8-KOther EventsExhibits & Filings

CARNIVAL CORP 8-K Report, Corporate Update (May 1, 2015)

Filed May 1, 2015For Securities:CCL

Summary

Carnival Corporation & plc filed this Form 8-K on May 1, 2015, primarily to disclose a retrospective revision to its accounting practices concerning marine and technical spare parts. The company has adjusted its methodology to consistently expense and classify these parts fleetwide. While Carnival concluded that this revision was not material to any previously issued financial statements, the change aims to prevent potential future material inconsistencies. To provide investors with clarity prior to formal restatements in future filings, Carnival is presenting unaudited consolidated financial information reflecting the impact of this accounting revision. This includes data for fiscal years ending November 30, 2014, 2013, and 2012, as well as balance sheets and other financial statements. This proactive disclosure allows investors to assess the financial picture under the revised accounting treatment.

Key Highlights

  • 1Carnival Corp. is revising its accounting for marine and technical spare parts to ensure consistent fleetwide expensing and classification.
  • 2The company determined that this accounting revision is not material to any previously issued financial statements.
  • 3The revision is being made to avoid potential material inconsistencies in future financial reporting.
  • 4Unaudited consolidated financial information reflecting the impact of the revision is being provided to investors.
  • 5The presented financial information covers annual periods ending November 30, 2014, 2013, and 2012.
  • 6Key financial statements including Income Statements, Balance Sheets, Cash Flows, and Shareholder's Equity are included in the filing.
  • 7The Ratio of Earnings to Fixed Charges for several prior years is also updated.

Frequently Asked Questions

Carnival is filing this Form 8-K to provide updated financial information due to a revision in its accounting treatment for marine and technical spare parts. This change ensures consistent fleetwide expensing and classification of these items and is being disclosed to prevent future inconsistencies.

The company states that the revision was not material to any previously issued financial statements and thus a formal restatement of past reports is not being done in this filing. However, unaudited financial information reflecting the impact of the revision is being provided for clarity.

While the company has not quantified the exact financial impact in the provided text, the filing includes unaudited financial statements (income, balance sheet, cash flow) and a summary of the revision's impact. Investors should refer to Exhibits 99.1, 99.2, and 99.3 for detailed information on how the revised accounting affects the presented financial data.

The unaudited revised financial information covers the annual periods for the years ended November 30, 2014, 2013, and 2012. Consolidated Balance Sheets are presented as of November 30, 2014 and 2013. The Ratio of Earnings to Fixed Charges also includes data for 2011 and 2010.