CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 386	$ 388
Trade and other receivables, net	427	371
Inventories	256	265
Prepaid expenses and other assets	723	670
Derivative financial instruments	36	11
Total current assets	1,828	1,705
Property and equipment, net	31,904	31,831
Operating lease right-of-use assets	661	677
Goodwill	808	808
Other assets	2,251	2,049
Total assets	37,452	37,070
Current liabilities
Current portion of long-term debt	1,396	1,603
Current portion of operating lease liabilities	75	74
Accounts payable	956	919
Accrued expenses and other liabilities	1,504	1,635
Derivative financial instruments	35	90
Customer deposits	6,334	5,496
Total current liabilities	10,300	9,817
Long-term debt	17,993	18,473
Long-term operating lease liabilities	655	670
Other long-term liabilities	362	375
Total liabilities	29,310	29,335
Shareholders’ equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)	0	0
Common stock ($0.01 par value; 500,000,000 shares authorized; 301,130,805 and 297,368,235 shares issued, March 31, 2025 and December 31, 2024, respectively)	3	3
Paid-in capital	7,846	7,831
Retained earnings	3,139	2,612
Accumulated other comprehensive loss	(695)	(802)
Treasury stock (29,575,028 and 28,468,430 common shares at cost, March 31, 2025 and December 31, 2024, respectively)	(2,333)	(2,081)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.	7,960	7,563
Noncontrolling Interests	182	172
Total shareholders’ equity	8,142	7,735
Total liabilities and shareholders’ equity	$ 37,452	$ 37,070

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).