Name: Royal Caribbean Cruises Ltd. (NYSE:RCL) | Balance Sheet: Assets
Creator: Stock Analysis on Net

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.

Assets: Selected Items

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Current Assets: Selected Items

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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	2,701,770)	3,684,474)	243,738)	287,852)	120,112)
Trade and other receivables, net of allowances	408,067)	284,149)	305,821)	324,507)	318,641)
Inventories	150,224)	118,703)	162,107)	153,573)	111,393)
Prepaid expenses and other assets	286,026)	154,339)	429,211)	456,547)	193,562)
Derivative financial instruments	54,184)	70,082)	21,751)	19,565)	99,320)
Current assets	3,600,271)	4,311,747)	1,162,628)	1,242,044)	843,028)
Property and equipment, net	25,907,949)	25,246,595)	25,466,808)	23,466,163)	19,735,180)
Operating lease right-of-use assets	542,128)	599,985)	687,555)	—)	—)
Goodwill	809,383)	809,480)	1,385,644)	1,378,353)	288,512)
Other assets, net of allowances	1,398,624)	1,497,380)	1,617,649)	1,611,710)	1,429,597)
Non-current assets	28,658,084)	28,153,440)	29,157,656)	26,456,226)	21,453,289)
Total assets	32,258,355)	32,465,187)	30,320,284)	27,698,270)	22,296,317)

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).

Total assets exhibited a consistent upward trajectory from 2017 to 2020, increasing from 22.29 billion US dollars to a peak of 32.46 billion US dollars, before slightly contracting to 32.26 billion US dollars in 2021. This growth was driven primarily by substantial increases in both non-current assets and a dramatic surge in liquidity during the 2020 fiscal year.

Liquidity and Current Asset Management: A significant shift in the liquidity profile occurred in 2020, where cash and cash equivalents rose from 243.7 million US dollars in 2019 to 3.68 billion US dollars. This resulted in current assets peaking at 4.31 billion US dollars in 2020, although this figure moderated to 3.60 billion US dollars by the end of 2021. Trade receivables and inventories remained relatively stable throughout the five-year period, indicating that the expansion of current assets was almost exclusively driven by cash accumulation rather than operational growth in receivables or stock.
Fixed Asset Investment and Capital Expenditure: Property and equipment, net, represent the largest component of the asset base, showing steady growth from 19.73 billion US dollars in 2017 to 25.46 billion US dollars in 2019. Following this period of expansion, the value remained relatively flat, ending 2021 at 25.91 billion US dollars. The introduction of operating lease right-of-use assets in 2019 at 687.5 million US dollars suggests a change in accounting treatment or lease structuring, with these assets gradually declining to 542.1 million US dollars by 2021.
Intangible Assets and Other Non-Current Items: Goodwill experienced significant volatility, jumping from 288.5 million US dollars in 2017 to 1.38 billion US dollars in 2019, followed by a sharp reduction to 809.5 million US dollars in 2020, likely indicating an impairment charge. Other assets remained stable, fluctuating within a narrow range between 1.39 billion and 1.62 billion US dollars over the analyzed period.

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