Stock Analysis on Net
Stock Analysis on Net

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: Liabilities and Stockholders’ Equity

Carnival Corp. & plc, common-size consolidated balance sheet: liabilities and stockholders’ equity

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Nov 30, 2023 Nov 30, 2022 Nov 30, 2021 Nov 30, 2020 Nov 30, 2019 Nov 30, 2018
Short-term borrowings 0.00 0.39 5.23 5.75 0.51 2.00
Current portion of long-term debt 4.25 4.63 3.61 3.25 3.54 3.72
Current portion of operating lease liabilities 0.30 0.28 0.27 0.28 0.00 0.00
Accounts payable 2.38 2.03 1.49 1.16 1.68 1.72
Accrued liabilities and other 4.08 3.76 3.07 2.14 4.01 3.90
Customer deposits 12.36 9.43 5.83 3.62 10.51 10.37
Current liabilities 23.37% 20.51% 19.51% 16.21% 20.26% 21.71%
Long-term debt, excluding current portion 57.99 61.80 53.44 41.29 21.47 18.62
Long-term operating lease liabilities 2.38 2.30 2.32 2.38 0.00 0.00
Other long-term liabilities 2.25 1.72 1.96 1.77 1.98 2.02
Long-term liabilities 62.62% 65.82% 57.72% 45.44% 23.45% 20.65%
Total liabilities 85.99% 86.34% 77.23% 61.65% 43.71% 42.35%
Carnival Corporation common stock, $0.01 par value 0.02 0.02 0.02 0.02 0.02 0.02
Carnival plc ordinary shares, $1.66 par value 0.73 0.70 0.68 0.67 0.79 0.84
Additional paid-in capital 34.02 32.63 28.67 26.03 19.55 20.65
Retained earnings 0.38 0.52 12.09 29.99 59.15 59.12
Accumulated other comprehensive loss (AOCI) -3.95 -3.83 -2.82 -2.68 -4.59 -4.60
Treasury stock, at cost -17.20 -16.38 -15.87 -15.68 -18.63 -18.38
Shareholders’ equity 14.01% 13.66% 22.77% 38.35% 56.29% 57.65%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

A fundamental shift in the capital structure occurred between 2018 and 2023, characterized by a transition from a predominantly equity-funded balance sheet to one heavily reliant on debt. Total liabilities rose from 42.35% of total liabilities and shareholders' equity in 2018 to 85.99% by 2023. This transition is primarily driven by a substantial increase in long-term borrowings and a corresponding erosion of equity reserves.

Long-term Debt and Liabilities
Long-term debt, excluding the current portion, experienced a dramatic increase, rising from 18.62% in 2018 to a peak of 61.80% in 2022, before slightly moderating to 57.99% in 2023. Total long-term liabilities followed a similar trajectory, expanding from 20.65% in 2018 to 62.62% in 2023. This indicates a strategic or necessary reliance on long-term financing to maintain operations during a period of significant financial stress.
Shareholders' Equity and Retained Earnings
Shareholders' equity declined sharply from 57.65% in 2018 to 14.01% in 2023. The most significant driver of this decline was the near-total erosion of retained earnings, which fell from 59.12% in 2018 to just 0.38% in 2023. This pattern suggests substantial accumulated losses over the five-year period. To mitigate this decline, additional paid-in capital increased from 20.65% in 2018 to 34.02% in 2023, indicating that the company sought external equity infusions to offset the depletion of retained earnings.
Current Liabilities and Operational Indicators
Current liabilities remained relatively stable compared to long-term debt, moving from 21.71% in 2018 to 23.37% in 2023. However, customer deposits exhibited significant volatility, dropping from 10.37% in 2018 to a low of 3.62% in 2020, before recovering to 12.36% by 2023. This V-shaped trend reflects the disruption and subsequent recovery of forward-looking bookings and consumer demand.
Other Equity Components
Treasury stock maintained a consistent negative impact on the total equity position, ranging from -18.38% in 2018 to -17.20% in 2023. Accumulated other comprehensive loss (AOCI) also remained a persistent negative factor, fluctuating between -2.68% and -4.60% throughout the analyzed period.

In summary, the balance sheet reflects a high-leverage position by 2023. The company has shifted from a position of strength in retained earnings to a position where the vast majority of its assets are financed through long-term debt and new capital contributions, while operational indicators such as customer deposits show signs of recovery.

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