ROYAL CARIBBEAN CRUISES LTD
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
RCL$339.85+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows F-
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Operating Activities | |||
| Net Income (Loss) | $1,704 | $(2,156) | $(5,260) |
| Adjustments: | |||
| Depreciation and amortization | 1,455 | 1,407 | 1,293 |
| Net deferred income tax benefit | (8) | (22) | (43) |
| (Gain) Loss on derivative instruments not designated as hedges | (19) | 100 | (1) |
| Share-based compensation expense | 126 | 36 | 64 |
| Equity investment (income) loss | (200) | (57) | 135 |
| Amortization of debt issuance costs, discounts and premiums | 109 | 163 | 249 |
| Loss on extinguishment of debt | 121 | 94 | 139 |
| Changes in operating assets and liabilities: | |||
| Decrease (increase) in trade and other receivables, net | 99 | (234) | (182) |
| Increase in inventories | (24) | (74) | (35) |
| Increase in prepaid expenses and other assets | (184) | (153) | (152) |
| Increase in accounts payable | 124 | 75 | 189 |
| Increase in accrued expenses and other liabilities | 13 | 352 | 233 |
| Increase in customer deposits | 1,143 | 1,007 | 1,427 |
| Other, net | 18 | (57) | 66 |
| Net cash provided by (used in) operating activities | 4,477 | 481 | (1,878) |
| Investing Activities | |||
| Purchases of property and equipment | (3,897) | (2,710) | (2,230) |
| Cash received on settlement of derivative financial instruments | 35 | 53 | 44 |
| Cash paid on settlement of derivative financial instruments | (86) | (356) | (74) |
| Investments in and loans to unconsolidated affiliates | (31) | — | (70) |
| Cash received on loans to unconsolidated affiliates | 40 | 19 | 31 |
| Proceeds from the sale of property and equipment and other assets | 13 | — | 176 |
| Other, net | 3 | 7 | (22) |
| Net cash used in investing activities | (3,923) | (2,987) | (2,145) |
| Financing Activities | |||
| Debt proceeds | 7,641 | 9,787 | 4,468 |
| Debt issuance costs | (194) | (252) | (202) |
| Repayments of debt | (9,566) | (7,729) | (2,297) |
| Premium on repayment of debt | (80) | (49) | (135) |
| Repayments of commercial paper notes | — | — | (415) |
| Proceeds from common stock issuances | — | — | 1,622 |
| Proceeds from sale of noncontrolling interest | 209 | — | — |
| Other, net | (3) | (16) | — |
| Net cash (used in) provided by financing activities | (1,993) | 1,741 | 3,041 |
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| (in millions) | |||
| Effect of exchange rate changes on cash | 1 | (2) | — |
| Net decrease in cash and cash equivalents | (1,438) | (767) | (982) |
| Cash and cash equivalents at beginning of year | 1,935 | 2,702 | 3,684 |
| Cash and cash equivalents at end of year | $497 | $1,935 | $2,702 |
| Supplemental Disclosures | |||
| Cash paid during the year for: | |||
| Interest, net of amount capitalized | $1,442 | $960 | $834 |
| Non-Cash Investing Activities | |||
| Notes receivable issued upon sale of property and equipment and other assets | $— | $— | $16 |
| Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities | $50 | $34 | $14 |
| Acquisition of property and equipment from assumed debt | $— | $277 | $— |
| Non-Cash Financing Activities | |||
| Debt related to acquisition of property and equipment | $— | $277 | $— |
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