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New words:
derecognition, realign, undiscounted, weaker
Removed:
adjustment, beginning, desire, intangible, issue, method, past, recasting, recording, request, slightly, usage
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Exhibit 12
CARNIVAL CORPORATION & PLC
Ratio of Earnings to Fixed Charges
(in millions, except ratios)
Nine Months Ended | |||||||
August 31, | |||||||
2017 | 2016 | ||||||
Net income | $ | 2,060 | $ | 2,171 | |||
Income tax expense, net | 46 | 44 | |||||
Income before income taxes | 2,106 | 2,215 | |||||
Fixed charges | |||||||
Interest expense, net of capitalized interest | 150 | 168 | |||||
Interest portion of rent expense (a) | 17 | 16 | |||||
Capitalized interest | 20 | 21 | |||||
Total fixed charges | 187 | 205 | |||||
Fixed charges not affecting earnings | |||||||
Capitalized interest | (20 | ) | (21 | ) | |||
Earnings before fixed charges | $ | 2,273 | $ | 2,399 | |||
Ratio of earnings to fixed charges | 12.2 | 11.7 |
(a) Represents one-third of rent expense, which we believe to be representative of the interest portion of rent expense.