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Fair Value Measurements and Derivative Instruments - Recurring (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017
--- | --- | ---
Assets: |  |  |
Derivative financial instruments |  | $ 234,044 | $ 215,634
Liabilities: |  |  |
Derivative financial instruments |  | 12,910 | 11,210
Fair Value, Measurements, Recurring | Level 1 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[2] | 0 | 0
Investments | [2],[3] | 0 | 3,340
Total Assets | [2] | 0 | 3,340
Liabilities: |  |  |
Derivative financial instruments | [2],[4] | 0 | 0
Contingent consideration | [2],[5] | 0 | 0
Total Liabilities | [2] | 0 | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[6] | 324,483 | 320,385
Investments | [3],[6] | 0 | 0
Total Assets | [6] | 324,483 | 320,385
Liabilities: |  |  |
Derivative financial instruments | [4],[6] | 103,349 | 115,961
Contingent consideration | [5],[6] | 0 | 0
Total Liabilities | [6] | 103,349 | 115,961
Fair Value, Measurements, Recurring | Level 3 |  |  |
Assets: |  |  |
Derivative financial instruments | [1],[7] | 0 | 0
Investments | [3],[7] | 0 | 0
Total Assets | [7] | 0 | 0
Liabilities: |  |  |
Derivative financial instruments | [4],[7] | 0 | 0
Contingent consideration | [5],[7] | 44,000 | 0
Total Liabilities | [7] | 44,000 | 0
Total | Fair Value, Measurements, Recurring |  |  |
Assets: |  |  |
Derivative financial instruments | [1] | 324,483 | 320,385
Investments | [3] | 0 | 3,340
Total Assets |  | 324,483 | 323,725
Liabilities: |  |  |
Derivative financial instruments | [4] | 103,349 | 115,961
Contingent consideration | [5] | 44,000 | 0
Total Liabilities |  | $ 147,349 | $ 115,961
[1] | Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the “Fair Value of Derivative Instruments” table for breakdown by instrument type.
[2] | Inputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Valuation of these items does not entail a significant amount of judgment.
[3] | Consists of exchange-traded equity securities and mutual funds reported within Other assets in our consolidated balance sheets.
[4] | Consists of foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the “Fair Value of Derivative Instruments” table for breakdown by instrument type.
[5] | The contingent consideration related to the Silversea Cruises acquisition was estimated by applying a Monte-Carlo simulation method using our closing stock price along with significant inputs not observable in the market, including the probability of achieving the milestones and estimated future operating results. The Monte-Carlo simulation is a generally accepted statistical technique used to generate a defined number of valuation paths in order to develop a reasonable estimate of fair value. Refer to Note 3. Business Combination for further information on the Silversea Cruises acquisition.
[6] | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency forward contracts, interest rate swaps and fuel swaps, fair value is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms, such as maturity, as well as other inputs, such as foreign exchange rates and curves, fuel types, fuel curves and interest rate yield curves. Derivative instrument fair values take into account the creditworthiness of the counterparty and the Company.
[7] | Inputs that are unobservable. The Company did not use any Level 3 inputs as of December 31, 2017.

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