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New words:
AIDAprima, Alaskan, announced, built, CIL, declared, decline, delayed, delivery, dividend, enhancement, Fathom, fewer, Goldman, governmental, Memorandum, MOA, nil, open, percent, publicly, running, stage, thousand, treasury
Removed:
commercial, nonderivative, paper, repair
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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
| Nine Months Ended | |||||||
| August 31, | |||||||
| 2015 | 2014 (a) | ||||||
| Net income | $ | 1,487 | $ | 1,319 | |||
| Income tax expense, net | 41 | 2 | |||||
| Income before income taxes | 1,528 | 1,321 | |||||
| Fixed charges | |||||||
| Interest expense, net | 167 | 213 | |||||
| Interest portion of rent expense (b) | 18 | 16 | |||||
| Capitalized interest | 16 | 16 | |||||
| Total fixed charges | 201 | 245 | |||||
| Fixed charges not affecting earnings | |||||||
| Capitalized interest | (16 | ) | (16 | ) | |||
| Earnings before fixed charges | $ | 1,713 | $ | 1,550 | |||
| Ratio of earnings to fixed charges | 8.5 | 6.3 | |||||
(a) Revised as discussed in Note 1 to the consolidated financial statements.
(b) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.