Royal Caribbean Cruises (RCL) 10-K25 Feb 202019 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 21, 2020	Jun. 30, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	1-11884
Entity Registrant Name	ROYAL CARIBBEAN CRUISES LTD
Entity Incorporation, State or Country Code	N0
Entity Tax Identification Number	98-0081645
Entity Address, Address Line One	1050 Caribbean Way
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33132
City Area Code	305
Local Phone Number	539-6000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	RCL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 22
Entity Common Stock, Shares Outstanding		209,000,016
Documents Incorporated by Reference	Portions of the registrant's Definitive Proxy Statement relating to its 2020 Annual Meeting of Shareholders are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein.
Entity Central Index Key	0000884887
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total revenues	$ 10,950,661	$ 9,493,849	$ 8,777,845
Cruise operating expenses:
Total cruise operating expenses	6,062,765	5,262,207	4,896,579
Marketing, selling and administrative expenses	1,559,253	1,303,144	1,186,016
Depreciation and amortization expenses	1,245,942	1,033,697	951,194
Operating Income	2,082,701	1,894,801	1,744,056
Other income (expense):
Interest income	26,945	32,800	30,101
Interest expense, net of interest capitalized	(408,513)	(333,672)	(299,982)
Equity investment income	230,980	210,756	156,247
Other (expense) income	(24,513)	11,107	(5,289)
Total other income (expense)	(175,101)	(79,009)	(118,923)
Net Income	1,907,600	1,815,792	1,625,133
Less: Net Income attributable to noncontrolling interest	28,713	4,750	0
Net Income attributable to Royal Caribbean Cruises Ltd.	$ 1,878,887	$ 1,811,042	$ 1,625,133
Earnings per Share:
Basic (in dollars per share)	$ 8.97	$ 8.60	$ 7.57
Diluted (in dollars per share)	$ 8.95	$ 8.56	$ 7.53
Comprehensive Income (Loss)
Net Income	$ 1,907,600	$ 1,815,792	$ 1,625,133
Other comprehensive (loss) income:
Foreign currency translation adjustments	869	(14,251)	17,307
Change in defined benefit plans	(19,535)	7,643	(5,583)
(Loss) gain on cash flow derivative hedges	(151,313)	(286,861)	570,495
Total other comprehensive (loss) income	(169,979)	(293,469)	582,219
Comprehensive Income	1,737,621	1,522,323	2,207,352
Less: Comprehensive Income attributable to noncontrolling interest	28,713	4,750	0
Comprehensive Income attributable to Royal Caribbean Cruises Ltd.	1,708,908	1,517,573	2,207,352
Passenger ticket revenues
Total revenues	7,857,057	6,792,716	6,313,170
Onboard and other revenues
Total revenues	3,093,604	2,701,133	2,464,675
Cruise operating expenses:
Total cruise operating expenses	639,782	537,355	495,552
Commissions, transportation and other
Cruise operating expenses:
Total cruise operating expenses	1,656,297	1,433,739	1,363,170
Payroll and related
Cruise operating expenses:
Total cruise operating expenses	1,079,121	924,985	852,990
Food
Cruise operating expenses:
Total cruise operating expenses	583,905	520,909	492,857
Fuel
Cruise operating expenses:
Total cruise operating expenses	697,962	710,617	681,118
Other operating
Cruise operating expenses:
Total cruise operating expenses	$ 1,405,698	$ 1,134,602	$ 1,010,892

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 243,738	$ 287,852
Trade and other receivables, net	305,821	324,507
Inventories	162,107	153,573
Prepaid expenses and other assets	429,211	456,547
Derivative financial instruments	21,751	19,565
Total current assets	1,162,628	1,242,044
Property and equipment, net	25,466,808	23,466,163
Operating lease right-of-use assets	687,555
Goodwill	1,385,644	1,378,353
Other assets	1,617,649	1,611,710
Total assets	30,320,284	27,698,270
Current liabilities
Current portion of long-term debt	1,186,586	1,646,841
Commercial paper	1,434,180	775,488
Current portion of operating lease liabilities	96,976
Accounts payable	563,706	488,212
Accrued interest	70,090	74,550
Accrued expenses and other liabilities	1,078,345	899,761
Derivative financial instruments	94,875	78,476
Customer deposits	3,428,138	3,148,837
Total current liabilities	7,952,896	7,112,165
Long-term debt	8,414,110	8,355,370
Long-term operating lease liabilities	601,641
Other long-term liabilities	617,810	583,254
Total liabilities	17,586,457	16,050,789
Commitments and contingencies (Note 19)
Redeemable noncontrolling interest	569,981	542,020
Shareholders' equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)	0	0
Common stock ($0.01 par value; 500,000,000 shares authorized; 236,547,842 and 235,847,683 shares issued, December 31, 2019 and December 31, 2018, respectively)	2,365	2,358
Paid-in capital	3,493,959	3,420,900
Retained earnings	11,523,326	10,263,282
Accumulated other comprehensive loss	(797,713)	(627,734)
Treasury stock (27,746,848 and 26,830,765 common shares at cost, December 31, 2019 and December 31, 2018, respectively)	(2,058,091)	(1,953,345)
Total shareholders' equity	12,163,846	11,105,461
Total liabilities, redeemable noncontrolling interest and shareholders’ equity	$ 30,320,284	$ 27,698,270

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	236,547,842	235,847,683
Treasury stock, common shares (in shares)	27,746,848	26,830,765

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Net Income	$ 1,907,600	$ 1,815,792	$ 1,625,133
Adjustments:
Depreciation and amortization	1,245,942	1,033,697	951,194
Impairment losses	0	33,651	0
Net deferred income tax expense (benefit)	7,745	(2,679)	1,730
(Gain) loss on derivative instruments not designated as hedges	(1,431)	61,148	(61,704)
Share-based compensation expense	75,930	46,061	69,459
Equity investment income	(230,980)	(210,756)	(156,247)
Amortization of debt issuance costs	31,991	41,978	45,943
Amortization of commercial paper notes discount	31,263	10,652	0
Loss on extinguishment of debt	6,326	0	0
Change in fair value of contingent consideration	18,400	0	0
Gain on sale of property and equipment	0	0	(30,902)
Gain on sale of unconsolidated affiliate	0	(13,680)	0
Recognition of deferred gain	0	(21,794)	0
Changes in operating assets and liabilities:
Increase in trade and other receivables, net	(9,898)	(9,573)	(32,043)
(Increase) decrease in inventories	(8,533)	(23,849)	2,424
Decrease (increase) in prepaid expenses and other assets	15,669	(71,770)	20,859
Increase in accounts payable	75,281	91,737	36,780
(Decrease) increase in accrued interest	(4,460)	18,773	1,303
Increase in accrued expenses and other liabilities	96,490	42,937	34,215
Increase in customer deposits	280,139	385,990	274,705
Dividends received from unconsolidated affiliates	150,177	243,101	109,677
Other, net	28,715	7,723	(17,960)
Net cash provided by operating activities	3,716,366	3,479,139	2,874,566
Investing Activities
Purchases of property and equipment	(3,024,663)	(3,660,028)	(564,138)
Cash received on settlement of derivative financial instruments	7,621	76,529	63,224
Cash paid on settlement of derivative financial instruments	(68,836)	(98,074)	0
Investments in and loans to unconsolidated affiliates	(25,569)	(27,172)	(10,396)
Cash received on loans to unconsolidated affiliates	32,870	124,238	62,303
Proceeds from the sale of property and equipment	0	0	230,000
Proceeds from the sale of unconsolidated affiliate	0	13,215	0
Acquisition of Silversea Cruises, net of cash acquired	0	(916,135)	0
Other, net	(12,829)	(1,731)	5,415
Net cash used in investing activities	(3,091,406)	(4,489,158)	(213,592)
Financing Activities
Debt proceeds	3,525,564	8,590,740	5,866,966
Debt issuance costs	(50,348)	(81,959)	(51,590)
Repayments of debt	(4,060,244)	(6,963,511)	(7,835,087)
Proceeds from issuance of commercial paper notes	26,240,540	4,730,286	0
Repayments of commercial paper notes	(25,613,111)	(3,965,450)	0
Purchase of treasury stock	(99,582)	(575,039)	(224,998)
Dividends paid	(602,674)	(527,494)	(437,455)
Proceeds from exercise of common stock options	1,742	4,264	2,525
Other, net	(12,258)	(13,764)	3,843
Net cash (used in) provided by financing activities	(670,371)	1,198,073	(2,675,796)
Effect of exchange rate changes on cash	1,297	(20,314)	2,331
Net (decrease) increase in cash and cash equivalents	(44,114)	167,740	(12,491)
Cash and cash equivalents at beginning of year	287,852	120,112	132,603
Cash and cash equivalents at end of year	243,738	287,852	120,112
Cash paid during the year for:
Interest, net of amount capitalized	246,312	252,466	249,615
Non-Cash Investing Activities
Contingent consideration for the acquisition of Silversea Cruises	0	44,000	0
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities	86,155	0	139,644
Notes receivable issued upon sale of property and equipment	$ 0	$ 0	$ 20,409

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Balance at Dec. 31, 2016	$ 9,121,412	$ 2,346	$ 3,328,517	$ 7,860,341	$ (916,484)	$ (1,153,308)
Increase (Decrease) in Stockholders' Equity
Activity related to employee stock plans	61,606	6	61,600
Common stock dividends	(463,069)			(463,069)
Changes related to cash flow derivative hedges	570,495				570,495
Change in defined benefit plans	(5,583)				(5,583)
Foreign currency translation adjustments	17,307				17,307
Purchases of treasury stock	(224,998)					(224,998)
Net Income	1,625,133			1,625,133
Balance at Dec. 31, 2017	10,702,303	2,352	3,390,117	9,022,405	(334,265)	(1,378,306)
Increase (Decrease) in Stockholders' Equity
Activity related to employee stock plans	30,789	6	30,783
Common stock dividends	(546,689)			(546,689)
Changes related to cash flow derivative hedges	(286,861)				(286,861)
Change in defined benefit plans	7,643				7,643
Foreign currency translation adjustments	(14,251)				(14,251)
Purchases of treasury stock	(575,039)					(575,039)
Net Income	1,811,042			1,811,042
Balance at Dec. 31, 2018	11,105,461	2,358	3,420,900	10,263,282	(627,734)	(1,953,345)
Increase (Decrease) in Stockholders' Equity
Activity related to employee stock plans	67,902	7	73,059			(5,164)
Common stock dividends	(618,843)			(618,843)
Changes related to cash flow derivative hedges	(151,313)				(151,313)
Change in defined benefit plans	(19,535)				(19,535)
Foreign currency translation adjustments	869				869
Purchases of treasury stock	(99,582)					(99,582)
Net Income	1,878,887			1,878,887
Balance at Dec. 31, 2019	$ 12,163,846	$ 2,365	$ 3,493,959	$ 11,523,326	$ (797,713)	$ (2,058,091)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended													12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0.78	$ 0.78	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.48	$ 0.48	$ 0.48	$ 2.96	$ 2.60	$ 2.16

General

General	12 Months Ended
General	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General Description of Business We are a global cruise company. We own and operate four global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises (collectively, our "Global Brands"). We also own a 50% joint venture interest in the German brand TUI Cruises and a 49% interest in the Spanish brand Pullmantur (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 operate a combined 61 ships as of December 31, 2019. Our ships operate on a selection of worldwide itineraries that call on more than 1,000 destinations on all seven continents. On July 31, 2018, we acquired a 66.7% equity stake in Silversea Cruise Holding Ltd. ("Silversea Cruises"), an ultra-luxury and expedition cruise line with nine ships, from Silversea Cruises Group Ltd. ("SCG") for $1.02 billion in cash and contingent consideration. Refer to Note 3. Business Combination for further information on the Silversea Cruises acquisition. Basis for Preparation of Consolidated Financial Statements The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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 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 8. Other Assets

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Revenues and Expenses Deposits received on sales of passenger cruises are initially recorded as customer deposit liabilities on our balance sheet. Customer deposits are subsequently recognized as passenger ticket revenues, together with revenues from onboard and other goods and services and all associated cruise operating expenses of a voyage. For further information on revenue recognition, refer to Note. 4 Revenues . Cash and Cash Equivalents Cash and cash equivalents include cash and marketable securities with original maturities of less than 90 days. Inventories Inventories consist of provisions, supplies and fuel carried at the lower of cost (weighted-average) or net realizable value. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. We capitalize interest as part of the cost of acquiring certain assets. Improvement costs that we believe add value to our ships are capitalized as additions to the ship, the useful lives of the improvements are estimated and depreciated over the shorter of the improvements' estimated useful lives or that of the associated ship, and the replaced assets are disposed of on a net cost basis. The estimated cost and accumulated depreciation of replaced or refurbished ship components are written off and any resulting losses are recognized in Cruise operating expenses . Liquidated damages received from shipyards as a result of the late delivery of a new ship are recorded as reductions to the cost basis of the ship. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the asset. The useful lives of our ships are generally 30-35 years, net of a 10%-15% projected residual value. The 30-35-year useful life and 10%-15% residual value are based on the weighted-average of all major components of a ship. Our useful life and residual value estimates take into consideration the impact of anticipated technological changes, long-term cruise and vacation market conditions and historical useful lives of similarly-built ships. In addition, we take into consideration our estimates of the weighted-average useful lives of the ships' major component systems, such as hull, superstructure, main electric, engines and cabins. We employ a cost allocation methodology at the component level, in order to support the estimated weighted-average useful lives and residual values, as well as to determine the net cost basis of assets being replaced. Given the very large and complex nature of our ships, our accounting estimates related to ships and determinations of ship improvement costs to be capitalized require considerable judgment and are inherently uncertain. Depreciation for assets under capital leases is computed using the shorter of the lease term or related asset life. Depreciation of property and equipment is computed utilizing the following useful lives: Years Ships generally, 30-35 Ship improvements 3-25 Buildings and improvements 10-40 Computer hardware and software 3-10 Transportation equipment and other 3-30 Leasehold improvements Shorter of remaining lease term or useful life 3-30 We periodically review estimated useful lives and residual values for ongoing reasonableness, considering long term views on our intended use of each class of ships and the planned level of improvements to maintain and enhance vessels within those classes. In the event a factor is identified that may trigger a change in the estimated useful lives and residual values of our ships, a review of the estimate is completed. In the fourth quarter of 2019, we completed a modernization of the Oasis of the Seas under our ship upgrade program. We spent $538.0 million under this ship upgrade program for the year ended December 31, 2019, with the Oasis of the Seas representing approximately $170.0 million. As a result of this capital investment and future planned investments in our Oasis-class ships, we performed a review of the estimated useful lives and residual values of Oasis-class ships, concluding in a change to the estimate. Effective fourth quarter of 2019, we revised the estimated useful lives of our Oasis-class ships from 30 years with a 15% residual value to 35 years with a 10% residual value. The change in the estimated useful lives and residual values was accounted for prospectively as a change in accounting estimate. The 35-year useful life with a 10% residual value is based on revised estimates of the weighted-average useful life of all major ship components for the Oasis-class ships. The change in estimate is consistent with our recent investments in and future plans to continue to invest in the upgrade of these ships, resulting in the use of certain ship components longer than originally estimated. In determining the change in estimated useful life and residual value, we utilized quantitative and qualitative analysis, including historical and projected usage patterns, industry benchmarks, planned maintenance programs and projected operational and financial performance of the class. The change allows us to better match depreciation expense with the periods these assets are expected to be in use. For the year ended December 31, 2019, this change increased operating income and net income by approximately $4.6 million and increased earnings per share by $0.02 per share on a basic and diluted basis. We review long-lived assets for impairment whenever events or changes in circumstances indicate, based on estimated undiscounted future cash flows, that the carrying amount of these assets may not be fully recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the ship level for our ships. If estimated future cash flows are less than the carrying value of an asset, an impairment charge is recognized to the extent its carrying value exceeds fair value. We use the deferral method to account for drydocking costs. Under the deferral method, drydocking costs incurred are deferred and charged to expense on a straight-line basis over the period to the next scheduled drydock, which we estimate to be a period of thirty Goodwill Goodwill represents the excess of cost over the fair value of net tangible and identifiable intangible assets acquired. We review goodwill for impairment at the reporting unit level annually or, when events or circumstances dictate, more frequently. The impairment review for goodwill consists of a qualitative assessment of whether it is more-likely-than-not that a reporting unit's fair value is less than its carrying amount, and if necessary, a two-step goodwill impairment test. Factors to consider when performing the qualitative assessment include general economic conditions, limitations on accessing capital, changes in forecasted operating results, changes in fuel prices and fluctuations in foreign exchange rates. If the qualitative assessment demonstrates that it is more-likely-than-not that the estimated fair value of the reporting unit exceeds its carrying value, it is not necessary to perform the two-step goodwill impairment test. We may elect to bypass the qualitative assessment and proceed directly to step one, for any reporting unit, in any period. On a periodic basis, we elect to bypass the qualitative assessment and proceed to step one to corroborate the results of recent years' qualitative assessments. We can resume the qualitative assessment for any reporting unit in any subsequent period. When performing the two-step goodwill impairment test, the fair value of the reporting unit is determined and compared to the carrying value of the net assets allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, no further analysis or write-down of goodwill is required. If the fair value of the reporting unit is less than the carrying value of its net assets, the implied fair value of the reporting unit is allocated to all its underlying assets and liabilities, including both recognized and unrecognized tangible and intangible assets, based on their fair value. If necessary, goodwill is then written down to its implied fair value. Intangible Assets In connection with our acquisitions, we have acquired certain intangible assets to which value has been assigned based on our estimates. Intangible assets that are deemed to have an indefinite life are not amortized, but are subject to an annual impairment test, or when events or circumstances dictate, more frequently. The impairment review for indefinite-life intangible assets can be performed using a qualitative or quantitative impairment assessment. The quantitative assessment consists of a comparison of the fair value of the indefinite-life intangible asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. If the fair value exceeds its carrying amount, the indefinite-life intangible asset is not considered impaired. Other intangible assets assigned finite useful lives are amortized on a straight-line basis over their estimated useful lives. Contingencies — Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we take into consideration estimates of the amount of insurance recoveries, if any, which are recorded as assets when recoverability is probable. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recoveries, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. Advertising Costs Advertising costs are expensed as incurred except those costs which result in tangible assets, such as brochures, which are treated as prepaid expenses and charged to expense as consumed. Advertising costs consist of media advertising as well as brochure, production and direct mail costs. Media advertising was $309.4 million, $255.7 million and $233.5 million, and brochure, production and direct mail costs were $156.0 million, $133.4 million and $126.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. Derivative Instruments We enter into various forward, swap and option contracts to manage our interest rate exposure and to limit our exposure to fluctuations in foreign currency exchange rates and fuel prices. These instruments are recorded on the balance sheet at their fair value and the vast majority are designated as hedges. We also use non-derivative financial instruments designated as hedges of our net investment in our foreign operations and investments. Although certain of our derivative financial instruments do not qualify or are not accounted for under hedge accounting, our objective is not to hold or issue derivative financial instruments for trading or other speculative purposes. At inception of the hedge relationship, a derivative instrument that hedges the exposure to changes in the fair value of a firm commitment or a recognized asset or liability is designated as a fair value hedge. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability is designated as a cash flow hedge. Changes in the fair value of derivatives that are designated as fair value hedges are offset against changes in the fair value of the underlying hedged assets, liabilities or firm commitments. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive loss until the underlying hedged transactions are recognized in earnings. The foreign currency transaction gain or loss of our non-derivative financial instruments and the changes in the fair value of derivatives designated as hedges of our net investment in foreign operations and investments are recognized as a component of Accumulated other comprehensive loss along with the associated foreign currency translation adjustment of the foreign operation or investment. In certain hedges of our net investment in foreign operations and investments, we exclude forward points from the assessment of hedge effectiveness and we amortize the related amounts directly into earnings. On an ongoing basis, we assess whether derivatives used in hedging transactions are "highly effective" in offsetting changes in the fair value or cash flow of hedged items. For our net investment hedges, we use the dollar offset method to measure effectiveness. For all other hedging programs, we use the long-haul method to assess hedge effectiveness using regression analysis for each hedge relationship. The methodology for assessing hedge effectiveness is applied on a consistent basis for each one of our hedging programs (i.e., interest rate, foreign currency ship construction, foreign currency net investment and fuel). For our regression analyses, we use an observation period of up to three years, utilizing market data relevant to the hedge horizon of each hedge relationship. High effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the changes in the fair values of the derivative instrument and the hedged item. If it is determined that a derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be effective is recognized in earnings. Cash flows from derivative instruments that are designated as fair value or cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. Cash flows from derivative instruments not designated as hedging instruments are classified as investing activities. We consider the classification of the underlying hedged item’s cash flows in determining the classification for the designated derivative instrument’s cash flows. We classify derivative instrument cash flows from hedges of benchmark interest rate or hedges of fuel expense as operating activities due to the nature of the hedged item. Likewise, we classify derivative instrument cash flows from hedges of foreign currency risk on our newbuild ship payments as investing activities. Foreign Currency Translations and Transactions We translate assets and liabilities of our foreign subsidiaries whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. We translate revenues and expenses at weighted-average exchange rates for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of Accumulated other comprehensive loss , which is reflected as a separate component of Shareholders' equity . Exchange gains or losses arising from the remeasurement of monetary assets and liabilities denominated in a currency other than the functional currency of the entity involved are immediately included in our earnings, except for certain liabilities that have been designated to act as a hedge of a net investment in a foreign operation or investment. Exchange gains (losses) were $0.4 million, $57.6 million and $(75.6) million for the years ended December 31, 2019, 2018 and 2017, respectively, and were recorded within Other income (expense) . The majority of our transactions are settled in United States dollars. Gains or losses resulting from transactions denominated in other currencies are recognized in income at each balance sheet date. Concentrations of Credit Risk We monitor our credit risk associated with financial and other institutions with which we conduct significant business and, to minimize these risks, we select counterparties with credit risks acceptable to us and we seek to limit our exposure to an individual counterparty. Credit risk, including but not limited to counterparty nonperformance under derivative instruments, our credit facilities and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions, insurance companies and export credit agencies many of which we have long-term relationships with and which have credit risks acceptable to us or where the credit risk is spread out among a large number of counterparties. As of December 31, 2019, we had no counterparty credit risk exposure under our derivative instruments compared to credit risk exposures of $5.6 million on December 31, 2018, which were limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts, the majority of which are currently our lending banks. We do not anticipate nonperformance by any of our significant counterparties. In addition, we have established guidelines we follow regarding credit ratings and instrument maturities to maintain safety and liquidity. We do not normally require collateral or other security to support credit relationships; however, in certain circumstances this option is available to us. Earnings Per Share Basic earnings per share is computed by dividing Net Income attributable to Royal Caribbean Cruises Ltd. by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon the assumed exercise of stock options and conversion of potentially dilutive securities. Stock-Based Employee Compensation We measure and recognize compensation expense at the estimated fair value of employee stock awards. Compensation expense for awards and the related tax effects are recognized as they vest. We use the estimated amount of expected forfeitures to calculate compensation costs for all outstanding awards. Segment Reporting We control and operate four global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises. We also own a 50% joint venture interest in the German brand TUI Cruises, a 49% interest in the Spanish brand Pullmantur. We believe our brands possess the versatility to enter multiple cruise market segments within the cruise vacation industry. Although each of these brands has its own marketing style as well as ships and crews of various sizes, the nature of the products sold and services delivered by these brands share a common base (i.e., the sale and provision of cruise vacations). Our brands also have similar itineraries as well as similar cost and revenue components. In addition, our brands source passengers from similar markets around the world and operate in similar economic environments with a significant degree of commercial overlap. As a result, our brands have been aggregated as a single reportable segment based on the similarity of their economic characteristics, types of consumers, regulatory environment, maintenance requirements, supporting systems and processes as well as products and services provided. Our Chairman and Chief Executive Officer has been identified as the chief operating decision-maker and all significant operating decisions including the allocation of resources are based upon the analyses of the Company as one segment. Refer to Note 4. Revenues for passenger ticket revenue information by geographic area. Adoption of Accounting Pronouncements Leases On January 1, 2019, we adopted the guidance codified in Accounting Standard Codification ("ASC") 842, Leases ("ASC 842") using the modified retrospective approach and elected the optional transition method, which allows entities to initially apply the standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, we applied the guidance to all existing leases. For leases with a term greater than 12 months, the new guidance requires the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. Upon adoption of the new guidance, the most significant impact was the recognition of right-of-use assets and lease liabilities relating to operating leases in the amounts of $801.8 million and $820.5 million, respectively, reported within Operating lease right-of-use assets and Long-term operating lease liabilities , respectively, with the current portion of the liability reported within Current portion of operating lease liabilities , in our consolidated balance sheet as of January 1, 2019. Accounting for finance leases remained substantially unchanged and continues to be reported within Property and equipment, net and Long-term debt , with the current portion of the debt reported within Current portion of debt , in our consolidated balance sheets. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. The comparative information presented has not been recast and continues to be reported under the accounting standards in effect for those periods. For further information on leases, refer to Note 10. Leases. This guidance did not have a material impact to our consolidated statements of comprehensive income (loss), consolidated statements of cash flows and our debt-covenants calculations under our current agreements. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. This ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduces new guidance which makes substantive changes to the accounting model for financial assets subject to credit losses that are measured at amortized cost, as well as certain off-balance sheet credit exposures. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses. This ASU and the related amendments will be effective for our annual reporting period beginning January 1, 2020. We are currently evaluating the impact that the adoption of this guidance will have to our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Under the new standard, goodwill impairment should be recognized based on the amount by which the carrying amount of a reporting unit exceeds its fair value, but should not exceed the total amount of goodwill allocated to the reporting unit. This ASU will be effective for our annual reporting period beginning January 1, 2020. This guidance is not expected to have a material impact to our consolidated financial statements, but may require us to modify our annual or interim goodwill impairment tests. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40), which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. This ASU will be effective for our annual reporting period beginning January 1, 2020 and we expect to elect the prospective adoption method. The guidance may impact the accounting treatment of our future implementation costs related to cloud computing arrangements. In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815), which clarifies the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The ASU is effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those annual periods, with early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Reclassifications For the year ended December 31, 2019, we separately presented Amortization of commercial paper notes discount in our consolidated statements of cash flows. As a result, the prior year amortization amount was reclassified within Operating Activities to conform to the current year presentation.

Business Combination

Business Combination	12 Months Ended
Business Combination	Dec. 31, 2019
Business Combinations [Abstract]
Business Combination	Business Combination On July 31, 2018, we acquired a 66.7% equity stake in Silversea Cruise Holding Ltd. ("Silversea Cruises"), an ultra-luxury and expedition cruise line, from Heritage Cruise Holding Ltd. ("HCH"), previously known as Silversea Cruises Group Ltd. Silversea Cruises enhances our presence in the ultra-luxury and expedition markets and provides us with an opportunity to drive long-term capacity growth in these markets. The purchase price consisted of $1.02 billion in cash, net of assumed liabilities, and contingent consideration that can range from zero up to a maximum of approximately 472,000 shares of our common stock, and is payable upon achievement of certain 2019-2020 performance metrics by Silversea Cruises. The fair value of the contingent consideration at the acquisition date was $44.0 million. Changes to the fair value of the contingent consideration are recorded in our results of operations, if any, in the period of the change. Refer to Note 18. Fair Value Measurements and Derivative Instruments for further information on the valuation of the contingent consideration. To finance a portion of the purchase price, we drew in full on a $700 million unsecured credit agreement and the remainder of the transaction consideration was financed through the use of our revolving credit facilities. Refer to Note 9. Debt for further information on the credit agreement. We have accounted for this transaction under the provisions of ASC 805, Business Combinations . The purchase price for the Silversea Cruises acquisition was allocated based on estimates of the fair value of assets acquired and liabilities assumed at the acquisition date, with the excess allocated to goodwill. Goodwill is not deductible for tax purposes and consisted primarily of the opportunity to expand our cruise operations in strategic growth areas. For reporting purposes, we included Silversea Cruises’ results of operations on a three-month reporting lag from October 1, 2018 through September 30, 2019 in our consolidated results of operations for the year ended December 31, 2019 and from the July 31, 2018 date of acquisition through September 30, 2018 in our consolidated results of operations for the year ended December 31, 2018. We have included Silversea Cruises' balance sheets as of September 30, 2019 and 2018 in our consolidated balance sheets as of December 31, 2019 and 2018, respectively. Refer to Note 1. General for further information on this three-month reporting lag. There were no material measurement period adjustments recorded for the year ended December 31, 2019. The following table summarizes the purchase price allocation based on estimated fair values of the assets acquired and liabilities assumed related to the Silversea Cruises acquisition as of July 31, 2018. Our purchase price allocation was final during 2019. (in thousands) Estimated Fair Value as of Acquisition Date (as Previously Reported) Measurement Period Adjustments (1) Estimated Fair Value as of Acquisition Date (as Adjusted) Assets Cash and cash equivalents $ 103,865 $ — $ 103,865 Trade and other receivables, net 7,163 — 7,163 Inventories 18,331 — 18,331 Prepaid expenses and other assets(2) 120,496 — 120,496 Derivative financial instruments 2,886 — 2,886 Property and equipment, net(3) 1,114,270 — 1,114,270 Goodwill 1,090,010 (5,224) 1,084,786 Other assets(4) 498,457 — 498,457 Total assets acquired 2,955,478 (5,224) 2,950,254 Liabilities Current portion of long-term debt(5) 26,851 — 26,851 Accounts payable 36,960 — 36,960 Accrued interest 1,773 — 1,773 Accrued expenses and other liabilities 82,531 (5,224) 77,307 Customer deposits 453,798 — 453,798 Long-term debt(5) 727,935 — 727,935 Other long-term liabilities 23,860 — 23,860 Total liabilities assumed 1,353,708 (5,224) 1,348,484 Redeemable noncontrolling interest(6) 537,770 — 537,770 Total purchase price $ 1,064,000 $ — $ 1,064,000 (1) As a result of additional information obtained about facts and circumstances that existed as of the acquisition date, we recorded measurement period adjustments during 2019, which resulted in a net decrease to Goodwill of $5.2 million. (2) Amount includes $32.0 million of cash held as collateral with credit card processors as of July 31, 2018. (3) Property and equipment, net includes two ships under capital lease agreements amounting to $156.0 million as of July 31, 2018. The respective capital lease liabilities are reported within Long-term debt . Refer to Note 9. Debt for further information on the capital lease financing arrangements. (4) Amount includes $494.6 million of intangible assets. Refer to Note 6. Intangible Assets for further information on the intangible assets acquired. (5) Refer to Note 9. Debt for further information on long-term debt assumed. (6) Refer to Note 11. Redeemable Noncontrolling Interest for further information on the redeemable noncontrolling interest recorded. As of December 31, 2018, intangible assets, net include intangible assets acquired in the Silversea Cruises acquisition, which were recorded at fair value at acquisition date as follows: Fair Value at Acquisition Date (in thousands) Weighted Average Amortization Period (Years) Silversea Cruises trade name $ 349,500 Indefinite-life Customer relationships 97,400 15 Galapagos operating license 36,100 16 Other finite-life intangible assets 11,560 2 Total intangible assets $ 494,560 Similar to our other ship-operating and vessel-owning subsidiaries, Silversea Cruises is currently exempt from U.S. corporate tax on U.S. source income from the international operation of ships pursuant to Section 883 of the Internal Revenue Code. Additionally, the deferred tax liability recognized in connection with the acquisition of Silversea Cruises was not material to our consolidated financial statements and there were no net operating losses recognized as of December 31, 2018. For the year ended December 31, 2018, Total revenues and Net Income in our consolidated statements of comprehensive income (loss) include $130.1 million and $3.3 million, respectively, of revenues and net income from Silversea Cruises since the date of acquisition through September 30, 2018. For the year ended December 31, 2018, our results of operations also include transaction-related costs of $31.8 million, which were included primarily within Marketing, selling and administrative expenses in our consolidated statements of comprehensive income (loss).

Revenues

Revenues	12 Months Ended
Revenues	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	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 range from two 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 operating expenses. The amounts of port costs charged to our guests and included within Passenger ticket revenues on a gross basis were $666.8 million, $611.4 million and $569.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. 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 passengers during a cruise and recognize revenue at the time of transfer 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): Year Ended December 31, 2019 2018 2017 Revenues by itinerary North America(1) $ 6,392,354 $ 5,399,951 $ 5,062,305 Asia/Pacific(2) 1,529,898 1,463,083 1,588,802 Europe(3) 1,942,057 1,914,549 1,509,586 Other regions 567,904 348,145 285,954 Total revenues by itinerary 10,432,213 9,125,728 8,446,647 Other revenues(4) 518,448 368,121 331,198 Total revenues $ 10,950,661 $ 9,493,849 $ 8,777,845 (1) Includes the United States, Canada, Mexico and the Caribbean. (2) Includes Southeast Asia (e.g., Singapore, Thailand and the Philippines), East Asia (e.g., China and Japan), South Asia (e.g., India and Pakistan) and Oceania (e.g., Australia and Fiji Islands) regions. (3) Includes European countries (e.g., the Nordics, Germany, France, Italy, Spain and the United Kingdom). (4) Includes revenues primarily related to cancellation fees, vacation protection insurance and pre- and post-cruise tours and fees for operating certain port facilities. Amounts also include revenues related to our bareboat charter, procurement and management related services we perform on behalf of our unconsolidated affiliates. Refer to Note 8. 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 years ended December 31, 2019, 2018 and 2017, our guests were sourced from the following areas: Year Ended December 31, 2019 2018 2017 Passenger ticket revenues: United States 65 % 61 % 59 % United Kingdom 9 % 10 % 9 % All other countries (1) 26 % 29 % 32 % (1) No other individual country's revenue exceeded 10% for the years ended December 31, 2019, 2018 and 2017. 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 during the duration of the cruise. ASC 606, 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 consider customer deposits to be a contract liability once 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 as of December 31, 2019, 2018 and 2017 included contract liabilities of $1.7 billion, $1.9 billion and $1.4 billion, respectively. Substantially all of our contract liabilities as of the years ended December 31, 2018 and 2017 were recognized and reported within Total revenues in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2019 and 2018, respectively. 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. We have contract assets that are conditional rights to consideration for satisfying the construction services performance obligations under a service concession arrangement. As of December 31, 2019, 2018, and 2017, our contract assets were $55.5 million, $57.8 million and $60.1 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 agent commissions 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 agent commissions were $163.2 million and $153.5 million as of December 31, 2019 and 2018, respectively. Substantially all of our prepaid travel agent commissions at December 31, 2018 and December 31, 2017 were expensed and reported within Commissions, transportation and other in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2019 and 2018, respectively.

Goodwill

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The carrying amount of goodwill attributable to our Royal Caribbean International, Celebrity Cruises and Silversea Cruises reporting units and the changes in such balances during the years ended December 31, 2019 and 2018 were as follows (in thousands): Royal Caribbean International Celebrity Cruises Silversea Cruises Total Balance at December 31, 2017 $ 286,880 $ 1,632 $ — $ 288,512 Goodwill attributable to the acquisition of Silversea Cruises (1) 1,090,010 1,090,010 Foreign currency translation adjustment (169) — — (169) Balance at December 31, 2018 286,711 1,632 1,090,010 1,378,353 Silversea Goodwill adjustment — — (5,224) (5,224) Goodwill attributable to the purchase of photo operations onboard our ships (2) 12,518 — — 12,518 Foreign currency translation adjustment (3) — — (3) Balance at December 31, 2019 $ 299,226 $ 1,632 $ 1,084,786 $ 1,385,644 ___________________________________________________________________ (1) In 2018, we purchased Silversea Cruises. Refer to Note 3. Business Combination for further information. (2) In 2019, we purchased the photo operations onboard our ships from our previous concessionaire. The acquisition was accounted for as a business purchase combination using the purchase method of accounting which requires the use of fair value measurements. The business combination, including purchase transaction and assets acquired, was immaterial to our consolidated financial statements. During the fourth quarter of 2019, we performed a qualitative assessment of whether it was more-likely-than-not that our Royal Caribbean International reporting unit's fair value was less than its carrying amount before applying the two-step goodwill impairment test. The qualitative analysis included assessing the impact of certain factors such as general economic conditions, limitations on accessing capital, changes in forecasted operating results, changes in fuel prices and fluctuations in foreign exchange rates. Based on our qualitative assessment, we concluded that it was more-likely-than-not that the estimated fair value of the Royal Caribbean International reporting unit exceeded its carrying value and thus, we did not proceed to the two-step goodwill impairment test. No indicators of impairment exist primarily because the reporting unit's fair value has consistently exceeded its carrying value by a significant margin and forecasts of operating results generated by the reporting unit appear sufficient to support its carrying value. As a result of our assessment, we did not record an impairment of goodwill for the year ended December 31, 2019. During the fourth quarter of 2019, we also performed a qualitative assessment of whether it was more-likely-than-not that our Silversea Cruises reporting unit's fair value was less than its carrying amount before applying the two-step goodwill impairment test. The qualitative analysis included assessing the impact of certain factors such as general economic conditions, limitations on accessing capital, changes in forecasted operating results, changes in fuel prices and fluctuations in foreign exchange rates. Based on our qualitative assessment, we concluded that it was more-likely-than-not that the estimated fair value of the Silversea Cruises reporting unit exceeded its carrying value and thus, we did not proceed to the two-step goodwill impairment test. No indicators of impairment exist primarily because forecasted operating results of the reporting unit appear sufficient to support its carrying value. As a result of our assessment, we did not record an impairment of goodwill for the year ended December 31, 2019. For the years ended December 31, 2018 and 2017, we did not record an impairment of goodwill for our reporting units.

Intangible Assets

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of finite and indefinite life assets and are reported within Other assets in our consolidated balance sheets. The following is a summary of our intangible assets as of December 31, 2019 (in thousands, except weighted average amortization period): As of December 31, 2019 Remaining Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-life intangible assets: Customer relationships 13.8 $ 97,400 $ 7,576 $ 89,824 Galapagos operating license 24.7 47,669 6,010 41,659 Other finite-life intangible assets 0.8 11,560 6,743 4,817 Total finite-life intangible assets 156,629 20,329 136,300 Indefinite-life intangible assets 352,275 — 352,275 Total intangible assets, net $ 508,904 $ 20,329 $ 488,575 The following is a summary of our intangible assets as of December 31, 2018 (in thousands, except weighted average amortization period): As of December 31, 2018 Remaining Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-life intangible assets: Customer relationships 14.8 $ 97,400 $ 1,082 $ 96,318 Galapagos operating license 25.8 47,669 4,206 43,463 Other finite-life intangible assets 1.8 11,560 963 10,597 Total finite-life intangible assets 156,629 6,251 150,378 Indefinite-life intangible assets 351,725 — 351,725 Total intangible assets, net $ 508,354 $ 6,251 $ 502,103 The estimated future amortization for finite-life intangible assets for each of the next five years is as follows (in thousands): Year 2020 $ 12,995 2021 $ 8,179 2022 $ 8,179 2023 $ 8,179 2024 $ 8,179

Property and Equipment

Property and Equipment	12 Months Ended
Property and Equipment	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following (in thousands): As of December 31, 2019 2018 Ships $ 28,348,088 $ 27,209,553 Ship improvements 3,920,800 2,965,634 Ships under construction 1,110,962 817,800 Land, buildings and improvements, including leasehold improvements and port facilities 472,067 321,136 Computer hardware and software, transportation equipment and other 1,698,007 1,120,988 Total property and equipment 35,549,924 32,435,111 Less—accumulated depreciation and amortization (1) (10,083,116) (8,968,948) $ 25,466,808 $ 23,466,163 (1) Amount includes accumulated depreciation and amortization for assets in service. Ships under construction include progress payments for the construction of new ships as well as planning, design, capitalized interest and other associated costs. We capitalized interest costs of $56.5 million, $49.6 million and $24.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. During 2019, we took delivery of Spectrum of the Seas and Celebrity Flora. During 2018, we completed our purchase of Azamara Pursuit and took delivery of Symphony of the Seas and Celebrity Edge. Refer to Note 9. Debt for further information. Upon our acquisition of Silversea Cruises, we added nine ships to our fleet, two of which are under capital lease agreements and one under an operating lease. As of December 31, 2019, Silversea Cruises operates eight ships as the operating lease for Silver Discover was terminated during 2019. Refer to Note 3. Business Combination for further information on the Silversea Cruises acquisition and Note 9. Debt for further information on the capital leases. During 2017, we sold our three aircraft and 6% of our ownership stake in Wamos Air, S.A. (formerly known as Pullmantur Air, S.A.) to Wamos Air, S.A. In connection with the sale transaction, we extended two loans to Wamos Air, S.A. totaling €17.3 million. During the year ended December 31, 2019, we received principal and interest payments of €5.4 million resulting in full repayment of one of the loans. As of December 31, 2019, a receivable of €9.9 million, or approximately $11.1 million, based on the exchange rate at December 31, 2019, was outstanding related to the principal amount of the remaining loan. The remaining loan accrues interest at 5.25% per annum, amortizes through maturity of July 2021, and is secured by first priority security interests over the aircraft engines and shares sold in connection with the transaction. The sale resulted in an immaterial gain that was recognized in earnings during the year ended December 31, 2017. Post-sale, we retained a 13% interest in Wamos Air, S.A. During 2017, we sold Legend of the Seas to an affiliate of TUI AG, our joint venture partner in TUI Cruises. The sale resulted in a gain of $30.9 million and was reported within Other operating within Cruise operating expenses in our consolidated statements of comprehensive income (loss) for the year ended December 31, 2017. In January of 2020, Zenith was sold to a third party for approximately its net book value. Zenith was previously bareboat chartered to Pullmantur Holdings S.L.

Other Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2019
Other Assets [Abstract]
Other Assets	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 have determined that TUI Cruises GmbH, our 50%-owned joint venture, which operates the brand TUI Cruises, is a VIE. As of December 31, 2019, the net book value of our investment in TUI Cruises was $598.1 million, primarily consisting of $443.1 million in equity and a loan of €133.2 million, or approximately $149.5 million, based on the exchange rate at December 31, 2019. As of December 31, 2018, the net book value of our investment in TUI Cruises was $578.1 million, primarily consisting of $403.0 million in equity and a loan of €150.6 million, or approximately $172.2 million, based on the exchange rate at December 31, 2018. 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, our joint venture partner in TUI Cruises, and is secured by a first priority mortgage on the ship. Refer to Note 7. Property and Equipment for further information. The majority of these amounts were included within Other assets in our consolidated balance sheets. In addition, we and TUI AG have each guaranteed the repayment by TUI Cruises of 50% of a bank loan. As of December 31, 2019, the outstanding principal amount of the loan was €26.4 million, or approximately $29.7 million, based on the exchange rate at December 31, 2019. The loan amortizes quarterly and is currently secured by a first mortgage on Mein Schiff Herz . Based on current facts and circumstances, we do not believe potential obligations under our guarantee of this bank loan are probable. In addition to our guarantee of the bank loan, TUI Cruises 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 2031. Our investment amount, outstanding term loan and the potential obligations under the bank loan guarantee are substantially our maximum exposure to loss in connection with our investment in TUI Cruises. We have determined that we are not the primary beneficiary of TUI Cruises. We believe that the power to direct the activities that most significantly impact TUI Cruises’ economic performance are shared between ourselves and TUI AG. All the significant operating and financial decisions of TUI Cruises require the consent of both parties, which we believe creates shared power over TUI Cruises. Accordingly, we do not consolidate this entity and account for this investment under the equity method of accounting. In March 2009, we sold Celebrity Galaxy to TUI Cruises for €224.4 million, or $290.9 million, to serve as the original Mein Schiff 1 . Due to the related party nature of this transaction, the gain on the sale of the ship of $35.9 million was deferred and being recognized over the remaining life of the ship which was estimated to be 23 years. In April 2018, TUI Cruises sold the original Mein Schiff 1 and as a result we accelerated the recognition of the remaining balance of the deferred gain, which was $21.8 million. This amount is included within Other income (expense) in our consolidated statements of comprehensive income (loss) for the year ended December 31, 2018. On February 7, 2020, TUI Cruises entered into an agreement to acquire Hapag-Lloyd Cruises, a luxury and expedition brand for German-speaking guests, from TUI AG. Hapag-Lloyd Cruises operates two luxury liners and three smaller expedition ships. The transaction is subject to regulatory approval and customary closing conditions. We have determined that Pullmantur Holdings S.L. ("Pullmantur Holdings"), which operates the Pullmantur brand and in which we have a 49% noncontrolling interest and Springwater Capital LLC has a 51% interest, is a VIE for which we are not the primary beneficiary, as we do not have the power to direct the activities that most significantly impact the entity's economic performance. Accordingly, we do not consolidate this entity and we account for this investment under the equity method of accounting. As of December 31, 2019 and December 31, 2018, our maximum exposure to loss in Pullmantur Holdings was $49.7 million and $58.5 million, respectively, consisting of loans and other receivables. These amounts were included within Trade and other receivables, net and Other assets in our consolidated balance sheets. We have provided a non-revolving working capital facility to a Pullmantur Holdings subsidiary in the amount of up to €15.0 million or approximately $16.8 million based on the exchange rate at December 31, 2019. Proceeds of the facility, which were available to be drawn through December 31, 2018 accrue interest at an interest rate of 6.5% per annum, are payable through 2022. An affiliate of Springwater Capital LLC, has guaranteed repayment of 51% of the outstanding amounts under the facility. As of December 31, 2019, €11.0 million, or approximately $12.3 million, based on the exchange rate at December 31, 2019, was outstanding under this facility. As of December 31, 2018, €14.0 million, or approximately $16.0 million, based on the exchange rate at December 31, 2018, was outstanding under this facility. 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, ship upgrades and certain emergency repairs as may be required. During the years ended December 31, 2019 and 2018, we made payments of $45.7 million and $44.7 million, respectively, to Grand Bahama for ship repair and maintenance services. 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 we account for this investment under the equity method of accounting. As of December 31, 2019, the net book value of our investment in Grand Bahama was $47.9 million, consisting of $27.0 million in equity and loans of $20.9 million. As of December 31, 2018, the net book value of our investment in Grand Bahama was approximately $56.1 million, consisting of $41.4 million in equity and loans of $14.6 million. These amounts represent our maximum exposure to loss related to our investment in Grand Bahama. Our loans to Grand Bahama mature between December 2020 and March 2026 and bear interest at LIBOR plus 2.0% to 3.75%, capped at 5.75% for the majority of the outstanding loan balance. Interest payable on the loans is due on a semi-annual basis. During the years ended December 31, 2019 and 2018, we received principal and interest payments of $8.6 million and $16.4 million, respectively. The loan balances are included within Trade and other receivables, net and Other assets in our consolidated balance sheets. The loans are currently accruing interest under the effective yield method. We monitor credit risk associated with the loan through our participation on Grand Bahama's board of directors along with our review of Grand Bahama's financial statements and projected cash flows. Based on this review, we believe the risk of loss associated with the outstanding loan is not probable as of December 31, 2019. In April 2019, Grand Bahama experienced an incident involving one of its drydocks where Oasis of the Seas was undergoing maintenance. The damage from the incident resulted in a write-off of the related drydock by Grand Bahama. Our equity investment income for the year ended December 31, 2019 reflects our equity share of the write-off and other incidental expenses. Grand Bahama's management is working with its insurance underwriter to determine coverage under their existing policies. In March 2018, we and Ctrip.com International Ltd. ("Ctrip") announced the decision to end the Skysea Holding International Ltd. ("Skysea Holding") venture in which we have a 36% ownership interest. As a result, we reviewed the recoverability of our investment in Skysea Holding and determined that our investment, debt facility and other receivables due from the brand were impaired and recognized an impairment charge of $23.3 million which was included within Other (expense) income in our consolidated statement of comprehensive income (loss) for the year ended December 31, 2018. The charge reflected a full impairment of our investment in SkySea Holding and other receivables due to us and reduced the debt facility and related accrued interest due to us to Skysea Holdings to its net realizable value. In December 2018, the Golden Era, the ship operated by SkySea Cruises, and a wholly-owned subsidiary of Skysea Holdings, was sold to an affiliate of TUI AG. Proceeds from the sale were distributed to Ctrip and us, which eliminated our net receivable balance due from Skysea Holding, resulting in no further impairment charges. As of December 31, 2019, we do not have any exposures to loss related to our investment in Skysea Holding. The following tables set forth information regarding our investments accounted for under the equity method of accounting, including the entities discussed above, (in thousands): Year ended December 31, 2019 2018 2017 Share of equity income from investments $ 230,980 $ 210,756 $ 156,247 Dividends received (1) $ 150,177 $ 243,101 $ 109,677 (1) For the year ended December 31, 2019, TUI Cruises paid us dividends totaling €170.0 million, or approximately $190.3 million, based on the exchange rates at the time of the transactions. The amounts included in the table above are net of tax withholdings. As of December 31, 2019 2018 Total notes receivable due from equity investments $ 184,558 $ 201,979 Less-current portion (1) 25,933 19,075 Long-term portion (2) $ 158,625 $ 182,904 ___________________________________________________________________ (1) Included within Trade and other receivables, net in our consolidated balance sheets. (2) Included within Other assets in our consolidated balance sheets. We also provide ship management services to TUI Cruises GmbH, Pullmantur Holdings and Skysea Holding (which ceased cruising operations in September 2018). Additionally, we bareboat charter to Pullmantur Holdings the vessels currently operated by its brands, which were retained by us following the sale of our 51% interest in Pullmantur Holdings. We recorded the following as it relates to these services in our operating results within our consolidated statements of comprehensive income (loss) (in thousands): Year ended December 31, 2019 2018 2017 Revenues $ 47,242 $ 54,705 $ 53,532 Expenses $ 4,304 $ 11,531 $ 15,176 Summarized financial information for our affiliates accounted for under the equity method of accounting was as follows (in thousands): As of December 31, 2019 2018 Current assets $ 435,152 $ 471,428 Non-current assets 4,019,394 3,826,018 Total assets $ 4,454,546 $ 4,297,446 Current liabilities $ 1,094,552 $ 1,064,741 Non- current liabilities 2,267,936 2,217,909 Total liabilities $ 3,362,488 $ 3,282,650 Equity attributable to: Noncontrolling interest $ 1,784 $ 1,672 Year ended December 31, 2019 2018 2017 Total revenues $ 2,354,744 $ 2,255,352 $ 1,994,014 Total expenses (1,875,952) (1,779,160) (1,684,276) Net income $ 478,792 $ 476,192 $ 309,738

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following (in thousands): As of December 31, Interest Rate (1) Maturities Through 2019 2018 Fixed rate debt: Senior notes 2.65% to 7.50% 2020 - 2028 $ 1,746,280 $ 1,724,194 Secured senior notes 7.25% 2025 662,398 670,437 Unsecured term loans 2.53% to 5.41% 2021 - 2030 2,806,774 2,148,351 Total fixed rate debt 5,215,452 4,542,982 Variable rate debt: Unsecured revolving credit facilities (2) 2.79% 2022 - 2024 165,000 795,000 Commercial paper 2.19% 2019 1,434,180 775,488 USD unsecured term loan 2.31% to 5.64% 2019 - 2028 3,519,853 4,005,848 Euro unsecured term loan 1.15% to 1.58% 2021 - 2028 676,740 734,176 Total variable rate debt 5,795,773 6,310,512 Finance lease liabilities 230,258 130,944 Total debt (3) 11,241,483 10,984,438 Less: unamortized debt issuance costs (206,607) (206,739) Total debt, net of unamortized debt issuance costs 11,034,876 10,777,699 Less—current portion including commercial paper (2,620,766) (2,422,329) Long-term portion $ 8,414,110 $ 8,355,370 (1) Interest rates based on outstanding loan balance as of December 31, 2019 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin. (2) Includes $1.7 billion facility due in 2024 and $1.2 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.00%, currently 2.91%, and are subject to a facility fee of 0.125%. (3) At December 31, 2019 and 2018, the weighted average interest rate for total debt was 3.99% and 4.14%, respectively. In April 2019, we amended our $1.4 billion unsecured revolving credit facility due in 2020 to extend the termination date through April 2024, increase the facility size to $1.7 billion and reduce pricing. The interest rate and facility fee vary with our senior debt rating and are currently set at LIBOR plus 1.0% per annum and 0.125% per annum, respectively. These amendments did not result in the extinguishment of debt. In addition, in May 2019, we amended our $1.15 billion unsecured revolving credit facility due in 2022 to reduce pricing to match pricing on our $1.7 billion unsecured revolving credit facility due in 2024. In April 2019, we entered into and drew in full on an unsecured three-year term loan agreement in the amount of $1.0 billion. The loan accrues interest at a floating rate of LIBOR plus an applicable margin, which varies with our senior debt rating, and is currently 1.075% per annum. Proceeds of this loan were used to repay the $700 million 364-day loan due July 2019 related to the acquisition of Silversea Cruises and the remaining balance of the unsecured term loan originally incurred in 2010 to purchase Allure of the Seas. The repayment of these loans resulted in a total loss on the extinguishment of debt of $6.3 million, which was recognized within Other (expense) income within our consolidated statements of comprehensive income (loss) for the twelve months ended December 31, 2019. In April 2019, we took delivery of Spectrum of the Seas . To finance the purchase, we borrowed $908.0 million under a previously committed unsecured term loan which is 95% guaranteed by Euler Hermes Aktiengesellschaft, the official export credit agency of Germany. The loan amortizes semi-annually over 12 years and bears interest at a fixed rate of 3.45% per annum. In May 2019, we took delivery of Celebrity Flora . The purchase was financed through an unsecured term loan facility entered into in November 2017 in an amount up to €80.0 million, or approximately $89.8 million based on the exchange rate at December 31, 2019. As of December 31, 2019, we had fully drawn on this facility. The loan is due and payable at maturity in November 2024. Interest on the loan accrues at a floating rate based on EURIBOR plus the applicable margin. The applicable margin varies with our debt rating and was 1.195% as of December 31, 2019. In June 2018, we established a commercial paper program pursuant to which we may issue short-term unsecured notes from time to time in an aggregate amount of up to $1.2 billion, which was increased to $2.9 billion in August 2019. The commercial paper issued is backstopped by our revolving credit facilities. As of December 31, 2019, we had $1.4 billion of commercial paper notes outstanding with a weighted average interest rate of 2.19% and a weighted average maturity of approximately 21 days. As of December 31, 2018 we had $777.0 million of commercial paper notes outstanding with a weighted average interest rate of 3.19% and a weighted average maturity of approximately 23 days. Except for Celebrity Flora , 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. In consideration for these guarantees, depending on the financing arrangement, we pay to the applicable export credit agency (1) a fee of 0.77% per annum based on the outstanding loan balance semi-annually over the term of the loan (subject to adjustment based upon our credit ratings) or (2) an upfront fee of 2.35% to 2.37% of the maximum loan amount. We amortize the fees that are paid upfront over the life of the loan and those that are paid semi-annually over each respective payment period. 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 . In our consolidated statements of cash flows, we classify these fees within Amortization of debt issuance costs. Under certain of our agreements, the contractual interest rate, facility fee and/or export credit agency fee vary with our debt rating. The unsecured senior notes and senior debentures are not redeemable prior to maturity, except that certain series may be redeemed upon the payment of a make-whole premium. Finance Leases Silversea Cruises operates two ships, the Silver Whisper and Silver Explorer, under finance leases . The finance lease for the Silver Whisper will expire in 2022, subject to an option to purchase the ship, and the finance lease for the Silver Explorer will expire in 2021, subject to an option to extend the lease for up to an additional six Silver Whisper are subject to adjustments based on the LIBOR rate. Refer to Note 3. Business Combination for further information regarding the assets acquired and liabilities assumed in the Silversea Cruises acquisition. Following is a schedule of annual maturities on our total debt net of debt issuance costs, and including capital leases and commercial paper, as of December 31, 2019 for each of the next five years (in thousands): Year 2020 $ 2,620,766 2021 843,906 2022 2,479,303 2023 763,382 2024 723,697 Thereafter 3,603,822 $ 11,034,876

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2019
Leases [Abstract]
Leases	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 sheet as of December 31, 2019. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Refer to Note 2. Summary of Significant Accounting Policies, for further information on the adoption of ASC 842. Finance leases are included within Property and equipment, net and Long-term debt, with the current portion of the debt reported within Current portion of debt, in our consolidated balance sheets. Our finance leases include two ships, Silver Whisper and Silver Explorer, operated by Silversea Cruises. The finance lease for Silver Whisper will expire in 2022, subject to an option to purchase the ship, and the finance lease for Silver Explorer will expire in 2021, subject to an option to extend the lease for up to an additional 6 years. In June 2019, the Company entered into a new master lease agreement (“Master Lease”) with Miami-Dade County relating to the buildings and surrounding land located at its Miami headquarters, which are classified as finance leases in accordance with ASC 842. Prior to entering into the Master Lease, the buildings were classified as operating lease assets. The finance lease for the buildings and land will expire in 2072, which includes an initial 43 years lease term and two five five 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 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 LIBOR 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. We used the incremental borrowing rate as of the adoption date for operating leases that commenced prior to that date. 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. Additionally, we bareboat charter to Pullmantur Holdings the vessels currently operated by its brands, which were retained by us following the sale of our 51% interest in Pullmantur Holdings in 2016. We account for the bareboat charters of these vessels as operating leases for which we are the lessor. The remaining payments and term of these leases are immaterial to our consolidated financial statements. Supplemental balance sheet information for leases was as follows (in thousands): As of December 31, 2019 Lease assets: Finance lease right-of-use assets, net: Property and equipment, gross $ 376,159 Accumulated depreciation (57,955) Property and equipment, net 318,204 Operating lease right-of-use assets 687,555 Total lease assets $ 1,005,759 Lease liabilities: Finance lease liabilities: Current portion of debt $ 33,561 Long-term debt 196,697 Total finance lease liabilities 230,258 Operating lease liabilities: Current portion of operating lease liabilities 96,976 Long-term operating lease liabilities 601,641 Total operating lease liabilities 698,617 Total lease liabilities $ 928,875 The components of lease expense were as follows (in thousands): Consolidated Statement of Comprehensive Income (Loss) Classification Twelve Months Ended December 31, 2019 Lease costs: Operating lease costs Commission, transportation and other $ 76,226 Operating lease costs Other operating expenses 27,868 Operating lease costs Marketing, selling and administrative expenses 18,837 Finance lease costs: Amortization of right-of-use-assets Depreciation and amortization expenses 22,044 Interest on lease liabilities Interest expense, net of interest capitalized 8,355 Total lease costs $ 153,330 In addition, certain of our berth agreements include variable lease costs based on the number of passengers berthed. During the twelve months ended December 31, 2019, we had $103.3 million of variable lease costs recorded within Commission, transportation and other in our consolidated statement of comprehensive income (loss). Weighted average of the remaining lease terms and weighted average discount rates are as follows: As of December 31, 2019 Weighted average of the remaining lease term Operating leases 10.3 Finance leases 30.22 Weighted average discount rate Operating leases 4.65 % Finance leases 4.47 % Supplemental cash flow information related to leases is as follows (in thousands): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 125,307 Operating cash flows from finance leases $ 8,355 Financing cash flows from finance leases $ 32,090 As of December 31, 2019, maturities related to lease liabilities were as follows (in thousands): Years Operating Leases Finance Leases 2020 $ 126,235 $ 43,793 2021 113,033 46,726 2022 104,907 23,801 2023 101,547 12,539 2024 75,510 12,528 Thereafter 417,122 405,756 Total lease payments 938,354 545,143 Less: Interest (239,737) (314,885) Present value of lease liabilities $ 698,617 $ 230,258 Operating lease payments do not include any costs related to options to extend lease terms as none are reasonably certain of being exercised. Under ASC 840, Leases, future minimum lease payments under noncancelable operating leases, primarily for offices, warehouses and motor vehicles, as of December 31, 2018 were as follows (in thousands): Years 2019 $ 67,682 2020 64,237 2021 56,142 2022 52,759 2023 52,522 Thereafter 383,974 $ 677,316 Total expense for operating leases, under ASC 840, primarily for offices, warehouses and motor vehicles amounted to $32.2 million and $29.3 million for the years ended December 31, 2018 and 2017, respectively. In July 2016, we executed an agreement with Miami Dade County (“MDC”), which was simultaneously assigned to Sumitomo Banking Corporation (“SMBC”), to lease land from MDC and construct a new cruise terminal of approximately 170,000 square feet at PortMiami in Miami, Florida, which was completed during the fourth quarter of 2018 and serves as a homeport. During the construction period, SMBC funded the costs of the terminal’s construction and land lease. Once the terminal was substantially completed, we commenced operating and leasing the terminal from SMBC for a five
Leases	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 sheet as of December 31, 2019. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Refer to Note 2. Summary of Significant Accounting Policies, for further information on the adoption of ASC 842. Finance leases are included within Property and equipment, net and Long-term debt, with the current portion of the debt reported within Current portion of debt, in our consolidated balance sheets. Our finance leases include two ships, Silver Whisper and Silver Explorer, operated by Silversea Cruises. The finance lease for Silver Whisper will expire in 2022, subject to an option to purchase the ship, and the finance lease for Silver Explorer will expire in 2021, subject to an option to extend the lease for up to an additional 6 years. In June 2019, the Company entered into a new master lease agreement (“Master Lease”) with Miami-Dade County relating to the buildings and surrounding land located at its Miami headquarters, which are classified as finance leases in accordance with ASC 842. Prior to entering into the Master Lease, the buildings were classified as operating lease assets. The finance lease for the buildings and land will expire in 2072, which includes an initial 43 years lease term and two five five 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 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 LIBOR 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. We used the incremental borrowing rate as of the adoption date for operating leases that commenced prior to that date. 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. Additionally, we bareboat charter to Pullmantur Holdings the vessels currently operated by its brands, which were retained by us following the sale of our 51% interest in Pullmantur Holdings in 2016. We account for the bareboat charters of these vessels as operating leases for which we are the lessor. The remaining payments and term of these leases are immaterial to our consolidated financial statements. Supplemental balance sheet information for leases was as follows (in thousands): As of December 31, 2019 Lease assets: Finance lease right-of-use assets, net: Property and equipment, gross $ 376,159 Accumulated depreciation (57,955) Property and equipment, net 318,204 Operating lease right-of-use assets 687,555 Total lease assets $ 1,005,759 Lease liabilities: Finance lease liabilities: Current portion of debt $ 33,561 Long-term debt 196,697 Total finance lease liabilities 230,258 Operating lease liabilities: Current portion of operating lease liabilities 96,976 Long-term operating lease liabilities 601,641 Total operating lease liabilities 698,617 Total lease liabilities $ 928,875 The components of lease expense were as follows (in thousands): Consolidated Statement of Comprehensive Income (Loss) Classification Twelve Months Ended December 31, 2019 Lease costs: Operating lease costs Commission, transportation and other $ 76,226 Operating lease costs Other operating expenses 27,868 Operating lease costs Marketing, selling and administrative expenses 18,837 Finance lease costs: Amortization of right-of-use-assets Depreciation and amortization expenses 22,044 Interest on lease liabilities Interest expense, net of interest capitalized 8,355 Total lease costs $ 153,330 In addition, certain of our berth agreements include variable lease costs based on the number of passengers berthed. During the twelve months ended December 31, 2019, we had $103.3 million of variable lease costs recorded within Commission, transportation and other in our consolidated statement of comprehensive income (loss). Weighted average of the remaining lease terms and weighted average discount rates are as follows: As of December 31, 2019 Weighted average of the remaining lease term Operating leases 10.3 Finance leases 30.22 Weighted average discount rate Operating leases 4.65 % Finance leases 4.47 % Supplemental cash flow information related to leases is as follows (in thousands): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 125,307 Operating cash flows from finance leases $ 8,355 Financing cash flows from finance leases $ 32,090 As of December 31, 2019, maturities related to lease liabilities were as follows (in thousands): Years Operating Leases Finance Leases 2020 $ 126,235 $ 43,793 2021 113,033 46,726 2022 104,907 23,801 2023 101,547 12,539 2024 75,510 12,528 Thereafter 417,122 405,756 Total lease payments 938,354 545,143 Less: Interest (239,737) (314,885) Present value of lease liabilities $ 698,617 $ 230,258 Operating lease payments do not include any costs related to options to extend lease terms as none are reasonably certain of being exercised. Under ASC 840, Leases, future minimum lease payments under noncancelable operating leases, primarily for offices, warehouses and motor vehicles, as of December 31, 2018 were as follows (in thousands): Years 2019 $ 67,682 2020 64,237 2021 56,142 2022 52,759 2023 52,522 Thereafter 383,974 $ 677,316 Total expense for operating leases, under ASC 840, primarily for offices, warehouses and motor vehicles amounted to $32.2 million and $29.3 million for the years ended December 31, 2018 and 2017, respectively. In July 2016, we executed an agreement with Miami Dade County (“MDC”), which was simultaneously assigned to Sumitomo Banking Corporation (“SMBC”), to lease land from MDC and construct a new cruise terminal of approximately 170,000 square feet at PortMiami in Miami, Florida, which was completed during the fourth quarter of 2018 and serves as a homeport. During the construction period, SMBC funded the costs of the terminal’s construction and land lease. Once the terminal was substantially completed, we commenced operating and leasing the terminal from SMBC for a five

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interest	12 Months Ended
Redeemable Noncontrolling Interest	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interest	Redeemable Noncontrolling Interest In connection with the acquisition of Silversea Cruises, we recorded a redeemable noncontrolling interest of $537.8 million due to the put options held by HCH. The put options may require us to purchase HCH's remaining interest, or 33.3% of Silversea Cruises, upon the occurrence or nonoccurrence of certain future events that are not solely within our control. As of December 31, 2019, HCH's interest is presented as Redeemable noncontrolling interest and is classified outside of shareholders' equity in our consolidated balance sheets. Additionally, the noncontrolling interest's share in the net earnings (loss) and contractual accretion requirements associated with the put options are included in Net Income attributable to noncontrolling interests in our consolidated statements of comprehensive income (loss). The following table presents changes in the redeemable noncontrolling interest as of December 31, 2019 (in thousands): Balance as of January 1, 2018 $ — Additions (Silversea Cruises acqusition) 537,770 Net income attributable to noncontrolling interest, including the contractual accretion of the put options 4,750 Other (500) Balance at December 31, 2018 $ 542,020 Net income attributable to noncontrolling interest, including the contractual accretion of the put options 28,713 Distribution to noncontrolling interest (752) Balance at December 31, 2019 $ 569,981

Shareholders' Equity

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Dividends Declared During the fourth and third quarters of 2019, we declared a cash dividend on our common stock of $0.78 per share which was paid in the first quarter of 2020 and fourth quarter of 2019, respectively. During the first and second quarters of 2019, we declared a cash dividend on our common stock of $0.70 per share which was paid in the second and third quarters of 2019, respectively. During the fourth and third quarters of 2018, we declared a cash dividend on our common stock of $0.70 per share which was paid in the first quarter of 2019 and fourth quarter of 2018, respectively. During the first and second quarters of 2018, we declared a cash dividend on our common stock of $0.60 per share which was paid in the second and third quarters of 2018, respectively. During the first quarter of 2018, we also paid a cash dividend on our common stock of $0.60 per share which was declared during the fourth quarter of 2017. During the fourth and third quarters of 2017, we declared a cash dividend on our common stock of $0.60 per share which was paid in the first quarter of 2018 and fourth quarter of 2017, respectively. During the first and second quarters of 2017, we declared a cash dividend on our common stock of $0.48 per share which was paid in the second and third quarters of 2017, respectively. During the first quarter of 2017, we also paid a cash dividend on our common stock of $0.48 per share which was declared during the fourth quarter of 2016. Common Stock Repurchase Program In May 2018, our board of directors authorized a 24-month common stock repurchase program for up to $1.0 billion. The timing and number of shares to be repurchased will depend on a variety of factors, including price and market conditions. Repurchases under the program may be made at management's discretion from time to time on the open market or through privately negotiated transactions. During the year ended December 31, 2019, we repurchased 0.9 million shares of our common stock under this program, for a total of $99.6 million, in open market transactions that were recorded within Treasury stock in our consolidated balance sheets. As of December 31, 2019, we have $600.0 million that remains available for future stock repurchase transactions under our Board authorized program.

Stock-Based Employee Compensati

Stock-Based Employee Compensation	12 Months Ended
Stock-Based Employee Compensation	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Employee Compensation	Stock-Based Employee Compensation We currently have awards outstanding under one stock-based compensation plan, our 2008 Equity Plan, which provides for awards to our officers, directors and key employees. The plan consists of a 2008 Equity Plan, as amended, provides for the issuance of up to 14,000,000 shares of our common stock pursuant to grants of (i) incentive and non-qualified stock options, (ii) stock appreciation rights, (iii) stock awards (including time-based and/or performance-based stock awards) and (iv) restricted stock units (including time-based and performance-based restricted stock units). During any calendar year, no one individual (other than non-employee members of our board of directors) may be granted awards of more than 500,000 shares and no non-employee member of our board of directors may be granted awards with a value in excess of $500,000 at the grant date. Options and restricted stock units outstanding as of December 31, 2019 generally vest in equal installments over four years from the date of grant. In addition, performance shares and performance share units generally vest in three years. With certain limited exceptions, awards are forfeited if the recipient ceases to be an employee before the shares vest. Prior to 2012, our officers received a combination of stock options and restricted stock units. Beginning in 2012, our officers instead receive their long-term incentive awards through a combination of performance share units and restricted stock units. Each performance share unit award is expressed as a target number of performance share units based upon the fair market value of our common stock on the date the award is issued. The actual number of shares underlying each award (not to exceed 200% of the target number of performance share units) will be determined based upon the Company's achievement of a specified performance target range. In 2019, we issued a target number of 187,924 performance share units, which will vest approximately three years following the award issue date. The performance payout of these grants will be based on return on our invested capital ("ROIC") and earnings per share (“EPS”) for the year ended December 31, 2021, as may be adjusted by the Talent and Compensation Committee of our board of directors in early 2022 for events that are outside of management's control. Beginning in 2016, our senior officers meeting certain minimum age and service criteria receive their long-term incentive awards through a combination of restricted stock awards and restricted stock units. The restricted stock awards are subject to both performance and time-based vesting criteria while the restricted stock units are subject only to time-based vesting criteria. Each restricted stock award is issued in an amount equal to 200% of the target number of shares underlying the award based upon the fair market value of our common stock on the date the award is issued. Dividends accrue (but do not get paid) on the restricted stock awards during the vesting period, with the accrued amounts to be paid out following vesting only on the number of shares underlying the award which actually vest based on satisfaction of the performance criteria. The actual number of shares that vest (not to exceed 200% of the shares) will be determined based upon the Company's achievement of a specified performance target range. In 2019, we issued 194,486 restricted stock awards, representing 200% of the target number of shares underlying the award, all of which are considered issued and outstanding from the date of issuance, however; grantees will only retain those shares earned as the result of the Company achieving the performance goals during the measurement period. The performance payout of the 2019 awards will be based on ROIC and EPS for the year ended December 31, 2021, as may be adjusted by the Talent and Compensation Committee of our board of directors in early 2022 for events that are outside of management's control. On January 24, 2018, the Company issued a one-time bonus award for all non-officer employees. These awards vest, in equal installments, over the 3 years following the award issue date. For shoreside eligible employees, awards were issued as equity-settled restricted stock units. We also provide an Employee Stock Purchase Plan ("ESPP") to facilitate the purchase by employees of up to 1,300,000 shares of common stock in the aggregate. Offerings to employees are made on a quarterly basis. Subject to certain limitations, the purchase price for each share of common stock is equal to 85% of the average of the market prices of the common stock as reported on the New York Stock Exchange on the first business day of the purchase period and the last business day of each month of the purchase period. During the years ended December 31, 2019, 2018 and 2017, 91,586, 74,100 and 51,989 shares of our common stock were purchased under the ESPP at a weighted-average price of $98.20, $97.50 and $93.15, respectively. Total compensation expense recognized for employee stock-based compensation for the years ended December 31, 2019, 2018 and 2017 was as follows (in thousands): Employee Stock-Based Compensation Classification of expense 2019 2018 2017 Marketing, selling and administrative expenses $ 75,930 $ 46,061 $ 69,459 Total compensation expense $ 75,930 $ 46,061 $ 69,459 The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. The estimated fair value of stock options, less estimated forfeitures, is amortized over the vesting period using the graded-vesting method. We did not issue any stock options during the years ended December 31, 2019, 2018 and 2017. Stock option activity and information about stock options outstanding are summarized in the following table: Stock Option Activity Number of Weighted- Weighted- Aggregate Intrinsic Value (1) (years) (in thousands) Outstanding at January 1, 2019 153,093 $ 29.06 1.23 $ 10,399 Granted — — Exercised (87,262) $ 19.96 Canceled (844) $ 33.73 Outstanding at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 Vested at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 Options Exercisable at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 ___________________________________________________________________ (1) The intrinsic value represents the amount by which the fair value of stock exceeds the option exercise price. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018 and 2017 was $8.1 million, $11.1 million and $4.5 million, respectively. As of December 31, 2019, there was no unrecognized compensation cost, net of estimated forfeitures, related to stock options granted under our stock incentive plan. Restricted stock units are converted into shares of common stock upon vesting or, if applicable, are settled on a one-for-one basis. The cost of these awards is determined using the fair value of our common stock on the date of the grant, and compensation expense is recognized over the vesting period. Restricted stock activity is summarized in the following table: Restricted Stock Units Activity Number of Weighted- Non-vested share units as of January 1, 2019 $ 800,585 $ 103.32 Granted 293,707 112.13 Vested (267,134) 96.96 Canceled (25,323) 109.32 Non-vested share units as of December 31, 2019 $ 801,835 $ 88.97 The weighted-average estimated fair value of restricted stock units granted during the years ended December 31, 2018 and 2017 was $122.12 and $99.03, respectively. The total fair value of shares released on the vesting of restricted stock units during the years ended December 31, 2019, 2018 and 2017 was $30.8 million, $33.9 million and $38.7 million, respectively. As of December 31, 2019, we had $37.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to restricted stock unit grants, which will be recognized over the weighted-average period of 1.39 years. Performance share units are converted into shares of common stock upon vesting on a one-for-one basis. We estimate the fair value of each performance share when the grant is authorized and the related service period has commenced. We remeasure the fair value of our performance shares in each subsequent reporting period until the grant date has occurred, which is the date when the performance conditions are satisfied. We recognize compensation cost over the vesting period based on the probability of the service and performance conditions being achieved adjusted for each subsequent fair value measurement until the grant date. If the specified service and performance conditions are not met, compensation expense will not be recognized and any previously recognized compensation expense will be reversed. Performance share units activity is summarized in the following table: Performance Share Units Activity Number of Weighted- Non-vested share units as of January 1, 2019 302,561 88.57 Granted 187,924 87.39 Vested (198,537) 62.49 Canceled (5,931) 95.12 Non-vested share units as of December 31, 2019 286,017 105.76 The weighted-average estimated fair value of performance share units granted during the years ended December 31, 2018 and 2017 was $97.98 and $84.16, respectively. The total fair value of shares released on the vesting of performance share units during the years ended December 31, 2019 , 2018 and 2017 was $23.0 million , $27.3 million and $10.0 million, respectively. As of December 31, 2019, we had $10.0 million of total unrecognized compensation expense, net of estimated forfeitures, related to performance share unit grants, which will be recognized over the weighted-average period of 1.06 year. The shares underlying our restricted stock awards to age and service eligible senior officers are issued as of the grant date in an amount equal to 200% of the target number of shares. Following the vesting date, the restrictions will lift with respect to the number of shares for which the performance criteria was met and any excess shares will be canceled. Dividends will accrue on the issued restricted shares during the vesting period, but will not be paid to the recipient until the awards vest and the final number of shares underlying the award is determined, at which point, the dividends will be paid in cash only on the earned shares. We estimate the fair value of each restricted stock award when the grant is authorized and the related service period has commenced. We remeasure the fair value of these restricted stock awards in each subsequent reporting period until the grant date has occurred, which is the date when the performance conditions are satisfied. We recognize compensation cost over the vesting period based on the probability of the service and performance conditions being achieved adjusted for each subsequent fair value measurement until the grant date. If the specified service and performance conditions are not met, compensation expense will not be recognized, any previously recognized compensation expense will be reversed, and any unearned shares will be returned to the Company. Restricted stock awards activity is summarized in the following table: Restricted Stock Awards Activity Number of Weighted- Non-vested share units as of January 1, 2019 390,198 96.03 Granted 194,486 118.08 Vested (120,329) 66.93 Canceled (11,899) 66.93 Non-vested share units as of December 31, 2019 452,456 114.01 The weighted-average estimated fair value of restricted stock awards granted during the years ended December 31, 2018 and 2017 was $129.23 and $95.04, respectively. As of December 31, 2019, we had $3.2 million of total unrecognized compensation expense, net of estimated forfeitures, related to restricted stock award grants, which will be recognized over the weighted-average period of 1.24 years.

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share A reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Net Income attributable to Royal Caribbean Cruises Ltd. for basic and diluted earnings per share $ 1,878,887 $ 1,811,042 $ 1,625,133 Weighted-average common shares outstanding 209,405 210,570 214,617 Dilutive effect of stock-based awards 525 984 1,077 Diluted weighted-average shares outstanding 209,930 211,554 215,694 Basic earnings per share $ 8.97 $ 8.60 $ 7.57 Diluted earnings per share $ 8.95 $ 8.56 $ 7.53 There were no antidilutive shares for the years ended December 31, 2019 , 2018 and 2017.

Retirement Plan

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2019
Retirement Benefits [Abstract]
Retirement Plan	Retirement PlanWe maintain a defined contribution plan covering shoreside employees. Effective January 1, 2016, we commenced annual, non-elective contributions to the plan on behalf of all eligible participants equal to 3% of participants' eligible earnings. Remaining annual contributions to the plan are discretionary and are based on fixed percentages of participants' salaries and years of service, not to exceed certain maximums. Contribution expenses were $21.2 million, $18.9 million and $17.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to corporate income taxes in countries where we have operations or subsidiaries. We and the majority of our ship-operating and vessel-owning subsidiaries are currently exempt from U.S. corporate income tax on U.S. source income from the international operation of ships pursuant to Section 883 of the Internal Revenue Code. Regulations under Section 883 have limited the activities that are considered the international operation of a ship or incidental thereto. Accordingly, our provision for U.S. federal and state income taxes includes taxes on certain activities not considered incidental to the international operation of our ships. Additionally, one of our ship-operating subsidiaries is subject to tax under the tonnage tax regime of the United Kingdom. Under this regime, income from qualifying activities is subject to corporate income tax, but the tax is computed by reference to the tonnage of the ship or ships registered under the relevant provisions of the tax regimes (the "relevant shipping profits"), which replaces the regular taxable income base. Income from activities not considered qualifying activities, which we do not consider significant, remains subject to United-Kingdom corporate income tax. Income tax expense for items not qualifying under Section 883, tonnage tax and income taxes for the remainder of our subsidiaries was approximately $32.6 million, $20.9 million and $18.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, and was recorded within Other income (expense) . In addition, all interest expense and penalties related to income tax liabilities are classified as income tax expense within Other income (expense) . For a majority of our subsidiaries, we do not expect to incur income taxes on future distributions of undistributed earnings. Accordingly, no deferred income taxes have been provided for the distribution of these earnings. Where we do expect to incur income taxes on future distributions of undistributed earnings, we have provided for deferred taxes, which we do not consider significant to our operations. As of December 31, 2019, the Company had deferred tax assets, for foreign net operating losses (“NOLs”) of $25.1 million. We have provided a full valuation allowance for these NOLs. $17.6 million of the NOLs are subject to expire between 2020 and 2025.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income (Loss)	12 Months Ended
Changes in Accumulated Other Comprehensive Income (Loss)	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Income (Loss)	Changes in Accumulated Other Comprehensive Income (Loss) The following table presents the changes in accumulated other comprehensive loss by component for the years ended December 31, 2019, 2018 and 2017 (in thousands): Changes related to cash flow derivative hedges Changes in defined Foreign currency translation adjustments Accumulated other comprehensive (loss) income Accumulated comprehensive loss at January 1, 2017 $ (820,850) $ (28,083) $ (67,551) $ (916,484) Other comprehensive income (loss) before reclassifications 381,865 (6,755) 17,307 392,417 Amounts reclassified from accumulated other comprehensive loss 188,630 1,172 — 189,802 Net current-period other comprehensive income (loss) 570,495 (5,583) 17,307 582,219 Accumulated comprehensive loss at January 1, 2018 (250,355) (33,666) (50,244) (334,265) Other comprehensive income (loss) before reclassifications (297,994) 6,156 (14,251) (306,089) Amounts reclassified from accumulated other comprehensive loss 11,133 1,487 — 12,620 Net current-period other comprehensive (loss) income (286,861) 7,643 (14,251) (293,469) Accumulated comprehensive loss at January 1, 2019 (537,216) (26,023) (64,495) (627,734) Other comprehensive (loss) income before reclassifications (146,108) (20,314) 869 (165,553) Amounts reclassified from accumulated other comprehensive loss (5,205) 779 — (4,426) Net current-period other comprehensive (loss) income (151,313) (19,535) 869 (169,979) Accumulated comprehensive loss at December 31, 2019 $ (688,529) $ (45,558) $ (63,626) $ (797,713) The following table presents reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2019 , 2018 and 2017 (in thousands): Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Affected Line Item in Statements of Comprehensive Income (Loss) Gain (loss) on cash flow derivative hedges: Interest rate swaps (4,289) (10,931) (31,603) Interest expense, net of interest capitalized Foreign currency forward contracts (14,063) (12,843) (10,840) Depreciation and amortization expenses Foreign currency forward contracts (5,080) 12,855 (9,472) Other income (expense) Foreign currency forward contracts — — — Other indirect operating expenses Foreign currency collar options — — (2,408) Depreciation and amortization expenses Fuel swaps (1,292) (1,580) 7,382 Other income (expense) Fuel swaps 29,929 1,366 (141,689) Fuel 5,205 (11,133) (188,630) Amortization of defined benefit plans: Actuarial loss (779) (1,487) (1,172) Payroll and related (779) (1,487) (1,172) Total reclassifications for the period $ 4,426 $ (12,620) $ (189,802)

Fair Value Measurements and Der

Fair Value Measurements and Derivative Instruments	12 Months Ended
Fair Value Measurements and Derivative Instruments	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivative Instruments	Fair Value Measurements and Derivative Instruments Fair Value Measurements The estimated fair value of our financial instruments that are not measured at fair value, categorized based upon the fair value hierarchy, are as follows (in thousands): Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 Description Total Carrying Amount Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Total Carrying Amount Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Assets: Cash and cash equivalents(4) $ 243,738 $ 243,738 $ 243,738 — — $ 287,852 $ 287,852 $ 287,852 — — Total Assets $ 243,738 $ 243,738 $ 243,738 $ — $ — $ 287,852 $ 287,852 $ 287,852 $ — $ — Liabilities: Long-term debt (including current portion of long-term debt)(5) $ 9,370,438 $ 10,059,055 — $ 10,059,055 — $ 9,871,267 $ 10,244,214 — $ 10,244,214 — Total Liabilities $ 9,370,438 $ 10,059,055 $ — $ 10,059,055 $ — $ 9,871,267 $ 10,244,214 $ — $ 10,244,214 $ — ___________________________________________________________________ (1) Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. (2) Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly. For unsecured revolving credit facilities and unsecured term loans, fair value is determined utilizing the income valuation approach. This valuation model takes into account the contract terms of our debt such as the debt maturity and the interest rate on the debt. The valuation model also takes into account the creditworthiness of the Company. (3) Inputs that are unobservable. The Company did not use any Level 3 inputs as of December 31, 2019 and 2018. (4) Consists of cash and marketable securities with original maturities of less than 90 days. (5) Consists of unsecured revolving credit facilities, senior notes, senior debentures and term loans. These amounts do not include our capital lease obligations or commercial paper. Fair Value Measurements on a Nonrecurring Basis During 2018, we announced that Skysea Holding would cease cruising operations by the end of 2018. As a result, we did not deem our investment balance to be recoverable and estimated the fair value of our investment to be zero. For further information on our Skysea Holding investment and impairment, refer to Note 8. Other Assets. Other Financial Instruments The carrying amounts of accounts receivable, accounts payable, accrued interest, accrued expenses and commercial paper approximate fair value as of December 31, 2019 and 2018. Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company's financial instruments recorded at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 Description Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Assets: Derivative financial instruments (4) $ 39,994 $ — $ 39,994 $ — $ 65,297 $ — $ 65,297 $ — Total Assets $ 39,994 $ — $ 39,994 $ — $ 65,297 $ — $ 65,297 $ — Liabilities: Derivative financial instruments (5) $ 257,728 $ — $ 257,728 $ — $ 201,812 $ — $ 201,812 $ — Contingent consideration (6) 62,400 — — 62,400 44,000 — — 44,000 Total Liabilities $ 320,128 $ — $ 257,728 $ 62,400 $ 245,812 $ — $ 201,812 $ 44,000 ___________________________________________________________________ (1) Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. (2) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency forward contracts, interest rate swaps and fuel swaps, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms, such as maturity as well as other inputs, such as foreign exchange rates and curves, fuel types, fuel curves and interest rate yield curves. Derivative instrument fair values take into account the creditworthiness of the counterparty and the Company. (3) Inputs that are unobservable. (4) Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the "Fair Value of Derivative Instruments" table for breakdown by instrument type. (5) Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the "Fair Value of Derivative Instruments" table for breakdown by instrument type. (6) The contingent consideration related to the Silversea Cruises acquisition is estimated by applying a Monte-Carlo simulation method using our closing stock price along with significant inputs not observable in the market, including the probability of achieving the milestones and estimated future operating results. The Monte-Carlo simulation is a generally accepted statistical technique used to generate a defined number of valuation paths in order to develop a reasonable estimate of fair value. Refer to Note 3. Business Combination for further information on the Silversea Cruises acquisition. For the twelve months ended December 31, 2019, we recorded a contingent consideration expense of $18.4 million within Other (expense) income in our consolidated statements of comprehensive income (loss). The reported fair values are based on a variety of factors and assumptions. Accordingly, the fair values may not represent actual values of the financial instruments that could have been realized as of December 31, 2019 or 2018, or that will be realized in the future, and do not include expenses that could be incurred in an actual sale or settlement. We have master International Swaps and Derivatives Association (“ISDA”) agreements in place with our derivative instrument counterparties. These ISDA agreements generally provide for final close out netting with our counterparties for all positions in the case of default or termination of the ISDA agreement. We have determined that our ISDA agreements provide us with rights of setoff on the fair value of derivative instruments in a gain position and those in a loss position with the same counterparty. We have elected not to offset such derivative instrument fair values in our consolidated balance sheets. See Credit Related Contingent Features for further discussion on contingent collateral requirements for our derivative instruments. The following table presents information about the Company’s offsetting of financial assets under master netting agreements with derivative counterparties (in thousands): Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements As of December 31, 2019 As of December 31, 2018 Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Derivatives subject to master netting agreements $ 39,994 $ (39,994) $ — $ — $ 65,297 $ (60,303) $ — $ 4,994 Total $ 39,994 $ (39,994) $ — $ — $ 65,297 $ (60,303) $ — $ 4,994 The following table presents information about the Company’s offsetting of financial liabilities under master netting agreements with derivative counterparties (in thousands): Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements As of December 31, 2019 As of December 31, 2018 Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Derivatives subject to master netting agreements $ (257,728) $ 39,994 $ — $ (217,734) $ (201,812) $ 60,303 $ — $ (141,509) Total $ (257,728) $ 39,994 $ — $ (217,734) $ (201,812) $ 60,303 $ — $ (141,509) Derivative Instruments We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We try to mitigate these risks through a combination of our normal operating and financing activities and through the use of derivative financial instruments pursuant to our hedging practices and policies. The financial impact of these hedging instruments is primarily offset by corresponding changes in the underlying exposures being hedged. We achieve this by closely matching the notional amount, term and conditions of the derivative instrument with the underlying risk being hedged. Although certain of our derivative financial instruments do not qualify or are not accounted for under hedge accounting, our objective is not to hold or issue derivative financial instruments for trading or other speculative purposes. We enter into various forward, swap and option contracts to manage our interest rate exposure and to limit our exposure to fluctuations in foreign currency exchange rates and fuel prices. These instruments are recorded on the balance sheet at their fair value and the vast majority are designated as hedges. We also use non-derivative financial instruments designated as hedges of our net investment in our foreign operations and investments. At inception of the hedge relationship, a derivative instrument that hedges the exposure to changes in the fair value of a firm commitment or a recognized asset or liability is designated as a fair value hedge. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability is designated as a cash flow hedge. Changes in the fair value of derivatives that are designated as fair value hedges are offset against changes in the fair value of the underlying hedged assets, liabilities or firm commitments. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive loss until the underlying hedged transactions are recognized in earnings. The foreign currency transaction gain or loss of our non-derivative financial instruments and the changes in the fair value of derivatives designated as hedges of our net investment in foreign operations and investments are recognized as a component of Accumulated other comprehensive loss along with the associated foreign currency translation adjustment of the foreign operation or investment, with the amortization of excluded components affecting earnings. On an ongoing basis, we assess whether derivatives used in hedging transactions are "highly effective" in offsetting changes in the fair value or cash flow of hedged items. For our net investment hedges, we use the dollar offset method to measure effectiveness. For all other hedging programs, we use the long-haul method to assess hedge effectiveness using regression analysis for each hedge relationship. The methodology for assessing hedge effectiveness is applied on a consistent basis for each one of our hedging programs (i.e., interest rate, foreign currency ship construction, foreign currency net investment and fuel). For our regression analyses, we use an observation period of up to three years, utilizing market data relevant to the hedge horizon of each hedge relationship. High effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the changes in the fair values of the derivative instrument and the hedged item. If it is determined that a derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be effective is recognized in earnings. Cash flows from derivative instruments that are designated as fair value or cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. Cash flows from derivative instruments not designated as hedging instruments are classified as investing activities. We consider the classification of the underlying hedged item’s cash flows in determining the classification for the designated derivative instrument’s cash flows. We classify derivative instrument cash flows from hedges of benchmark interest rate or hedges of fuel expense as operating activities due to the nature of the hedged item. Likewise, we classify derivative instrument cash flows from hedges of foreign currency risk on our newbuild ship payments as investing activities. Interest Rate Risk Our exposure to market risk for changes in interest rates primarily relates to our debt obligations including future interest payments. At December 31, 2019 and 2018, approximately 62.1% and 59.1%, respectively, of our debt was effectively fixed. We use interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense. Market risk associated with our fixed rate debt is the potential increase in fair value resulting from a decrease in interest rates. We use interest rate swap agreements that effectively convert a portion of our fixed-rate debt to a floating-rate basis to manage this risk. At December 31, 2019 and 2018, we maintained interest rate swap agreements on the following fixed-rate debt instruments: Debt Instrument Swap Notional as of December 31, 2019 (In thousands) Maturity Debt Fixed Rate Swap Floating Rate: LIBOR plus All-in Swap Floating Rate as of December 31, 2019 Oasis of the Seas term loan $ 70,000 October 2021 5.41% 3.87% 5.80% Unsecured senior notes 650,000 November 2022 5.25% 3.63% 5.54% $ 720,000 These interest rate swap agreements are accounted for as fair value hedges. Market risk associated with our long-term floating rate debt is the potential increase in interest expense from an increase in interest rates. We use interest rate swap agreements that effectively convert a portion of our floating-rate debt to a fixed-rate basis to manage this risk. At December 31, 2019 and 2018, we maintained interest rate swap agreements on the following floating-rate debt instruments: Debt Instrument Swap Notional as of December 31, 2019 (In thousands) Maturity Debt Floating Rate All-in Swap Fixed Rate Celebrity Reflection term loan $ 272,708 October 2024 LIBOR plus 0.40% 2.85% Quantum of the Seas term loan 428,750 October 2026 LIBOR plus 1.30% 3.74% Anthem of the Seas term loan 453,125 April 2027 LIBOR plus 1.30% 3.86% Ovation of the Seas term loan 587,917 April 2028 LIBOR plus 1.00% 3.16% Harmony of the Seas term loan (1) 551,325 May 2028 EURIBOR plus 1.15% 2.26% Odyssey of the Seas term loan (2) 460,000 October 2032 LIBOR plus 0.95% 3.20% $ 2,753,825 ___________________________________________________________________ (1) Interest rate swap agreements hedging the Euro-denominated term loan for Harmony of the Seas include EURIBOR zero-floors matching the hedged debt EURIBOR zero-floor. Amount presented is based on the exchange rate as of December 31, 2019. (2) Interest rate swap agreements hedging the term loan for Odyssey of the Seas include LIBOR zero-floors matching the hedged debt LIBOR zero-floor. The anticipated unsecured term loan for the financing of Odyssey of the Seas is expected to be drawn in October 2020. These interest rate swap agreements are accounted for as cash flow hedges. The notional amount of interest rate swap agreements related to outstanding debt and our current unfunded financing arrangements as of December 31, 2019 and 2018 was $3.5 billion and $3.4 billion, respectively. Foreign Currency Exchange Rate Risk Derivative Instruments Our primary exposure to foreign currency exchange rate risk relates to our ship construction contracts denominated in Euros, our foreign currency denominated debt and our international business operations. We enter into foreign currency forward contracts to manage portions of the exposure to movements in foreign currency exchange rates. As of December 31, 2019, the aggregate cost of our ships on order, was $14.8 billion, of which we had deposited $881.5 million as of such date. These amounts do not include any ships placed on order that are contingent upon completion of conditions precedent and/or financing, any ships on order by our Partner Brands and any ships on order placed by Silversea Cruises during the reporting lag period. Refer to Note 19. Commitments and Contingencies , for further information on our ships on order. At December 31, 2019 and 2018, approximately 65.9% and 53.5%, respectively, of the aggregate cost of the ships under construction was exposed to fluctuations in the Euro exchange rate. Our foreign currency forward contract agreements are accounted for as cash flow or net investment hedges depending on the designation of the related hedge. On a regular basis, we enter into foreign currency forward contracts and, from time to time, we utilize cross-currency swap agreements and collar options to minimize the volatility resulting from the remeasurement of net monetary assets and liabilities denominated in a currency other than our functional currency or the functional currencies of our foreign subsidiaries. During the year ended December 31, 2019, we maintained an average of approximately $689.7 million of these foreign currency forward contracts. These instruments are not designated as hedging instruments. For the years ended December 31, 2019, 2018 and 2017, changes in the fair value of the foreign currency forward contracts resulted in gains (losses) of $1.4 million , $(62.4) million and $62.0 million, respectively, which offset gains (losses) arising from the remeasurement of monetary assets and liabilities denominated in foreign currencies in those same years of $0.4 million , $57.6 million and $(75.6) million, respectively. These amounts were recognized in earnings within Other income (expense) in our consolidated statements of comprehensive income (loss). We consider our investments in our foreign operations to be denominated in relatively stable currencies and of a long-term nature. As of December 31, 2019, we maintained foreign currency forward contracts and designated them as hedges of a portion of our net investments primarily in TUI Cruises of €173.0 million, or approximately $194.2 million based on the exchange rate at December 31, 2019. These forward currency contracts mature in October 2021. The notional amount of outstanding foreign exchange contracts, excluding the forward contracts entered into to minimize remeasurement volatility, as of December 31, 2019 and 2018 was $2.9 billion and $3.7 billion, respectively. Non-Derivative Instruments We also address the exposure of our investments in foreign operations by denominating a portion of our debt in our subsidiaries' and investments' functional currencies and designating it as a hedge of these subsidiaries and investments. We had designated debt as a hedge of our net investments primarily in TUI Cruises of €319.0 million, or approximately $358.1 million, as of December 31, 2019. As of December 31, 2018, we had designated debt as a hedge of our net investments primarily in TUI Cruises of €280.0 million, or approximately $320.2 million. Fuel Price Risk Our exposure to market risk for changes in fuel prices relates primarily to the consumption of fuel on our ships. We use fuel swap agreements to mitigate the financial impact of fluctuations in fuel prices. Our fuel swap agreements are generally accounted for as cash flow hedges. At December 31, 2019, we have hedged the variability in future cash flows for certain forecasted fuel transactions occurring through 2023. As of December 31, 2019 and 2018, we had the following outstanding fuel swap agreements as hedges of our fuel exposure: Fuel Swap Agreements As of December 31, 2019 As of December 31, 2018 (metric tons) 2019 — 856,800 2020 830,500 830,500 2021 488,900 488,900 2022 322,900 322,900 2023 82,400 — Fuel Swap Agreements As of December 31, 2019 As of December 31, 2018 (% hedged) Projected fuel purchases for year: 2019 — 58 % 2020 54 % 54 % 2021 30 % 28 % 2022 19 % 19 % 2023 5 % — At December 31, 2019 there was no material estimated unrealized net loss associated with our cash flow hedges pertaining to fuel swap agreements to be reclassified to earnings from Accumulated other comprehensive loss within the next twelve months when compared to $26.8 million at December 31, 2018. Reclassification is expected to occur as the result of fuel consumption associated with our hedged forecasted fuel purchases. The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets were as follows (in thousands): Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet As of December 31, 2019 As of December 31, 2018 Balance Sheet As of December 31, 2019 As of December 31, 2018 Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments under ASC 815-20 (1) Interest rate swaps Other assets $ 11 $ 23,518 Other long-term liabilities $ 64,168 $ 40,467 Foreign currency forward contracts Derivative financial instruments — 4,044 Derivative financial instruments 75,260 39,665 Foreign currency forward contracts Other assets 9,380 10,844 Other long-term liabilities 64,711 16,854 Fuel swaps Derivative financial instruments 16,922 10,966 Derivative financial instruments 16,901 37,627 Fuel swaps Other assets 8,677 9,204 Other long-term liabilities 33,965 65,182 Total derivatives designated as hedging instruments under ASC 815-20 34,990 58,576 255,005 199,795 Derivatives not designated as hedging instruments under ASC 815-20 Foreign currency forward contracts Derivative financial Instruments 3,186 1,751 Derivative financial instruments 2,419 808 Foreign currency forward contracts Other assets — 1,579 Other long-term liabilities — 833 Fuel swaps Derivative financial instruments 1,643 2,804 Derivative financial instruments 295 376 Fuel swaps Other assets 175 587 Other long-term liabilities 9 — Total derivatives not designated as hedging instruments under ASC 815-20 5,004 6,721 2,723 2,017 Total derivatives $ 39,994 $ 65,297 $ 257,728 $ 201,812 ___________________________________________________________________ (1) Accounting Standard Codification 815-20 " Derivatives and Hedging." The location and amount of gain or (loss) recognized in income on fair value and cash flow hedging relationships were as follows (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $697,962 $1,245,942 $(381,568) $ (24,513) $710,617 $1,033,697 $(300,872) $ 11,107 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items n/a n/a $ (23,464) — n/a n/a 4,673 $ — Derivatives designated as hedging instruments n/a n/a $ 16,607 — n/a n/a $ (8,854) $ — Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a n/a $ (4,289) n/a n/a n/a $ (10,931) n/a Commodity contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income $ 29,929 n/a n/a $ (1,292) $ 1,366 n/a n/a $ (1,580) Foreign exchange contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a $ (14,063) n/a $ (5,080) n/a $ (12,843) n/a $ 12,855 Year Ended December 31, 2017 Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 681,118 $ 951,194 $ (269,881) $ (5,289) The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items n/a n/a $ — $ 6,065 Derivatives designated as hedging instruments n/a n/a $ 3,007 $ (3,139) Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a n/a $ (31,603) n/a Commodity contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income $ (141,689) n/a n/a $ 7,382 Foreign exchange contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a $ (13,248) n/a $ (9,472) The carrying value and line item caption of non-derivative instruments designated as hedging instruments recorded within our consolidated balance sheets were as follows (in thousands): Carrying Value Non-derivative instrument designated as Balance Sheet Location As of December 31, 2019 As of December 31, 2018 Foreign currency debt Current portion of long-term debt $ 73,572 $ 38,168 Foreign currency debt Long-term debt 284,506 281,984 $ 358,078 $ 320,152 The effect of derivative instruments qualifying and designated as hedging instruments and the related hedged items in fair value hedges on the consolidated statements of comprehensive income (loss) was as follows (in thousands): Location of Gain (Loss) Recognized in Income on Derivative and Hedged Item Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item Derivatives and related Hedged Items under ASC 815-20 Fair Value Hedging Relationships Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Interest rate swaps Interest expense (income), net of interest capitalized $ 16,607 $ (8,854) $ 3,007 $ (23,464) $ 4,673 $ — Interest rate swaps Other income (expense) — — (3,139) — — 6,065 $ 16,607 $ (8,854) $ (132) $ (23,464) $ 4,673 $ 6,065 The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets for the cumulative basis adjustment for fair value hedges were as follows (in thousands): Line Item in the Statement of Financial Position Where the Hedged Item is Included Carrying Amount of the Hedged Liabilities Cumulative amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Current portion of long-term debt and Long-term debt $ 715,234 $ 725,486 $ (1,301) $ (24,766) $ 715,234 $ 725,486 $ (1,301) $ (24,766) The effect of derivative instruments qualifying and designated as cash flow hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives under ASC 815-20 Cash Flow Hedging Relationships Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Interest rate swaps $ (72,732) $ 18,578 $ (13,312) Interest expense $ (4,289) $ (10,931) $ (31,603) Foreign currency forward contracts (148,881) (222,645) 276,573 Depreciation and amortization expenses (14,063) (12,843) (10,840) Foreign currency forward contracts — — — Other income (expense) (5,080) 12,855 (9,472) Foreign currency forward contracts — — — Other indirect operating expenses — — — Foreign currency collar options — — — Depreciation and amortization expenses — — (2,408) Fuel swaps — — — Other income (expense) (1,292) (1,580) 7,382 Fuel swaps 75,505 (93,927) 118,604 Fuel 29,929 1,366 (141,689) $ (146,108) $ (297,994) $ 381,865 $ 5,205 $ (11,133) $ (188,630) The table below represents amounts excluded from the assessment of effectiveness for our net investment hedging instruments for which the difference between changes in fair value and periodic amortization is recorded in accumulated other comprehensive income (loss) (in thousands): Gain (Loss) Recognized in Income (Net Investment Excluded Components) Year Ended December 31, 2019 Net inception fair value at January 1, 2019 $ (8,359) Amount of gain recognized in income on derivatives for the year ended December 31, 2019 4,024 Amount of loss remaining to be amortized in accumulated other comprehensive loss as of December 31, 2019 (3,673) Fair value at December 31, 2019 $ (8,008) The effect of non-derivative instruments qualifying and designated as net investment hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Non-derivative instruments under ASC 815-20 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Foreign Currency Debt $ 6,111 $ 13,210 $ (38,971) $ 6,111 $ 13,210 $ (38,971) The effect of derivatives not designated as hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Recognized Derivatives Not Designated as Hedging Location of Gain (Loss) Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Foreign currency forward contracts Other income (expense) $ 1,356 $ (62,423) $ 61,952 Fuel swaps Fuel (37) 1,161 — Fuel swaps Other income (expense) 112 114 (1,133) $ 1,431 $ (61,148) $ 60,819 Credit Related Contingent Features Our current interest rate derivative instruments may require us to post collateral if our Standard & Poor's and Moody's credit ratings are below specified levels. Generally, if on the fifth anniversary of executing a derivative instrument or on any succeeding fifth-year anniversary our credit ratings for our senior unsecured debt were to be rated below BBB- by Standard & Poor's and Baa3 by Moody's, then the counterparty may periodically demand that we post collateral in an amount equal to the difference between (i) the net market value of all derivative transactions with such counterparty that have reached their fifth year anniversary, to the extent negative, and (ii) the applicable minimum call amount.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Ship Purchase Obligations Our future capital commitments consist primarily of new ship orders. As of December 31, 2019, we had one Quantum-class ship, two Oasis-class ships and three ships of a new generation, known as our Icon-class, on order for our Royal Caribbean International brand with an aggregate capacity of approximately 32,400 berths. As of December 31, 2019, we had three Edge-class ships on order for our Celebrity brand with an aggregate capacity of approximately 9,400 berths. Additionally as of December 31, 2019, we had five ships on order with an aggregate capacity of approximately 2,400 berths for our Silversea Cruises brand. The following provides further information on recent developments with respect to our ship orders. During 2017, we entered into credit agreements for the unsecured financing of the two Icon-class ships for up to 80% of each ship’s contract price. For each ship, the official Finnish export credit agency, Finnvera plc, has agreed to guarantee 100% of a substantial majority of the financing to the lenders, with a smaller portion of the financing to be 95% guaranteed by Euler Hermes, the official German export credit agency. The maximum loan amount under each facility is not to exceed €1.4 billion, or approximately $1.6 billion, based on the exchange rate at December 31, 2019. Interest on approximately 75% of each loan will accrue at a fixed rate of 3.56% and 3.76% for the first and the second Icon-class ships, respectively, and the balance will accrue interest at a floating rate ranging from LIBOR plus 1.10% to 1.15% and LIBOR plus 1.15% to 1.20% for the first and the second Icon-class ships, respectively. Each loan will amortize semi-annually and will mature 12 years following delivery of each ship. The first and second Icon-class ships will each have a capacity of approximately 5,600 berths and are expected to enter service in the second quarters of 2022 and 2024, respectively. During 2017, we entered into credit agreements for the unsecured financing of the third and fourth Edge-class ships and the fifth Oasis-class ship for up to 80% of each ship’s contract price through facilities to be guaranteed 100% by Bpifrance Assurance Export, the official export credit agency of France. Under these financing arrangements, we have the right, but not the obligation, to satisfy the obligations to be incurred upon delivery and acceptance of each ship under the shipbuilding contract by assuming, at delivery and acceptance, the debt indirectly incurred by the shipbuilder during the construction of each ship. The maximum loan amount under each facility is not to exceed €684.2 million in the case of the third Edge-class ship and the United States dollar equivalent of €714.6 million and €1.1 billion in the case of the fourth Edge-class ship and fifth Oasis-class ship, or approximately $802.1 million and $1.2 billion, respectively, based on the exchange rate at December 31, 2019. The loans will amortize semi-annually and will mature 12 years following delivery of each ship. Interest on the loans will accrue at a fixed rate of 1.28% for the third Edge-class ship and at a fixed rate of 3.18% for both, the fourth Edge-class ship and the fifth Oasis-class ship. The third and fourth Edge-class ships, each of which will have a capacity of approximately 3,250, are expected to enter service in the fourth quarters of 2021 and 2022, respectively. The fifth Oasis-class ship will have a capacity of approximately 5,700 berths and is expected to enter service in the second quarter of 2021. During 2016, we entered into credit agreements for the unsecured financing of our first two Edge-class ships for up to 80% of each ship’s contract price through facilities to be guaranteed 100% by Bpifrance Assurance Export, the official export credit agency of France. Celebrity Edge , the first Edge-class ship for our Celebrity Cruises brand, entered service in December 2018. For further information on the financing agreement for this ship, refer to Note 9. Debt . The second Edge-class ship will have a capacity of approximately 2,900 berths and is expected to enter service in the first quarter of 2020. Under the financing arrangement for the second Edge-class ship, we have the right, but not the obligation, to satisfy the obligations to be incurred upon delivery and acceptance of the vessel under the shipbuilding contract by assuming, at delivery and acceptance, the debt indirectly incurred by the shipbuilder during the construction of the ship. The maximum loan amount under the facility for the second Edge-class ship delivery is not to exceed the United States dollar equivalent of €627.1 million, or approximately $704.0 million, respectively, based on the exchange rate at December 31, 2019. The loan will amortize semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at a fixed rate of 3.23%. During 2015, we entered into a credit agreement for the unsecured financing of the fifth Quantum-class ship for up to 80% of the ship’s contract price, through a facility to be guaranteed 95% by Euler Hermes, official export credit agency of Germany. Hermes has agreed to guarantee to the lender payment of 95% of the financing. The ship will have a capacity of approximately 4,200 berths and is expected to enter service in the fourth quarter of 2020. This credit agreement makes available to us an unsecured term loan in an amount up to the United States dollar equivalent of €777.5 million, or approximately $872.7 million, based on the exchange rate at December 31, 2019. The loan will amortize semi-annually and will mature 12 years following delivery of the ship. At our election, prior to delivery of the ship, interest on the loans will accrue either (1) at a fixed rate of 3.45% (inclusive of the applicable margin) or (2) at a floating rate equal to LIBOR plus 0.95%. Our future capital commitments consist primarily of new ship orders. As of December 31, 2019, our Global Brands have the following ships on order: Ship Shipyard Expected to Enter Approximate Royal Caribbean International — Oasis-class: Wonder of the Seas Chantiers de l’Atlantique 2nd Quarter 2021 5,700 Unnamed Chantiers de l’Atlantique 4th Quarter 2023 5,700 Quantum-class: Odyssey of the Seas Meyer Werft 4th Quarter 2020 4,200 Icon-class: Unnamed Meyer Turku Oy 2nd Quarter 2022 5,600 Unnamed Meyer Turku Oy 2nd Quarter 2024 5,600 Unnamed Meyer Turku Oy 2nd Quarter 2025 5,600 Celebrity Cruises — Edge-class: Celebrity Apex Chantiers de l’Atlantique 2nd Quarter 2020 2,900 Celebrity Beyond Chantiers de l’Atlantique 4th Quarter 2021 3,250 Unnamed Chantiers de l’Atlantique 4th Quarter 2022 3,250 Silversea Cruises — (1) Silver Origin De Hoop 3rd Quarter 2020 100 Muse-class: Silver Moon Fincantieri 3rd Quarter 2020 550 Silver Dawn Fincantieri 3rd Quarter 2021 550 Evolution-class: Unnamed Meyer Werft 1st Quarter 2022 600 Unnamed Meyer Werft 1st Quarter 2023 600 TUI Cruises (50% joint venture) — Mein Schiff 7 Meyer Turku Oy 2nd Quarter 2023 2,900 Unnamed Fincantieri 3rd Quarter 2024 4,100 Unnamed Fincantieri 1st Quarter 2026 4,100 Total Berths 55,300 (1) The revenue impact from Silversea Cruises' new ships will be recognized on a three month reporting lag from the "Expected to Enter Service" dates above. Refer to Note 1. General to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data for further information. In June 2019, Silversea Cruises entered into a $300 million unsecured term loan facility for the financing of Silver Moon to pay a portion of the ship's contract price through a facility guaranteed by us. We expect to draw upon this loan when we take delivery of the ship. The loan will be due and payable at maturity in June 2028. Interest on the loan will accrue at LIBOR plus 1.50%. In September 2019, Silversea Cruises entered into two credit agreements, guaranteed by us, for the unsecured financing of the first and second Evolution-class ships for an amount of up to 80% of each ship's contract price through facilities to be guaranteed 95% by Euler Hermes, the official export credit agency of Germany. The maximum loan amount under each facility is not to exceed the United States dollar equivalent of €351.6 million in the case of the first Evolution-class ship and €359.0 million in the case of the second Evolution-class ship, or approximately $394.7 million and $403.0 million, respectively, based on the exchange rate at December 31, 2019. Each loan, once funded, will amortize semi-annually and will mature 12 years following the delivery of each ship. At our election, interest on each loan will accrue either (1) at a fixed rate of 4.14% and 4.18%, respectively (inclusive of the applicable margin) or (2) at a floating rate equal to LIBOR plus 0.79% and 0.83%, respectively. The first and second Evolution-class ships will each have a capacity of approximately 600 berths and are scheduled for delivery in the first quarters of 2022 and 2023, respectively. In December 2019, we entered into a credit agreement for the unsecured financing of the sixth Oasis-class ship for up to 80% of the ship’s contract price through a facility to be guaranteed 100% by Bpifrance Assurance Export, the official export credit agency of France. Under the financing arrangement, we have the right, but not the obligation, to satisfy the obligations to be incurred upon delivery and acceptance of the ship under the shipbuilding contract by assuming, at delivery and acceptance, the debt indirectly incurred by the shipbuilder during the construction of the ship. The maximum loan amount under the facility is not to exceed the United States dollar equivalent of €1.3 billion, or approximately $1.5 billion based on the exchange rate at December 31, 2019. The loan will amortize semi-annually and will mature 12 years following delivery of the ship. Interest on the loan will accrue at a fixed rate of 3.00% (inclusive of margin). The sixth Oasis-class ship will have a capacity of approximately 5,700 berths and is scheduled for delivery in the fall of 2023. In December 2019, we entered into a credit agreement for the unsecured financing of the third Icon-class ship for up to 80% of the ship’s contract price. Finnvera plc, the official export credit agency of Finland, has agreed to guarantee 95% of the substantial majority of the financing, with a smaller portion of the financing to be 95% guaranteed by Euler Hermes, the official German export credit agency. The maximum loan amount under the facility is not to exceed the United States dollar equivalent of €1.4 billion, or approximately $1.6 billion based on the exchange rate at December 31, 2019. The loan, once funded, will amortize semi-annually and will mature 12 years following the delivery of the ship. Approximately 60% of the loan will accrue interest at a fixed rate of 3.29%. The balance of the loan will accrue interest at a floating rate of LIBOR plus 0.85%. The third Icon-class ship will have a capacity of approximately 5,600 berths and is scheduled for delivery in the second quarter of 2025. As of December 31, 2019, the aggregate cost of our ships on order, not including any ships on order by our Partner Brands and the Silversea Cruises ships that remain contingent upon final documentation and financing, was approximately $14.8 billion, of which we had deposited $881.5 million as of such date. Approximately 65.9% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at December 31, 2019. Refer to Note 18. Fair Value Measurements and Derivative Instruments for further information. In addition, as of December 31, 2019, we have an agreement in place with Chantiers de l’Atlantique to build an additional Edge-class ship for delivery in the 4th quarter of 2024, which is contingent upon completion of conditions precedent and financing. Litigation On August 27, 2019, two lawsuits were filed against Royal Caribbean Cruises Ltd. in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Royal Caribbean Cruises Ltd. trafficked in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. Royal Caribbean Cruises Ltd. filed its answer to each complaint on October 4, 2019. We believe we have meritorious defenses to the claims, and we intend to vigorously defend ourselves against them. We believe that it is unlikely that the outcome of these matters will have a material adverse impact to our financial condition, results of operations or cash flows. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and there can be no assurances that the final outcome of this case will not be material . We are routinely involved in other claims typical within the travel and tourism industry. The majority of these claims are covered by insurance. We believe the outcome of such claims, net of expected insurance recoveries, will not have a material adverse impact on our financial condition or results of operations and cash flows. Other Some of the contracts that we enter into include indemnification provisions that obligate us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes, increased lender capital costs and other similar costs. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any payments under such indemnification clauses in the past and, under current circumstances, we do not believe an indemnification in any material amount is probable. If any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, during any 24-month period, a majority of our board of directors is no longer comprised of individuals who were members of our board of directors on the first day of such period, we may be obligated to prepay indebtedness outstanding under our credit facilities, which we may be unable to replace on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations. At December 31, 2019, we have future commitments to pay for our usage of certain port facilities, marine consumables, services and maintenance contracts as follows (in thousands): Year 2020 $ 202,879 2021 137,840 2022 57,096 2023 14,596 2024 8,760 Thereafter 34,233 $ 455,404

Restructuring Charges

Restructuring Charges	12 Months Ended
Restructuring Charges	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges For the year ended December 31, 2019, we incurred restructuring charges of $12.0 million in connection with our international sales and marketing strategy. For the year ended December 31, 2018 and 2017, we did not incur restructuring charges. Centralization of Global Sales and Marketing Structure During the year ended December 31, 2019, we implemented a strategy related to the restructuring and centralization of our international sales and marketing structure. Activities rela ted to this strategy focused on moving from a multi-brand sales model to a brand dedicated sales model, which resulted in the consolidation of some of our international offices and personnel reorganization among our sales and marketing teams. The personnel reorganization resulted in the recognition of a liability for one-time termination benefits during the twelve months ended December 31, 2019. We also incurred contract termination costs related to the closure of some of our international offices and other related costs consisting of legal and consulting fees to implement this initiative. As a result of these actions, we incurred restructuring exit costs of $12.0 million for the year ended December 31, 2019, which were reported within Marketing, selling and administrative expenses in our consolidated statements of comprehensive income (loss). In 2020, we expect to incur additional immaterial costs as it relates to the restructuring activities of this strategy. The following table summarizes our restructuring exit costs (in thousands): Beginning Accruals Payments Ending Balance December 31, 2019 Cumulative Termination benefits — $ 8,880 $ 491 $ 8,389 $ 8,880 Contract termination costs — 338 — 338 338 Other related costs — 2,808 23 2,785 2,808 Total — $ 12,026 $ 514 $ 11,512 $ 12,026

Quarterly Selected Financial Da

Quarterly Selected Financial Data (Unaudited)	12 Months Ended
Quarterly Selected Financial Data (Unaudited)	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Selected Financial Data (Unaudited)	Quarterly Selected Financial Data (Unaudited) (In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2019 2018 2019 2018 2019 2018 2019 2018 Total revenues (1) $ 2,439,767 $ 2,027,756 $ 2,806,631 $ 2,337,605 $ 3,186,850 $ 2,796,187 $ 2,517,413 $ 2,332,301 Operating income $ 318,831 $ 274,146 $ 573,653 $ 456,895 $ 890,792 $ 799,733 $ 299,425 $ 364,027 Net Income attributable to Royal Caribbean Cruises Ltd. $ 249,681 $ 218,653 $ 472,830 $ 466,295 $ 883,240 $ 810,391 $ 273,136 $ 315,703 Earnings per share Basic $ 1.19 $ 1.03 $ 2.26 $ 2.20 $ 4.21 $ 3.88 $ 1.31 $ 1.51 Diluted $ 1.19 $ 1.02 $ 2.25 $ 2.19 $ 4.20 $ 3.86 $ 1.30 $ 1.50 Dividends declared per share $ 0.70 $ 0.60 $ 0.70 $ 0.60 $ 0.78 $ 0.70 $ 0.78 $ 0.70 ___________________________________________________________________ (1) Our revenues are seasonal based on the demand for cruises. Demand is strongest for cruises during the Northern Hemisphere's summer months and holidays.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Basis for Preparation of Consolidated Financial Statements	Basis for Preparation of Consolidated Financial Statements The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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 for a discussion of our significant accounting policies.
Consolidation	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 8. Other Assets
Revenues and Expenses	Revenues and ExpensesDeposits received on sales of passenger cruises are initially recorded as customer deposit liabilities on our balance sheet. Customer deposits are subsequently recognized as passenger ticket revenues, together with revenues from onboard and other goods and services and all associated cruise operating expenses of a voyage.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and marketable securities with original maturities of less than 90 days.
Inventories	Inventories Inventories consist of provisions, supplies and fuel carried at the lower of cost (weighted-average) or net realizable value.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. We capitalize interest as part of the cost of acquiring certain assets. Improvement costs that we believe add value to our ships are capitalized as additions to the ship, the useful lives of the improvements are estimated and depreciated over the shorter of the improvements' estimated useful lives or that of the associated ship, and the replaced assets are disposed of on a net cost basis. The estimated cost and accumulated depreciation of replaced or refurbished ship components are written off and any resulting losses are recognized in Cruise operating expenses . Liquidated damages received from shipyards as a result of the late delivery of a new ship are recorded as reductions to the cost basis of the ship. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the asset. The useful lives of our ships are generally 30-35 years, net of a 10%-15% projected residual value. The 30-35-year useful life and 10%-15% residual value are based on the weighted-average of all major components of a ship. Our useful life and residual value estimates take into consideration the impact of anticipated technological changes, long-term cruise and vacation market conditions and historical useful lives of similarly-built ships. In addition, we take into consideration our estimates of the weighted-average useful lives of the ships' major component systems, such as hull, superstructure, main electric, engines and cabins. We employ a cost allocation methodology at the component level, in order to support the estimated weighted-average useful lives and residual values, as well as to determine the net cost basis of assets being replaced. Given the very large and complex nature of our ships, our accounting estimates related to ships and determinations of ship improvement costs to be capitalized require considerable judgment and are inherently uncertain. Depreciation for assets under capital leases is computed using the shorter of the lease term or related asset life. Depreciation of property and equipment is computed utilizing the following useful lives: Years Ships generally, 30-35 Ship improvements 3-25 Buildings and improvements 10-40 Computer hardware and software 3-10 Transportation equipment and other 3-30 Leasehold improvements Shorter of remaining lease term or useful life 3-30 We periodically review estimated useful lives and residual values for ongoing reasonableness, considering long term views on our intended use of each class of ships and the planned level of improvements to maintain and enhance vessels within those classes. In the event a factor is identified that may trigger a change in the estimated useful lives and residual values of our ships, a review of the estimate is completed. In the fourth quarter of 2019, we completed a modernization of the Oasis of the Seas under our ship upgrade program. We spent $538.0 million under this ship upgrade program for the year ended December 31, 2019, with the Oasis of the Seas representing approximately $170.0 million. As a result of this capital investment and future planned investments in our Oasis-class ships, we performed a review of the estimated useful lives and residual values of Oasis-class ships, concluding in a change to the estimate. Effective fourth quarter of 2019, we revised the estimated useful lives of our Oasis-class ships from 30 years with a 15% residual value to 35 years with a 10% residual value. The change in the estimated useful lives and residual values was accounted for prospectively as a change in accounting estimate. The 35-year useful life with a 10% residual value is based on revised estimates of the weighted-average useful life of all major ship components for the Oasis-class ships. The change in estimate is consistent with our recent investments in and future plans to continue to invest in the upgrade of these ships, resulting in the use of certain ship components longer than originally estimated. In determining the change in estimated useful life and residual value, we utilized quantitative and qualitative analysis, including historical and projected usage patterns, industry benchmarks, planned maintenance programs and projected operational and financial performance of the class. The change allows us to better match depreciation expense with the periods these assets are expected to be in use. For the year ended December 31, 2019, this change increased operating income and net income by approximately $4.6 million and increased earnings per share by $0.02 per share on a basic and diluted basis. We review long-lived assets for impairment whenever events or changes in circumstances indicate, based on estimated undiscounted future cash flows, that the carrying amount of these assets may not be fully recoverable. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The lowest level for which we maintain identifiable cash flows that are independent of the cash flows of other assets and liabilities is at the ship level for our ships. If estimated future cash flows are less than the carrying value of an asset, an impairment charge is recognized to the extent its carrying value exceeds fair value. We use the deferral method to account for drydocking costs. Under the deferral method, drydocking costs incurred are deferred and charged to expense on a straight-line basis over the period to the next scheduled drydock, which we estimate to be a period of thirty
Goodwill	Goodwill Goodwill represents the excess of cost over the fair value of net tangible and identifiable intangible assets acquired. We review goodwill for impairment at the reporting unit level annually or, when events or circumstances dictate, more frequently. The impairment review for goodwill consists of a qualitative assessment of whether it is more-likely-than-not that a reporting unit's fair value is less than its carrying amount, and if necessary, a two-step goodwill impairment test. Factors to consider when performing the qualitative assessment include general economic conditions, limitations on accessing capital, changes in forecasted operating results, changes in fuel prices and fluctuations in foreign exchange rates. If the qualitative assessment demonstrates that it is more-likely-than-not that the estimated fair value of the reporting unit exceeds its carrying value, it is not necessary to perform the two-step goodwill impairment test. We may elect to bypass the qualitative assessment and proceed directly to step one, for any reporting unit, in any period. On a periodic basis, we elect to bypass the qualitative assessment and proceed to step one to corroborate the results of recent years' qualitative assessments. We can resume the qualitative assessment for any reporting unit in any subsequent period. When performing the two-step goodwill impairment test, the fair value of the reporting unit is determined and compared to the carrying value of the net assets allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, no further analysis or write-down of goodwill is required. If the fair value of the reporting unit is less than the carrying value of its net assets, the implied fair value of the reporting unit is allocated to all its underlying assets and liabilities, including both recognized and unrecognized tangible and intangible assets, based on their fair value. If necessary, goodwill is then written down to its implied fair value.
Intangible Assets	Intangible Assets In connection with our acquisitions, we have acquired certain intangible assets to which value has been assigned based on our estimates. Intangible assets that are deemed to have an indefinite life are not amortized, but are subject to an annual impairment test, or when events or circumstances dictate, more frequently. The impairment review for indefinite-life intangible assets can be performed using a qualitative or quantitative impairment assessment. The quantitative assessment consists of a comparison of the fair value of the indefinite-life intangible asset with its carrying amount. If the carrying amount exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. If the fair value exceeds its carrying amount, the indefinite-life intangible asset is not considered impaired. Other intangible assets assigned finite useful lives are amortized on a straight-line basis over their estimated useful lives.
Contingencies - Litigation	Contingencies — Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we take into consideration estimates of the amount of insurance recoveries, if any, which are recorded as assets when recoverability is probable. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recoveries, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.
Advertising Costs	Advertising CostsAdvertising costs are expensed as incurred except those costs which result in tangible assets, such as brochures, which are treated as prepaid expenses and charged to expense as consumed. Advertising costs consist of media advertising as well as brochure, production and direct mail costs.
Derivative Instruments	Derivative Instruments We enter into various forward, swap and option contracts to manage our interest rate exposure and to limit our exposure to fluctuations in foreign currency exchange rates and fuel prices. These instruments are recorded on the balance sheet at their fair value and the vast majority are designated as hedges. We also use non-derivative financial instruments designated as hedges of our net investment in our foreign operations and investments. Although certain of our derivative financial instruments do not qualify or are not accounted for under hedge accounting, our objective is not to hold or issue derivative financial instruments for trading or other speculative purposes. At inception of the hedge relationship, a derivative instrument that hedges the exposure to changes in the fair value of a firm commitment or a recognized asset or liability is designated as a fair value hedge. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability is designated as a cash flow hedge. Changes in the fair value of derivatives that are designated as fair value hedges are offset against changes in the fair value of the underlying hedged assets, liabilities or firm commitments. Gains and losses on derivatives that are designated as cash flow hedges are recorded as a component of Accumulated other comprehensive loss until the underlying hedged transactions are recognized in earnings. The foreign currency transaction gain or loss of our non-derivative financial instruments and the changes in the fair value of derivatives designated as hedges of our net investment in foreign operations and investments are recognized as a component of Accumulated other comprehensive loss along with the associated foreign currency translation adjustment of the foreign operation or investment. In certain hedges of our net investment in foreign operations and investments, we exclude forward points from the assessment of hedge effectiveness and we amortize the related amounts directly into earnings. On an ongoing basis, we assess whether derivatives used in hedging transactions are "highly effective" in offsetting changes in the fair value or cash flow of hedged items. For our net investment hedges, we use the dollar offset method to measure effectiveness. For all other hedging programs, we use the long-haul method to assess hedge effectiveness using regression analysis for each hedge relationship. The methodology for assessing hedge effectiveness is applied on a consistent basis for each one of our hedging programs (i.e., interest rate, foreign currency ship construction, foreign currency net investment and fuel). For our regression analyses, we use an observation period of up to three years, utilizing market data relevant to the hedge horizon of each hedge relationship. High effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the changes in the fair values of the derivative instrument and the hedged item. If it is determined that a derivative is not highly effective as a hedge or hedge accounting is discontinued, any change in fair value of the derivative since the last date at which it was determined to be effective is recognized in earnings. Cash flows from derivative instruments that are designated as fair value or cash flow hedges are classified in the same category as the cash flows from the underlying hedged items. In the event that hedge accounting is discontinued, cash flows subsequent to the date of discontinuance are classified within investing activities. Cash flows from derivative instruments not designated as hedging instruments are classified as investing activities.
Foreign Currency Translations and Transactions	Foreign Currency Translations and Transactions We translate assets and liabilities of our foreign subsidiaries whose functional currency is the local currency, at exchange rates in effect at the balance sheet date. We translate revenues and expenses at weighted-average exchange rates for the period. Equity is translated at historical rates and the resulting foreign currency translation adjustments are included as a component of Accumulated other comprehensive loss , which is reflected as a separate component of Shareholders' equity . Exchange gains or losses arising from the remeasurement of monetary assets and liabilities denominated in a currency other than the functional currency of the entity involved are immediately included in our earnings, except for certain liabilities that have been designated to act as a hedge of a net investment in a foreign operation or investment. Exchange gains (losses) were $0.4 million, $57.6 million and $(75.6) million for the years ended December 31, 2019, 2018 and 2017, respectively, and were recorded within Other income (expense) . The majority of our transactions are settled in United States dollars. Gains or losses resulting from transactions denominated in other currencies are recognized in income at each balance sheet date.
Concentrations of Credit Risk	Concentrations of Credit Risk We monitor our credit risk associated with financial and other institutions with which we conduct significant business and, to minimize these risks, we select counterparties with credit risks acceptable to us and we seek to limit our exposure to an individual counterparty. Credit risk, including but not limited to counterparty nonperformance under derivative instruments, our credit facilities and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions, insurance companies and export credit agencies many of which we have long-term relationships with and which have credit risks acceptable to us or where the credit risk is spread out among a large number of counterparties. As of December 31, 2019, we had no counterparty credit risk exposure under our derivative instruments compared to credit risk exposures of $5.6 million on December 31, 2018, which were limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts, the majority of which are currently our lending banks. We do not anticipate nonperformance by any of our significant counterparties. In addition, we have established guidelines we follow regarding credit ratings and instrument maturities to maintain safety and liquidity. We do not normally require collateral or other security to support credit relationships; however, in certain circumstances this option is available to us.
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing Net Income attributable to Royal Caribbean Cruises Ltd.
Stock-Based Employee Compensation	Stock-Based Employee Compensation We measure and recognize compensation expense at the estimated fair value of employee stock awards. Compensation expense for awards and the related tax effects are recognized as they vest. We use the estimated amount of expected forfeitures to calculate compensation costs for all outstanding awards.
Segment Reporting	Segment Reporting We control and operate four global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises. We also own a 50% joint venture interest in the German brand TUI Cruises, a 49% interest in the Spanish brand Pullmantur. We believe our brands possess the versatility to enter multiple cruise market segments within the cruise vacation industry. Although each of these brands has its own marketing style as well as ships and crews of various sizes, the nature of the products sold and services delivered by these brands share a common base (i.e., the sale and provision of cruise vacations). Our brands also have similar itineraries as well as similar cost and revenue components. In addition, our brands source passengers from similar markets around the world and operate in similar economic environments with a significant degree of commercial overlap. As a result, our brands have been aggregated as a single reportable segment based on the similarity of their economic characteristics, types of consumers, regulatory environment, maintenance requirements, supporting systems and processes as well as products and services provided. Our Chairman and Chief Executive Officer has been identified as the chief operating decision-maker and all significant operating decisions including the allocation of resources are based upon the analyses of the Company as one segment. Refer to Note 4. Revenues for passenger ticket revenue information by geographic area.
Adoption of Accounting Pronouncements	Adoption of Accounting Pronouncements Leases On January 1, 2019, we adopted the guidance codified in Accounting Standard Codification ("ASC") 842, Leases ("ASC 842") using the modified retrospective approach and elected the optional transition method, which allows entities to initially apply the standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Upon adoption, we applied the guidance to all existing leases. For leases with a term greater than 12 months, the new guidance requires the lease rights and obligations arising from the leasing arrangements, including operating leases, to be recognized as assets and liabilities on the balance sheet. Upon adoption of the new guidance, the most significant impact was the recognition of right-of-use assets and lease liabilities relating to operating leases in the amounts of $801.8 million and $820.5 million, respectively, reported within Operating lease right-of-use assets and Long-term operating lease liabilities , respectively, with the current portion of the liability reported within Current portion of operating lease liabilities , in our consolidated balance sheet as of January 1, 2019. Accounting for finance leases remained substantially unchanged and continues to be reported within Property and equipment, net and Long-term debt , with the current portion of the debt reported within Current portion of debt , in our consolidated balance sheets. There was no cumulative effect of applying the new standard and accordingly there was no adjustment to our retained earnings upon adoption. The comparative information presented has not been recast and continues to be reported under the accounting standards in effect for those periods. For further information on leases, refer to Note 10. Leases. This guidance did not have a material impact to our consolidated statements of comprehensive income (loss), consolidated statements of cash flows and our debt-covenants calculations under our current agreements. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. This ASU, along with subsequent ASUs issued to clarify certain of its provisions, introduces new guidance which makes substantive changes to the accounting model for financial assets subject to credit losses that are measured at amortized cost, as well as certain off-balance sheet credit exposures. The primary updates include the introduction of a new current expected credit loss (“CECL”) model that is based on expected rather than incurred losses. This ASU and the related amendments will be effective for our annual reporting period beginning January 1, 2020. We are currently evaluating the impact that the adoption of this guidance will have to our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Under the new standard, goodwill impairment should be recognized based on the amount by which the carrying amount of a reporting unit exceeds its fair value, but should not exceed the total amount of goodwill allocated to the reporting unit. This ASU will be effective for our annual reporting period beginning January 1, 2020. This guidance is not expected to have a material impact to our consolidated financial statements, but may require us to modify our annual or interim goodwill impairment tests. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40), which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as assets or expense as incurred. This ASU will be effective for our annual reporting period beginning January 1, 2020 and we expect to elect the prospective adoption method. The guidance may impact the accounting treatment of our future implementation costs related to cloud computing arrangements. In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivative and Hedging (Topic 815), which clarifies the interaction of rules for equity securities, the equity method of accounting, and forward contracts and purchase options on certain types of securities. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The ASU is effective for annual reporting periods beginning after December 15, 2020, including interim reporting periods within those annual periods, with early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2019
Accounting Policies [Abstract]
Useful Lives of Property and Equipment Used in Computation of Depreciation	Years Ships generally, 30-35 Ship improvements 3-25 Buildings and improvements 10-40 Computer hardware and software 3-10 Transportation equipment and other 3-30 Leasehold improvements Shorter of remaining lease term or useful life 3-30

Business Combination (Tables)

Business Combination (Tables)	12 Months Ended
Business Combination (Tables)	Dec. 31, 2019
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the purchase price allocation based on estimated fair values of the assets acquired and liabilities assumed related to the Silversea Cruises acquisition as of July 31, 2018. Our purchase price allocation was final during 2019. (in thousands) Estimated Fair Value as of Acquisition Date (as Previously Reported) Measurement Period Adjustments (1) Estimated Fair Value as of Acquisition Date (as Adjusted) Assets Cash and cash equivalents $ 103,865 $ — $ 103,865 Trade and other receivables, net 7,163 — 7,163 Inventories 18,331 — 18,331 Prepaid expenses and other assets(2) 120,496 — 120,496 Derivative financial instruments 2,886 — 2,886 Property and equipment, net(3) 1,114,270 — 1,114,270 Goodwill 1,090,010 (5,224) 1,084,786 Other assets(4) 498,457 — 498,457 Total assets acquired 2,955,478 (5,224) 2,950,254 Liabilities Current portion of long-term debt(5) 26,851 — 26,851 Accounts payable 36,960 — 36,960 Accrued interest 1,773 — 1,773 Accrued expenses and other liabilities 82,531 (5,224) 77,307 Customer deposits 453,798 — 453,798 Long-term debt(5) 727,935 — 727,935 Other long-term liabilities 23,860 — 23,860 Total liabilities assumed 1,353,708 (5,224) 1,348,484 Redeemable noncontrolling interest(6) 537,770 — 537,770 Total purchase price $ 1,064,000 $ — $ 1,064,000 (1) As a result of additional information obtained about facts and circumstances that existed as of the acquisition date, we recorded measurement period adjustments during 2019, which resulted in a net decrease to Goodwill of $5.2 million. (2) Amount includes $32.0 million of cash held as collateral with credit card processors as of July 31, 2018. (3) Property and equipment, net includes two ships under capital lease agreements amounting to $156.0 million as of July 31, 2018. The respective capital lease liabilities are reported within Long-term debt . Refer to Note 9. Debt for further information on the capital lease financing arrangements. (4) Amount includes $494.6 million of intangible assets. Refer to Note 6. Intangible Assets for further information on the intangible assets acquired. (5) Refer to Note 9. Debt for further information on long-term debt assumed. (6) Refer to Note 11. Redeemable Noncontrolling Interest

Revenues (Tables)

Revenues (Tables)	12 Months Ended
Revenues (Tables)	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our total revenues by geographic regions where we provide cruise itineraries (in thousands): Year Ended December 31, 2019 2018 2017 Revenues by itinerary North America(1) $ 6,392,354 $ 5,399,951 $ 5,062,305 Asia/Pacific(2) 1,529,898 1,463,083 1,588,802 Europe(3) 1,942,057 1,914,549 1,509,586 Other regions 567,904 348,145 285,954 Total revenues by itinerary 10,432,213 9,125,728 8,446,647 Other revenues(4) 518,448 368,121 331,198 Total revenues $ 10,950,661 $ 9,493,849 $ 8,777,845 (1) Includes the United States, Canada, Mexico and the Caribbean. (2) Includes Southeast Asia (e.g., Singapore, Thailand and the Philippines), East Asia (e.g., China and Japan), South Asia (e.g., India and Pakistan) and Oceania (e.g., Australia and Fiji Islands) regions. (3) Includes European countries (e.g., the Nordics, Germany, France, Italy, Spain and the United Kingdom). (4) Includes revenues primarily related to cancellation fees, vacation protection insurance and pre- and post-cruise tours and fees for operating certain port facilities. Amounts also include revenues related to our bareboat charter, procurement and management related services we perform on behalf of our unconsolidated affiliates. Refer to Note 8. Other Assets for more information on our unconsolidated affiliates. Year Ended December 31, 2019 2018 2017 Passenger ticket revenues: United States 65 % 61 % 59 % United Kingdom 9 % 10 % 9 % All other countries (1) 26 % 29 % 32 % (1) No other individual country's revenue exceeded 10% for the years ended December 31, 2019, 2018 and 2017.

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
Goodwill (Tables)	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill	The carrying amount of goodwill attributable to our Royal Caribbean International, Celebrity Cruises and Silversea Cruises reporting units and the changes in such balances during the years ended December 31, 2019 and 2018 were as follows (in thousands): Royal Caribbean International Celebrity Cruises Silversea Cruises Total Balance at December 31, 2017 $ 286,880 $ 1,632 $ — $ 288,512 Goodwill attributable to the acquisition of Silversea Cruises (1) 1,090,010 1,090,010 Foreign currency translation adjustment (169) — — (169) Balance at December 31, 2018 286,711 1,632 1,090,010 1,378,353 Silversea Goodwill adjustment — — (5,224) (5,224) Goodwill attributable to the purchase of photo operations onboard our ships (2) 12,518 — — 12,518 Foreign currency translation adjustment (3) — — (3) Balance at December 31, 2019 $ 299,226 $ 1,632 $ 1,084,786 $ 1,385,644 ___________________________________________________________________ (1) In 2018, we purchased Silversea Cruises. Refer to Note 3. Business Combination for further information.

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Dec. 31, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets	The following is a summary of our intangible assets as of December 31, 2019 (in thousands, except weighted average amortization period): As of December 31, 2019 Remaining Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-life intangible assets: Customer relationships 13.8 $ 97,400 $ 7,576 $ 89,824 Galapagos operating license 24.7 47,669 6,010 41,659 Other finite-life intangible assets 0.8 11,560 6,743 4,817 Total finite-life intangible assets 156,629 20,329 136,300 Indefinite-life intangible assets 352,275 — 352,275 Total intangible assets, net $ 508,904 $ 20,329 $ 488,575 The following is a summary of our intangible assets as of December 31, 2018 (in thousands, except weighted average amortization period): As of December 31, 2018 Remaining Weighted Average Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Finite-life intangible assets: Customer relationships 14.8 $ 97,400 $ 1,082 $ 96,318 Galapagos operating license 25.8 47,669 4,206 43,463 Other finite-life intangible assets 1.8 11,560 963 10,597 Total finite-life intangible assets 156,629 6,251 150,378 Indefinite-life intangible assets 351,725 — 351,725 Total intangible assets, net $ 508,354 $ 6,251 $ 502,103
Schedule of Future Amortization Expense	The estimated future amortization for finite-life intangible assets for each of the next five years is as follows (in thousands): Year 2020 $ 12,995 2021 $ 8,179 2022 $ 8,179 2023 $ 8,179 2024 $ 8,179

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
Property and Equipment (Tables)	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment consists of the following (in thousands): As of December 31, 2019 2018 Ships $ 28,348,088 $ 27,209,553 Ship improvements 3,920,800 2,965,634 Ships under construction 1,110,962 817,800 Land, buildings and improvements, including leasehold improvements and port facilities 472,067 321,136 Computer hardware and software, transportation equipment and other 1,698,007 1,120,988 Total property and equipment 35,549,924 32,435,111 Less—accumulated depreciation and amortization (1) (10,083,116) (8,968,948) $ 25,466,808 $ 23,466,163

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2019
Other Assets [Abstract]
Schedule of other non-operating income	The following tables set forth information regarding our investments accounted for under the equity method of accounting, including the entities discussed above, (in thousands): Year ended December 31, 2019 2018 2017 Share of equity income from investments $ 230,980 $ 210,756 $ 156,247 Dividends received (1) $ 150,177 $ 243,101 $ 109,677
Related party transactions	As of December 31, 2019 2018 Total notes receivable due from equity investments $ 184,558 $ 201,979 Less-current portion (1) 25,933 19,075 Long-term portion (2) $ 158,625 $ 182,904 ___________________________________________________________________ (1) Included within Trade and other receivables, net in our consolidated balance sheets. (2) Included within Other assets in our consolidated balance sheets. Year ended December 31, 2019 2018 2017 Revenues $ 47,242 $ 54,705 $ 53,532 Expenses $ 4,304 $ 11,531 $ 15,176
Summarized balance sheet information of affiliates accounted for under the equity method of accounting	Summarized financial information for our affiliates accounted for under the equity method of accounting was as follows (in thousands): As of December 31, 2019 2018 Current assets $ 435,152 $ 471,428 Non-current assets 4,019,394 3,826,018 Total assets $ 4,454,546 $ 4,297,446 Current liabilities $ 1,094,552 $ 1,064,741 Non- current liabilities 2,267,936 2,217,909 Total liabilities $ 3,362,488 $ 3,282,650 Equity attributable to: Noncontrolling interest $ 1,784 $ 1,672
Summarized income statement sheet information of affiliates accounted for under the equity method of accounting	Year ended December 31, 2019 2018 2017 Total revenues $ 2,354,744 $ 2,255,352 $ 1,994,014 Total expenses (1,875,952) (1,779,160) (1,684,276) Net income $ 478,792 $ 476,192 $ 309,738

Debt (Tables)

Debt (Tables)	12 Months Ended
Debt (Tables)	Dec. 31, 2019
Debt Disclosure [Abstract]
Long Term Debt	Debt consists of the following (in thousands): As of December 31, Interest Rate (1) Maturities Through 2019 2018 Fixed rate debt: Senior notes 2.65% to 7.50% 2020 - 2028 $ 1,746,280 $ 1,724,194 Secured senior notes 7.25% 2025 662,398 670,437 Unsecured term loans 2.53% to 5.41% 2021 - 2030 2,806,774 2,148,351 Total fixed rate debt 5,215,452 4,542,982 Variable rate debt: Unsecured revolving credit facilities (2) 2.79% 2022 - 2024 165,000 795,000 Commercial paper 2.19% 2019 1,434,180 775,488 USD unsecured term loan 2.31% to 5.64% 2019 - 2028 3,519,853 4,005,848 Euro unsecured term loan 1.15% to 1.58% 2021 - 2028 676,740 734,176 Total variable rate debt 5,795,773 6,310,512 Finance lease liabilities 230,258 130,944 Total debt (3) 11,241,483 10,984,438 Less: unamortized debt issuance costs (206,607) (206,739) Total debt, net of unamortized debt issuance costs 11,034,876 10,777,699 Less—current portion including commercial paper (2,620,766) (2,422,329) Long-term portion $ 8,414,110 $ 8,355,370 (1) Interest rates based on outstanding loan balance as of December 31, 2019 and, for variable rate debt, include either LIBOR or EURIBOR plus the applicable margin. (2) Includes $1.7 billion facility due in 2024 and $1.2 billion facility due in 2022, each of which accrue interest at LIBOR plus 1.00%, currently 2.91%, and are subject to a facility fee of 0.125%. (3) At December 31, 2019 and 2018, the weighted average interest rate for total debt was 3.99% and 4.14%, respectively.
Schedule of Annual Maturities on Long-Term Debt Including Capital Leases	Following is a schedule of annual maturities on our total debt net of debt issuance costs, and including capital leases and commercial paper, as of December 31, 2019 for each of the next five years (in thousands): Year 2020 $ 2,620,766 2021 843,906 2022 2,479,303 2023 763,382 2024 723,697 Thereafter 3,603,822 $ 11,034,876

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2019
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	Supplemental balance sheet information for leases was as follows (in thousands): As of December 31, 2019 Lease assets: Finance lease right-of-use assets, net: Property and equipment, gross $ 376,159 Accumulated depreciation (57,955) Property and equipment, net 318,204 Operating lease right-of-use assets 687,555 Total lease assets $ 1,005,759 Lease liabilities: Finance lease liabilities: Current portion of debt $ 33,561 Long-term debt 196,697 Total finance lease liabilities 230,258 Operating lease liabilities: Current portion of operating lease liabilities 96,976 Long-term operating lease liabilities 601,641 Total operating lease liabilities 698,617 Total lease liabilities $ 928,875
Schedule of Lease Expense and Cash Flow Information	The components of lease expense were as follows (in thousands): Consolidated Statement of Comprehensive Income (Loss) Classification Twelve Months Ended December 31, 2019 Lease costs: Operating lease costs Commission, transportation and other $ 76,226 Operating lease costs Other operating expenses 27,868 Operating lease costs Marketing, selling and administrative expenses 18,837 Finance lease costs: Amortization of right-of-use-assets Depreciation and amortization expenses 22,044 Interest on lease liabilities Interest expense, net of interest capitalized 8,355 Total lease costs $ 153,330 Weighted average of the remaining lease terms and weighted average discount rates are as follows: As of December 31, 2019 Weighted average of the remaining lease term Operating leases 10.3 Finance leases 30.22 Weighted average discount rate Operating leases 4.65 % Finance leases 4.47 % Supplemental cash flow information related to leases is as follows (in thousands): Twelve Months Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 125,307 Operating cash flows from finance leases $ 8,355 Financing cash flows from finance leases $ 32,090
Schedule of Maturities, Financing Leases	As of December 31, 2019, maturities related to lease liabilities were as follows (in thousands): Years Operating Leases Finance Leases 2020 $ 126,235 $ 43,793 2021 113,033 46,726 2022 104,907 23,801 2023 101,547 12,539 2024 75,510 12,528 Thereafter 417,122 405,756 Total lease payments 938,354 545,143 Less: Interest (239,737) (314,885) Present value of lease liabilities $ 698,617 $ 230,258
Schedule of Maturities, Operating Leases	As of December 31, 2019, maturities related to lease liabilities were as follows (in thousands): Years Operating Leases Finance Leases 2020 $ 126,235 $ 43,793 2021 113,033 46,726 2022 104,907 23,801 2023 101,547 12,539 2024 75,510 12,528 Thereafter 417,122 405,756 Total lease payments 938,354 545,143 Less: Interest (239,737) (314,885) Present value of lease liabilities $ 698,617 $ 230,258 Under ASC 840, Leases, future minimum lease payments under noncancelable operating leases, primarily for offices, warehouses and motor vehicles, as of December 31, 2018 were as follows (in thousands): Years 2019 $ 67,682 2020 64,237 2021 56,142 2022 52,759 2023 52,522 Thereafter 383,974 $ 677,316

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interest (Tables)	12 Months Ended
Redeemable Noncontrolling Interest (Tables)	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The following table presents changes in the redeemable noncontrolling interest as of December 31, 2019 (in thousands): Balance as of January 1, 2018 $ — Additions (Silversea Cruises acqusition) 537,770 Net income attributable to noncontrolling interest, including the contractual accretion of the put options 4,750 Other (500) Balance at December 31, 2018 $ 542,020 Net income attributable to noncontrolling interest, including the contractual accretion of the put options 28,713 Distribution to noncontrolling interest (752) Balance at December 31, 2019 $ 569,981

Stock-Based Employee Compensa_2

Stock-Based Employee Compensation (Tables)	12 Months Ended
Stock-Based Employee Compensation (Tables)	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Compensation Expense Recognized for Employee Stock-based Compensation	Total compensation expense recognized for employee stock-based compensation for the years ended December 31, 2019, 2018 and 2017 was as follows (in thousands): Employee Stock-Based Compensation Classification of expense 2019 2018 2017 Marketing, selling and administrative expenses $ 75,930 $ 46,061 $ 69,459 Total compensation expense $ 75,930 $ 46,061 $ 69,459
Summary Stock Option Activity	Stock option activity and information about stock options outstanding are summarized in the following table: Stock Option Activity Number of Weighted- Weighted- Aggregate Intrinsic Value (1) (years) (in thousands) Outstanding at January 1, 2019 153,093 $ 29.06 1.23 $ 10,399 Granted — — Exercised (87,262) $ 19.96 Canceled (844) $ 33.73 Outstanding at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 Vested at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 Options Exercisable at December 31, 2019 64,987 $ 41.22 0.87 $ 5,990 ___________________________________________________________________ (1) The intrinsic value represents the amount by which the fair value of stock exceeds the option exercise price.
Summary of Restricted Stock Activity	Restricted stock activity is summarized in the following table: Restricted Stock Units Activity Number of Weighted- Non-vested share units as of January 1, 2019 $ 800,585 $ 103.32 Granted 293,707 112.13 Vested (267,134) 96.96 Canceled (25,323) 109.32 Non-vested share units as of December 31, 2019 $ 801,835 $ 88.97
Summary of Performance share activity	Performance share units activity is summarized in the following table: Performance Share Units Activity Number of Weighted- Non-vested share units as of January 1, 2019 302,561 88.57 Granted 187,924 87.39 Vested (198,537) 62.49 Canceled (5,931) 95.12 Non-vested share units as of December 31, 2019 286,017 105.76
Senior Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Restricted Stock Activity	Restricted stock awards activity is summarized in the following table: Restricted Stock Awards Activity Number of Weighted- Non-vested share units as of January 1, 2019 390,198 96.03 Granted 194,486 118.08 Vested (120,329) 66.93 Canceled (11,899) 66.93 Non-vested share units as of December 31, 2019 452,456 114.01

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2019
Earnings Per Share [Abstract]
Reconciliation Between Basic and Diluted Earnings Per Share	A reconciliation between basic and diluted earnings per share is as follows (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Net Income attributable to Royal Caribbean Cruises Ltd. for basic and diluted earnings per share $ 1,878,887 $ 1,811,042 $ 1,625,133 Weighted-average common shares outstanding 209,405 210,570 214,617 Dilutive effect of stock-based awards 525 984 1,077 Diluted weighted-average shares outstanding 209,930 211,554 215,694 Basic earnings per share $ 8.97 $ 8.60 $ 7.57 Diluted earnings per share $ 8.95 $ 8.56 $ 7.53

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2019
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive loss by component for the years ended December 31, 2019, 2018 and 2017 (in thousands): Changes related to cash flow derivative hedges Changes in defined Foreign currency translation adjustments Accumulated other comprehensive (loss) income Accumulated comprehensive loss at January 1, 2017 $ (820,850) $ (28,083) $ (67,551) $ (916,484) Other comprehensive income (loss) before reclassifications 381,865 (6,755) 17,307 392,417 Amounts reclassified from accumulated other comprehensive loss 188,630 1,172 — 189,802 Net current-period other comprehensive income (loss) 570,495 (5,583) 17,307 582,219 Accumulated comprehensive loss at January 1, 2018 (250,355) (33,666) (50,244) (334,265) Other comprehensive income (loss) before reclassifications (297,994) 6,156 (14,251) (306,089) Amounts reclassified from accumulated other comprehensive loss 11,133 1,487 — 12,620 Net current-period other comprehensive (loss) income (286,861) 7,643 (14,251) (293,469) Accumulated comprehensive loss at January 1, 2019 (537,216) (26,023) (64,495) (627,734) Other comprehensive (loss) income before reclassifications (146,108) (20,314) 869 (165,553) Amounts reclassified from accumulated other comprehensive loss (5,205) 779 — (4,426) Net current-period other comprehensive (loss) income (151,313) (19,535) 869 (169,979) Accumulated comprehensive loss at December 31, 2019 $ (688,529) $ (45,558) $ (63,626) $ (797,713)
Reclassification out of Accumulated Other Comprehensive Income	The following table presents reclassifications out of accumulated other comprehensive loss for the years ended December 31, 2019 , 2018 and 2017 (in thousands): Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Details about Accumulated Other Comprehensive Loss Components Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Affected Line Item in Statements of Comprehensive Income (Loss) Gain (loss) on cash flow derivative hedges: Interest rate swaps (4,289) (10,931) (31,603) Interest expense, net of interest capitalized Foreign currency forward contracts (14,063) (12,843) (10,840) Depreciation and amortization expenses Foreign currency forward contracts (5,080) 12,855 (9,472) Other income (expense) Foreign currency forward contracts — — — Other indirect operating expenses Foreign currency collar options — — (2,408) Depreciation and amortization expenses Fuel swaps (1,292) (1,580) 7,382 Other income (expense) Fuel swaps 29,929 1,366 (141,689) Fuel 5,205 (11,133) (188,630) Amortization of defined benefit plans: Actuarial loss (779) (1,487) (1,172) Payroll and related (779) (1,487) (1,172) Total reclassifications for the period $ 4,426 $ (12,620) $ (189,802)

Fair Value Measurements and D_2

Fair Value Measurements and Derivative Instruments (Tables)	12 Months Ended
Fair Value Measurements and Derivative Instruments (Tables)	Dec. 31, 2019
Derivative instruments disclosure
Estimated Fair Value of Financial Instruments that are not Measured at Fair Value on Recurring Basis	The estimated fair value of our financial instruments that are not measured at fair value, categorized based upon the fair value hierarchy, are as follows (in thousands): Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 Description Total Carrying Amount Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Total Carrying Amount Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Assets: Cash and cash equivalents(4) $ 243,738 $ 243,738 $ 243,738 — — $ 287,852 $ 287,852 $ 287,852 — — Total Assets $ 243,738 $ 243,738 $ 243,738 $ — $ — $ 287,852 $ 287,852 $ 287,852 $ — $ — Liabilities: Long-term debt (including current portion of long-term debt)(5) $ 9,370,438 $ 10,059,055 — $ 10,059,055 — $ 9,871,267 $ 10,244,214 — $ 10,244,214 — Total Liabilities $ 9,370,438 $ 10,059,055 $ — $ 10,059,055 $ — $ 9,871,267 $ 10,244,214 $ — $ 10,244,214 $ — ___________________________________________________________________ (1) Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. (2) Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly. For unsecured revolving credit facilities and unsecured term loans, fair value is determined utilizing the income valuation approach. This valuation model takes into account the contract terms of our debt such as the debt maturity and the interest rate on the debt. The valuation model also takes into account the creditworthiness of the Company. (3) Inputs that are unobservable. The Company did not use any Level 3 inputs as of December 31, 2019 and 2018. (4) Consists of cash and marketable securities with original maturities of less than 90 days. (5) Consists of unsecured revolving credit facilities, senior notes, senior debentures and term loans. These amounts do not include our capital lease obligations or commercial paper.
Company's Financial Instruments Recorded at Fair Value on Recurring Basis	The following table presents information about the Company's financial instruments recorded at fair value on a recurring basis (in thousands): Fair Value Measurements at December 31, 2019 Fair Value Measurements at December 31, 2018 Description Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Total Fair Value Level 1 (1) Level 2 (2) Level 3 (3) Assets: Derivative financial instruments (4) $ 39,994 $ — $ 39,994 $ — $ 65,297 $ — $ 65,297 $ — Total Assets $ 39,994 $ — $ 39,994 $ — $ 65,297 $ — $ 65,297 $ — Liabilities: Derivative financial instruments (5) $ 257,728 $ — $ 257,728 $ — $ 201,812 $ — $ 201,812 $ — Contingent consideration (6) 62,400 — — 62,400 44,000 — — 44,000 Total Liabilities $ 320,128 $ — $ 257,728 $ 62,400 $ 245,812 $ — $ 201,812 $ 44,000 ___________________________________________________________________ (1) Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment. (2) Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency forward contracts, interest rate swaps and fuel swaps, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms, such as maturity as well as other inputs, such as foreign exchange rates and curves, fuel types, fuel curves and interest rate yield curves. Derivative instrument fair values take into account the creditworthiness of the counterparty and the Company. (3) Inputs that are unobservable. (4) Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the "Fair Value of Derivative Instruments" table for breakdown by instrument type. (5) Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the "Fair Value of Derivative Instruments" table for breakdown by instrument type. (6) The contingent consideration related to the Silversea Cruises acquisition is estimated by applying a Monte-Carlo simulation method using our closing stock price along with significant inputs not observable in the market, including the probability of achieving the milestones and estimated future operating results. The Monte-Carlo simulation is a generally accepted statistical technique used to generate a defined number of valuation paths in order to develop a reasonable estimate of fair value. Refer to Note 3. Business Combination for further information on the Silversea Cruises acquisition. For the twelve months ended December 31, 2019, we recorded a contingent consideration expense of $18.4 million within Other (expense) income in our consolidated statements of comprehensive income (loss).
Offsetting Assets	The following table presents information about the Company’s offsetting of financial assets under master netting agreements with derivative counterparties (in thousands): Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements As of December 31, 2019 As of December 31, 2018 Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Derivatives subject to master netting agreements $ 39,994 $ (39,994) $ — $ — $ 65,297 $ (60,303) $ — $ 4,994 Total $ 39,994 $ (39,994) $ — $ — $ 65,297 $ (60,303) $ — $ 4,994
Offsetting Liabilities	The following table presents information about the Company’s offsetting of financial liabilities under master netting agreements with derivative counterparties (in thousands): Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements As of December 31, 2019 As of December 31, 2018 Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet Gross Amount of Eligible Offsetting Cash Collateral Net Amount of Derivatives subject to master netting agreements $ (257,728) $ 39,994 $ — $ (217,734) $ (201,812) $ 60,303 $ — $ (141,509) Total $ (257,728) $ 39,994 $ — $ (217,734) $ (201,812) $ 60,303 $ — $ (141,509)
Fuel Swap Agreements	As of December 31, 2019 and 2018, we had the following outstanding fuel swap agreements as hedges of our fuel exposure: Fuel Swap Agreements As of December 31, 2019 As of December 31, 2018 (metric tons) 2019 — 856,800 2020 830,500 830,500 2021 488,900 488,900 2022 322,900 322,900 2023 82,400 — Fuel Swap Agreements As of December 31, 2019 As of December 31, 2018 (% hedged) Projected fuel purchases for year: 2019 — 58 % 2020 54 % 54 % 2021 30 % 28 % 2022 19 % 19 % 2023 5 % —
Fair Value And Line item Caption of Derivative Instruments	The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets were as follows (in thousands): Fair Value of Derivative Instruments Asset Derivatives Liability Derivatives Balance Sheet As of December 31, 2019 As of December 31, 2018 Balance Sheet As of December 31, 2019 As of December 31, 2018 Fair Value Fair Value Fair Value Fair Value Derivatives designated as hedging instruments under ASC 815-20 (1) Interest rate swaps Other assets $ 11 $ 23,518 Other long-term liabilities $ 64,168 $ 40,467 Foreign currency forward contracts Derivative financial instruments — 4,044 Derivative financial instruments 75,260 39,665 Foreign currency forward contracts Other assets 9,380 10,844 Other long-term liabilities 64,711 16,854 Fuel swaps Derivative financial instruments 16,922 10,966 Derivative financial instruments 16,901 37,627 Fuel swaps Other assets 8,677 9,204 Other long-term liabilities 33,965 65,182 Total derivatives designated as hedging instruments under ASC 815-20 34,990 58,576 255,005 199,795 Derivatives not designated as hedging instruments under ASC 815-20 Foreign currency forward contracts Derivative financial Instruments 3,186 1,751 Derivative financial instruments 2,419 808 Foreign currency forward contracts Other assets — 1,579 Other long-term liabilities — 833 Fuel swaps Derivative financial instruments 1,643 2,804 Derivative financial instruments 295 376 Fuel swaps Other assets 175 587 Other long-term liabilities 9 — Total derivatives not designated as hedging instruments under ASC 815-20 5,004 6,721 2,723 2,017 Total derivatives $ 39,994 $ 65,297 $ 257,728 $ 201,812 ___________________________________________________________________ (1) Accounting Standard Codification 815-20 " Derivatives and Hedging." The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets for the cumulative basis adjustment for fair value hedges were as follows (in thousands): Line Item in the Statement of Financial Position Where the Hedged Item is Included Carrying Amount of the Hedged Liabilities Cumulative amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities As of December 31, 2019 As of December 31, 2018 As of December 31, 2019 As of December 31, 2018 Current portion of long-term debt and Long-term debt $ 715,234 $ 725,486 $ (1,301) $ (24,766) $ 715,234 $ 725,486 $ (1,301) $ (24,766)
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The location and amount of gain or (loss) recognized in income on fair value and cash flow hedging relationships were as follows (in thousands): Year Ended December 31, 2019 Year Ended December 31, 2018 Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $697,962 $1,245,942 $(381,568) $ (24,513) $710,617 $1,033,697 $(300,872) $ 11,107 The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items n/a n/a $ (23,464) — n/a n/a 4,673 $ — Derivatives designated as hedging instruments n/a n/a $ 16,607 — n/a n/a $ (8,854) $ — Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a n/a $ (4,289) n/a n/a n/a $ (10,931) n/a Commodity contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income $ 29,929 n/a n/a $ (1,292) $ 1,366 n/a n/a $ (1,580) Foreign exchange contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a $ (14,063) n/a $ (5,080) n/a $ (12,843) n/a $ 12,855 Year Ended December 31, 2017 Fuel Expense Depreciation and Amortization Expenses Interest Income (Expense) Other Income (Expense) Total amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded $ 681,118 $ 951,194 $ (269,881) $ (5,289) The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items n/a n/a $ — $ 6,065 Derivatives designated as hedging instruments n/a n/a $ 3,007 $ (3,139) Gain or (loss) on cash flow hedging relationships in Subtopic 815-20 Interest contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a n/a $ (31,603) n/a Commodity contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income $ (141,689) n/a n/a $ 7,382 Foreign exchange contracts Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income n/a $ (13,248) n/a $ (9,472)
Fair Value and Line Item Caption of Non-derivative Instruments	The carrying value and line item caption of non-derivative instruments designated as hedging instruments recorded within our consolidated balance sheets were as follows (in thousands): Carrying Value Non-derivative instrument designated as Balance Sheet Location As of December 31, 2019 As of December 31, 2018 Foreign currency debt Current portion of long-term debt $ 73,572 $ 38,168 Foreign currency debt Long-term debt 284,506 281,984 $ 358,078 $ 320,152
Effect of Non-derivative Instruments Qualifying and Designated as Hedging Instruments in Net Investment Hedges on Consolidated Financial Statements	The effect of non-derivative instruments qualifying and designated as net investment hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Non-derivative instruments under ASC 815-20 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Foreign Currency Debt $ 6,111 $ 13,210 $ (38,971) $ 6,111 $ 13,210 $ (38,971)
Not Designated as Hedging Instrument
Derivative instruments disclosure
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The effect of derivatives not designated as hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Recognized Derivatives Not Designated as Hedging Location of Gain (Loss) Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Foreign currency forward contracts Other income (expense) $ 1,356 $ (62,423) $ 61,952 Fuel swaps Fuel (37) 1,161 — Fuel swaps Other income (expense) 112 114 (1,133) $ 1,431 $ (61,148) $ 60,819
Fair value hedging
Derivative instruments disclosure
Schedule of Interest Rate Derivatives	At December 31, 2019 and 2018, we maintained interest rate swap agreements on the following fixed-rate debt instruments: Debt Instrument Swap Notional as of December 31, 2019 (In thousands) Maturity Debt Fixed Rate Swap Floating Rate: LIBOR plus All-in Swap Floating Rate as of December 31, 2019 Oasis of the Seas term loan $ 70,000 October 2021 5.41% 3.87% 5.80% Unsecured senior notes 650,000 November 2022 5.25% 3.63% 5.54% $ 720,000
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The effect of derivative instruments qualifying and designated as hedging instruments and the related hedged items in fair value hedges on the consolidated statements of comprehensive income (loss) was as follows (in thousands): Location of Gain (Loss) Recognized in Income on Derivative and Hedged Item Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item Derivatives and related Hedged Items under ASC 815-20 Fair Value Hedging Relationships Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Interest rate swaps Interest expense (income), net of interest capitalized $ 16,607 $ (8,854) $ 3,007 $ (23,464) $ 4,673 $ — Interest rate swaps Other income (expense) — — (3,139) — — 6,065 $ 16,607 $ (8,854) $ (132) $ (23,464) $ 4,673 $ 6,065
Cash flow hedge
Derivative instruments disclosure
Schedule of Interest Rate Derivatives	At December 31, 2019 and 2018, we maintained interest rate swap agreements on the following floating-rate debt instruments: Debt Instrument Swap Notional as of December 31, 2019 (In thousands) Maturity Debt Floating Rate All-in Swap Fixed Rate Celebrity Reflection term loan $ 272,708 October 2024 LIBOR plus 0.40% 2.85% Quantum of the Seas term loan 428,750 October 2026 LIBOR plus 1.30% 3.74% Anthem of the Seas term loan 453,125 April 2027 LIBOR plus 1.30% 3.86% Ovation of the Seas term loan 587,917 April 2028 LIBOR plus 1.00% 3.16% Harmony of the Seas term loan (1) 551,325 May 2028 EURIBOR plus 1.15% 2.26% Odyssey of the Seas term loan (2) 460,000 October 2032 LIBOR plus 0.95% 3.20% $ 2,753,825 ___________________________________________________________________ (1) Interest rate swap agreements hedging the Euro-denominated term loan for Harmony of the Seas include EURIBOR zero-floors matching the hedged debt EURIBOR zero-floor. Amount presented is based on the exchange rate as of December 31, 2019. (2) Interest rate swap agreements hedging the term loan for Odyssey of the Seas include LIBOR zero-floors matching the hedged debt LIBOR zero-floor. The anticipated unsecured term loan for the financing of Odyssey of the Seas is expected to be drawn in October 2020.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The effect of derivative instruments qualifying and designated as cash flow hedging instruments on the consolidated financial statements was as follows (in thousands): Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives under ASC 815-20 Cash Flow Hedging Relationships Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Interest rate swaps $ (72,732) $ 18,578 $ (13,312) Interest expense $ (4,289) $ (10,931) $ (31,603) Foreign currency forward contracts (148,881) (222,645) 276,573 Depreciation and amortization expenses (14,063) (12,843) (10,840) Foreign currency forward contracts — — — Other income (expense) (5,080) 12,855 (9,472) Foreign currency forward contracts — — — Other indirect operating expenses — — — Foreign currency collar options — — — Depreciation and amortization expenses — — (2,408) Fuel swaps — — — Other income (expense) (1,292) (1,580) 7,382 Fuel swaps 75,505 (93,927) 118,604 Fuel 29,929 1,366 (141,689) $ (146,108) $ (297,994) $ 381,865 $ 5,205 $ (11,133) $ (188,630) The table below represents amounts excluded from the assessment of effectiveness for our net investment hedging instruments for which the difference between changes in fair value and periodic amortization is recorded in accumulated other comprehensive income (loss) (in thousands): Gain (Loss) Recognized in Income (Net Investment Excluded Components) Year Ended December 31, 2019 Net inception fair value at January 1, 2019 $ (8,359) Amount of gain recognized in income on derivatives for the year ended December 31, 2019 4,024 Amount of loss remaining to be amortized in accumulated other comprehensive loss as of December 31, 2019 (3,673) Fair value at December 31, 2019 $ (8,008)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of capital commitments	As of December 31, 2019, our Global Brands have the following ships on order: Ship Shipyard Expected to Enter Approximate Royal Caribbean International — Oasis-class: Wonder of the Seas Chantiers de l’Atlantique 2nd Quarter 2021 5,700 Unnamed Chantiers de l’Atlantique 4th Quarter 2023 5,700 Quantum-class: Odyssey of the Seas Meyer Werft 4th Quarter 2020 4,200 Icon-class: Unnamed Meyer Turku Oy 2nd Quarter 2022 5,600 Unnamed Meyer Turku Oy 2nd Quarter 2024 5,600 Unnamed Meyer Turku Oy 2nd Quarter 2025 5,600 Celebrity Cruises — Edge-class: Celebrity Apex Chantiers de l’Atlantique 2nd Quarter 2020 2,900 Celebrity Beyond Chantiers de l’Atlantique 4th Quarter 2021 3,250 Unnamed Chantiers de l’Atlantique 4th Quarter 2022 3,250 Silversea Cruises — (1) Silver Origin De Hoop 3rd Quarter 2020 100 Muse-class: Silver Moon Fincantieri 3rd Quarter 2020 550 Silver Dawn Fincantieri 3rd Quarter 2021 550 Evolution-class: Unnamed Meyer Werft 1st Quarter 2022 600 Unnamed Meyer Werft 1st Quarter 2023 600 TUI Cruises (50% joint venture) — Mein Schiff 7 Meyer Turku Oy 2nd Quarter 2023 2,900 Unnamed Fincantieri 3rd Quarter 2024 4,100 Unnamed Fincantieri 1st Quarter 2026 4,100 Total Berths 55,300 (1) The revenue impact from Silversea Cruises' new ships will be recognized on a three month reporting lag from the "Expected to Enter Service" dates above. Refer to Note 1. General to our consolidated financial statements under Item 8. Financial Statements and Supplementary Data for further information.
Schedule of future commitments to pay for usage of port facilities, marine consumables, services and maintenance contracts	At December 31, 2019, we have future commitments to pay for our usage of certain port facilities, marine consumables, services and maintenance contracts as follows (in thousands): Year 2020 $ 202,879 2021 137,840 2022 57,096 2023 14,596 2024 8,760 Thereafter 34,233 $ 455,404

Restructuring Charges (Tables)

Restructuring Charges (Tables)	12 Months Ended
Restructuring Charges (Tables)	Dec. 31, 2019
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	The following table summarizes our restructuring exit costs (in thousands): Beginning Accruals Payments Ending Balance December 31, 2019 Cumulative Termination benefits — $ 8,880 $ 491 $ 8,389 $ 8,880 Contract termination costs — 338 — 338 338 Other related costs — 2,808 23 2,785 2,808 Total — $ 12,026 $ 514 $ 11,512 $ 12,026

Quarterly Selected Financial _2

Quarterly Selected Financial Data (Unaudited) (Tables)	12 Months Ended
Quarterly Selected Financial Data (Unaudited) (Tables)	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Quarterly Selected Financial Data	(In thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter 2019 2018 2019 2018 2019 2018 2019 2018 Total revenues (1) $ 2,439,767 $ 2,027,756 $ 2,806,631 $ 2,337,605 $ 3,186,850 $ 2,796,187 $ 2,517,413 $ 2,332,301 Operating income $ 318,831 $ 274,146 $ 573,653 $ 456,895 $ 890,792 $ 799,733 $ 299,425 $ 364,027 Net Income attributable to Royal Caribbean Cruises Ltd. $ 249,681 $ 218,653 $ 472,830 $ 466,295 $ 883,240 $ 810,391 $ 273,136 $ 315,703 Earnings per share Basic $ 1.19 $ 1.03 $ 2.26 $ 2.20 $ 4.21 $ 3.88 $ 1.31 $ 1.51 Diluted $ 1.19 $ 1.02 $ 2.25 $ 2.19 $ 4.20 $ 3.86 $ 1.30 $ 1.50 Dividends declared per share $ 0.70 $ 0.60 $ 0.70 $ 0.60 $ 0.78 $ 0.70 $ 0.78 $ 0.70 ___________________________________________________________________ (1) Our revenues are seasonal based on the demand for cruises. Demand is strongest for cruises during the Northern Hemisphere's summer months and holidays.

General (Details)

General (Details) destination in Thousands, $ in Millions	Jul. 31, 2018USD ($)	Dec. 31, 2019shipcontinentbranddestination
Schedule of Equity Method Investments [Line Items]
Number of cruise brands \| brand		4
Number of ships in operation \| ship		61
Number of destinations \| destination		1
Minimum
Schedule of Equity Method Investments [Line Items]
Investment in a joint venture, percentage of interest		20.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Investment in a joint venture, percentage of interest		50.00%
TUI Cruises
Schedule of Equity Method Investments [Line Items]
Investment in a joint venture, percentage of interest		50.00%
Pullmantur
Schedule of Equity Method Investments [Line Items]
Investment in a joint venture, percentage of interest		49.00%
Silversea Cruises
Schedule of Equity Method Investments [Line Items]
Number of continents \| continent		7
Percentage of business acquired	66.70%
Payments to acquire business \| $	$ 1,020

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)brand	Dec. 31, 2019USD ($)segmentbrand$ / shares	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in operating income		$ 4,600,000
Change in net income		$ 4,600,000
Change in accounting principle, effect on basic earnings per share (in dollars per share) \| $ / shares		$ 0.02
Change in accounting principle, effect on diluted earnings per share (in dollars per share) \| $ / shares		$ 0.02
Exchange gains (losses) recorded in other income (expense)		$ 400,000	$ 57,600,000	$ (75,600,000)
Exposure under foreign currency forward contracts, foreign currency collar options, fuel call options, interest rate and fuel swap agreements	$ 0	$ 0	$ 5,600,000
Number of cruise brands \| brand	4	4
Number of operating segments \| segment		1
Right-of-use asset	$ 687,555,000	$ 687,555,000
Operating lease liability	$ 698,617,000	$ 698,617,000
Lower Limit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in a joint venture, percentage of interest	20.00%	20.00%
Upper Limit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in a joint venture, percentage of interest	50.00%	50.00%
Ships
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments for capital investment		$ 538,000,000
Ships \| Oasis Of The Seas
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life	35 years		30 years
Residual value, percentage	10.00%	10.00%	15.00%
Payments for capital investment		$ 170,000,000
Ships \| Lower Limit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		30 years
Residual value, percentage	10.00%	10.00%
Drydock services period		30 months
Ships \| Upper Limit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life		35 years
Residual value, percentage	15.00%	15.00%
Drydock services period		60 months
Media advertising
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advertising costs		$ 309,400,000	$ 255,700,000	233,500,000
Brochure, production and direct mail costs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Advertising costs		$ 156,000,000	$ 133,400,000	$ 126,700,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset					$ 801,800,000
Operating lease liability					$ 820,500,000
TUI Cruises
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in a joint venture, percentage of interest	50.00%	50.00%
Pullmantur
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment in a joint venture, percentage of interest	49.00%	49.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Useful Lives of Property and Equipment) (Details)	12 Months Ended
	Dec. 31, 2019
Ships \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Ships \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	35 years
Ship improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Ship improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	40 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Transportation equipment and other \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Transportation equipment and other \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	30 years

Business Combination (Narrative

Business Combination (Narrative) (Details) - USD ($)	Jul. 31, 2018	Jul. 31, 2018	Dec. 31, 2018	Apr. 30, 2019
Business Acquisition [Line Items]
Revenue since acquisition			$ 130,100,000
Net income since acquisition			3,300,000
Transaction costs			$ 31,800,000
Silversea Cruises
Business Acquisition [Line Items]
Percentage of business acquired	66.70%	66.70%
Payments to acquire business	$ 1,020,000,000
Contingent consideration	44,000,000	$ 44,000,000
Silversea Cruises
Business Acquisition [Line Items]
Long-term debt				$ 700,000,000
Silversea Cruises \| Silversea Cruises
Business Acquisition [Line Items]
Long-term debt	$ 700,000,000	$ 700,000,000
Minimum \| Silversea Cruises
Business Acquisition [Line Items]
Contingent consideration, shares (in shares)		0
Maximum \| Silversea Cruises
Business Acquisition [Line Items]
Contingent consideration, shares (in shares)		472,000

Business Combination (Purchase

Business Combination (Purchase Price Allocation) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jul. 31, 2018USD ($)ships	Dec. 31, 2017USD ($)
Assets
Goodwill	$ 1,385,644	$ 1,378,353		$ 288,512
Goodwill, measurement period adjustments	(5,224)
Liabilities
Cash held as collateral			$ 32,000
Silversea Cruises
Assets
Cash and cash equivalents	103,865		103,865
Cash and cash equivalents, measurement period adjustments	0
Trade and other receivables, net	7,163		7,163
Trade and other receivables, net, measurement period adjustments	0
Inventories	18,331		18,331
Inventories, measurement period adjustments	0
Prepaid expenses and other assets	120,496		120,496
Prepaid expenses and other assets, measurement period adjustments	0
Derivative financial instruments	2,886		2,886
Derivative financial instruments, measurement period adjustments	0
Property and equipment, net	1,114,270		1,114,270
Property and equipment, net, measurement period adjustments	0
Goodwill	1,084,786		1,090,010
Goodwill, measurement period adjustments	(5,224)
Other assets	498,457		498,457
Other assets, measurement period adjustments	0
Total assets acquired	2,950,254		2,955,478
Total assets acquired, measurement period adjustments	(5,224)
Liabilities
Current portion of long-term debt	26,851		26,851
Current portion of long-term debt, measurement period adjustments	0
Accounts payable	36,960		36,960
Accounts payable, measurement period adjustments	0
Customer deposits	453,798		453,798
Customer deposits, measurement period adjustments	0
Long-term debt	727,935		727,935
Long-term debt, measurement period adjustments	0
Other long-term liabilities	23,860		23,860
Other long-term liabilities, measurement period adjustments	0
Total liabilities assumed	1,348,484		1,353,708
Total liabilities assumed, measurement period adjustments	(5,224)
Redeemable noncontrolling interest	537,770		537,770
Redeemable noncontrolling interest, measurement period adjustments	0
Total purchase price	1,064,000		$ 1,064,000
Total purchase price, measurement period adjustments	0
Number of ships under capital leases \| ships			2
Capital leases assets			$ 156,000
Intangible assets			494,600
Silversea Cruises \| Accrued interest
Liabilities
Current liabilities, other	1,773		1,773
Current liabilities, other, measurement period adjustments	0
Silversea Cruises \| Accrued expenses and other liabilities
Liabilities
Current liabilities, other	77,307		$ 82,531
Current liabilities, other, measurement period adjustments	$ (5,224)

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Revenues (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capitalized Contract Cost [Line Items]
Total revenues	$ 2,517,413	$ 3,186,850	$ 2,806,631	$ 2,439,767	$ 2,332,301	$ 2,796,187	$ 2,337,605	$ 2,027,756	$ 10,950,661	$ 9,493,849	$ 8,777,845
Contract liabilities	1,700,000				1,900,000				1,700,000	1,900,000	1,400,000
Contract assets	55,500				57,800				55,500	57,800	60,100
Commissions, transportation and other
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 163,200				$ 153,500				$ 163,200	153,500
Minimum
Capitalized Contract Cost [Line Items]
Duration of cruises									2 days
Maximum
Capitalized Contract Cost [Line Items]
Duration of cruises									25 days
Port Costs
Capitalized Contract Cost [Line Items]
Total revenues									$ 666,800	$ 611,400	$ 569,500

Revenues (Disaggregation of Rev

Revenues (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,517,413	$ 3,186,850	$ 2,806,631	$ 2,439,767	$ 2,332,301	$ 2,796,187	$ 2,337,605	$ 2,027,756	$ 10,950,661	$ 9,493,849	$ 8,777,845
Cruise itinerary
Disaggregation of Revenue [Line Items]
Total revenues									10,432,213	9,125,728	8,446,647
Cruise itinerary \| North America
Disaggregation of Revenue [Line Items]
Total revenues									6,392,354	5,399,951	5,062,305
Cruise itinerary \| Asia/Pacific
Disaggregation of Revenue [Line Items]
Total revenues									1,529,898	1,463,083	1,588,802
Cruise itinerary \| Europe
Disaggregation of Revenue [Line Items]
Total revenues									1,942,057	1,914,549	1,509,586
Cruise itinerary \| Other regions
Disaggregation of Revenue [Line Items]
Total revenues									567,904	348,145	285,954
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues									$ 518,448	$ 368,121	$ 331,198
Passenger ticket \| Other regions
Disaggregation of Revenue [Line Items]
Percentage of revenues by country									26.00%	29.00%	32.00%
Passenger ticket \| United States
Disaggregation of Revenue [Line Items]
Percentage of revenues by country									65.00%	61.00%	59.00%
Passenger ticket \| United Kingdom
Disaggregation of Revenue [Line Items]
Percentage of revenues by country									9.00%	10.00%	9.00%

Goodwill (Schedule of Goodwill)

Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Goodwill [Roll Forward]
Beginning balance	$ 1,378,353	$ 288,512
Goodwill attributable to acquisition	12,518	1,090,010
Silversea Goodwill adjustment	(5,224)
Foreign currency translation adjustment	(3)	(169)
Ending balance	1,385,644	1,378,353
Royal Caribbean International
Goodwill [Roll Forward]
Beginning balance	286,711	286,880
Goodwill attributable to acquisition	12,518
Silversea Goodwill adjustment	0
Foreign currency translation adjustment	(3)	(169)
Ending balance	299,226	286,711
Celebrity Cruises
Goodwill [Roll Forward]
Beginning balance	1,632	1,632
Goodwill attributable to acquisition	0
Silversea Goodwill adjustment	0
Foreign currency translation adjustment	0	0
Ending balance	1,632	1,632
Silversea Cruises
Goodwill [Roll Forward]
Beginning balance	1,090,010	0
Goodwill attributable to acquisition	0	1,090,010
Silversea Goodwill adjustment	(5,224)
Foreign currency translation adjustment	0	0
Ending balance	$ 1,084,786	$ 1,090,010

Goodwill (Narrative) (Details)

Goodwill (Narrative) (Details) - USD ($)	12 Months Ended
Goodwill (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Impairment charge		$ 0	$ 0
Royal Caribbean International
Goodwill [Line Items]
Impairment charge	$ 0
Silversea Cruises
Goodwill [Line Items]
Impairment charge	$ 0

Intangible Assets (Schedule of

Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, gross carrying value	$ 156,629	$ 156,629
Finite-life intangible assets, accumulated amortization	20,329	6,251
Finite-life intangible assets, net carrying value	136,300	150,378
Indefinite-life intangible assets	352,275	351,725
Gross Carrying Value	508,904	508,354
Net Carrying Value	488,575	502,103
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, gross carrying value	97,400	97,400
Finite-life intangible assets, accumulated amortization	7,576	1,082
Finite-life intangible assets, net carrying value	$ 89,824	$ 96,318
Customer relationships \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period (Years)	13 years 9 months 18 days	14 years 9 months 18 days
Galapagos operating license
Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, gross carrying value	$ 47,669	$ 47,669
Finite-life intangible assets, accumulated amortization	6,010	4,206
Finite-life intangible assets, net carrying value	$ 41,659	$ 43,463
Galapagos operating license \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period (Years)	24 years 8 months 12 days	25 years 9 months 18 days
Other finite-life intangible assets
Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, gross carrying value	$ 11,560	$ 11,560
Finite-life intangible assets, accumulated amortization	6,743	963
Finite-life intangible assets, net carrying value	$ 4,817	$ 10,597
Other finite-life intangible assets \| Weighted Average
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period (Years)	9 months 18 days	1 year 9 months 18 days

Intangible Assets (Acquired Int

Intangible Assets (Acquired Intangible Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 494,560
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 97,400
Weighted Average Amortization Period (Years)	15 years
Galapagos operating license
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 36,100
Weighted Average Amortization Period (Years)	16 years
Other finite-life intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets	$ 11,560
Weighted Average Amortization Period (Years)	2 years
Silversea Cruises trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 349,500

Intangible Assets (Future Amort

Intangible Assets (Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2020	$ 12,995
2021	8,179
2022	8,179
2023	8,179
2024	$ 8,179

Property and Equipment (Schedul

Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Ships	$ 28,348,088	$ 27,209,553
Ship improvements	3,920,800	2,965,634
Ships under construction	1,110,962	817,800
Land, buildings and improvements, including leasehold improvements and port facilities	472,067	321,136
Computer hardware and software, transportation equipment and other	1,698,007	1,120,988
Total property and equipment	35,549,924	32,435,111
Less-accumulated depreciation and amortization	(10,083,116)	(8,968,948)
Property and equipment, net	$ 25,466,808	$ 23,466,163

Property and Equipment (Narrati

Property and Equipment (Narrative) (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2019EUR (€)ship	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)aircraftloan	Dec. 31, 2019USD ($)ship	Jul. 31, 2018ship	Dec. 31, 2017EUR (€)
Property and Equipment
Capitalized interest cost \| $		$ 56,500	$ 49,600	$ 24,200
Number of ships in operation	61				61
Principal and Interest payments received \| $		32,870	124,238	62,303
Gain on sale of equipment \| $		$ 0	$ 0	30,902
Maritime Equipment
Property and Equipment
Number of ships under finance leases	2				2
Gain on sale of equipment \| $				$ 30,900
Wamos Air, S.A.
Property and Equipment
Number of aircraft sold \| aircraft				3
Percentage of ownership stake sold				6.00%
Number of loans extended \| loan				2
Notes receivable obtained from divestiture \| €							€ 17.3
Silversea Cruises
Property and Equipment
Number of ships in operation	8				8
Wamos Air, S.A.
Property and Equipment
Ownership percentage	13.00%				13.00%
Principal and Interest payments received \| €	€ 5.4
Receivable, related party	€ 9.9				$ 11,100
Maximum \| Wamos Air, S.A.
Property and Equipment
Long term debt, stated interest rate (as a percent)	5.25%				5.25%
Silversea Cruises
Property and Equipment
Number of ships acquired						9
Number of ships under finance leases	2				2
Number of ships under operating leases	1				1

Other Assets (Narrative) (Detai

Other Assets (Narrative) (Details) $ in Thousands, € in Millions	1 Months Ended			12 Months Ended
	Apr. 30, 2016	Mar. 31, 2009EUR (€)	Mar. 31, 2009USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Feb. 07, 2020ship	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)	Mar. 31, 2018	Dec. 31, 2016
Other Assets
Proceeds from the sale of property and equipment				$ 0	$ 0	$ 230,000
Gain on sale of equipment				0	0	30,902
Principal and Interest payments received				$ 32,870	124,238	$ 62,303
Minimum
Other Assets
Investment in a joint venture, percentage of interest								20.00%	20.00%
Ownership interest retained, percent								20.00%	20.00%
Maximum
Other Assets
Investment in a joint venture, percentage of interest								50.00%	50.00%
Ownership interest retained, percent								50.00%	50.00%
TUI Cruises GmbH joint venture
Other Assets
Investment in a joint venture, percentage of interest								50.00%	50.00%
Equity and loans due from equity method investee									$ 598,100		$ 578,100
Equity investment									443,100		403,000
Loan investment								€ 133.2	149,500	€ 150.6	172,200
Related party guarantor obligation percentage				50.00%
Amount outstanding under line of credit provided to TUI Cruises								€ 26.4	$ 29,700
Proceeds from the sale of property and equipment		€ 224.4	$ 290,900
Deferred gain on sale			$ 35,900
Gain on sale of equipment					21,800
Ownership interest retained, percent								50.00%	50.00%
Pullmantur
Other Assets
Investment in a joint venture, percentage of interest								49.00%	49.00%
Loan investment								€ 15	$ 16,800
Interest rate on debt facility provided to related party (as a percent)								6.50%	6.50%
Related party guarantor obligation percentage				51.00%
Retained ownership percentage of subsidiary after sale				49.00%
Ownership interest retained, percent								49.00%	49.00%
Maximum loss exposure									$ 49,700		58,500
Line of credit outstanding								€ 11	$ 12,300	€ 14	16,000
Percentage of subsidiary which has been sold								51.00%	51.00%				51.00%
Grand Bahamas Shipyard Ltd. \| Not Primary Beneficiary
Other Assets
Investment in a joint venture, percentage of interest								40.00%	40.00%
Equity investment									$ 27,000		41,400
Ownership interest retained, percent								40.00%	40.00%
Payments to related parties for services provided				$ 45,700	44,700
Net book value of equity method investment									$ 47,900		56,100
Principal and Interest payments received				$ 8,600
Grand Bahamas Shipyard Ltd. \| Not Primary Beneficiary \| Non-accrual status of advances to affiliates
Other Assets
Interest rate on debt facility provided to related party (as a percent)								5.75%	5.75%
Principal and Interest payments received					16,400
Grand Bahamas Shipyard Ltd. \| Not Primary Beneficiary \| Loans Receivable
Other Assets
Loan investment									$ 20,900		$ 14,600
Skysea Holding
Other Assets
Equity method investment impairment					$ 23,300
Skysea Holding \| Not Primary Beneficiary
Other Assets
Investment in a joint venture, percentage of interest												36.00%
Ownership interest retained, percent												36.00%
London Interbank Offered Rate (LIBOR) \| Grand Bahamas Shipyard Ltd. \| Not Primary Beneficiary \| Non-accrual status of advances to affiliates \| Minimum
Other Assets
Margin on floating rate base (as a percent)				2.00%
London Interbank Offered Rate (LIBOR) \| Grand Bahamas Shipyard Ltd. \| Not Primary Beneficiary \| Non-accrual status of advances to affiliates \| Maximum
Other Assets
Margin on floating rate base (as a percent)				3.75%
Splendor of the Seas \| TUI Cruises GmbH joint venture
Other Assets
Interest rate on debt facility provided to related party (as a percent)	6.25%
Debt instrument, term	10 years
Related party guarantor obligation percentage	50.00%
Springwater Capital LLC \| Pullmantur
Other Assets
Investment in a joint venture, percentage of interest								51.00%	51.00%
Ownership interest retained, percent								51.00%	51.00%
TUI cruise ships \| TUI Cruises GmbH joint venture
Other Assets
Reduction of current ownership interest, minimum allowed (as a percent)								37.55%	37.55%
Mein Schiff 1
Other Assets
Property, plant and equipment, useful life		23 years	23 years
Luxury Liners \| Subsequent event \| TUI Cruises GmbH joint venture \| Hapag-Lloyd Cruises
Other Assets
Number of ships acquired \| ship							2
Expedition Ships \| Subsequent event \| TUI Cruises GmbH joint venture \| Hapag-Lloyd Cruises
Other Assets
Number of ships acquired \| ship							3

Other Assets (Share of equity i

Other Assets (Share of equity income from investments) (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2019EUR (€)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Share of equity income from investments	$ 230,980		$ 210,756	$ 156,247
Dividends received	150,177		$ 243,101	$ 109,677
TUI Cruises
Schedule of Equity Method Investments [Line Items]
Dividends received	$ 190,300	€ 170

Other Assets (Notes Receivable

Other Assets (Notes Receivable Due From Equity Investments) (Details) - Equity Investment - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable due from equity investments	$ 184,558	$ 201,979
Less-current portion	25,933	19,075
Long-term portion	$ 158,625	$ 182,904

Other Assets (Related party tra

Other Assets (Related party transactions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Assets [Abstract]
Revenues	$ 47,242	$ 54,705	$ 53,532
Expenses	$ 4,304	$ 11,531	$ 15,176

Other Assets (Equity Method Inv

Other Assets (Equity Method Investee) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets [Abstract]
Current assets	$ 435,152	$ 471,428
Non-current assets	4,019,394	3,826,018
Total assets	4,454,546	4,297,446
Liabilities [Abstract]
Current liabilities	1,094,552	1,064,741
Non- current liabilities	2,267,936	2,217,909
Total liabilities	3,362,488	3,282,650
Equity attributable to:
Noncontrolling interest	1,784	1,672
Income Statement [Abstract]
Total revenues	2,354,744	2,255,352	$ 1,994,014
Total expenses	(1,875,952)	(1,779,160)	(1,684,276)
Net income	$ 478,792	$ 476,192	$ 309,738

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($)	12 Months Ended
Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Long-Term Debt
Debt	$ 11,241,483,000	$ 10,984,438,000
Less: unamortized debt issuance costs	(206,607,000)	(206,739,000)
Total debt, net of unamortized debt issuance costs	11,034,876,000	10,777,699,000
Less—current portion including commercial paper	(2,620,766,000)	(2,422,329,000)
Long-term portion	$ 8,414,110,000	$ 8,355,370,000
Weighted average interest rate	3.99%	4.14%
Commercial paper
Long-Term Debt
Long term debt, current interest rate (as a percent)	2.19%
Long-term debt	$ 1,434,180,000	$ 775,488,000
Fixed rate debt:
Long-Term Debt
Long-term debt	5,215,452,000	4,542,982,000
Senior notes
Long-Term Debt
Long-term debt	$ 1,746,280,000	1,724,194,000
Secured senior notes
Long-Term Debt
Long term debt, stated interest rate (as a percent)	7.25%
Long-term debt	$ 662,398,000	670,437,000
Unsecured term loans
Long-Term Debt
Long-term debt	2,806,774,000	2,148,351,000
Total variable rate debt
Long-Term Debt
Long-term debt	$ 5,795,773,000	6,310,512,000
Unsecured revolving credit facilities
Long-Term Debt
Long term debt, current interest rate (as a percent)	2.79%
Long-term debt	$ 165,000,000	795,000,000
Long term debt, facility fee (as a percent)	0.125%
Unsecured revolving credit facilities \| $1.7 billion unsecured revolving credit facility
Long-Term Debt
Long term debt, current interest rate (as a percent)	2.91%
Long term debt, principal amount	$ 1,700,000,000
Unsecured revolving credit facilities \| $1.2 billion unsecured revolving credit facility
Long-Term Debt
Long term debt, current interest rate (as a percent)	2.91%
Long term debt, principal amount	$ 1,200,000,000
USD unsecured term loan
Long-Term Debt
Long-term debt	3,519,853,000	4,005,848,000
Euro unsecured term loan
Long-Term Debt
Long-term debt	676,740,000	734,176,000
Finance lease liabilities
Long-Term Debt
Long-term debt	$ 230,258,000
Finance lease liabilities
Long-Term Debt
Long-term debt		$ 130,944,000
LIBOR \| Unsecured revolving credit facilities \| $1.7 billion unsecured revolving credit facility
Long-Term Debt
Margin on floating rate base (as a percent)	1.00%
LIBOR \| Unsecured revolving credit facilities \| $1.2 billion unsecured revolving credit facility
Long-Term Debt
Margin on floating rate base (as a percent)	1.00%
Minimum \| Senior notes
Long-Term Debt
Long term debt, stated interest rate (as a percent)	2.65%
Minimum \| Unsecured term loans
Long-Term Debt
Long term debt, stated interest rate (as a percent)	2.53%
Minimum \| USD unsecured term loan
Long-Term Debt
Long term debt, current interest rate (as a percent)	2.31%
Minimum \| Euro unsecured term loan
Long-Term Debt
Long term debt, current interest rate (as a percent)	1.15%
Maximum \| Senior notes
Long-Term Debt
Long term debt, stated interest rate (as a percent)	7.50%
Maximum \| Unsecured term loans
Long-Term Debt
Long term debt, stated interest rate (as a percent)	5.41%
Maximum \| USD unsecured term loan
Long-Term Debt
Long term debt, current interest rate (as a percent)	5.64%
Maximum \| Euro unsecured term loan
Long-Term Debt
Long term debt, current interest rate (as a percent)	1.58%

Debt (Narrative) (Details)

1 Months Ended

12 Months Ended

Sep. 30, 2019

Aug. 31, 2019USD ($)

Apr. 30, 2019USD ($)

Jun. 30, 2018USD ($)

Dec. 31, 2019USD ($)ship

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

May 31, 2019USD ($)

Mar. 31, 2019USD ($)

Jul. 31, 2018USD ($)

Nov. 30, 2017USD ($)

Nov. 30, 2017EUR (€)

Long-Term Debt

Loss on extinguishment of debt

$ 6,326,000

$ 0

Short-term debt amount outstanding

$ 2,900,000,000

$ 1,200,000,000

Silversea Cruises

Long-Term Debt

Long term debt, principal amount

$ 700,000,000

Unsecured Term Loans Guaranteed by Export Credit Agencies | Maximum

Long-Term Debt

Credit agency fees, percentage of outstanding loan balance

0.77%

Revolving Credit Facility

Long-Term Debt

Long term debt, facility fee (as a percent)

0.125%

Revolving Credit Facility | $1.4 billion unsecured revolving credit facility

Long-Term Debt

Long term debt, principal amount

1,700,000,000

$ 1,400,000,000

Long term debt, facility fee (as a percent)

0.125%

Revolving Credit Facility | $1.15 billion unsecured revolving credit facility

Long-Term Debt

Long term debt, principal amount

$ 1,150,000,000

Revolving Credit Facility | LIBOR | $1.4 billion unsecured revolving credit facility

Long-Term Debt

Margin on floating rate base (as a percent)

1.00%

Loans Payable

Long-Term Debt

Loss on extinguishment of debt

$ 6,300,000

Loans Payable | Term Loan

Long-Term Debt

Long term debt, principal amount

1,000,000,000

Loans Payable | LIBOR | Term Loan

Long-Term Debt

Margin on floating rate base (as a percent)

1.075%

Unsecured term loans | Minimum

Long-Term Debt

Long term debt, stated interest rate (as a percent)

2.53%

Unsecured term loans | Maximum

Long-Term Debt

Long term debt, stated interest rate (as a percent)

5.41%

Unsecured term loans | Novation Agreement

Long-Term Debt

Maximum borrowing capacity

$ 908,000,000

Debt instrument, term

12 years

Long term debt, stated interest rate (as a percent)

3.45%

Unsecured term loans | Unsecured Term Loan Facility

Long-Term Debt

Long term debt, principal amount

$ 89,800,000

€ 80,000,000

Unsecured term loans | Euro Interbank Offered Rate (EURIBOR) | Unsecured Term Loan Facility

Long-Term Debt

Margin on floating rate base (as a percent)

1.195%

Senior notes | Minimum

Long-Term Debt

Long term debt, stated interest rate (as a percent)

2.65%

Senior notes | Maximum

Long-Term Debt

Long term debt, stated interest rate (as a percent)

7.50%

Up-front payment arrangement | Minimum

Long-Term Debt

Credit agency fees, percentage of loan amount payable

2.35%

Up-front payment arrangement | Maximum

Long-Term Debt

Credit agency fees, percentage of loan amount payable

2.37%

Silversea Cruises

Long-Term Debt

Number of ships under finance leases | ship

Finance lease obligation

$ 82,800,000

Silversea Cruises | Silversea Cruises

Long-Term Debt

Long term debt, principal amount

$ 700,000,000

Euler Hermes | Unsecured term loans

Long-Term Debt

Percentage of unsecured term loan guaranteed by an export credit agency

95.00%

Euler Hermes | Unsecured term loans | Novation Agreement

Long-Term Debt

Percentage of unsecured term loan guaranteed by an export credit agency

95.00%

Commercial paper

Long-Term Debt

Debt instrument, term

21 days

23 days

Borrowings outstanding

$ 1,400,000,000

$ 777,000,000

Weighted average interest rate

2.19%

3.19%

Maritime Equipment

Long-Term Debt

Number of ships under finance leases | ship

Additional lease term

6 years

Debt (Debt Maturities) (Details

Debt (Debt Maturities) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Debt Disclosure [Abstract]
2020	$ 2,620,766
2021	843,906
2022	2,479,303
2023	763,382
2024	723,697
Thereafter	3,603,822
Long term debt obligations	$ 11,034,876

Leases - Narrative (Details)

Leases - Narrative (Details) ft² in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)shipextension_option	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016	Jul. 31, 2016ft²
Lessee, Lease, Description [Line Items]
Variable lease cost	$ 103.3
Expenses related to operating leases		$ 32.2	$ 29.3
Port of Miami Terminal
Lessee, Lease, Description [Line Items]
Expected size of terminal \| ft²					170
Terminal lease term, term of contract					5 years
Pullmantur
Lessee, Lease, Description [Line Items]
Percentage of subsidiary which has been sold	51.00%			51.00%
Maritime Equipment
Lessee, Lease, Description [Line Items]
Number of ships under finance leases \| ship	2
Additional lease term	6 years
Building
Lessee, Lease, Description [Line Items]
Additional lease term	5 years
Finance lease term	43 years
Number of extension options \| extension_option	2
Building \| Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Building \| Maximum
Lessee, Lease, Description [Line Items]
Renewal term	10 years
Berthing Agreement \| Minimum
Lessee, Lease, Description [Line Items]
Renewal term	1 year
Berthing Agreement \| Maximum
Lessee, Lease, Description [Line Items]
Renewal term	20 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	Dec. 31, 2019USD ($)
Finance lease right-of-use assets, net:
Property and equipment, gross	$ 376,159
Accumulated depreciation	(57,955)
Property and equipment, net	318,204
Operating lease right-of-use assets	687,555
Total lease assets	1,005,759
Finance lease liabilities:
Current portion of debt	33,561
Long-term debt	196,697
Total finance lease liabilities	230,258
Operating lease liabilities:
Current portion of operating lease liabilities	96,976
Long-term operating lease liabilities	601,641
Total operating lease liabilities	698,617
Total lease liabilities	$ 928,875

Leases - Lease Expense (Details

Leases - Lease Expense (Details) $ in Thousands	12 Months Ended
Leases - Lease Expense (Details) $ in Thousands	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Amortization of right-of-use-assets	$ 22,044
Interest on lease liabilities	8,355
Total lease costs	153,330
Commissions, transportation and other
Lessee, Lease, Description [Line Items]
Operating lease costs	76,226
Other operating expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	27,868
Marketing, selling and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 18,837

Leases - Lease Terms and Discou

Leases - Lease Terms and Discount Rates (Details)	Dec. 31, 2019
Weighted average of the remaining lease term
Operating leases	10 years 3 months 18 days
Finance leases	30 years 2 months 19 days
Weighted average discount rate
Operating leases	4.65%
Finance leases	4.47%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 125,307
Operating cash flows from finance leases	8,355
Financing cash flows from finance leases	$ 32,090

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Leases
2020	$ 126,235
2021	113,033
2022	104,907
2023	101,547
2024	75,510
Thereafter	417,122
Total lease payments	938,354
Less: Interest	(239,737)
Present value of lease liabilities	698,617
Finance Leases
2020	43,793
2021	46,726
2022	23,801
2023	12,539
2024	12,528
Thereafter	405,756
Total lease payments	545,143
Less: Interest	(314,885)
Present value of lease liabilities	$ 230,258
Future minimum lease payments under noncancelable operating leases
2019		$ 67,682
2020		64,237
2021		56,142
2022		52,759
2023		52,522
Thereafter		383,974
Total lease payments		$ 677,316

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jul. 31, 2018
Royal Caribbean International \| Silversea Cruises Group
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	33.30%
Silversea Cruises
Redeemable Noncontrolling Interest [Line Items]
Redeemable noncontrolling interest	$ 537,770	$ 537,770

Redeemable Noncontrolling Int_4

Redeemable Noncontrolling Interest (Schedule of Redeemable Noncontrolling Interest) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Beginning balance	$ 542,020	$ 0
Additions (Silversea Cruises acqusition)		537,770
Net income attributable to noncontrolling interest, including the contractual accretion of the put options	28,713	4,750	$ 0
Other		(500)
Distribution to noncontrolling interest	(752)
Ending balance	$ 569,981	$ 542,020	$ 0

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended													12 Months Ended
Shareholders' Equity (Details) - USD ($)	May 31, 2018	Feb. 19, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shareholders' Equity
Common stock dividends declared (in dollars per share)			$ 0.78	$ 0.78	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.48	$ 0.48	$ 0.48	$ 2.96	$ 2.60	$ 2.16
Common stock, dividends paid (in dollars per share)			$ 0.78	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.48	$ 0.48	$ 0.48
Term of stock repurchase program	24 months
Stock repurchase program, authorized amount	$ 1,000,000,000
Total cost of treasury stock, acquired during the period																$ 99,582,000	$ 575,039,000	$ 224,998,000
Subsequent event
Shareholders' Equity
Common stock, dividends paid (in dollars per share)		$ 0.78
May 2018 Share Repurchase Program
Shareholders' Equity
Treasury stock, shares acquired (in shares)																900,000
Total cost of treasury stock, acquired during the period																$ 99,600,000
Remaining authorized repurchase amount			$ 600,000,000													$ 600,000,000

Stock-Based Employee Compensa_3

Stock-Based Employee Compensation (Narrative) (Details)	12 Months Ended
Stock-Based Employee Compensation (Narrative) (Details)	Dec. 31, 2019USD ($)plan$ / sharesshares	Dec. 31, 2018$ / sharesshares	Dec. 31, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock-based compensation plans \| plan	1
Maximum number of award to be granted per individual (in shares)	500,000
Maximum aggregate number of shares available under the employee stock purchase plan (in shares)	1,300,000
Purchase price for each share of common stock as percentage of the average of the market price	85.00%
Shares of common stock issued under the ESPP plan (in shares)	91,586	74,100	51,989
Weighted-average price of shares of common stock issued under the ESPP plan (in dollars per share) \| $ / shares	$ 98.20	$ 97.50	$ 93.15
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum value of awards that can be granted to participant in any fiscal year \| $	$ 500,000
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum actual number of shares underlying each performance share award as a percentage of target performance shares	200.00%
Shares granted (in shares)	187,924
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum actual number of shares underlying each performance share award as a percentage of target performance shares	200.00%
Shares granted (in shares)	194,486
2008 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares authorized for issuance under stock-based compensation plans (in shares)	14,000,000

Stock-Based Employee Compensa_4

Stock-Based Employee Compensation (Expense Recognized) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Employee stock-base compensation expense	$ 75,930	$ 46,061	$ 69,459
Marketing, selling and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Employee stock-base compensation expense	$ 75,930	$ 46,061	$ 69,459

Stock-Based Employee Compensa_5

Stock-Based Employee Compensation (Options Activity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Number of Options
Outstanding, beginning balance (in shares)	153,093
Granted (in shares)	0
Exercised (in shares)	(87,262)
Canceled (in shares)	(844)
Outstanding, ending balance (in shares)	64,987	153,093
Vested at December 31, 2019 (in shares)	64,987
Options Exercisable at December 31, 2019 (in shares)	64,987
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 29.06
Granted (in dollars per share)	0
Exercised (in dollars per share)	19.96
Canceled (in dollars per share)	33.73
Outstanding, ending balance (in dollars per share)	41.22	$ 29.06
Vested at December 31, 2019 (in dollars per share)	41.22
Options Exercisable at December 31, 2019 (in dollars per share)	$ 41.22
Weighted-Average Remaining Contractual Term
Outstanding (Years)	10 months 13 days	1 year 2 months 23 days
Vested at December 31, 2019 (Years)	10 months 13 days
Options Exercisable at December 31, 2019 (Years)	10 months 13 days
Aggregate Intrinsic Value
Outstanding	$ 5,990,000	$ 10,399,000
Vested at December 31, 2019	5,990,000
Options Exercisable at December 31, 2019	5,990,000
Total intrinsic value of stock options exercised	8,100,000	$ 11,100,000	$ 4,500,000
Total unrecognized compensation cost	$ 0

Stock-Based Employee Compensa_6

Stock-Based Employee Compensation (Other Equity) (Details)	12 Months Ended
Stock-Based Employee Compensation (Other Equity) (Details)	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / shares
Weighted-Average Grant Date Fair Value
Total unrecognized compensation cost \| $	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards conversion ratio	1
Number of Awards
Non-vested share units, beginning balance (in shares) \| shares	800,585
Granted (in shares) \| shares	293,707
Vested (in shares) \| shares	(267,134)
Canceled (in shares) \| shares	(25,323)
Non-vested share units, ending balance (in shares) \| shares	801,835	800,585
Weighted-Average Grant Date Fair Value
Non-vested share units, beginning balance (in dollars per share)	$ 103.32
Granted (in dollars per share)	112.13	$ 122.12	$ 99.03
Vested (in dollars per share)	96.96
Canceled (in dollars per share)	109.32
Non-vested share units, ending balance (in dollars per share)	88.97	103.32
Weighted-average estimated fair value of restricted stock units granted (in dollars per share)	$ 112.13	$ 122.12	$ 99.03
Fair value of shares released on vesting of restricted stock units \| $	$ 30,800,000	$ 33,900,000	$ 38,700,000
Total unrecognized compensation cost \| $	$ 37,100,000
Weighted-average period of unrecognized compensation cost to be recognized (Years)	1 year 4 months 20 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards conversion ratio	1
Number of Awards
Non-vested share units, beginning balance (in shares) \| shares	302,561
Granted (in shares) \| shares	187,924
Vested (in shares) \| shares	(198,537)
Canceled (in shares) \| shares	(5,931)
Non-vested share units, ending balance (in shares) \| shares	286,017	302,561
Weighted-Average Grant Date Fair Value
Non-vested share units, beginning balance (in dollars per share)	$ 88.57
Granted (in dollars per share)	87.39	$ 97.98	$ 84.16
Vested (in dollars per share)	62.49
Canceled (in dollars per share)	95.12
Non-vested share units, ending balance (in dollars per share)	105.76	88.57
Weighted-average estimated fair value of restricted stock units granted (in dollars per share)	$ 87.39	$ 97.98	$ 84.16
Fair value of shares released on vesting of restricted stock units \| $	$ 23,000,000	$ 27,300,000	$ 10,000,000
Total unrecognized compensation cost \| $	$ 10,000,000
Weighted-average period of unrecognized compensation cost to be recognized (Years)	1 year 21 days
Maximum actual number of shares underlying each performance share award as a percentage of target performance shares	200.00%
Restricted Stock
Number of Awards
Granted (in shares) \| shares	194,486
Weighted-Average Grant Date Fair Value
Granted (in dollars per share)		$ 129.23	$ 95.04
Weighted-average estimated fair value of restricted stock units granted (in dollars per share)		$ 129.23	$ 95.04
Total unrecognized compensation cost \| $	$ 3,200,000
Weighted-average period of unrecognized compensation cost to be recognized (Years)	1 year 2 months 26 days
Maximum actual number of shares underlying each performance share award as a percentage of target performance shares	200.00%
Restricted Stock \| Senior Officers
Number of Awards
Non-vested share units, beginning balance (in shares) \| shares	390,198
Granted (in shares) \| shares	194,486
Vested (in shares) \| shares	(120,329)
Canceled (in shares) \| shares	(11,899)
Non-vested share units, ending balance (in shares) \| shares	452,456	390,198
Weighted-Average Grant Date Fair Value
Non-vested share units, beginning balance (in dollars per share)	$ 96.03
Granted (in dollars per share)	118.08
Vested (in dollars per share)	66.93
Canceled (in dollars per share)	66.93
Non-vested share units, ending balance (in dollars per share)	114.01	$ 96.03
Weighted-average estimated fair value of restricted stock units granted (in dollars per share)	$ 118.08

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Net Income attributable to Royal Caribbean Cruises Ltd. for basic and diluted earnings per share	$ 273,136	$ 883,240	$ 472,830	$ 249,681	$ 315,703	$ 810,391	$ 466,295	$ 218,653	$ 1,878,887	$ 1,811,042	$ 1,625,133
Weighted-average common shares outstanding (in shares)									209,405	210,570	214,617
Dilutive effect of stock-based awards (in shares)									525	984	1,077
Diluted weighted-average shares outstanding									209,930	211,554	215,694
Basic earnings per share (in dollars per share)	$ 1.31	$ 4.21	$ 2.26	$ 1.19	$ 1.51	$ 3.88	$ 2.20	$ 1.03	$ 8.97	$ 8.60	$ 7.57
Diluted earnings per share (in dollars per share)	$ 1.30	$ 4.20	$ 2.25	$ 1.19	$ 1.50	$ 3.86	$ 2.19	$ 1.02	$ 8.95	$ 8.56	$ 7.53

Earnings Per Share (Antidilutiv

Earnings Per Share (Antidilutive Shares) (Details) - shares	12 Months Ended
Earnings Per Share (Antidilutive Shares) (Details) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	0	0	0

Retirement Plan (Details)

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plan (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Non-elective annual employer contribution, percentage of participants' eligible earnings	3.00%
Pension expenses	$ 21.2	$ 18.9	$ 17.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Foreign operating loss carryforwards	$ 25.1
Other income (expense)
Income Taxes
Income tax expense (benefit)	32.6	$ 20.9	$ 18.3
Tax years between 2018 and 2024
Income Taxes
Operating loss carryforwards	$ 17.6

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Income (Loss) (Changes by Component) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	$ 11,105,461	$ 10,702,303	$ 9,121,412
Other comprehensive (loss) income before reclassifications	(165,553)	(306,089)	392,417
Amounts reclassified from accumulated other comprehensive loss	(4,426)	12,620	189,802
Net current-period other comprehensive (loss) income	(169,979)	(293,469)	582,219
Balance	12,163,846	11,105,461	10,702,303
Changes related to cash flow derivative hedges
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(537,216)	(250,355)	(820,850)
Other comprehensive (loss) income before reclassifications	(146,108)	(297,994)	381,865
Amounts reclassified from accumulated other comprehensive loss	(5,205)	11,133	188,630
Net current-period other comprehensive (loss) income	(151,313)	(286,861)	570,495
Balance	(688,529)	(537,216)	(250,355)
Changes in defined benefit plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(26,023)	(33,666)	(28,083)
Other comprehensive (loss) income before reclassifications	(20,314)	6,156	(6,755)
Amounts reclassified from accumulated other comprehensive loss	779	1,487	1,172
Net current-period other comprehensive (loss) income	(19,535)	7,643	(5,583)
Balance	(45,558)	(26,023)	(33,666)
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(64,495)	(50,244)	(67,551)
Other comprehensive (loss) income before reclassifications	869	(14,251)	17,307
Amounts reclassified from accumulated other comprehensive loss	0	0	0
Net current-period other comprehensive (loss) income	869	(14,251)	17,307
Balance	(63,626)	(64,495)	(50,244)
Accumulated other comprehensive (loss) income
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance	(627,734)	(334,265)	(916,484)
Balance	$ (797,713)	$ (627,734)	$ (334,265)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Income (Loss) (Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net of interest capitalized		$ (408,513)	$ (333,672)	$ (299,982)
Depreciation and amortization expenses	$ (951,194)	(1,245,942)	(1,033,697)	(951,194)
Other income (Expense)	(5,289)	(24,513)	11,107	(5,289)
Fuel	$ (681,118)	(697,962)	(710,617)
Reclassification out of accumulated other comprehensive income (loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period		4,426	(12,620)	(189,802)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications for the period		5,205	(11,133)	(188,630)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Interest rate swaps
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense, net of interest capitalized		(4,289)	(10,931)	(31,603)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency forward contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Depreciation and amortization expenses		(14,063)	(12,843)	(10,840)
Other income (Expense)		(5,080)	12,855	(9,472)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency forward contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other indirect operating expenses				0
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency collar options
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Depreciation and amortization expenses		0	0	(2,408)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Fuel contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income (Expense)		(1,292)	(1,580)	7,382
Fuel		29,929	1,366	(141,689)
Reclassification out of accumulated other comprehensive income (loss) \| Amortization of defined benefit plans:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Payroll and related		(779)	(1,487)	(1,172)
Total reclassifications for the period		$ (779)	$ (1,487)	$ (1,172)

Fair Value Measurements and D_3

Fair Value Measurements and Derivative Instruments (Nonrecurring) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Level 1
Assets:
Cash and cash equivalents	$ 243,738	$ 287,852
Total Assets	243,738	287,852
Liabilities:
Long-term debt (including current portion of long-term debt)	0	0
Total Liabilities	0	0
Level 2
Assets:
Cash and cash equivalents	0	0
Total Assets	0	0
Liabilities:
Long-term debt (including current portion of long-term debt)	10,059,055	10,244,214
Total Liabilities	10,059,055	10,244,214
Level 3
Assets:
Cash and cash equivalents	0	0
Total Assets	0	0
Liabilities:
Long-term debt (including current portion of long-term debt)	0	0
Total Liabilities	0	0
Total Carrying Amount
Assets:
Cash and cash equivalents	243,738	287,852
Total Assets	243,738	287,852
Liabilities:
Long-term debt (including current portion of long-term debt)	9,370,438	9,871,267
Total Liabilities	9,370,438	9,871,267
Total Fair Value
Assets:
Cash and cash equivalents	243,738	287,852
Total Assets	243,738	287,852
Liabilities:
Long-term debt (including current portion of long-term debt)	10,059,055	10,244,214
Total Liabilities	$ 10,059,055	$ 10,244,214

Fair Value Measurements and D_4

Fair Value Measurements and Derivative Instruments (Recurring) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Liabilities:
Contingent consideration expense	$ 18,400	$ 0	$ 0
Fair Value, Measurements, Recurring \| Total Fair Value
Assets:
Derivative financial instruments	39,994	65,297
Total Assets	39,994	65,297
Liabilities:
Derivative financial instruments	257,728	201,812
Contingent consideration	62,400	44,000
Total Liabilities	320,128	245,812
Fair Value, Measurements, Recurring \| Level 1
Assets:
Derivative financial instruments	0	0
Total Assets	0	0
Liabilities:
Derivative financial instruments	0	0
Contingent consideration	0	0
Total Liabilities	0	0
Fair Value, Measurements, Recurring \| Level 2
Assets:
Derivative financial instruments	39,994	65,297
Total Assets	39,994	65,297
Liabilities:
Derivative financial instruments	257,728	201,812
Contingent consideration	0	0
Total Liabilities	257,728	201,812
Fair Value, Measurements, Recurring \| Level 3
Assets:
Derivative financial instruments	0	0
Total Assets	0	0
Liabilities:
Derivative financial instruments	0	0
Contingent consideration	62,400	44,000
Total Liabilities	$ 62,400	$ 44,000

Fair Value Measurements and D_5

Fair Value Measurements and Derivative Instruments (Offsetting of Derivative Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Offsetting of Financial Assets under Master Netting Agreements [Abstract]
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet	$ 39,994	$ 65,297
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities	(39,994)	(60,303)
Cash Collateral Received	0	0
Net Amount of Derivative Assets	0	4,994
Offsetting of Financial Liabilities under Master Netting Agreements [Abstract]
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet	(257,728)	(201,812)
Gross Amount of Eligible Offsetting Recognized Derivative Assets	39,994	60,303
Cash Collateral Pledged	0	0
Net Amount of Derivative Liabilities	$ (217,734)	$ (141,509)

Fair Value Measurements and D_6

Fair Value Measurements and Derivative Instruments (Derivative Instruments) (Details) € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019EUR (€)
Derivative instruments disclosure
Maximum length of time hedged in derivative contract	3 years
Aggregate cost of ships on order	$ 14,800
Amount deposited for cost of ships on order	$ 881.5
Percentage of aggregate cost exposed to fluctuations in the euro exchange rate	65.90%	53.50%		65.90%
Exchange gains (losses) recorded in other income (expense)	$ 0.4	$ 57.6	$ (75.6)
Foreign currency forward \| Not Designated
Derivative instruments disclosure
Notional amount	689.7
Change in fair value of foreign currency forward contracts recognized in earnings	1.4	(62.4)	62
Exchange gains (losses) recorded in other income (expense)		57.6	$ (75.6)
Foreign currency forward \| Designated as Hedging Instrument
Derivative instruments disclosure
Notional amount	194.2			€ 173
Foreign exchange contracts
Derivative instruments disclosure
Notional amount	$ 2,900	$ 3,700

Fair Value Measurements and D_7

Fair Value Measurements and Derivative Instruments (Interest Rate Risk) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed interest rate on long-term debt	62.10%	59.10%
Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional amount	$ 3,500,000	$ 3,400,000
Fair value hedging \| Interest rate swaps
Interest Rate Fair Value Hedges [Abstract]
Long-term debt	720,000
Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	2,753,825
Oasis of the Seas Unsecured Term Loan \| Fair value hedging \| Interest rate swaps
Interest Rate Fair Value Hedges [Abstract]
Long-term debt	$ 70,000
Long term debt, stated interest rate (as a percent)	5.41%
Fixed Rate 5.25% Debt \| Fair value hedging \| Interest rate swaps
Interest Rate Fair Value Hedges [Abstract]
Long-term debt	$ 650,000
Long term debt, stated interest rate (as a percent)	5.25%
Floating Rate Celebrity Reflection Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 272,708
All-in Swap Fixed Rate	2.85%
Quantum of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 428,750
All-in Swap Fixed Rate	3.74%
Anthem of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 453,125
All-in Swap Fixed Rate	3.86%
Ovation of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 587,917
All-in Swap Fixed Rate	3.16%
Harmony of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 551,325
All-in Swap Fixed Rate	2.26%
Odyssey \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Notional Amount	$ 460,000
All-in Swap Fixed Rate	3.20%
London Interbank Offered Rate (LIBOR) \| Oasis of the Seas Unsecured Term Loan \| Fair value hedging \| Interest rate swaps
Interest Rate Fair Value Hedges [Abstract]
Swap Floating Rate: LIBOR plus	3.87%
All-in Swap Floating Rate	5.80%
London Interbank Offered Rate (LIBOR) \| Fixed Rate 5.25% Debt \| Fair value hedging \| Interest rate swaps
Interest Rate Fair Value Hedges [Abstract]
Swap Floating Rate: LIBOR plus	3.63%
All-in Swap Floating Rate	5.54%
London Interbank Offered Rate (LIBOR) \| Floating Rate Celebrity Reflection Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	0.40%
London Interbank Offered Rate (LIBOR) \| Quantum of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	1.30%
London Interbank Offered Rate (LIBOR) \| Anthem of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	1.30%
London Interbank Offered Rate (LIBOR) \| Ovation of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	1.00%
London Interbank Offered Rate (LIBOR) \| Odyssey \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	0.95%
Euro Interbank Offered Rate (EURIBOR) \| Harmony of the Seas Unsecured Term Loan \| Cash flow hedge \| Interest rate swaps
Interest Rate Cash Flow Hedges [Abstract]
Debt Floating Rate	1.15%

Fair Value Measurements and D_8

Fair Value Measurements and Derivative Instruments (Non-Derivative Instruments) (Details) - Foreign currency debt $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2019EUR (€)	Dec. 31, 2019USD ($)	Dec. 31, 2018EUR (€)	Dec. 31, 2018USD ($)
Net investment hedge
Carrying Value of Non-derivative instrument Designated as hedging instrument		$ 358,078		$ 320,152
Current portion of long-term debt
Net investment hedge
Carrying Value of Non-derivative instrument Designated as hedging instrument		73,572		38,168
Long-term debt
Net investment hedge
Carrying Value of Non-derivative instrument Designated as hedging instrument		284,506		281,984
Pullmantur and TUI Cruises
Net investment hedge
Carrying Value of Non-derivative instrument Designated as hedging instrument	€ 319	$ 358,100	€ 280	$ 320,200

Fair Value Measurements and D_9

Fair Value Measurements and Derivative Instruments (Fuel Price Risk) (Details) - Fuel Price Risk $ in Millions	Dec. 31, 2019USD ($)T	Dec. 31, 2018USD ($)T
Derivative instruments disclosure
Estimated unrealized net losses associated with cash flow hedges pertaining to fuel swap agreements expected to be reclassified to earnings from other accumulated comprehensive income (loss) \| $	$ 0	$ 26.8
2019
Derivative instruments disclosure
Fuel Swap Agreements (metric tons)	0	856,800,000
Percentage of projected requirements	0.00%	58.00%
2020
Derivative instruments disclosure
Fuel Swap Agreements (metric tons)	830,500,000	830,500,000
Percentage of projected requirements	54.00%	54.00%
2021
Derivative instruments disclosure
Fuel Swap Agreements (metric tons)	488,900,000	488,900,000
Percentage of projected requirements	30.00%	28.00%
2022
Derivative instruments disclosure
Fuel Swap Agreements (metric tons)	322,900,000	322,900,000
Percentage of projected requirements	19.00%	19.00%
2023
Derivative instruments disclosure
Fuel Swap Agreements (metric tons)	82,400,000	0
Percentage of projected requirements	5.00%	0.00%

Fair Value Measurements and _10

Fair Value Measurements and Derivative Instruments (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Asset Derivatives
Asset Derivatives	$ 39,994	$ 65,297
Liability Derivatives
Liability Derivatives	257,728	201,812
Designated as Hedging Instrument
Asset Derivatives
Asset Derivatives	34,990	58,576
Liability Derivatives
Liability Derivatives	255,005	199,795
Not Designated as Hedging Instrument
Asset Derivatives
Asset Derivatives	5,004	6,721
Liability Derivatives
Liability Derivatives	2,723	2,017
Interest rate swaps \| Designated as Hedging Instrument \| Other Assets
Asset Derivatives
Asset Derivatives	11	23,518
Interest rate swaps \| Designated as Hedging Instrument \| Other long-term Liabilities
Liability Derivatives
Liability Derivatives	64,168	40,467
Foreign currency forward contracts \| Designated as Hedging Instrument \| Other Assets
Asset Derivatives
Asset Derivatives	9,380	10,844
Foreign currency forward contracts \| Designated as Hedging Instrument \| Derivative Financial Instruments
Asset Derivatives
Asset Derivatives	0	4,044
Liability Derivatives
Liability Derivatives	75,260	39,665
Foreign currency forward contracts \| Designated as Hedging Instrument \| Other long-term Liabilities
Liability Derivatives
Liability Derivatives	64,711	16,854
Foreign currency forward contracts \| Not Designated as Hedging Instrument \| Other Assets
Asset Derivatives
Asset Derivatives	0	1,579
Foreign currency forward contracts \| Not Designated as Hedging Instrument \| Derivative Financial Instruments
Asset Derivatives
Asset Derivatives	3,186	1,751
Liability Derivatives
Liability Derivatives	2,419	808
Foreign currency forward contracts \| Not Designated as Hedging Instrument \| Other long-term Liabilities
Liability Derivatives
Liability Derivatives	0	833
Fuel contracts \| Designated as Hedging Instrument \| Other Assets
Asset Derivatives
Asset Derivatives	8,677	9,204
Fuel contracts \| Designated as Hedging Instrument \| Derivative Financial Instruments
Asset Derivatives
Asset Derivatives	16,922	10,966
Liability Derivatives
Liability Derivatives	16,901	37,627
Fuel contracts \| Designated as Hedging Instrument \| Other long-term Liabilities
Liability Derivatives
Liability Derivatives	33,965	65,182
Fuel contracts \| Not Designated as Hedging Instrument \| Other Assets
Asset Derivatives
Asset Derivatives	175	587
Fuel contracts \| Not Designated as Hedging Instrument \| Derivative Financial Instruments
Asset Derivatives
Asset Derivatives	1,643	2,804
Liability Derivatives
Liability Derivatives	295	376
Fuel contracts \| Not Designated as Hedging Instrument \| Other long-term Liabilities
Liability Derivatives
Liability Derivatives	$ 9	$ 0

Fair Value Measurements and _11

Fair Value Measurements and Derivative Instruments (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fuel Expense	$ 681,118	$ 697,962	$ 710,617
Depreciation and amortization expenses	951,194	1,245,942	1,033,697	$ 951,194
Interest Income (Expense)	(269,881)	(381,568)	(300,872)
Other Income (Expense)	(5,289)	(24,513)	11,107	(5,289)
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		5,205	(11,133)
Interest Rate Contract \| Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		(4,289)	(10,931)
Fuel contracts \| Other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		(1,292)	(1,580)
Fuel contracts \| Fuel cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		29,929	1,366
Foreign exchange contracts \| Other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		(5,080)	12,855
Foreign exchange contracts \| Depreciation and amortization expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income		(14,063)	(12,843)
Fair value hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on fair value hedge		(23,464)	4,673	6,065
Change in unrealized gain (loss) on fair value hedging instruments		16,607	(8,854)	$ (132)
Fair value hedging \| Interest Rate Contract \| Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on fair value hedge	0	(23,464)	4,673
Change in unrealized gain (loss) on fair value hedging instruments	3,007	16,607	(8,854)
Fair value hedging \| Interest Rate Contract \| Other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) on fair value hedge	6,065	0	0
Change in unrealized gain (loss) on fair value hedging instruments	(3,139)	$ 0	$ 0
Cash flow hedge \| Interest Rate Contract \| Interest Expense
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income	(31,603)
Cash flow hedge \| Fuel contracts \| Other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income	7,382
Cash flow hedge \| Fuel contracts \| Fuel cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income	(141,689)
Cash flow hedge \| Foreign exchange contracts \| Other income (expense)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income	(9,472)
Cash flow hedge \| Foreign exchange contracts \| Depreciation and amortization expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income	$ (13,248)

Fair Value Measurements and _12

Fair Value Measurements and Derivative Instruments (Income Statement Hedging Instruments) (Details) - Fair value hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Income on Derivative	$ 16,607	$ (8,854)	$ (132)
Amount of Gain (Loss) Recognized in Income on Hedged Item	(23,464)	4,673	6,065
Interest rate swaps \| Interest expense, net of interest capitalized
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Income on Derivative	16,607	(8,854)	3,007
Amount of Gain (Loss) Recognized in Income on Hedged Item	(23,464)	4,673	0
Interest rate swaps \| Other income (expense)
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Income on Derivative	0	0	(3,139)
Amount of Gain (Loss) Recognized in Income on Hedged Item	$ 0	$ 0	$ 6,065

Fair Value Measurements and _13

Fair Value Measurements and Derivative Instruments (Long-term debt) (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Amount of the Hedged Liabilities	$ 715,234	$ 725,486
Cumulative amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities	$ (1,301)	$ (24,766)

Fair Value Measurements and _14

Fair Value Measurements and Derivative Instruments (Designated Cash Flow Hedges) (Details) - USD ($) $ in Thousands	3 Months Ended									12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										$ (146,108)	$ (297,994)
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										5,205	(11,133)
Interest expense										(408,513)	(333,672)	$ (299,982)
Depreciation and amortization expenses									$ (951,194)	(1,245,942)	(1,033,697)	(951,194)
Other Income (Expense)									(5,289)	(24,513)	11,107	(5,289)
Fuel									$ (681,118)	(697,962)	(710,617)
Net Income	$ 273,136	$ 883,240	$ 472,830	$ 249,681	$ 315,703	$ 810,391	$ 466,295	$ 218,653		1,878,887	1,811,042	1,625,133
Interest rate swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										(72,732)	18,578
Interest rate swaps \| Interest Expense
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										(4,289)	(10,931)
Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										(148,881)	(222,645)
Foreign currency forward contracts \| Depreciation and amortization expenses
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										(14,063)	(12,843)
Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										0	0
Foreign currency forward contracts \| Other income (expense)
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										(5,080)	12,855
Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										0	0
Foreign currency forward contracts \| Other indirect operating expenses
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										0	0
Foreign currency collar options
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										0	0
Foreign currency collar options \| Depreciation and amortization expenses
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										0	0
Fuel contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										0	0
Fuel contracts \| Other income (expense)
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										(1,292)	(1,580)
Fuel contracts \| Fuel
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										29,929	1,366
Fuel swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative										75,505	(93,927)
Fuel swaps \| Fuel
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of gain or (loss) reclassified from accumulated other comprehensive loss into income										29,929	1,366
Cash flow hedge
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												381,865
Cash flow hedge \| Interest rate swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												(13,312)
Cash flow hedge \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												276,573
Cash flow hedge \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												0
Cash flow hedge \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												0
Cash flow hedge \| Foreign currency collar options
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												0
Cash flow hedge \| Fuel contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												0
Cash flow hedge \| Fuel swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative												118,604
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges:
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Net Income												(188,630)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Interest rate swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Interest expense										(4,289)	(10,931)	(31,603)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Depreciation and amortization expenses										(14,063)	(12,843)	(10,840)
Other Income (Expense)										(5,080)	12,855	(9,472)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Other Income (Expense)												(9,472)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency forward contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Other indirect operating expenses												0
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Foreign currency collar options
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Depreciation and amortization expenses										0	0	(2,408)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Fuel contracts
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Other Income (Expense)										(1,292)	(1,580)	7,382
Fuel										$ 29,929	$ 1,366	(141,689)
Reclassification out of accumulated other comprehensive income (loss) \| Gain (loss) on cash flow derivative hedges: \| Fuel swaps
Effect of derivative instruments involved in fair value hedging on the consolidated financial statements
Fuel												$ (141,689)

Fair Value Measurements and _15

Fair Value Measurements and Derivative Instruments (Net Investment Excluded) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net [Abstract]
Net inception fair value at January 1, 2019		$ (8,359)
Amount of gain recognized in income on derivatives for the year ended December 31, 2019	$ 4,024
Amount of loss remaining to be amortized in accumulated other comprehensive loss as of December 31, 2019	(3,673)
Fair value at December 31, 2019	$ (8,008)

Fair Value Measurements and _16

Fair Value Measurements and Derivative Instruments (Non-Derivative Net Investment) (Details) - Foreign currency debt - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net investment hedge
Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)	$ 6,111	$ 13,210
Amount of Gain (Loss) Recognized In Other Comprehensive Income (Loss)			$ (38,971)

Fair Value Measurements and _17

Fair Value Measurements and Derivative Instruments (Derivatives Not Designated as Hedging Instruments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative instruments disclosure
Amount of Gain (Loss) Recognized in Income on Derivative	$ 1,431	$ (61,148)	$ 61,704
Foreign exchange contracts \| Other income (expense)
Derivative instruments disclosure
Amount of Gain (Loss) Recognized in Income on Derivative	1,356	(62,423)	61,952
Fuel contracts \| Other income (expense)
Derivative instruments disclosure
Amount of Gain (Loss) Recognized in Income on Derivative	112	114	(1,133)
Fuel contracts \| Fuel
Derivative instruments disclosure
Amount of Gain (Loss) Recognized in Income on Derivative	$ (37)	$ 1,161	$ 0

Fair Value Measurements and _18

Fair Value Measurements and Derivative Instruments (Credit Features) (Details)	Dec. 31, 2019derivative
Fair Value Disclosures [Abstract]
Number of derivatives, matured	5

Commitments and Contingencies_2

Commitments and Contingencies (Narrative) (Details)	Aug. 27, 2019lawsuit	Dec. 31, 2019EUR (€)berthship	Sep. 30, 2019EUR (€)berthagreement	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017EUR (€)ship	Dec. 31, 2016EUR (€)shipberth	Dec. 31, 2015EUR (€)berth	Dec. 31, 2019USD ($)berthship	Sep. 30, 2019USD ($)berth	Dec. 31, 2018
Commitments and Contingencies
Approximate berths		55,300							55,300
Fixed interest rate on long-term debt		62.10%							62.10%		59.10%
Aggregate cost of ships expected to enter service \| $					$ 14,800,000,000
Deposit for the purchase of ships expected to enter service \| $									$ 881,500,000
Percentage of aggregate cost exposed to fluctuations in the euro exchange rate		65.90%							65.90%		53.50%
Number of claims filed \| lawsuit	2
Project edge class ship term loans \| Project edge-class ship
Commitments and Contingencies
Bank financing commitment percentage							80.00%
Percentage of unsecured term loan guaranteed by an export credit agency							100.00%
Long term debt, stated interest rate (as a percent)							3.23%
Unsecured term loan, amortization period							12 years
Project edge class ship term loans \| Project edge ship II
Commitments and Contingencies
Unsecured term loan, construction financing commitment per ship							€ 627,100,000		$ 704,000,000
Credit agreement
Commitments and Contingencies
Number of months considered to determine requirement of prepayment of debts					24 months
Royal Caribbean International \| Cruise ships on order \| Quantum-class ship
Commitments and Contingencies
Number of ships under construction \| ship		1							1
Royal Caribbean International \| Cruise ships on order \| Oasis-class ship
Commitments and Contingencies
Number of ships under construction \| ship		2							2
Royal Caribbean International \| Cruise ships on order \| Icon-class ships
Commitments and Contingencies
Number of ships under construction \| ship		3				2			3
Approximate berths		32,400							32,400
Royal Caribbean International \| Cruise ships on order \| Silversea Cruises
Commitments and Contingencies
Number of ships under construction \| ship		5							5
Approximate berths		2,400							2,400
Celebrity Cruise Ships \| Celebrity Beyond
Commitments and Contingencies
Approximate berths		3,250							3,250
Celebrity Cruise Ships \| Third Edge Class Ship
Commitments and Contingencies
Approximate berths		3,250							3,250
Celebrity Cruise Ships \| Project edge-class ship
Commitments and Contingencies
Number of ships under construction \| ship							2
Approximate berths							2,900
Celebrity Cruise Ships \| Cruise ships on order \| Three project edge class ships
Commitments and Contingencies
Number of ships under construction \| ship		3							3
Approximate berths		9,400							9,400
Project Icon
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency						100.00%
Project Icon \| Royal Caribbean International
Commitments and Contingencies
Approximate berths		5,600							5,600
Bank financing commitment percentage						80.00%
Project Icon \| Euler Hermes
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency						95.00%
Third and Fourth Edge Class Ships and Fifth Oasis Class Ship
Commitments and Contingencies
Bank financing commitment percentage						80.00%
Percentage of unsecured term loan guaranteed by an export credit agency						100.00%
Fifth Oasis Class Ship \| Royal Caribbean International
Commitments and Contingencies
Approximate berths		5,700							5,700
Quantum Class Fifth Ship
Commitments and Contingencies
Approximate berths								4,200
Quantum Class Fifth Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)		3.45%							3.45%
Unsecured term loan, construction financing commitment per ship								€ 777,500,000	$ 872,700,000
Quantum Class Fifth Ship \| Quantum of the Seas unsecured term loans
Commitments and Contingencies
Bank financing commitment percentage								80.00%
Unsecured term loan, amortization period							12 years
Quantum Class Fifth Ship \| LIBOR \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Margin on floating rate base (as a percent)					0.95%
Quantum Class Fifth Ship \| Euler Hermes \| Quantum of the Seas unsecured term loans
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency								95.00%
Evolution Class, Unnamed Ship One \| Silversea Cruises
Commitments and Contingencies
Approximate berths			600							600
Evolution Class, Unnamed Ship Two \| Silversea Cruises
Commitments and Contingencies
Approximate berths			600							600
Sixth Oasis Class Ship \| Sixth Oasis Class Ship Term Loan
Commitments and Contingencies
Bank financing commitment percentage		80.00%							80.00%
Sixth Oasis Class Ship \| Royal Caribbean International
Commitments and Contingencies
Approximate berths		5,700							5,700
Sixth Oasis Class Ship \| BpiFAE
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency		100.00%
Third Icon Class Ship \| Third Icon Class Ship Term Loan
Commitments and Contingencies
Bank financing commitment percentage		80.00%							80.00%
Third Icon Class Ship \| Royal Caribbean International
Commitments and Contingencies
Approximate berths		5,600							5,600
Third Icon Class Ship \| Euler Hermes
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency		95.00%
Third Icon Class Ship \| Finnvera
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency		95.00%
Minimum \| Credit agreement
Commitments and Contingencies
Debt instrument covenant, minimum percentage of ownership by a person		50.00%							50.00%
Minimum \| Debt Securities
Commitments and Contingencies
Debt instrument covenant, minimum percentage of ownership by a person		50.00%							50.00%
Unsecured term loans \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Unsecured term loan, amortization period						12 years
Unsecured term loans \| Silver Moon Credit Agreement
Commitments and Contingencies
Long-term debt \| $				$ 300,000,000
Unsecured term loans \| LIBOR \| Silver Moon Credit Agreement
Commitments and Contingencies
Margin on floating rate base (as a percent)				1.50%
Unsecured term loans \| Euler Hermes
Commitments and Contingencies
Percentage of unsecured term loan guaranteed by an export credit agency			95.00%
Unsecured term loans \| Silversea Cruises \| Credit agreement
Commitments and Contingencies
Number of credit agreements \| agreement			2
Unsecured term loans \| Silversea Cruises \| Evolution Class, Unnamed Ship One
Commitments and Contingencies
Bank financing commitment percentage			80.00%							80.00%
Long term debt, stated interest rate (as a percent)			4.14%							4.14%
Unsecured term loan, amortization period			12 years
Unsecured term loan, construction financing commitment per ship			€ 351,600,000							$ 394,700,000
Unsecured term loans \| Silversea Cruises \| Evolution Class, Unnamed Ship Two
Commitments and Contingencies
Bank financing commitment percentage			80.00%							80.00%
Long term debt, stated interest rate (as a percent)			4.18%							4.18%
Unsecured term loan, construction financing commitment per ship			€ 359,000,000							$ 403,000,000
Unsecured term loans \| Silversea Cruises \| LIBOR \| Evolution Class, Unnamed Ship One
Commitments and Contingencies
Margin on floating rate base (as a percent)			0.79%
Unsecured term loans \| Silversea Cruises \| LIBOR \| Evolution Class, Unnamed Ship Two
Commitments and Contingencies
Margin on floating rate base (as a percent)			0.83%
Unsecured term loans \| Project Icon \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Maximum borrowing capacity						€ 1,400,000,000			$ 1,600,000,000
Percentage of debt bearing fixed interest						75.00%
Unsecured term loan, amortization period						12 years
Unsecured term loans \| First Project Icon Class Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)						3.56%
Unsecured term loans \| Second Project Icon Class Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)						3.76%
Unsecured term loans \| Third Edge Class Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Maximum borrowing capacity \| €						€ 684,200,000
Long term debt, stated interest rate (as a percent)						1.28%
Unsecured term loans \| Fourth Edge Class Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Maximum borrowing capacity						€ 714,600,000			802,100,000
Unsecured term loans \| Fifth Oasis Class Ship \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Maximum borrowing capacity						€ 1,100,000,000			$ 1,200,000,000
Unsecured term loans \| Fourth Edge and Fifth Oasis Class Ships \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)						3.18%
Unsecured term loans \| Sixth Oasis Class Ship \| Sixth Oasis Class Ship Term Loan
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)		3.00%							3.00%
Unsecured term loan, amortization period		12 years
Unsecured term loan, construction financing commitment per ship		€ 1,300,000,000							$ 1,500,000,000
Unsecured term loans \| Third Icon Class Ship \| Third Icon Class Ship Term Loan
Commitments and Contingencies
Percentage of debt bearing fixed interest		60.00%							60.00%
Unsecured term loan, amortization period		12 years
Unsecured term loan, construction financing commitment per ship		€ 1,400,000,000							$ 1,600,000,000
Fixed interest rate on long-term debt		3.29%							3.29%
Unsecured term loans \| Third Icon Class Ship \| LIBOR \| Third Icon Class Ship Term Loan
Commitments and Contingencies
Margin on floating rate base (as a percent)		0.85%
Unsecured term loans \| Minimum
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)		2.53%							2.53%
Unsecured term loans \| Minimum \| First Project Icon Class Ship \| LIBOR \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Margin on floating rate base (as a percent)						1.10%
Unsecured term loans \| Minimum \| Second Project Icon Class Ship \| LIBOR \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Margin on floating rate base (as a percent)						1.15%
Unsecured term loans \| Maximum
Commitments and Contingencies
Long term debt, stated interest rate (as a percent)		5.41%							5.41%
Unsecured term loans \| Maximum \| First Project Icon Class Ship \| LIBOR \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Margin on floating rate base (as a percent)						1.15%
Unsecured term loans \| Maximum \| Second Project Icon Class Ship \| LIBOR \| Unsecured term loan maturing twelve years after ship delivery
Commitments and Contingencies
Margin on floating rate base (as a percent)						1.20%

Commitment and Contingencies (F

Commitment and Contingencies (Future Commitments) (Details)	Dec. 31, 2019berth
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	55,300
Royal Caribbean International \| Wonder of the Seas
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	5,700
Royal Caribbean International \| Oasis-class ship
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	5,700
Royal Caribbean International \| Odyssey of the Seas
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	4,200
Royal Caribbean International \| Icon Class, Unnamed Ship One
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	5,600
Royal Caribbean International \| Icon Class, Unnamed Ship Two
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	5,600
Royal Caribbean International \| Third Icon Class Ship
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	5,600
Celebrity Cruises \| Celebrity Apex
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	2,900
Celebrity Cruises \| Edge Class, Unnamed
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	3,250
Silversea Cruises \| Silver Origin
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	100
Silversea Cruises \| Silver Moon
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	550
Silversea Cruises \| Silver Dawn
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	550
Silversea Cruises \| Evolution Class, Unnamed Ship One
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	600
Silversea Cruises \| Evolution Class, Unnamed Ship Two
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	600
TUI Cruises \| Mein Schiff 7
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	2,900
TUI Cruises \| TUI Cruises, Unnamed Ship One
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	4,100
TUI Cruises \| TUI Cruises, Unnamed Ship Two
Long-term Purchase Commitment [Line Items]
Ship passenger capacity berths	4,100

Commitment and Contingencies _2

Commitment and Contingencies (Future Non-Cancelable Purchase Commitments) (Details) $ in Thousands	Dec. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 202,879
2021	137,840
2022	57,096
2023	14,596
2024	8,760
Thereafter	34,233
Future noncancelable purchase commitments, Total	$ 455,404

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($)	12 Months Ended
Restructuring Charges (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 12,026,000	$ 0	$ 0

Restructuring Charges (Summary

Restructuring Charges (Summary of Restructuring Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	$ 0
Accruals	12,026,000	$ 0	$ 0
Payments	514,000
Balance at the end of the period	11,512,000	0
Cumulative Charges Incurred	12,026,000
Termination benefits
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	0
Accruals	8,880,000
Payments	491,000
Balance at the end of the period	8,389,000	0
Cumulative Charges Incurred	8,880,000
Contract termination costs
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	0
Accruals	338,000
Payments	0
Balance at the end of the period	338,000	0
Cumulative Charges Incurred	338,000
Other related costs
Restructuring Reserve [Roll Forward]
Balance at the beginning of the period	0
Accruals	2,808,000
Payments	23,000
Balance at the end of the period	2,785,000	$ 0
Cumulative Charges Incurred	$ 2,808,000

Quarterly Selected Financial _3

Quarterly Selected Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended													12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 2,517,413	$ 3,186,850	$ 2,806,631	$ 2,439,767	$ 2,332,301	$ 2,796,187	$ 2,337,605	$ 2,027,756						$ 10,950,661	$ 9,493,849	$ 8,777,845
Operating income	299,425	890,792	573,653	318,831	364,027	799,733	456,895	274,146						2,082,701	1,894,801	1,744,056
Net Income attributable to Royal Caribbean Cruises Ltd.	$ 273,136	$ 883,240	$ 472,830	$ 249,681	$ 315,703	$ 810,391	$ 466,295	$ 218,653						$ 1,878,887	$ 1,811,042	$ 1,625,133
Earnings per share:
Basic (in dollars per share)	$ 1.31	$ 4.21	$ 2.26	$ 1.19	$ 1.51	$ 3.88	$ 2.20	$ 1.03						$ 8.97	$ 8.60	$ 7.57
Diluted (in dollars per share)	1.30	4.20	2.25	1.19	1.50	3.86	2.19	1.02						8.95	8.56	7.53
Dividends declared per share (in dollars per share)	$ 0.78	$ 0.78	$ 0.70	$ 0.70	$ 0.70	$ 0.70	$ 0.60	$ 0.60	$ 0.60	$ 0.60	$ 0.48	$ 0.48	$ 0.48	$ 2.96	$ 2.60	$ 2.16

Uncategorized Items - rcl-20191

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (23,476,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (23,476,000)