Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35784 | |
Entity Registrant Name | NORWEGIAN CRUISE LINE HOLDINGS LTD. | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-0691007 | |
Entity Address, Address Line One | 7665 Corporate Center Drive | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33126 | |
City Area Code | 305 | |
Local Phone Number | 436-4000 | |
Title of 12(b) Security | Ordinary shares | |
Trading Symbol | NCLH | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 215,597,324 | |
Entity Central Index Key | 0001513761 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | ||||
Total revenue | $ 1,664,277 | $ 1,522,174 | $ 3,067,907 | $ 2,815,577 |
Cruise operating expense | ||||
Payroll and related | 229,385 | 219,337 | 452,492 | 429,161 |
Fuel | 100,531 | 95,212 | 198,784 | 188,643 |
Total cruise operating expense | 958,424 | 862,783 | 1,785,075 | 1,630,874 |
Other operating expense | ||||
Marketing, general and administrative | 240,901 | 226,535 | 489,843 | 453,550 |
Depreciation and amortization | 156,271 | 140,704 | 326,012 | 271,948 |
Total other operating expense | 397,172 | 367,239 | 815,855 | 725,498 |
Operating income | 308,681 | 292,152 | 466,977 | 459,205 |
Non-operating income (expense) | ||||
Interest expense, net | (65,969) | (72,988) | (139,472) | (132,686) |
Other income, net | 3,616 | 12,922 | 3,182 | 11,256 |
Total non-operating income (expense) | (62,353) | (60,066) | (136,290) | (121,430) |
Net income before income taxes | 246,328 | 232,086 | 330,687 | 337,775 |
Income tax benefit (expense) | (6,138) | (5,410) | 27,660 | (7,944) |
Net income | $ 240,190 | $ 226,676 | $ 358,347 | $ 329,831 |
Weighted-average shares outstanding | ||||
Basic (in shares) | 215,426,441 | 223,308,350 | 216,328,943 | 225,314,816 |
Diluted (in shares) | 216,810,766 | 224,390,879 | 217,837,005 | 226,778,106 |
Earnings per share | ||||
Basic (in dollars per share) | $ 1.11 | $ 1.02 | $ 1.66 | $ 1.46 |
Diluted (in dollars per share) | $ 1.11 | $ 1.01 | $ 1.65 | $ 1.45 |
Commissions, transportation and other | ||||
Cruise operating expense | ||||
Total cruise operating expense | $ 297,691 | $ 249,875 | $ 526,955 | $ 468,215 |
Passenger ticket | ||||
Revenue | ||||
Total revenue | 1,179,404 | 1,077,046 | 2,152,677 | 1,966,912 |
Onboard and other | ||||
Revenue | ||||
Total revenue | 484,873 | 445,128 | 915,230 | 848,665 |
Cruise operating expense | ||||
Total cruise operating expense | 107,063 | 92,797 | 186,476 | 163,485 |
Food | ||||
Cruise operating expense | ||||
Total cruise operating expense | 54,347 | 54,091 | 109,392 | 104,747 |
Other | ||||
Cruise operating expense | ||||
Total cruise operating expense | $ 169,407 | $ 151,471 | $ 310,976 | $ 276,623 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 240,190 | $ 226,676 | $ 358,347 | $ 329,831 |
Other comprehensive income (loss): | ||||
Shipboard Retirement Plan | 94 | 107 | 189 | 212 |
Cash flow hedges: | ||||
Net unrealized gain (loss) | (17,189) | (15,894) | (2,037) | 32,682 |
Amount realized and reclassified into earnings | (9,274) | (6,723) | (16,274) | (8,508) |
Total other comprehensive income (loss) | (26,369) | (22,510) | (18,122) | 24,386 |
Total comprehensive income | $ 213,821 | $ 204,166 | $ 340,225 | $ 354,217 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 419,925 | $ 163,851 |
Accounts receivable, net | 75,134 | 55,249 |
Inventories | 90,956 | 90,202 |
Prepaid expenses and other assets | 317,549 | 241,011 |
Total current assets | 903,564 | 550,313 |
Property and equipment, net | 12,252,055 | 12,119,253 |
Goodwill | 1,388,931 | 1,388,931 |
Tradenames | 817,525 | 817,525 |
Other long-term assets | 603,902 | 329,948 |
Total assets | 15,965,977 | 15,205,970 |
Current liabilities: | ||
Current portion of long-term debt | 605,141 | 681,218 |
Accounts payable | 75,776 | 159,564 |
Accrued expenses and other liabilities | 734,363 | 716,499 |
Advance ticket sales | 2,167,271 | 1,593,219 |
Total current liabilities | 3,582,551 | 3,150,500 |
Long-term debt | 5,743,927 | 5,810,873 |
Other long-term liabilities | 489,156 | 281,596 |
Total liabilities | 9,815,634 | 9,242,969 |
Commitments and contingencies (Note 11) | ||
Shareholders' equity: | ||
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 236,963,843 shares issued and 215,504,364 shares outstanding at June 30, 2019 and 235,484,613 shares issued and 217,650,644 shares outstanding at December 31, 2018 | 237 | 235 |
Additional paid-in capital | 4,176,825 | 4,129,639 |
Accumulated other comprehensive income (loss) | (179,769) | (161,647) |
Retained earnings | 3,257,187 | 2,898,840 |
Treasury shares (21,459,479 and 17,833,969 ordinary shares at June 30, 2019 and December 31, 2018, respectively, at cost) | (1,104,137) | (904,066) |
Total shareholders' equity | 6,150,343 | 5,963,001 |
Total liabilities and shareholders' equity | $ 15,965,977 | $ 15,205,970 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 490,000,000 | 490,000,000 |
Ordinary shares, issued | 236,963,843 | 235,484,613 |
Ordinary shares, outstanding | 215,504,364 | 217,650,644 |
Ordinary shares, treasury stock | 21,459,479 | 17,833,969 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 358,347 | $ 329,831 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 326,471 | 274,842 |
Deferred income taxes, net | (29,793) | 2,180 |
Loss on extinguishment of debt | 3,988 | 6,346 |
Provision for bad debts and inventory | 1,057 | 2,197 |
Gain on involuntary conversion of assets | (2,810) | |
Share-based compensation expense | 56,650 | 59,835 |
Net foreign currency adjustments | (716) | (3,884) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (15,121) | (2,087) |
Inventories | (1,342) | (11,422) |
Prepaid expenses and other assets | (39,376) | (74,976) |
Accounts payable | (81,690) | 3,645 |
Accrued expenses and other liabilities | (74,470) | 54,962 |
Advance ticket sales | 558,579 | 612,332 |
Net cash provided by operating activities | 1,059,774 | 1,253,801 |
Cash flows from investing activities | ||
Additions to property and equipment, net | (413,888) | (1,251,434) |
Issuance of promissory note | (18,553) | |
Cash received on settlement of derivatives | 289 | 64,796 |
Other | 4,047 | 501 |
Net cash used in investing activities | (428,105) | (1,186,137) |
Cash flows from financing activities | ||
Repayments of long-term debt | (2,808,615) | (906,897) |
Proceeds from long-term debt | 2,652,000 | 1,445,352 |
Proceeds from employee related plans | 11,368 | 19,026 |
Net share settlement of restricted share units | (20,830) | (13,415) |
Purchases of treasury shares | (200,071) | (463,505) |
Early redemption premium | (117) | (5,154) |
Deferred financing fees | (9,330) | (114,254) |
Net cash used in financing activities | (375,595) | (38,847) |
Net increase in cash and cash equivalents | 256,074 | 28,817 |
Cash and cash equivalents at beginning of period | 163,851 | 176,190 |
Cash and cash equivalents at end of period | $ 419,925 | $ 205,007 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Shares | Total |
Balance at Dec. 31, 2017 | $ 233 | $ 3,998,694 | $ 26,966 | $ 1,963,128 | $ (239,255) | $ 5,749,766 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 59,835 | 59,835 | ||||
Issuance of shares under employee related plans | 2 | 19,024 | 19,026 | |||
Treasury shares | (463,505) | (463,505) | ||||
Net share settlement of restricted share units | (13,415) | (13,415) | ||||
Other comprehensive income | Accounting Standards Update 2017-12 [Member] | 24,398 | 24,398 | ||||
Other comprehensive income | 24,386 | |||||
Net income | 329,831 | 329,831 | ||||
Balance at Jun. 30, 2018 | 235 | 4,064,138 | 51,352 | 2,273,828 | (702,760) | 5,686,793 |
Balance at Mar. 31, 2018 | 235 | 4,020,584 | 73,862 | 2,047,152 | (502,760) | 5,639,073 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 31,733 | 31,733 | ||||
Issuance of shares under employee related plans | 13,065 | 13,065 | ||||
Treasury shares | (200,000) | (200,000) | ||||
Net share settlement of restricted share units | (1,244) | (1,244) | ||||
Other comprehensive income | (22,510) | (22,510) | ||||
Net income | 226,676 | 226,676 | ||||
Balance at Jun. 30, 2018 | 235 | 4,064,138 | 51,352 | 2,273,828 | (702,760) | 5,686,793 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative change in accounting policy | (12) | (19,131) | (19,143) | |||
Balance at Dec. 31, 2018 | 235 | 4,129,639 | (161,647) | 2,898,840 | (904,066) | 5,963,001 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 56,650 | 56,650 | ||||
Issuance of shares under employee related plans | 2 | 11,366 | 11,368 | |||
Treasury shares | (200,071) | (200,071) | ||||
Net share settlement of restricted share units | (20,830) | (20,830) | ||||
Other comprehensive income | (18,122) | (18,122) | ||||
Net income | 358,347 | 358,347 | ||||
Balance at Jun. 30, 2019 | 237 | 4,176,825 | (179,769) | 3,257,187 | (1,104,137) | 6,150,343 |
Balance at Mar. 31, 2019 | 237 | 4,145,530 | (153,400) | 3,016,997 | (1,104,062) | 5,905,302 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Share-based compensation | 29,651 | 29,651 | ||||
Issuance of shares under employee related plans | 3,624 | 3,624 | ||||
Treasury shares | (75) | (75) | ||||
Net share settlement of restricted share units | (1,980) | (1,980) | ||||
Other comprehensive income | (26,369) | (26,369) | ||||
Net income | 240,190 | 240,190 | ||||
Balance at Jun. 30, 2019 | $ 237 | $ 4,176,825 | $ (179,769) | $ 3,257,187 | $ (1,104,137) | $ 6,150,343 |
Description of Business and Org
Description of Business and Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Organization | 1. Description of Business and Organization We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of June 30, 2019, we had 26 ships with approximately 54,400 Berths and had orders for 11 additional ships to be delivered through 2027, subject to certain conditions. Norwegian Encore is on order for delivery in the fall of 2019. We have two Explorer Class Ships, Seven Seas Splendor and one additional ship, on order for delivery in the winter of 2020 and fall of 2023, respectively. We have two Allura Class Ships on order for delivery in the winter of 2022 and spring of 2025. Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027. These additions to our fleet will increase our total Berths to approximately 82,000. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018, which are included in our most recent Annual Report on Form 10-K filed with the SEC. Earnings Per Share A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income $ 240,190 $ 226,676 $ 358,347 $ 329,831 Basic weighted-average shares outstanding 215,426,441 223,308,350 216,328,943 225,314,816 Dilutive effect of share awards 1,384,325 1,082,529 1,508,062 1,463,290 Diluted weighted-average shares outstanding 216,810,766 224,390,879 217,837,005 226,778,106 Basic earnings per share $ 1.11 $ 1.02 $ 1.66 $ 1.46 Diluted earnings per share $ 1.11 $ 1.01 $ 1.65 $ 1.45 For the three months ended June 30, 2019 and 2018, a total of 3.6 million and 5.9 million shares, respectively, and for the six months ended June 30, 2019 and 2018, a total of 4.5 million and 4.6 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. Gains or losses resulting from transactions denominated in other currencies are recognized in our consolidated statements of operations within other income, net. We recognized a loss of $3.3 million and a gain of $12.7 million for the three months ended June 30, 2019 and 2018, respectively, and a loss of $4.3 million and a gain of $10.9 million for the six months ended June 30, 2019 and 2018, respectively, related to transactions denominated in other currencies. Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net. Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-15, Intangibles —Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FAS Emerging Issues Task Force), On April 1, 2019, we adopted ASU 2018-15 and elected the prospective transition approach. The impact of adopting this accounting policy was not material to the Company’s consolidated financial statements. Recently Issued Accounting Guidance In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) — Simplifying the Test for Goodwill Impairment, this guidance. The Company will evaluate, upon adoption of this guidance, the impact of this guidance on the Company’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Disaggregation of Revenue Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 North America $ 968,466 $ 851,569 $ 1,951,455 $ 1,726,748 Europe 508,435 432,296 542,187 463,366 Asia-Pacific 67,239 153,673 290,006 421,391 Other 120,137 84,636 284,259 204,072 Total revenue $ 1,664,277 $ 1,522,174 $ 3,067,907 $ 2,815,577 North America includes the U.S., the Caribbean, Canada and Mexico. Europe includes the Baltic region, Canary Islands and Mediterranean. Asia-Pacific includes Australia, New Zealand and Asia. Other includes all other international territories. Segment Reporting We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment. Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations in the U.S. Revenue attributable to U.S.-sourced guests has historically approximated 75-80%. No other individual country’s revenues exceed 10% in any given period. Contract Balances Receivables from customers are included within accounts receivables, net. As of June 30, 2019 and December 31, 2018, our receivables from customers were $19.4 million and $17.3 million, respectively. Our contract liabilities are included within advance ticket sales. As of June 30, 2019 and December 31, 2018, our contract liabilities were $1.7 billion and $1.2 billion, respectively. Of the amounts included within contract liabilities, approximately 50% were refundable in accordance with our cancellation policies. For the six months ended June 30, 2019, $1.2 billion of revenue recognized was included in the contract liability balance at the beginning of the period. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets The carrying amounts of intangible assets subject to amortization are included within other long-term assets. The gross carrying amounts of intangible assets, the related accumulated amortization, the net carrying amounts and the weighted- average amortization periods of the Company’s intangible assets are listed in the following tables (in thousands, except amortization period): June 30, 2019 Weighted- Average Gross Carrying Accumulated Net Carrying Amortization Amount Amortization Amount Period (Years) Customer relationships $ 120,000 $ (100,962) $ 19,038 6.0 License 750 (294) 456 10.0 Total intangible assets subject to amortization $ 120,750 $ (101,256) $ 19,494 December 31, 2018 Weighted- Average Gross Carrying Accumulated Net Carrying Amortization Amount Amortization Amount Period (Years) Customer relationships $ 120,000 $ (91,756) $ 28,244 6.0 Licenses 3,368 (2,874) 494 5.6 Total intangible assets subject to amortization $ 123,368 $ (94,630) $ 28,738 The aggregate amortization expense is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amortization expense $ 4,622 $ 6,553 $ 9,244 $ 13,057 The following table sets forth the Company’s estimated aggregate amortization expense for each of the five years below (in thousands): Amortization Year ended December 31, Expense 2020 $ 9,906 2021 75 2022 75 2023 75 2024 75 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 5. Leases On January 1, 2019, we adopted ASU No. 2016-02, Leases (“Topic 842”). Topic 842 supersedes the lease accounting requirements in Accounting Standards Codification (“ASC”) 840—Leases. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to Topic 842, which included an option to apply the new leases standard at the adoption date using a modified retrospective approach, which the Company elected. Nature of Leases We have finance leases for certain ship equipment and a corporate office. We have operating leases for port facilities, corporate offices, warehouses, and certain equipment. Many of our leases include both lease and non-lease components. We have adopted the practical expedient which allows us to combine lease and non-lease components by class of asset. We have applied this expedient for office leases, port facilities, and certain equipment. Significant Assumptions and Judgments in Applying Topic 842 and Practical Expedients Elected Our leases contain both fixed and variable payments. Fixed payments and variable lease payments that depend on a rate or index are included in the calculation of the right-of-use asset. Other variable payments are excluded from the calculation unless there is an unavoidable fixed minimum cost related to those payments such as a minimum annual guarantee. Our lease assets are amortized on a straight-line basis except for our rights to use port facilities. The expenses related to port facilities are amortized based on passenger counts as this basis represents the pattern in which the economic benefit is derived from the right to use the underlying asset. For non-consecutive lease terms, which relate to our rights to use certain port facilities, the term of the lease is based on the number of days on which we have the right to use a specified asset. We have adopted the practical expedient to exclude leases with terms of less than one year from being included on the balance sheet. Lease expense for agreements that are short-term are disclosed below and include both fixed and variable payments. Certain leases include one or more options to extend or terminate and are primarily in five-year increments. Lease extensions and terminations, including auto-renewing lease terms, were only included in the calculation of the right-of-use asset to the extent that the right to renew or terminate was at the option of the lessor only or where there was a more than insignificant penalty for termination. As our leases do not have a readily determinable implicit rate, we used our weighted average cost of debt to determine the net present value of the lease payments at the adoption date. Our weighted average cost of debt is similar to the incremental borrowing rate we would have obtained if we had borrowed collateralized debt over the lease term to purchase the asset, and the rate was adjusted for longer term leases. We have also adopted the practical expedient which allows us, by class of asset, to not separate lease and non-lease components when we are the lessor in the underlying transaction, the transactions would otherwise be accounted for under ASC 606–Revenue Recognition and the non-lease components are the predominant components of the agreements. We have applied this practical expedient to transactions with cruise passengers and concession service providers related to the use of our ships. We refer you to Note 3 – “Revenue Recognition.” Impacts on Financial Statements As a result of the adoption of Topic 842 on January 1, 2019, we recorded operating lease right-of-use assets of $235.0 million and operating lease liabilities of $243.8 million. Another $8.8 million was reclassified to the operating right-of-use assets from other asset and liability accounts relating to the existing leases. The adoption of Topic 842 did not result in the identification of new finance leases. The adoption does not significantly change the timing, classification or amount of expense recognized in our consolidated financial statements nor does it change the timing, classification or amount of cash payments included within the consolidated statement of cash flows. The components of lease expense and revenue were as follows (in thousands): Three Months Six Months Ended Ended June 30, 2019 June 30, 2019 Operating lease expense $ 10,090 $ 18,449 Variable lease expense $ 1,778 $ 4,483 Short-term lease expense $ 15,405 $ 25,481 Finance lease cost: Amortization of right-to-use assets $ 586 $ 830 Interest on lease liabilities $ 326 $ 668 Operating lease revenue $ 81 $ 246 Sublease income $ 404 $ 808 Lease balances were as follows (in thousands): Balance Sheet location June 30, 2019 Operating leases Right-of-use assets Other long-term assets $ 226,540 Current operating lease liabilities Accrued expenses and other liabilities $ (21,912) Non-current operating lease liabilities Other long-term liabilities $ (214,286) Finance leases Right-of-use assets Property and equipment, net $ 14,129 Current finance lease liabilities Current portion of long-term debt $ (6,159) Non-current finance lease liabilities Long-term debt $ (10,674) Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18,537 Operating cash outflows from finance leases $ 542 Financing cash outflows from finance leases $ 1,193 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 6,530 Finance leases $ 423 As of June 30, 2019, maturities of lease liabilities, weighted-average remaining lease terms and discount rates for our leases were as follows (in thousands, except lease terms and discount rates): Operating Finance leases leases Remainder of 2019 $ 13,447 $ 3,414 2020 32,547 5,019 2021 32,064 4,821 2022 31,797 3,896 2023 31,667 730 Thereafter 143,749 1,306 Total 285,271 19,186 Less: Present value discount (49,073) (2,353) Present value of lease liabilities $ 236,198 $ 16,833 Weighted average remaining lease term (years) 8.72 4.22 Weighted average discount rate 4.27 % 7.57 % As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2018, future minimum lease payments for operating leases having initial or remaining noncancelable lease terms in excess of one year were as follows under the previous lease accounting standard (ASC 840) (in thousands): Year December 31, 2018 2019 $ 16,651 2020 16,105 2021 15,315 2022 14,391 2023 13,462 Thereafter 52,626 Total minimum annual rentals $ 128,550 Leases That Have Not Yet Commenced We have multiple agreements that have been executed where the lease term has not commenced as of June 30, 2019. These are primarily related to our rights to use certain port facilities currently under construction. Although we may have provided design input, construction management services, or funding related to these assets, we have determined that we do not control these assets during the period of construction. These port facilities are expected to open for use during 2020 and include undiscounted minimum annual guarantees of approximately $806.7 million of passenger fees. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 6. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) for the six months ended June 30, 2019 was as follows (in thousands): Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (161,647) $ (157,449) $ (4,198) Current period other comprehensive loss before reclassifications (2,037) (2,037) — Amounts reclassified into earnings (16,085) (16,274) (1) 189 (2) Accumulated other comprehensive income (loss) at end of period $ (179,769) $ (175,760) (3) $ (4,009) Accumulated other comprehensive income (loss) for the six months ended June 30, 2018 was as follows (in thousands): Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ 26,966 $ 33,861 $ (6,895) Current period other comprehensive income before reclassifications 32,682 32,682 — Amounts reclassified into earnings (8,296) (8,508) (1) 212 (2) Accumulated other comprehensive income (loss) at end of period $ 51,352 $ 58,035 $ (6,683) (1) We refer you to Note 9— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations. (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense). (3) Includes $6.5 million of loss expected to be reclassified into earnings in the next 12 months. |
Property and Equipment, net
Property and Equipment, net | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, net | 7. Property and Equipment, net Property and equipment, net increased $132.8 million for the six months ended June 30, 2019 primarily due to ships under construction and ship improvement projects. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | 8. Long-Term Debt NCLC entered into a Fourth Amended and Restated Credit Agreement, dated as of January 2, 2019, with a subsidiary of NCLC, as co-borrower and JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders. This revised facility, among other things, (a) reduced the pricing of our existing $875 million Revolving Loan Facility, (b) reduced the pricing and increased the approximately $1.3 billion principal amount outstanding under the term loan A facility to $1.6 billion, and (c) extended the maturity dates for our Revolving Loan Facility and our term loan A facility to 2024, subject to certain conditions. We used the proceeds from the increase in our term loan A facility to prepay all of the then outstanding amounts under our term loan B facility. The transaction resulted in a loss on extinguishment of debt of $2.9 million. The applicable margin under the new term loan A facility and new Revolving Loan Facility is determined by reference to a total leverage ratio, with an applicable margin of between 1.75% and 1.00% with respect to Eurocurrency loans and between 0.75% and 0.00% with respect to base rate loans. The margin as of June 30, 2019 for borrowings under the new term loan A facility and new Revolving Loan Facility was 1.50% with respect to Eurocurrency borrowings. In addition to paying interest on outstanding principal under the borrowings, we are obligated to pay a quarterly commitment fee at a rate determined by reference to a total net leverage ratio, with a maximum commitment fee of 0.30%. NCLC entered into a $230 million credit agreement, dated as of January 10, 2019, with Nordea Bank ABP, New York Branch, as administrative agent and collateral agent, and certain other lenders. The proceeds of this term loan will be used for general corporate purposes, including to finance the pre-delivery installments due to the builder under the Company’s shipbuilding contracts. The $230 million term loan is secured by Pride of America Ship Holding, LLC and bears interest at LIBOR plus a margin of 1.00%. The term loan matures on January 10, 2021; however, NCLC may elect to extend the maturity date to January 10, 2022 provided certain conditions are met. Should NCLC elect to extend the maturity date the interest rate will be LIBOR plus a margin of 1.10% for the third year. NCLC entered into a $260 million credit agreement, dated as of May 15, 2019, with Bank of America, N.A., as administrative agent and collateral agent, and certain other lenders. The proceeds of this term loan were used to prepay the then outstanding principal and accrued interest of the Norwegian Epic term loan. The $260 million term loan is secured by Norwegian Jewel Limited, bears interest at LIBOR plus a margin of 0.80%, and matures on May 15, 2022 . The transaction resulted in a loss on extinguishment of debt of $1.1 million. |
Fair Value Measurements and Der
Fair Value Measurements and Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value Measurements and Derivatives | 9. Fair Value Measurements and Derivatives Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Fair Value Hierarchy The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available: Level 1 Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates. Level 2 Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources. Level 3 Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available. Derivatives We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among many creditors. We do not anticipate non-performance by any of our significant counterparties. As of June 30, 2019, we had fuel swaps and collars, which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 1.3 million metric tons of our projected fuel purchases, maturing through December 31, 2022. As of June 30, 2019, we had fuel swaps which were not designated as cash flow hedges. Due to a change in our choice of hedged fuel type, we entered into fuel contracts to sell approximately 19 thousand metric tons of fuel and immediately dedesignated fuel contracts to buy approximately 19 thousand metric tons of the same fuel. The agreements mature through December 31, 2019. As of June 30, 2019, we had foreign currency forward contracts, matured foreign currency options and matured foreign currency collars which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency forward contracts was €2.5 billion, or $2.8 billion based on the euro/U.S. dollar exchange rate as of June 30, 2019. As of June 30, 2019, we had interest rate swap agreements which are used to hedge our exposure to interest rate movements and manage our interest expense. The notional amount of our outstanding debt associated with the interest rate swap agreements was $1.2 billion as of June 30, 2019. The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): Assets Liabilities June 30, December 31, June 30, December 31, Balance Sheet Location 2019 2018 2019 2018 Derivative Contracts Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 11,395 $ 2,583 $ 5,692 $ 1 Other long-term assets 10,085 197 3,189 29 Accrued expenses and other liabilities — 1,173 7,154 19,547 Other long-term liabilities 1,211 933 13,196 51,184 Foreign currency contracts Prepaid expenses and other assets 2,442 5,285 — 1,497 Other long-term assets — 3,514 — — Accrued expenses and other liabilities 517 112 38,713 5,145 Other long-term liabilities 43 2,874 76,013 40,476 Interest rate contracts Prepaid expenses and other assets — 519 — — Other long-term assets — 27 — — Accrued expenses and other liabilities — — 3,156 — Other long-term liabilities — — 2,450 — Total derivatives designated as hedging instruments $ 25,693 $ 17,217 $ 149,563 $ 117,879 Derivative Contracts Not Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 2,315 $ — $ — $ — Total derivatives not designated as hedging instruments $ 2,315 $ — $ — $ — Total derivatives $ 28,008 $ 17,217 $ 149,563 $ 117,879 The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments. The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): Gross Gross Gross Amounts Total Net Amounts June 30, 2019 Amounts Offset Amounts Not Offset Net Amounts Assets $ 26,237 $ (8,881) $ 17,356 $ (2,442) $ 14,914 Liabilities 140,682 (1,771) 138,911 (112,198) 26,713 Gross Gross Gross Amounts Total Net Amounts December 31, 2018 Amounts Offset Amounts Not Offset Net Amounts Assets $ 12,125 $ (1,527) $ 10,598 $ (6,872) $ 3,726 Liabilities 116,352 (5,092) 111,260 (35,718) 75,542 The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Derivatives Comprehensive Income Income Income (Loss) into Income Three Months Three Months Three Months Three Months Ended Ended Ended Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Fuel contracts $ (16,577) $ 70,508 Fuel $ 9,885 $ 7,904 Foreign currency contracts 4,181 (88,382) Depreciation and amortization (703) (899) Interest rate contracts (4,793) 1,980 Interest expense, net 92 (282) Total gain (loss) recognized in other comprehensive income $ (17,189) $ (15,894) $ 9,274 $ 6,723 The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Depreciation Depreciation and Interest and Interest Fuel Amortization Expense, net Fuel Amortization Expense, net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 100,531 $ 156,271 $ 65,969 $ 95,212 $ 140,704 $ 72,988 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income Fuel contracts 9,885 — — 7,904 — — Foreign currency contracts — (703) — — (899) — Interest rate contracts — — 92 — — (282) The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Derivatives Comprehensive Income Income Income (Loss) into Income Six Months Six Months Six Months Six Months Ended Ended Ended Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Fuel contracts $ 79,931 $ 64,496 Fuel $ 17,403 $ 11,429 Foreign currency contracts (76,097) (33,889) Depreciation and amortization (1,406) (2,058) Interest rate contracts (5,871) 2,075 Interest expense, net 277 (863) Total gain (loss) recognized in other comprehensive income $ (2,037) $ 32,682 $ 16,274 $ 8,508 The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Depreciation Depreciation and Interest and Interest Fuel Amortization Expense, net Fuel Amortization Expense, net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 198,784 $ 326,012 $ 139,472 $ 188,643 $ 271,948 $ 132,686 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income Fuel contracts 17,403 — — 11,429 — — Foreign currency contracts — (1,406) — — (2,058) — Interest rate contracts — — 277 — — (863) Long-Term Debt As of June 30, 2019 and December 31, 2018, the fair value of our long-term debt, including the current portion, was $6,471.1 million and $6,601.9 million, respectively, which was $16.7 million higher and $8.4 million lower, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities, considered to be Level 2 inputs in the fair value hierarchy. Market risk associated with our long-term variable rate debt is the potential increase in interest expense from an increase in interest rates. Other The carrying amounts reported in the consolidated balance sheets of all other financial assets and liabilities approximate fair value. |
Employee Benefits and Compensat
Employee Benefits and Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Benefits and Compensation Plans | 10. Employee Benefits and Compensation Plans Share Option Awards The following is a summary of option activity under NCLH’s Amended and Restated 2013 Performance Incentive Plan for the six months ended June 30, 2019: Weighted- Number of Share Option Awards Weighted-Average Exercise Price Average Time- Performance- Market- Time- Performance- Market- Contractual Aggregate Based Based Based Based Based Based Term Intrinsic Value Awards Awards Awards Awards Awards Awards (years) (in thousands) Outstanding as of January 1, 2019 5,686,793 410,499 208,333 $ 50.65 $ 45.67 $ 59.43 6.22 $ 13,946 Exercised (197,076) (99,924) — 39.19 19.00 — Forfeited and cancelled (35,333) (156,251) — 56.83 59.43 — Outstanding as of June 30, 2019 5,454,384 154,324 208,333 $ 51.02 $ 49.02 $ 59.43 5.82 $ 27,599 Restricted Ordinary Share Awards The following is a summary of restricted NCLH ordinary share activity for the six months ended June 30, 2019: Number of Time- Weighted- Based Average Grant Awards Date Fair Value Non-vested as of January 1, 2019 429 $ 58.41 Vested (429) 58.41 Non-vested as of June 30, 2019 — $ — Restricted Share Unit Awards On March 1, 2019, NCLH granted 1.9 million time-based restricted share unit awards to our employees, which vest in substantially equal annual installments over three years. Additionally, on March 1, 2019, NCLH granted 0.5 million performance-based restricted share units to certain members of our management team, which vest upon the achievement of certain pre-established performance targets established for the 2019 and 2020 calendar years and the satisfaction of an additional time-based vesting requirement that generally requires continued employment through March 1, 2022. The following is a summary of restricted share unit activity for the six months ended June 30, 2019: Number of Weighted- Number of Weighted- Number of Weighted- Time-Based Average Grant Performance- Average Grant Market- Average Grant Awards Date Fair Value Based Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2019 2,973,032 $ 53.98 825,614 $ 56.58 50,000 $ 59.43 Granted 1,915,943 55.04 462,282 (1) 55.27 — — Vested (1,425,290) 53.05 (121,000) 56.27 — — Forfeited or expired (80,511) 54.89 (37,500) 56.27 — — Non-vested as of June 30, 2019 3,383,174 $ 54.95 1,129,396 $ 56.09 50,000 $ 59.43 (1) Number of performance-based restricted share units included assumes maximum achievement of performance targets. The share-based compensation expense for the three months ended June 30, 2019 was $29.7 million of which $25.0 million was recorded in marketing, general and administrative expense and $4.7 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2019 was $56.7 million of which $48.2 million was recorded in marketing, general and administrative expense and $8.5 million was recorded in payroll and related expense. The share-based compensation expense for the three months ended June 30, 2018 was $31.7 million of which $27.3 million was recorded in marketing, general and administrative expense and $4.4 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2018 was $59.8 million of which $52.1 million was recorded in marketing, general and administrative expense and $7.7 million was recorded in payroll and related expense. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Ship Construction Contracts Project Leonardo will introduce an additional six ships, each approximately 140,000 Gross Tons with approximately 3,300 Berths, with expected delivery dates from 2022 through 2027, subject to certain conditions. We have a Breakaway Plus Class Ship, Norwegian Encore, with approximately 168,000 Gross Tons and 4,000 Berths, on order for delivery in the fall of 2019. For the Regent brand, we have orders for two Explorer Class Ships, Seven Seas Splendor and an additional ship, to be delivered in 2020 and 2023, respectively. Each of the Explorer Class Ships will be approximately 55,000 Gross Tons and 750 Berths. For the Oceania Cruises brand, we have orders for two Allura Class Ships to be delivered in 2022 and 2025. Each of the Allura Class Ships will be approximately 67,000 Gross Tons and 1,200 Berths. The combined contract prices of the 11 ships on order for delivery was approximately €7.9 billion, or $9.0 billion based on the euro/U.S. dollar exchange rate as of June 30, 2019. We have obtained export credit financing which is expected to fund approximately 80% of the contract price of each ship, subject to certain conditions. We do not anticipate any contractual breaches or cancellations to occur. However, if any such events were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations. Litigation In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. |
Other Income, Net
Other Income, Net | 6 Months Ended |
Jun. 30, 2019 | |
Other Income, Net | |
Other Income, Net | 12. Other Income, Net For the three and six months ended June 30, 2019, other income, net was income of $3.6 million and $3.2 million, respectively, primarily due to gains from insurance proceeds and a litigation settlement partially offset by foreign currency exchange losses. For the three and six months ended June 30, 2018, other income, net was income of $12.9 million and $11.3 million, respectively, primarily due to foreign currency exchange gains. |
Income Tax Expense
Income Tax Expense | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | 13. Income Tax Expense For the three and six months ended June 30, 2019, we had an income tax expense of $6.1 million and a benefit of $27.7 million, respectively. During 2018, we implemented certain tax restructuring strategies that created our ability to utilize the net operating loss carryforwards of Prestige, for which we had previously provided a full valuation allowance. As disclosed in our Annual Report on Form 10-K, we engaged in a section 382 study to determine the amount of the Prestige net operating loss carryforwards that could be utilized against future taxable income. In March 2019, we completed this study resulting in a tax benefit of $35.7 million in connection with the reversal of substantially all of the valuation allowance. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 14. Supplemental Cash Flow Information For the six months ended June 30, 2019 and 2018, we had non-cash investing activities in connection with property and equipment of $33.6 million and $48.9 million, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2018, which are included in our most recent Annual Report on Form 10-K filed with the SEC. |
Earnings Per Share | Earnings Per Share A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income $ 240,190 $ 226,676 $ 358,347 $ 329,831 Basic weighted-average shares outstanding 215,426,441 223,308,350 216,328,943 225,314,816 Dilutive effect of share awards 1,384,325 1,082,529 1,508,062 1,463,290 Diluted weighted-average shares outstanding 216,810,766 224,390,879 217,837,005 226,778,106 Basic earnings per share $ 1.11 $ 1.02 $ 1.66 $ 1.46 Diluted earnings per share $ 1.11 $ 1.01 $ 1.65 $ 1.45 For the three months ended June 30, 2019 and 2018, a total of 3.6 million and 5.9 million shares, respectively, and for the six months ended June 30, 2019 and 2018, a total of 4.5 million and 4.6 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. |
Foreign Currency | Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. Gains or losses resulting from transactions denominated in other currencies are recognized in our consolidated statements of operations within other income, net. We recognized a loss of $3.3 million and a gain of $12.7 million for the three months ended June 30, 2019 and 2018, respectively, and a loss of $4.3 million and a gain of $10.9 million for the six months ended June 30, 2019 and 2018, respectively, related to transactions denominated in other currencies. |
Depreciation and Amortization Expense | Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2018-15, Intangibles —Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FAS Emerging Issues Task Force), On April 1, 2019, we adopted ASU 2018-15 and elected the prospective transition approach. The impact of adopting this accounting policy was not material to the Company’s consolidated financial statements. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350) — Simplifying the Test for Goodwill Impairment, this guidance. The Company will evaluate, upon adoption of this guidance, the impact of this guidance on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of reconciliation between basic and diluted EPS | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Net income $ 240,190 $ 226,676 $ 358,347 $ 329,831 Basic weighted-average shares outstanding 215,426,441 223,308,350 216,328,943 225,314,816 Dilutive effect of share awards 1,384,325 1,082,529 1,508,062 1,463,290 Diluted weighted-average shares outstanding 216,810,766 224,390,879 217,837,005 226,778,106 Basic earnings per share $ 1.11 $ 1.02 $ 1.66 $ 1.46 Diluted earnings per share $ 1.11 $ 1.01 $ 1.65 $ 1.45 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues by destination | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 North America $ 968,466 $ 851,569 $ 1,951,455 $ 1,726,748 Europe 508,435 432,296 542,187 463,366 Asia-Pacific 67,239 153,673 290,006 421,391 Other 120,137 84,636 284,259 204,072 Total revenue $ 1,664,277 $ 1,522,174 $ 3,067,907 $ 2,815,577 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of gross carrying amounts of intangible assets, related accumulated amortization and the weighted average amortization periods of intangible assets | June 30, 2019 Weighted- Average Gross Carrying Accumulated Net Carrying Amortization Amount Amortization Amount Period (Years) Customer relationships $ 120,000 $ (100,962) $ 19,038 6.0 License 750 (294) 456 10.0 Total intangible assets subject to amortization $ 120,750 $ (101,256) $ 19,494 December 31, 2018 Weighted- Average Gross Carrying Accumulated Net Carrying Amortization Amount Amortization Amount Period (Years) Customer relationships $ 120,000 $ (91,756) $ 28,244 6.0 Licenses 3,368 (2,874) 494 5.6 Total intangible assets subject to amortization $ 123,368 $ (94,630) $ 28,738 |
Schedule of aggregate amortization expense | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Amortization expense $ 4,622 $ 6,553 $ 9,244 $ 13,057 |
Schedule of estimated aggregate amortization expense | Amortization Year ended December 31, Expense 2020 $ 9,906 2021 75 2022 75 2023 75 2024 75 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of components of lease expense and revenue | Three Months Six Months Ended Ended June 30, 2019 June 30, 2019 Operating lease expense $ 10,090 $ 18,449 Variable lease expense $ 1,778 $ 4,483 Short-term lease expense $ 15,405 $ 25,481 Finance lease cost: Amortization of right-to-use assets $ 586 $ 830 Interest on lease liabilities $ 326 $ 668 Operating lease revenue $ 81 $ 246 Sublease income $ 404 $ 808 |
Schedule of lease balances | Balance Sheet location June 30, 2019 Operating leases Right-of-use assets Other long-term assets $ 226,540 Current operating lease liabilities Accrued expenses and other liabilities $ (21,912) Non-current operating lease liabilities Other long-term liabilities $ (214,286) Finance leases Right-of-use assets Property and equipment, net $ 14,129 Current finance lease liabilities Current portion of long-term debt $ (6,159) Non-current finance lease liabilities Long-term debt $ (10,674) |
Schedule of supplemental cash flow information related to leases | Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18,537 Operating cash outflows from finance leases $ 542 Financing cash outflows from finance leases $ 1,193 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 6,530 Finance leases $ 423 |
Schedule of maturities of lease liabilities, weighted average remaining lease terms and discount rates for leases | Operating Finance leases leases Remainder of 2019 $ 13,447 $ 3,414 2020 32,547 5,019 2021 32,064 4,821 2022 31,797 3,896 2023 31,667 730 Thereafter 143,749 1,306 Total 285,271 19,186 Less: Present value discount (49,073) (2,353) Present value of lease liabilities $ 236,198 $ 16,833 Weighted average remaining lease term (years) 8.72 4.22 Weighted average discount rate 4.27 % 7.57 % |
Schedule of minimum annual rentals for non-cancelable contracts | Year December 31, 2018 2019 $ 16,651 2020 16,105 2021 15,315 2022 14,391 2023 13,462 Thereafter 52,626 Total minimum annual rentals $ 128,550 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | |
Schedule of accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) for the six months ended June 30, 2019 was as follows (in thousands): Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (161,647) $ (157,449) $ (4,198) Current period other comprehensive loss before reclassifications (2,037) (2,037) — Amounts reclassified into earnings (16,085) (16,274) (1) 189 (2) Accumulated other comprehensive income (loss) at end of period $ (179,769) $ (175,760) (3) $ (4,009) Accumulated other comprehensive income (loss) for the six months ended June 30, 2018 was as follows (in thousands): Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ 26,966 $ 33,861 $ (6,895) Current period other comprehensive income before reclassifications 32,682 32,682 — Amounts reclassified into earnings (8,296) (8,508) (1) 212 (2) Accumulated other comprehensive income (loss) at end of period $ 51,352 $ 58,035 $ (6,683) (1) We refer you to Note 9— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations. (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense). (3) Includes $6.5 million of loss expected to be reclassified into earnings in the next 12 months. |
Fair Value Measurements and D_2
Fair Value Measurements and Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of derivatives measured at fair value and disclosed by balance sheet location | Assets Liabilities June 30, December 31, June 30, December 31, Balance Sheet Location 2019 2018 2019 2018 Derivative Contracts Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 11,395 $ 2,583 $ 5,692 $ 1 Other long-term assets 10,085 197 3,189 29 Accrued expenses and other liabilities — 1,173 7,154 19,547 Other long-term liabilities 1,211 933 13,196 51,184 Foreign currency contracts Prepaid expenses and other assets 2,442 5,285 — 1,497 Other long-term assets — 3,514 — — Accrued expenses and other liabilities 517 112 38,713 5,145 Other long-term liabilities 43 2,874 76,013 40,476 Interest rate contracts Prepaid expenses and other assets — 519 — — Other long-term assets — 27 — — Accrued expenses and other liabilities — — 3,156 — Other long-term liabilities — — 2,450 — Total derivatives designated as hedging instruments $ 25,693 $ 17,217 $ 149,563 $ 117,879 Derivative Contracts Not Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 2,315 $ — $ — $ — Total derivatives not designated as hedging instruments $ 2,315 $ — $ — $ — Total derivatives $ 28,008 $ 17,217 $ 149,563 $ 117,879 |
Schedule of gross and net amounts recognized within assets and liabilities | Gross Gross Gross Amounts Total Net Amounts June 30, 2019 Amounts Offset Amounts Not Offset Net Amounts Assets $ 26,237 $ (8,881) $ 17,356 $ (2,442) $ 14,914 Liabilities 140,682 (1,771) 138,911 (112,198) 26,713 Gross Gross Gross Amounts Total Net Amounts December 31, 2018 Amounts Offset Amounts Not Offset Net Amounts Assets $ 12,125 $ (1,527) $ 10,598 $ (6,872) $ 3,726 Liabilities 116,352 (5,092) 111,260 (35,718) 75,542 |
Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss) | Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Derivatives Comprehensive Income Income Income (Loss) into Income Three Months Three Months Three Months Three Months Ended Ended Ended Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Fuel contracts $ (16,577) $ 70,508 Fuel $ 9,885 $ 7,904 Foreign currency contracts 4,181 (88,382) Depreciation and amortization (703) (899) Interest rate contracts (4,793) 1,980 Interest expense, net 92 (282) Total gain (loss) recognized in other comprehensive income $ (17,189) $ (15,894) $ 9,274 $ 6,723 Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Derivatives Comprehensive Income Income Income (Loss) into Income Six Months Six Months Six Months Six Months Ended Ended Ended Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Fuel contracts $ 79,931 $ 64,496 Fuel $ 17,403 $ 11,429 Foreign currency contracts (76,097) (33,889) Depreciation and amortization (1,406) (2,058) Interest rate contracts (5,871) 2,075 Interest expense, net 277 (863) Total gain (loss) recognized in other comprehensive income $ (2,037) $ 32,682 $ 16,274 $ 8,508 |
Schedule of cash flow hedge accounting on the consolidated financial statements of operations | Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Depreciation Depreciation and Interest and Interest Fuel Amortization Expense, net Fuel Amortization Expense, net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 100,531 $ 156,271 $ 65,969 $ 95,212 $ 140,704 $ 72,988 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income Fuel contracts 9,885 — — 7,904 — — Foreign currency contracts — (703) — — (899) — Interest rate contracts — — 92 — — (282) |
Schedule of effects of derivatives designated as cash flow hedges | The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Depreciation Depreciation and Interest and Interest Fuel Amortization Expense, net Fuel Amortization Expense, net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 198,784 $ 326,012 $ 139,472 $ 188,643 $ 271,948 $ 132,686 Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income Fuel contracts 17,403 — — 11,429 — — Foreign currency contracts — (1,406) — — (2,058) — Interest rate contracts — — 277 — — (863) |
Employee Benefits and Compens_2
Employee Benefits and Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of summary of option activity | Weighted- Number of Share Option Awards Weighted-Average Exercise Price Average Time- Performance- Market- Time- Performance- Market- Contractual Aggregate Based Based Based Based Based Based Term Intrinsic Value Awards Awards Awards Awards Awards Awards (years) (in thousands) Outstanding as of January 1, 2019 5,686,793 410,499 208,333 $ 50.65 $ 45.67 $ 59.43 6.22 $ 13,946 Exercised (197,076) (99,924) — 39.19 19.00 — Forfeited and cancelled (35,333) (156,251) — 56.83 59.43 — Outstanding as of June 30, 2019 5,454,384 154,324 208,333 $ 51.02 $ 49.02 $ 59.43 5.82 $ 27,599 |
Schedule of summary of restricted ordinary share activity | Number of Time- Weighted- Based Average Grant Awards Date Fair Value Non-vested as of January 1, 2019 429 $ 58.41 Vested (429) 58.41 Non-vested as of June 30, 2019 — $ — |
Schedule of summary of restricted share unit activity | Number of Weighted- Number of Weighted- Number of Weighted- Time-Based Average Grant Performance- Average Grant Market- Average Grant Awards Date Fair Value Based Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2019 2,973,032 $ 53.98 825,614 $ 56.58 50,000 $ 59.43 Granted 1,915,943 55.04 462,282 (1) 55.27 — — Vested (1,425,290) 53.05 (121,000) 56.27 — — Forfeited or expired (80,511) 54.89 (37,500) 56.27 — — Non-vested as of June 30, 2019 3,383,174 $ 54.95 1,129,396 $ 56.09 50,000 $ 59.43 (1) Number of performance-based restricted share units included assumes maximum achievement of performance targets. |
Description of Business and O_2
Description of Business and Organization (Detail Textuals) | Jun. 30, 2019item |
Description Of Business And Organization [Line Items] | |
Number of cruises ships | 26 |
Capacity of ship, berths | 54,400 |
Ships Launching Period Through 2027 | |
Description Of Business And Organization [Line Items] | |
Number of additional ships | 11 |
Ships Launching Period Through 2027 | Project Leonardo Ships | |
Description Of Business And Organization [Line Items] | |
Increased number of berths | 82,000 |
Ships Launching Period In 2022 And 2027 | Project Leonardo Ships | |
Description Of Business And Organization [Line Items] | |
Number of additional ships | 6 |
Ships Launching Period Through 2022 And 2025 | |
Description Of Business And Organization [Line Items] | |
Number of additional ships | 2 |
Ships launching winter 2020 and fall 2023 | |
Description Of Business And Organization [Line Items] | |
Number of additional ships | 2 |
Ship launching fall-winter 2019 | |
Description Of Business And Organization [Line Items] | |
Number of additional ships | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 240,190 | $ 226,676 | $ 358,347 | $ 329,831 |
Basic weighted-average shares outstanding | 215,426,441 | 223,308,350 | 216,328,943 | 225,314,816 |
Dilutive effect of share awards | 1,384,325 | 1,082,529 | 1,508,062 | 1,463,290 |
Diluted weighted-average shares outstanding | 216,810,766 | 224,390,879 | 217,837,005 | 226,778,106 |
Basic earnings per share (in dollars per share) | $ 1.11 | $ 1.02 | $ 1.66 | $ 1.46 |
Diluted earnings per share (in dollars per share) | $ 1.11 | $ 1.01 | $ 1.65 | $ 1.45 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Detail Textuals) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share | 3.6 | 5.9 | 4.5 | 4.6 |
Foreign currency transaction (gains) losses | $ (3.3) | $ 12.7 | $ (4.3) | $ 10.9 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | $ 1,664,277 | $ 1,522,174 | $ 3,067,907 | $ 2,815,577 |
North America | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 968,466 | 851,569 | 1,951,455 | 1,726,748 |
Europe | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 508,435 | 432,296 | 542,187 | 463,366 |
Asia-Pacific | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | 67,239 | 153,673 | 290,006 | 421,391 |
Other | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Total revenue | $ 120,137 | $ 84,636 | $ 284,259 | $ 204,072 |
Revenue and Expense from Contra
Revenue and Expense from Contracts with Customers (Detail Textuals) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Receivables from customers included in accounts receivable, net | $ 19.4 | $ 17.3 |
Contract with customer liability | $ 1,700 | $ 1,200 |
Percentage refundable on cancellation | 50.00% | |
Revenue recognized included in contract liability | $ 1,200 | |
Revenue | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Concentration risk, benchmark | No other individual country’s revenues exceed 10% in any given period. | |
Revenue | Minimum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Percentage of revenue attributable to U.S.- sourced passengers | 75.00% | |
Revenue | Maximum | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Percentage of revenue attributable to U.S.- sourced passengers | 80.00% |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 120,750 | $ 123,368 |
Accumulated Amortization | (101,256) | (94,630) |
Net Carrying Amount | 19,494 | 28,738 |
Customer relationships | ||
Schedule Of Intangible Assets [Line Items] | ||
Gross Carrying Amount | 120,000 | 120,000 |
Accumulated Amortization | (100,962) | (91,756) |
Net Carrying Amount | $ 19,038 | $ 28,244 |
Weighted- Average Amortization Period (Years) | 6 years | 6 years |
Licenses | ||
Schedule Of Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 750 | $ 3,368 |
Accumulated Amortization | (294) | (2,874) |
Net Carrying Amount | $ 456 | $ 494 |
Weighted- Average Amortization Period (Years) | 10 years | 5 years 7 months 6 days |
Intangible Assets 1 (Details)
Intangible Assets 1 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 4,622 | $ 6,553 | $ 9,244 | $ 13,057 |
Intangible Assets 2 (Details)
Intangible Assets 2 (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Amortization Expense | |
2020 | $ 9,906 |
2021 | 75 |
2022 | 75 |
2023 | 75 |
2024 | $ 75 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 10,090 | $ 18,449 |
Variable lease expense | 1,778 | 4,483 |
Short-term lease expense | 15,405 | 25,481 |
Finance lease cost: | ||
Amortization of right-to-use assets | 586 | 830 |
Interest on lease liabilities | 326 | 668 |
Operating lease revenue | 81 | 246 |
Sublease income | $ 404 | $ 808 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Operating leases | ||
Right-of-use assets | $ 235,000 | |
Other long-term assets | ||
Operating leases | ||
Right-of-use assets | $ 226,540 | |
Operating lease, right-of-use asset - Extensible List | us-gaap:OtherAssetsNoncurrent | |
Accrued expenses and other liabilities | ||
Operating leases | ||
Current operating lease liabilities | $ (21,912) | |
Operating lease liability, current - Extensible list | nclh:AccruedLiabilitiesAndOtherLiabilitiesCurrent | |
Other long-term liabilities | ||
Operating leases | ||
Non-current operating lease liabilities | $ (214,286) | |
Operating lease liability, non current - Extensible list | us-gaap:OtherLiabilitiesNoncurrent | |
Property and equipment, net | ||
Finance leases | ||
Right-of-use assets | $ 14,129 | |
Finance lease, right-of-use asset - Extensible List | us-gaap:PropertyPlantAndEquipmentNet | |
Current portion of long-term debt | ||
Finance leases | ||
Current finance lease liabilities | $ (6,159) | |
Finance lease liability, current - Extensible list | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent | |
Long-term debt. | ||
Finance leases | ||
Non-current finance lease liabilities | $ (10,674) | |
Finance lease liability, noncurrent - Extensible list | us-gaap:LongTermDebtAndCapitalLeaseObligations |
Leases (Details 2)
Leases (Details 2) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash outflows from operating leases | $ 18,537 |
Operating cash outflows from finance leases | 542 |
Financing cash outflows from finance leases | 1,193 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | 6,530 |
Finance leases | $ 423 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 |
Operating leases | ||
Remainder of 2019 | $ 13,447 | |
2020 | 32,547 | |
2021 | 32,064 | |
2022 | 31,797 | |
2023 | 31,667 | |
Thereafter | 143,749 | |
Total | 285,271 | |
Less: Present value discount | (49,073) | |
Present value of lease liabilities | $ 236,198 | $ 243,800 |
Weighted average remaining lease term (years) | 8 years 8 months 19 days | |
Weighted average discount rate | 4.27% | |
Finance leases | ||
Remainder of 2019 | $ 3,414 | |
2020 | 5,019 | |
2021 | 4,821 | |
2022 | 3,896 | |
2023 | 730 | |
Thereafter | 1,306 | |
Total | 19,186 | |
Less: Present value discount | (2,353) | |
Present value of lease liabilities | $ 16,833 | |
Weighted average remaining lease term (years) | 4 years 2 months 19 days | |
Weighted average discount rate | 7.57% |
Leases (Details 4)
Leases (Details 4) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 16,651 |
2020 | 16,105 |
2021 | 15,315 |
2022 | 14,391 |
2023 | 13,462 |
Thereafter | 52,626 |
Total minimum annual rentals | $ 128,550 |
Leases (Detail Textuals)
Leases (Detail Textuals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 235,000 | |
Operating lease liability | $ 236,198 | 243,800 |
Reclassification operating right of use assets | $ 8,800 | |
Undiscounted minimum annual guarantees | $ 806,700 | |
Lessee, Operating Lease, Existence of Option to Extend | true | |
Renewal term | 5 years |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | $ (161,647) | $ 26,966 |
Current period other comprehensive income (loss) before reclassifications | (2,037) | 32,682 |
Amounts reclassified into earnings | (16,085) | (8,296) |
Accumulated other comprehensive income (loss) at end of period | (179,769) | 51,352 |
Amount of loss expected to be reclassified into earnings | 6,500 | |
Change Related to Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | (157,449) | 33,861 |
Current period other comprehensive income (loss) before reclassifications | (2,037) | 32,682 |
Amounts reclassified into earnings | (16,274) | (8,508) |
Accumulated other comprehensive income (loss) at end of period | (175,760) | 58,035 |
Change Related to Shipboard Retirement Plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Accumulated other comprehensive income (loss) at beginning of period | (4,198) | (6,895) |
Amounts reclassified into earnings | 189 | 212 |
Accumulated other comprehensive income (loss) at end of period | $ (4,009) | $ (6,683) |
Property and Equipment, net (De
Property and Equipment, net (Detail Textuals) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Property Plant And Equipment [Abstract] | |
Property plant and equipment net increase due to ship improvement projects and ships under construction | $ 132.8 |
Long-Term Debt (Detail Textuals
Long-Term Debt (Detail Textuals) - USD ($) | Jun. 30, 2019 | May 15, 2019 | Jan. 10, 2019 | Jan. 02, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (3,988,000) | $ (6,346,000) | ||||
NCLC | Bank of America | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (1,100,000) | |||||
NCLC | Term Loan A Facility | Nordea Bank ABP | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 230,000,000 | |||||
NCLC | Term Loan A Facility | Bank of America | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | $ 260,000,000 | |||||
NCLC | Term Loan A Facility | LIBOR | Nordea Bank ABP | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable rate basis | LIBOR | |||||
Basis spread on variable rate | 1.00% | |||||
Maturity date | Jan. 10, 2021 | |||||
Basis spread on variable rate after extension of maturity date | 1.10% | |||||
NCLC | Term Loan A Facility | LIBOR | Bank of America | ||||||
Debt Instrument [Line Items] | ||||||
Description of variable rate basis | LIBOR | |||||
Basis spread on variable rate | 0.80% | |||||
Maturity date | May 15, 2022 | |||||
NCLC | Fourth Amended And Restated Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (2,900,000) | |||||
NCLC | Fourth Amended And Restated Credit Agreement | Revolving Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving Loan Facility | 875,000,000 | |||||
NCLC | Fourth Amended And Restated Credit Agreement | New Term A Loan Facility and New Revolving Loan Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee | 0.30 | |||||
NCLC | Fourth Amended And Restated Credit Agreement | New Term A Loan Facility and New Revolving Loan Facility | Eurocurrency loans | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
NCLC | Fourth Amended And Restated Credit Agreement | Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Prior principal amount | 1,300,000,000 | |||||
Principal amount | $ 1,600,000,000 |
Fair Value Measurements and D_3
Fair Value Measurements and Derivatives - Derivatives measured at fair value and disclosed by balance sheet location (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $ 26,237 | $ 12,125 |
Derivative liabilities, fair value | 140,682 | 116,352 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 25,693 | 17,217 |
Derivative liabilities, fair value | 149,563 | 117,879 |
Derivative Contracts Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 2,315 | 0 |
Derivative liabilities, fair value | 0 | 0 |
Fuel contracts | Designated as Hedging Instrument | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 11,395 | 2,583 |
Derivative liabilities, fair value | 5,692 | 1 |
Fuel contracts | Designated as Hedging Instrument | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 10,085 | 197 |
Derivative liabilities, fair value | 3,189 | 29 |
Fuel contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 1,173 |
Derivative liabilities, fair value | 7,154 | 19,547 |
Fuel contracts | Designated as Hedging Instrument | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 1,211 | 933 |
Derivative liabilities, fair value | 13,196 | 51,184 |
Fuel contracts | Derivative Contracts Not Designated as Hedging Instruments | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 2,315 | 0 |
Derivative liabilities, fair value | 0 | 0 |
Foreign currency contracts | Designated as Hedging Instrument | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 2,442 | 5,285 |
Derivative liabilities, fair value | 0 | 1,497 |
Foreign currency contracts | Designated as Hedging Instrument | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 3,514 |
Derivative liabilities, fair value | 0 | 0 |
Foreign currency contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 517 | 112 |
Derivative liabilities, fair value | 38,713 | 5,145 |
Foreign currency contracts | Designated as Hedging Instrument | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 43 | 2,874 |
Derivative liabilities, fair value | 76,013 | 40,476 |
Interest rate contracts | Designated as Hedging Instrument | Prepaid expenses and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 519 |
Derivative liabilities, fair value | 0 | 0 |
Interest rate contracts | Designated as Hedging Instrument | Other long-term assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 27 |
Derivative liabilities, fair value | 0 | 0 |
Interest rate contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 3,156 | 0 |
Interest rate contracts | Designated as Hedging Instrument | Other long-term liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, fair value | 2,450 | 0 |
Total derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 28,008 | 17,217 |
Derivative liabilities, fair value | $ 149,563 | $ 117,879 |
Fair Value Measurements and D_4
Fair Value Measurements and Derivatives - Amounts recognized within assets and liabilities based on right of offset (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Gross Amounts, Assets | $ 26,237 | $ 12,125 |
Gross Amounts Offset, Assets | (8,881) | (1,527) |
Total Net Amounts, Assets | 17,356 | 10,598 |
Gross Amounts Not Offset, Assets | (2,442) | (6,872) |
Total Net Amounts, Assets | 14,914 | 3,726 |
Gross Amounts, Liabilities | 140,682 | 116,352 |
Gross Amounts Offset, Liabilities | (1,771) | (5,092) |
Total Net Amounts, Liabilities | 138,911 | 111,260 |
Gross Amounts Not Offset, Liabilities | (112,198) | (35,718) |
Total Net Amounts, Liabilities | $ 26,713 | $ 75,542 |
Fair Value Measurements and D_5
Fair Value Measurements and Derivatives - Effects of Derivatives Designated as Cash flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | $ (17,189) | $ (15,894) | $ (2,037) | $ 32,682 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | 9,274 | 6,723 | 16,274 | 8,508 |
Fuel contracts | Fuel | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | (16,577) | 70,508 | 79,931 | 64,496 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | 9,885 | 7,904 | 17,403 | 11,429 |
Foreign currency contracts | Depreciation and amortization expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | 4,181 | (88,382) | (76,097) | (33,889) |
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | (703) | (899) | (1,406) | (2,058) |
Interest rate contracts | Interest expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income | (4,793) | 1,980 | (5,871) | 2,075 |
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | $ 92 | $ (282) | $ 277 | $ (863) |
Fair Value Measurements and D_6
Fair Value Measurements and Derivatives - Effects of cash flow hedge accounting on consolidated statements of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Fuel | $ 100,531 | $ 95,212 | $ 198,784 | $ 188,643 |
Depreciation and amortization | 156,271 | 140,704 | 326,012 | 271,948 |
Interest expense, net | 65,969 | 72,988 | 139,472 | 132,686 |
Cash Flow Hedging | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | 9,274 | 6,723 | 16,274 | 8,508 |
Cash Flow Hedging | Foreign currency contracts | Depreciation and amortization expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | (703) | (899) | (1,406) | (2,058) |
Cash Flow Hedging | Interest rate contracts | Interest expense, net | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income | $ 92 | $ (282) | $ 277 | $ (863) |
Fair Value Measurements and D_7
Fair Value Measurements and Derivatives (Detail Textuals) kT in Thousands, MT in Millions, $ in Millions, € in Billions | 6 Months Ended | ||
Jun. 30, 2019USD ($)kTMT | Jun. 30, 2019EUR (€)kTMT | Dec. 31, 2018USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | $ 6,471.1 | $ 6,601.9 | |
Fair value of long-term debt in excess of carrying value | $ 16.7 | $ 8.4 | |
Fuel swaps | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative maturing date | Dec. 31, 2022 | ||
Projected fuel purchases | MT | 1.3 | 1.3 | |
Fuel swaps | Derivative Contracts Not Designated as Hedging Instruments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative maturing date | Dec. 31, 2019 | ||
Projected fuel purchases | kT | 19 | 19 | |
Foreign currency contracts | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount of derivatives | $ 2,800 | € 2.5 | |
Interest rate contracts | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notional amount of derivatives | $ 1,200 |
Employee Benefits and Compens_3
Employee Benefits and Compensation Plans - Summary of Share Option Awards (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Weighted- Average Contractual Term (years) | ||
Options Outstanding, Weighted- Average Contractual Term | 5 years 9 months 25 days | 6 years 2 months 19 days |
Aggregate intrinsic Value | ||
Options Outstanding, Aggregate Intrinsic Value | $ 27,599,000 | $ 13,946,000 |
Time-Based Options | ||
Number of Share Option Awards | ||
Outstanding as of January 1, 2019 | 5,686,793 | |
Exercised | (197,076) | |
Forfeited and cancelled | (35,333) | |
Outstanding as of June 30, 2019 | 5,454,384 | 5,686,793 |
Weighted-Average Exercise Price | ||
Outstanding as of January 1, 2019 | $ 50.65 | |
Exercised | 39.19 | |
Forfeited and cancelled | 56.83 | |
Outstanding as of June 30, 2019 | $ 51.02 | $ 50.65 |
Performance-Based Awards | ||
Number of Share Option Awards | ||
Outstanding as of January 1, 2019 | 410,499 | |
Exercised | (99,924) | |
Forfeited and cancelled | (156,251) | |
Outstanding as of June 30, 2019 | 154,324 | 410,499 |
Weighted-Average Exercise Price | ||
Outstanding as of January 1, 2019 | $ 45.67 | |
Exercised | 19 | |
Forfeited and cancelled | 59.43 | |
Outstanding as of June 30, 2019 | $ 49.02 | $ 45.67 |
Market-Based Awards | ||
Number of Share Option Awards | ||
Outstanding as of January 1, 2019 | 208,333 | |
Exercised | 0 | |
Forfeited and cancelled | 0 | |
Outstanding as of June 30, 2019 | 208,333 | 208,333 |
Weighted-Average Exercise Price | ||
Outstanding as of January 1, 2019 | $ 59.43 | |
Exercised | 0 | |
Forfeited and cancelled | 0 | |
Outstanding as of June 30, 2019 | $ 59.43 | $ 59.43 |
Employee Benefits and Compens_4
Employee Benefits and Compensation Plans - Summary of Restricted Share Activity (Details 1) - Time-Based Awards - Restricted Stock | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of Restricted Share Awards | |
Non-vested as of January 1, 2019 | shares | 429 |
Vested | shares | (429) |
Non-vested as of June 30, 2019 | shares | 0 |
Weighted-Average Grant-Date Fair Value | |
Non-vested as of January 1, 2019 | $ / shares | $ 58.41 |
Vested | $ / shares | 58.41 |
Non-vested as of June 30, 2019 | $ / shares | $ 0 |
Employee Benefits and Compens_5
Employee Benefits and Compensation Plans - Summary of Restricted Unit Activity (Details 2) - Restricted share units | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Time-Based Awards | |
Number of Restricted Share Awards | |
Non-vested as of January 1, 2019 | shares | 2,973,032 |
Granted | shares | 1,915,943 |
Vested | shares | (1,425,290) |
Forfeited or expired | shares | (80,511) |
Non-vested as of June 30, 2019 | shares | 3,383,174 |
Weighted- Average Grant-Date Fair Value | |
Non-vested as of January 1, 2019 | $ / shares | $ 53.98 |
Granted | $ / shares | 55.04 |
Vested | $ / shares | 53.05 |
Forfeited or expired | $ / shares | 54.89 |
Non-vested as of June 30, 2019 | $ / shares | $ 54.95 |
Performance-Based Awards | |
Number of Restricted Share Awards | |
Non-vested as of January 1, 2019 | shares | 825,614 |
Granted | shares | 462,282 |
Vested | shares | (121,000) |
Forfeited or expired | shares | (37,500) |
Non-vested as of June 30, 2019 | shares | 1,129,396 |
Weighted- Average Grant-Date Fair Value | |
Non-vested as of January 1, 2019 | $ / shares | $ 56.58 |
Granted | $ / shares | 55.27 |
Vested | $ / shares | 56.27 |
Forfeited or expired | $ / shares | 56.27 |
Non-vested as of June 30, 2019 | $ / shares | $ 56.09 |
Market-Based Awards | |
Number of Restricted Share Awards | |
Non-vested as of January 1, 2019 | shares | 50,000 |
Granted | shares | 0 |
Vested | shares | 0 |
Forfeited or expired | shares | 0 |
Non-vested as of June 30, 2019 | shares | 50,000 |
Weighted- Average Grant-Date Fair Value | |
Non-vested as of January 1, 2019 | $ / shares | $ 59.43 |
Granted | $ / shares | 0 |
Vested | $ / shares | 0 |
Forfeited or expired | $ / shares | 0 |
Non-vested as of June 30, 2019 | $ / shares | $ 59.43 |
Employee Benefits and Compens_6
Employee Benefits and Compensation Plans (Detail Textuals) - USD ($) $ in Thousands, shares in Millions | Mar. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 29,700 | $ 31,700 | $ 56,650 | $ 59,835 | |
Time-Based Awards | Awarded on March 1, 2019 | Employee | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted share unit awards granted | 1.9 | ||||
Share based award, vesting period | 3 years | ||||
Performance-Based Awards | Awarded on March 1, 2019 | Members of management team | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted share unit awards granted | 0.5 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | 25,000 | 27,300 | $ 48,200 | 52,100 | |
Payroll and related expense | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 4,700 | $ 4,400 | $ 8,500 | $ 7,700 |
Commitments and Contingencies (
Commitments and Contingencies (Detail Textuals) - Jun. 30, 2019 € in Billions, $ in Billions | USD ($)item | EUR (€)item |
Commitments and Contingencies Disclosure [Line Items] | ||
Number of cruises ships | 26 | 26 |
Capacity of ship, berths | 54,400 | 54,400 |
Ship Construction Contracts | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of additional ships | 11 | 11 |
Aggregate contract price of new ships | $ 9 | € 7.9 |
Export credit facility financing as percentage of contract price | 80.00% | 80.00% |
Ship Construction Contracts | Breakaway Plus Class Ships | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of additional ships | 1 | 1 |
Capacity of ship, tons | 168,000 | 168,000 |
Capacity of ship, berths | 4,000 | 4,000 |
Ship Construction Contracts | Ships launching period in 2022 through 2027 | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of additional ships | 6 | 6 |
Capacity of ship, tons | 140,000 | 140,000 |
Capacity of ship, berths | 3,300 | 3,300 |
Ship Construction Contracts | Ships order delivery in 2020 and 2023 | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of additional ships | 2 | 2 |
Capacity of ship, tons | 55,000 | 55,000 |
Capacity of ship, berths | 750 | 750 |
Ship Construction Contracts | Ship order delivery in 2022 and 2025 | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of additional ships | 2 | 2 |
Capacity of ship, tons | 67,000 | 67,000 |
Capacity of ship, berths | 1,200 | 1,200 |
Other Income, Net (Detail Textu
Other Income, Net (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income, Net | ||||
Other income, net | $ 3,616 | $ 12,922 | $ 3,182 | $ 11,256 |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 6,138 | $ 5,410 | $ (27,660) | $ 7,944 | |
Tax benefit connection with the reversal of substantially all of valuation allowance on net operating loss carryforwards | $ 35,700 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Detail Textuals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Non-cash investing activity in connection with property and equipment | $ 33,600 | $ 48,900 |
Net foreign currency adjustments | $ 716 | $ 3,884 |