<SEC-DOCUMENT>0001193125-11-072625.txt : 20110718
<SEC-HEADER>0001193125-11-072625.hdr.sgml : 20110718
<ACCEPTANCE-DATETIME>20110321171237
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-11-072625
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110321

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL CORP
		CENTRAL INDEX KEY:			0000815097
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				591562976
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178-2428
		BUSINESS PHONE:		3055992600

	MAIL ADDRESS:	
		STREET 1:		3655 N W 87TH AVE
		STREET 2:		PO BOX 1347
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33178

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CARNIVAL CRUISE LINES INC
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CARNIVAL PLC
		CENTRAL INDEX KEY:			0001125259
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5 GAINSFORD ST
		STREET 2:		CARNIVAL HOUSE
		CITY:			LONDON WC1A 1PP ENGL
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		011 44 20 7940 5381

	MAIL ADDRESS:	
		STREET 1:		77 NEW OXFORD ST
		CITY:			LONDON
		STATE:			X0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	P&O PRINCESS CRUISES PLC
		DATE OF NAME CHANGE:	20000929
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>Correspondence</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">March&nbsp;21, 2011 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">United States Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F. Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549-0305
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Re:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Carnival Corporation and Carnival plc (&#147;we&#148; or the &#147;Company&#148;) </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for Fiscal Year Ended November&nbsp;30, 2010 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Filed January&nbsp;31,
2011 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">File Nos. 1-09610 and 1-15136 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Mr.&nbsp;Humphrey, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The staff of the Securities and Exchange Commission (the
&#147;Commission&#148;) reviewed the Company&#146;s Form 10-K and transmitted their comments in your letter dated February&nbsp;28, 2011 (the &#147;Comment Letter&#148;). I set out below my responses to the staff&#146;s comments on behalf of the
Company. For ease of reference, I have reproduced each of the staff&#146;s comments and followed it with the Company&#146;s response. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form
10-K (Fiscal Year Ended November&nbsp;30, 2010) </U></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Management&#146;s Discussion and Analysis </U></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Critical Accounting Estimates, page F-27 </U></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>With respect to your accounting estimates for ship accounting and asset impairment, please further discuss to clarify whether you evaluate for asset impairment your
cruise ships on a ship by ship basis, or whether they are aggregated by cruise brand and then evaluated for long-life asset impairment. In this regard, please tell us and consider expanding the disclosure in Note 4, Property and Equipment, to the
financial statements to disclose the individual carrying value of each of your ships that comprise the component line item of Ships in Note 4.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">RESPONSE:&nbsp;We evaluate our ship assets for impairment on a ship by ship basis, if required, which is the lowest level for which identifiable cash flows are largely independent of the cash flows of
other assets and liabilities, in accordance with Accounting Standards Codification (&#147;ASC&#148;) Topic 360 <I>Property, Plant and Equipment</I>, paragraph 360-10-35-23. In future filings with the Commission, we will expand our disclosure to
state that we perform ship asset impairment evaluations, if required, at the individual cruise ship level. To the extent there are relevant issues regarding the recoverability of the carrying value of our ship assets, we will disclose the facts and
circumstances surrounding our assessment. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">In regards to reporting the individual carrying value of each of our cruise ships, we respectfully
do not believe disclosure of these amounts is warranted. Such disclosure would have required listing each of our 98 ships&#146; individual carrying values, and we believe stating these amounts would not enhance our overall disclosure in a meaningful
way. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Further, please consider including in your financial statement footnotes, tabular disclosure of your goodwill, by cruise brand, as of each balance sheet date, as we
note the disclosure in Note 10 that all of your cruise brands carry goodwill except for two. Similar tabular disclosure is also suggested for your other intangible assets, which you indicate in the financial statement notes are substantially related
to trademarks.</I> </FONT></TD></TR></TABLE>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">RESPONSE: We have evaluated our disclosure of goodwill and intangible assets and do not believe that
separate disclosure by cruise brand would enhance the overall disclosure in a meaningful way. However, in future filings with the Commission we will expand our disclosure to state the carrying amounts of goodwill and changes thereto, in total and
for our North America and Europe, Australia&nbsp;&amp; Asia reportable cruise segments in accordance with ASC Topic 350 <I>Intangibles &#150; Goodwill and Other</I>, paragraph 350-20-50-1. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To the extent there are relevant issues regarding the recoverability of the carrying values of our goodwill and other intangible assets, we disclose the facts and circumstances, the amount of the
potential losses and the qualitative factors affecting the fair value indication. Accordingly, we have made such disclosures for our Ibero Cruises brand in Note 10, Fair Value Measurements, Derivative Instruments and Hedging Activities, to the
consolidated financial statements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>*********************************************** </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">As requested in the Comment Letter, I hereby acknowledge that the Company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the Company may not assert staff comments as a defense in any proceeding initiated by the
Commission or any person under the federal securities laws of the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you have any questions regarding the Company&#146;s
responses, please contact either David Bernstein, Senior Vice President and Chief Financial Officer at (305)&nbsp;406-8684 or me at (305)&nbsp;406-5755. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Respectfully submitted,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Larry Freedman</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Larry Freedman</FONT></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Chief&nbsp;Accounting&nbsp;Officer&nbsp;and&nbsp;Vice&nbsp;President&nbsp;-&nbsp;Controller</FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Micky Arison - Chairman of the Boards and Chief Executive Officer </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">David Bernstein - Senior Vice President and Chief Financial Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Howard S.
Frank - Vice Chairman of the Boards and Chief Operating Officer </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Richard Glasier - Chairman of the Audit Committees </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quinby Dobbins - Partner, PricewaterhouseCoopers </FONT></P>
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