<SEC-DOCUMENT>0001193125-17-087491.txt : 20170420
<SEC-HEADER>0001193125-17-087491.hdr.sgml : 20170420
<ACCEPTANCE-DATETIME>20170317170103
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-087491
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170317

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:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		STATE:			X0
		ZIP:			00000
		BUSINESS PHONE:		011 44 23 8065 5000

	MAIL ADDRESS:	
		STREET 1:		100 HARBOUR PARADE
		STREET 2:		CARNIVAL HOUSE
		CITY:			SOUTHAMPTON SO15 1ST
		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
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g494325g0317214055434.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center">C A R N I V A L<B> </B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C O R P O R A T I O N&nbsp;&amp; PLC </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;16, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F. Street,
N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Carnival Corporation and Carnival plc (&#147;our&#148;, &#147;we&#148; or the &#147;Company&#148;) </TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended November&nbsp;30, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Filed January&nbsp;30, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">File
Nos. <FONT STYLE="white-space:nowrap">001-09610</FONT> and <FONT STYLE="white-space:nowrap">001-15136</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Raminpour: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The staff of the Securities and Exchange Commission (the &#147;Commission&#148;) reviewed the Company&#146;s Form <FONT STYLE="white-space:nowrap">10-K</FONT>
and transmitted their comments in your letter dated February&nbsp;22, 2017 (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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Balance Sheets, page <FONT STYLE="white-space:nowrap">F-4</FONT>
</U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Please revise or confirm the accrued liabilities and other line item does not require disaggregation pursuant to Rule <FONT STYLE="white-space:nowrap">5-02.20</FONT> of Regulation
<FONT STYLE="white-space:nowrap">S-X.</FONT> </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: We confirm the accrued liabilities and other line item does not require
disaggregation pursuant to Rule <FONT STYLE="white-space:nowrap">5-02.20</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> and we confirm that we will continue to monitor on an annual basis and disaggregate in future filings, if
required. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Statements of Cash Flows, page <FONT STYLE="white-space:nowrap">F-5</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note from your financing activities section in your statement of cash flows that you present net proceeds (repayments) of short-term borrowings rather than on a gross basis. Please explain to us your basis for
this presentation. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-7</FONT></FONT></FONT> through 9. </I></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: We have considered the guidance provided by ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-7</FONT></FONT></FONT> through 9 in determining whether information about gross cash receipts and payments is more relevant than net cash
receipts and payments. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-8</FONT></FONT></FONT> provides that only net changes in assets and liabilities for which the turnover is quick,
the amounts are large and the maturities are short need to be reported. ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-9</FONT></FONT></FONT> states that if the original maturity of
the liability is three months or less, cash receipts and payments for debt can qualify for net reporting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival Corporation at
Carnival Place, 3655 N.W. 87 Avenue, Miami, Florida 33178-2428 Tel: (305) 599-2600 Fax: (305) 406-4811 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival plc, Registered in
England, No. 4039524, with its Registered Office at </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival House, 100 Harbour Parade, Southampton SO15 1st Tel: +44 023 8065 5000
</I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">During 2016, we had $8.4&nbsp;billion in gross proceeds from commercial paper (presented net within short-term
borrowings) with an average of 17 days outstanding and 3% of these borrowings had maturities that were greater than three months, and in all circumstances less than 110 days. During 2015, we had $7.4&nbsp;billion in gross proceeds from commercial
paper with an average of 17 days outstanding and less than 1% of these borrowings had maturities that were greater than three months, and in all circumstances less than 98 days. Similarly during 2014, we had $6.9&nbsp;billion in gross proceeds from
commercial paper with an average of 22 days outstanding and less than 2% of these borrowings had maturities that were greater than three months, and in all circumstances less than 95 days. Due to the overall size of the program and maturities that
average less than three months, as well as, the materiality of amounts greater than three months, we believe net presentation is appropriate and is more relevant to users of our financial statements in accordance with ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">230-10-45-7</FONT></FONT></FONT> through 9. We will continue to monitor the nature of our short-term borrowings and present gross in the future should there
be any change in the program including extending maturities which warrants gross presentation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Liquidity, Financial Condition and Capital Resources, page <FONT STYLE="white-space:nowrap">F-52</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note your disclosure of working capital (deficit) less current customer deposits and current debt obligation and that it is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure important to investors in
understanding your capital requirements. Please clearly label this measure and revise to provide disclosures required by Item 10(e)(1)(i) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> related to the usefulness of this measure.
Specifically, disclosures required by Item 10(e) (1)(i)(C)-(D) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> should be specific to each <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure explaining the specific reason(s)
why management believes the measures are useful to investors. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: In response to the Staff&#146;s comments, we will revise our
disclosure in future filings to remove the current <FONT STYLE="white-space:nowrap">non-GAAP</FONT> presentation of working capital deficit and disclose as described below. For illustrative purposes, we have prepared the disclosure using
November&nbsp;30, 2016 and 2015 information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We had a working capital deficit of $5.4&nbsp;billion as of November&nbsp;30, 2016 as
compared to a working capital deficit of $4.5&nbsp;billion as of November&nbsp;30, 2015. The increase in working capital deficit was primarily due to the decrease in cash and cash equivalents and the increase in customer deposits. We operate with a
substantial working capital deficit. This deficit is mainly attributable to the fact that, under our business model, a vast majority of our passenger ticket receipts are collected in advance of the applicable sailing date. These advance passenger
receipts remain a current liability until the sailing date. The cash generated from these advance receipts is used interchangeably with cash on hand from other sources, such as our borrowings and other cash from operations. The cash received as
advanced receipts can be used to fund operating expenses, pay down our debt, invest in long term investments or any other use of cash. Included within our working capital deficit are $3.5&nbsp;billion and $3.3&nbsp;billion of customer deposits as of
November&nbsp;30, 2016 and November&nbsp;30, 2015, respectively. In addition, we have a relatively <FONT STYLE="white-space:nowrap">low-level</FONT> of accounts receivable and limited investment in inventories. We generate substantial cash flows
from operations and our business model has historically allowed us to maintain this working capital deficit and still meet our operating, investing and financing needs. We expect that we will continue to have working capital deficits in the future.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival Corporation at
Carnival Place, 3655 N.W. 87 Avenue, Miami, Florida 33178-2428 Tel: (305) 599-2600 Fax: (305) 406-4811 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival plc, Registered in
England, No. 4039524, with its Registered Office at </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival House, 100 Harbour Parade, Southampton SO15 1st Tel: +44 023 8065 5000
</I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>Further, please tell us why you believe these adjustments are meaningful and appropriate. For example, you state that current customer deposits are substantially more like deferred revenue balances rather than actual
current cash liabilities. Please explain to us why you believe it is appropriate to include the cash received from these deposits but to exclude the equal amount of liability. Similarly, tell us why excluding short-term borrowings and the
current-portion of long-term debt, which are normally included in working capital, is appropriate. For example, if you do not intend to use cash or other current assets to repay your current debt obligations, please explain this and your history of
refinancing such obligations. </I></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RESPONSE: Refer to our response to comment 3 above with our revised disclosure for future filings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">********************************************************* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions regarding the Company&#146;s responses, please
contact me at (305) <FONT STYLE="white-space:nowrap">406-8684.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Respectfully submitted, </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Bernstein</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David Bernstein</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Chief Financial Officer and Chief Accounting Officer</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Micky Arison - Chairman of the Boards </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Arnold W. Donald - President and Chief Executive Officer
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Richard Glasier - Chairman of the Audit Committees </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Suzanne Hubbard - Partner, PricewaterhouseCoopers LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival Corporation at
Carnival Place, 3655 N.W. 87 Avenue, Miami, Florida 33178-2428 Tel: (305) 599-2600 Fax: (305) 406-4811 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival plc, Registered in
England, No. 4039524, with its Registered Office at </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><I>Carnival House, 100 Harbour Parade, Southampton SO15 1st Tel: +44 023 8065 5000
</I></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g494325g0317214055434.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g494325g0317214055434.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !  $P# 2(  A$! Q$!_\0
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MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#TO3O%D_\
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EK/;0RJ>H= :=;VT-I;I;V\:QPQC"HHX J6BG9;F7-*UKZ'__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
