Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Royal Caribbean Cruises Ltd., consolidated balance sheet: assets

US$ in thousands

		Dec 31, 2021		Dec 31, 2020		Dec 31, 2019		Dec 31, 2018		Dec 31, 2017
	Cash and cash equivalents
	Trade and other receivables, net of allowances
	Inventories
	Prepaid expenses and other assets
	Derivative financial instruments
	Current assets
	Property and equipment, net
	Operating lease right-of-use assets
	Goodwill
	Other assets, net of allowances
	Non-current assets
	Total assets

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The analysis of the financial data reveals several notable trends in asset composition and liquidity over the observed periods.

Cash and Cash Equivalents: The cash and cash equivalents balance increased significantly from 120,112 thousand US$ in 2017 to a peak of 3,684,474 thousand US$ in 2020, followed by a decrease to 2,701,770 thousand US$ in 2021. This sharp rise and partial decline indicate a substantial increase in liquidity during the 2020 period, which may be linked to specific financial strategies or external factors affecting cash management.
Trade and Other Receivables: Receivables showed a relatively stable trend from 318,641 thousand US$ in 2017, slightly declining to 284,149 thousand US$ in 2020 before rising to 408,067 thousand US$ in 2021. The increase in the latest year suggests a possible growth in sales or credit extended to customers.
Inventories: Inventories grew from 111,393 thousand US$ in 2017 to 162,107 thousand US$ in 2019, then declined in 2020 before recovering somewhat in 2021. These fluctuations may reflect changes in operational requirements or supply chain adjustments.
Prepaid Expenses and Other Assets: This category surged from 193,562 thousand US$ in 2017 to 456,547 thousand US$ in 2018, then experienced a gradual decline to 154,339 thousand US$ in 2020 before rebounding to 286,026 thousand US$ in 2021. The volatility in prepaid expenses may indicate changes in payment timing or prepaid service agreements.
Derivative Financial Instruments: Values in derivative financial instruments dropped markedly from 99,320 thousand US$ in 2017 to approximately 21,751 thousand US$ in 2019, then increased to 70,082 thousand US$ in 2020 before declining again to 54,184 thousand US$ in 2021. This suggests fluctuating hedge positions or financial instrument usage.
Current Assets: Current assets increased steadily from 843,028 thousand US$ in 2017 to 1,242,044 thousand US$ in 2018, slightly decreasing in 2019, then sharply increasing to 4,311,747 thousand US$ in 2020 and decreasing to 3,600,271 thousand US$ in 2021. This pattern aligns with the changes in cash and cash equivalents and other current account components, reflecting liquidity management shifts.
Property and Equipment, Net: Property and equipment exhibited consistent growth, from 19,735,180 thousand US$ in 2017 to 25,907,949 thousand US$ in 2021, with a slight decrease in 2020. This indicates ongoing investments in fixed assets, notwithstanding minor fluctuations likely related to depreciation or asset disposals.
Operating Lease Right-of-Use Assets: Reported only from 2019 onward, these assets amounted to 687,555 thousand US$ in 2019 and progressively declined to 542,128 thousand US$ by 2021. This downward trend may reflect lease term expirations or reevaluation of lease agreements.
Goodwill: Goodwill surged strikingly in 2018 to 1,378,353 thousand US$ from 288,512 thousand US$ in 2017, maintaining a level above 800,000 thousand US$ in subsequent years. The initial increase suggests acquisitions or reassessments of intangible asset value, followed by a decline possibly due to impairments or disposals.
Other Assets, Net of Allowances: Other assets grew from 1,429,597 thousand US$ in 2017 to 1,611,710 thousand US$ in 2018 and hovered slightly above 1,400,000 thousand US$ thereafter, indicating relative stability amid minor fluctuations.
Non-current Assets: Non-current assets saw a general upward trend from 21,453,289 thousand US$ in 2017 to 28,658,084 thousand US$ in 2021, with a small dip in 2020. This reflects ongoing investment in long-term assets, offset by periodic reductions representative of depreciation or disposals.
Total Assets: Total assets increased steadily from 22,296,317 thousand US$ in 2017 to a high of 32,465,187 thousand US$ in 2020, followed by a slight decline to 32,258,355 thousand US$ in 2021. This growth pattern signifies overall asset base expansion, with a plateau in recent periods.

In summary, the data indicates a significant increase in liquidity particularly in 2020, substantial investments in property and equipment, and a notable acquisition-related spike in goodwill in 2018. Current assets and cash balances experienced volatility, likely driven by operational or external economic factors during the period. Non-current assets showed a strong upward trend, supporting long-term growth. The overall asset base expanded considerably over the five-year span, though total asset growth slowed slightly toward the end of the period.

Assets: Selected Items

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Current Assets: Selected Items