EX-12 4 ex_12q22018.htm EXHIBIT 12 Exhibit


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges

 
Six Months Ended
 
May 31,
(in millions, except ratios)
2018
 
2017
Net income
$
951

 
$
730

Income tax expense, net
3

 
7

Income before income taxes
955

 
737

Fixed charges
 
 
 
   Interest expense, net of capitalized interest
98

 
101

   Interest portion of rent expense (a)
11

 
11

   Capitalized interest
17

 
13

Total fixed charges
125

 
125

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(17
)
 
(13
)
Earnings before fixed charges
$
1,063

 
$
849

Ratio of earnings to fixed charges
8.5

 
6.8


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