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Carnival Corp. & plc (NYSE:CCL)

This company has been moved to the archive! The financial data has not been updated since March 27, 2024.

Common-Size Balance Sheet: Assets
Quarterly Data

Carnival Corp. & plc, common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018 May 31, 2018 Feb 28, 2018
Cash and cash equivalents 4.51 4.92 5.71 8.61 10.49 7.79 13.62 13.31 12.04 16.76 13.36 12.83 16.90 17.75 16.09 13.81 2.88 1.15 2.62 2.70 1.48 2.32 1.26 2.50 1.09
Restricted cash 0.00 0.02 0.04 0.03 0.03 3.85 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Short-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.28 0.97 0.37 1.21 4.00 3.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trade and other receivables, net 1.29 1.13 0.97 0.87 0.99 0.76 0.69 0.68 0.50 0.46 0.53 0.40 0.44 0.51 0.74 1.21 0.86 0.99 1.00 0.91 0.92 0.84 0.88 0.81 0.83
Inventories 1.07 1.07 0.97 0.84 0.86 0.83 0.81 0.80 0.74 0.67 0.60 0.56 0.55 0.63 0.69 0.73 0.94 0.95 1.10 1.13 1.01 1.06 0.97 0.95 0.95
Prepaid expenses and other 2.14 3.57 1.72 1.61 1.37 1.26 1.12 1.07 0.88 0.73 0.95 0.73 0.67 0.82 0.72 0.75 1.46 1.49 1.45 1.63 1.37 1.03 1.10 1.14 1.15
Current assets 9.01% 10.72% 9.41% 11.96% 13.74% 14.49% 16.24% 16.14% 15.12% 19.00% 16.65% 18.52% 21.77% 19.71% 18.24% 16.50% 6.15% 4.57% 6.16% 6.37% 4.78% 5.25% 4.20% 5.40% 4.02%
Property and equipment, net 83.43 81.67 80.30 76.31 75.71 74.83 73.46 74.10 75.42 71.44 72.72 71.73 69.17 71.04 72.66 74.55 81.00 84.63 82.88 82.71 84.24 83.34 84.25 83.51 84.52
Operating lease right-of-use assets, net 2.49 2.58 2.57 2.53 2.40 2.46 2.24 2.27 2.40 2.50 2.55 2.57 2.37 2.56 2.71 2.84 3.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Goodwill 1.16 1.18 1.16 1.12 1.11 1.12 1.12 1.09 1.09 1.09 1.51 1.49 1.42 1.51 1.59 1.59 4.64 6.46 6.56 6.53 6.70 6.90 7.06 6.99 7.27
Other intangibles 2.35 2.38 2.35 2.24 2.23 2.24 2.22 2.20 2.22 2.21 2.22 2.18 2.09 2.21 2.33 2.34 2.50 2.61 2.65 2.63 2.69 2.77 2.83 2.80 2.89
Other assets 1.56 1.48 4.21 5.84 4.81 4.86 4.73 4.19 3.76 3.77 4.34 3.52 3.18 2.97 2.46 2.18 2.59 1.74 1.75 1.76 1.59 1.74 1.65 1.29 1.29
Long-term assets 90.99% 89.28% 90.59% 88.04% 86.26% 85.51% 83.76% 83.86% 84.88% 81.00% 83.35% 81.48% 78.23% 80.29% 81.76% 83.50% 93.85% 95.43% 93.84% 93.63% 95.22% 94.75% 95.80% 94.60% 95.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-K (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31), 10-Q (reporting date: 2018-05-31), 10-Q (reporting date: 2018-02-28).

The common-size balance sheet reveals a dramatic structural shift in asset composition between 2018 and 2024, characterized by a massive surge in liquidity during the 2020-2021 period followed by a steady reversion to a capital-intensive asset mix.

Liquidity and Current Asset Trends
Cash and cash equivalents remained lean, typically between 1% and 3% of total assets, from February 2018 through February 2020. A sharp increase occurred in May 2020, with cash jumping to 13.81% and peaking at 17.75% in November 2020. This surge drove total current assets to a peak of 21.77% in February 2021. Since then, a consistent downward trend has emerged, with cash and cash equivalents receding to 4.51% by February 2024, indicating a utilization of liquidity reserves.
Fixed Asset Concentration and Recovery
Property and equipment, net, is the dominant asset class. Prior to 2020, this item consistently represented 82% to 84% of total assets. During the pandemic period, its relative weight declined, reaching a minimum of 69.17% in February 2021. This decline was primarily a mathematical result of the increase in total assets due to higher cash balances. From 2022 onward, a recovery trend is evident, with property and equipment returning to 83.43% of total assets by February 2024.
Goodwill and Intangible Asset Impairment
A significant and permanent reduction in goodwill is observed. Starting at 7.27% in February 2018, goodwill dropped sharply to 4.64% by February 2020 and plummeted further to 1.59% by May 2020. It has since stabilized at a low level, ending at 1.16% in February 2024, which suggests substantial asset impairment charges were recognized during the crisis. Other intangibles showed a more gradual decline, moving from 2.89% in 2018 to 2.35% in 2024.
Long-term Asset Composition
Long-term assets typically constitute the vast majority of the balance sheet, fluctuating between 78.23% and 95.98%. The relative proportion of long-term assets dipped during the 2020-2021 period in tandem with the spike in current assets. By February 2024, long-term assets recovered to 90.99%, reflecting a return to a structure heavily weighted toward long-term operational infrastructure.
Other Asset Observations
Operating lease right-of-use assets appeared in the data in February 2020 at 3.13% and have remained relatively stable, fluctuating between 2.24% and 2.58% through February 2024. Other assets saw a temporary increase, peaking at 5.84% in May 2023 before dropping back to 1.56% by February 2024.

The overall trajectory indicates that the balance sheet has largely returned to its pre-pandemic profile, characterized by high fixed asset concentration, minimal cash reserves, and a significantly reduced valuation of goodwill.

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