Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Cash Flow Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Royal Caribbean Cruises Ltd., consolidated statement of comprehensive income
US$ in thousands
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).
- Net Income (Loss)
- The net income demonstrated consistent growth from 2017 through 2019, increasing from approximately 1.63 billion USD to 1.91 billion USD. However, there was a significant reversal in 2020 and 2021, with net losses of about 5.78 billion USD and 5.26 billion USD respectively. This indicates a sharp downturn in profitability during the latter two years.
- Foreign Currency Translation Adjustments
- The values fluctuated over the period, starting with a positive adjustment of approximately 17.3 million USD in 2017, followed by a negative adjustment of about 14.3 million USD in 2018. The amounts then rose again to positive values in the subsequent years, ending with around 15.7 million USD in 2021. This variability suggests changes in foreign exchange rates impacted the company’s financial statements irregularly over time.
- Change in Defined Benefit Plans
- This item showed more volatility with negative and positive swings. Initially, there was a negative adjustment in 2017 (-5.6 million USD), then positive in 2018 (7.6 million USD), followed by consecutive negative changes in 2019 and 2020, reaching nearly -20 million USD. In 2021, this reverted to a positive change of approximately 8.7 million USD. Such fluctuations may be tied to changes in pension obligations or actuarial assumptions.
- Gain (Loss) on Cash Flow Derivative Hedges
- Significant variability is observed in derivative hedge results. The year 2017 featured a large gain (about 570 million USD), which was followed by substantial losses in 2018 and 2019 (-287 million USD and -151 million USD respectively). Gains returned in 2020 and 2021 but at much smaller magnitudes (38 million and 4 million USD). This suggests exposure to market risks with periodically volatile hedge outcomes.
- Other Comprehensive Income (Loss)
- This item mirrors the pattern seen with gains/losses on derivative hedges, starting with a large positive amount in 2017 (582 million USD) and turning negative in the following two years (-293 million and -170 million USD). In 2020 and 2021, it resumed positive values but at significantly reduced levels (58 million and 28 million USD). This indicates overall non-operating comprehensive gains diminished notably after 2017.
- Comprehensive Income (Loss)
- Comprehensive income showed growth from 2017 through 2019, peaking at approximately 1.74 billion USD in 2019. This was followed by a sharp decline in 2020 and 2021 with comprehensive losses of around 5.72 billion and 5.23 billion USD respectively. The trend closely follows net income, suggesting that overall comprehensive results were heavily impacted during the downturn period.
- Comprehensive Income Attributable to Noncontrolling Interest
- Data show small negative amounts recorded between 2018 and 2020, ranging from approximately -4.7 million USD to -22 million USD. No values are reported for 2017 and 2021. These minor fluctuations indicate limited but consistent impacts from noncontrolling interests within the comprehensive income framework.
- Comprehensive Income (Loss) Attributable to Royal Caribbean Cruises Ltd.
- This closely tracks the overall comprehensive income figures, showing growth from 2.21 billion USD in 2017 to 1.71 billion USD in 2019, then shifting to significant losses in 2020 and 2021 (-5.74 billion and -5.23 billion USD respectively). The data confirm that the parent company bore the majority of comprehensive income volatility and losses during the most recent years.