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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities    
Net income $ 256,806 $ 218,653
Adjustments:    
Depreciation and amortization 292,285 240,230
Impairment losses 0 23,343
Net deferred income tax expense (benefit) 2,983 (1,504)
Gain on derivative instruments not designated as hedges (4,780) (7,810)
Share-based compensation expense 27,322 20,164
Equity investment income (33,694) (28,752)
Amortization of debt issuance costs 10,366 10,108
Changes in operating assets and liabilities:    
Increase in trade and other receivables, net (44,382) (10,181)
(Increase) decrease in inventories (4,366) 567
Increase in prepaid expenses and other assets (12,323) (89,725)
Increase in accounts payable 8,843 110,467
Increase in accrued interest 45,581 42,919
Decrease in accrued expenses and other liabilities (68,688) (109,136)
Increase in customer deposits 580,735 477,878
Dividends received from unconsolidated affiliates [1] 42,435 37,918
Other, net (20,669) (11,017)
Net cash provided by operating activities 1,078,454 924,122
Investing Activities    
Purchases of property and equipment (470,116) (1,720,232)
Cash received on settlement of derivative financial instruments 5,803 64,487
Cash paid on settlement of derivative financial instruments (678) 0
Cash received on loans to unconsolidated affiliates 11,824 13,953
Other, net 2,719 (3,353)
Net cash used in investing activities (450,448) (1,645,145)
Financing Activities    
Debt proceeds 316,810 2,544,737
Debt issuance costs (3,675) (41,344)
Repayments of debt (1,146,674) (1,394,222)
Proceeds from issuance of commercial paper notes 5,039,834 0
Repayments of commercial paper notes (4,711,208) 0
Purchases of treasury stock 0 (275,038)
Dividends paid (146,817) (127,840)
Proceeds from exercise of common stock options 241 3,863
Other, net (16,192) 1,697
Net cash (used in) provided by financing activities (667,681) 711,853
Effect of exchange rate changes on cash 20 303
Net decrease in cash and cash equivalents (39,655) (8,867)
Cash and cash equivalents at beginning of period 287,852 120,112
Cash and cash equivalents at end of period 248,197 111,245
Cash paid during the period for:    
Interest, net of amount capitalized $ 37,103 $ 16,953
[1] For the quarter ended March 31, 2019, amount includes a €50.0 million dividend from TUI Cruises, net of tax withholdings.