CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 735	$ 388
Trade and other receivables, net	431	371
Inventories	247	265
Prepaid expenses and other assets	785	670
Derivative financial instruments	252	11
Total current assets	2,450	1,705
Property and equipment, net	32,351	31,831
Operating lease right-of-use assets	656	677
Goodwill	808	808
Other assets	2,277	2,049
Total assets	38,542	37,070
Current liabilities
Current portion of long-term debt	1,402	1,603
Current portion of operating lease liabilities	84	74
Accounts payable	959	919
Accrued expenses and other liabilities	1,701	1,635
Derivative financial instruments	48	90
Customer deposits	6,379	5,496
Total current liabilities	10,573	9,817
Long-term debt	17,612	18,473
Long-term operating lease liabilities	639	670
Other long-term liabilities	358	375
Total liabilities	29,182	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; 301,198,157 and 297,368,235 shares issued, June 30, 2025 and December 31, 2024, respectively)	3	3
Paid-in capital	7,874	7,831
Retained earnings	4,144	2,612
Accumulated other comprehensive loss	(519)	(802)
Treasury stock (29,575,028 and 28,468,430 common shares at cost, June 30, 2025 and December 31, 2024, respectively)	(2,333)	(2,081)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.	9,169	7,563
Noncontrolling interests	191	172
Total shareholders’ equity	9,360	7,735
Total liabilities and shareholders’ equity	$ 38,542	$ 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).