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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q 
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from            to            
Commission File Number: 1-11884
ROYAL CARIBBEAN CRUISES LTD.
(Exact name of registrant as specified in its charter) 
Republic of Liberia
 98-0081645
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
 
1050 Caribbean Way, Miami, Florida 33132
(Address of principal executive offices) (zip code) 
(305) 539-6000
(Registrant’s telephone number, including area code) 
N/A
(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareRCLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
There were 256,235,104 shares of common stock outstanding as of October 23, 2023.


























ROYAL CARIBBEAN CRUISES LTD.




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in thousands, except per share data)
Quarter Ended September 30,
 20232022
Passenger ticket revenues$2,941,481 $2,020,974 
Onboard and other revenues1,218,972 972,101 
Total revenues4,160,453 2,993,075 
Cruise operating expenses:  
Commissions, transportation and other632,075 484,054 
Onboard and other261,225 220,216 
Payroll and related293,629 304,369 
Food211,709 194,966 
Fuel272,408 316,214 
Other operating465,814 446,630 
Total cruise operating expenses2,136,860 1,966,449 
Marketing, selling and administrative expenses393,016 373,116 
Depreciation and amortization expenses365,473 355,085 
Operating Income1,265,104 298,425 
Other income (expense):  
Interest income7,472 11,953 
Interest expense, net of interest capitalized(340,620)(352,187)
Equity investment income86,627 73,997 
Other (expense) income (7,905)780 
 (254,426)(265,457)
Net Income1,010,678 32,968 
Less: Net Income attributable to noncontrolling interest1,602  
Net Income attributable to Royal Caribbean Cruises Ltd.$1,009,076 $32,968 
Earnings per Share:  
Basic$3.94 $0.13 
Diluted$3.65 $0.13 
Weighted-Average Shares Outstanding:  
Basic256,188 255,071 
Diluted281,876 255,378 
Comprehensive Income (Loss)  
Net Income$1,010,678 $32,968 
Other comprehensive income (loss):  
Foreign currency translation adjustments11,495 11,498 
Change in defined benefit plans3,972 7,226 
Gain (loss) on cash flow derivative hedges19,561 (259,949)
Total other comprehensive income (loss)35,028 (241,225)
Comprehensive Income (Loss)1,045,706 (208,257)
Less: Comprehensive Income attributable to noncontrolling interest1,602  
Comprehensive Income (Loss) attributable to Royal Caribbean Cruises Ltd.$1,044,104 $(208,257)



The accompanying notes are an integral part of these consolidated financial statements
1


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited; in thousands, except per share data)
Nine Months Ended September 30,
20232022
Passenger ticket revenues$7,281,503 $4,091,035 
Onboard and other revenues3,287,078 2,145,513 
Total revenues10,568,581 6,236,548 
Cruise operating expenses:
Commissions, transportation and other1,551,012 964,256 
Onboard and other640,175 450,225 
Payroll and related887,999 981,128 
Food613,795 450,376 
Fuel849,839 779,873 
Other operating1,341,821 1,205,452 
Total cruise operating expenses5,884,641 4,831,310 
Marketing, selling and administrative expenses1,288,719 1,138,571 
Depreciation and amortization expenses1,086,923 1,046,094 
Operating Income (Loss)2,308,298 (779,427)
Other income (expense):
Interest income31,863 21,765 
Interest expense, net of interest capitalized(1,055,519)(932,552)
Equity investment income149,112 29,759 
Other (expense) income(8,676)4,699 
(883,220)(876,329)
Net Income (Loss)1,425,078 (1,655,756)
Less: Net Income attributable to noncontrolling interest5,151  
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd.$1,419,927 $(1,655,756)
Earnings (Loss) per Share:
Basic$5.55 $(6.49)
Diluted$5.24 $(6.49)
Weighted-Average Shares Outstanding:
Basic255,822 254,953 
Diluted283,847 254,953 
Comprehensive Income (Loss)
Net Income (Loss)$1,425,078 $(1,655,756)
Other comprehensive income (loss):
Foreign currency translation adjustments1,686 31,958 
Change in defined benefit plans3,700 34,991 
Loss on cash flow derivative hedges(7,148)(148,541)
Total other comprehensive loss(1,762)(81,592)
Comprehensive Income (Loss)1,423,316 (1,737,348)
Less: Comprehensive Income attributable to noncontrolling interest5,151  
Comprehensive Income (Loss) attributable to Royal Caribbean Cruises Ltd.$1,418,165 $(1,737,348)
The accompanying notes are an integral part of these consolidated financial statements
2


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
 As of
 September 30,December 31,
 20232022
 (unaudited) 
Assets  
Current assets  
Cash and cash equivalents$600,117 $1,935,005 
Trade and other receivables, net of allowances of $7,899 and $11,612 at September 30, 2023 and December 31, 2022, respectively
360,151 531,066 
Inventories241,522 224,016 
Prepaid expenses and other assets508,832 455,836 
Derivative financial instruments70,087 59,083 
Total current assets1,780,709 3,205,006 
Property and equipment, net27,854,624 27,546,445 
Operating lease right-of-use assets529,721 537,559 
Goodwill809,206 809,277 
Other assets, net of allowances of $62,777 and $71,614 at September 30, 2023 and December 31, 2022, respectively
1,794,412 1,678,074 
Total assets$32,768,672 $33,776,361 
Liabilities and Shareholders’ Equity  
Current liabilities  
Current portion of long-term debt$2,043,965 $2,087,711 
Current portion of operating lease liabilities80,983 79,760 
Accounts payable715,386 646,727 
Accrued expenses and other liabilities1,210,858 1,459,957 
Derivative financial instruments158,165 131,312 
Customer deposits5,032,328 4,167,997 
Total current liabilities9,241,685 8,573,464 
Long-term debt17,924,927 21,303,480 
Long-term operating lease liabilities517,337 523,006 
Other long-term liabilities488,534 507,599 
Total liabilities28,172,483 30,907,549 
Shareholders’ equity  
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
  
Common stock ($0.01 par value; 500,000,000 shares authorized; 284,483,109 and 283,257,102 shares issued, September 30, 2023 and December 31, 2022, respectively)
2,845 2,832 
Paid-in capital7,422,041 7,284,852 
Accumulated deficit(287,502)(1,707,429)
Accumulated other comprehensive loss(644,976)(643,214)
Treasury stock (28,248,125 and 28,018,385 common shares at cost, September 30, 2023 and December 31, 2022, respectively)
(2,069,432)(2,068,229)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.4,422,976 2,868,812 
Noncontrolling Interests173,213  
Total shareholders’ equity4,596,189 2,868,812 
Total liabilities and shareholders’ equity$32,768,672 $33,776,361 

The accompanying notes are an integral part of these consolidated financial statements
3


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
 20232022
Operating Activities  
Net Income (Loss)$1,425,078 $(1,655,756)
Adjustments:  
Depreciation and amortization1,086,923 1,046,094 
Net deferred income tax benefit(2,723)(14,345)
Loss on derivative instruments not designated as hedges30,904 175,686 
Share-based compensation expense79,315 24,285 
Equity investment income(149,112)(29,759)
Amortization of debt issuance costs, discounts and premiums84,015 129,957 
Loss on extinguishment of debt81,441 16,449 
Changes in operating assets and liabilities:  
Decrease (increase) in trade and other receivables, net131,199 (173,555)
Increase in inventories, net(17,506)(86,962)
Increase in prepaid expenses and other assets(43,721)(108,429)
Increase in accounts payable trade62,007 79,249 
(Decrease) increase in accrued expenses and other liabilities(247,065)3,080 
Increase in customer deposits864,332 613,632 
Other, net(24,082)(114,367)
Net cash provided by (used in) operating activities3,361,005 (94,741)
Investing Activities  
Purchases of property and equipment(1,328,643)(2,543,266)
Cash received on settlement of derivative financial instruments23,096 42,958 
Cash paid on settlement of derivative financial instruments(66,272)(389,387)
Investments in and loans to unconsolidated affiliates(21,997)(614)
Cash received on loans from unconsolidated affiliates35,583 14,030 
Other, net9,021 5,328 
Net cash used in investing activities(1,349,212)(2,870,951)
Financing Activities  
Debt proceeds1,808,177 7,207,566 
Debt issuance costs(56,150)(222,787)
Repayments of debt(5,305,966)(5,135,323)
Proceeds from sale of noncontrolling interest209,320  
Other, net(815)(16,556)
Net cash (used in) provided by financing activities(3,345,434)1,832,900 
Effect of exchange rate changes on cash and cash equivalents(1,247)(2,765)
Net decrease in cash and cash equivalents (1,334,888)(1,135,557)
Cash and cash equivalents at beginning of period 1,935,005 2,701,770 
Cash and cash equivalents at end of period $600,117 $1,566,213 
The accompanying notes are an integral part of these consolidated financial statements
4


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Nine Months Ended September 30,
 20232022
Supplemental Disclosure  
Cash paid during the period for:  
Interest, net of amount capitalized$1,064,031 $752,623 
Non-cash Investing Activities  
Purchase of property and equipment included in accounts payable and accrued expenses and other liabilities$24,394 $26,026 
Acquisition of property and equipment from assumed debt$ $275,000 
Non-cash Financing Activity
Debt related to purchase of property and equipment$ $275,000 
The accompanying notes are an integral part of these consolidated financial statements
5


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)


Common StockPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestTotal Shareholders' Equity
Balance at July 1, 2023$2,844 $7,406,818 $(1,296,578)$(680,004)$(2,069,432)$177,434 $3,541,082 
Activity related to employee stock plans1 14,479 — — — — 14,480 
Changes related to cash flow derivative hedges— — — 19,561 — — 19,561 
Change in defined benefit plans— — — 3,972 — — 3,972 
Foreign currency translation adjustments— — — 11,495 — — 11,495 
Sale of noncontrolling interest— 744 — — — — 744 
Noncontrolling interest— — — — — 2,179 2,179 
Dividends from noncontrolling interest— — — — — (6,400)(6,400)
Net Income attributable to Royal Caribbean Cruises Ltd.— — 1,009,076 — — — 1,009,076 
Balance at September 30, 2023$2,845 $7,422,041 $(287,502)$(644,976)$(2,069,432)$173,213 $4,596,189 


Common StockPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestTotal Shareholders' Equity
Balance at January 1, 2023$2,832 $7,284,852 $(1,707,429)$(643,214)$(2,068,229)$ $2,868,812 
Activity related to employee stock plans9 78,962 — — — — 78,971 
Convertible notes settlement4 12,185 — — — — 12,189 
Changes related to cash flow derivative hedges— — — (7,148)— — (7,148)
Change in defined benefit plans— — — 3,700 — — 3,700 
Foreign currency translation adjustments— — — 1,686 — — 1,686 
Purchase of treasury stock— — — — (1,203)— (1,203)
Sale of noncontrolling interest— 46,042 — — — 173,803 219,845 
Noncontrolling interest— — — — — 5,810 5,810 
Dividends to noncontrolling interest— — — — — (6,400)(6,400)
Net Income attributable to Royal Caribbean Cruises Ltd.— — 1,419,927 — — — 1,419,927 
Balance at September 30, 2023$2,845 $7,422,041 $(287,502)$(644,976)$(2,069,432)$173,213 $4,596,189 







The accompanying notes are an integral part of these consolidated financial statements
6


ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(unaudited; in thousands)


Common StockPaid-in CapitalAccumulated DeficitAccumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at July 1, 2022$2,831 $7,254,939 $(1,240,191)$(551,252)$(2,068,229)$3,398,098 
Activity related to employee stock plans1 15,582 — — — 15,583 
Changes related to cash flow derivative hedges— — — (259,949)— (259,949)
Change in defined benefit plans— — — 7,226 — 7,226 
Foreign currency translation adjustments— — — 11,498 — 11,498 
Net Income— — 32,968 — — 32,968 
Balance at September 30, 2022$2,832 $7,270,521 $(1,207,223)$(792,477)$(2,068,229)$3,205,424 




Common StockPaid-in CapitalRetained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTreasury StockTotal Shareholders' Equity
Balance at January 1, 2022$2,827 $7,557,297 $302,276 $(710,885)$(2,065,959)$5,085,556 
Activity related to employee stock plans5 20,864 37 — — 20,906 
Cumulative effect of adoption of Accounting Standards Update 2020-06— (307,640)146,220 — — (161,420)
Changes related to cash flow derivative hedges— — — (148,541)— (148,541)
Change in defined benefit plans— — — 34,991 — 34,991 
Foreign currency translation adjustments— — — 31,958 — 31,958 
Purchase of treasury stock— — — — (2,270)(2,270)
Net Loss— — (1,655,756)— — (1,655,756)
Balance at September 30, 2022$2,832 $7,270,521 $(1,207,223)$(792,477)$(2,068,229)$3,205,424 
The accompanying notes are an integral part of these consolidated financial statements
7



ROYAL CARIBBEAN CRUISES LTD.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
As used in this Quarterly Report on Form 10-Q, the terms “Royal Caribbean,” "Royal Caribbean Group," the “Company,” “we,” “our” and “us” refer to Royal Caribbean Cruises Ltd. and, depending on the context, Royal Caribbean Cruises Ltd.’s consolidated subsidiaries and/or affiliates. The terms “Royal Caribbean International,” “Celebrity Cruises,” and "Silversea Cruises" refer to our wholly owned global cruise brands. Throughout this Quarterly Report on Form 10-Q, we also refer to our partner brands in which we hold an ownership interest, including “TUI Cruises” and "Hapag-Lloyd Cruises." However, because these partner brands are unconsolidated investments, our operating results and other disclosures herein do not include these brands unless otherwise specified. In accordance with cruise vacation industry practice, the term “berths” is determined based on double occupancy per cabin even though many cabins can accommodate three or more passengers. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022.
This Quarterly Report on Form 10-Q also includes trademarks, trade names and service marks of other companies. Use or display by us of other parties’ trademarks, trade names or service marks is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, these other parties other than as described herein.
Note 1. General
Description of Business 
We are a global cruise company. We own and operate three global cruise brands: Royal Caribbean International, Celebrity Cruises and Silversea Cruises (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC"), which operates the German brands TUI Cruises and Hapag-Lloyd Cruises (collectively, our "Partner Brands"). We account for our investments in our Partner Brands under the equity method of accounting. Together, our Global Brands and our Partner Brands have a combined fleet of 64 ships as of September 30, 2023. Our ships offer a selection of worldwide itineraries that call on more than 1,000 destinations in over 120 countries on all seven continents.
Liquidity
As of September 30, 2023, we had liquidity of $3.3 billion, including $2.7 billion of undrawn revolving credit facility capacity, and $0.6 billion in cash and cash equivalents. We believe that we have sufficient liquidity to fund our obligations for at least the next twelve months from the issuance of these financial statements. Refer to Note 6. Debt for further information regarding refinancing transactions and our applicable financial covenants.
We will continue to pursue, as appropriate, various opportunities to raise capital to fund obligations associated with future debt maturities and/or to extend the maturity dates associated with our existing indebtedness or facilities.
Basis for Preparation of Consolidated Financial Statements
The unaudited consolidated financial statements are presented pursuant to the rules and regulations of the Securities and Exchange Commission. In our opinion, these statements include all adjustments necessary for a fair statement of the results of the interim periods reported herein. Adjustments consist only of normal recurring items, except for any items discussed in the notes below. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by such Securities and Exchange Commission rules and regulations. Estimates are required for the preparation of financial statements in accordance with these principles. Actual results could differ from these estimates. Refer to Note 2. Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2022 for a discussion of our significant accounting policies.
All significant intercompany accounts and transactions are eliminated in consolidation. We consolidate entities over which we have control, usually evidenced by a direct ownership interest of greater than 50%, and variable interest entities where we are determined to be the primary beneficiary. Refer to Note 5. Investments and Other Assets for further information regarding our variable interest entities. For affiliates we do not control but over which we have significant influence on financial and operating policies, usually evidenced by a direct ownership interest from 20% to 50%, the investment is accounted for using the equity method.
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Note 2. Summary of Significant Accounting Policies
Adoption of Accounting Pronouncements
In September 2022, the FASB issued ASU No. 2022-04, Liabilities-Supplier Finance Programs (Subtopic 405-50) - Disclosure of Supplier Finance Program Obligations. This ASU requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. This ASU is expected to improve financial reporting by requiring new disclosures about the programs, thereby allowing financial statement users to better consider the effect of the programs on an entity’s working capital, liquidity, and cash flows. This ASU is effective for fiscal years beginning after December 15, 2022, except for the amendment on roll forward information which is effective for fiscal years beginning after December 15, 2023. We adopted ASU No. 2022-04 effective January 1, 2023. The adoption did not have a material impact to our consolidated financial statements and related disclosures.
Recent Accounting Pronouncements
In August 2023, the FASB issued ASU No. 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement. This ASU provides guidance requiring a joint venture to initially measure all contributions received upon its formation at fair value. The guidance is intended to provide users of joint venture financial statements with more decision-useful information. This ASU is effective for joint venture entities with a formation date on or after January 1, 2025 on a prospective basis. Early adoption is permitted, and joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. We are currently evaluating the impact of the new guidance on our consolidated financial statements.
Reclassifications
For the quarter and nine months ended September 30, 2023, we no longer separately present Impairments and Credit losses in our consolidated statements of comprehensive income (loss). As a result, amounts presented in prior periods were reclassified to Other Operating to conform to the current year presentation.
For the nine months ended September 30, 2023, we no longer separately present Accrued interest in our consolidated balance sheets. As a result, amounts presented in prior periods were reclassified to Accrued expenses and other liabilities to conform to the current year presentation.
For the nine months ended September 30, 2023, we no longer separately present Amortization of debt discounts and premiums; (Decrease) increase in accrued interest; and Impairments and Credit losses in our cash flows from Operating Activities within our consolidated statements of cash flows. As a result, amounts presented in prior periods were reclassified to Amortization of debt issuance costs, discounts and premiums; (Decrease) increase in accrued expenses and other liabilities; and Other, net, respectively, within Operating Activities to conform to the current year presentation. Additionally, we no longer separately present Proceeds from the sale of property and equipment and other assets in our cash flows from Investing Activities within our consolidated statements of cash flows. As a result, amounts presented in prior periods were reclassified to Other, net within Investing Activities to conform to the current year presentation.
Note 3. Revenues
Revenue Recognition
Revenues are measured based on consideration specified in our contracts with customers and are recognized as the related performance obligations are satisfied.
The majority of our revenues are derived from passenger cruise contracts which are reported within Passenger ticket revenues in our consolidated statements of comprehensive income (loss). Our performance obligation under these contracts is to provide a cruise vacation in exchange for the ticket price. We satisfy this performance obligation and recognize revenue over the duration of each cruise, which generally ranges from two to 23 nights.
Passenger ticket revenues include charges to our guests for port costs that vary with passenger head counts. These type of port costs, along with port costs that do not vary by passenger head counts, are included in our cruise operating expenses. The amounts of port costs charged to our guests and included within Passenger ticket revenues on a gross basis were $252.3 million and $210.2 million for the quarters ended September 30, 2023 and 2022, respectively, and $0.7 billion and $446.3 million for the nine months ended September 30, 2023 and 2022, respectively.
9


Our total revenues also include Onboard and other revenues, which consist primarily of revenues from the sale of goods and services onboard our ships that are not included in passenger ticket prices. We receive payment before or concurrently with the transfer of these goods and services to cruise passengers and recognize revenue over the duration of the related cruise.
As a practical expedient, we have omitted disclosures on our remaining performance obligations as the duration of our contracts with customers is less than a year.
Disaggregated Revenues
The following table disaggregates our total revenues by geographic regions where we provide cruise itineraries (in thousands):
Quarter Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenues by itinerary
North America (1)$2,275,292 $1,638,226 $6,620,877 $3,871,356 
Asia/Pacific118,238 46,137 589,747 125,986 
Europe1,375,478 1,002,936 2,272,277 1,531,495 
Other regions(2)181,367 169,200 580,979 408,222 
Total revenues by itinerary3,950,375 2,856,499 10,063,880 5,937,059 
Other revenues(3)210,078 136,576 504,701 299,489 
Total revenues$4,160,453 $2,993,075 $10,568,581 $6,236,548 
(1)Includes the United States, Canada, Mexico and the Caribbean.
(2) Includes seasonality impacted itineraries primarily in South and Latin American countries.
(3) Includes revenues primarily related to cancellation fees, vacation protection insurance, casino operations, pre- and post-cruise tours and fees for operating certain port facilities. Amounts also include revenues related to procurement and management related services we perform on behalf of our unconsolidated affiliates. Refer to Note 5. Investments and Other Assets for more information on our unconsolidated affiliates.
Passenger ticket revenues are attributed to geographic areas based on where the reservation originates. For the quarter and nine months ended September 30, 2023 and 2022, our guests were sourced from the following areas:
Quarter Ended September 30,
20232022
Passenger ticket revenues:
United States 72 %71 %
United Kingdom10 %11 %
All other countries (1)18 %18 %

Nine Months Ended September 30,
20232022
Passenger ticket revenues:
United States74 %75 %
All other countries (1)26 %25 %
(1)No other individual country's revenue exceeded 10% for the quarter and nine months ended September 30, 2023 and 2022.
Customer Deposits and Contract Liabilities
Our payment terms generally require an upfront deposit to confirm a reservation, with the balance due prior to the cruise. Deposits received on sales of passenger cruises are initially recorded as Customer deposits in our consolidated balance sheets and subsequently recognized as passenger ticket revenues or onboard revenues during the duration of the cruise. ASC 606,
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Revenues from Contracts with Customers, defines a “contract liability” as an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. We do not consider customer deposits to be a contract liability until the customer no longer retains the unilateral right, resulting from the passage of time, to cancel such customer's reservation and receive a full refund. Customer deposits presented in our consolidated balance sheets include contract liabilities of $2.2 billion and $1.8 billion as of September 30, 2023 and December 31, 2022, respectively.
During the pandemic we provided flexibility to guests with bookings on sailings cancelled due to COVID-19 by allowing guests to receive future cruise credits (“FCCs”). As of September 30, 2023, our customer deposit balance includes approximately $0.4 billion of unredeemed FCCs. Our FCCs are not refundable and do not have expiration dates. Based upon our analysis of historical redemption experience, we believe a portion of our FCCs are not probable of being used in future periods. Based on our current estimates, we recognized an immaterial amount of FCC breakage revenue during the quarter ended September 30, 2023. We will continue to monitor changes in redemption behavior and estimate and record revenue associated with breakage when the likelihood of the customer exercising their remaining rights becomes remote.
Contract Receivables and Contract Assets
Although we generally require full payment from our customers prior to their cruise, we grant credit terms to a relatively small portion of our revenue sourced in select markets outside of the United States. As a result, we have outstanding receivables from passenger cruise contracts in those markets. We also have receivables from credit card merchants for cruise ticket purchases and goods and services sold to guests during cruises that are collected before, during or shortly after the cruise voyage. In addition, we have receivables due from concessionaires onboard our vessels. These receivables are included within Trade and other receivables, net in our consolidated balance sheets.
Our credit card processors agreements require us, under certain circumstances, to maintain a reserve that can be satisfied by posting collateral. As of September 30, 2023, none of our credit card processors required us to maintain a reserve.
We have contract assets that are conditional rights to consideration for satisfying the construction services performance obligations under a service concession arrangement. As of September 30, 2023 and December 31, 2022, our contract assets were $168.1 million and $167.9 million, respectively, and were included within Other assets in our consolidated balance sheets. Given the short duration of our cruises and our collection terms, we do not have any other significant contract assets.
Assets Recognized from the Costs to Obtain a Contract with a Customer
Prepaid travel advisor commissions and prepaid credit and debit card fees are an incremental cost of obtaining contracts with customers that we recognize as an asset and include within Prepaid expenses and other assets in our consolidated balance sheets. Prepaid travel advisor commissions and prepaid credit and debit card fees were $230.5 million as of September 30, 2023 and $177.5 million as of December 31, 2022. Our prepaid travel advisor commissions and prepaid credit and debit card fees are recognized at the time of revenue recognition or at the time of voyage cancellation, and are reported primarily within Commissions, transportation and other in our consolidated statements of comprehensive income (loss).
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Note 4. Earnings (Loss) Per Share
Basic and diluted earnings (loss) per share is as follows (in thousands, except per share data):
Quarter Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. for basic earnings (loss) per share$1,009,076 $32,968 $1,419,927 $(1,655,756)
Add convertible notes interest20,269  67,605  
Net Income (Loss) attributable to Royal Caribbean Cruises Ltd. for diluted earnings (loss) per share1,029,345 32,968 1,487,532 (1,655,756)
Weighted-average common shares outstanding256,188 255,071 255,822 254,953 
Dilutive effect of stock-based awards857 307 586  
Dilutive effect of convertible notes24,831  27,439  
Diluted weighted-average shares outstanding281,876 255,378 283,847 254,953 
Basic earnings (loss) per share$3.94 $0.13 $5.55 $(6.49)
Diluted earnings (loss) per share$3.65 $0.13 $5.24 $(6.49)
Basic earnings (loss) per share is computed by dividing Net Income (Loss) by the weighted-average number of common stock outstanding during each period. Diluted earnings (loss) per share incorporates the incremental shares issuable upon the assumed exercise of stock options and conversion of potentially dilutive securities. We use the if-converted method to calculate the impact of our convertible notes that may be settled in cash or shares. To the extent dilutive, shares related to our convertible notes are assumed to be converted into common stock at the beginning of the reporting period, and we add back the interest expense to the numerator.
If we have a net loss for the period, all potential common shares will be considered antidilutive, resulting in the same basic and diluted net loss per share amounts for those periods. There were no antidilutive shares for the quarter and nine months ended September 30, 2023, compared to 30,532,145 and 31,085,736 antidilutive shares from our stock-based awards and convertible notes for the quarter and nine months ended September 30, 2022, respectively.

Note 5. Investments and Other Assets
A Variable Interest Entity (“VIE”) is an entity in which the equity investors have not provided enough equity to finance the entity’s activities or the equity investors: (1) cannot directly or indirectly make decisions about the entity’s activities through their voting rights or similar rights; (2) do not have the obligation to absorb the expected losses of the entity; (3) do not have the right to receive the expected residual returns of the entity; or (4) have voting rights that are not proportionate to their economic interests and the entity’s activities involve or are conducted on behalf of an investor with a disproportionately small voting interest. We hold equity interests in ventures related to our cruise operations. We account for the majority of these investments as either an equity method investment or a controlled subsidiary.
Effective March 31, 2023, we closed on the previously announced partnership agreement with iCON Infrastructure Partners VI, L.P. ("iCON"). This partnership will own, develop, and manage cruise terminal facilities and infrastructure in key ports of call, initially including several development projects in Italy and Spain. As part of the transaction with iCON we also sold 80% of the entity which owns our terminal at PortMiami to the partnership. Refer below to equity method investments and controlled subsidiaries for further information on the transaction. In addition, the partnership has plans to pursue additional port infrastructure developments, including future plans to own, develop, and manage an infrastructure project in the U.S. Virgin Islands.
Unconsolidated investments ("equity method investments")
We have determined that TUI Cruises GmbH ("TUIC"), our 50%-owned joint venture, which operates the brands TUI Cruises and Hapag-Lloyd Cruises, is a VIE. We have determined that we are not the primary beneficiary of TUIC. We believe that the power to direct the activities that most significantly impact TUIC’s economic performance is shared between ourselves and TUI AG, our joint venture partner. All the significant operating and financial decisions of TUIC require the consent of both parties, which we believe creates shared power over TUIC. Accordingly, we do not consolidate this entity and account for this investment under the equity method of accounting.
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As of September 30, 2023, the net book value of our investment in TUIC was $586.7 million, primarily consisting of $498.5 million in equity and a loan of €75.3 million, or approximately $79.7 million based on the exchange rate at September 30, 2023. As of December 31, 2022, the net book value of our investment in TUIC was $466.0 million, primarily consisting of $361.5 million in equity and a loan of €87.2 million, or approximately $93.0 million based on the exchange rate at December 31, 2022. The loan, which was made in connection with the sale of Splendour of the Seas in April 2016, accrues interest at a rate of 6.25% per annum and is payable over 10 years. This loan is 50% guaranteed by TUI AG and is secured by a first priority mortgage on the ship.
TUIC has various ship construction and financing agreements which include certain restrictions on each of our and TUI AG’s ability to reduce our current ownership interest in TUI Cruises below 37.55% through May 2033. Our investment amount and outstanding term loan are substantially our maximum exposure to loss in connection with our investment in TUIC.
We have determined that Grand Bahama Shipyard Ltd. ("Grand Bahama"), a ship repair and maintenance facility in which we have a 40% noncontrolling interest, is a VIE. This facility serves cruise and cargo ships, oil and gas tankers and offshore units. We utilize this facility, among other ship repair facilities, for our regularly scheduled drydocks and certain emergency repairs as may be required. We have determined that we are not the primary beneficiary of this facility as we do not have the power to direct the activities that most significantly impact the facility’s economic performance. Accordingly, we do not consolidate this entity and account for this investment under the equity method of accounting.
As part of the transaction with iCON, we sold our controlling interest in two Italian entities for an immaterial amount of net proceeds and recognized an immaterial gain on the sale. At closing, we have determined that the partnership and both Italian entities are VIE's. These entities in Italy represent development projects to own, develop, and manage cruise terminal facilities in key ports of call. We have determined that we are not the primary beneficiary for either of these entities as we do not have the power to direct the activities that most significantly impact the economic performance. Accordingly, we do not consolidate these entities and account for these investments under the equity method of accounting.
For further information on the measurements used to estimate the fair value of our equity method investments, refer to Note 11. Fair Value Measurements and Derivative Instruments.
The following tables set forth information regarding our investments accounted for under the equity method of accounting, including the entities discussed above (in thousands):
Quarter Ended September 30,Nine Months Ended September 30,
2023202220232022
Share of equity income from investments$86,627 $73,997 $149,112 $29,759 
Dividends received (1)$628 $ $4,455 $986 
(1) Represents dividends received net of tax withholdings during the quarters and nine months ended September 30, 2023 and September 30, 2022.
As of September 30, 2023As of December 31, 2022
Total notes receivable due from equity investments$100,752 $101,392 
Less-current portion (1)17,907 18,406 
Long-term portion (2)$82,845 $82,986 
(1)Included within Trade and other receivables, net in our consolidated balance sheets.
(2)Included within Other assets in our consolidated balance sheets.
Consolidated investments ("controlled subsidiaries")
As part of the transaction with iCON, we sold an 80% interest in the entity which owns our terminal at PortMiami for $208.9 million and retained a 20% minority interest, effective March 31, 2023. We also sold a noncontrolling interest in another entity which is developing a port project in Spain for an immaterial amount. We have determined that both of these entities are VIEs, and we are the primary beneficiary as we have the power to direct the activities that most significantly impact the facility’s economic performance. Accordingly, we will continue to consolidate both entities. The cash consideration received for the sale of the PortMiami terminal company, net of transaction costs, was allocated between paid-in capital and noncontrolling interest using the net book value of our investment in the PortMiami terminal, as presented in the statement of shareholders' equity.
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Other Assets
Credit Losses
We reviewed our notes receivable for credit losses in connection with the preparation of our financial statements for the quarter ended September 30, 2023. In evaluating the allowance, management considered factors such as historical loss experience, the types of loans and the amount of loans in the loan portfolio, adverse situations that may affect the borrower’s ability to repay, the estimated value of any underlying collateral, peer group information and prevailing economic conditions. Our credit loss allowance beginning and ending balances as of September 30, 2023 and 2022 primarily relate to credit losses recognized on notes receivable for the previous sale of certain property and equipment of $81.6 million. The notes receivable associated with previous sale of our property and equipment are related to loans that were originated in 2015 and 2020.
The following table summarizes our credit loss allowance related to receivables (in thousands):
Nine Months Ended September 30,
20232022
Balance, beginning of period$83,227 $100,192 
Credit loss (recovery), net(9,975)(8,466)
Write-offs(2,576)(9,024)
Balance, end of period$70,676 $82,702 

Note 6. Debt
Debt consists of the following (in thousands):
Interest Rate (1)
Maturities ThroughAs of September 30, 2023As of December 31, 2022
Fixed rate debt:
Unsecured senior notes
3.70% to 11.63%
2026 - 2030$7,898,670 $7,199,331 
Secured senior notes
8.25% to 11.50%
2025 - 20291,495,027 2,370,855 
Unsecured term loans
1.28% to 5.89%
2027 - 20354,682,402 4,561,129 
Convertible notes
2.88% to 6.00%
2023 - 20251,375,000 1,725,000 
Total fixed rate debt15,451,099 15,856,315 
Variable rate debt(2):
Unsecured revolving credit facilities (3)
6.72% to 7.47%
2024 - 2025350,000 2,744,105 
USD unsecured term loan
6.30% to 10.05%
2023 - 20373,768,383 4,335,973 
Euro unsecured term loan
5.28% to 6.11%
2023 - 2028477,558 534,589 
Total variable rate debt4,595,941 7,614,667 
Finance lease liabilities327,334 351,332 
Total debt (4)
20,374,374 23,822,314 
Less: unamortized debt issuance costs(405,482)(431,123)
Total debt, net of unamortized debt issuance costs19,968,892 23,391,191 
Less—current portion (2,043,965)(2,087,711)
Long-term portion$17,924,927 $21,303,480 
(1) Interest rates based on outstanding loans as of September 30, 2023, and for variable rate debt include either LIBOR, EURIBOR or Term SOFR plus the applicable margin.
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(2) During the quarter ended June 30, 2023, we completed our transition from LIBOR to Term SOFR rates for substantially all of our variable rate facilities, with such transition to take effect at the next respective interest reset date for each such facility.
(3) Advances under our $1.9 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.30% to 2.05%. Advances under our $1.1 billion facility accrue interest at Term SOFR plus an interest rate margin ranging from 1.70% to 2.05%. Based on applicable Term SOFR rates, as of September 30, 2023, the maximum interest rates under the $1.9 billion facility and the $1.1 billion facility was 7.47%. We also pay a facility fee for each facility ranging from 0.20% to 0.30% of the total commitments under such facility.
(4) At September 30, 2023 and December 31, 2022, the weighted average interest rate for total debt was 6.40% and 6.23%, respectively.
Unsecured revolving credit facilities
In January 2023, we amended and extended our two unsecured revolving credit facilities. The amendments extended the maturities of $2.3 billion of the $3.0 billion aggregate revolving credit capacity by one year to April 2025, with the remainder maturing in April 2024. As of September 30, 2023, we had undrawn capacity of $2.7 billion under our unsecured revolving credit facilities. In October 2023, we refinanced both unsecured revolving credit facilities as well as the $501.6 million unsecured term loan scheduled to fully mature in October 2024. Following this refinancing, our aggregate revolving credit commitments are $3.5 billion. Of this amount, $1.6 billion is scheduled to mature in October 2028, $1.6 billion is scheduled to mature in October 2026, $242.5 million is scheduled to mature in April 2025 and the remaining balance is scheduled to mature in April 2024.
Convertible Notes
In June 2023, $350 million of our 4.25% Convertible Senior Notes matured. The notes were settled using a combination of $337.8 million in cash, and the issuance of approximately 374,000 shares of common stock. The issuance of equity increased additional paid-in capital by $12.2 million.
In August 2023, we notified the holders of our 2.875% Convertible Senior Notes due November 15, 2023 of our irrevocable election to settle notes to which holders elect to convert with a combination of cash and shares of our common stock.
Debt financing transactions
In February 2023, we issued $700 million aggregate principal amount of 7.25% senior guaranteed notes due January 2030 ("7.25% Priority Guaranteed Notes"). Upon closing, we terminated our commitment for the $700 million 364-day term loan facility. In addition, the remaining $350 million backstop committed financing was also terminated upon closing, which resulted in an immaterial loss on extinguishment of debt.
In June 2023, we took delivery of Silver Nova. To finance the delivery, we borrowed a total of $503.2 million under the committed financing agreement, resulting in an unsecured term loan which is 95% guaranteed by Euler Hermes. The unsecured loan amortizes semi-annually over 12 years and bears interest at a fixed rate of 4.21% per annum.
In June 2023, we repaid $392.0 million of our 11.50% secured senior notes due in June 2025, which resulted in a total loss on extinguishment of debt of $30.2 million that was recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the nine months ended September 30, 2023. During the third quarter of 2023, we repaid an additional $500 million of these notes due in June 2025, resulting in a total loss on extinguishment of debt of $37.9 million that was recognized within Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss) for the quarter and nine months ended September 30, 2023.
In October 2023, we issued an irrevocable notice to redeem in early November 2023 the remaining $500 million balance of our 11.50% senior secured notes due June 2025. This redemption will be funded with existing liquidity.
Export credit agency guarantees
Except for the term loans we incurred to acquire Celebrity Flora and Silver Moon, all of our unsecured ship financing term loans are guaranteed by the export credit agency in the respective country in which the ship is constructed. As of September 30, 2023, we pay to the applicable export credit agency, depending on the financing agreement, an upfront fee of 2.35% to 5.48% of the maximum loan amount in consideration for these guarantees. We amortize the fees that are paid upfront over the life of the loan. We classify these fees within Amortization of debt issuance costs, discounts and premiums in our consolidated statements of cash flows. Prior to the loan being drawn, we present these fees within Other assets in our consolidated balance sheets. Once the loan is drawn, such fees are classified as a discount to the related loan, or contra-liability account, within Current portion of long-term debt or long-term debt.
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Debt covenants
Our revolving credit facilities, the majority of our term loans, and certain of our credit card processing agreements, contain covenants that require us, among other things, to maintain a fixed charge coverage ratio, limit our net debt-to-capital ratio, maintain minimum liquidity, and under certain facilities, to maintain a minimum stockholders' equity. As of September 30, 2023, we were in compliance with our debt covenants and we estimate we will be in compliance for the next twelve months.
The following is a schedule of annual maturities on our total debt, including finance leases, as of September 30, 2023 for each of the next five years (in thousands):
Year
As of September 30, 2023 (1)
Remainder of 2023$735,423 
20242,308,807 
20252,828,609 
20262,797,022 
20273,534,356 
Thereafter8,170,157 
$20,374,374 
(1)    Debt denominated in other currencies is calculated based on the applicable exchange rate at September 30, 2023.

Note 7. Leases
Operating Leases
Our operating leases primarily relate to preferred berthing arrangements, real estate and shipboard equipment, and are included within Operating lease right-of-use assets, and Long-term operating lease liabilities with the current portion of the liability included within Current portion of operating lease liabilities in our consolidated balance sheets as of September 30, 2023 and December 31, 2022. Leases with an initial term of 12 months or less are not recorded on our consolidated balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Our operating leases include Silver Explorer, operated by Silversea Cruises. The operating lease for Silver Explorer will expire in the fourth quarter of 2023 and Silversea Cruises does not intend to renew the lease.
For some of our real estate leases and berthing agreements, we do have the option to extend our current lease term. For those lease agreements with renewal options, the renewal periods for real estate leases range from one to 10 years and the renewal periods for berthing agreements range from one to 20 years. Generally, we do not include renewal options as a component of our present value calculation for berthing agreements. However, for certain real estate leases, we include them.
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate in determining the present value of lease payments. We estimate our incremental borrowing rates based on Term SOFR and U.S. Treasury note rates corresponding to lease terms increased by the Company’s credit risk spread and reduced by the estimated impact of collateral. In addition, we have lease agreements with lease and non-lease components, which are generally accounted for separately. However, for berthing agreements, we account for the lease and non-lease components as a single lease component.
Finance Leases
Our finance leases primarily relate to buildings and surrounding land located at our Miami headquarters and our lease for the Silver Dawn ship. Finance leases are included within Property and Equipment, net and Long-term debt with the current portion of the liability included within Current portion of long-term debt in our consolidated balance sheets as of September 30, 2023 and December 31, 2022.
The Company's master lease agreement (“Master Lease”) with Miami-Dade County related to the buildings and surrounding land located at our Miami headquarters is classified as a finance lease in accordance with ASC 842, Leases. The Master Lease includes two five-year options to extend the lease which we are reasonably certain to exercise. The total aggregate amount of the finance lease liabilities recorded for this Master Lease was $56.8 million and $55.5 million as of September 30, 2023 and December 31, 2022, respectively.
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Silversea Cruises operates Silver Dawn under a sale-leaseback agreement with a bargain purchase option at the end of the 15-year lease term. Due to the bargain purchase option at the end of the lease term in 2036, whereby Silversea Cruises is reasonably certain of obtaining ownership of the ship, Silver Dawn is accounted for as a finance lease. The lease includes other purchase options beginning in year three, none of which are reasonably certain of being exercised at this time. The total aggregate amount of finance lease liabilities recorded for this ship was $250.6 million and $264.8 million as of September 30, 2023 and December 31, 2022, respectively. The lease payments on the Silver Dawn are subject to adjustments based on the Term SOFR rate.
The components of lease expense were as follows (in thousands):
Consolidated Statement of Comprehensive Income (Loss) ClassificationQuarter Ended September 30, 2023Nine Months Ended September 30, 2023
Lease costs:
Operating lease costsCommission, transportation and other$32,925 $127,897 
Operating lease costsOther operating expenses5,545 16,636 
Operating lease costsMarketing, selling and administrative expenses5,350 16,354 
Financial lease costs:
Amortization of right-of-use-assetsDepreciation and amortization expenses5,792 17,374 
Interest on lease liabilitiesInterest expense, net of interest capitalized7,658 22,386 
Total lease costs$57,270 $200,647 
Consolidated Statement of Comprehensive Income (Loss) ClassificationQuarter Ended September 30, 2022Nine Months Ended September 30, 2022
Lease costs:
Operating lease costsCommission, transportation and other$26,924 $77,646 
Operating lease costsOther operating expenses5,545 16,540 
Operating lease costsMarketing, selling and administrative expenses4,545 14,191 
Financial lease costs:
Amortization of right-of-use-assetsDepreciation and amortization expenses6,115 18,311 
Interest on lease liabilitiesInterest expense, net of interest capitalized5,942 15,196 
Total lease costs$49,071 $141,884 
In addition, certain of our berthing agreements include variable lease costs based on the number of passengers berthed. During the quarter and nine months ended September 30, 2023, we had $13.2 million and $72.1 million of variable lease costs recorded within Commission, transportation and other in our consolidated statement of comprehensive income (loss), respectively, compared to $12.6 million and $32.0 million of variable lease costs recorded within Commission, transportation and other in our consolidated statement of comprehensive income (loss) during the quarter and nine months ended September 30, 2022, respectively.
The weighted average of the remaining lease terms and weighted average discount rates are as follows:
As of September 30, 2023As of December 31, 2022
Weighted average of the remaining lease term in years
Operating leases17.7317.69
Finance leases19.4919.26
Weighted average discount rate
Operating leases7.36 %6.92 %
Finance leases6.48 %6.43 %
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Supplemental cash flow information related to leases is as follows (in thousands):
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$130,746 $92,859 
Operating cash flows from finance leases22,386 15,196 
Financing cash flows from finance leases$25,135 $42,791 
As of September 30, 2023, maturities related to lease liabilities were as follows (in thousands):
YearOperating LeasesFinance Leases
Remainder of 2023$33,596 $11,892 
2024116,417 45,318 
2025108,407 44,827 
202696,260 38,838 
202776,559 37,358 
Thereafter830,371 707,296 
Total lease payments1,261,610 885,529 
Less: Interest(663,290)(558,195)
Present value of lease liabilities$598,320 $327,334 
















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Note 8. Commitments and Contingencies
Ship Purchase Obligations
Our future capital commitments consist primarily of new ship orders. As of September 30, 2023, the dates that the ships on order by our Global and Partner Brands are expected to be delivered, subject to change in the event of construction delays, and their approximate berths are as follows:
ShipShipyardExpected deliveryApproximate
Berths
Royal Caribbean International —
Oasis-class:
Utopia of the SeasChantiers de l'Atlantique2nd Quarter 20245,700
Icon-class:
Icon of the SeasMeyer Turku Oy4th Quarter 20235,600
Star of the SeasMeyer Turku Oy2nd Quarter 20255,600
UnnamedMeyer Turku Oy2nd Quarter 20265,600
Celebrity Cruises —
Edge-class:
Celebrity AscentChantiers de l'Atlantique4th Quarter 20233,250
UnnamedChantiers de l'Atlantique4th Quarter 20253,250
Silversea Cruises —
Evolution Class:
Silver RayMeyer Werft2nd Quarter 2024730
TUI Cruises (50% joint venture) —
Mein Schiff 7Meyer Turku Oy2nd Quarter 20242,900
Mein Schiff RelaxFincantieri4th Quarter 20244,100
UnnamedFincantieri2nd Quarter 20264,100<