As of November 30, 2025, we performed our annual goodwill impairment review and determined there was no impairment of goodwill for the Silversea and Royal Caribbean reporting units.

In respect to the Silversea reporting unit, we determined the fair value of the Silversea reporting unit exceeded its carrying value by approximately 98%, as of November 30, 2025. We used a probability weighted discounted cash flow model in combination with a market-based valuation approach for the Silversea reporting unit. This requires the use of assumptions that are subject to risk and uncertainties. Refer to Note 2. Summary of Significant Accounting Policies for more information on related authoritative guidance on the valuation approach and assumptions used.

For the Royal Caribbean Reporting unit, we performed a qualitative assessment to determine whether it was more-likely-than not that our Royal Caribbean reporting unit's fair value was less than its carrying amount. The qualitative analysis included assessing the impact of certain factors such as general economic conditions, limitations on accessing capital, changes in forecasted operating results, changes in fuel prices and fluctuations in foreign exchange rates. Based on our qualitative assessment, we concluded that it was more-likely-than-not that the estimated fair value of the Royal Caribbean reporting unit exceeded its carrying value.

The carrying value of goodwill attributable to our Royal Caribbean, Celebrity Cruises, and Silversea reporting units during the years ended December 31, 2025 and 2024 were as follows (in millions):


	Royal Caribbean		Celebrity Cruises		Silversea		Total


Balance at December 31, 2024	$	296	$	3	$	509	$	808
Balance at December 31, 2025	$	296	$	3	$	509	$	808

Accumulated impairment losses to the carrying value of goodwill attributable to our Silversea reporting unit was $576 million as of December 31, 2025 and December 31, 2024.