EX-12 2 ex_12q32018.htm EXHIBIT 12 Exhibit


Exhibit 12

CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges

 
Nine Months Ended
 
August 31,
(in millions, except ratios)
2018
 
2017
Net income
$
2,659

 
$
2,060

Income tax expense, net
40

 
46

Income before income taxes
2,699

 
2,106

Fixed charges
 
 
 
   Interest expense, net of capitalized interest
147

 
150

   Interest portion of rent expense (a)
17

 
17

   Capitalized interest
26

 
20

Total fixed charges
190

 
187

Fixed charges not affecting earnings
 
 
 
   Capitalized interest
(26
)
 
(20
)
Earnings before fixed charges
$
2,862

 
$
2,273

Ratio of earnings to fixed charges
15.1

 
12.2


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