EX-12 5 ex_12q22017.htm EXHIBIT 12 Exhibit


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)

 
Six Months Ended
 
May 31,
 
2017
 
2016
 
 
 
 
Net income
$
730

 
$
747

Income tax expense, net
7

 
3

Income before income taxes
737

 
750

Fixed charges
 
 
 
   Interest expense, net of capitalized interest
101

 
108

   Interest portion of rent expense (a)
11

 
11

   Capitalized interest
13

 
16

Total fixed charges
125

 
135

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(13
)
 
(16
)
Earnings before fixed charges
$
849

 
$
869

Ratio of earnings to fixed charges
6.8

 
6.4


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