Balance Sheet: Liabilities and Stockholders’ Equity

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Nov 30, 2023	Nov 30, 2022	Nov 30, 2021	Nov 30, 2020	Nov 30, 2019	Nov 30, 2018
Short-term borrowings	—)	200)	2,790)	3,084)	231)	848)
Current portion of long-term debt	2,089)	2,393)	1,927)	1,742)	1,596)	1,578)
Current portion of operating lease liabilities	149)	146)	142)	151)	—)	—)
Accounts payable	1,168)	1,050)	797)	624)	756)	730)
Accrued liabilities and other	2,003)	1,942)	1,640)	1,145)	1,809)	1,653)
Customer deposits	6,072)	4,874)	3,112)	1,940)	4,735)	4,395)
Current liabilities	11,481)	10,605)	10,408)	8,686)	9,127)	9,204)
Long-term debt, excluding current portion	28,483)	31,953)	28,509)	22,130)	9,675)	7,897)
Long-term operating lease liabilities	1,170)	1,189)	1,239)	1,273)	—)	—)
Other long-term liabilities	1,104)	891)	1,044)	949)	891)	857)
Long-term liabilities	30,757)	34,033)	30,792)	24,352)	10,566)	8,754)
Total liabilities	42,238)	44,638)	41,200)	33,038)	19,693)	17,958)
Carnival Corporation common stock, $0.01 par value	12)	12)	11)	11)	7)	7)
Carnival plc ordinary shares, $1.66 par value	361)	361)	361)	361)	358)	358)
Additional paid-in capital	16,712)	16,873)	15,292)	13,948)	8,807)	8,756)
Retained earnings	185)	269)	6,448)	16,075)	26,653)	25,066)
Accumulated other comprehensive loss (AOCI)	(1,939)	(1,982)	(1,502)	(1,436)	(2,066)	(1,949)
Treasury stock, at cost	(8,449)	(8,468)	(8,466)	(8,404)	(8,394)	(7,795)
Shareholders’ equity	6,882)	7,065)	12,144)	20,555)	25,365)	24,443)
Total liabilities and shareholders’ equity	49,120)	51,703)	53,344)	53,593)	45,058)	42,401)

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: The short-term borrowings display significant fluctuations, initially decreasing sharply from 848 million USD in 2018 to 231 million USD in 2019, then rising drastically to 3,084 million USD in 2020. Thereafter, there is a downward trend, declining to 2,790 million USD in 2021 and sharply dropping to 200 million USD by 2023.
Current portion of long-term debt: This liability steadily increased over the observed period, beginning at 1,578 million USD in 2018 and rising to a peak of 2,393 million USD in 2022 before slightly decreasing to 2,089 million USD in 2023, indicating gradual growth in near-term debt obligations.
Current portion of operating lease liabilities: Data becomes available from 2020 onward, showing a relatively stable trend in operating lease liabilities, fluctuating narrowly between 142 million USD and 151 million USD, with a slight increase to 149 million USD by 2023.
Accounts payable: Accounts payable exhibit an overall upward trend with some volatility. After a peak of 756 million USD in 2019, it dips to 624 million USD in 2020, then increases steadily to 1,168 million USD by 2023, suggesting growing obligations to suppliers and creditors.
Accrued liabilities and other: These liabilities show variability, peaking at 1,809 million USD in 2019, dropping to 1,145 million USD in 2020, and then rising continuously to reach 2,003 million USD in 2023, indicating increasing accrued expenses in recent years.
Customer deposits: Customer deposits present marked fluctuations. Starting high at 4,735 million USD in 2019, they fall considerably to 1,940 million USD in 2020, recover to 3,112 million USD in 2021, and then rise sharply to 6,072 million USD by 2023, reflecting significant changes in customer advance payments or refunds over the period.
Current liabilities: Current liabilities have maintained a relatively stable but slightly increasing trend overall, edging from 9,204 million USD in 2018 to 11,481 million USD in 2023, with a notable peak of 10,408 million USD in 2021.
Long-term debt, excluding current portion: Long-term debt shows a dramatic increase from 7,897 million USD in 2018 to 22,130 million USD in 2020, peaking at 31,953 million USD in 2022. However, it decreases to 28,483 million USD in 2023, suggesting significant debt issuance followed by partial repayment or refinancing.
Long-term operating lease liabilities: Since appearance in 2020, this liability has gradually decreased from 1,273 million USD to 1,170 million USD in 2023, indicating a slow reduction in leased obligations.
Other long-term liabilities: Other long-term liabilities have shown modest growth with some fluctuations, rising overall from 857 million USD in 2018 to 1,104 million USD in 2023, with a downward dip in 2022.
Long-term liabilities: Long-term liabilities expanded significantly from 8,754 million USD in 2018 to 24,352 million USD in 2020, further increasing to a peak of 34,033 million USD in 2022 before retreating to 30,757 million USD in 2023, primarily driven by changes in long-term debt.
Total liabilities: Total liabilities exhibit a strong upward trajectory, rising from 17,958 million USD in 2018 to 33,038 million USD in 2020 and further to 44,638 million USD in 2022, before declining to 42,238 million USD in 2023, reflecting the company’s increasing debt and obligations, with a recent moderation.
Common and ordinary stock: The equity represented by Carnival Corporation common stock and Carnival plc ordinary shares remained stable throughout the period, with negligible increases, indicating no major stock issuances or buybacks affecting par value amounts.
Additional paid-in capital: Additional paid-in capital has risen substantially from 8,756 million USD in 2018 to a peak of 16,873 million USD in 2022, before a slight decline to 16,712 million USD in 2023, suggesting increased equity financing activities during the period.
Retained earnings: Retained earnings decreased sharply from 26,653 million USD in 2019 to only 185 million USD by 2023, with the most pronounced drop occurring between 2019 and 2021. This indicates significant accumulated losses or dividend payments exceeding net income over the period.
Accumulated other comprehensive loss (AOCI): AOCI values reflect a consistent loss position, fluctuating moderately between -1,949 million USD and -1,982 million USD, with no clear improvement, representing sustained unrealized losses or other comprehensive loss factors.
Treasury stock, at cost: The treasury stock balance increased (in absolute terms) from -7,795 million USD in 2018 to around -8,468 million USD in 2022, remaining relatively stable thereafter, suggesting ongoing share repurchase activities or stock held in treasury at a considerable cost.
Shareholders’ equity: Shareholders’ equity declined markedly from 25,365 million USD in 2019 to 6,882 million USD in 2023, reflecting significant erosion of equity possibly due to losses, dividend payments, or share buybacks despite increases in paid-in capital.
Total liabilities and shareholders’ equity: The combined total of liabilities and shareholders’ equity demonstrates a general increase from 42,401 million USD in 2018 to a peak of 53,593 million USD in 2020, followed by some contraction to 49,120 million USD in 2023, aligning with the observed liabilities and equity trends.

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Carnival Corp. & plc (NYSE:CCL)

Balance Sheet: Liabilities and Stockholders’ Equity