An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

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)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	1,889)	363)
Total assets (adjusted)	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Adjustment to Total Debt
Total debt (as reported)	30,572)	34,546)	33,226)	26,956)	11,502)	10,323)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	1,889)	363)
Add: Current portion of operating lease liabilities	149)	146)	142)	151)	—)	—)
Add: Long-term operating lease liabilities	1,170)	1,189)	1,239)	1,273)	—)	—)
Total debt (adjusted)	31,891)	35,881)	34,607)	28,380)	13,391)	10,686)

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).

^{1, 2} Equal to total present value of future operating lease payments.

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
Total Asset Turnover¹
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	0.10	0.44	0.44
Debt to Equity²
Reported debt to equity	4.44	4.89	2.74	1.31	0.45	0.42
Adjusted debt to equity	4.63	5.08	2.85	1.38	0.53	0.44
Return on Assets³ (ROA)
Reported ROA	-0.15%	-11.78%	-17.81%	-19.10%	6.64%	7.43%
Adjusted ROA	-0.15%	-11.78%	-17.81%	-19.10%	6.37%	7.37%

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).

¹ See details »

² See details »

³ See details »

Financial 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.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Carnival Corp. & plc adjusted debt to equity ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as 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)
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 Operating Leases
Selected Financial Data (US$ in millions)
Revenues	21,593)	12,168)	1,908)	5,595)	20,825)	18,881)
Adjusted total assets	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Activity Ratio
Adjusted total asset turnover²	0.44	0.24	0.04	0.10	0.44	0.44

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 ÷ 49,120 = 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 debt	30,572)	34,546)	33,226)	26,956)	11,502)	10,323)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Debt to equity¹	4.44	4.89	2.74	1.31	0.45	0.42
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	31,891)	35,881)	34,607)	28,380)	13,391)	10,686)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Solvency Ratio
Adjusted debt to equity²	4.63	5.08	2.85	1.38	0.53	0.44

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 Debt to equity = Total debt ÷ Shareholders’ equity
= 30,572 ÷ 6,882 = 4.44

² Adjusted debt to equity = Adjusted total debt ÷ Shareholders’ equity
= 31,891 ÷ 6,882 = 4.63

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	Carnival Corp. & plc adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then slightly improved 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)
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 Operating Leases
Selected Financial Data (US$ in millions)
Net income (loss)	(74)	(6,093)	(9,501)	(10,236)	2,990)	3,152)
Adjusted total assets	49,120)	51,703)	53,344)	53,593)	46,947)	42,764)
Profitability Ratio
Adjusted ROA²	-0.15%	-11.78%	-17.81%	-19.10%	6.37%	7.37%

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 × Net income (loss) ÷ Adjusted total assets
= 100 × -74 ÷ 49,120 = -0.15%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as 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 Operating Leases

Adjustments to Financial Statements for Operating Leases

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

Adjusted Financial Ratios for Operating Leases (Summary)

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

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)