Carnival Corp. Files 2024 Annual Report
Ticker: CUKPF · Form: 10-K · Filed: Jan 27, 2025 · CIK: 1125259
Sentiment: neutral
Topics: annual-report, financials, debt
Related Tickers: CUK
TL;DR
Carnival's 2024 10-K is in. Check CCL and CUK for details.
AI Summary
Carnival Corporation and Carnival plc filed their annual report for the fiscal year ended November 30, 2024. The filing details their financial performance and operational status, with common stock trading under the symbol CCL on the New York Stock Exchange. The report covers securities registered under Section 12(b) of the Act, including their 1.000% Senior Notes due 2029.
Why It Matters
This 10-K filing provides investors with a comprehensive overview of Carnival's financial health and strategic direction for the past fiscal year, influencing investment decisions.
Risk Assessment
Risk Level: medium — Annual reports are standard filings, but the specific financial details and forward-looking statements within can reveal significant risks.
Key Numbers
- 1.000% — Senior Notes Interest Rate (Interest rate for the 1.000% Senior Notes due 2029.)
Key Players & Entities
- Carnival Corporation (company) — Registrant
- Carnival plc (company) — Registrant
- November 30, 2024 (date) — Fiscal year end
- CCL (stock_symbol) — Common Stock trading symbol
- CUK (stock_symbol) — Ordinary Shares trading symbol
- 1.000% Senior Notes due 2029 (debt_instrument) — Registered security
- New York Stock Exchange, Inc. (company) — Exchange where securities are registered
FAQ
What is the primary purpose of this Form 10-K filing?
This Form 10-K is an annual report providing a comprehensive overview of Carnival Corporation and Carnival plc's financial performance and operations for the fiscal year ended November 30, 2024.
Which stock exchanges are mentioned in the filing for Carnival's securities?
The filing mentions the New York Stock Exchange, Inc. as the exchange where Carnival's Common Stock (CCL) and Ordinary Shares (CUK) are registered.
What specific debt instrument is registered with the SEC according to this filing?
The filing indicates that the 1.000% Senior Notes due 2029 are registered securities, trading under the symbol CUK29 on the New York Stock Exchange LLC.
What are the fiscal year-end dates for Carnival Corporation and Carnival plc?
The fiscal year ended for both Carnival Corporation and Carnival plc is November 30, 2024.
What are the primary jurisdictions of incorporation for Carnival Corporation and Carnival plc?
Carnival Corporation is incorporated in the Republic of Panama, and Carnival plc is incorporated in England and Wales.
Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2025-01-27 06:11:17
Key Financial Figures
- $0.01 — ange on which registered Common Stock ($0.01 par value) CCL New York Stock Exchange
- $1.66 — resented by American Depositary Shares ($1.66 par value) , Special Voting Share, GBP
Filing Documents
- ccl-20241130.htm (10-K) — 2188KB
- exhibit41202410-k.htm (EX-4.1) — 4KB
- exhibit19202410-k.htm (EX-19) — 102KB
- exhibit21202410-k.htm (EX-21) — 67KB
- exhibit231202410-k.htm (EX-23.1) — 3KB
- exhibit232202410-k.htm (EX-23.2) — 3KB
- exhibit24202410-k.htm (EX-24) — 22KB
- exhibit311202410-k.htm (EX-31.1) — 7KB
- exhibit312202410-k.htm (EX-31.2) — 7KB
- exhibit313202410-k.htm (EX-31.3) — 7KB
- exhibit314202410-k.htm (EX-31.4) — 7KB
- exhibit321202410-k.htm (EX-32.1) — 3KB
- exhibit322202410-k.htm (EX-32.2) — 3KB
- exhibit323202410-k.htm (EX-32.3) — 3KB
- exhibit324202410-k.htm (EX-32.4) — 3KB
- exhibit97202410-k.htm (EX-97) — 15KB
- ccl-20241130_g1.jpg (GRAPHIC) — 11KB
- ccl-20241130_g10.jpg (GRAPHIC) — 139KB
- ccl-20241130_g11.jpg (GRAPHIC) — 133KB
- ccl-20241130_g2.jpg (GRAPHIC) — 13KB
- ccl-20241130_g3.jpg (GRAPHIC) — 60KB
- ccl-20241130_g4.jpg (GRAPHIC) — 238KB
- ccl-20241130_g5.jpg (GRAPHIC) — 33KB
- ccl-20241130_g6.jpg (GRAPHIC) — 585KB
- ccl-20241130_g7.jpg (GRAPHIC) — 383KB
- ccl-20241130_g8.jpg (GRAPHIC) — 13KB
- ccl-20241130_g9.jpg (GRAPHIC) — 211KB
- image_0a.jpg (GRAPHIC) — 5KB
- pdfofform10k.pdf (10-K) — 2283KB
- 0000815097-25-000007.txt ( ) — 18644KB
- ccl-20241130.xsd (EX-101.SCH) — 77KB
- ccl-20241130_cal.xml (EX-101.CAL) — 102KB
- ccl-20241130_def.xml (EX-101.DEF) — 424KB
- ccl-20241130_lab.xml (EX-101.LAB) — 873KB
- ccl-20241130_pre.xml (EX-101.PRE) — 622KB
- ccl-20241130_htm.xml (XML) — 1727KB
Business
Item 1. Business 5 A. Overview 5 I. Summary 5 I I . Purpose & Mission, Vision, Values and Priorities 5 B. Global Cruise Industry 6 I. Overview 6 II. Passenger Capacity by Ocean Going Vessels 7 III. Competition 7 C. Our Global Cruise Business 8 I. Segment and Brand Information 8 II. Ships Under Contract for Construction 8 I II . Descriptions of Cruise Brands 9 I V . Trademarks and Other Intellectual Property 10 V. Passengers Carried by Principal Source Geographic Areas 11 VI. Cruise Programs 11 VII. Cruise Pricing and Payment Terms 11 VIII. Seasonality 12 IX. Onboard and Other Revenues 12 X. Port Destinations and Exclusive Islands 13 XI. Marketing Activities 13 XII. Sales Channels 13 XIII. Suppl iers 14 XIV. Human Capital Management and Employees 14 X V . Ethics and Compliance 15 XV I. Insurance 15 XV II. Taxation 16 X VII I . Governmental Regulations 18 X I X . Sustainability 24 D. Website Access to Carnival Corporation & plc SEC Reports 26 E. Industry and Market Data 26
Risk Factors
Item 1A. Risk Factors 26
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 31
Cybersecurity
Item 1C. Cybersecurity 31
Properties
Item 2. Properties 33
Legal Proceedings
Item 3. Legal Proceedings 33 1
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33 PART II
Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 5. Market for Registrants' Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34
Reserved
Item 6. Reserved 36
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 37
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 48
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 86
Controls and Procedures
Item 9A. Controls and Procedures 86
Other Information
Item 9B. Other Information 86
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 86 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 87
Executive Compensation
Item 11. Executive Compensation 88
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 88
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 89
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 89 PART IV
Exhibits and Financial Statement Schedules
Item 15. Exhibits and Financial Statement Schedules 89
Form 10-K Summary
Item 16. Form 10-K Summary 96 2 Cautionary Note Concerning Factors That May Affect Future Results Some of the statements, estimates or projections contained in this document are "forward-looking statements" that involve risks, uncertainties and assumptions with respect to us, including some statements concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like "will," "may," "could," "should," "would," "believe," "depends," "expect," "goal," "aspiration," "anticipate," "forecast," "project," "future," "intend," "plan," "estimate," "target," "indicate," "outlook," and similar expressions of future intent or the negative of such terms. Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding: Pricing Goodwill, ship and trademark fair values Booking levels Liquidity and credit ratings Occupancy Investment grade leverage metrics Interest, tax and fuel expenses Estimates of ship depreciable lives and residual values Currency exchange rates Adjusted return on invested capital ("ROIC") Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by
Business
Item 1. Business . A. Overview I. Summary Carnival Corporation was incorporated in Panama in 1974 and Carnival plc was incorporated in England and Wales in 2000. Carnival Corporation and Carnival plc operate a dual listed company ("DLC"), whereby the businesses of Carnival Corporation and Carnival plc are combined through a number of contracts and through provisions in Carnival Corporation's Articles of Incorporation and By-Laws and Carnival plc's Articles of Association. The two companies operate as if they are a single economic enterprise with a single executive management team and identical Boards of Directors, but each has retained its separate legal identity. Carnival Corporation and Carnival plc are both public companies with separate stock exchange listings and their own shareholders. Together with their consolidated subsidiaries, Carnival Corporation and Carnival plc are referred to collectively in this Form 10-K as "Carnival Corporation & plc," "company," "our," "us" and "we." We are the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines - AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises and Seabourn. During 2024, we announced that we will sunset the P&O Cruises (Australia) brand and fold its Australia operations into Carnival Cruise Line in March 2025. II. Purpose & Mission, Vision, Values and Priorities Purpose & Mission To deliver unforgettable happiness to our guests by providing extraordinary cruise vacations, while honoring the integrity of every ocean we sail, place we visit and life we touch. Vision As the global leader in the cruise industry, we will lead the way in innovative and sustainable cruising to deliver memorable vacations and build borderless connections. Culture Essentials (our Core Values) Speak Up - Our voice is our strength. Every one of us, regardles