Carnival Cruises 2011 Annual Report Download - page 16
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Ships under construction include progress payments for the construction of new ships, as well as design and
engineering fees, capitalized interest, construction oversight costs and various owner supplied items. Capitalized
interest, substantially all on our ships under construction, amounted to $21 million, $26 million and $37 million
in fiscal 2011, 2010 and 2009, respectively.
Repairs and maintenance expenses, including minor improvement costs and dry-dock expenses, were $830
million, $797 million and $749 million in fiscal 2011, 2010 and 2009, respectively, and are substantially all
included in other ship operating expenses.
In 2010, we recognized a $44 million gain on the sale of P&O Cruises (UK)’s Artemis as a reduction of other
ship operating expenses. We operated Artemis under a bareboat charter agreement until April 2011.
During fiscal 2011, we reviewed certain of our ships for impairment since there were indicators of impairment.
As a result of these reviews, in August 2011 we recorded $28 million of estimated impairment charges in other
ship operating expenses as a result of the possible sales of the 754-passenger capacity Costa Marina, which was
sold in November 2011, and the 1,460-passenger capacity Pacific Sun, which was sold in December 2011.
See Note 15 for a discussion of the January 2012 Costa Concordia incident.
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