UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November 30, 2019 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ________________ Commission file number: 001-9610 Commission file number: 001-15136 Carnival Corporation Carnival plc (Exact name of registrant as (Exact name of registrant as specified in its charter) specified in its charter) Republic of Panama England and Wales (State or other jurisdiction of (State or other jurisdiction of incorporation or organization) incorporation or organization) 59-1562976 98-0357772 (I.R.S. Employer Identification No.) (I.R.S. Employer Identification No.) 3655 N.W. 87th Avenue Carnival House, 100 Harbour Parade, Miami, Florida 33178-2428 Southampton SO15 1ST, United Kingdom (Address of principal (Address of principal executive offices executive offices and zip code) and zip code) (305) 599-2600 011 44 23 8065 5000 (Registrant’s telephone number, (Registrant’s telephone number, including area code) including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.01 par value) CCL New York Stock Exchange, Inc. Ordinary Shares each represented by American Depository Shares ($1.66 par value), Special Voting Share, GBP 1.00 par value and Trust Shares of CUK New York Stock Exchange, Inc. beneficial interest in the P&O Princess Special Voting Trust 1.625% Senior Notes due 2021 CCL21 New York Stock Exchange LLC 1.875% Senior Notes due 2022 CUK22 New York Stock Exchange LLC 1.000% Senior Notes due 2029 CUK29 New York Stock Exchange LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrants are well-known seasoned issuers, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrants are not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes No Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies, or emerging growth companies. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filers Accelerated filers Non-accelerated filers Smaller reporting companies Emerging growth companies If emerging growth companies, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Act). Yes No The aggregate market value of the voting and non-voting common The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at equity held by non-affiliates computed by reference to the price at which the common equity was last sold was $19.3 billion as of the which the common equity was last sold was $8.1 billion as of the last business day of the registrant’s most recently completed second last business day of the registrant’s most recently completed second fiscal quarter. fiscal quarter. At January 16, 2020, Carnival Corporation had outstanding At January 16, 2020, Carnival plc had outstanding 182,494,106 527,679,851 shares of its Common Stock, $0.01 par value. Ordinary Shares $1.66 par value, one Special Voting Share GBP 1.00 par value and 527,679,851 Trust Shares of beneficial interest in the P&O Princess Special Voting Trust. DOCUMENTS INCORPORATED BY REFERENCE Portions of the 2019 Annual Report and 2020 joint definitive Proxy Statement are incorporated by reference into Part II and Part III of this report. CARNIVAL CORPORATION & PLC FORM 10-K FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2019 TABLE OF CONTENTS PART I Item 1. Business............................................................................................................................................................ 4 A. Overview ............................................................................................................................................. 4 I. Summary ...................................................................................................................................... 4 II. Vision, Goals and Related Strategies.......................................................................................... 4 B. Global Cruise Industry ......................................................................................................................... 6 I. Overview...................................................................................................................................... 6 II. Favorable Characteristics of the Global Cruise Industry............................................................ 6 III. Passenger Capacity and Cruise Guests Carried by Ocean Going Vessels................................. 8 C. Our Global Cruise Business ................................................................................................................. 8 I. Segment Information.................................................................................................................... 8 II. Ships Under Contract for Construction ...................................................................................... 9 III. Cruise Brands ............................................................................................................................ 10 IV. Principal Source Geographic Areas ........................................................................................... 15 V. Cruise Programs.......................................................................................................................... 16 VI. Cruise Pricing and Payment Terms ........................................................................................... 16 VII. Seasonality ............................................................................................................................... 17 VIII. Onboard and Other Revenues ................................................................................................. 17 IX. Marketing Activities .................................................................................................................. 17 X. Sales Relationships ..................................................................................................................... 18 XI. Ethics and Compliance.............................................................................................................. 19 XII. Sustainability ............................................................................................................................ 19 XIII. Employees .............................................................................................................................. 20 XIV. Training ................................................................................................................................... 20 XV. Information Technology........................................................................................................... 21 XVI. Innovation............................................................................................................................... 21 XVII. Supply Chain......................................................................................................................... 22 XVIII. Insurance .............................................................................................................................. 22 XIX. Port Destinations and Private Islands..................................................................................... 22 XX. Governmental Regulations ...................................................................................................... 23 XXI. Taxation .................................................................................................................................. 29 XXII. Trademarks and Other Intellectual Property ......................................................................... 30 XXIII. Competition ......................................................................................................................... 31 D. Website Access to Carnival Corporation & plc SEC Reports ............................................................... 31 E. Industry and Market Data ......................................................................................................................