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Fair Value Measurements and Derivative Instruments - Recurring (Details) - USD ($) $ in Thousands | 9 Months Ended |
--- | --- | ---
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018
Liabilities: |  |  |  |
Contingent consideration expense |  | $ 10,700 | $ 0 |
Fair Value, Measurements, Recurring | Level 1 |  |  |  |
Assets: |  |  |  |
Derivative financial instruments | [1],[2] | 0 |  | $ 0
Total Assets | [2] | 0 |  | 0
Liabilities: |  |  |  |
Derivative financial instruments | [2],[3] | 0 |  | 0
Contingent consideration | [2],[4] | 0 |  | 0
Total Liabilities | [2] | 0 |  | 0
Fair Value, Measurements, Recurring | Level 2 |  |  |  |
Assets: |  |  |  |
Derivative financial instruments | [1],[5] | 30,883 |  | 65,297
Total Assets | [5] | 30,883 |  | 65,297
Liabilities: |  |  |  |
Derivative financial instruments | [3],[5] | 385,576 |  | 201,812
Contingent consideration | [4],[5] | 0 |  | 0
Total Liabilities | [5] | 385,576 |  | 201,812
Fair Value, Measurements, Recurring | Level 3 |  |  |  |
Assets: |  |  |  |
Derivative financial instruments | [1],[6] | 0 |  | 0
Total Assets | [6] | 0 |  | 0
Liabilities: |  |  |  |
Derivative financial instruments | [3],[6] | 0 |  | 0
Contingent consideration | [4],[6] | 54,700 |  | 44,000
Total Liabilities | [6] | 54,700 |  | 44,000
Total | Fair Value, Measurements, Recurring |  |  |  |
Assets: |  |  |  |
Derivative financial instruments | [1] | 30,883 |  | 65,297
Total Assets |  | 30,883 |  | 65,297
Liabilities: |  |  |  |
Derivative financial instruments | [3] | 385,576 |  | 201,812
Contingent consideration | [4] | 54,700 |  | 44,000
Total Liabilities |  | $ 440,276 |  | $ 245,812
[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 foreign currency forward contracts, interest rate swaps and fuel swaps. Refer to the “Fair Value of Derivative Instruments” table for breakdown by instrument type.
[4] | The contingent consideration related to the Silversea Cruises acquisition is 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. For the nine months ended September 30, 2019, we recorded a contingent consideration expense of $10.7 million within Other (expense) income in our consolidated statements of comprehensive income (loss).
[5] | 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.
[6] | Inputs that are unobservable.

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- Definition Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -Subparagraph (a)(1) -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 + Details
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=99393222&loc=SL20226008-175313 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13433-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312 + Details
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