falsedesktopRCL2020-09-30000088488720000049{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer ☒\tAccelerated filer ☐\tNon-accelerated filer ☐\tSmaller reporting company ☐\nEmerging growth company ☐\t\t\t\n", "q10k_tbl_1": "\tPage\nPART I. FINANCIAL INFORMATION\t\nItem 1. Financial Statements\t1\nItem 2. Management's Discussion and Analysis of Financial Condition and Results of Operations\t45\nItem 3. Quantitative and Qualitative Disclosures About Market Risk\t67\nItem 4. Controls and Procedures\t67\nPART II. OTHER INFORMATION\t\nItem 1. Legal Proceedings\t68\nItem 1A. Risk Factors\t68\nItem 2. Unregistered Sales of Equity Securities and Use of Proceeds\t83\nItem 5. Other Information\t83\nItem 6. Exhibits\t84\nSIGNATURES\t86\n", "q10k_tbl_2": "\tQuarter Ended September 30\t\n\t2020\t2019\nPassenger ticket revenues\t3204\t2344779\nOnboard and other revenues\t(36892)\t842071\nTotal revenues\t(33688)\t3186850\nCruise operating expenses:\t\t\nCommissions transportation and other\t(3321)\t488921\nOnboard and other\t6036\t200656\nPayroll and related\t119213\t263993\nFood\t5640\t149621\nFuel\t53815\t177677\nOther operating\t127226\t342170\nTotal cruise operating expenses\t308609\t1623038\nMarketing selling and administrative expenses\t246779\t352725\nDepreciation and amortization expenses\t317139\t320295\nImpairment and credit losses\t89899\t0\nOperating (Loss) Income\t(996114)\t890792\nOther expense:\t\t\nInterest income\t5017\t5625\nInterest expense net of interest capitalized\t(259349)\t(102038)\nEquity investment (loss) income\t(78013)\t103654\nOther expense\t(10853)\t(7668)\n\t(343198)\t(427)\nNet (Loss) Income\t(1339312)\t890365\nLess: Net Income attributable to noncontrolling interest\t7444\t7125\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(1346756)\t883240\n(Loss) Earnings per Share:\t\t\nBasic\t(6.29)\t4.21\nDiluted\t(6.29)\t4.20\nWeighted-Average Shares Outstanding:\t\t\nBasic\t214163\t209575\nDiluted\t214163\t210121\nComprehensive (Loss) Income\t\t\nNet (Loss) Income\t(1339312)\t890365\nOther comprehensive income (loss):\t\t\nForeign currency translation adjustments\t19071\t(15510)\nChange in defined benefit plans\t(3086)\t(12456)\nGain (loss) on cash flow derivative hedges\t66135\t(265224)\nTotal other comprehensive income (loss)\t82120\t(293190)\nComprehensive (Loss) Income\t(1257192)\t597175\nLess: Comprehensive Income attributable to noncontrolling interest\t7444\t7125\nComprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(1264636)\t590050\n", "q10k_tbl_3": "\tNine Months Ended September 30\t\n\t2020\t2019\nPassenger ticket revenues\t1487077\t6072599\nOnboard and other revenues\t687590\t2360649\nTotal revenues\t2174667\t8433248\nCruise operating expenses:\t\t\nCommissions transportation and other\t342632\t1279010\nOnboard and other\t151333\t510255\nPayroll and related\t693480\t799094\nFood\t154439\t436002\nFuel\t327275\t519772\nOther operating\t830689\t1037113\nTotal cruise operating expenses\t2499848\t4581246\nMarketing selling and administrative expenses\t944087\t1144546\nDepreciation and amortization expenses\t961226\t924180\nImpairment and credit losses\t1354514\t0\nOperating (Loss) Income\t(3585008)\t1783276\nOther expense:\t\t\nInterest income\t15757\t21751\nInterest expense net of interest capitalized\t(571149)\t(313757)\nEquity investment (loss) income\t(140258)\t170393\nOther expense\t(127537)\t(34537)\n\t(823187)\t(156150)\nNet (Loss) Income\t(4408195)\t1627126\nLess: Net Income attributable to noncontrolling interest\t22332\t21375\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(4430527)\t1605751\n(Loss) Earnings per Share:\t\t\nBasic\t(21.01)\t7.67\nDiluted\t(21.01)\t7.65\nWeighted-Average Shares Outstanding:\t\t\nBasic\t210894\t209477\nDiluted\t210894\t210032\nComprehensive (Loss) Income\t\t\nNet (Loss) Income\t(4408195)\t1627126\nOther comprehensive (loss) income:\t\t\nForeign currency translation adjustments\t55698\t(7683)\nChange in defined benefit plans\t(16953)\t(22831)\nLoss on cash flow derivative hedges\t(110139)\t(288115)\nTotal other comprehensive (loss)\t(71394)\t(318629)\nComprehensive (Loss) Income\t(4479589)\t1308497\nLess: Comprehensive Income attributable to noncontrolling interest\t22332\t21375\nComprehensive (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(4501921)\t1287122\n", "q10k_tbl_4": "\tAs of\t\n\tSeptember 30\tDecember 31\n\t2020\t2019\n\t(unaudited)\t\nAssets\t\t\nCurrent assets\t\t\nCash and cash equivalents\t3016788\t243738\nTrade and other receivables net of allowances of $7673 and $5635 at September 30 2020 and December 31 2019 respectively\t165225\t305821\nInventories\t142432\t162107\nPrepaid expenses and other assets\t197195\t429211\nDerivative financial instruments\t10155\t21751\nTotal current assets\t3531795\t1162628\nProperty and equipment net\t25362549\t25466808\nOperating lease right-of-use assets\t584477\t687555\nGoodwill\t809471\t1385644\nOther assets net of allowances of $73156 and $0 at September 30 2020 and December 31 2019 respectively\t1540518\t1617649\nTotal assets\t31828810\t30320284\nLiabilities Redeemable Noncontrolling Interest and Shareholders' Equity\t\t\nCurrent liabilities\t\t\nCurrent portion of debt\t870027\t1186586\nCommercial paper\t386683\t1434180\nCurrent portion of operating lease liabilities\t102251\t96976\nAccounts payable\t421023\t563706\nAccrued interest\t234375\t70090\nAccrued expenses and other liabilities\t677594\t1078345\nDerivative financial instruments\t113474\t94875\nCustomer deposits\t1820038\t3428138\nTotal current liabilities\t4625465\t7952896\nLong-term debt\t17633737\t8414110\nLong-term operating lease liabilities\t546494\t601641\nOther long-term liabilities\t694520\t617810\nTotal liabilities\t23500216\t17586457\nCommitments and contingencies (Note 10)\t\t\nRedeemable noncontrolling interest\t0\t569981\nShareholders' equity\t\t\nPreferred stock ($0.01 par value; 20000000 shares authorized; none outstanding)\t0\t0\nCommon stock ($0.01 par value; 500000000 shares authorized; 242502983 and 236547842 shares issued September 30 2020 and December 31 2019 respectively)\t2425\t2365\nPaid-in capital\t4329557\t3493959\nRetained earnings\t6929710\t11523326\nAccumulated other comprehensive loss\t(869107)\t(797713)\nTreasury stock (27799775 and 27746848 common shares at cost September 30 2020 and December 31 2019 respectively)\t(2063991)\t(2058091)\nTotal shareholders' equity\t8328594\t12163846\nTotal liabilities redeemable noncontrolling interest and shareholders' equity\t31828810\t30320284\n", "q10k_tbl_5": "\tNine Months Ended September 30\t\n\t2020\t2019\nOperating Activities\t\t\nNet (loss) income\t(4408195)\t1627126\nAdjustments:\t\t\nDepreciation and amortization\t961226\t924180\nImpairment and credit losses\t1354514\t0\nNet deferred income tax (benefit) expense\t(4586)\t4664\nLoss on derivative instruments not designated as hedges\t64541\t24229\nShare-based compensation expense\t29871\t51256\nEquity investment loss (income)\t140258\t(170393)\nAmortization of debt issuance costs\t54887\t24154\nAmortization of commercial paper notes discount\t7269\t23583\nAmortization of debt discounts and premiums\t29061\t265\nLoss on extinguishment of secured senior term loan\t41109\t6326\nCurrency translation adjustment losses\t69044\t0\nChange in fair value of contingent consideration\t(45126)\t10700\nChanges in operating assets and liabilities:\t\t\nDecrease (increase) in trade and other receivables net\t133769\t(36682)\nDecrease (increase) in inventories\t19675\t(13640)\nDecrease in prepaid expenses and other assets\t271315\t41757\n(Decrease) increase in accounts payable\t(90306)\t51011\nIncrease in accrued interest\t164284\t50011\n(Decrease) increase in accrued expenses and other liabilities\t(87936)\t81026\n(Decrease) increase in customer deposits\t(1608355)\t261335\nDividends received from unconsolidated affiliates\t2215\t148285\nOther net\t(4789)\t(2125)\nNet cash (used in) provided by operating activities\t(2906255)\t3107068\nInvesting Activities\t\t\nPurchases of property and equipment\t(1573241)\t(2341895)\nCash received on settlement of derivative financial instruments\t3771\t6442\nCash paid on settlement of derivative financial instruments\t(139940)\t(86671)\nInvestments in and loans to unconsolidated affiliates\t(87943)\t(6889)\nCash received on loans to unconsolidated affiliates\t15581\t27697\nOther net\t(6921)\t(1028)\nNet cash used in investing activities\t(1788693)\t(2402344)\nFinancing Activities\t\t\nDebt proceeds\t12672189\t3080564\nDebt issuance costs\t(348118)\t(42491)\nRepayments of debt\t(3430245)\t(3424339)\nProceeds from issuance of commercial paper notes\t6765816\t19807417\nRepayments of commercial paper notes\t(7837635)\t(19684288)\nDividends paid\t(326421)\t(439543)\nProceeds from exercise of common stock options\t386\t1452\nOther net\t(26210)\t(13681)\nNet cash provided by (used in) financing activities\t7469762\t(714909)\nEffect of exchange rate changes on cash\t(1764)\t(937)\nNet increase (decrease) in cash and cash equivalents\t2773050\t(11122)\nCash and cash equivalents at beginning of period\t243738\t287852\nCash and cash equivalents at end of period\t3016788\t276730\n", "q10k_tbl_6": "\tNine Months Ended September 30\t\n\t2020\t2019\nSupplemental Disclosure\t\t\nCash paid during the period for:\t\t\nInterest net of amount capitalized\t258063\t179497\nNon-cash Investing Activities\t\t\nNotes receivable issued upon sale of property and equipment\t53419\t0\nPurchase of property and equipment included in accounts payable and accrued expenses and other liabilities\t13603\t0\nNon-cash Financing Activities\t\t\nPurchase of Silversea Cruises non-controlling interest\t592313\t0\nTermination of Silversea Cruises contingent consideration obligation\t17274\t0\n", "q10k_tbl_7": "\tCommon Stock\tPaid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\nBalance at July 1 2020\t2372\t3700288\t8276463\t(951227)\t(2063991)\t8963905\nActivity related to employee stock plans\t1\t20445\t0\t0\t0\t20446\nSilversea acquisition\t52\t608824\t\t\t\t608876\nChanges related to cash flow derivative hedges\t0\t0\t0\t66135\t0\t66135\nChange in defined benefit plans\t0\t0\t0\t(3086)\t0\t(3086)\nForeign currency translation adjustments\t0\t0\t3\t19071\t0\t19074\nNet loss attributable to Royal Caribbean Cruises Ltd.\t0\t0\t(1346756)\t0\t0\t(1346756)\nBalance at September 30 2020\t2425\t4329557\t6929710\t(869107)\t(2063991)\t8328594\n", "q10k_tbl_8": "\tCommon Stock\tPaid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\nBalance at January 1 2020\t2365\t3493959\t11523326\t(797713)\t(2058091)\t12163846\nActivity related to employee stock plans\t8\t11886\t0\t0\t0\t11894\nEquity component of convertible notes net of issuance costs\t0\t208988\t0\t0\t0\t208988\nSilversea acquisition\t52\t608824\t0\t0\t0\t608876\nCommon stock dividends $0.78 per share\t0\t0\t(163089)\t0\t0\t(163089)\nChanges related to cash flow derivative hedges\t0\t0\t0\t(110139)\t0\t(110139)\nChange in defined benefit plans\t0\t0\t0\t(16953)\t0\t(16953)\nForeign currency translation adjustments\t0\t0\t0\t55698\t0\t55698\nPurchases of treasury stock\t0\t5900\t0\t0\t(5900)\t0\nNet loss attributable to Royal Caribbean Cruises Ltd.\t0\t0\t(4430527)\t0\t0\t(4430527)\nBalance at September 30 2020\t2425\t4329557\t6929710\t(869107)\t(2063991)\t8328594\n", "q10k_tbl_9": "\tCommon Stock\tPaid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\nBalance at July 1 2019\t2364\t3454831\t10692890\t(653173)\t(1958509)\t11538403\nActivity related to employee stock plans\t1\t11810\t0\t0\t0\t11811\nCommon stock dividends $0.78 per share\t0\t0\t(163357)\t0\t0\t(163357)\nChanges related to cash flow derivative hedges\t0\t0\t0\t(265224)\t0\t(265224)\nChange in defined benefit plans\t0\t0\t0\t(12456)\t0\t(12456)\nForeign currency translation adjustments\t0\t0\t0\t(15510)\t0\t(15510)\nNet Income attributable to Royal Caribbean Cruises Ltd.\t0\t0\t883240\t0\t0\t883240\nBalance at September 30 2019\t2365\t3466641\t11412773\t(946363)\t(1958509)\t11976907\n", "q10k_tbl_10": "\tCommon Stock\tPaid-in Capital\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTreasury Stock\tTotal Shareholders' Equity\nBalance at January 1 2019\t2358\t3420900\t10263282\t(627734)\t(1953345)\t11105461\nActivity related to employee stock plans\t7\t45741\t0\t0\t(5164)\t40584\nCommon stock dividends $2.18 per share\t0\t0\t(456260)\t0\t0\t(456260)\nChanges related to cash flow derivative hedges\t0\t0\t0\t(288115)\t0\t(288115)\nChange in defined benefit plans\t0\t0\t0\t(22831)\t0\t(22831)\nForeign currency translation adjustments\t0\t0\t0\t(7683)\t0\t(7683)\nNet Income attributable to Royal Caribbean Cruises Ltd.\t0\t0\t1605751\t0\t0\t1605751\nBalance at September 30 2019\t2365\t3466641\t11412773\t(946363)\t(1958509)\t11976907\n", "q10k_tbl_11": "\tRoyal Caribbean International\tCelebrity Cruises\tSilversea Cruises\tTotal\nBalance at January 1 2020\t299226\t1632\t1084786\t1385644\nImpairment charge\t0\t0\t(576208)\t(576208)\nTransfer of goodwill attributable to the 2019 purchase of photo operations onboard our ships\t(2694)\t2694\t0\t0\nForeign currency translation adjustment\t35\t0\t0\t35\nBalance at September 30 2020\t296567\t4326\t508578\t809471\n", "q10k_tbl_12": "\tSeptember 30 2020\t\t\t\n\tGross Carrying Value\tAccumulated Amortization\tAccumulated Impairment losses\tNet Carrying Value\nFinite-life intangible assets:\t\t\t\t\nCustomer relationships\t97400\t12446\t0\t84954\nGalapagos operating license\t47669\t7274\t0\t40395\nOther finite-life intangible assets\t11560\t11078\t0\t482\nTotal finite-life intangible assets\t156629\t30798\t0\t125831\nIndefinite-life intangible assets\t352275\t0\t30800\t321475\nTotal intangible assets net\t508904\t30798\t30800\t447306\n", "q10k_tbl_13": "\tDecember 31 2019\t\t\n\tGross Carrying Value\tAccumulated Amortization\tNet Carrying Value\nFinite-life intangible assets:\t\t\t\nCustomer relationships\t97400\t7576\t89824\nGalapagos operating license\t47669\t6010\t41659\nOther finite-life intangible assets\t11560\t6743\t4817\nTotal finite-life intangible assets\t156629\t20329\t136300\nIndefinite-life intangible assets\t352275\t0\t352275\nTotal intangible assets net\t508904\t20329\t488575\n", "q10k_tbl_14": "\tCredit Loss Allowance\nBalance at January 1 2020\t5635\t\t\t\t\t\t\nLoss provision for receivables\t172286\t\t\t\t\t\t\nWrite-offs\t(97092)\t\t\t\t\t\t\nBalance at September 30 2020\t80829\t\t\t\t\t\t\n", "q10k_tbl_15": "\tQuarter Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\t\t\t\t\t\t\nRevenues by itinerary\t\t\t\t\t\t\t\t\t\t\nNorth America(1)\t(11781)\t1617446\t1338365\t4870273\t\t\t\t\t\t\nAsia/Pacific(2)\t(3441)\t272062\t397496\t1089914\t\t\t\t\t\t\nEurope(3)\t0\t1060424\t18129\t1663118\t\t\t\t\t\t\nOther regions(4)\t6576\t102184\t239112\t461193\t\t\t\t\t\t\nTotal revenues by itinerary\t(8646)\t3052116\t1993102\t8084498\t\t\t\t\t\t\nOther revenues(5)\t(25042)\t134734\t181565\t348750\t\t\t\t\t\t\nTotal revenues\t(33688)\t3186850\t2174667\t8433248\t\t\t\t\t\t\n", "q10k_tbl_16": "\tQuarter Ended September 30\t\n\t2020\t2019\t\t\t\t\t\t\nPassenger ticket revenues:\t\t\t\t\t\t\t\t\nUnited States\t66%\t62%\t\t\t\t\t\t\nUnited Kingdom\t14%\t12%\t\t\t\t\t\t\nAll other countries (1)\t20%\t26%\t\t\t\t\t\t\n", "q10k_tbl_17": "\tQuarter Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd. for basic and diluted earnings per share\t(1346756)\t883240\t(4430527)\t1605751\nWeighted-average common shares outstanding\t214163\t209575\t210894\t209477\nDilutive effect of stock-based awards\t0\t546\t0\t555\nDiluted weighted-average shares outstanding\t214163\t210121\t210894\t210032\nBasic (loss) earnings per share\t(6.29)\t4.21\t(21.01)\t7.67\nDiluted (loss) earnings per share\t(6.29)\t4.20\t(21.01)\t7.65\n", "q10k_tbl_18": "\tQuarter Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nShare of equity (loss) income from investments\t(78013)\t103654\t(140258)\t170393\nDividends received (1)\t0\t67713\t2215\t148285\n", "q10k_tbl_19": "\tAs of September 30 2020\tAs of December 31 2019\nTotal notes receivable due from equity investments\t165203\t184558\nLess-current portion (1)\t25783\t25933\nLong-term portion (2)\t139420\t158625\n", "q10k_tbl_20": "\tQuarter Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues\t5619\t11857\t15837\t35714\nExpenses\t1223\t1365\t3369\t3450\n", "q10k_tbl_21": "\tInterest Rate(1)\tMaturities Through\tAs of September 30 2020\tAs of December 31 2019\nFixed rate debt:\t\t\t\t\nUnsecured senior notes\t2.65% to 9.13%\t2020 - 2028\t2765079\t1746280\nSecured senior notes\t7.25% to 11.50%\t2023 - 2025\t3893665\t662398\nUnsecured term loans\t2.53% to 5.41%\t2021 - 2032\t3305031\t2806774\nConvertible notes\t4.25%\t2023\t956760\t0\nTotal fixed rate debt\t\t\t10920535\t5215452\nVariable rate debt:\t\t\t\t\nUnsecured revolving credit facilities(2)\t1.48%\t2022 - 2024\t3382000\t165000\nUnsecured UK Commercial paper\t\t2021\t386683\t0\nUSD Commercial paper\t\t0\t0\t1434180\nUSD Unsecured term loan\t0.74% - 4.05%\t2020- 2028\t3641968\t3519853\nEuro Unsecured term loan\t1.15% - 1.58%\t2021 - 2028\t657977\t676740\nTotal variable rate debt\t\t\t8068628\t5795773\nFinance lease liabilities\t\t\t216953\t230258\nTotal debt (3)\t\t\t19206116\t11241483\nLess: unamortized debt issuance costs\t\t\t(315669)\t(206607)\nTotal debt net of unamortized debt issuance costs\t\t\t18890447\t11034876\nLess-current portion including commercial paper\t\t\t(1256710)\t(2620766)\nLong-term portion\t\t\t17633737\t8414110\n", "q10k_tbl_22": "(in thousands)\tAs of September 30 2020\nPrincipal\t1150000\nLess: Unamortized debt discount and transaction costs\t220117\n\t929883\n", "q10k_tbl_23": "(in thousands)\tNine Months Ended September 30 2020\nContractual interest expense\t15206\nAmortization of debt discount and transaction costs\t24920\n\t40126\n", "q10k_tbl_24": "Year\t\nRemainder of 2020\t333655\n2021\t1379400\n2022\t4322300\n2023\t4327465\n2024\t3519209\nThereafter\t5008418\n\t18890447\n", "q10k_tbl_25": "\tConsolidated Statement of Comprehensive Income (Loss) Classification\tQuarter Ended September 30 2020\tNine Months Ended September 30 2020\nLease costs:\t\t\t\nOperating lease costs\tCommission transportation and other\t17648\t50268\nOperating lease costs\tOther operating expenses\t7179\t21920\nOperating lease costs\tMarketing selling and administrative expenses\t5686\t16716\nFinancial lease costs:\t\t\t\nAmortization of right-of-use-assets\tDepreciation and amortization expenses\t946\t2941\nInterest on lease liabilities\tInterest expense net of interest capitalized\t557\t3754\nTotal lease costs\t\t32016\t95599\n", "q10k_tbl_26": "\tNine Months Ended September 30 2020\nCash paid for amounts included in the measurement of lease liabilities:\t\nOperating cash flows from operating leases\t97903\nOperating cash flows from finance leases\t3754\nFinancing cash flows from finance leases\t13291\n", "q10k_tbl_27": "Year\tOperating Leases\tFinance Leases\nRemainder of 2020\t34259\t34862\n2021\t122125\t35132\n2022\t110127\t23480\n2023\t104240\t12539\n2024\t75622\t12529\nThereafter\t417143\t407078\nTotal lease payments\t863516\t525620\nLess: Interest\t(214771)\t(308667)\nPresent value of lease liabilities\t648745\t216953\n", "q10k_tbl_28": "Beginning balance at July 1 2020\t584869\nNet income attributable to noncontrolling interest including the contractual accretion of the put options\t7444\nAcquisition of noncontrolling interest\t(592313)\nBalance at September 30 2020\t0\n", "q10k_tbl_29": "Beginning balance at January 1 2020\t569981\nNet income attributable to noncontrolling interest including the contractual accretion of the put options\t22332\nAcquisition of noncontrolling interest\t(592313)\nEnding balance September 30 2020\t0\n", "q10k_tbl_30": "Beginning balance at July 1 2019\t556770\nNet income attributable to noncontrolling interest including the contractual accretion of the put options\t7125\nDistribution to noncontrolling interest\t(501)\nEnding balance at September 30 2019\t563394\n", "q10k_tbl_31": "Beginning balance at January 1 2019\t542020\nNet income attributable to noncontrolling interest including the contractual accretion of the put options\t21375\nDistribution to noncontrolling interest\t(501)\nOther\t500\nEnding balance at September 30 2019\t563394\n", "q10k_tbl_32": "Ship\tShipyard\tContractual Delivery Date\tApproximate Berths\nRoyal Caribbean International -\t\t\t\nOasis-class:\t\t\t\nWonder of the Seas\tChantiers de l'Atlantique\t2nd Quarter 2021\t5700\nUnnamed\tChantiers de l'Atlantique\t4th Quarter 2023\t5700\nQuantum-class:\t\t\t\nOdyssey of the Seas\tMeyer Werft\t4th Quarter 2020\t4200\nIcon-class:\t\t\t\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2022\t5600\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2024\t5600\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2025\t5600\nCelebrity Cruises -\t\t\t\nEdge-class:\t\t\t\nCelebrity Beyond\tChantiers de l'Atlantique\t4th Quarter 2021\t3250\nUnnamed\tChantiers de l'Atlantique\t4th Quarter 2022\t3250\nSilversea Cruises -\t\t\t\nMuse-Class:\t\t\t\nSilver Moon (1)\tFincantieri\t4th Quarter 2020\t550\nSilver Dawn\tFincantieri\t4th Quarter 2021\t550\nEvolution Class:\t\t\t\nUnnamed\tMeyer Werft\t1st Quarter 2022\t600\nUnnamed\tMeyer Werft\t1st Quarter 2023\t600\nTUI Cruises (50% joint venture) -\t\t\t\nMein Schiff 7\tMeyer Turku Oy\t2nd Quarter 2023\t2900\nUnnamed\tFincantieri\t3rd Quarter 2024\t4100\nUnnamed\tFincantieri\t1st Quarter 2026\t4100\nHapag-Lloyd Cruises (50% joint venture) -\t\t\t\nHanseatic Spirit\tVard\t2nd Quarter 2021\t230\nTotal Berths\t\t\t52530\n", "q10k_tbl_33": "\tAccumulated Other Comprehensive Income (Loss) for the nine months ended September 30 2020\t\t\t\tAccumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30 2019\t\t\t\n\tChanges related to cash flow derivative hedges\tChanges in defined benefit plans\tForeign currency translation adjustments\tAccumulated other comprehensive loss\tChanges related to cash flow derivative hedges\tChanges in defined benefit plans\tForeign currency translation adjustments\tAccumulated other comprehensive loss\nAccumulated comprehensive loss at beginning of the year\t(688529)\t(45558)\t(63626)\t(797713)\t(537216)\t(26023)\t(64495)\t(627734)\nOther comprehensive income (loss) before reclassifications\t(172323)\t(18503)\t(13346)\t(204172)\t(271726)\t(23408)\t(7683)\t(302817)\nAmounts reclassified from accumulated other comprehensive loss\t62184\t1550\t69044\t132778\t(16389)\t577\t0\t(15812)\nNet current-period other comprehensive income (loss)\t(110139)\t(16953)\t55698\t(71394)\t(288115)\t(22831)\t(7683)\t(318629)\nEnding balance\t(798668)\t(62511)\t(7928)\t(869107)\t(825331)\t(48854)\t(72178)\t(946363)\n", "q10k_tbl_34": "\tAmount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income\t\t\t\t\nDetails About Accumulated Other Comprehensive Income (Loss) Components\tQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\tAffected Line Item in Statements of Comprehensive Income (Loss)\nGain (loss) on cash flow derivative hedges:\t\t\t\t\t\nInterest rate swaps\t(6532)\t(373)\t(15939)\t(1173)\tInterest expense net of interest capitalized\nForeign currency forward contracts\t(3782)\t(3592)\t(10899)\t(10471)\tDepreciation and amortization expenses\nForeign currency forward contracts\t(1511)\t(1251)\t(5855)\t(3866)\tOther income (expense)\nFuel swaps\t536\t(472)\t3029\t(1916)\tOther income (expense)\nFuel swaps\t(5598)\t2435\t(32520)\t33815\tFuel\n\t(16887)\t(3253)\t(62184)\t16389\t\nAmortization of defined benefit plans:\t\t\t\t\t\nActuarial loss\t(517)\t(194)\t(1550)\t(577)\tPayroll and related\n\t(517)\t(194)\t(1550)\t(577)\t\nRelease of net foreign cumulative translation due to sale or liquidation of businesses:\t\t\t\t\t\nForeign cumulative translation\t(34697)\t0\t(69044)\t0\tOther expense\nTotal reclassifications for the period\t(52101)\t(3447)\t(132778)\t15812\t\n", "q10k_tbl_35": "\tFair Value Measurements at September 30 2020 Using\t\t\t\t\tFair Value Measurements at December 31 2019 Using\t\t\t\t\nDescription\tTotal Carrying Amount\tTotal Fair Value\tLevel 1(1)\tLevel 2(2)\tLevel 3(3)\tTotal Carrying Amount\tTotal Fair Value\tLevel 1(1)\tLevel 2(2)\tLevel 3(3)\nAssets:\t\t\t\t\t\t\t\t\t\t\nCash and cash equivalents(4)\t3016788\t3016788\t3016788\t0\t0\t243738\t243738\t243738\t0\t0\nTotal Assets\t3016788\t3016788\t3016788\t0\t0\t243738\t243738\t243738\t0\t0\nLiabilities:\t\t\t\t\t\t\t\t\t\t\nLong-term debt (including current portion of debt)(5)\t18286811\t19876822\t0\t19876822\t0\t9370438\t10059055\t0\t10059055\t0\nTotal Liabilities\t18286811\t19876822\t0\t19876822\t0\t9370438\t10059055\t0\t10059055\t0\n", "q10k_tbl_36": "\tFair Value Measurements at September 30 2020 Using\t\t\t\tFair Value Measurements at December 31 2019 Using\t\t\t\nDescription\tTotal\tLevel 1(1)\tLevel 2(2)\tLevel 3(3)\tTotal\tLevel 1(1)\tLevel 2(2)\tLevel 3(3)\nAssets:\t\t\t\t\t\t\t\t\nDerivative financial instruments(4)\t46367\t0\t46367\t0\t39994\t0\t39994\t0\nTotal Assets\t46367\t0\t46367\t0\t39994\t0\t39994\t0\nLiabilities:\t\t\t\t\t\t\t\t\nDerivative financial instruments(5)\t363955\t0\t363955\t0\t257728\t0\t257728\t0\nContingent consideration (6)\t0\t0\t0\t0\t62400\t0\t0\t62400\nTotal Liabilities\t363955\t0\t363955\t0\t320128\t0\t257728\t62400\n", "q10k_tbl_37": "\tFair Value Measurements at September 30 2020 Using\t\t\t\t\nDescription\tTotal Carrying Amount\tTotal Fair Value\tLevel 3\tTotal Impairment for the Quarter ended September 30 2020\tTotal Impairment for the Nine Months ended September 30 2020\nSilversea Cruises Goodwill (1)\t508578\t508578\t508578\t0\t576208\nIndefinite-life intangible asset (2)\t318700\t318700\t318700\t0\t30800\nLong-lived assets - property and equipment net(3)\t577193\t577193\t577193\t83949\t560926\nLong-lived assets - right-of-use assets(4)\t67265\t67265\t67265\t0\t50914\nEquity-method investments(5)\t0\t0\t0\t0\t39735\nTotal\t1471736\t1471736\t1471736\t83949\t1258583\n", "q10k_tbl_38": "\tGross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements\t\t\t\t\t\t\t\n\tAs of September 30 2020\t\t\t\tAs of December 31 2019\t\t\t\n\tGross Amount of Derivative Assets Presented in the Consolidated Balance Sheet\tGross Amount of Eligible Offsetting Recognized Derivative Liabilities\tCash Collateral Received\tNet Amount of Derivative Assets\tGross Amount of Derivative Assets Presented in the Consolidated Balance Sheet\tGross Amount of Eligible Offsetting Recognized Derivative Liabilities\tCash Collateral Received\tNet Amount of Derivative Assets\nDerivatives subject to master netting agreements\t46367\t(42232)\t0\t4135\t39994\t(39994)\t0\t0\nTotal\t46367\t(42232)\t0\t4135\t39994\t(39994)\t0\t0\n", "q10k_tbl_39": "\tGross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements\t\t\t\t\t\t\t\n\tAs of September 30 2020\t\t\t\tAs of December 31 2019\t\t\t\n\tGross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet\tGross Amount of Eligible Offsetting Recognized Derivative Assets\tCash Collateral Pledged\tNet Amount of Derivative Liabilities\tGross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet\tGross Amount of Eligible Offsetting Recognized Derivative Assets\tCash Collateral Pledged\tNet Amount of Derivative Liabilities\nDerivatives subject to master netting agreements\t(363955)\t42232\t30471\t(291252)\t(257728)\t39994\t0\t(217734)\nTotal\t(363955)\t42232\t30471\t(291252)\t(257728)\t39994\t0\t(217734)\n", "q10k_tbl_40": "Debt Instrument\tSwap Notional as of September 30 2020 (In thousands)\tMaturity\tDebt Fixed Rate\tSwap Floating Rate: LIBOR plus\tAll-in Swap Floating Rate as of September 30 2020\nOasis of the Seas term loan\t52500\tOctober 2021\t5.41%\t3.87%\t4.84%\nUnsecured senior notes\t650000\tNovember 2022\t5.25%\t3.63%\t3.91%\n\t702500\t\t\t\t\n", "q10k_tbl_41": "Debt Instrument\tSwap Notional as of September 30 2020 (In thousands)\tMaturity\tDebt Floating Rate\t\tAll-in Swap Fixed Rate\nCelebrity Reflection term loan\t245437\tOctober 2024\tLIBOR plus\t0.40%\t2.85%\nQuantum of the Seas term loan\t398125\tOctober 2026\tLIBOR plus\t1.30%\t3.74%\nAnthem of the Seas term loan\t422917\tApril 2027\tLIBOR plus\t1.30%\t3.86%\nOvation of the Seas term loan\t553333\tApril 2028\tLIBOR plus\t1.00%\t3.16%\nHarmony of the Seas term loan (1)\t542123\tMay 2028\tEURIBOR plus\t1.15%\t2.26%\nOdyssey of the Seas term loan (2)\t460000\tOctober 2032\tLIBOR plus\t0.95%\t3.20%\nOdyssey of the Seas term loan (2)\t191667\tOctober 2032\tLIBOR plus\t0.95%\t2.83%\n\t2813602\t\t\t\t\n", "q10k_tbl_42": "\tFuel Swap Agreements\t\n\tAs of September 30 2020\tAs of December 31 2019\nDesignated as hedges:\t(metric tons)\t\n2020\t60800\t792900\n2021\t518450\t488900\n2022\t404300\t322900\n2023\t82400\t82400\n", "q10k_tbl_43": "\tFuel Swap Agreements\t\n\tAs of September 30 2020\tAs of December 31 2019\n\t(% hedged)\t\nDesignated hedges as a % of projected fuel purchases:\t\t\n2020\t53%\t52%\n2021\t39%\t30%\n2022\t24%\t19%\n2023\t5%\t5%\n", "q10k_tbl_44": "\tFuel Swap Agreements\t\n\tAs of September 30 2020\tAs of December 31 2019\nNot designated as hedges:\t(metric tons)\t\n2020\t113700\t37600\n2021\t96450\t0\n", "q10k_tbl_45": "\tFair Value of Derivative Instruments\t\t\t\t\t\t\t\n\tAsset Derivatives\t\t\t\t\tLiability Derivatives\t\t\n\tBalance Sheet Location\t\tAs of September 30 2020\t\tAs of December 31 2019\tBalance Sheet Location\tAs of September 30 2020\tAs of December 31 2019\n\t\tFair Value\t\tFair Value\t\tFair Value\tFair Value\nDerivatives designated as hedging instruments under ASC 815-20(1)\t\t\t\t\t\t\t\t\nInterest rate swaps\tOther assets\t\t19465\t\t11\tOther long-term liabilities\t141822\t64168\nForeign currency forward contracts\tDerivative financial instruments\t\t10203\t\t0\tDerivative financial instruments\t43089\t75260\nForeign currency forward contracts\tOther assets\t\t16699\t\t9380\tOther long-term liabilities\t29187\t64711\nFuel swaps\tDerivative financial instruments\t\t0\t\t16922\tDerivative financial instruments\t39808\t16901\nFuel swaps\tOther assets\t\t0\t\t8677\tOther long-term liabilities\t78026\t33965\nTotal derivatives designated as hedging instruments under 815-20\t\t\t46367\t\t34990\t\t331932\t255005\nDerivatives not designated as hedging instruments under ASC 815-20\t\t\t\t\t\t\t\t\nForeign currency forward contracts\tDerivative financial instruments\t\t0\t\t3186\tDerivative financial instruments\t0\t2419\nFuel swaps\tDerivative financial instruments\t\t0\t\t1643\tDerivative financial instruments\t30578\t295\nFuel swaps\tOther Assets\t\t0\t\t175\tOther long-term liabilities\t1445\t9\nTotal derivatives not designated as hedging instruments under 815-20\t\t\t0\t\t5004\t\t32023\t2723\nTotal derivatives\t\t\t46367\t\t39994\t\t363955\t257728\n", "q10k_tbl_46": "\t\t\t\tQuarter Ended September 30 2020\t\t\t\t\tQuarter Ended September 30 2019\t\t\t\t\n\t\t\t\t\tFuel Expense\tDepreciation and Amortization Expenses\tInterest Income (Expense)\tOther Income (Expense)\t\tFuel Expense\tDepreciation and Amortization Expenses\tInterest Income (Expense)\tOther Income (Expense)\nTotal amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded\t\t\t\t\t53815\t317139\t(254332)\t(10853)\t\t177677\t320295\t(96413)\t(7668)\nThe effects of fair value and cash flow hedging:\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tGain or (loss) on fair value hedging relationships in Subtopic 815-20\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tInterest contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tHedged items\t\tn/a\tn/a\t2379\t0\t\tn/a\tn/a\t(4116)\t0\n\t\t\tDerivatives designated as hedging instruments\t\tn/a\tn/a\t39\t0\t\tn/a\tn/a\t2920\t0\n\tGain or (loss) on cash flow hedging relationships in Subtopic 815-20\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tInterest contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income\t\tn/a\tn/a\t(6532)\tn/a\t\tn/a\tn/a\t(373)\tn/a\n\t\tCommodity contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income\t\t(5598)\tn/a\tn/a\t536\t\t2435\tn/a\tn/a\t(472)\n\t\tForeign exchange contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income\t\tn/a\t(3782)\tn/a\t(1511)\t\tn/a\t(3592)\tn/a\t(1251)\n", "q10k_tbl_47": "\t\t\t\tNine Months Ended September 30 2020\t\t\t\t\tNine Months Ended September 30 2019\t\t\t\t\n\t\t\t\t\tFuel Expense\tDepreciation and Amortization Expenses\tInterest Income (Expense)\tOther Income (Expense)\t\tFuel Expense\tDepreciation and Amortization Expenses\tInterest Income (Expense)\tOther Income (Expense)\nTotal amounts of income and expense line items presented in the statement of financial performance in which the effects of fair value or cash flow hedges are recorded\t\t\t\t\t327275\t961226\t(555392)\t(127537)\t\t519772\t924180\t(292006)\t(34537)\nThe effects of fair value and cash flow hedging:\t\t\t\t\t\t\t\t\t\t\t\t\t\n\tGain or (loss) on fair value hedging relationships in Subtopic 815-20\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tInterest contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tHedged items\t\tn/a\tn/a\t(20855)\t0\t\tn/a\tn/a\t(25862)\t0\n\t\t\tDerivatives designated as hedging instruments\t\tn/a\tn/a\t23338\t0\t\tn/a\tn/a\t19699\t0\n\tGain or (loss) on cash flow hedging relationships in Subtopic 815-20\t\t\t\t\t\t\t\t\t\t\t\t\n\t\tInterest contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive loss into income\t\tn/a\tn/a\t(15939)\tn/a\t\tn/a\tn/a\t(1173)\tn/a\n\t\tCommodity contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive loss into income\t\t(32520)\tn/a\tn/a\t3029\t\t33815\tn/a\tn/a\t(1916)\n\t\tForeign exchange contracts\t\t\t\t\t\t\t\t\t\t\t\n\t\t\tAmount of gain or (loss) reclassified from accumulated other comprehensive loss into income\t\tn/a\t(10899)\tn/a\t(5855)\t\tn/a\t(10471)\tn/a\t(3866)\n", "q10k_tbl_48": "\t\tCarrying Value\t\nNon-derivative instrument designated as hedging instrument under ASC 815-20\tBalance Sheet Location\tAs of September 30 2020\tAs of December 31 2019\nForeign currency debt\tCurrent portion of debt\t40153\t73572\nForeign currency debt\tLong-term debt\t292908\t284506\n\t\t333061\t358078\n", "q10k_tbl_49": "Derivatives and Related Hedged Items under ASC 815-20 Fair Value Hedging Relationships\tLocation of Gain (Loss) Recognized in Income on Derivative and Hedged Item\tAmount of Gain (Loss) Recognized in Income on Derivative\t\t\t\tAmount of Gain (Loss) Recognized in Income on Hedged Item\t\t\t\nQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\tQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\nInterest rate swaps\tInterest expense net of interest capitalized\t39\t2920\t23338\t19699\t2379\t(4116)\t(20855)\t(25862)\n\t\t39\t2920\t23338\t19699\t2379\t(4116)\t(20855)\t(25862)\n", "q10k_tbl_50": "Line Item in the Statement of Financial Position Where the Hedged Item is Included\t\tCarrying Amount of the Hedged Liabilities\t\t\t\tCumulative amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities\t\t\n\tAs of September 30 2020\t\tAs of December 31 2019\t\tAs of September 30 2020\t\tAs of December 31 2019\nCurrent portion of debt and Long-term debt\t\t719553\t\t715234\t\t19555\t\t(1301)\n\t\t719553\t\t715234\t\t19555\t\t(1301)\n", "q10k_tbl_51": "Derivatives under ASC 815-20 Cash Flow Hedging Relationships\tAmount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative\t\t\t\t\tLocation of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income\t\tAmount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income\t\t\t\t\t\nQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\t\tQuarter Ended September 30 2020\t\tQuarter Ended September 30 2019\t\tNine Months Ended September 30 2020\t\tNine Months Ended September 30 2019\nInterest rate swaps\t(42488)\t(23488)\t(90677)\t(91949)\t\tInterest expense net of interest capitalized\t\t(6532)\t\t(373)\t\t(15939)\t(1173)\nForeign currency forward contracts\t96821\t(131523)\t39161\t(202273)\t\tDepreciation and amortization expenses\t\t(3782)\t\t(3592)\t\t(10899)\t(10471)\nForeign currency forward contracts\t0\t0\t0\t0\t\tOther income (expense)\t\t(1511)\t\t(1251)\t\t(5855)\t(3866)\nFuel swaps\t0\t0\t0\t0\t\tOther income (expense)\t\t536\t\t(472)\t\t3029\t(1916)\nFuel swaps\t(5085)\t(113467)\t(120807)\t22496\t\tFuel\t\t(5598)\t\t2435\t\t(32520)\t33815\n\t49248\t(268478)\t(172323)\t(271726)\t\t\t\t(16887)\t\t(3253)\t\t(62184)\t16389\n", "q10k_tbl_52": "Gain (Loss) Recognized in Income (Net Investment Excluded Components)\tNine Months Ended September 30 2020\nNet inception fair value at January 1 2020\t(8008)\nAmount of gain recognized in income on derivatives for the period ended September 30 2020\t4946\nAmount of gain (loss) remaining to be amortized in accumulated other comprehensive loss as of September 30 2020\t561\nFair value at September 30 2020\t(2501)\n", "q10k_tbl_53": "\tAmount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)\t\t\t\nNon-derivative instruments under ASC 815-20 Net Investment Hedging Relationships\tQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\nForeign Currency Debt\t(16732)\t12811\t(16784)\t15519\n\t(16732)\t12811\t(16784)\t15519\n", "q10k_tbl_54": "\t\tAmount of Gain (Loss) Recognized in Income on Derivatives\t\t\t\nDerivatives Not Designated as Hedging Instruments under ASC 815-20\tLocation of Gain (Loss) Recognized in Income on Derivatives\tQuarter Ended September 30 2020\tQuarter Ended September 30 2019\tNine Months Ended September 30 2020\tNine Months Ended September 30 2019\nForeign currency forward contracts\tOther income (expense)\t4907\t(26035)\t(35265)\t(25189)\nFuel swaps\tFuel\t0\t0\t0\t(14)\nFuel swaps\tOther income (expense)\t(13112)\t1095\t(89471)\t974\n\t\t(8205)\t(24940)\t(124736)\t(24229)\n", "q10k_tbl_55": "\tBeginning balance January 1 2020\tAccruals\tPayments\tEnding balance September 30 2020\tCumulative Charges Incurred\tExpected Additional Expenses to be Incurred\nTermination benefits\t8389\t3059\t3125\t8323\t11939\t0\nContract termination costs\t338\t0\t0\t338\t338\t0\nOther related costs\t2785\t7847\t9001\t1631\t10655\t514\nTotal\t11512\t10906\t12126\t10292\t22932\t514\n", "q10k_tbl_56": "\tBeginning balance January 1 2020\tAccruals\tPayments\tEnding balance September 30 2020\tCumulative Charges Incurred\tExpected Additional Expenses to be Incurred\nTermination benefits\t0\t27936\t18570\t9362\t27936\t0\nContract termination costs\t0\t0\t0\t0\t0\t0\nOther related costs\t0\t0\t0\t0\t0\t0\nTotal\t0\t27936\t18570\t9362\t27936\t0\n", "q10k_tbl_57": "\tQuarter Ended September 30\t\t\t\n\t2020\t\t2019\t\t\t\t\t\t\t\n\t\t% of Total Revenues\t\t% of Total Revenues\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nPassenger ticket revenues\t3204\t(9.5)%\t2344779\t73.6%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOnboard and other revenues\t(36892)\t109.5%\t842071\t26.4%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nTotal revenues\t(33688)\t100.0%\t3186850\t100.0%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCruise operating expenses:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCommissions transportation and other\t(3321)\t9.9%\t488921\t15.3%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOnboard and other\t6036\t(17.9)%\t200656\t6.3%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nPayroll and related\t119213\t(353.9)%\t263993\t8.3%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFood\t5640\t(16.7)%\t149621\t4.7%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nFuel\t53815\t(159.7)%\t177677\t5.6%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOther operating\t127226\t(377.7)%\t342170\t10.7%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nTotal cruise operating expenses\t308609\t(916.1)%\t1623038\t50.9%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nMarketing selling and administrative expenses\t246779\t(732.5)%\t352725\t11.1%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nDepreciation and amortization expenses\t317139\t(941.4)%\t320295\t10.1%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nImpairment and credit losses\t89899\t(266.9)%\t0\t-%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOperating (Loss) Income\t(996114)\t2956.9%\t890792\t28.0%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOther (expense) income:\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nInterest income\t5017\t(14.9)%\t5625\t0.2%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nInterest expense net of interest capitalized\t(259349)\t769.9%\t(102038)\t(3.2)%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nEquity investment (loss) income\t(78013)\t231.6%\t103654\t3.3%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nOther expense\t(10853)\t32.2%\t(7668)\t(0.2)%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t(343198)\t1018.8%\t(427)\t-%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet (Loss) Income\t(1339312)\t3975.6%\t890365\t27.9%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nLess: Net Income attributable to noncontrolling interest\t7444\t(22.1)%\t7125\t0.2%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(1346756)\t3997.7%\t883240\t27.7%\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nDiluted (Loss) Earnings per Share\t(6.29)\t\t4.20\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_58": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n\t\t% of Total Revenues\t\t% of Total Revenues\nPassenger ticket revenues\t1487077\t68.4%\t6072599\t72.0%\nOnboard and other revenues\t687590\t31.6%\t2360649\t28.0%\nTotal revenues\t2174667\t100.0%\t8433248\t100.0%\nCruise operating expenses:\t\t\t\t\nCommissions transportation and other\t342632\t15.8%\t1279010\t15.2%\nOnboard and other\t151333\t7.0%\t510255\t6.1%\nPayroll and related\t693480\t31.9%\t799094\t9.5%\nFood\t154439\t7.1%\t436002\t5.2%\nFuel\t327275\t15.0%\t519772\t6.2%\nOther operating\t830689\t38.2%\t1037113\t12.3%\nTotal cruise operating expenses\t2499848\t115.0%\t4581246\t54.3%\nMarketing selling and administrative expenses\t944087\t43.4%\t1144546\t13.6%\nDepreciation and amortization expenses\t961226\t44.2%\t924180\t11.0%\nImpairment and credit losses\t1354514\t62.3%\t0\t-%\nOperating (Loss) Income\t(3585008)\t(164.9)%\t1783276\t21.1%\nOther (expense) income:\t\t\t\t\nInterest income\t15757\t0.7%\t21751\t0.3%\nInterest expense net of interest capitalized\t(571149)\t(26.3)%\t(313757)\t(3.7)%\nEquity investment (loss) income\t(140258)\t(6.4)%\t170393\t2.0%\nOther expense\t(127537)\t(5.9)%\t(34537)\t(0.4)%\n\t(823187)\t(37.9)%\t(156150)\t(1.9)%\nNet (Loss) Income\t(4408195)\t(202.7)%\t1627126\t19.3%\nLess: Net Income attributable to noncontrolling interest\t22332\t1.0%\t21375\t0.3%\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(4430527)\t(203.7)%\t1605751\t19.0%\nDiluted (Loss) Earnings per Share\t(21.01)\t\t7.65\t\n", "q10k_tbl_59": "\tQuarter Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(1346756)\t883240\t(4430527)\t1605751\nAdjusted Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t(1204350)\t896838\t(2797335)\t1705420\nNet Adjustments to Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t142406\t13598\t1633192\t99669\nAdjustments to Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.:\t\t\t\t\nImpairment and credit losses (1)\t89899\t0\t1354514\t0\nEquity investment impairment (2)\t0\t0\t39735\t0\nCurrency translation adjustment losses (3)\t0\t0\t69044\t0\nPullmantur reorganization settlement (4)\t0\t0\t21637\t0\nRestructuring charges and other initiatives expense (5)\t5720\t0\t50745\t0\nConvertible debt amortization of debt discount (6)\t17750\t0\t21934\t0\nLoss on extinguishment of debt (7)\t774\t0\t41109\t6326\nAmortization of Silversea Cruises intangible assets resulting from the 2018 Silversea Cruises acquisition (8)\t3069\t3069\t9207\t9207\nNoncontrolling interest adjustment (9)\t25715\t8508\t72331\t43082\nChange in fair value of the Silversea contingent consideration (8)\t(521)\t0\t(45126)\t10700\nNet insurance recoveries of Oasis of the Seas incident (10)\t0\t2021\t(1938)\t29168\nTransaction costs related to the 2018 Silversea Cruises acquisition (8)\t0\t0\t0\t1186\nNet Adjustments to Net (Loss) Income attributable to Royal Caribbean Cruises Ltd.\t142406\t13598\t1633192\t99669\nBasic:\t\t\t\t\n(Loss) Earnings per Share\t(6.29)\t4.21\t(21.01)\t7.67\nAdjusted (Loss) Earnings per Share\t(5.62)\t4.28\t(13.26)\t8.14\nDiluted:\t\t\t\t\n(Loss) Earnings per Share\t(6.29)\t4.20\t(21.01)\t7.65\nAdjusted (Loss) Earnings per Share\t(5.62)\t4.27\t(13.26)\t8.12\nWeighted-Average Shares Outstanding:\t\t\t\t\nBasic\t214163\t209575\t210894\t209477\nDiluted\t214163\t210121\t210894\t210032\n", "q10k_tbl_60": "\tQuarter Ended September 30\t\tNine months ended September 30\t\n\t2020\t2019\t2020\t2019\nPassengers Carried\t1230\t1728997\t1261075\t4926123\nPassenger Cruise Days\t5424\t11863189\t8653799\t33746534\nAPCD\t5424\t10733254\t8437003\t31031274\nOccupancy\t100.0%\t110.5%\t102.6%\t108.8%\n", "q10k_tbl_61": "Ship\tShipyard\tContractual Delivery Date\tApproximate Berths\nRoyal Caribbean International -\t\t\t\nOasis-class:\t\t\t\nWonder of the Seas\tChantiers de l'Atlantique\t2nd Quarter 2021\t5700\nUnnamed\tChantiers de l'Atlantique\t4th Quarter 2023\t5700\nQuantum-class:\t\t\t\nOdyssey of the Seas\tMeyer Werft\t4th Quarter 2020\t4200\nIcon-class:\t\t\t\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2022\t5600\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2024\t5600\nUnnamed\tMeyer Turku Oy\t2nd Quarter 2025\t5600\nCelebrity Cruises -\t\t\t\nEdge-class:\t\t\t\nCelebrity Beyond\tChantiers de l'Atlantique\t4th Quarter 2021\t3250\nUnnamed\tChantiers de l'Atlantique\t4th Quarter 2022\t3250\nSilversea Cruises -\t\t\t\nMuse-Class:\t\t\t\nSilver Moon (1)\tFincantieri\t3rd Quarter 2020\t550\nSilver Dawn\tFincantieri\t4th Quarter 2021\t550\nEvolution Class:\t\t\t\nUnnamed\tMeyer Werft\t1st Quarter 2022\t600\nUnnamed\tMeyer Werft\t1st Quarter 2023\t600\nTUI Cruises (50% joint venture) -\t\t\t\nMein Schiff 7\tMeyer Turku Oy\t2nd Quarter 2023\t2900\nUnnamed\tFincantieri\t3rd Quarter 2024\t4100\nUnnamed\tFincantieri\t1st Quarter 2026\t4100\nHapag-Lloyd Cruises (50% joint venture) -\t\t\t\nHanseatic Spirit\tVARD\t2nd Quarter 2021\t230\nTotal Berths\t\t\t52530\n", "q10k_tbl_62": "\tPayments due by period\t\t\t\t\n\t\tLess than\t1-3\t3-5\tMore than\n\tTotal\t1 year\tyears\tyears\t5 years\nOperating Activities:\t\t\t\t\t\nOperating lease obligations(1)\t863516\t125300\t219666\t84186\t434364\nInterest on debt(2)\t3842616\t893146\t1573354\t836295\t539821\nOther(3)\t620741\t200123\t373183\t24083\t23352\nInvesting Activities:\t0\t\t\t\t\nShip purchase obligations(4)\t11304988\t3023432\t4291486\t3990070\t0\nFinancing Activities:\t0\t\t\t\t\nCommercial paper(5)\t386683\t386683\t0\t0\t0\nDebt obligations(6)\t18286811\t823514\t8122072\t6417986\t2923239\nFinance lease obligations(7)\t216953\t46513\t29479\t10914\t130047\nOther(8)\t13765\t5647\t6861\t1257\t0\nTotal\t35536073\t5504358\t14616101\t11364791\t4050823\n", "q10k_tbl_63": "10.1\tAmendment to the Amended and Restated Credit Agreement dated as of July 28 2020. among the Company the various financial institutions party thereto and Nordea Bank ABP New York Branch as administrative agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.2\tAmendment to the Amended and Restated Credit Agreement dated as of July 28 2020 among the Company the various financial institutions party thereto and The Bank of Nova Scotia as administrative agent (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.3\tAmendment to Term Loan Agreement dated as of July 28 2020 among the Company the various financial institutions party thereto and Bank of America N.A. as administrative agent (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.4\tFinancial Covenant Waiver Extension Consent Letter relating to the Cruise Debt Holiday Principles dated July 28 2020 among Royal Caribbean Cruises Ltd. Silversea Cruise Holding Ltd. and KfW IPEX-Bank GmbH (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.5\tSupplemental Agreement in relation to the extension of the waiver period for financial covenants in respect of the financing of the acquisition of Celebrity Edge (ex hull no. J34) dated July 28 2020 among Royal Caribbean Cruises Ltd. and Citibank Europe plc UK Branch (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.6\tSupplemental Agreement in relation to the extension of the waiver period for financial covenants in respect of the financing of the acquisition of Celebrity Apex (ex hull no. K34) dated July 28 2020 among Royal Caribbean Cruises Ltd. and Citibank Europe plc UK Branch (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.7\tSupplemental Agreement in relation to the extension of the waiver period for financial covenants in respect of the financing of the acquisition of Symphony of the Seas (ex hull no. B34) dated July 28 2020 among Royal Caribbean Cruises Ltd. and Citibank Europe plc UK Branch (incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.8\tFinancial Covenant Waiver Extension Consent Letter relating to the Cruise Debt Holiday Principles dated July 31 2020 between Royal Caribbean Cruises Ltd. and KfW IPEX-Bank GmbH (incorporated by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed on August 3 2020).\n10.9\tSupplemental Agreement in relation to the extension of the waiver period for financial covenants in the EUR Facility Agreement in respect of m.v Harmony of the Seas dated August 4 2020 among the Company and Societe Generale.*\n10.10\tSupplemental Agreement in relation to certain amendments in connection with the Silversea negative covenants and the exercise of the Buyer's Stretch Option in respect of Edge 3 (ex. hull no. L34) dated August 29 2020 among the Company Hoediscus Finance Limited Citibank Europe Plc UK Branch Citibank N.A. London Branch Citicorp Trustee Company Limited HSBC France and Sumitomo Mitsui Banking Corporation Europe Limited Paris Branch*\n10.11\tSupplemental Agreement in relation to certain amendments in connection with the Silversea negative covenants and the exercise of the Buyer's Stretch Option in respect of Edge 4 (ex. hull no. M34) dated August 29 2020 by and among the Company Hoediscus Finance Limited Citibank Europe Plc UK Branch Citibank N.A. London Branch Citicorp Trustee Company Limited HSBC France and Sumitomo Mitsui Banking Corporation Europe Limited Paris Branch*\n10.12\tSupplemental Agreement in relation to certain amendments in connection with Silversea Cruise Holding Ltd. in respect of Oasis 5 (ex. hull no. C34) dated August 29 2020 among the Company Hibisyeu Finance Limited Citibank Europe Plc UK Branch Citicorp Trustee Company Limited Citibank N.A. London Branch and HSBC France*\n10.13\tSupplemental Agreement in relation to certain amendments in connection with Silversea Cruise Holding Ltd. in respect of Oasis 6 (ex. hull no. A35) dated August 29 2020 among the Company Palmeraie Finance Limited Citibank Europe Plc UK Branch Citicorp Trustee Company Limited Citibank N.A. London Branch and HSBC France*\n31.1\tCertification of the Chairman and Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*\n31.2\tCertification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*\n32.1\tCertifications of the Chairman and Chief Executive Officer and the Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code**\n"}{"bs": "q10k_tbl_4", "is": "q10k_tbl_2", "cf": "q10k_tbl_5"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 1-11884
ROYAL CARIBBEAN CRUISES LTD.
(Exact name of registrant as specified in its charter)
Republic of Liberia
98-0081645
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1050 Caribbean Way, Miami, Florida33132
(Address of principal executive offices) (zip code)
(305) 539-6000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
RCL
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 224,338,138 shares of common stock outstanding as of October 30, 2020.
Trade and other receivables, net of allowances of $7,673 and $5,635
at September 30, 2020 and December 31, 2019, respectively
165,225
305,821
Inventories
142,432
162,107
Prepaid expenses and other assets
197,195
429,211
Derivative financial instruments
10,155
21,751
Total current assets
3,531,795
1,162,628
Property and equipment, net
25,362,549
25,466,808
Operating lease right-of-use assets
584,477
687,555
Goodwill
809,471
1,385,644
Other assets, net of allowances of $73,156 and $0 at September 30, 2020
and December 31, 2019, respectively
1,540,518
1,617,649
Total assets
$
31,828,810
$
30,320,284
Liabilities, Redeemable Noncontrolling Interest and Shareholders’ Equity
Current liabilities
Current portion of debt
$
870,027
$
1,186,586
Commercial paper
386,683
1,434,180
Current portion of operating lease liabilities
102,251
96,976
Accounts payable
421,023
563,706
Accrued interest
234,375
70,090
Accrued expenses and other liabilities
677,594
1,078,345
Derivative financial instruments
113,474
94,875
Customer deposits
1,820,038
3,428,138
Total current liabilities
4,625,465
7,952,896
Long-term debt
17,633,737
8,414,110
Long-term operating lease liabilities
546,494
601,641
Other long-term liabilities
694,520
617,810
Total liabilities
23,500,216
17,586,457
Commitments and contingencies (Note 10)
Redeemable noncontrolling interest
—
569,981
Shareholders’ equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
—
—
Common stock ($0.01 par value; 500,000,000 shares authorized; 242,502,983 and 236,547,842 shares issued, September 30, 2020 and December 31, 2019, respectively)
2,425
2,365
Paid-in capital
4,329,557
3,493,959
Retained earnings
6,929,710
11,523,326
Accumulated other comprehensive loss
(869,107)
(797,713)
Treasury stock (27,799,775 and 27,746,848 common shares at cost, September 30, 2020 and December 31, 2019, respectively)
(2,063,991)
(2,058,091)
Total shareholders’ equity
8,328,594
12,163,846
Total liabilities, redeemable noncontrolling interest and shareholders’ equity
$
31,828,810
$
30,320,284
The accompanying notes are an integral part of these consolidated financial statements.
3
ROYAL CARIBBEAN CRUISES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited; in thousands)
Nine Months Ended September 30,
2020
2019
Operating Activities
Net (loss) income
$
(4,408,195)
$
1,627,126
Adjustments:
Depreciation and amortization
961,226
924,180
Impairment and credit losses
1,354,514
—
Net deferred income tax (benefit) expense
(4,586)
4,664
Loss on derivative instruments not designated as hedges
64,541
24,229
Share-based compensation expense
29,871
51,256
Equity investment loss (income)
140,258
(170,393)
Amortization of debt issuance costs
54,887
24,154
Amortization of commercial paper notes discount
7,269
23,583
Amortization of debt discounts and premiums
29,061
265
Loss on extinguishment of secured senior term loan
41,109
6,326
Currency translation adjustment losses
69,044
—
Change in fair value of contingent consideration
(45,126)
10,700
Changes in operating assets and liabilities:
Decrease (increase) in trade and other receivables, net
133,769
(36,682)
Decrease (increase) in inventories
19,675
(13,640)
Decrease in prepaid expenses and other assets
271,315
41,757
(Decrease) increase in accounts payable
(90,306)
51,011
Increase in accrued interest
164,284
50,011
(Decrease) increase in accrued expenses and other liabilities
(87,936)
81,026
(Decrease) increase in customer deposits
(1,608,355)
261,335
Dividends received from unconsolidated affiliates
2,215
148,285
Other, net
(4,789)
(2,125)
Net cash (used in) provided by operating activities