Carnival Corp Files 2024 Annual Report

Ticker: CCL · Form: 10-K · Filed: 2025-01-27T00:00:00.000Z

Sentiment: neutral

Topics: annual-report, debt, securities

Related Tickers: CCL, CUK

TL;DR

Carnival's 2024 10-K is in, check the financials for CCL & CUK.

AI Summary

Carnival Corporation & plc filed its annual report for the fiscal year ended November 30, 2024. The report details the company's financial performance and operations, including its common stock (CCL) and ordinary shares (CUK) traded on the New York Stock Exchange. The filing also lists its 1.000% Senior Notes due 2029 (CUK29) also listed on the NYSE.

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 disclosures within can reveal underlying risks.

Key Numbers

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-K filing for Carnival Corporation and Carnival plc?

The primary purpose is to provide an annual report on the financial performance and operations of Carnival Corporation and Carnival plc for the fiscal year ended November 30, 2024.

Which stock exchanges are Carnival's securities registered on?

Carnival's Common Stock (CCL) and Ordinary Shares (CUK) are registered on the New York Stock Exchange, Inc.

What is the maturity year for the 1.000% Senior Notes mentioned in the filing?

The 1.000% Senior Notes mentioned are due in 2029.

What are the ticker symbols for Carnival's common stock and ordinary shares?

The ticker symbol for Carnival's Common Stock is CCL, and for its Ordinary Shares (represented by American Depositary Shares) is CUK.

What is the par value of Carnival's common stock?

The par value of Carnival's common stock is $0.01.

Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2025-01-27 06:11:17

Key Financial Figures

Filing Documents

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

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