Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment, Net

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Property and Equipment, Net
12 Months Ended
Dec. 31, 2024
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

8.

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

December 31, 

    

2024

    

2023

Ships

$

18,435,673

$

18,462,250

Ship improvements

 

3,269,898

 

2,899,114

Ships under construction

 

1,143,711

 

548,182

Land and land improvements

 

58,370

 

58,370

Other

 

1,261,404

 

999,471

 

24,169,056

 

22,967,387

Less: accumulated depreciation

 

(7,358,406)

 

(6,534,095)

Property and equipment, net

$

16,810,650

$

16,433,292

The Company capitalized approximately $398.6 million of costs associated with ship improvements and $140.5 million associated with other information technology assets during the year ended December 31, 2024. Repairs and maintenance expenses including Dry-dock expenses were $205.9 million, $160.8 million and $223.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, and were recorded within other cruise operating expense.

Ships under construction include progress payments to the shipyard, planning and design fees and other associated costs. Capitalized interest costs which were primarily associated with the construction or revitalization of ships amounted to $59.9 million, $56.4 million and $58.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.