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<table>
<tr>
<td>
</td>
<td colspan="2">
NYSECommon Stock
</td>
<td colspan="2">
OSECommon Stock
<sup>
(1)
</sup>
</td>
</tr>
<tr>
<td>
</td>
<td>
High
</td>
<td>
Low
</td>
<td>
High
</td>
<td>
Low
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$83.90
</td>
<td>
$52.32
</td>
<td>
638.00
</td>
<td>
347.00
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
$69.31
</td>
<td>
$53.66
</td>
<td>
439.60
</td>
<td>
332.00
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
$57.38
</td>
<td>
$49.65
</td>
<td>
349.00
</td>
<td>
300.00
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
$54.93
</td>
<td>
$45.95
</td>
<td>
332.60
</td>
<td>
284.20
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$47.66
</td>
<td>
$35.97
</td>
<td>
292.60
</td>
<td>
216.10
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
$40.71
</td>
<td>
$33.31
</td>
<td>
241.80
</td>
<td>
201.40
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
$38.62
</td>
<td>
$31.35
</td>
<td>
224.90
</td>
<td>
178.00
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
$38.56
</td>
<td>
$31.72
</td>
<td>
213.50
</td>
<td>
184.10
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2014
</td>
<td>
2013
</td>
</tr>
<tr>
<td>
Restructuring exit costs
</td>
<td>
$4,318
</td>
<td>
$23,432
</td>
</tr>
<tr>
<td>
Impairment charges
</td>
<td>
—
</td>
<td>
33,514
</td>
</tr>
<tr>
<td>
Restructuring and related impairment charges
</td>
<td>
$4,318
</td>
<td>
$56,946
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2015
</td>
<td>
2014
</td>
</tr>
<tr>
<td>
Indefinite-life intangible asset—Pullmantur trademarks and trade names
</td>
<td>
$188,038
</td>
<td>
$214,112
</td>
</tr>
<tr>
<td>
Impairment charge
</td>
<td>
(174,285)
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Foreign currency translation adjustment
</td>
<td>
(13,753)
</td>
<td>
(26,074)
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$—
</td>
<td>
$188,038
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2015
</td>
<td>
2014
</td>
</tr>
<tr>
<td>
Current Assets
</td>
<td>
$315,264
</td>
<td>
$325,527
</td>
</tr>
<tr>
<td>
Non Current Assets
</td>
<td>
2,246,809
</td>
<td>
1,929,182
</td>
</tr>
<tr>
<td>
Total Assets
</td>
<td>
$2,562,073
</td>
<td>
$2,254,709
</td>
</tr>
<tr>
<td>
Current Liabilities
</td>
<td>
$585,887
</td>
<td>
$513,842
</td>
</tr>
<tr>
<td>
Non Current Liabilities
</td>
<td>
1,231,262
</td>
<td>
958,988
</td>
</tr>
<tr>
<td>
Total Liabilities
</td>
<td>
$1,817,149
</td>
<td>
$1,472,830
</td>
</tr>
<tr>
<td>
Equity Attributable to:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Noncontrolling Interest
</td>
<td>
$1,683
</td>
<td>
$2,795
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Changes related to cash flow derivative hedges
</td>
<td>
Changes in definedbenefit plans
</td>
<td>
Foreign currency translation adjustments
</td>
<td>
Accumulated other comprehensive income (loss)
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at January 1, 2013
</td>
<td>
$(84,505)
</td>
<td>
$(34,823)
</td>
<td>
$(15,188)
</td>
<td>
$(134,516)
</td>
</tr>
<tr>
<td>
Other comprehensive income before reclassifications
</td>
<td>
188,073
</td>
<td>
8,240
</td>
<td>
1,529
</td>
<td>
197,842
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive income (loss)
</td>
<td>
(60,244)
</td>
<td>
2,589
</td>
<td>
—
</td>
<td>
(57,655)
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive income
</td>
<td>
127,829
</td>
<td>
10,829
</td>
<td>
1,529
</td>
<td>
140,187
</td>
</tr>
<tr>
<td>
Accumulated comprehensive income (loss) at January 1, 2014
</td>
<td>
43,324
</td>
<td>
(23,994)
</td>
<td>
(13,659)
</td>
<td>
5,671
</td>
</tr>
<tr>
<td>
Other comprehensive loss before reclassifications
</td>
<td>
(919,094)
</td>
<td>
(8,937)
</td>
<td>
(28,099)
</td>
<td>
(956,130)
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive income (loss)
</td>
<td>
49,744
</td>
<td>
1,724
</td>
<td>
1,997
</td>
<td>
53,465
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive loss
</td>
<td>
(869,350)
</td>
<td>
(7,213)
</td>
<td>
(26,102)
</td>
<td>
(902,665)
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at January 1, 2015
</td>
<td>
(826,026)
</td>
<td>
(31,207)
</td>
<td>
(39,761)
</td>
<td>
(896,994)
</td>
</tr>
<tr>
<td>
Other comprehensive (loss) income before reclassifications
</td>
<td>
(697,671)
</td>
<td>
3,053
</td>
<td>
(25,952)
</td>
<td>
(720,570)
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive income (loss)
</td>
<td>
291,624
</td>
<td>
1,707
</td>
<td>
(4,200)
</td>
<td>
289,131
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive (loss) income
</td>
<td>
(406,047)
</td>
<td>
4,760
</td>
<td>
(30,152)
</td>
<td>
(431,439)
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at December 31, 2015
</td>
<td>
$(1,232,073)
</td>
<td>
$(26,447)
</td>
<td>
$(69,913)
</td>
<td>
$(1,328,433)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2016
</td>
<td>
$60,064
</td>
</tr>
<tr>
<td>
2017
</td>
<td>
60,964
</td>
</tr>
<tr>
<td>
2018
</td>
<td>
28,437
</td>
</tr>
<tr>
<td>
2019
</td>
<td>
100,048
</td>
</tr>
<tr>
<td>
2020
</td>
<td>
28,665
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
86,556
</td>
</tr>
<tr>
<td>
</td>
<td>
$364,734
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ranking
</td>
<td>
Q1
</td>
<td>
Q2
</td>
<td>
Q3
</td>
<td>
Q4
</td>
<td>
FY 2016
</td>
</tr>
<tr>
<td>
1
</td>
<td>
AUD
</td>
<td>
GBP
</td>
<td>
CNY
</td>
<td>
AUD
</td>
<td>
GBP
</td>
</tr>
<tr>
<td>
2
</td>
<td>
CAD
</td>
<td>
CNY
</td>
<td>
GBP
</td>
<td>
GBP
</td>
<td>
CNY
</td>
</tr>
<tr>
<td>
3
</td>
<td>
GBP
</td>
<td>
AUD
</td>
<td>
EUR
</td>
<td>
CNY
</td>
<td>
AUD
</td>
</tr>
<tr>
<td>
4
</td>
<td>
BRL
</td>
<td>
CAD
</td>
<td>
CAD
</td>
<td>
CAD
</td>
<td>
CAD
</td>
</tr>
<tr>
<td>
5
</td>
<td>
CNY
</td>
<td>
MXN
</td>
<td>
HKD
</td>
<td>
SGD
</td>
<td>
EUR
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2015
</td>
<td>
2014
</td>
<td>
2013
</td>
</tr>
<tr>
<td>
Passenger ticket revenues:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
United States
</td>
<td>
55%
</td>
<td>
53%
</td>
<td>
52%
</td>
</tr>
<tr>
<td>
All other countries
</td>
<td>
45%
</td>
<td>
47%
</td>
<td>
48%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ships
</td>
<td>
Years generally 30
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
3-20
</td>
</tr>
<tr>
<td>
Buildings and improvements
</td>
<td>
10-40
</td>
</tr>
<tr>
<td>
Computer hardware and software
</td>
<td>
3-5
</td>
</tr>
<tr>
<td>
Transportation equipment and other
</td>
<td>
3-30
</td>
</tr>
<tr>
<td>
Leasehold improvements
</td>
<td>
Shorter of remaining lease term or useful life 3-30
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Operating Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Operating lease obligations
<sup>
(1)
</sup>
</td>
<td>
$226,516
</td>
<td>
$22,229
</td>
<td>
$34,207
</td>
<td>
$23,129
</td>
<td>
$146,951
</td>
</tr>
<tr>
<td>
Interest on long-term debt
<sup>
(2)
</sup>
</td>
<td>
1,212,044
</td>
<td>
246,831
</td>
<td>
392,463
</td>
<td>
253,391
</td>
<td>
319,359
</td>
</tr>
<tr>
<td>
Other
<sup>
(3)
</sup>
</td>
<td>
832,789
</td>
<td>
207,311
</td>
<td>
292,492
</td>
<td>
238,262
</td>
<td>
94,724
</td>
</tr>
<tr>
<td>
Investing Activities:
</td>
<td>
0
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Ship purchase obligations
<sup>
(4)
</sup>
</td>
<td>
5,505,728
</td>
<td>
1,640,196
</td>
<td>
1,763,274
</td>
<td>
2,102,258
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Financing Activities:
</td>
<td>
0
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Long-term debt obligations
<sup>
(5)
</sup>
</td>
<td>
8,618,284
</td>
<td>
891,357
</td>
<td>
3,180,092
</td>
<td>
2,086,258
</td>
<td>
2,460,577
</td>
</tr>
<tr>
<td>
Capital lease obligations
<sup>
(6)
</sup>
</td>
<td>
48,771
</td>
<td>
8,320
</td>
<td>
10,521
</td>
<td>
7,371
</td>
<td>
22,559
</td>
</tr>
<tr>
<td>
Other
<sup>
(7)
</sup>
</td>
<td>
72,734
</td>
<td>
20,918
</td>
<td>
33,236
</td>
<td>
16,466
</td>
<td>
2,114
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$16,516,866
</td>
<td>
$3,037,162
</td>
<td>
$5,706,285
</td>
<td>
$4,727,135
</td>
<td>
$3,046,284
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Currency Abbreviation
</td>
<td>
Currency
</td>
</tr>
<tr>
<td>
AUD
</td>
<td>
Australian Dollar
</td>
</tr>
<tr>
<td>
BRL
</td>
<td>
Brazilian Real
</td>
</tr>
<tr>
<td>
CAD
</td>
<td>
Canadian Dollar
</td>
</tr>
<tr>
<td>
CNY
</td>
<td>
Chinese Yuan
</td>
</tr>
<tr>
<td>
EUR
</td>
<td>
Euro
</td>
</tr>
<tr>
<td>
GBP
</td>
<td>
British Pound
</td>
</tr>
<tr>
<td>
HKD
</td>
<td>
Hong Kong Dollar
</td>
</tr>
<tr>
<td>
MXN
</td>
<td>
Mexican Peso
</td>
</tr>
<tr>
<td>
SGD
</td>
<td>
Singapore Dollar
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2016
</td>
<td>
$22,229
</td>
</tr>
<tr>
<td>
2017
</td>
<td>
18,774
</td>
</tr>
<tr>
<td>
2018
</td>
<td>
15,432
</td>
</tr>
<tr>
<td>
2019
</td>
<td>
12,323
</td>
</tr>
<tr>
<td>
2020
</td>
<td>
10,806
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
146,951
</td>
</tr>
<tr>
<td>
</td>
<td>
$226,515
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="4">
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
</td>
</tr>
<tr>
<td>
Details about Accumulated Other Comprehensive Income (Loss) Components
</td>
<td>
Year Ended December 31, 2015
</td>
<td>
Year Ended December 31, 2014
</td>
<td>
Year Ended December 31, 2013
</td>
<td>
Affected Line Item in Statements of Comprehensive Income (Loss)
</td>
</tr>
<tr>
<td>
(Loss) gain on cash flow derivative hedges:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Cross currency swaps
</td>
<td>
$—
</td>
<td>
$(261)
</td>
<td>
$(3,531)
</td>
<td>
Interest expense, net of interest capitalized
</td>
</tr>
<tr>
<td>
Interest rate swaps
</td>
<td>
(36,401)
</td>
<td>
(15,264)
</td>
<td>
(9,355)
</td>
<td>
Interest expense, net of interest capitalized
</td>
</tr>
<tr>
<td>
Foreign currency forward contracts
</td>
<td>
(2,871)
</td>
<td>
(1,887)
</td>
<td>
(1,797)
</td>
<td>
Depreciation and amortization expenses
</td>
</tr>
<tr>
<td>
Foreign currency forward contracts
</td>
<td>
7,580
</td>
<td>
(4,291)
</td>
<td>
27,423
</td>
<td>
Other income (expense)
</td>
</tr>
<tr>
<td>
Foreign currency forward contracts
</td>
<td>
—
</td>
<td>
(57)
</td>
<td>
(440)
</td>
<td>
Interest expense, net of interest capitalized
</td>
</tr>
<tr>
<td>
Foreign currency collar options
</td>
<td>
(1,605)
</td>
<td>
—
</td>
<td>
—
</td>
<td>
Depreciation and amortization expenses
</td>
</tr>
<tr>
<td>
Fuel swaps
</td>
<td>
(9,583)
</td>
<td>
—
</td>
<td>
—
</td>
<td>
Other income (expense)
</td>
</tr>
<tr>
<td>
Fuel swaps
</td>
<td>
(248,744)
</td>
<td>
(27,984)
</td>
<td>
47,944
</td>
<td>
Fuel
</td>
</tr>
<tr>
<td>
</td>
<td>
(291,624)
</td>
<td>
(49,744)
</td>
<td>
60,244
</td>
<td>
</td>
</tr>
<tr>
<td>
Amortization of defined benefit plans:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Actuarial loss
</td>
<td>
(1,414)
</td>
<td>
(888)
</td>
<td>
(1,753)
</td>
<td>
Payroll and related
</td>
</tr>
<tr>
<td>
Prior service costs
</td>
<td>
(293)
</td>
<td>
(836)
</td>
<td>
(836)
</td>
<td>
Payroll and related
</td>
</tr>
<tr>
<td>
</td>
<td>
(1,707)
</td>
<td>
(1,724)
</td>
<td>
(2,589)
</td>
<td>
</td>
</tr>
<tr>
<td>
Release of foreign cumulative translation due to sale or liquidation of businesses:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Foreign cumulative translation
</td>
<td>
4,200
</td>
<td>
(1,997)
</td>
<td>
—
</td>
<td>
Other operating
</td>
</tr>
<tr>
<td>
Total reclassifications for the period
</td>
<td>
$(289,131)
</td>
<td>
$(53,465)
</td>
<td>
$57,655
</td>
<td>
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2016
</td>
<td>
$899,677
</td>
</tr>
<tr>
<td>
2017
</td>
<td>
938,036
</td>
</tr>
<tr>
<td>
2018
</td>
<td>
2,252,577
</td>
</tr>
<tr>
<td>
2019
</td>
<td>
609,901
</td>
</tr>
<tr>
<td>
2020
</td>
<td>
1,483,728
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
2,483,136
</td>
</tr>
<tr>
<td>
</td>
<td>
$8,667,055
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2015
</td>
<td>
2014
</td>
</tr>
<tr>
<td>
Ships
</td>
<td>
$22,102,025
</td>
<td>
$21,620,336
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
2,019,294
</td>
<td>
1,904,524
</td>
</tr>
<tr>
<td>
Ships under construction
</td>
<td>
734,998
</td>
<td>
561,779
</td>
</tr>
<tr>
<td>
Land, buildings and improvements, including leasehold improvements and port facilities
</td>
<td>
337,109
</td>
<td>
303,394
</td>
</tr>
<tr>
<td>
Computer hardware and software, transportation equipment and other
</td>
<td>
1,025,264
</td>
<td>
889,579
</td>
</tr>
<tr>
<td>
Total property and equipment
</td>
<td>
26,218,690
</td>
<td>
25,279,612
</td>
</tr>
<tr>
<td>
Less—accumulated depreciation and amortization
</td>
<td>
(7,440,912)
</td>
<td>
(7,085,985)
</td>
</tr>
<tr>
<td>
</td>
<td>
$18,777,778
</td>
<td>
$18,193,627
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
For the period ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2015
</td>
<td>
2014
</td>
<td>
2013
</td>
</tr>
<tr>
<td>
Total Revenues
</td>
<td>
$990,172
</td>
<td>
$797,441
</td>
<td>
$605,293
</td>
</tr>
<tr>
<td>
Total Expenses
</td>
<td>
(830,898)
</td>
<td>
(682,430)
</td>
<td>
(538,922)
</td>
</tr>
<tr>
<td>
Net Income
</td>
<td>
$159,274
</td>
<td>
$115,011
</td>
<td>
$66,371
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
</td>
<td colspan="2">
Amount of Gain (Loss) Recognized in Income on Derivative
</td>
</tr>
<tr>
<td>
Derivatives Not Designated as Hedging Instruments under ASC 815-20
</td>
<td>
Location of Gain (Loss) Recognized in Income on Derivative
</td>
<td>
Year Ended December 31, 2012
</td>
<td>
Year Ended December 31, 2011
</td>
</tr>
<tr>
<td>
In thousands
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Foreign currency forward contracts
</td>
<td>
Other income (expense)
</td>
<td>
$7,152
</td>
<td>
$4,633
</td>
</tr>
<tr>
<td>
Fuel swaps
</td>
<td>
Other income (expense)
</td>
<td>
(3,058)
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Fuel call options
</td>
<td>
Other income (expense)
</td>
<td>
(5,613)
</td>
<td>
18,915
</td>
</tr>
<tr>
<td>
</td>
<td>
</td>
<td>
$(1,519)
</td>
<td>
$23,548
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2012
</td>
<td>
2011
</td>
</tr>
<tr>
<td>
Indefinite-life intangible asset—Pullmantur trademarks and trade names
</td>
<td>
$218,883
</td>
<td>
$225,679
</td>
</tr>
<tr>
<td>
Impairment charge
</td>
<td>
(17,356)
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Foreign currency translation adjustment
</td>
<td>
3,339
</td>
<td>
(6,796)
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$204,866
</td>
<td>
$218,883
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2012
</td>
<td>
2011
</td>
</tr>
<tr>
<td>
Ships
</td>
<td>
$20,855,606
</td>
<td>
$19,958,127
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
1,341,137
</td>
<td>
976,363
</td>
</tr>
<tr>
<td>
Ships under construction
</td>
<td>
169,274
</td>
<td>
227,123
</td>
</tr>
<tr>
<td>
Land, buildings and improvements, including leasehold improvements and port facilities
</td>
<td>
377,821
</td>
<td>
360,399
</td>
</tr>
<tr>
<td>
Computer hardware and software, transportation equipment and other
</td>
<td>
698,865
</td>
<td>
748,102
</td>
</tr>
<tr>
<td>
Total property and equipment
</td>
<td>
23,442,703
</td>
<td>
22,270,114
</td>
</tr>
<tr>
<td>
Less—accumulated depreciation and amortization
</td>
<td>
(5,991,669)
</td>
<td>
(5,335,297)
</td>
</tr>
<tr>
<td>
</td>
<td>
$17,451,034
</td>
<td>
$16,934,817
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
NYSE Common Stock
</td>
<td colspan="2">
OSE Common Stock
<sup>
(1)
</sup>
</td>
</tr>
<tr>
<td>
</td>
<td>
High
</td>
<td>
Low
</td>
<td>
High
</td>
<td>
Low
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$36.18
</td>
<td>
$30.26
</td>
<td>
202.50
</td>
<td>
169.70
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
31.97
</td>
<td>
22.45
</td>
<td>
182.90
</td>
<td>
134.50
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
29.45
</td>
<td>
22.12
</td>
<td>
167.60
</td>
<td>
134.60
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
31.96
</td>
<td>
25.40
</td>
<td>
183.70
</td>
<td>
149.30
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$30.99
</td>
<td>
$18.70
</td>
<td>
168.00
</td>
<td>
111.60
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
39.43
</td>
<td>
21.50
</td>
<td>
214.30
</td>
<td>
121.10
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
42.30
</td>
<td>
32.68
</td>
<td>
232.60
</td>
<td>
180.00
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
49.99
</td>
<td>
40.26
</td>
<td>
293.10
</td>
<td>
226.30
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
Global Cruise Guests
<sup>
(1)
</sup>
</td>
<td>
Weighted-Average Supply of Berths Marketed Globally
<sup>
(1)
</sup>
</td>
<td>
North American Cruise Guests
<sup>
(2)
</sup>
</td>
<td>
Weighted-Average Supply of Berths Marketed in North America
<sup>
(1)
</sup>
</td>
<td>
European Cruise Guests
</td>
<td>
Weighted-Average Supply of Berths Marketed in Europe
<sup>
(1)
</sup>
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
17,184,000
</td>
<td>
347,000
</td>
<td>
10,093,000
</td>
<td>
219,000
</td>
<td>
4,500,000
</td>
<td>
120,000
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
17,340,000
</td>
<td>
363,000
</td>
<td>
10,198,000
</td>
<td>
222,000
</td>
<td>
5,000,000
</td>
<td>
131,000
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
18,800,000
</td>
<td>
391,000
</td>
<td>
10,781,000
</td>
<td>
232,000
</td>
<td>
5,540,000
</td>
<td>
143,000
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
20,227,000
</td>
<td>
412,000
</td>
<td>
11,625,000
</td>
<td>
245,000
</td>
<td>
5,894,000
</td>
<td>
149,000
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
20,823,000
</td>
<td>
425,000
</td>
<td>
12,044,000
</td>
<td>
254,000
</td>
<td>
6,040,000
</td>
<td>
152,000
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Operating Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Operating lease obligations
<sup>
(1)(2)
</sup>
</td>
<td>
$630,948
</td>
<td>
$65,929
</td>
<td>
$118,563
</td>
<td>
$108,343
</td>
<td>
$338,113
</td>
</tr>
<tr>
<td>
Interest on long-term debt
<sup>
(3)
</sup>
</td>
<td>
1,404,380
</td>
<td>
314,315
</td>
<td>
396,439
</td>
<td>
232,940
</td>
<td>
460,686
</td>
</tr>
<tr>
<td>
Other
<sup>
(4)
</sup>
</td>
<td>
779,112
</td>
<td>
231,137
</td>
<td>
273,093
</td>
<td>
178,234
</td>
<td>
96,648
</td>
</tr>
<tr>
<td>
Investing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Ship purchase obligations
<sup>
(5)
</sup>
</td>
<td>
2,896,826
</td>
<td>
242,391
</td>
<td>
1,609,550
</td>
<td>
1,044,885
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Financing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Long-term debt obligations
<sup>
(6)
</sup>
</td>
<td>
8,437,016
</td>
<td>
1,509,945
</td>
<td>
2,604,499
</td>
<td>
1,841,418
</td>
<td>
2,481,154
</td>
</tr>
<tr>
<td>
Capital lease obligations
<sup>
(7)
</sup>
</td>
<td>
52,931
</td>
<td>
9,538
</td>
<td>
8,097
</td>
<td>
4,875
</td>
<td>
30,421
</td>
</tr>
<tr>
<td>
Other
<sup>
(8)
</sup>
</td>
<td>
98,665
</td>
<td>
30,740
</td>
<td>
46,580
</td>
<td>
17,664
</td>
<td>
3,681
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$14,299,878
</td>
<td>
$2,403,995
</td>
<td>
$5,056,821
</td>
<td>
$3,428,359
</td>
<td>
$3,410,703
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Years
</td>
</tr>
<tr>
<td>
Ships
</td>
<td>
30
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
3-20
</td>
</tr>
<tr>
<td>
Buildings and improvements
</td>
<td>
10-40
</td>
</tr>
<tr>
<td>
Computer hardware and software
</td>
<td>
3-5
</td>
</tr>
<tr>
<td>
Transportation equipment and other
</td>
<td>
3-30
</td>
</tr>
<tr>
<td>
Leasehold improvements
</td>
<td>
Shorter of remaining lease term or useful life 3-30
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2009
</td>
<td>
$48,459
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
45,809
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
42,378
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
210,436
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
9,201
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
34,356
</td>
</tr>
<tr>
<td>
</td>
<td>
$390,639
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2009
</td>
<td>
$132,841
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
90,711
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
83,927
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
84,363
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
70,599
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
185,429
</td>
</tr>
<tr>
<td>
</td>
<td>
$647,870
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Long-term debt obligations(1)
</td>
<td>
$6,959,586
</td>
<td>
$466,973
</td>
<td>
$1,636,480
</td>
<td>
$2,060,305
</td>
<td>
$2,795,828
</td>
</tr>
<tr>
<td>
Capital lease obligations(1)
</td>
<td>
51,817
</td>
<td>
4,920
</td>
<td>
6,319
</td>
<td>
3,196
</td>
<td>
37,382
</td>
</tr>
<tr>
<td>
Operating lease obligations(2)(3)
</td>
<td>
390,639
</td>
<td>
48,459
</td>
<td>
88,187
</td>
<td>
219,637
</td>
<td>
34,356
</td>
</tr>
<tr>
<td>
Ship purchase obligations(4)
</td>
<td>
5,319,376
</td>
<td>
1,956,756
</td>
<td>
2,643,694
</td>
<td>
718,926
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Other(5)
</td>
<td>
647,870
</td>
<td>
132,841
</td>
<td>
174,638
</td>
<td>
154,962
</td>
<td>
185,429
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$13,369,288
</td>
<td>
$2,609,949
</td>
<td>
$4,549,318
</td>
<td>
$3,157,026
</td>
<td>
$3,052,995
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2008
</td>
<td>
2007
</td>
<td>
2006
</td>
</tr>
<tr>
<td>
Passenger ticket revenues:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
United States
</td>
<td>
60%
</td>
<td>
63%
</td>
<td>
76%
</td>
</tr>
<tr>
<td>
All other countries
</td>
<td>
40%
</td>
<td>
37%
</td>
<td>
24%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
Global Cruise Passengers(1)
</td>
<td>
Weighted-Average Supply of Berths Marketed Globally(1)
</td>
<td>
North American Cruise Passengers(2)
</td>
<td>
Weighted- Average Supply ofBerths Marketed in North America(1)
</td>
</tr>
<tr>
<td>
2004
</td>
<td>
13,757,000
</td>
<td>
265,000
</td>
<td>
9,108,000
</td>
<td>
207,000
</td>
</tr>
<tr>
<td>
2005
</td>
<td>
14,818,000
</td>
<td>
282,000
</td>
<td>
9,909,000
</td>
<td>
216,000
</td>
</tr>
<tr>
<td>
2006
</td>
<td>
15,309,000
</td>
<td>
299,000
</td>
<td>
10,080,000
</td>
<td>
227,000
</td>
</tr>
<tr>
<td>
2007
</td>
<td>
16,586,000
</td>
<td>
323,000
</td>
<td>
10,330,000
</td>
<td>
242,000
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
17,184,000
</td>
<td>
345,000
</td>
<td>
10,815,000
</td>
<td>
254,000
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2007
</td>
<td>
$ 58,728
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
56,652
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
50,462
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
49,932
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
47,504
</td>
</tr>
<tr>
<td>
Thereafter(1)
</td>
<td>
307,524
</td>
</tr>
<tr>
<td>
</td>
<td>
$ 570,802
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
NYSE Common Stock
</td>
<td colspan="2">
OSE Common Stock(1)
</td>
</tr>
<tr>
<td>
</td>
<td>
High
</td>
<td>
Low
</td>
<td>
High
</td>
<td>
Low
</td>
</tr>
<tr>
<td>
2006Fourth Quarter
</td>
<td>
$43.97
</td>
<td>
$38.06
</td>
<td>
282.00
</td>
<td>
243.00
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
39.28
</td>
<td>
32.47
</td>
<td>
260.00
</td>
<td>
203.50
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
43.86
</td>
<td>
35.00
</td>
<td>
280.00
</td>
<td>
213.00
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
46.77
</td>
<td>
40.59
</td>
<td>
316.50
</td>
<td>
271.00
</td>
</tr>
<tr>
<td>
2005Fourth Quarter
</td>
<td>
$47.35
</td>
<td>
$38.59
</td>
<td>
319.94
</td>
<td>
251.52
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
49.47
</td>
<td>
41.56
</td>
<td>
327.03
</td>
<td>
258.96
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
49.00
</td>
<td>
40.72
</td>
<td>
320.70
</td>
<td>
257.03
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
55.23
</td>
<td>
43.05
</td>
<td>
345.47
</td>
<td>
271.14
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2006
</td>
<td>
2005
</td>
</tr>
<tr>
<td>
</td>
<td colspan="2">
(in thousands, except share data)
</td>
</tr>
<tr>
<td>
AssetsCurrent assetsCash and cash equivalents
</td>
<td>
$ 104,520
</td>
<td>
$ 125,385
</td>
</tr>
<tr>
<td>
Trade and other receivables, net
</td>
<td>
185,886
</td>
<td>
95,254
</td>
</tr>
<tr>
<td>
Inventories
</td>
<td>
76,969
</td>
<td>
57,803
</td>
</tr>
<tr>
<td>
Prepaid expenses and other assets
</td>
<td>
134,529
</td>
<td>
98,568
</td>
</tr>
<tr>
<td>
Total current assets
</td>
<td>
501,904
</td>
<td>
377,010
</td>
</tr>
<tr>
<td>
Property and equipment — at cost less accumulated depreciation and amortization
</td>
<td>
11,429,106
</td>
<td>
10,276,948
</td>
</tr>
<tr>
<td>
Goodwill — less accumulated amortization of $138,606
</td>
<td>
721,514
</td>
<td>
283,133
</td>
</tr>
<tr>
<td>
Other assets
</td>
<td>
740,564
</td>
<td>
318,680
</td>
</tr>
<tr>
<td>
</td>
<td>
$13,393,088
</td>
<td>
$11,255,771
</td>
</tr>
<tr>
<td colspan="2">
Liabilities and Shareholders’ Equity
</td>
<td>
</td>
</tr>
<tr>
<td>
Current liabilities
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current portion of long-term debt
</td>
<td>
$ 373,422
</td>
<td>
$ 600,883
</td>
</tr>
<tr>
<td>
Accounts payable
</td>
<td>
193,794
</td>
<td>
159,910
</td>
</tr>
<tr>
<td>
Accrued expenses and other liabilities
</td>
<td>
408,209
</td>
<td>
342,995
</td>
</tr>
<tr>
<td>
Customer deposits
</td>
<td>
896,943
</td>
<td>
884,994
</td>
</tr>
<tr>
<td>
Total current liabilities
</td>
<td>
1,872,368
</td>
<td>
1,988,782
</td>
</tr>
<tr>
<td>
Long-term debt
</td>
<td>
5,040,322
</td>
<td>
3,553,892
</td>
</tr>
<tr>
<td>
Other long-term liabilities
</td>
<td>
388,823
</td>
<td>
158,632
</td>
</tr>
<tr>
<td>
Commitments and contingencies (Note 12)
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Shareholders’ equity
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Common stock ($.01 par value; 500,000,000 shares authorized; 222,489,872 and 216,504,849 shares issued)
</td>
<td>
2,225
</td>
<td>
2,165
</td>
</tr>
<tr>
<td>
Paid-in capital
</td>
<td>
2,904,041
</td>
<td>
2,706,236
</td>
</tr>
<tr>
<td>
Retained earnings
</td>
<td>
3,639,211
</td>
<td>
3,132,286
</td>
</tr>
<tr>
<td>
Accumulated other comprehensive loss
</td>
<td>
(30,802)
</td>
<td>
(28,263)
</td>
</tr>
<tr>
<td>
Treasury stock ( 10,985,927 and 6,143,392 common shares at cost)
</td>
<td>
(423,100)
</td>
<td>
(257,959)
</td>
</tr>
<tr>
<td>
Total shareholders’ equity
</td>
<td>
6,091,575
</td>
<td>
5,554,465
</td>
</tr>
<tr>
<td>
</td>
<td>
$13,393,088
</td>
<td>
$11,255,771
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2006
</td>
<td>
2005
</td>
</tr>
<tr>
<td>
Cash and cash equivalents
</td>
<td>
$ 104,520
</td>
<td>
$ 125,385
</td>
</tr>
<tr>
<td>
Long-term debt (including current portion of long-term debt)
</td>
<td>
(5,474,988)
</td>
<td>
(4,368,874)
</td>
</tr>
<tr>
<td>
Foreign currency forward contracts in a net (loss) gain position
</td>
<td>
104,159
</td>
<td>
(115,415)
</td>
</tr>
<tr>
<td>
Interest rate swap agreements in a net receivable position
</td>
<td>
5,856
</td>
<td>
8,456
</td>
</tr>
<tr>
<td>
Fuel swap agreements in a net payable position
</td>
<td>
(20,456)
</td>
<td>
(78)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2007
</td>
<td>
$ 138,511
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
87,353
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
42,846
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
30,795
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
25,582
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
103,242
</td>
</tr>
<tr>
<td>
</td>
<td>
$ 428,329
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2007
</td>
<td>
2006
</td>
<td>
2005
</td>
</tr>
<tr>
<td>
Dividend yield
</td>
<td>
1.3%
</td>
<td>
1.4%
</td>
<td>
1.0%
</td>
</tr>
<tr>
<td>
Expected stock price volatility
</td>
<td>
28.0%
</td>
<td>
33.0%
</td>
<td>
48.8%
</td>
</tr>
<tr>
<td>
Risk-free interest rate
</td>
<td>
4.8%
</td>
<td>
4.5%
</td>
<td>
3.5%
</td>
</tr>
<tr>
<td>
Expected option life
</td>
<td>
5 years
</td>
<td>
5 years
</td>
<td>
5 years
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Income before cumulative effect of a change in accounting principle
</td>
<td>
$663,465
</td>
</tr>
<tr>
<td>
Deduct: Total stock-based employee compensation expense determinedunder fair valuemethod for all awards
</td>
<td>
(9,732)
</td>
</tr>
<tr>
<td>
Pro forma income before cumulative effect of a change in accountingprinciple
</td>
<td>
653,733
</td>
</tr>
<tr>
<td>
Add: Interest on dilutive convertible notes
</td>
<td>
48,128
</td>
</tr>
<tr>
<td>
Pro forma income before cumulative effect of a change in accountingprinciple for diluted earnings per share
</td>
<td>
$701,861
</td>
</tr>
<tr>
<td>
Net income, as reported
</td>
<td>
$715,956
</td>
</tr>
<tr>
<td>
Deduct: Total stock-based employee compensation expense determinedunder fair value method for all awards
</td>
<td>
(9,732)
</td>
</tr>
<tr>
<td>
Pro forma net income
</td>
<td>
706,224
</td>
</tr>
<tr>
<td>
Add: Interest on dilutive convertible notes
</td>
<td>
48,128
</td>
</tr>
<tr>
<td>
Pro forma net income for diluted earnings per share
</td>
<td>
$754,352
</td>
</tr>
<tr>
<td>
Weighted-average common shares outstanding
</td>
<td>
206,217
</td>
</tr>
<tr>
<td>
Dilutive effect of stock options and restricted stock awards
</td>
<td>
2,498
</td>
</tr>
<tr>
<td>
Dilutive effect of convertible notes
</td>
<td>
25,772
</td>
</tr>
<tr>
<td>
Diluted weighted-average shares outstanding
</td>
<td>
234,487
</td>
</tr>
<tr>
<td>
Earnings per share before cumulative effect of a change in accountingprinciple:
</td>
<td>
</td>
</tr>
<tr>
<td>
Basic — as reported
</td>
<td>
$ 3.22
</td>
</tr>
<tr>
<td>
Basic — pro forma
</td>
<td>
$ 3.17
</td>
</tr>
<tr>
<td>
Diluted — as reported
</td>
<td>
$ 3.03
</td>
</tr>
<tr>
<td>
Diluted — pro forma
</td>
<td>
$ 2.99
</td>
</tr>
<tr>
<td>
Earnings per share:
</td>
<td>
</td>
</tr>
<tr>
<td>
Basic — as reported
</td>
<td>
$ 3.47
</td>
</tr>
<tr>
<td>
Basic — pro forma
</td>
<td>
$ 3.42
</td>
</tr>
<tr>
<td>
Diluted — as reported
</td>
<td>
$ 3.26
</td>
</tr>
<tr>
<td>
Diluted — pro forma
</td>
<td>
$ 3.22
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
</tr>
<tr>
<td>
Net income for basic and diluted earnings per share
</td>
<td>
$162,421
</td>
<td>
$573,722
</td>
<td>
$603,405
</td>
</tr>
<tr>
<td>
Weighted-average common shares outstanding
</td>
<td>
213,809
</td>
<td>
213,477
</td>
<td>
212,784
</td>
</tr>
<tr>
<td>
Dilutive effect of stock options and restricted stock awards
</td>
<td>
1,486
</td>
<td>
718
</td>
<td>
1,471
</td>
</tr>
<tr>
<td>
Diluted weighted-average shares outstanding
</td>
<td>
215,295
</td>
<td>
214,195
</td>
<td>
214,255
</td>
</tr>
<tr>
<td>
Basic earnings per share:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$0.76
</td>
<td>
$2.69
</td>
<td>
$2.84
</td>
</tr>
<tr>
<td>
Diluted earnings per share:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$0.75
</td>
<td>
$2.68
</td>
<td>
$2.82
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
</tr>
<tr>
<td>
</td>
<td colspan="3">
(in thousands)
</td>
</tr>
<tr>
<td>
Operating Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$162,421
</td>
<td>
$573,722
</td>
<td>
$603,405
</td>
</tr>
<tr>
<td>
Adjustments:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and amortization
</td>
<td>
568,214
</td>
<td>
520,353
</td>
<td>
483,066
</td>
</tr>
<tr>
<td>
Changes in operating assets and liabilities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
(Increase) decrease in trade and other receivables, net
</td>
<td>
(3,633)
</td>
<td>
28,150
</td>
<td>
(122,682)
</td>
</tr>
<tr>
<td>
Increase in inventories
</td>
<td>
(11,295)
</td>
<td>
(140)
</td>
<td>
(19,424)
</td>
</tr>
<tr>
<td>
(Increase) decrease in prepaid expenses and other assets
</td>
<td>
(3,085)
</td>
<td>
12,884
</td>
<td>
(37,650)
</td>
</tr>
<tr>
<td>
Increase in accounts payable
</td>
<td>
16,424
</td>
<td>
22,322
</td>
<td>
23,398
</td>
</tr>
<tr>
<td>
Increase (decrease) in accrued interest
</td>
<td>
18,668
</td>
<td>
(3,571)
</td>
<td>
78,160
</td>
</tr>
<tr>
<td>
Increase in accrued expenses and other liabilities
</td>
<td>
15,391
</td>
<td>
39,766
</td>
<td>
72,035
</td>
</tr>
<tr>
<td>
Increase (decrease) in customer deposits
</td>
<td>
32,038
</td>
<td>
(118,541)
</td>
<td>
184,713
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
49,738
</td>
<td>
(3,690)
</td>
<td>
3,673
</td>
</tr>
<tr>
<td>
Net cash provided by operating activities
</td>
<td>
844,881
</td>
<td>
1,071,255
</td>
<td>
1,268,694
</td>
</tr>
<tr>
<td>
Investing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Purchases of property and equipment
</td>
<td>
(2,477,549)
</td>
<td>
(2,223,534)
</td>
<td>
(1,317,381)
</td>
</tr>
<tr>
<td>
Repayment of notes from TUI Travel
</td>
<td>
—
</td>
<td>
—
</td>
<td>
100,000
</td>
</tr>
<tr>
<td>
Cash received on settlement of derivative financial instruments
</td>
<td>
110,830
</td>
<td>
269,815
</td>
<td>
59,392
</td>
</tr>
<tr>
<td>
Loans and equity contributions to unconsolidated affiliates
</td>
<td>
(181,683)
</td>
<td>
(52,323)
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Proceeds from sale of
<i>
Celebrity Galaxy
</i>
</td>
<td>
290,928
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Proceeds from sale of investment in Island Cruises
</td>
<td>
—
</td>
<td>
51,400
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
(16,983)
</td>
<td>
(22,607)
</td>
<td>
(12,569)
</td>
</tr>
<tr>
<td>
Net cash used in investing activities
</td>
<td>
(2,274,457)
</td>
<td>
(1,977,249)
</td>
<td>
(1,170,558)
</td>
</tr>
<tr>
<td>
Financing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Proceeds from issuance of debt
</td>
<td>
2,317,158
</td>
<td>
2,223,402
</td>
<td>
1,934,979
</td>
</tr>
<tr>
<td>
Debt issuance costs
</td>
<td>
(61,157)
</td>
<td>
(23,872)
</td>
<td>
(10,146)
</td>
</tr>
<tr>
<td>
Repayments of debt
</td>
<td>
(948,467)
</td>
<td>
(987,547)
</td>
<td>
(1,805,798)
</td>
</tr>
<tr>
<td>
Dividends paid
</td>
<td>
—
</td>
<td>
(128,045)
</td>
<td>
(98,298)
</td>
</tr>
<tr>
<td>
Proceeds from exercise of common stock options
</td>
<td>
569
</td>
<td>
3,817
</td>
<td>
19,632
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
4,103
</td>
<td>
(4,369)
</td>
<td>
(3,758)
</td>
</tr>
<tr>
<td>
Net cash provided by financing activities
</td>
<td>
1,312,206
</td>
<td>
1,083,386
</td>
<td>
36,611
</td>
</tr>
<tr>
<td>
Effect of exchange rate changes on cash
</td>
<td>
(889)
</td>
<td>
(5,298)
</td>
<td>
(8,483)
</td>
</tr>
<tr>
<td>
Net (decrease) increase in cash and cash equivalents
</td>
<td>
(118,259)
</td>
<td>
172,094
</td>
<td>
126,264
</td>
</tr>
<tr>
<td>
Cash and cash equivalents at beginning of year
</td>
<td>
402,878
</td>
<td>
230,784
</td>
<td>
104,520
</td>
</tr>
<tr>
<td>
Cash and cash equivalents at end of year
</td>
<td>
$284,619
</td>
<td>
$402,878
</td>
<td>
$230,784
</td>
</tr>
<tr>
<td>
Supplemental Disclosures
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Cash paid during the year for:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest, net of amount capitalized
</td>
<td>
$288,458
</td>
<td>
$321,206
</td>
<td>
$285,206
</td>
</tr>
<tr>
<td>
Non-cash Investing Transactions
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
We accrued for purchases of property and equipment paid in 2009
</td>
<td>
$—
</td>
<td>
$63,857
</td>
<td>
$—
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2010
</td>
<td>
$51,531
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
48,205
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
233,182
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
9,129
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
8,992
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
26,513
</td>
</tr>
<tr>
<td>
</td>
<td>
$377,552
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
NYSE Common Stock
</td>
<td colspan="2">
OSE Common Stock(1)
</td>
</tr>
<tr>
<td>
</td>
<td>
High
</td>
<td>
Low
</td>
<td>
High
</td>
<td>
Low
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$26.89
</td>
<td>
$19.75
</td>
<td>
156.30
</td>
<td>
113.20
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
24.42
</td>
<td>
12.16
</td>
<td>
143.30
</td>
<td>
80.00
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
17.09
</td>
<td>
8.69
</td>
<td>
106.00
</td>
<td>
55.00
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
15.18
</td>
<td>
5.50
</td>
<td>
106.50
</td>
<td>
38.70
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Fourth Quarter
</td>
<td>
$21.26
</td>
<td>
$6.64
</td>
<td>
133.50
</td>
<td>
54.50
</td>
</tr>
<tr>
<td>
Third Quarter
</td>
<td>
29.35
</td>
<td>
19.54
</td>
<td>
164.00
</td>
<td>
97.50
</td>
</tr>
<tr>
<td>
Second Quarter
</td>
<td>
35.47
</td>
<td>
22.33
</td>
<td>
181.50
</td>
<td>
113.50
</td>
</tr>
<tr>
<td>
First Quarter
</td>
<td>
41.22
</td>
<td>
30.23
</td>
<td>
229.00
</td>
<td>
160.00
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Restricted Stock Activity
</td>
<td>
Number of Awards
</td>
<td>
Weighted- Average Grant Date Fair Value
</td>
</tr>
<tr>
<td>
Non-vested share units at January 1, 2009
</td>
<td>
862,734
</td>
<td>
$36.24
</td>
</tr>
<tr>
<td>
Granted
</td>
<td>
926,827
</td>
<td>
$7.68
</td>
</tr>
<tr>
<td>
Vested
</td>
<td>
(259,291)
</td>
<td>
$38.26
</td>
</tr>
<tr>
<td>
Canceled
</td>
<td>
(32,053)
</td>
<td>
$34.48
</td>
</tr>
<tr>
<td>
Non-vested share units expected to vest at December 31, 2009
</td>
<td>
1,498,217
</td>
<td>
$18.26
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
<td>
2006
</td>
<td>
2005
</td>
</tr>
<tr>
<td>
Passengers Carried
</td>
<td>
3,970,278
</td>
<td>
4,017,554
</td>
<td>
3,905,384
</td>
<td>
3,600,807
</td>
<td>
3,476,287
</td>
</tr>
<tr>
<td>
Passenger Cruise Days
</td>
<td>
28,503,046
</td>
<td>
27,657,578
</td>
<td>
26,594,515
</td>
<td>
23,849,606
</td>
<td>
23,178,560
</td>
</tr>
<tr>
<td>
Available Passenger Cruise Days (APCD)
</td>
<td>
27,821,224
</td>
<td>
26,463,637
</td>
<td>
25,155,768
</td>
<td>
22,392,478
</td>
<td>
21,733,724
</td>
</tr>
<tr>
<td>
Occupancy
</td>
<td>
102.5%
</td>
<td>
104.5%
</td>
<td>
105.7%
</td>
<td>
106.5%
</td>
<td>
106.6%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Page
</td>
</tr>
<tr>
<td>
Report of Independent Registered Certified Public Accounting Firm
</td>
<td>
F-2
</td>
</tr>
<tr>
<td>
Consolidated Statements of Operations
</td>
<td>
F-3
</td>
</tr>
<tr>
<td>
Consolidated Balance Sheets
</td>
<td>
F-4
</td>
</tr>
<tr>
<td>
Consolidated Statements of Cash Flows
</td>
<td>
F-5
</td>
</tr>
<tr>
<td>
Consolidated Statements of Shareholders’ Equity
</td>
<td>
F-6
</td>
</tr>
<tr>
<td>
Notes to the Consolidated Financial Statements
</td>
<td>
F-7
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
10.31
</td>
<td>
— Employment Agreement dated July 25, 2007 between Celebrity Cruises Inc. and Daniel J. Hanrahan (incorporated by reference to Exhibit 10.3 to the Company’s QuarterlyReport on Form 10-Q for the quarterly period ended June 30, 2007 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.32
</td>
<td>
— Employment Agreement dated July 25, 2007 between the Company and Brian J. Rice (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form10-Q for the quarterly period ended June 30, 2007 filed with the Commission.)
</td>
</tr>
<tr>
<td>
10.33
</td>
<td>
— Employment Agreement dated July 25, 2007 between the Company and Harri U. Kulovaara (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2007 filed with the Commission.).
</td>
</tr>
<tr>
<td>
10.34
</td>
<td>
— Description of consulting arrangement between the Company and William K. Reilly (incorporated by reference to Exhibit 10.16 to the Company’s 2004 Annual Report on Form10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.35
</td>
<td>
— Royal Caribbean Cruises Ltd. et. al. Board of Directors Non Qualified Deferred Compensation Plan, as amended through November 11, 2008 (incorporated by reference toExhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Commission on December 8, 2005 and Exhibit 10.25 to the Company’s 2006 Annual Report on Form 10-K filed with the Commission and Exhibit 10.31 to theCompany’s 2008 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.36
</td>
<td>
— Royal Caribbean Cruises Ltd. et. al. Non Qualified Deferred Compensation Plan Rabbi Trust (incorporated by reference to Exhibit 10.18 to the Company’s 2004 Annual Reporton Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.37
</td>
<td>
— Royal Caribbean Cruises Ltd. Executive Incentive Plan as amended as of November 11, 2008 (incorporated by reference to Exhibit 10.27 to the Company’s 2006 Annual Reporton Form 10-K filed with the Commission and Exhibit 10.34 to the Company’s 2008 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.38
</td>
<td>
— Royal Caribbean Cruises Ltd. Executive Short-Term Bonus Plan dated as of September 12, 2008 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Reporton Form 10-Q for the quarterly period ended September 30, 2008 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.39
</td>
<td>
— Royal Caribbean Cruises Ltd. et. al. Non Qualified Deferred Compensation Plan, formerly Royal Caribbean Cruises Ltd. et. al. Non Qualified 401(k) Plan, as amended throughNovember 11, 2008 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on December 8, 2005, Exhibit 10.29 to the Company’s 2006 Annual Report on Form 10-K filed with theCommission, Exhibit 10.28 to the Company’s 2007 Annual Report on Form 10-K filed with the Commission, Exhibit 10.29 to the Company’s 2007 Annual Report on Form 10-K filed with the Commission, and Exhibit 10.36 to the Company’s 2008Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.40
</td>
<td>
— Royal Caribbean Cruises Ltd. Supplemental Executive Retirement Plan as amended through November 11, 2008 (incorporated by reference to Exhibit 10.3 to the Company’sCurrent Report on Form 8-K filed with the Commission on December 8, 2005, Exhibit 10.31 to the Company’s 2006 Annual Report on Form 10-K filed with the Commission, Exhibit 10.31 to the Company’s 2007 Annual Report on Form 10-K filed withthe Commission, Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008 filed with the Commission, and Exhibit 10.38 to the Company’s Annual Report on Form 10-K filed with theCommission).
</td>
</tr>
<tr>
<td>
10.41
</td>
<td>
— Summary of Royal Caribbean Cruises Ltd. Board of Directors Compensation (incorporated by reference to Exhibit 10.39 to the Company’s 2008 Annual Report on Form 10-Kfiled with the Commission).
</td>
</tr>
<tr>
<td>
10.42
</td>
<td>
— Cruise Policy effective as of October 3, 2007 for Members of the Board of Directors of the Company (incorporated by reference to Exhibit 10.2 to the Company’s QuarterlyReport on Form 10-Q for the quarterly period ended September 30, 2007 filed with the Commission).
</td>
</tr>
<tr>
<td>
12.1
</td>
<td>
— Statement regarding computation of fixed charge coverage ratio.
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
Global Cruise Passengers(1)
</td>
<td>
Weighted-Average Supply of Berths Marketed Globally(1)
</td>
<td>
North American Cruise Passengers(2)
</td>
<td>
Weighted-Average Supply of Berths Marketed in North America(1)
</td>
</tr>
<tr>
<td>
2005
</td>
<td>
14,818,000
</td>
<td>
288,000
</td>
<td>
9,909,000
</td>
<td>
190,000
</td>
</tr>
<tr>
<td>
2006
</td>
<td>
15,309,000
</td>
<td>
304,000
</td>
<td>
10,080,000
</td>
<td>
201,000
</td>
</tr>
<tr>
<td>
2007
</td>
<td>
16,586,000
</td>
<td>
327,000
</td>
<td>
10,330,000
</td>
<td>
212,000
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
17,184,000
</td>
<td>
347,000
</td>
<td>
10,093,000
</td>
<td>
219,000
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
17,340,000
</td>
<td>
363,000
</td>
<td>
10,169,000
</td>
<td>
222,000
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
10.7
</td>
<td>
— Credit Agreement dated as of August 7, 2008 among Celebrity Solstice Inc., KfW IPEX-Bank GmbH, as agent for Euler Hermes Kreditversicherungs AG and administrative agent,and KfW IPEX-Bank GmbH and BNP Paribas S.A., as lenders (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on August 11, 2008).
</td>
</tr>
<tr>
<td>
10.8
</td>
<td>
— Credit Agreement dated as of December 19, 2008 among Celebrity Solstice V Inc., KfW IPEX-Bank GmbH, as agent for Euler Hermes Kreditversicherungs AG and administrativeagent, and KfW IPEX-Bank GmbH, as lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on December 24, 2008).
</td>
</tr>
<tr>
<td>
10.9
</td>
<td>
— Credit Agreement dated as of February 27, 2009 among Celebrity Solstice IV Inc., KfW IPEX-Bank GmbH, as agent for Euler Hermes Kreditversicherungs AG and administrativeagent, and KfW IPEX-Bank GmbH, as lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on March 4, 2009).
</td>
</tr>
<tr>
<td>
10.10
</td>
<td>
— Credit Agreement dated as of April 15, 2009 among Celebrity Equinox Inc., KfW IPEX-Bank GmbH, as agent for Euler Hermes Kreditversicherungs AG and administrative agent,and KfW IPEX-Bank GmbH, as lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on April 21, 2009).
</td>
</tr>
<tr>
<td>
10.11
</td>
<td>
— Credit Agreement dated as of May 7, 2009, amended as of October 9, 2009, among Oasis of the Seas Inc., the Company as guarantor, various financial institutions andBNP Paribas, as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 13, 2009 and Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q forthe quarterly period ended September 30, 2009 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.12
</td>
<td>
— Credit Agreement dated as of November 26, 2009 among Celebrity Eclipse Inc., KfW IPEX-Bank GmbH, as agent for Euler Hermes Kreditversicherungs AG and administrativeagent, and KfW IPEX-Bank GmbH, as lender (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on December 2, 2009).
</td>
</tr>
<tr>
<td>
10.13
</td>
<td>
— Office Building Lease Agreement dated July 25, 1989 between Miami-Dade County and the Company, as amended (incorporated by reference to Exhibits 10.116 and 10.117 to theCompany’s Registration Statement on Form F-1, File No. 33-46157, filed with the Commission).
</td>
</tr>
<tr>
<td>
10.14
</td>
<td>
— Office Building Lease Agreement dated January 18, 1994 between Miami-Dade County and the Company (incorporated by reference to Exhibit 2.13 to the Company’s 1993Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
10.15
</td>
<td>
— Lease by and between City of Wichita, Kansas and the Company dated as of December 1, 1997, together with First Supplemental Lease Agreement dated December 1, 2000(incorporated by reference to Exhibit 4.7 to the Company’s 2002 Annual Report on Form 20-F filed with the Commission).
</td>
</tr>
<tr>
<td>
10.16
</td>
<td>
— Multi-Tenant Office Lease Agreement dated May 3, 2000 between the Company and Opus Real Estate National IV FL, L.L.C. (formerly Miramar 75, L.L.C.), together with fourAmendments thereto dated June 1, 2000, November 20, 2000, October 11, 2001 and September 25, 2003 (incorporated by reference to Exhibit 4.6 to the Company’s 2003 Annual Report on Form 20-F filed with theCommission).
</td>
</tr>
<tr>
<td>
10.17
</td>
<td>
— Fifth Amendment to Multi-Tenant Office Lease Agreement dated January 26, 2010 between the Company and RT Miramar II, LLC.
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
</tr>
<tr>
<td>
</td>
<td colspan="2">
(in thousands, except share data)
</td>
</tr>
<tr>
<td>
Assets
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current assets
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Cash and cash equivalents
</td>
<td>
$284,619
</td>
<td>
$402,878
</td>
</tr>
<tr>
<td>
Trade and other receivables, net
</td>
<td>
338,804
</td>
<td>
271,287
</td>
</tr>
<tr>
<td>
Inventories
</td>
<td>
107,877
</td>
<td>
96,077
</td>
</tr>
<tr>
<td>
Prepaid expenses and other assets
</td>
<td>
180,997
</td>
<td>
125,160
</td>
</tr>
<tr>
<td>
Derivative financial instruments
</td>
<td>
114,094
</td>
<td>
81,935
</td>
</tr>
<tr>
<td>
Total current assets
</td>
<td>
1,026,391
</td>
<td>
977,337
</td>
</tr>
<tr>
<td>
Property and equipment, net
</td>
<td>
15,268,053
</td>
<td>
13,878,998
</td>
</tr>
<tr>
<td>
Goodwill
</td>
<td>
792,373
</td>
<td>
779,246
</td>
</tr>
<tr>
<td>
Other assets
</td>
<td>
1,146,677
</td>
<td>
827,729
</td>
</tr>
<tr>
<td>
</td>
<td>
$18,233,494
</td>
<td>
$16,463,310
</td>
</tr>
<tr>
<td>
Liabilities and Shareholders’ Equity
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current liabilities
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current portion of long-term debt
</td>
<td>
$756,215
</td>
<td>
$471,893
</td>
</tr>
<tr>
<td>
Accounts payable
</td>
<td>
264,554
</td>
<td>
245,225
</td>
</tr>
<tr>
<td>
Accrued interest
</td>
<td>
147,547
</td>
<td>
128,879
</td>
</tr>
<tr>
<td>
Accrued expenses and other liabilities
</td>
<td>
487,764
</td>
<td>
687,369
</td>
</tr>
<tr>
<td>
Customer deposits
</td>
<td>
1,059,524
</td>
<td>
968,520
</td>
</tr>
<tr>
<td>
Hedged firm commitments
</td>
<td>
33,426
</td>
<td>
172,339
</td>
</tr>
<tr>
<td>
Total current liabilities
</td>
<td>
2,749,030
</td>
<td>
2,674,225
</td>
</tr>
<tr>
<td>
Long-term debt
</td>
<td>
7,663,555
</td>
<td>
6,539,510
</td>
</tr>
<tr>
<td>
Other long-term liabilities
</td>
<td>
321,192
</td>
<td>
446,563
</td>
</tr>
<tr>
<td>
Commitments and contingencies (Note 14)
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Shareholders’ equity
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Common stock ($0.01 par value; 500,000,000 shares authorized; 224,258,247 and 223,899,076 shares issued, December 31, 2009and December 31, 2008, respectively)
</td>
<td>
2,243
</td>
<td>
2,239
</td>
</tr>
<tr>
<td>
Paid-in capital
</td>
<td>
2,973,495
</td>
<td>
2,952,540
</td>
</tr>
<tr>
<td>
Retained earnings
</td>
<td>
4,754,950
</td>
<td>
4,592,529
</td>
</tr>
<tr>
<td>
Accumulated other comprehensive income (loss)
</td>
<td>
182,733
</td>
<td>
(319,936)
</td>
</tr>
<tr>
<td>
Treasury stock (10,308,683 and 11,076,701 common shares at cost, December 31, 2009 and December 31, 2008, respectively)
</td>
<td>
(413,704)
</td>
<td>
(424,360)
</td>
</tr>
<tr>
<td>
Total shareholders’ equity
</td>
<td>
7,499,717
</td>
<td>
6,803,012
</td>
</tr>
<tr>
<td>
</td>
<td>
$18,233,494
</td>
<td>
$16,463,310
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
</tr>
<tr>
<td>
$1.225 billion unsecured revolving credit facility, LIBOR plus 1.05%, currently 1.33% and a facility fee of 0.25%, due2012
</td>
<td>
$650,000
</td>
<td>
$600,000
</td>
</tr>
<tr>
<td>
Unsecured senior notes and senior debentures, 6.88% to 11.88%, due 2010 through 2016, 2018 and 2027
</td>
<td>
2,784,552
</td>
<td>
2,520,575
</td>
</tr>
<tr>
<td>
€1.0 billion unsecured senior notes, 5.63%, due 2014
</td>
<td>
1,526,126
</td>
<td>
1,463,785
</td>
</tr>
<tr>
<td>
$300 million unsecured term loan, LIBOR plus 0.8%, currently 1.05%, due through 2010
</td>
<td>
50,000
</td>
<td>
200,000
</td>
</tr>
<tr>
<td>
Unsecured term loans, LIBOR plus 3.0%, currently 3.25%, due 2011
</td>
<td>
100,000
</td>
<td>
200,000
</td>
</tr>
<tr>
<td>
$225 million unsecured term loan, LIBOR plus 2.0%, currently 2.25%, due through 2012
</td>
<td>
96,390
</td>
<td>
128,543
</td>
</tr>
<tr>
<td>
$570 million unsecured term loan, 4.45%, due through 2013
</td>
<td>
285,000
</td>
<td>
366,429
</td>
</tr>
<tr>
<td>
$589 million unsecured term loan, 4.89%, due through 2014
</td>
<td>
378,643
</td>
<td>
462,786
</td>
</tr>
<tr>
<td>
$530 million unsecured term loan, LIBOR plus 0.72%, currently 1.32%, due through 2015
</td>
<td>
416,429
</td>
<td>
492,143
</td>
</tr>
<tr>
<td>
$519 million unsecured term loan, LIBOR plus 0.45%, currently 1.03%, due through 2020
</td>
<td>
475,884
</td>
<td>
519,146
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
$420 million unsecured term loan, 5.41%, due through 2021
</td>
<td>
420,000
</td>
<td>
—
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
$420 million unsecured term loan, LIBOR plus 3.0%, currently 3.58%, due through 2021
</td>
<td>
420,000
</td>
<td>
—
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
€159.4 million unsecured term loan, EURIBOR plus 2.25%, currently 3.27%, due through 2021
</td>
<td>
228,398
</td>
<td>
—
</td>
</tr>
<tr>
<td>
$524.5 million unsecured term loan, LIBOR plus 0.5%, currently 1.47%, due through 2021
</td>
<td>
524,500
</td>
<td>
—
</td>
</tr>
<tr>
<td>
$7.3 million unsecured term loan, 8.0%, due through 2022
</td>
<td>
6,868
</td>
<td>
6,179
</td>
</tr>
<tr>
<td>
Capital lease obligations
</td>
<td>
56,980
</td>
<td>
51,817
</td>
</tr>
<tr>
<td>
</td>
<td>
8,419,770
</td>
<td>
7,011,403
</td>
</tr>
<tr>
<td>
Less — current portion
</td>
<td>
(756,215)
</td>
<td>
(471,893)
</td>
</tr>
<tr>
<td>
Long-term portion
</td>
<td>
$7,663,555
</td>
<td>
$6,539,510
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2010
</td>
<td>
$756,215
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
1,056,081
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
1,103,833
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
1,278,561
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
1,822,917
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
2,402,163
</td>
</tr>
<tr>
<td>
</td>
<td>
$8,419,770
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ship
</td>
<td>
Expected to Enter Service
</td>
<td>
Approximate Berths
</td>
</tr>
<tr>
<td>
Royal Caribbean International:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Oasis-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
<i>
Allure of the Seas
</i>
</td>
<td>
4th Quarter 2010
</td>
<td>
5,400
</td>
</tr>
<tr>
<td>
Celebrity Cruises:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Solstice-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
<i>
Celebrity Eclipse
</i>
</td>
<td>
2nd Quarter 2010
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
<i>
Celebrity Silhouette
</i>
</td>
<td>
3rd Quarter 2011
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
<i>
Unnamed
</i>
</td>
<td>
4th Quarter 2012
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
</td>
<td>
Total Berths
</td>
<td>
13,950
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
</tr>
<tr>
<td>
</td>
<td colspan="3">
(in thousands, except per share data)
</td>
</tr>
<tr>
<td>
Passenger ticket revenues
</td>
<td>
$4,205,709
</td>
<td>
$4,730,289
</td>
<td>
$4,427,384
</td>
</tr>
<tr>
<td>
Onboard and other revenues
</td>
<td>
1,684,117
</td>
<td>
1,802,236
</td>
<td>
1,721,755
</td>
</tr>
<tr>
<td>
Total revenues
</td>
<td>
5,889,826
</td>
<td>
6,532,525
</td>
<td>
6,149,139
</td>
</tr>
<tr>
<td>
Cruise operating expenses:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Commissions, transportation and other
</td>
<td>
1,028,867
</td>
<td>
1,192,316
</td>
<td>
1,124,022
</td>
</tr>
<tr>
<td>
Onboard and other
</td>
<td>
457,772
</td>
<td>
458,385
</td>
<td>
405,637
</td>
</tr>
<tr>
<td>
Payroll and related
</td>
<td>
681,852
</td>
<td>
657,721
</td>
<td>
584,081
</td>
</tr>
<tr>
<td>
Food
</td>
<td>
345,272
</td>
<td>
342,620
</td>
<td>
322,996
</td>
</tr>
<tr>
<td>
Fuel
</td>
<td>
600,203
</td>
<td>
722,007
</td>
<td>
546,029
</td>
</tr>
<tr>
<td>
Other operating
</td>
<td>
957,136
</td>
<td>
1,030,617
</td>
<td>
998,933
</td>
</tr>
<tr>
<td>
Total cruise operating expenses
</td>
<td>
4,071,102
</td>
<td>
4,403,666
</td>
<td>
3,981,698
</td>
</tr>
<tr>
<td>
Marketing, selling and administrative expenses
</td>
<td>
761,999
</td>
<td>
776,522
</td>
<td>
783,040
</td>
</tr>
<tr>
<td>
Depreciation and amortization expenses
</td>
<td>
568,214
</td>
<td>
520,353
</td>
<td>
483,066
</td>
</tr>
<tr>
<td>
</td>
<td>
5,401,315
</td>
<td>
5,700,541
</td>
<td>
5,247,804
</td>
</tr>
<tr>
<td>
Operating Income
</td>
<td>
488,511
</td>
<td>
831,984
</td>
<td>
901,335
</td>
</tr>
<tr>
<td>
Other income (expense):
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest income
</td>
<td>
7,016
</td>
<td>
14,116
</td>
<td>
20,025
</td>
</tr>
<tr>
<td>
Interest expense, net of interest capitalized
</td>
<td>
(300,012)
</td>
<td>
(327,312)
</td>
<td>
(333,784)
</td>
</tr>
<tr>
<td>
Other (expense) income
</td>
<td>
(33,094)
</td>
<td>
54,934
</td>
<td>
15,829
</td>
</tr>
<tr>
<td>
</td>
<td>
(326,090)
</td>
<td>
(258,262)
</td>
<td>
(297,930)
</td>
</tr>
<tr>
<td>
Net Income
</td>
<td>
$162,421
</td>
<td>
$573,722
</td>
<td>
$603,405
</td>
</tr>
<tr>
<td>
Basic Earnings per Share:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$0.76
</td>
<td>
$2.69
</td>
<td>
$2.84
</td>
</tr>
<tr>
<td>
Diluted Earnings per Share:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$0.75
</td>
<td>
$2.68
</td>
<td>
$2.82
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
10.18
</td>
<td>
— Lease Agreement dated January 24, 2005, as amended through March 20, 2006, between the Company and RC Springfield 2007, LLC (formerly Workstage-Oregon, LLC)(incorporated by reference to Exhibit 10.7 to the Company’s 2004 Annual Report on Form 10-K filed with the Commission, Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 filed withthe Commission, and Exhibit 10.12 to the Company’s 2007 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.19
</td>
<td>
— Lease dated August 30, 2006 between DV3 Addlestone Limited, RCL Investments Ltd. (formerly Harmony Investments (Global) Limited) and the Company (incorporated byreference to Exhibit 10.12 to the Company’s 2006 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.20
</td>
<td>
— Royal Caribbean Cruises Ltd. 2000 Stock Award Plan, as Amended and Restated through September 18, 2006 (incorporated by reference to Exhibit 10.1 to the Company’sCurrent Report on Form 8-K filed with the Commission on December 8, 2005 and Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on September 22, 2006).
</td>
</tr>
<tr>
<td>
10.21
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2000 Stock Award Plan Stock Option Certificate - Incentive Stock Options (incorporated by reference to Exhibit 10.34 to theCompany’s 2007 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.22
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2000 Stock Award Plan Stock Option Certificate - Non-Qualified Shares (incorporated by reference to Exhibit 10.35 to the Company’s2007 Annual Report on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.23
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2000 Stock Award Plan Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.36 to the Company’s 2007 AnnualReport on Form 10-K filed with the Commission).
</td>
</tr>
<tr>
<td>
10.24
</td>
<td>
— Royal Caribbean Cruises Ltd. 2008 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterlyperiod ended June 30, 2008 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.25
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2008 Equity Incentive Plan Stock Option Award Agreement – Incentive Options (incorporated by reference to Exhibit 10.3 to theCompany’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.26
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2008 Equity Incentive Plan Stock Option Award Agreement – Nonqualified shares (incorporated by reference to Exhibit 10.4 to theCompany’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2008 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.27
</td>
<td>
— Form of Royal Caribbean Cruises Ltd. 2008 Equity Incentive Plan Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.5 to the Company’s QuarterlyReport on Form 10-Q for the quarterly period ended September 30, 2008 filed with the Commission).
</td>
</tr>
<tr>
<td>
10.28
</td>
<td>
— Employment Agreement dated July 25, 2007, amended as of December 19, 2008, between the Company and Richard D. Fain (incorporated by reference to Exhibit 10.1 to theCompany’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007 filed with the Commission and Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on December 23,2008).
</td>
</tr>
<tr>
<td>
10.29
</td>
<td>
— Amended and Restated Trust Agreement dated September 21, 2007, amended as of December 19, 2008, between the Company and Northern Trust, N.A. (incorporated byreference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2007 filed with the Commission and Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission onDecember 23, 2008).
</td>
</tr>
<tr>
<td>
10.30
</td>
<td>
— Employment Agreement dated July 25, 2007 between the Company and Adam M. Goldstein (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report onForm 10-Q for the quarterly period ended June 30, 2007 filed with the Commission).
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
</tr>
<tr>
<td>
Passenger ticket revenues:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
United States
</td>
<td>
54%
</td>
<td>
60%
</td>
<td>
63%
</td>
</tr>
<tr>
<td>
All other countries
</td>
<td>
46%
</td>
<td>
40%
</td>
<td>
37%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="8">
(In thousands, except per share data)
</td>
</tr>
<tr>
<td>
</td>
<td colspan="2">
First Quarter
</td>
<td colspan="2">
Second Quarter
</td>
<td colspan="2">
Third Quarter
</td>
<td colspan="2">
Fourth Quarter
</td>
</tr>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2009
</td>
<td>
2008
</td>
</tr>
<tr>
<td>
Total revenues
<sup>
1
</sup>
</td>
<td>
$1,325,602
</td>
<td>
$1,429,085
</td>
<td>
$1,349,015
</td>
<td>
$1,583,774
</td>
<td>
$1,763,542
</td>
<td>
$2,063,389
</td>
<td>
$1,451,667
</td>
<td>
$1,456,277
</td>
</tr>
<tr>
<td>
Operating income
</td>
<td>
$44,253
</td>
<td>
$137,568
</td>
<td>
$55,062
</td>
<td>
$168,950
</td>
<td>
$306,841
</td>
<td>
$461,907
</td>
<td>
$82,355
</td>
<td>
$63,559
</td>
</tr>
<tr>
<td>
Net income (loss)
<sup>
2,3
</sup>
</td>
<td>
$(36,238)
</td>
<td>
$75,607
</td>
<td>
$(35,086)
</td>
<td>
$84,749
</td>
<td>
$230,392
</td>
<td>
$411,887
</td>
<td>
$3,353
</td>
<td>
$1,479
</td>
</tr>
<tr>
<td>
Earnings (Loss) per share:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Basic
</td>
<td>
$(0.17)
</td>
<td>
$0.35
</td>
<td>
$(0.16)
</td>
<td>
$0.40
</td>
<td>
$1.08
</td>
<td>
$1.93
</td>
<td>
$0.02
</td>
<td>
$0.01
</td>
</tr>
<tr>
<td>
Diluted
</td>
<td>
$(0.17)
</td>
<td>
$0.35
</td>
<td>
$(0.16)
</td>
<td>
$0.40
</td>
<td>
$1.07
</td>
<td>
$1.92
</td>
<td>
$0.02
</td>
<td>
$0.01
</td>
</tr>
<tr>
<td>
Dividends declared per share
</td>
<td>
$—
</td>
<td>
$0.15
</td>
<td>
$—
</td>
<td>
$0.15
</td>
<td>
$—
</td>
<td>
$0.15
</td>
<td>
$—
</td>
<td>
$—
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Stock Options Activity
</td>
<td>
Number of Options
</td>
<td>
Weighted- Average Exercise Price
</td>
<td>
Weighted- Average Remaining Contractual Term (years)
</td>
<td>
Aggregate Intrinsic Value
<sup>
1
</sup>
(in thousands)
</td>
</tr>
<tr>
<td>
Outstanding at January 1, 2009
</td>
<td>
6,646,159
</td>
<td>
$34.44
</td>
<td>
5.38
</td>
<td>
$2,933
</td>
</tr>
<tr>
<td>
Granted
</td>
<td>
1,829,720
</td>
<td>
$7.63
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Exercised
</td>
<td>
(49,076)
</td>
<td>
$11.60
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Canceled
</td>
<td>
(958,309)
</td>
<td>
$37.47
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Outstanding at December 31, 2009
</td>
<td>
7,468,494
</td>
<td>
$27.77
</td>
<td>
5.92
</td>
<td>
$44,047
</td>
</tr>
<tr>
<td>
Vested and expected to vest at December 31, 2009
</td>
<td>
6,607,307
</td>
<td>
$28.97
</td>
<td>
5.55
</td>
<td>
$35,243
</td>
</tr>
<tr>
<td>
Options Exercisable at December 31, 2009
</td>
<td>
4,019,727
</td>
<td>
$33.18
</td>
<td>
3.64
</td>
<td>
$12,741
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Operating Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Operating lease obligations(1)(2)
</td>
<td>
$377,552
</td>
<td>
$51,531
</td>
<td>
$281,387
</td>
<td>
$18,121
</td>
<td>
$26,513
</td>
</tr>
<tr>
<td>
Interest on long-term debt(3)
</td>
<td>
1,571,492
</td>
<td>
317,784
</td>
<td>
486,107
</td>
<td>
304,932
</td>
<td>
462,669
</td>
</tr>
<tr>
<td>
Other(4)
</td>
<td>
698,102
</td>
<td>
131,602
</td>
<td>
217,906
</td>
<td>
134,725
</td>
<td>
213,869
</td>
</tr>
<tr>
<td>
Investing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Ship purchase obligations(5)
</td>
<td>
3,404,429
</td>
<td>
1,951,833
</td>
<td>
1,452,596
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Financing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Long-term debt obligations (6)
</td>
<td>
8,362,790
</td>
<td>
749,404
</td>
<td>
2,150,655
</td>
<td>
3,096,234
</td>
<td>
2,366,497
</td>
</tr>
<tr>
<td>
Capital lease obligations (7)
</td>
<td>
56,980
</td>
<td>
6,811
</td>
<td>
9,259
</td>
<td>
5,244
</td>
<td>
35,666
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$14,471,345
</td>
<td>
$3,208,965
</td>
<td>
$4,597,910
</td>
<td>
$3,559,256
</td>
<td>
$3,105,214
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2010
</td>
<td>
$131,602
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
114,459
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
103,447
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
85,448
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
49,277
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
213,869
</td>
</tr>
<tr>
<td>
</td>
<td>
$698,102
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2009
</td>
<td>
2008
</td>
<td>
2007
</td>
</tr>
<tr>
<td>
Dividend yield
</td>
<td>
0.0%
</td>
<td>
1.9%
</td>
<td>
1.3%
</td>
</tr>
<tr>
<td>
Expected stock price volatility
</td>
<td>
55.0%
</td>
<td>
31.4%
</td>
<td>
28.0%
</td>
</tr>
<tr>
<td>
Risk-free interest rate
</td>
<td>
1.8%
</td>
<td>
2.8%
</td>
<td>
4.8%
</td>
</tr>
<tr>
<td>
Expected option life
</td>
<td>
5 years
</td>
<td>
5 years
</td>
<td>
5 years
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Exhibit
</td>
<td>
Description
</td>
</tr>
<tr>
<td>
3.1
</td>
<td>
— Restated Articles of Incorporation of the Company, as amended (composite) (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-3,File No. 333-136186, filed with the Securities and Exchange Commission (the “Commission”)).
</td>
</tr>
<tr>
<td>
3.2
</td>
<td>
— Restated By-Laws of the Company, as amended (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on May 31,2006).
</td>
</tr>
<tr>
<td>
4.1
</td>
<td>
— Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A., successor to NationsBank of Georgia, National Association,as Trustee (incorporated by reference to Exhibit 2.4 to the Company’s 1994 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.2
</td>
<td>
— Fifth Supplemental Indenture dated as of October 14, 1997 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A.,as Trustee (incorporated by reference to Exhibit 2.10 to the Company’s 1997 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.3
</td>
<td>
— Sixth Supplemental Indenture dated as of October 14, 1997 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A.,as Trustee (incorporated by reference to Exhibit 2.11 to the Company’s 1997 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.4
</td>
<td>
— Seventh Supplemental Indenture dated as of March 16, 1998 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A.,as Trustee (incorporated by reference to Exhibit 2.12 to the Company’s 1997 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.5
</td>
<td>
— Eighth Supplemental Indenture dated as of March 16, 1998 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A.,as Trustee (incorporated by reference to Exhibit 2.13 to the Company’s 1997 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.6
</td>
<td>
— Ninth Supplemental Indenture dated as of February 2, 2001 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A.,as Trustee (incorporated by reference to Exhibit 2.10 to the Company’s 2000 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.7
</td>
<td>
— Twelfth Supplemental Indenture dated as of May 9, 2003 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company, N.A., asTrustee (incorporated by reference to Exhibit 2.13 to the Company’s 2003 Annual Report on Form 20-F filed with the Commission, File No. 1-11884).
</td>
</tr>
<tr>
<td>
4.8
</td>
<td>
— Thirteenth Supplemental Indenture dated as of November 21, 2003 to Indenture dated as of July 15, 1994 between the Company, as issuer, and The Bank of New York Trust Company,N.A., as Trustee (incorporated by reference to Exhibit 2.14 to the Company’s 2003 Annual Report on Form 20-F filed with the Commission, File No. 1-11884.)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
</tr>
<tr>
<td>
Ships
</td>
<td>
$23,714,745
</td>
<td>
$23,978,822
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
2,410,525
</td>
<td>
2,359,639
</td>
</tr>
<tr>
<td>
Ships under construction
</td>
<td>
642,235
</td>
<td>
354,425
</td>
</tr>
<tr>
<td>
Land, buildings and improvements, including leasehold improvements and port facilities
</td>
<td>
250,079
</td>
<td>
341,605
</td>
</tr>
<tr>
<td>
Computer hardware and software, transportation equipment and other
</td>
<td>
762,512
</td>
<td>
1,108,301
</td>
</tr>
<tr>
<td>
Total property and equipment
</td>
<td>
27,780,096
</td>
<td>
28,142,792
</td>
</tr>
<tr>
<td>
Less—accumulated depreciation and amortization
</td>
<td>
(8,044,916)
</td>
<td>
(7,981,365)
</td>
</tr>
<tr>
<td>
</td>
<td>
$19,735,180
</td>
<td>
$20,161,427
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
12/12
</td>
<td>
12/13
</td>
<td>
12/14
</td>
<td>
12/15
</td>
<td>
12/16
</td>
<td>
12/17
</td>
</tr>
<tr>
<td>
Royal Caribbean Cruises Ltd.
</td>
<td>
100.00
</td>
<td>
142.11
</td>
<td>
251.44
</td>
<td>
313.65
</td>
<td>
260.04
</td>
<td>
385.47
</td>
</tr>
<tr>
<td>
S&P 500
</td>
<td>
100.00
</td>
<td>
132.39
</td>
<td>
150.51
</td>
<td>
152.59
</td>
<td>
170.84
</td>
<td>
208.14
</td>
</tr>
<tr>
<td>
Dow Jones US Travel & Leisure
</td>
<td>
100.00
</td>
<td>
145.48
</td>
<td>
169.28
</td>
<td>
179.27
</td>
<td>
192.85
</td>
<td>
238.77
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
</tr>
<tr>
<td>
</td>
<td colspan="2">
(in thousands, except share data)
</td>
</tr>
<tr>
<td>
Assets
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current assets
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Cash and cash equivalents
</td>
<td>
$120,112
</td>
<td>
$132,603
</td>
</tr>
<tr>
<td>
Trade and other receivables, net
</td>
<td>
318,641
</td>
<td>
291,899
</td>
</tr>
<tr>
<td>
Inventories
</td>
<td>
111,393
</td>
<td>
114,087
</td>
</tr>
<tr>
<td>
Prepaid expenses and other assets
</td>
<td>
193,562
</td>
<td>
209,716
</td>
</tr>
<tr>
<td>
Derivative financial instruments
</td>
<td>
99,320
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Total current assets
</td>
<td>
843,028
</td>
<td>
748,305
</td>
</tr>
<tr>
<td>
Property and equipment, net
</td>
<td>
19,735,180
</td>
<td>
20,161,427
</td>
</tr>
<tr>
<td>
Goodwill
</td>
<td>
288,512
</td>
<td>
288,386
</td>
</tr>
<tr>
<td>
Other assets
</td>
<td>
1,429,597
</td>
<td>
1,112,206
</td>
</tr>
<tr>
<td>
</td>
<td>
$22,296,317
</td>
<td>
$22,310,324
</td>
</tr>
<tr>
<td>
Liabilities and Shareholders' Equity
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current liabilities
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Current portion of long-term debt
</td>
<td>
$1,188,514
</td>
<td>
$1,285,735
</td>
</tr>
<tr>
<td>
Accounts payable
</td>
<td>
360,113
</td>
<td>
305,313
</td>
</tr>
<tr>
<td>
Accrued interest
</td>
<td>
47,469
</td>
<td>
46,166
</td>
</tr>
<tr>
<td>
Accrued expenses and other liabilities
</td>
<td>
903,022
</td>
<td>
692,322
</td>
</tr>
<tr>
<td>
Derivative financial instruments
</td>
<td>
47,464
</td>
<td>
146,592
</td>
</tr>
<tr>
<td>
Customer deposits
</td>
<td>
2,243,682
</td>
<td>
1,965,473
</td>
</tr>
<tr>
<td>
Total current liabilities
</td>
<td>
4,790,264
</td>
<td>
4,441,601
</td>
</tr>
<tr>
<td>
Long-term debt
</td>
<td>
6,350,937
</td>
<td>
8,101,701
</td>
</tr>
<tr>
<td>
Other long-term liabilities
</td>
<td>
452,813
</td>
<td>
645,610
</td>
</tr>
<tr>
<td>
Commitments and contingencies (Note 15)
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Shareholders' equity
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Common stock ($0.01 par value; 500,000,000 shares authorized; 235,198,901 and 234,613,486 shares issued, December 31, 2017 and December 31, 2016, respectively)
</td>
<td>
2,352
</td>
<td>
2,346
</td>
</tr>
<tr>
<td>
Paid-in capital
</td>
<td>
3,390,117
</td>
<td>
3,328,517
</td>
</tr>
<tr>
<td>
Retained earnings
</td>
<td>
9,022,405
</td>
<td>
7,860,341
</td>
</tr>
<tr>
<td>
Accumulated other comprehensive loss
</td>
<td>
(334,265)
</td>
<td>
(916,484)
</td>
</tr>
<tr>
<td>
Treasury stock (21,861,308 and 20,019,237 common shares at cost, December 31, 2017 and December 31, 2016, respectively)
</td>
<td>
(1,378,306)
</td>
<td>
(1,153,308)
</td>
</tr>
<tr>
<td>
Total shareholders' equity
</td>
<td>
10,702,303
</td>
<td>
9,121,412
</td>
</tr>
<tr>
<td>
</td>
<td>
$22,296,317
</td>
<td>
$22,310,324
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Changes related to cash flow derivative hedges
</td>
<td>
Changes in definedbenefit plans
</td>
<td>
Foreign currency translation adjustments
</td>
<td>
Accumulated other comprehensive income (loss)
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at January 1, 2015
</td>
<td>
$(826,026)
</td>
<td>
$(31,207)
</td>
<td>
$(39,761)
</td>
<td>
$(896,994)
</td>
</tr>
<tr>
<td>
Other comprehensive (loss) income before reclassifications
</td>
<td>
(697,671)
</td>
<td>
3,053
</td>
<td>
(25,952)
</td>
<td>
(720,570)
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive loss
</td>
<td>
291,624
</td>
<td>
1,707
</td>
<td>
(4,200)
</td>
<td>
289,131
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive (loss) income
</td>
<td>
(406,047)
</td>
<td>
4,760
</td>
<td>
(30,152)
</td>
<td>
(431,439)
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at January 1, 2016
</td>
<td>
(1,232,073)
</td>
<td>
(26,447)
</td>
<td>
(69,913)
</td>
<td>
(1,328,433)
</td>
</tr>
<tr>
<td>
Other comprehensive income (loss) before reclassifications
</td>
<td>
73,973
</td>
<td>
(2,777)
</td>
<td>
2,362
</td>
<td>
73,558
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive loss
</td>
<td>
337,250
</td>
<td>
1,141
</td>
<td>
—
</td>
<td>
338,391
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive income (loss)
</td>
<td>
411,223
</td>
<td>
(1,636)
</td>
<td>
2,362
</td>
<td>
411,949
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at January 1, 2017
</td>
<td>
(820,850)
</td>
<td>
(28,083)
</td>
<td>
(67,551)
</td>
<td>
(916,484)
</td>
</tr>
<tr>
<td>
Other comprehensive income (loss) before reclassifications
</td>
<td>
381,865
</td>
<td>
(6,755)
</td>
<td>
17,307
</td>
<td>
392,417
</td>
</tr>
<tr>
<td>
Amounts reclassified from accumulated other comprehensive loss
</td>
<td>
188,630
</td>
<td>
1,172
</td>
<td>
—
</td>
<td>
189,802
</td>
</tr>
<tr>
<td>
Net current-period other comprehensive income (loss)
</td>
<td>
570,495
</td>
<td>
(5,583)
</td>
<td>
17,307
</td>
<td>
582,219
</td>
</tr>
<tr>
<td>
Accumulated comprehensive loss at December 31, 2017
</td>
<td>
$(250,355)
</td>
<td>
$(33,666)
</td>
<td>
$(50,244)
</td>
<td>
$(334,265)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
<td>
2015
</td>
</tr>
<tr>
<td>
</td>
<td colspan="3">
(in thousands)
</td>
</tr>
<tr>
<td>
Operating Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
$1,625,133
</td>
<td>
$1,283,388
</td>
<td>
$665,783
</td>
</tr>
<tr>
<td>
Adjustments:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and amortization
</td>
<td>
951,194
</td>
<td>
894,915
</td>
<td>
827,008
</td>
</tr>
<tr>
<td>
Impairment of Pullmantur related assets
</td>
<td>
—
</td>
<td>
—
</td>
<td>
411,267
</td>
</tr>
<tr>
<td>
Net deferred income tax expense (benefit)
</td>
<td>
1,730
</td>
<td>
2,608
</td>
<td>
(10,001)
</td>
</tr>
<tr>
<td>
Share-based compensation expense
</td>
<td>
69,459
</td>
<td>
32,659
</td>
<td>
36,073
</td>
</tr>
<tr>
<td>
Equity investment income
</td>
<td>
(156,247)
</td>
<td>
(128,350)
</td>
<td>
(81,026)
</td>
</tr>
<tr>
<td>
Amortization of debt issuance costs
</td>
<td>
45,943
</td>
<td>
52,795
</td>
<td>
52,153
</td>
</tr>
<tr>
<td>
Gain on sale of property and equipment
</td>
<td>
(30,902)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
(Gain) loss on derivative instruments not designated as hedges
</td>
<td>
(61,704)
</td>
<td>
45,670
</td>
<td>
59,162
</td>
</tr>
<tr>
<td>
Changes in operating assets and liabilities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
(Increase) decrease in trade and other receivables, net
</td>
<td>
(32,043)
</td>
<td>
4,759
</td>
<td>
63,102
</td>
</tr>
<tr>
<td>
Decrease (increase) in inventories
</td>
<td>
2,424
</td>
<td>
(1,679)
</td>
<td>
1,197
</td>
</tr>
<tr>
<td>
Decrease (increase) in prepaid expenses and other assets
</td>
<td>
20,859
</td>
<td>
11,519
</td>
<td>
(2,262)
</td>
</tr>
<tr>
<td>
Increase (decrease) in accounts payable
</td>
<td>
36,780
</td>
<td>
29,564
</td>
<td>
(25,278)
</td>
</tr>
<tr>
<td>
Increase (decrease) in accrued interest
</td>
<td>
1,303
</td>
<td>
7,841
</td>
<td>
(10,749)
</td>
</tr>
<tr>
<td>
Increase in accrued expenses and other liabilities
</td>
<td>
34,215
</td>
<td>
20,718
</td>
<td>
33,859
</td>
</tr>
<tr>
<td>
Increase (decrease) in customer deposits
</td>
<td>
274,705
</td>
<td>
188,632
</td>
<td>
(92,849)
</td>
</tr>
<tr>
<td>
Dividends received from unconsolidated affiliates
</td>
<td>
109,677
</td>
<td>
75,942
</td>
<td>
33,338
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
(17,960)
</td>
<td>
(4,291)
</td>
<td>
(14,411)
</td>
</tr>
<tr>
<td>
Net cash provided by operating activities
</td>
<td>
2,874,566
</td>
<td>
2,516,690
</td>
<td>
1,946,366
</td>
</tr>
<tr>
<td>
Investing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Purchases of property and equipment
</td>
<td>
(564,138)
</td>
<td>
(2,494,363)
</td>
<td>
(1,613,340)
</td>
</tr>
<tr>
<td>
Cash received (paid) on settlement of derivative financial instruments
</td>
<td>
63,224
</td>
<td>
(213,202)
</td>
<td>
(178,597)
</td>
</tr>
<tr>
<td>
Investments in and loans to unconsolidated affiliates
</td>
<td>
(10,396)
</td>
<td>
(9,155)
</td>
<td>
(56,163)
</td>
</tr>
<tr>
<td>
Cash received on loans to unconsolidated affiliates
</td>
<td>
62,303
</td>
<td>
38,213
</td>
<td>
124,253
</td>
</tr>
<tr>
<td>
Proceeds from sale of property and equipment
</td>
<td>
230,000
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Other, net
<sup>
(1)
</sup>
</td>
<td>
5,415
</td>
<td>
(46,385)
</td>
<td>
(19,128)
</td>
</tr>
<tr>
<td>
Net cash used in investing activities
</td>
<td>
(213,592)
</td>
<td>
(2,724,892)
</td>
<td>
(1,742,975)
</td>
</tr>
<tr>
<td>
Financing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Debt proceeds
</td>
<td>
5,866,966
</td>
<td>
7,338,560
</td>
<td>
4,399,501
</td>
</tr>
<tr>
<td>
Debt issuance costs
</td>
<td>
(51,590)
</td>
<td>
(88,241)
</td>
<td>
(68,020)
</td>
</tr>
<tr>
<td>
Repayments of debt
</td>
<td>
(7,835,087)
</td>
<td>
(6,365,570)
</td>
<td>
(4,118,553)
</td>
</tr>
<tr>
<td>
Purchase of treasury stock
</td>
<td>
(224,998)
</td>
<td>
(299,960)
</td>
<td>
(200,000)
</td>
</tr>
<tr>
<td>
Dividends paid
</td>
<td>
(437,455)
</td>
<td>
(346,487)
</td>
<td>
(280,212)
</td>
</tr>
<tr>
<td>
Proceeds from exercise of common stock options
</td>
<td>
2,525
</td>
<td>
2,258
</td>
<td>
11,252
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
3,843
</td>
<td>
3,249
</td>
<td>
2,520
</td>
</tr>
<tr>
<td>
Net cash (used in) provided by financing activities
</td>
<td>
(2,675,796)
</td>
<td>
243,809
</td>
<td>
(253,512)
</td>
</tr>
<tr>
<td>
Effect of exchange rate changes on cash
</td>
<td>
2,331
</td>
<td>
(24,569)
</td>
<td>
(17,555)
</td>
</tr>
<tr>
<td>
Net (decrease) increase in cash and cash equivalents
</td>
<td>
(12,491)
</td>
<td>
11,038
</td>
<td>
(67,676)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
<td>
2015
</td>
</tr>
<tr>
<td>
Passenger ticket revenues
</td>
<td>
71.9%
</td>
<td>
72.4%
</td>
<td>
73.0%
</td>
</tr>
<tr>
<td>
Onboard and other revenues
</td>
<td>
28.1%
</td>
<td>
27.6%
</td>
<td>
27.0%
</td>
</tr>
<tr>
<td>
Total revenues
</td>
<td>
100.0%
</td>
<td>
100.0%
</td>
<td>
100.0%
</td>
</tr>
<tr>
<td>
Cruise operating expenses:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Commissions, transportation and other
</td>
<td>
15.5%
</td>
<td>
15.9%
</td>
<td>
16.9%
</td>
</tr>
<tr>
<td>
Onboard and other
</td>
<td>
5.6%
</td>
<td>
5.8%
</td>
<td>
6.7%
</td>
</tr>
<tr>
<td>
Payroll and related
</td>
<td>
9.7%
</td>
<td>
10.4%
</td>
<td>
10.4%
</td>
</tr>
<tr>
<td>
Food
</td>
<td>
5.6%
</td>
<td>
5.7%
</td>
<td>
5.8%
</td>
</tr>
<tr>
<td>
Fuel
</td>
<td>
7.8%
</td>
<td>
8.4%
</td>
<td>
9.6%
</td>
</tr>
<tr>
<td>
Other operating
</td>
<td>
11.5%
</td>
<td>
12.8%
</td>
<td>
12.1%
</td>
</tr>
<tr>
<td>
Total cruise operating expenses
</td>
<td>
55.8%
</td>
<td>
59.0%
</td>
<td>
61.4%
</td>
</tr>
<tr>
<td>
Marketing, selling and administrative expenses
</td>
<td>
13.5%
</td>
<td>
13.0%
</td>
<td>
13.1%
</td>
</tr>
<tr>
<td>
Depreciation and amortization expenses
</td>
<td>
10.8%
</td>
<td>
10.5%
</td>
<td>
10.0%
</td>
</tr>
<tr>
<td>
Impairment of Pullmantur related assets
</td>
<td>
—%
</td>
<td>
—%
</td>
<td>
5.0%
</td>
</tr>
<tr>
<td>
Operating income
</td>
<td>
19.9%
</td>
<td>
17.4%
</td>
<td>
10.5%
</td>
</tr>
<tr>
<td>
Other expense
</td>
<td>
(1.4)%
</td>
<td>
(2.3)%
</td>
<td>
(2.5)%
</td>
</tr>
<tr>
<td>
Net income
</td>
<td>
18.5%
</td>
<td>
15.1%
</td>
<td>
8.0%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Net Yields
</td>
<td rowspan="3">
As Reported Approx. 5.5% Approx. 8.5% Approx. 11.0%
</td>
<td rowspan="3">
Constant Currency 3.0% to 3.5% Approx. 7.5% Approx. 10.0%
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD, excluding Fuel
</td>
</tr>
<tr>
<td>
Capacity Decrease
</td>
<td>
(3.9%)
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and Amortization
</td>
<td>
$245 to $250 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest Expense, net
</td>
<td>
$59 to $63 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Consumption (metric tons)
</td>
<td>
324,400
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Expenses
</td>
<td>
$162 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Percent Hedged (fwd consumption)
</td>
<td>
50%
</td>
<td>
</td>
</tr>
<tr>
<td>
Impact of 10% change in fuel prices
</td>
<td>
$9 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Currency
</td>
<td>
$4 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Net Yield
</td>
<td>
$16 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in NCC x Fuel
</td>
<td>
$10 million
</td>
<td>
</td>
</tr>
<tr>
<td>
100 basis pt. Change in LIBOR
</td>
<td>
$5 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Adjusted Earnings per Share — Diluted
</td>
<td>
Approx. $0.95
</td>
<td>
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Currency Abbreviation
</td>
<td>
Currency
</td>
</tr>
<tr>
<td>
AUD
</td>
<td>
Australian Dollar
</td>
</tr>
<tr>
<td>
CAD
</td>
<td>
Canadian Dollar
</td>
</tr>
<tr>
<td>
CNH
</td>
<td>
Chinese Yuan
</td>
</tr>
<tr>
<td>
EUR
</td>
<td>
Euro
</td>
</tr>
<tr>
<td>
GBP
</td>
<td>
British Pound
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2018
</td>
<td>
$1,188,514
</td>
</tr>
<tr>
<td>
2019
</td>
<td>
762,614
</td>
</tr>
<tr>
<td>
2020
</td>
<td>
1,292,478
</td>
</tr>
<tr>
<td>
2021
</td>
<td>
640,734
</td>
</tr>
<tr>
<td>
2022
</td>
<td>
1,380,583
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
2,274,528
</td>
</tr>
<tr>
<td>
</td>
<td>
$7,539,451
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Operating Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Operating lease obligations
<sup>
(1)
</sup>
</td>
<td>
$241,468
</td>
<td>
$29,420
</td>
<td>
$44,191
</td>
<td>
$22,644
</td>
<td>
$145,213
</td>
</tr>
<tr>
<td>
Interest on long-term debt
<sup>
(2)
</sup>
</td>
<td>
1,275,346
</td>
<td>
250,600
</td>
<td>
415,000
</td>
<td>
292,665
</td>
<td>
317,081
</td>
</tr>
<tr>
<td>
Other
<sup>
(3)
</sup>
</td>
<td>
879,206
</td>
<td>
214,444
</td>
<td>
282,570
</td>
<td>
150,003
</td>
<td>
232,189
</td>
</tr>
<tr>
<td>
Investing Activities:
</td>
<td>
0
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Ship purchase obligations
<sup>
(4)
</sup>
</td>
<td>
10,888,494
</td>
<td>
2,368,806
</td>
<td>
3,063,165
</td>
<td>
4,089,153
</td>
<td>
1,367,370
</td>
</tr>
<tr>
<td>
Financing Activities:
</td>
<td>
0
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Long-term debt obligations
<sup>
(5)
</sup>
</td>
<td>
7,506,312
</td>
<td>
1,185,038
</td>
<td>
2,047,882
</td>
<td>
2,012,922
</td>
<td>
2,260,470
</td>
</tr>
<tr>
<td>
Capital lease obligations
<sup>
(6)
</sup>
</td>
<td>
33,139
</td>
<td>
3,476
</td>
<td>
7,210
</td>
<td>
8,395
</td>
<td>
14,058
</td>
</tr>
<tr>
<td>
Other
<sup>
(7)
</sup>
</td>
<td>
21,552
</td>
<td>
8,868
</td>
<td>
11,217
</td>
<td>
1,467
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$20,845,517
</td>
<td>
$4,060,652
</td>
<td>
$5,871,235
</td>
<td>
$6,577,249
</td>
<td>
$4,336,381
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Net Yields
</td>
<td rowspan="3">
As Reported 2.75% to 4.75% 1.0% to 1.5% 2.0% to 2.5%
</td>
<td rowspan="3">
Constant Currency 1.5% to 3.5% 0.5% to 1.0% 1.5% to 2.0%
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD, excluding Fuel
</td>
</tr>
<tr>
<td>
Capacity Increase
</td>
<td>
3.9%
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and Amortization
</td>
<td>
$1,053 to $1,063 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest Expense, net
</td>
<td>
$280 to $290 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Consumption (metric tons)
</td>
<td>
1,350,100
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Expenses
</td>
<td>
$675 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Percent Hedged (fwd consumption)
</td>
<td>
50%
</td>
<td>
</td>
</tr>
<tr>
<td>
Impact of 10% change in fuel prices
</td>
<td>
$38 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Currency
</td>
<td>
$18 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Net Yield
</td>
<td>
$75 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in NCC x Fuel
</td>
<td>
$38 million
</td>
<td>
</td>
</tr>
<tr>
<td>
100 basis pt. Change in LIBOR
</td>
<td>
$30 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Adjusted Earnings per Share — Diluted
</td>
<td>
$8.55 to $8.75
</td>
<td>
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ranking
</td>
<td>
Q1
</td>
<td>
Q2
</td>
<td>
Q3
</td>
<td>
Q4
</td>
<td>
FY 2018
</td>
</tr>
<tr>
<td>
1
</td>
<td>
AUD
</td>
<td>
GBP
</td>
<td>
GBP
</td>
<td>
AUD
</td>
<td>
GBP
</td>
</tr>
<tr>
<td>
2
</td>
<td>
CAD
</td>
<td>
AUD
</td>
<td>
CNH
</td>
<td>
GBP
</td>
<td>
AUD
</td>
</tr>
<tr>
<td>
3
</td>
<td>
GBP
</td>
<td>
CAD
</td>
<td>
EUR
</td>
<td>
CAD
</td>
<td>
CAD
</td>
</tr>
<tr>
<td>
4
</td>
<td>
EUR
</td>
<td>
CNH
</td>
<td>
CAD
</td>
<td>
EUR
</td>
<td>
EUR
</td>
</tr>
<tr>
<td>
5
</td>
<td>
CNH
</td>
<td>
EUR
</td>
<td>
AUD
</td>
<td>
CNH
</td>
<td>
CNH
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ship
</td>
<td>
Expected to EnterService
</td>
<td>
ApproximateBerths
</td>
</tr>
<tr>
<td>
Royal Caribbean International —
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Oasis-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Symphony of the Seas
</td>
<td>
1st Quarter 2018
</td>
<td>
5,450
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2021
</td>
<td>
5,450
</td>
</tr>
<tr>
<td>
Quantum-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Spectrum of the Seas
</td>
<td>
2nd Quarter 2019
</td>
<td>
4,150
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
4th Quarter 2020
</td>
<td>
4,150
</td>
</tr>
<tr>
<td>
Icon-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2022
</td>
<td>
5,650
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2024
</td>
<td>
5,650
</td>
</tr>
<tr>
<td>
Celebrity Cruises —
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Edge-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Celebrity Edge
</td>
<td>
4th Quarter 2018
</td>
<td>
2,900
</td>
</tr>
<tr>
<td>
Celebrity Beyond
</td>
<td>
2nd Quarter 2020
</td>
<td>
2,900
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
4th Quarter 2021
</td>
<td>
2,900
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
4th Quarter 2022
</td>
<td>
2,900
</td>
</tr>
<tr>
<td>
Celebrity Flora
</td>
<td>
2nd Quarter 2019
</td>
<td>
100
</td>
</tr>
<tr>
<td>
TUI Cruises (50% joint venture)
<sup>
(1)
</sup>
—
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Mein Schiff 1
</td>
<td>
2nd Quarter 2018
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
1st Quarter 2019
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
Total Berths
</td>
<td>
</td>
<td>
47,900
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
<sup>
(1)
</sup>
</td>
<td>
2015
</td>
<td>
2014
</td>
<td>
2013
</td>
</tr>
<tr>
<td>
Passengers Carried
</td>
<td>
5,768,496
</td>
<td>
5,754,747
</td>
<td>
5,401,899
</td>
<td>
5,149,952
</td>
<td>
4,884,763
</td>
</tr>
<tr>
<td>
Passenger Cruise Days
</td>
<td>
40,033,527
</td>
<td>
40,250,557
</td>
<td>
38,523,060
</td>
<td>
36,710,966
</td>
<td>
35,561,772
</td>
</tr>
<tr>
<td>
Available Passenger Cruise Days (APCD)
</td>
<td>
36,930,939
</td>
<td>
37,844,644
</td>
<td>
36,646,639
</td>
<td>
34,773,915
</td>
<td>
33,974,852
</td>
</tr>
<tr>
<td>
Occupancy
</td>
<td>
108.4%
</td>
<td>
106.4%
</td>
<td>
105.1%
</td>
<td>
105.6%
</td>
<td>
104.7%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
<td>
2015
</td>
</tr>
<tr>
<td>
Passenger ticket revenues:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
United States
</td>
<td>
59%
</td>
<td>
55%
</td>
<td>
55%
</td>
</tr>
<tr>
<td>
All other countries
</td>
<td>
41%
</td>
<td>
45%
</td>
<td>
45%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Page
</td>
</tr>
<tr>
<td>
Report of Independent Registered Certified Public Accounting Firm
</td>
<td>
F-2
</td>
</tr>
<tr>
<td>
Consolidated Statements of Comprehensive Income (Loss)
</td>
<td>
F-4
</td>
</tr>
<tr>
<td>
Consolidated Balance Sheets
</td>
<td>
F-5
</td>
</tr>
<tr>
<td>
Consolidated Statements of Cash Flows
</td>
<td>
F-6
</td>
</tr>
<tr>
<td>
Consolidated Statements of Shareholders' Equity
</td>
<td>
F-8
</td>
</tr>
<tr>
<td>
Notes to the Consolidated Financial Statements
</td>
<td>
F-9
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
<sup>
(1)
</sup>
</td>
<td>
2015
</td>
</tr>
<tr>
<td>
Passengers Carried
</td>
<td>
5,768,496
</td>
<td>
5,754,747
</td>
<td>
5,401,899
</td>
</tr>
<tr>
<td>
Passenger Cruise Days
</td>
<td>
40,033,527
</td>
<td>
40,250,557
</td>
<td>
38,523,060
</td>
</tr>
<tr>
<td>
APCD
</td>
<td>
36,930,939
</td>
<td>
37,844,644
</td>
<td>
36,646,639
</td>
</tr>
<tr>
<td>
Occupancy
</td>
<td>
108.4%
</td>
<td>
106.4%
</td>
<td>
105.1%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2017
</td>
<td>
2016
</td>
</tr>
<tr>
<td>
$1.4 billion unsecured revolving credit facility, LIBOR plus 1.175%, currently 2.64% and a facility fee of 0.20%, due 2020
</td>
<td>
$300,000
</td>
<td>
$925,000
</td>
</tr>
<tr>
<td>
$1.2 billion unsecured revolving credit facility, LIBOR plus 1.175%, currently 2.58% and a facility fee of 0.20%, due 2022
</td>
<td>
280,000
</td>
<td>
805,000
</td>
</tr>
<tr>
<td>
Unsecured senior notes and senior debentures, 2.65% to 7.50%, due 2018, 2020, 2022, 2027 and 2028
</td>
<td>
1,866,359
</td>
<td>
1,073,261
</td>
</tr>
<tr>
<td>
$200 million unsecured term loan, LIBOR plus 1.30%
</td>
<td>
—
</td>
<td>
200,000
</td>
</tr>
<tr>
<td>
$841.8 million unsecured term loan, LIBOR plus 1.00%, currently 2.52% due through 2028
</td>
<td>
736,604
</td>
<td>
806,756
</td>
</tr>
<tr>
<td>
$226.1 million unsecured term loan, 2.53%, due through 2028
</td>
<td>
197,837
</td>
<td>
216,677
</td>
</tr>
<tr>
<td>
€700.7 million unsecured term loan, EURIBOR plus 1.15% currently 1.15%, due through 2028
</td>
<td>
736,020
</td>
<td>
708,417
</td>
</tr>
<tr>
<td>
$742.1 million unsecured term loan, LIBOR plus 1.30%, currently 2.81%, due through 2027
</td>
<td>
587,497
</td>
<td>
649,338
</td>
</tr>
<tr>
<td>
$273.2 million unsecured term loan, LIBOR plus 1.75%
</td>
<td>
—
</td>
<td>
273,166
</td>
</tr>
<tr>
<td>
$519 million unsecured term loan, LIBOR plus 0.45%, currently 2.00%, due through 2020
</td>
<td>
129,786
</td>
<td>
173,049
</td>
</tr>
<tr>
<td>
$420 million unsecured term loan, 5.41%, due through 2021
</td>
<td>
135,514
</td>
<td>
171,444
</td>
</tr>
<tr>
<td>
$420 million unsecured term loan, LIBOR plus 1.65%, currently 3.21%, due through 2021
</td>
<td>
140,000
</td>
<td>
175,000
</td>
</tr>
<tr>
<td>
€159.4 million unsecured term loan, EURIBOR plus 1.58%, currently 1.58%, due through 2021
</td>
<td>
63,798
</td>
<td>
70,082
</td>
</tr>
<tr>
<td>
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 1.96%, due through 2021
</td>
<td>
174,833
</td>
<td>
218,542
</td>
</tr>
<tr>
<td>
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 1.90%, due through 2022
</td>
<td>
212,276
</td>
<td>
259,448
</td>
</tr>
<tr>
<td>
$1.1 billion unsecured term loan, LIBOR plus 1.65%, currently 3.21%, due through 2022
</td>
<td>
345,877
</td>
<td>
460,652
</td>
</tr>
<tr>
<td>
$632.0 million unsecured term loan, LIBOR plus 0.40%, currently 1.86%, due through 2023
</td>
<td>
315,979
</td>
<td>
368,643
</td>
</tr>
<tr>
<td>
$673.5 million unsecured term loan, LIBOR plus 0.40%, currently 1.92%, due through 2024
</td>
<td>
392,860
</td>
<td>
448,983
</td>
</tr>
<tr>
<td>
$65.0 million unsecured term loan, LIBOR plus 1.45%, currently 3.02%, due through 2019
</td>
<td>
65,227
</td>
<td>
67,027
</td>
</tr>
<tr>
<td>
$380.0 million unsecured term loan, LIBOR plus 1.45%, currently 3.02%, due 2018
</td>
<td>
380,000
</td>
<td>
380,000
</td>
</tr>
<tr>
<td>
$791.1 million unsecured term loan, LIBOR plus 1.30%, currently 2.85%, due through 2026
</td>
<td>
593,331
</td>
<td>
659,256
</td>
</tr>
<tr>
<td>
$290.0 million unsecured term loan, LIBOR plus 1.75%
</td>
<td>
—
</td>
<td>
290,000
</td>
</tr>
<tr>
<td>
€365 million unsecured term loan, EURIBOR plus 1.75%
</td>
<td>
—
</td>
<td>
123,963
</td>
</tr>
<tr>
<td>
$7.3 million unsecured term loan, LIBOR plus 2.5%
</td>
<td>
—
</td>
<td>
3,964
</td>
</tr>
<tr>
<td>
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 5.29%, due through 2021
</td>
<td>
5,400
</td>
<td>
6,597
</td>
</tr>
<tr>
<td>
€80.0 million unsecured term loan, EURIBOR plus 1.32% currently 1.32%, due through 2024
</td>
<td>
14,267
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Capital lease obligations
</td>
<td>
33,139
</td>
<td>
40,385
</td>
</tr>
<tr>
<td>
Total debt
</td>
<td>
7,706,604
</td>
<td>
9,574,650
</td>
</tr>
<tr>
<td>
Less: unamortized debt issuance costs
</td>
<td>
(167,153)
</td>
<td>
(187,214)
</td>
</tr>
<tr>
<td>
Total debt, net of unamortized debt issuance costs
</td>
<td>
7,539,451
</td>
<td>
9,387,436
</td>
</tr>
<tr>
<td>
Less: current portion
</td>
<td>
(1,188,514)
</td>
<td>
(1,285,735)
</td>
</tr>
<tr>
<td>
Long-term portion
</td>
<td>
$6,350,937
</td>
<td>
$8,101,701
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2018
</td>
<td>
$29,420
</td>
</tr>
<tr>
<td>
2019
</td>
<td>
24,077
</td>
</tr>
<tr>
<td>
2020
</td>
<td>
20,113
</td>
</tr>
<tr>
<td>
2021
</td>
<td>
13,005
</td>
</tr>
<tr>
<td>
2022
</td>
<td>
9,639
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
145,214
</td>
</tr>
<tr>
<td>
</td>
<td>
$241,468
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ships
</td>
<td>
Years generally 30
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
3-20
</td>
</tr>
<tr>
<td>
Buildings and improvements
</td>
<td>
10-40
</td>
</tr>
<tr>
<td>
Computer hardware and software
</td>
<td>
3-10
</td>
</tr>
<tr>
<td>
Transportation equipment and other
</td>
<td>
3-30
</td>
</tr>
<tr>
<td>
Leasehold improvements
</td>
<td>
Shorter of remaining lease term or useful life 3-30
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year Ended December 31, 2010
</td>
<td>
FairValue Measurements Using Significant Unobservable Inputs (Level 3) Fuel Call Options
</td>
<td>
Year Ended December 31, 2009
</td>
<td>
FairValue Measurements Using Significant Unobservable Inputs (Level 3) Fuel Call Options
</td>
</tr>
<tr>
<td>
Balance at January 1, 2010
</td>
<td>
$9,998
</td>
<td>
Balance at January 1, 2009
</td>
<td>
$—
</td>
</tr>
<tr>
<td>
Total gains or losses (realized /unrealized)
</td>
<td>
</td>
<td>
Total gains or losses (realized /unrealized)
</td>
<td>
</td>
</tr>
<tr>
<td>
Included in other income (expense)
</td>
<td>
(2,824)
</td>
<td>
Included in other income (expense)
</td>
<td>
(2,538)
</td>
</tr>
<tr>
<td>
Purchases, issuances, and settlements
</td>
<td>
24,539
</td>
<td>
Purchases, issuances, and settlements
</td>
<td>
12,536
</td>
</tr>
<tr>
<td>
Transfers in and/or (out) of Level 3
</td>
<td>
(31,713)
</td>
<td>
Transfers in and/or (out) of Level 3
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Balance at December 31, 2010
</td>
<td>
$—
</td>
<td>
Balance at December 31, 2009
</td>
<td>
$9,998
</td>
</tr>
<tr>
<td>
The amount of total gains or losses for the period included in other income (expense) attributable to the change in unrealized gains or losses relating to assets still held at thereporting date
</td>
<td>
$(2,824)
</td>
<td>
The amount of total gains or losses for the period included in other income (expense) attributable to the change in unrealized gains or losses relating to assets still held atthe reporting date
</td>
<td>
$(2,538)
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2010
</td>
<td>
2009
</td>
<td>
2008
</td>
</tr>
<tr>
<td>
Passenger ticket revenues:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
United States
</td>
<td>
55%
</td>
<td>
54%
</td>
<td>
60%
</td>
</tr>
<tr>
<td>
All other countries
</td>
<td>
45%
</td>
<td>
46%
</td>
<td>
40%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Employee Stock-Based Compensation
</td>
</tr>
<tr>
<td>
Location of expense (income)
</td>
<td>
2010
</td>
<td>
2009
</td>
<td>
2008
</td>
</tr>
<tr>
<td>
<i>
In thousands
</i>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Marketing, selling and administrative expenses
</td>
<td>
$27,598
</td>
<td>
$16,157
</td>
<td>
$6,373
</td>
</tr>
<tr>
<td>
Payroll and related expenses (income)
</td>
<td>
475
</td>
<td>
615
</td>
<td>
(712)
</td>
</tr>
<tr>
<td>
Total Compensation Expense
</td>
<td>
$28,073
</td>
<td>
$16,772
</td>
<td>
$5,661
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Payments due by period
</td>
</tr>
<tr>
<td>
</td>
<td>
Total
</td>
<td>
Less than 1 year
</td>
<td>
1-3 years
</td>
<td>
3-5 years
</td>
<td>
More than 5 years
</td>
</tr>
<tr>
<td>
Operating Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Operating lease obligations(1)(2)
</td>
<td>
$418,250
</td>
<td>
$53,688
</td>
<td>
$240,359
</td>
<td>
$28,354
</td>
<td>
$95,849
</td>
</tr>
<tr>
<td>
Interest on long-term debt(3)
</td>
<td>
1,616,899
</td>
<td>
335,689
</td>
<td>
578,546
</td>
<td>
255,369
</td>
<td>
447,295
</td>
</tr>
<tr>
<td>
Other(4)
</td>
<td>
660,705
</td>
<td>
159,255
</td>
<td>
227,711
</td>
<td>
106,597
</td>
<td>
167,142
</td>
</tr>
<tr>
<td>
Investing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Ship purchase obligations(5)
</td>
<td>
1,428,682
</td>
<td>
725,107
</td>
<td>
703,575
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Financing Activities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Long-term debt obligations (6)
</td>
<td>
9,091,470
</td>
<td>
1,190,477
</td>
<td>
2,552,766
</td>
<td>
2,512,077
</td>
<td>
2,836,150
</td>
</tr>
<tr>
<td>
Capital lease obligations (7)
</td>
<td>
58,646
</td>
<td>
8,452
</td>
<td>
12,332
</td>
<td>
4,107
</td>
<td>
33,755
</td>
</tr>
<tr>
<td>
Total
</td>
<td>
$13,274,652
</td>
<td>
$2,472,668
</td>
<td>
$4,315,289
</td>
<td>
$2,906,504
</td>
<td>
$3,580,191
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
2011
</td>
<td>
$1,198,929
</td>
</tr>
<tr>
<td>
2012
</td>
<td>
1,142,775
</td>
</tr>
<tr>
<td>
2013
</td>
<td>
1,422,323
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
1,864,791
</td>
</tr>
<tr>
<td>
2015
</td>
<td>
651,393
</td>
</tr>
<tr>
<td>
Thereafter
</td>
<td>
2,869,905
</td>
</tr>
<tr>
<td>
</td>
<td>
$9,150,116
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Royal Caribbean International
</td>
<td>
Pullmantur
</td>
<td>
Total
</td>
</tr>
<tr>
<td>
Balance at December 31, 2008
</td>
<td>
283,723
</td>
<td>
495,523
</td>
<td>
779,246
</td>
</tr>
<tr>
<td>
Foreign currency translation adjustment
</td>
<td>
—
</td>
<td>
13,127
</td>
<td>
13,127
</td>
</tr>
<tr>
<td>
Balance at December 31, 2009
</td>
<td>
$283,723
</td>
<td>
$508,650
</td>
<td>
$792,373
</td>
</tr>
<tr>
<td>
Foreign currency translation adjustment
</td>
<td>
—
</td>
<td>
(33,045)
</td>
<td>
(33,045)
</td>
</tr>
<tr>
<td>
Balance at December 31, 2010
</td>
<td>
$283,723
</td>
<td>
$475,605
</td>
<td>
$759,328
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
2010
</td>
<td>
2009
</td>
</tr>
<tr>
<td>
$1.225 billion unsecured revolving credit facility, LIBOR plus 0.80%, currently 1.08% and a facility fee of 0.20%, due June2012
</td>
<td>
$545,000
</td>
<td>
$650,000
</td>
</tr>
<tr>
<td>
$525 million unsecured revolving credit facility, LIBOR plus 2.75% and a facility fee of 0.6875%, due 2014
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Unsecured senior notes and senior debentures, 6.88% to 11.88%, due 2011 through2016,2018 and 2027
</td>
<td>
2,548,722
</td>
<td>
2,784,552
</td>
</tr>
<tr>
<td>
€1.0 billion unsecured senior notes, 5.63%, due 2014
</td>
<td>
1,427,322
</td>
<td>
1,526,126
</td>
</tr>
<tr>
<td>
$300 million unsecured term loan, LIBOR plus 0.80%, due through 2010
</td>
<td>
—
</td>
<td>
50,000
</td>
</tr>
<tr>
<td>
Unsecured term loan, LIBOR plus 3.0%, currently 3.29%, due 2011
</td>
<td>
100,000
</td>
<td>
100,000
</td>
</tr>
<tr>
<td>
$225 million unsecured term loan, LIBOR plus 1.25%, currently 1.55%, due through 2012
</td>
<td>
64,238
</td>
<td>
96,390
</td>
</tr>
<tr>
<td>
$570 million unsecured term loan, 4.20%, due through 2013
</td>
<td>
203,571
</td>
<td>
285,000
</td>
</tr>
<tr>
<td>
$589 million unsecured term loan, 4.64%, due through 2014
</td>
<td>
294,500
</td>
<td>
378,643
</td>
</tr>
<tr>
<td>
$530 million unsecured term loan, LIBOR plus 0.62%, currently 1.07%, due through 2015
</td>
<td>
340,714
</td>
<td>
416,429
</td>
</tr>
<tr>
<td>
$519 million unsecured term loan, LIBOR plus 0.45%, currently 0.90%, due through 2020
</td>
<td>
432,622
</td>
<td>
475,884
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
$420 million unsecured term loan, 5.41%, due through 2021
</td>
<td>
385,000
</td>
<td>
420,000
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
$420 million unsecured term loan, LIBOR plus 3.0%, currently 3.45%, due through 2021
</td>
<td>
385,000
</td>
<td>
420,000
</td>
</tr>
<tr>
<td>
<sup>
1
</sup>
€159.4 million unsecured term loan, EURIBOR plus 2.25%, currently 3.50%, due through 2021
</td>
<td>
195,598
</td>
<td>
228,398
</td>
</tr>
<tr>
<td>
$524.5 million unsecured term loan, LIBOR plus 0.50%, currently 1.23%, due through 2021
</td>
<td>
480,791
</td>
<td>
524,500
</td>
</tr>
<tr>
<td>
$566.1 million unsecured term loan, LIBOR plus 0.37%, currently 0.83%, due through 2022
</td>
<td>
542,483
</td>
<td>
—
</td>
</tr>
<tr>
<td>
$1.1 billion unsecured term loan, LIBOR plus 2.20%, currently 2.65%, due through 2022
</td>
<td>
1,130,000
</td>
<td>
—
</td>
</tr>
<tr>
<td>
$7.3 million unsecured term loan, 7.0%, due through 2022
</td>
<td>
6,715
</td>
<td>
6,868
</td>
</tr>
<tr>
<td>
$30.3 million unsecured term loan, LIBOR plus 3.75%, currently 4.04%, due through 2020
</td>
<td>
9,193
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Capital lease obligations
</td>
<td>
58,647
</td>
<td>
56,980
</td>
</tr>
<tr>
<td>
</td>
<td>
9,150,116
</td>
<td>
8,419,770
</td>
</tr>
<tr>
<td>
Less — current portion
</td>
<td>
(1,198,929)
</td>
<td>
(756,215)
</td>
</tr>
<tr>
<td>
Long-term portion
</td>
<td>
$7,951,187
</td>
<td>
$7,663,555
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
12/13
</td>
<td>
12/14
</td>
<td>
12/15
</td>
<td>
12/16
</td>
<td>
12/17
</td>
<td>
12/18
</td>
</tr>
<tr>
<td>
Royal Caribbean Cruises Ltd.
</td>
<td>
100.00
</td>
<td>
176.94
</td>
<td>
220.72
</td>
<td>
182.99
</td>
<td>
271.25
</td>
<td>
227.46
</td>
</tr>
<tr>
<td>
S&P 500
</td>
<td>
100.00
</td>
<td>
113.69
</td>
<td>
115.26
</td>
<td>
129.05
</td>
<td>
157.22
</td>
<td>
150.33
</td>
</tr>
<tr>
<td>
Dow Jones U.S. Travel & Leisure
</td>
<td>
100.00
</td>
<td>
116.37
</td>
<td>
123.23
</td>
<td>
132.56
</td>
<td>
164.13
</td>
<td>
154.95
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
</td>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
Interest Rate
</td>
<td>
Maturities Through
</td>
<td>
2018
</td>
<td>
2017
</td>
</tr>
<tr>
<td>
Fixed rate debt:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Senior notes
</td>
<td>
2.65% to 7.50%
</td>
<td>
2020 - 2028
</td>
<td>
$1,724,194
</td>
<td>
$1,866,359
</td>
</tr>
<tr>
<td>
Secured senior notes
</td>
<td>
7.25%
</td>
<td>
2025
</td>
<td>
670,437
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Unsecured term loans
</td>
<td>
2.53% to 5.41%
</td>
<td>
2021 - 2030
</td>
<td>
2,148,351
</td>
<td>
333,351
</td>
</tr>
<tr>
<td>
Total fixed rate debt
</td>
<td>
</td>
<td>
</td>
<td>
4,542,982
</td>
<td>
2,199,710
</td>
</tr>
<tr>
<td>
Variable rate debt
<sup>
(1)
</sup>
:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Unsecured revolving credit facilities
<sup>
(2)
</sup>
</td>
<td>
3.54% to 3.61%
</td>
<td>
2020 - 2022
</td>
<td>
795,000
</td>
<td>
580,000
</td>
</tr>
<tr>
<td>
Commercial paper
</td>
<td>
3.19%
</td>
<td>
2019
</td>
<td>
775,488
</td>
<td>
—
</td>
</tr>
<tr>
<td>
USD unsecured term loan
</td>
<td>
2.92% to 6.52%
</td>
<td>
2019 - 2028
</td>
<td>
4,005,848
</td>
<td>
4,079,670
</td>
</tr>
<tr>
<td>
Euro unsecured term loan
</td>
<td>
1.15% to 1.58%
</td>
<td>
2021 - 2028
</td>
<td>
734,176
</td>
<td>
814,085
</td>
</tr>
<tr>
<td>
Total variable rate debt
</td>
<td>
</td>
<td>
</td>
<td>
6,310,512
</td>
<td>
5,473,755
</td>
</tr>
<tr>
<td>
Capital lease obligations
</td>
<td>
</td>
<td>
</td>
<td>
130,944
</td>
<td>
33,139
</td>
</tr>
<tr>
<td>
Total debt
<sup>
(3)
</sup>
</td>
<td>
</td>
<td>
</td>
<td>
10,984,438
</td>
<td>
7,706,604
</td>
</tr>
<tr>
<td>
Less: unamortized debt issuance costs
</td>
<td>
</td>
<td>
</td>
<td>
(206,739)
</td>
<td>
(167,153)
</td>
</tr>
<tr>
<td>
Total debt, net of unamortized debt issuance costs
</td>
<td>
</td>
<td>
</td>
<td>
10,777,699
</td>
<td>
7,539,451
</td>
</tr>
<tr>
<td>
Less—current portion including commercial paper
</td>
<td>
</td>
<td>
</td>
<td>
(2,422,329)
</td>
<td>
(1,188,514)
</td>
</tr>
<tr>
<td>
Long-term portion
</td>
<td>
</td>
<td>
</td>
<td>
$8,355,370
</td>
<td>
$6,350,937
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
Weighted-AverageSupply ofBerthsMarketedGlobally
<sup>
(1)
</sup>
</td>
<td>
Royal Caribbean Cruises Ltd. Total Berths
<sup>
(2)
</sup>
</td>
<td>
GlobalCruiseGuests
<sup>
(1)
</sup>
</td>
<td>
North American Cruise Guests
<sup>
(1)(3)
</sup>
</td>
<td>
European Cruise Guests
<sup>
(1)(4)
</sup>
</td>
<td>
Asia/Pacific Cruise Guests
<sup>
(1)(5)
</sup>
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
448,000
</td>
<td>
105,750
</td>
<td>
22,039
</td>
<td>
12,269
</td>
<td>
6,387
</td>
<td>
2,382
</td>
</tr>
<tr>
<td>
2015
</td>
<td>
469,000
</td>
<td>
112,700
</td>
<td>
23,000
</td>
<td>
12,004
</td>
<td>
6,587
</td>
<td>
3,129
</td>
</tr>
<tr>
<td>
2016
</td>
<td>
493,000
</td>
<td>
123,270
</td>
<td>
24,000
</td>
<td>
12,274
</td>
<td>
6,512
</td>
<td>
4,466
</td>
</tr>
<tr>
<td>
2017
</td>
<td>
515,000
</td>
<td>
124,070
</td>
<td>
26,700
</td>
<td>
12,865
</td>
<td>
6,779
</td>
<td>
5,415
</td>
</tr>
<tr>
<td>
2018
</td>
<td>
546,000
</td>
<td>
135,520
</td>
<td>
28,000
</td>
<td>
13,054
</td>
<td>
6,986
</td>
<td>
7,006
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="3">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2018
</td>
<td>
2017
</td>
<td>
2016
</td>
</tr>
<tr>
<td>
Operating Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Net Income
</td>
<td>
$1,815,792
</td>
<td>
$1,625,133
</td>
<td>
$1,283,388
</td>
</tr>
<tr>
<td>
Adjustments:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and amortization
</td>
<td>
1,033,697
</td>
<td>
951,194
</td>
<td>
894,915
</td>
</tr>
<tr>
<td>
Impairment losses
</td>
<td>
33,651
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Net deferred income tax (benefit) expense
</td>
<td>
(2,679)
</td>
<td>
1,730
</td>
<td>
2,608
</td>
</tr>
<tr>
<td>
Loss (gain) on derivative instruments not designated as hedges
</td>
<td>
61,148
</td>
<td>
(61,704)
</td>
<td>
45,670
</td>
</tr>
<tr>
<td>
Share-based compensation expense
</td>
<td>
46,061
</td>
<td>
69,459
</td>
<td>
32,659
</td>
</tr>
<tr>
<td>
Equity investment income
</td>
<td>
(210,756)
</td>
<td>
(156,247)
</td>
<td>
(128,350)
</td>
</tr>
<tr>
<td>
Amortization of debt issuance costs
</td>
<td>
41,978
</td>
<td>
45,943
</td>
<td>
52,795
</td>
</tr>
<tr>
<td>
Gain on sale of property and equipment
</td>
<td>
—
</td>
<td>
(30,902)
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Gain on sale of unconsolidated affiliate
</td>
<td>
(13,680)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Recognition of deferred gain
</td>
<td>
(21,794)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Changes in operating assets and liabilities:
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
(Increase) decrease in trade and other receivables, net
</td>
<td>
(9,573)
</td>
<td>
(32,043)
</td>
<td>
4,759
</td>
</tr>
<tr>
<td>
(Increase) decrease in inventories
</td>
<td>
(23,849)
</td>
<td>
2,424
</td>
<td>
(1,679)
</td>
</tr>
<tr>
<td>
(Increase) decrease in prepaid expenses and other assets
</td>
<td>
(71,770)
</td>
<td>
20,859
</td>
<td>
11,519
</td>
</tr>
<tr>
<td>
Increase in accounts payable
</td>
<td>
91,737
</td>
<td>
36,780
</td>
<td>
29,564
</td>
</tr>
<tr>
<td>
Increase in accrued interest
</td>
<td>
18,773
</td>
<td>
1,303
</td>
<td>
7,841
</td>
</tr>
<tr>
<td>
Increase in accrued expenses and other liabilities
</td>
<td>
42,937
</td>
<td>
34,215
</td>
<td>
20,718
</td>
</tr>
<tr>
<td>
Increase in customer deposits
</td>
<td>
385,990
</td>
<td>
274,705
</td>
<td>
188,632
</td>
</tr>
<tr>
<td>
Dividends received from unconsolidated affiliates
</td>
<td>
243,101
</td>
<td>
109,677
</td>
<td>
75,942
</td>
</tr>
<tr>
<td>
Other, net
</td>
<td>
18,375
</td>
<td>
(17,960)
</td>
<td>
(4,291)
</td>
</tr>
<tr>
<td>
Net cash provided by operating activities
</td>
<td>
3,479,139
</td>
<td>
2,874,566
</td>
<td>
2,516,690
</td>
</tr>
<tr>
<td>
Investing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Purchases of property and equipment
</td>
<td>
(3,660,028)
</td>
<td>
(564,138)
</td>
<td>
(2,494,363)
</td>
</tr>
<tr>
<td>
Cash received on settlement of derivative financial instruments
</td>
<td>
76,529
</td>
<td>
63,224
</td>
<td>
110,637
</td>
</tr>
<tr>
<td>
Cash paid on settlement of derivative financial instruments
</td>
<td>
(98,074)
</td>
<td>
—
</td>
<td>
(323,839)
</td>
</tr>
<tr>
<td>
Investments in and loans to unconsolidated affiliates
</td>
<td>
(27,172)
</td>
<td>
(10,396)
</td>
<td>
(9,155)
</td>
</tr>
<tr>
<td>
Cash received on loans to unconsolidated affiliates
</td>
<td>
124,238
</td>
<td>
62,303
</td>
<td>
38,213
</td>
</tr>
<tr>
<td>
Proceeds from the sale of property and equipment
</td>
<td>
—
</td>
<td>
230,000
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Proceeds from the sale of unconsolidated affiliate
</td>
<td>
13,215
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Acquisition of Silversea Cruises, net of cash acquired
</td>
<td>
(916,135)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Other, net
<sup>
(1)
</sup>
</td>
<td>
(1,731)
</td>
<td>
5,415
</td>
<td>
(46,385)
</td>
</tr>
<tr>
<td>
Net cash used in investing activities
</td>
<td>
(4,489,158)
</td>
<td>
(213,592)
</td>
<td>
(2,724,892)
</td>
</tr>
<tr>
<td>
Financing Activities
</td>
<td>
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Debt proceeds
</td>
<td>
8,590,740
</td>
<td>
5,866,966
</td>
<td>
7,338,560
</td>
</tr>
<tr>
<td>
Debt issuance costs
</td>
<td>
(81,959)
</td>
<td>
(51,590)
</td>
<td>
(88,241)
</td>
</tr>
<tr>
<td>
Repayments of debt
</td>
<td>
(6,963,511)
</td>
<td>
(7,835,087)
</td>
<td>
(6,365,570)
</td>
</tr>
<tr>
<td>
Proceeds from issuance of commercial paper notes
</td>
<td>
4,730,286
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
<tr>
<td>
Repayments of commercial paper notes
</td>
<td>
(3,965,450)
</td>
<td>
—
</td>
<td>
—
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Net Yields
</td>
<td rowspan="3">
As Reported 5.5% to 6.0% 6.5% to 7.0% 9.0% to 9.5%
</td>
<td rowspan="3">
Constant Currency 7.5% to 8.0% Approx. 7.5% Approx. 10.0%
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD, excluding Fuel
</td>
</tr>
<tr>
<td>
Capacity Change
</td>
<td>
10.8%
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and Amortization
</td>
<td>
$289 to $293 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest Expense, net
</td>
<td>
$91 to $95 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Consumption (metric tons)
</td>
<td>
364,200
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Expenses
</td>
<td>
$163 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Percent Hedged (fwd consumption)
</td>
<td>
57%
</td>
<td>
</td>
</tr>
<tr>
<td>
10% change in Fuel Prices
</td>
<td>
$9 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Currency
</td>
<td>
$4 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Net Yields
</td>
<td>
$19 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in NCC x Fuel
</td>
<td>
$12 million
</td>
<td>
</td>
</tr>
<tr>
<td>
100 basis pt. Change in LIBOR
</td>
<td>
$6 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Adjusted Earnings per Share — Diluted
</td>
<td>
Approx. $1.10
</td>
<td>
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ranking
</td>
<td>
Q1
</td>
<td>
Q2
</td>
<td>
Q3
</td>
<td>
Q4
</td>
<td>
YTD 2019
</td>
</tr>
<tr>
<td>
1
</td>
<td>
AUD
</td>
<td>
GBP
</td>
<td>
GBP
</td>
<td>
AUD
</td>
<td>
GBP
</td>
</tr>
<tr>
<td>
2
</td>
<td>
CAD
</td>
<td>
CAD
</td>
<td>
CNH
</td>
<td>
GBP
</td>
<td>
AUD
</td>
</tr>
<tr>
<td>
3
</td>
<td>
GBP
</td>
<td>
AUD
</td>
<td>
EUR
</td>
<td>
EUR
</td>
<td>
CAD
</td>
</tr>
<tr>
<td>
4
</td>
<td>
CNH
</td>
<td>
EUR
</td>
<td>
CAD
</td>
<td>
CAD
</td>
<td>
EUR
</td>
</tr>
<tr>
<td>
5
</td>
<td>
EUR
</td>
<td>
CNH
</td>
<td>
AUD
</td>
<td>
CNH
</td>
<td>
CNH
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="5">
Year Ended December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2018
<sup>
(1)
</sup>
</td>
<td>
2017
</td>
<td>
2016
<sup>
(2)
</sup>
</td>
<td>
2015
</td>
<td>
2014
</td>
</tr>
<tr>
<td>
Passengers Carried
</td>
<td>
6,084,201
</td>
<td>
5,768,496
</td>
<td>
5,754,747
</td>
<td>
5,401,899
</td>
<td>
5,149,952
</td>
</tr>
<tr>
<td>
Passenger Cruise Days
</td>
<td>
41,853,052
</td>
<td>
40,033,527
</td>
<td>
40,250,557
</td>
<td>
38,523,060
</td>
<td>
36,710,966
</td>
</tr>
<tr>
<td>
Available Passenger Cruise Days (APCD)
</td>
<td>
38,425,304
</td>
<td>
36,930,939
</td>
<td>
37,844,644
</td>
<td>
36,646,639
</td>
<td>
34,773,915
</td>
</tr>
<tr>
<td>
Occupancy
</td>
<td>
108.9%
</td>
<td>
108.4%
</td>
<td>
106.4%
</td>
<td>
105.1%
</td>
<td>
105.6%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Currency Abbreviation
</td>
<td>
Currency
</td>
</tr>
<tr>
<td>
AUD
</td>
<td>
Australian Dollar
</td>
</tr>
<tr>
<td>
CAD
</td>
<td>
Canadian Dollar
</td>
</tr>
<tr>
<td>
CNH
</td>
<td>
Chinese Yuan
</td>
</tr>
<tr>
<td>
EUR
</td>
<td>
Euro
</td>
</tr>
<tr>
<td>
GBP
</td>
<td>
British Pound
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ship
</td>
<td>
Expected to EnterService
</td>
<td>
ApproximateBerths
</td>
</tr>
<tr>
<td>
Royal Caribbean International —
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Oasis-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2021
</td>
<td>
5,500
</td>
</tr>
<tr>
<td>
Quantum-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Spectrum of the Seas
</td>
<td>
2nd Quarter 2019
</td>
<td>
4,250
</td>
</tr>
<tr>
<td>
Odyssey of the Seas
</td>
<td>
4th Quarter 2020
</td>
<td>
4,250
</td>
</tr>
<tr>
<td>
Icon-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2022
</td>
<td>
5,650
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
2nd Quarter 2024
</td>
<td>
5,650
</td>
</tr>
<tr>
<td>
Celebrity Cruises —
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Edge-class:
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Celebrity Apex
</td>
<td>
2nd Quarter 2020
</td>
<td>
2,900
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
4th Quarter 2021
</td>
<td>
3,200
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
4th Quarter 2022
</td>
<td>
3,200
</td>
</tr>
<tr>
<td>
Celebrity Flora
</td>
<td>
2nd Quarter 2019
</td>
<td>
100
</td>
</tr>
<tr>
<td>
Silversea Cruises —
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Silver Origin
</td>
<td>
1st Quarter 2020
</td>
<td>
100
</td>
</tr>
<tr>
<td>
Silver Moon
</td>
<td>
3rd Quarter 2020
</td>
<td>
550
</td>
</tr>
<tr>
<td>
Silver Dawn
</td>
<td>
3rd Quarter 2021
</td>
<td>
550
</td>
</tr>
<tr>
<td>
TUI Cruises (50% joint venture)—
</td>
<td>
</td>
<td>
</td>
</tr>
<tr>
<td>
Mein Schiff 2
<sup>
(1)
</sup>
</td>
<td>
1st Quarter 2019
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
Mein Schiff 7
</td>
<td>
2nd Quarter 2023
</td>
<td>
2,850
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
3rd Quarter 2024
</td>
<td>
4,100
</td>
</tr>
<tr>
<td>
Unnamed
</td>
<td>
1st Quarter 2026
</td>
<td>
4,100
</td>
</tr>
<tr>
<td>
Total Berths
</td>
<td>
</td>
<td>
49,800
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Net Yields
</td>
<td rowspan="3">
As Reported 6.0% to 8.0% 5.25% to 5.75% 8.25% to 8.75%
</td>
<td rowspan="3">
Constant Currency 6.5% to 8.5% 5.5% to 6.0% 8.5% to 9.0%
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD
</td>
</tr>
<tr>
<td>
Net Cruise Costs per APCD, excluding Fuel
</td>
</tr>
<tr>
<td>
Capacity Change
</td>
<td>
8.6%
</td>
<td>
</td>
</tr>
<tr>
<td>
Depreciation and Amortization
</td>
<td>
$1,245 to $1,255 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Interest Expense, net
</td>
<td>
$393 to $403 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Consumption (metric tons)
</td>
<td>
1,486,300
</td>
<td>
</td>
</tr>
<tr>
<td>
Fuel Expenses
</td>
<td>
$690 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Percent Hedged (fwd consumption)
</td>
<td>
58%
</td>
<td>
</td>
</tr>
<tr>
<td>
10% change in Fuel Prices
</td>
<td>
$37 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Currency
</td>
<td>
$21 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in Net Yields
</td>
<td>
$87 million
</td>
<td>
</td>
</tr>
<tr>
<td>
1% Change in NCC x Fuel
</td>
<td>
$45 million
</td>
<td>
</td>
</tr>
<tr>
<td>
100 basis pt. Change in LIBOR
</td>
<td>
$36 million
</td>
<td>
</td>
</tr>
<tr>
<td>
Adjusted Earnings per Share — Diluted
</td>
<td>
$9.75 to $10.00
</td>
<td>
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td>
Page
</td>
</tr>
<tr>
<td>
Report of Independent Registered Public Accounting Firm
</td>
<td>
F-2
</td>
</tr>
<tr>
<td>
Consolidated Statements of Comprehensive Income (Loss)
</td>
<td>
F-4
</td>
</tr>
<tr>
<td>
Consolidated Balance Sheets
</td>
<td>
F-5
</td>
</tr>
<tr>
<td>
Consolidated Statements of Cash Flows
</td>
<td>
F-6
</td>
</tr>
<tr>
<td>
Consolidated Statements of Shareholders' Equity
</td>
<td>
F-8
</td>
</tr>
<tr>
<td>
Notes to the Consolidated Financial Statements
</td>
<td>
F-9
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
</td>
<td colspan="2">
As of December 31,
</td>
</tr>
<tr>
<td>
</td>
<td>
2018
</td>
<td>
2017
</td>
</tr>
<tr>
<td>
Ships
</td>
<td>
$27,209,553
</td>
<td>
$23,714,745
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
2,965,634
</td>
<td>
2,410,525
</td>
</tr>
<tr>
<td>
Ships under construction
</td>
<td>
817,800
</td>
<td>
642,235
</td>
</tr>
<tr>
<td>
Land, buildings and improvements, including leasehold improvements and port facilities
</td>
<td>
321,136
</td>
<td>
250,079
</td>
</tr>
<tr>
<td>
Computer hardware and software, transportation equipment and other
</td>
<td>
1,120,988
</td>
<td>
762,512
</td>
</tr>
<tr>
<td>
Total property and equipment
</td>
<td>
32,435,111
</td>
<td>
27,780,096
</td>
</tr>
<tr>
<td>
Less—accumulated depreciation and amortization
<sup>
(1)
</sup>
</td>
<td>
(8,968,948)
</td>
<td>
(8,044,916)
</td>
</tr>
<tr>
<td>
</td>
<td>
$23,466,163
</td>
<td>
$19,735,180
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Ships
</td>
<td>
Years generally 30
</td>
</tr>
<tr>
<td>
Ship improvements
</td>
<td>
3-20
</td>
</tr>
<tr>
<td>
Buildings and improvements
</td>
<td>
10-40
</td>
</tr>
<tr>
<td>
Computer hardware and software
</td>
<td>
3-10
</td>
</tr>
<tr>
<td>
Transportation equipment and other
</td>
<td>
3-30
</td>
</tr>
<tr>
<td>
Leasehold improvements
</td>
<td>
Shorter of remaining lease term or useful life 3-30
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
North America
<sup>
(1)(2)
</sup>
</td>
<td>
Europe
<sup>
(1)(3)
</sup>
</td>
<td>
Asia/Pacific
<sup>
(1)(4)
</sup>
</td>
</tr>
<tr>
<td>
2014
</td>
<td>
3.46%
</td>
<td>
1.23%
</td>
<td>
0.06%
</td>
</tr>
<tr>
<td>
2015
</td>
<td>
3.36%
</td>
<td>
1.25%
</td>
<td>
0.08%
</td>
</tr>
<tr>
<td>
2016
</td>
<td>
3.43%
</td>
<td>
1.23%
</td>
<td>
0.11%
</td>
</tr>
<tr>
<td>
2017
</td>
<td>
3.56%
</td>
<td>
1.28%
</td>
<td>
0.15%
</td>
</tr>
<tr>
<td>
2018
</td>
<td>
3.59%
</td>
<td>
1.31%
</td>
<td>
0.19%
</td>
</tr>
</table>
|
|
<table>
<tr>
<td>
Year
</td>
<td>
Global CruiseGuests
<sup>
(1)
</sup>
</td>
<td>
Weighted-AverageSupplyofBerthsMarketedGlobally
<sup>
(1)
</sup>
</td>
<td>
NorthAmericanCruiseGuests
<sup>
(2)
</sup>
</td>
<td>
Weighted-Average Supply ofBerths Marketedin NorthAmerica
<sup>
(1)
</sup>
</td>
<td>
EuropeanCruiseGuests
</td>
<td>
Weighted-AverageSupply ofBerthsMarketed inEurope
<sup>
(1)
</sup>
</td>
</tr>
<tr>
<td>
2007
</td>
<td>
16,586,000
</td>
<td>
327,000
</td>
<td>
10,247,000
</td>
<td>
212,000
</td>
<td>
4,080,000
</td>
<td>
105,000
</td>
</tr>
<tr>
<td>
2008
</td>
<td>
17,184,000
</td>
<td>
347,000
</td>
<td>
10,093,000
</td>
<td>
219,000
</td>
<td>
4,500,000
</td>
<td>
120,000
</td>
</tr>
<tr>
<td>
2009
</td>
<td>
17,340,000
</td>
<td>
363,000
</td>
<td>
10,198,000
</td>
<td>
222,000
</td>
<td>
5,000,000
</td>
<td>
131,000
</td>
</tr>
<tr>
<td>
2010
</td>
<td>
18,800,000
</td>
<td>
391,000
</td>
<td>
10,781,000
</td>
<td>
232,000
</td>
<td>
5,540,000
</td>
<td>
143,000
</td>
</tr>
<tr>
<td>
2011
</td>
<td>
20,227,000
</td>
<td>
412,000
</td>
<td>
11,625,000
</td>
<td>
245,000
</td>
<td>
5,894,000
</td>
<td>
149,000
</td>
</tr>
</table>
|
Subsets and Splits
Income Statement Tables
Retrieves 10 samples from the dataset where the HTML table contains the phrase 'income statement', providing basic filtering with limited analytical value.