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Redeemable Noncontrolling Interest | 6 Months Ended
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Jun. 30, 2020
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest In connection with the 2018 Silversea Cruises acquisition, we recorded redeemable noncontrolling interest due to the put options held by the noncontrolling interest shareholder. At the date of the 2018 Silversea Cruises acquisition, the estimated fair value of the redeemable noncontrolling interest was based on 33.3% of Silversea Cruises' equity value, which was determined based on the transaction price paid for 66.7% of Silversea Cruises in the 2018 Silversea Cruises acquisition. As of June 30, 2020, the noncontrolling interest shareholder's interest is presented as Redeemable noncontrolling interest and is classified outside of shareholders' equity in our consolidated balance sheets. Additionally, the noncontrolling interest's share in the net earnings (loss) and contractual accretion requirements associated with the put options are included in Net income attributable to noncontrolling interest in our consolidated statements of comprehensive income (loss). The following table presents changes in the redeemable noncontrolling interest for the quarters and six months ended June 30, 2020 and June 30, 2019 (in thousands):
Beginning balance at April 1, 2020 | $ | 577,425 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 7,444 |
Balance at June 30, 2020 | $ | 584,869 |
Beginning balance at January 1, 2020 | $ | 569,981 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 14,888 |
Ending balance June 30, 2020 | $ | 584,869 |
Beginning balance at April 1, 2019 | $ | 549,645 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 7,125 |
Ending balance at June 30, 2019 | $ | 556,770 |
Beginning balance at January 1, 2019 | $ | 542,020 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 14,250 |
Distribution to noncontrolling interest | 500 |
Ending balance at June 30, 2019 | $ | 556,770 |
On July 9, 2020, we acquired the 33.3% noncontrolling interest in Silversea Cruises from Heritage in exchange for 5.2 million shares of common stock, par value $0.01 per share, of Royal Caribbean Cruises Ltd. on the date of acquisition. Pursuant to the agreement governing the acquisition of the noncontrolling interest, among other things, the parties terminated any existing obligation to issue Heritage any contingent consideration, at fair value, in connection with our acquisition of a 66.7% interest in Silversea Cruises on July 31, 2018. The purchase of the 33.3% interest in Silversea Cruises will be accounted for as an equity transaction in July 2020 and no gain or loss will be recognized in earnings. The carrying amount of Silversea Cruises' noncontrolling interest will be adjusted to zero and the difference between the carrying amount of noncontrolling interest and the fair value of the consideration paid will be recognized in additional paid in capital.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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