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Fair Value Measurements and Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments

Fair Value Measurements, Nonrecurring

The estimated fair value of our financial instruments that are not measured at fair value, categorized based upon the fair value hierarchy, are as follows (in thousands): 

		Fair Value Measurements at March 31, 2019 Using																				Fair Value Measurements at December 31, 2018 Using
Description		Total Carrying Amount				Total Fair Value				Level 1(1)				Level 2(2)				Level 3(3)				Total Carrying Amount				Total Fair Value				Level 1(1)				Level 2(2)				Level 3(3)
Assets:
Cash and cash equivalents(4)		$	248,197			$	248,197			$	248,197			$	—			$	—			$	287,852			$	287,852			$	287,852			$	—			$	—
Total Assets		$	248,197			$	248,197			$	248,197			$	—			$	—			$	287,852			$	287,852			$	287,852			$	—			$	—
Liabilities:
Long-term debt (including current portion of debt)(5)		$	9,045,459			$	9,581,920			$	—			$	9,581,920			$	—			$	9,871,267			$	10,244,214			$	—			$	10,244,214			$	—
Total Liabilities		$	9,045,459			$	9,581,920			$	—			$	9,581,920			$	—			$	9,871,267			$	10,244,214			$	—			$	10,244,214			$	—

(1) 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.

(2) Inputs other than quoted prices included within Level 1 that are observable for the liability, either directly or indirectly. For unsecured revolving credit facilities and unsecured term loans, fair value is determined utilizing the income valuation approach. This valuation model takes into account the contract terms of our debt such as the debt maturity and the interest rate on the debt. The valuation model also takes into account the creditworthiness of the Company.

(3) Inputs that are unobservable. The Company did not use any Level 3 inputs as of March 31, 2019 and December 31, 2018.

(4) Consists of cash and marketable securities with original maturities of less than 90 days.

(5) Consists of unsecured revolving credit facilities, senior notes, senior debentures and term loans. These amounts do not include our capital lease obligations or commercial paper.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and liabilities that are recorded at fair value have been categorized based upon the fair value hierarchy. The following table presents information about the Company’s financial instruments recorded at fair value on a recurring basis (in thousands):

		Fair Value Measurements at March 31, 2019 Using																Fair Value Measurements at December 31, 2018 Using
Description		Total				Level 1(1)				Level 2(2)				Level 3(3)				Total				Level 1(1)				Level 2(2)				Level 3(3)
Assets:
Derivative financial instruments(4)		$	119,082			$	—			$	119,082			$	—			$	65,297			$	—			$	65,297			$	—
Total Assets		$	119,082			$	—			$	119,082			$	—			$	65,297			$	—			$	65,297			$	—
Liabilities:
Derivative financial instruments(5)		$	210,426			$	—			$	210,426			$	—			$	201,812			$	—			$	201,812			$	—
Contingent consideration (6)		44,000				—				—				44,000				44,000				—				—				44,000
Total Liabilities		$	254,426			$	—			$	210,426			$	44,000			$	245,812			$	—			$	201,812			$	44,000

(1) 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.

(2) 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.

(3) Inputs that are unobservable. 

(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) 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.

(6) 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.

Offsetting Assets

The following table presents information about the Company’s offsetting of financial assets under master netting agreements with derivative counterparties (in thousands):

		Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
		As of March 31, 2019																As of December 31, 2018
		Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet				Gross Amount of Eligible Offsetting Recognized Derivative Liabilities				Cash Collateral Received				Net Amount of Derivative Assets				Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet				Gross Amount of Eligible Offsetting Recognized Derivative Assets				Cash Collateral Received				Net Amount of Derivative Assets
Derivatives subject to master netting agreements		$	119,082			$	(100,198	)		$	—			$	18,884			$	65,297			$	(60,303	)		$	—			$	4,994
Total		$	119,082			$	(100,198	)		$	—			$	18,884			$	65,297			$	(60,303	)		$	—			$	4,994

Offsetting Liabilities

The following table presents information about the Company’s offsetting of financial liabilities under master netting agreements with derivative counterparties (in thousands):

		Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
		As of March 31, 2019																As of December 31, 2018
		Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet				Gross Amount of Eligible Offsetting Recognized Derivative Assets				Cash Collateral Pledged				Net Amount of Derivative Liabilities				Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet				Gross Amount of Eligible Offsetting Recognized Derivative Liabilities				Cash Collateral Pledged				Net Amount of Derivative Liabilities
Derivatives subject to master netting agreements		$	(210,426	)		$	100,198			$	—			$	(110,228	)		$	(201,812	)		$	60,303			$	—			$	(141,509	)
Total		$	(210,426	)		$	100,198			$	—			$	(110,228	)		$	(201,812	)		$	60,303			$	—			$	(141,509	)

Schedule of Price Risk Derivatives

As of March 31, 2019 and December 31, 2018, we had the following outstanding fuel swap agreements:

	Fuel Swap Agreements
	As of March 31, 2019			As of December 31, 2018
	(metric tons)
2019	648,400			856,800
2020	830,500			830,500
2021	488,900			488,900
2022	322,900			322,900
2023	—			—

	Fuel Swap Agreements
	As of March 31, 2019			As of December 31, 2018
	(% hedged)
Projected fuel purchases:
2019	58	%		58	%
2020	54	%		54	%
2021	29	%		28	%
2022	18	%		19	%
2023	—	%		—	%

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets for the cumulative basis adjustment for fair value hedges were as follows (in thousands):

Line Item in the Statement of Financial Position Where the Hedged Item is Included		Carrying Amount of the Hedged Liabilities								Cumulative amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
		As of March 31, 2019				As of December 31, 2018				As of March 31, 2019				As of December 31, 2018
Current portion of debt and Long-term debt		$	734,266			$	725,486			$	(16,306	)		$	(24,766	)
		$	734,266			$	725,486			$	(16,306	)		$	(24,766	)

The fair value and line item caption of derivative instruments recorded within our consolidated balance sheets were as follows (in thousands):

		Fair Value of Derivative Instruments
		Asset Derivatives										Liability Derivatives
		Balance Sheet Location		As of March 31, 2019				As of December 31, 2018				Balance Sheet Location		As of March 31, 2019				As of December 31, 2018
				Fair Value				Fair Value						Fair Value				Fair Value
Derivatives designated as hedging instruments under ASC 815-20(1)
Interest rate swaps		Other assets		$	6,010			$	23,518			Other long-term liabilities		$	43,351			$	40,467
Foreign currency forward contracts		Derivative financial instruments		6,605				4,044				Derivative financial instruments		80,989				39,665
Foreign currency forward contracts		Other assets		5,838				10,844				Other long-term liabilities		58,929				16,854
Fuel swaps		Derivative financial instruments		53,470				10,966				Derivative financial instruments		7,757				37,627
Fuel swaps		Other assets		46,783				9,204				Other long-term liabilities		19,123				65,182
Total derivatives designated as hedging instruments under 815-20				118,706				58,576						210,149				199,795
Derivatives not designated as hedging instruments under ASC 815-20
Foreign currency forward contracts		Derivative financial instruments		$	—			$	1,751			Derivative financial instruments		$	—			$	808
Foreign currency forward contracts		Other assets		—				1,579				Other long-term liabilities		—				833
Fuel swaps		Derivative financial instruments		376				2,804				Derivative financial instruments		277				376
Fuel swaps		Other Assets		—				587				Other long-term liabilities		—				—
Total derivatives not designated as hedging instruments under 815-20				376				6,721						277				2,017
Total derivatives				$	119,082			$	65,297					$	210,426			$	201,812

(1) Accounting Standard Codification 815-20 “Derivatives and Hedging.”

Derivative Instruments, Gain (Loss)

The location and amount of gain or (loss) recognized in income on fair value and cash flow hedging relationships were as follows (in thousands):

Quarter Ended March 31, 2019

Quarter Ended March 31, 2018

Fuel Expense

Depreciation and Amortization Expenses

Interest Income (Expense)

Other Income (Expense)

Fuel Expense

Depreciation and Amortization Expenses

Interest Income (Expense)

Other Income (Expense)

Total 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

$160,171

$292,285

$(90,631)

$(5,088)

$160,341

$240,230

$(60,145)

$(24,100)

The effects of fair value and cash flow hedging:

Gain or (loss) on fair value hedging relationships in Subtopic 815-20

Interest contracts

Hedged items

n/a

n/a

$(8,459)

$—

n/a

n/a

13,182

$—

Derivatives designated as hedging instruments

n/a

n/a

$(2,257)

$—

n/a

n/a

$(12,570)

$—

Gain or (loss) on cash flow hedging relationships in Subtopic 815-20

Interest contracts

Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income

n/a

n/a

$(391)

n/a

n/a

n/a

$(6,838)

n/a

Commodity contracts

Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income

$18,018

n/a

n/a

$(256)

$(5,131)

n/a

n/a

$325

Foreign exchange contracts

Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income

n/a

$(3,334)

n/a

$(1,315)

n/a

$(3,312)

n/a

$42

Fair Value and Line Item Caption of Non-derivative Instruments

The carrying value and line item caption of non-derivative instruments designated as hedging instruments recorded within our consolidated balance sheets were as follows (in thousands):

				Carrying Value
Non-derivative instrument designated as hedging instrument under ASC 815-20		Balance Sheet Location		As of March 31, 2019				As of December 31, 2018
Foreign currency debt		Current portion of debt		$	73,536			$	38,168
Foreign currency debt		Long-term debt		239,669				281,984
				$	313,205			$	320,152

Non Derivative Instruments Qualifying and Designated as Hedging Instruments in Net Investment Hedges

The effect of non-derivative instruments qualifying and designated as net investment hedging instruments on the consolidated financial statements was as follows (in thousands):

		Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Non-derivative instruments under ASC 815-20 Net Investment Hedging Relationships		Quarter Ended March 31, 2019				Quarter Ended March 31, 2018
Foreign Currency Debt		$	5,702			$	(8,244	)
		$	5,702			$	(8,244	)

Not Designated as Hedging Instrument

Derivative Instruments

Derivative Instruments, Gain (Loss)

The effect of derivatives not designated as hedging instruments on the consolidated financial statements was as follows (in thousands):

				Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments under ASC 815-20		Location of Gain (Loss) Recognized in Income on Derivatives		Quarter Ended March 31, 2019				Quarter Ended March 31, 2018
Foreign currency forward contracts		Other income (expense)		$	5,014			$	5,635
Fuel swaps		Fuel		(136		)		(30		)
Fuel swaps		Other income (expense)		(98		)		2,205
				$	4,780			$	7,810

Fair Value Hedging

Derivative Instruments

Schedule of Interest Rate Derivatives

At March 31, 2019 and December 31, 2018, we maintained interest rate swap agreements on the following fixed-rate debt instruments:

Debt Instrument	Swap Notional as of March 31, 2019 (In thousands)			Maturity	Debt Fixed Rate	Swap Floating Rate: LIBOR plus	All-in Swap Floating Rate as of March 31, 2019
Oasis of the Seas term loan	$	105,000		October 2021	5.41%	3.87%	6.63%
Unsecured senior notes	650,000			November 2022	5.25%	3.63%	6.32%
	$	755,000

Derivative Instruments, Gain (Loss)

The effect of derivative instruments qualifying and designated as hedging instruments and the related hedged items in fair value hedges on the consolidated statements of comprehensive income (loss) was as follows (in thousands):

Derivatives and Related Hedged Items under ASC 815-20 Fair Value Hedging Relationships		Location of Gain (Loss) Recognized in Income on Derivative and Hedged Item		Amount of Gain (Loss) Recognized in Income on Derivative								Amount of Gain (Loss) Recognized in Income on Hedged Item
				Quarter Ended March 31, 2019				Quarter Ended March 31, 2018				Quarter Ended March 31, 2019				Quarter Ended March 31, 2018
Interest rate swaps		Interest expense, net of interest capitalized		$	(2,257	)		$	(12,570	)		$	(8,459	)		$	13,182
Interest rate swaps		Other income (expense)		8,092				—				—				—
				$	5,835			$	(12,570	)		$	(8,459	)		$	13,182

Cash flow hedge

Derivative Instruments

Schedule of Interest Rate Derivatives

At March 31, 2019 and December 31, 2018, we maintained interest rate swap agreements on the following floating-rate debt instruments:

Debt Instrument	Swap Notional as of March 31, 2019 (In thousands)			Maturity	Debt Floating Rate		All-in Swap Fixed Rate
Celebrity Reflection term loan	$	327,250		October 2024	LIBOR plus	0.40%	2.85%
Quantum of the Seas term loan	490,000			October 2026	LIBOR plus	1.30%	3.74%
Anthem of the Seas term loan	513,542			April 2027	LIBOR plus	1.30%	3.86%
Ovation of the Seas term loan	657,083			April 2028	LIBOR plus	1.00%	3.16%
Harmony of the Seas term loan (1)	616,242			May 2028	EURIBOR plus	1.15%	2.26%
	$	2,604,117

(1) Interest rate swap agreements hedging the Euro-denominated term loan for Harmony of the Seas include EURIBOR zero-floor matching the hedged debt EURIBOR zero-floor. Amount presented is based on the exchange rate as of March 31, 2019.

Derivative Instruments, Gain (Loss)

The table below represents amounts excluded from the assessment of effectiveness for our net investment hedging instruments for which the difference between changes in fair value and periodic amortization is recorded in accumulated other comprehensive income (loss) (in thousands):

Gain (Loss) Recognized in Income (Net Investment Excluded Components)		Three Months Ended March 31, 2019
Net inception fair value at January 1, 2019		$	(8,359	)
Amount of gain recognized in income on derivatives for the period ended March 31, 2019		744
Amount of loss remaining to be amortized in accumulated other comprehensive loss, as of March 31, 2019		(656		)
Fair value at March 31, 2019		$	(8,271	)

The effect of derivative instruments qualifying and designated as cash flow hedging instruments on the consolidated financial statements was as follows (in thousands):

Derivatives under ASC 815-20  Cash Flow Hedging Relationships		Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivative								Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income		Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
		Quarter Ended March 31, 2019				Quarter Ended March 31, 2018						Quarter Ended March 31, 2019				Quarter Ended March 31, 2018
Interest rate swaps		$	(28,329	)		$	37,191			Interest expense, net of interest capitalized		$	(391	)		$	(6,838	)
Foreign currency forward contracts		(90,144		)		95,366				Depreciation and amortization expenses		(3,334		)		(3,312		)
Foreign currency forward contracts		—				—				Other income (expense)		(1,315		)		42
Fuel swaps		—				—				Other income (expense)		(256		)		325
Fuel swaps		180,038				(4,941		)		Fuel		18,018				(5,131		)
		$	61,565			$	127,616					$	12,722			$	(14,914	)

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