Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Carnival Corp. & plc pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Carnival Corp. & plc, common-size consolidated balance sheet: liabilities and stockholders’ equity
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).
- Short-term borrowings
- Exhibited fluctuation over the period, starting at 2% in 2018, dropping to 0.51% in 2019, peaking notably at 5.75% in 2020, then gradually declining to 0.39% in 2022 before data for 2023 is missing.
- Current portion of long-term debt
- Remained relatively stable with minor variations, ranging between 3.25% and 4.63%, indicating consistent short-term liability management within this category.
- Current portion of operating lease liabilities
- Absent from data until 2020, then maintained a steady share between 0.27% and 0.3% through 2023, indicating the presence and slight growth of lease-related short-term obligations.
- Accounts payable
- Showed a downward trend from 2018 at 1.72% to a low of 1.16% in 2020, followed by an increase through 2023, reaching 2.38%, suggesting fluctuating supplier credit or payment terms.
- Accrued liabilities and other
- Displayed moderate volatility, generally moving between 2.14% and 4.08%, with a dip in 2020 and a recovery to pre-pandemic levels by 2023, reflecting changes in accrued expenses or other short-term obligations.
- Customer deposits
- Experienced a significant decline from approximately 10.4% in 2018-2019 down to 3.62% in 2020, likely influenced by market conditions or demand shifts, then progressively rebounded to 12.36% by 2023, exceeding initial levels.
- Current liabilities
- Decreased from 21.71% in 2018 to 16.21% in 2020, followed by a gradual increase to 23.37% by 2023, indicating fluctuating short-term liability levels with a recent upward trend.
- Long-term debt, excluding current portion
- Marked a pronounced upward trajectory from 18.62% in 2018 to a peak of 61.8% in 2022, before slightly retreating to 57.99% in 2023, showing significant growth in long-term borrowing over the period.
- Long-term operating lease liabilities
- First recorded in 2020 at 2.38%, this liability has remained stable with minor fluctuations close to 2.3%, indicating a consistent lease-related long-term commitment.
- Other long-term liabilities
- Remained relatively flat, varying narrowly between 1.7% and 2.25%, signifying stability in miscellaneous long-term obligations.
- Long-term liabilities (total)
- Experienced a sharp rise from 20.65% in 2018 to 65.82% in 2022, with a slight decrease to 62.62% in 2023, reflecting the increase in long-term debt and lease liabilities, becoming the dominant component of total liabilities and equity.
- Total liabilities
- Demonstrated steady growth throughout the years, increasing from 42.35% in 2018 to a peak of 86.34% in 2022, with a minor dip to 85.99% in 2023, indicating a substantially higher leverage position over time.
- Common and ordinary stock
- Remained constant as a portion of total liabilities and equity, with common stock at around 0.02% and ordinary shares between 0.67% and 0.84%, indicating no significant changes in share capital structure.
- Additional paid-in capital
- Showed a clear upward trend from 20.65% in 2018 to 34.02% in 2023, suggesting increased capital contributions or equity increases beyond par value.
- Retained earnings
- Exhibited a steep decline from a strong 59.12% in 2018 and 59.15% in 2019 to 29.99% in 2020, then continued down to minimal levels near 0.38% by 2023, signaling substantial erosion of accumulated profits, likely due to losses or distributions.
- Accumulated other comprehensive loss (AOCI)
- Displayed a negative balance throughout, ranging from -4.6% in 2018 to stabilizing near -3.95% in 2023, reflecting ongoing unrealized losses affecting equity.
- Treasury stock, at cost
- Maintained a significant negative equity effect, around -15.7% to -18.6%, with a slight trend toward increased treasury stock holdings by 2023.
- Shareholders’ equity
- Declined noticeably from 57.65% in 2018 to as low as 13.66% in 2022, with a small rebound to 14.01% in 2023, highlighting a weakening equity base relative to total capitalization.
- Total liabilities and shareholders' equity
- Remained consistently 100% as expected, denoting proportional allocation between liabilities and equity components.