EX-12 5 exhibit12201610-k.htm EX-12 Exhibit


Exhibit 12
CARNIVAL CORPORATION & PLC
RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratios)
 
 
 
 
 
 
 
 
 
 
         Years Ended November 30,
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
 
 
 
 
 
Net income
$
2,779
 
 
$
1,757
 
 
$
1,216
 
 
$
1,055
 
 
$
1,285
 
Income tax (benefit) expense, net
49
 
 
42
 
 
9
 
 
(6
)
 
4
 
Income before income taxes
2,828
 
 
1,799
 
 
1,225
 
 
1,049
 
 
1,289
 
Fixed charges
 
 
 
 
 
 
 
 
 
   Interest expense, net
223
 
 
217
 
 
288
 
 
319
 
 
336
 
   Interest portion of rent expense (a)
22
 
 
23
 
 
21
 
 
20
 
 
19
 
   Capitalized interest
26
 
 
22
 
 
21
 
 
15
 
 
17
 
Total fixed charges
271
 
 
262
 
 
330
 
 
354
 
 
372
 
Fixed charges not affecting earnings
 
 
 
 
 
 
 
 
 
   Capitalized interest
(26
)
 
(22
)
 
(21
)
 
(15
)
 
(17
)
Earnings before fixed charges
$
3,073
 
 
$
2,039
 
 
$
1,534
 
 
$
1,388
 
 
$
1,644
 
Ratio of earnings to fixed charges
11.3x
 
 
     7.8x
 
 
     4.6x
 
 
     3.9x
 
     4.4x
 

(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.