Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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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, consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
- Cash and Cash Equivalents
- There is a notable increase in cash and cash equivalents starting from early 2020, peaking in November 2020 at 9513 million US$. This surge correlates with the onset of the pandemic, reflecting a possible strategic move towards liquidity preservation. Subsequently, there is a declining trend from early 2021 onwards, with cash levels dropping to 2242 million US$ by February 2024.
- Restricted Cash
- Restricted cash is only reported starting from late 2022, with values relatively low and fluctuating between 11 and 1988 million US$, before dropping again. Its presence in recent periods may reflect new regulatory or contractual requirements.
- Short-term Investments
- Short-term investments appear only from November 2020. Initial levels are high, reaching up to 2204 million US$, then decline significantly by mid-2021 and disappear from subsequent reporting periods, indicating a shift away from this asset class or reclassification.
- Trade and Other Receivables, Net
- Receivables exhibit moderate fluctuations across the quarters, generally peaking around early 2024 at 644 million US$. There is a downward trend during 2020, likely linked to pandemic-related operational disruptions, followed by a recovery and gradual growth.
- Inventories
- Inventory levels remain relatively stable with mild growth starting from early 2022, increasing from approximately 392 million US$ to 531 million US$ by February 2024, suggesting gradual inventory buildup or adjustments in stock management.
- Prepaid Expenses and Other
- This category shows strong variability with a peak in November 2023 at 1756 million US$. The data indicate an upward trend since 2021, possibly driven by increased upfront payments or changes in accounting policies.
- Current Assets
- There is a significant surge in current assets in 2020, peaking at 12459 million US$ in November 2020, reflecting increased cash, marketable securities, and receivables. This peak corresponds to liquidity-focused balance sheet management during the pandemic. From 2021 onwards, current assets decline gradually, reaching 4484 million US$ in early 2024, suggesting a normalization of working capital components.
- Property and Equipment, Net
- Property and equipment values remain relatively stable with slight fluctuations, maintaining a general upward trend from 35027 million US$ in early 2018 to 41515 million US$ by February 2024. This indicates steady investment or capitalization of assets despite operational challenges.
- Operating Lease Right-of-Use Assets, Net
- Starting data availability from 2019 shows a gradual decrease in lease right-of-use assets from 1469 million US$ in early 2019 to 1238 million US$ by late 2023, reflecting either lease term expirations or renegotiations reducing asset values.
- Goodwill
- Goodwill experiences a marked decline in early 2020 from over 2900 million US$ to 579 million US$. This sharp drop suggests a significant impairment or divestiture, followed by stable values through 2024.
- Other Intangibles
- The other intangibles category remains largely stable over the years, fluctuating only slightly around 1150-1200 million US$, indicating consistent intangible asset valuation without major impairments or acquisitions impacting this line item.
- Other Assets
- Other assets show considerable volatility, with a surge between 2019 and 2020, peaking at 2515 million US$ in late 2022 and then decreasing sharply to 725 million US$ by late 2023. This variability suggests changes in asset classification, write-downs, or disposals affecting this category.
- Long-term Assets
- Long-term assets overall trend upward, reaching approximately 45 billion US$ in early 2024, despite intermediate fluctuations. The comprehensive nature of this aggregate reflects the impact of stable property holdings, intangible assets, and other long-term investments.
- Total Assets
- Total assets increased steadily from 41.4 billion US$ in early 2018 to a peak near 57 billion US$ in late 2020, reflecting the accumulation of cash and other assets during the pandemic period. Since then, total assets have gradually declined, stabilizing around 49.7 billion US$ by early 2024. This trend suggests a reversal from conservation to deployment or restructuring of resources.