XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.19.2

Commitments and Contingencies | 6 Months Ended
--- | ---
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Ship Purchase Obligations Our future capital commitments consist primarily of new ship orders. As of June 30, 2019, our Global Brands have the following ships on order:
Ship |  | Shipyard |  | Expected to Enter Service |  | Approximate Berths
Royal Caribbean International — |  |  |  |  |  |
Oasis-class: |  |  |  |  |  |
Unnamed |  | Chantiers de l’Atlantique |  | 2nd Quarter 2021 |  | 5,700
Quantum-class: |  |  |  |  |  |
Odyssey of the Seas |  | Meyer Werft GmbH |  | 4th Quarter 2020 |  | 4,200
Icon-class: |  |  |  |  |  |
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2022 |  | 5,600
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2024 |  | 5,600
Celebrity Cruises — |  |  |  |  |  |
Edge-class: |  |  |  |  |  |
Celebrity Apex |  | Chantiers de l’Atlantique |  | 2nd Quarter 2020 |  | 2,900
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2021 |  | 3,250
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2022 |  | 3,250
Silversea Cruises — |  |  |  |  |  |
Silver Origin |  | De Hoop |  | 2nd Quarter 2020 |  | 100
Silver Moon |  | Fincantieri |  | 3rd Quarter 2020 |  | 550
Silver Dawn |  | Fincantieri |  | 3rd Quarter 2021 |  | 550
Total Berths |  |  |  |  |  | 31,700
In addition, in April 2019, Silversea Cruises entered into an agreement with Meyer Werft to build two ships of a new generation, known as the Evolution-class. The ships are expected to have an aggregate capacity of approximately 1,200 berths and are expected to enter service in 2022 and 2023, respectively. As of June 30, 2019, the aggregate cost of our ships on order presented in the table above, not including the two ships placed on order for Silversea Cruises during the reporting lag period, was $10.3 billion, of which we had deposited $614.0 million. Approximately 55.6% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at June 30, 2019. Refer to Note 14. Fair Value Measurements and Derivative Instruments for further information. In addition, as of June 30, 2019, we have the following agreements in place for new ships on order for our Global Brands, which are contingent upon completion of conditions precedent and financing:
Ship |  | Shipyard |  | Expected to Enter Service |  | Approximate Berths
Royal Caribbean International — |  |  |  |  |  |
Oasis-class: |  |  |  |  |  |
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2023 |  | 5,700
Icon-class: |  |  |  |  |  |
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2025 |  | 5,600
Celebrity Cruises — |  |  |  |  |  |
Edge-class: |  |  |  |  |  |
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2024 |  | 3,250
Litigation We are routinely involved in claims typical within the cruise vacation industry. The majority of these claims are covered by insurance. We believe the outcome of such claims, net of expected insurance recoveries, will not have a material adverse impact on our financial condition or results of operations and cash flows. Other If any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, during any 24-month period, a majority of our board of directors is no longer comprised of individuals who were members of our board of directors on the first day of such period, we may be obligated to prepay indebtedness outstanding under our credit facilities, which we may be unable to replace on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration