Carnival Cruises 2013 Annual Report Download - page 109

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Table of Contents
Future Commitments and Funding Sources
At November 30, 2013, our contractual cash obligations were as follows (in millions):
Payments Due by
2014 2015 2016 2017 2018 Thereafter Total
Recorded Contractual
Cash Obligations
Short-term borrowings $ 60 $ 60
Long-term debt (a) 1,408 $1,403 $1,537 $627 $1,301 $3,224 9,500
Other long-term
liabilities reflected on
the balance sheet (b) 86 108 74 107 111 158 644
Unrecorded
Contractual Cash
Obligations
Shipbuilding (c) 1,604 1,305 1,814 - - - 4,723
Operating leases (c) 51 46 40 28 23 163 351
Port facilities and other
(c) 172 157 129 115 101 613 1,287
Purchase obligations (d) 851 104 82 40 36 6 1,119
Fixed rate interest
payments (e) 234 213 163 131 107 432 1,280
Floating rate interest
payments (e) 42 42 57 65 68 192 466
Total Contractual
Cash Obligations
(f) $ 4,508 $3,378 $3,896 $1,113 $ 1,747 $ 4,788 $19,430
(a) Our long-term debt has a weighted-average maturity of 4.4 years. See Note 5 – “Unsecured Debt” in the accompanying consolidated financial statements
for additional information regarding these debt obligations.
(b) Represents cash outflows for certain of our long-term liabilities, including their current portion, that could be reasonably estimated. The primary
outflows are for estimates of our compensation plans’ obligations, crew and guest claims, uncertain income tax position liabilities and certain deferred
income taxes. Other deferred income taxes have been excluded from the table because they do not require a cash settlement in the future.
(c) Our shipbuilding contractual obligations are legal commitments and, accordingly, cannot be cancelled without cause by the shipyards or us, and such
cancellation will subject the defaulting party to significant contractual liquidating damage payments. See Note 6 – “Commitments” in the accompanying
consolidated financial statements for additional information regarding these contractual cash obligations.
(d) Represents legally-binding commitments to purchase inventory and other goods and services made in the normal course of business to meet operational
requirements. Many of our contracts contain clauses that allow us to terminate the contract with notice, either with or without a termination
penalty. Termination penalties are generally an amount less than the original obligation. Historically, we have not had any significant defaults of our
contractual obligations or incurred significant penalties for their termination.
(e) Fixed rate interest payments represent cash outflows for fixed interest payments, including interest swapped from a floating rate to a fixed rate. Floating
rate interest payments represent forecasted cash outflows for interest payments on floating rate debt, including interest swapped from a fixed rate to a
floating rate, using the November 30, 2013 forward interest rates for the remaining terms of the loans.
(f) Amounts payable in foreign currencies, which are principally the euro, sterling and Australian dollars, are based on the November 30, 2013 exchange
rates.
F-50