Carnival Cruises 2004 Annual Report Download - page 29

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26 Carnival Corporation & plc
Notes to Consolidated Financial Statements (continued)
Foreign revenues for our cruise brands represent sales
generated from outside the U.S. primarily by foreign tour
operators and foreign travel agencies. Substantially all
of these foreign revenues are from the UK, Germany,
Italy, Canada, France, Australia, Spain, Switzerland and
Brazil. Substantially all of our long–lived assets are located
outside of the U.S. and consist principally of our ships
and ships under construction.
Revenue information by geographic area for fiscal 2004,
2003 and 2002 was as follows (in millions):
2004 2003 2002
U.S. . . . . . . . . . . . . . . . . . . . . . $5,788 $4,513 $3,304
Continental Europe . . . . . . . . . . 1,570 971 545
UK . . . . . . . . . . . . . . . . . . . . . . 1,341 724 158
Canada . . . . . . . . . . . . . . . . . . . 562 231 167
Others . . . . . . . . . . . . . . . . . . . 466 279 209
$9,727 $6,718 $4,383
Note 13—Benefit Plans
Stock Option Plans
We have stock option plans primarily for supervisory
and management level employees and members of
our Board of Directors. The Carnival Corporation and
Carnival plc plans are administered by a committee of
four of our independent directors (the “Committee”),
that determines who is eligible to participate, the num-
ber of shares for which options are to be granted and
the amounts that may be exercised within a specified
term. The Carnival Corporation and Carnival plc option
exercise price is generally set by the Committee at
100% of the fair market value of the common stock/
ordinary shares on the date the option is granted.
Substantially all Carnival Corporation options granted
during fiscal 2004, 2003 and 2002 and Carnival plc
options granted in 2004 and 2003 were granted at an
exercise price per share equal to the fair market value
of the Carnival Corporation common stock and Carnival
plc ordinary shares on the date of grant. Carnival Corpo-
ration employee options generally vest evenly over five
years and have a ten-year term. Carnival plc employee
options generally vest at the end of three years and have
a ten-year term. Carnival Corporation director options
granted subsequent to fiscal 2000 vest evenly over five
years and have a ten-year term. At November 30, 2004,
Carnival Corporation had 31.7 million shares and Carnival
plc had 3.2 million shares, which were available for future
grants under the option plans.