	7.32	4.39	2.61	1.78	1.73
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	48,541)	51,124)	52,765)	52,786)	42,146)	39,476)
Adjusted shareholders’ equity	6,303)	6,486)	11,565)	19,748)	22,453)	21,518)
Solvency Ratio
Adjusted financial leverage²	7.70	7.88	4.56	2.67	1.88	1.83

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 49,120 ÷ 6,882 = 7.14

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 48,541 ÷ 6,303 = 7.70

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Carnival Corp. & plc adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Profitability Ratio
ROE¹	-1.08%	-86.24%	-78.24%	-49.80%	11.79%	12.90%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(74)	(6,093)	(9,275)	(8,140)	2,990)	3,152)
Adjusted shareholders’ equity	6,303)	6,486)	11,565)	19,748)	22,453)	21,518)
Profitability Ratio
Adjusted ROE²	-1.17%	-93.94%	-80.20%	-41.22%	13.32%	14.65%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Shareholders’ equity
= 100 × -74 ÷ 6,882 = -1.08%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted shareholders’ equity
= 100 × -74 ÷ 6,303 = -1.17%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Carnival Corp. & plc adjusted ROE deteriorated from 2021 to 2022 but then improved 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
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Total assets	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)
Profitability Ratio
ROA¹	-0.15%	-11.78%	-17.81%	-19.10%	6.64%	7.43%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	(74)	(6,093)	(9,275)	(8,140)	2,990)	3,152)
Adjusted total assets	48,541)	51,124)	52,765)	52,786)	42,146)	39,476)
Profitability Ratio
Adjusted ROA²	-0.15%	-11.92%	-17.58%	-15.42%	7.09%	7.98%

Based on: 10-K (reporting date: 2023-11-30), 10-K (reporting date: 2022-11-30), 10-K (reporting date: 2021-11-30), 10-K (reporting date: 2020-11-30), 10-K (reporting date: 2019-11-30), 10-K (reporting date: 2018-11-30).

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × -74 ÷ 49,120 = -0.15%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × -74 ÷ 48,541 = -0.15%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Carnival Corp. & plc adjusted ROA improved from 2021 to 2022 and from 2022 to 2023.

Carnival Corp. & plc (NYSE:CCL)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Carnival Corp. & plc, Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Carnival Corp. & plc, Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)