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Redeemable Noncontrolling Interest | 9 Months Ended
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Sep. 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 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. 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. 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 in 2018. The purchase of the noncontrolling interest was accounted for as an equity transaction during the quarter ended September 30, 2020 and no gain or loss was recognized in earnings. The carrying amount of the noncontrolling interest was adjusted to zero and the difference between the carrying amount of the noncontrolling interest and the fair value of the consideration paid was recognized in additional paid in capital. The noncontrolling interest's share in the net earnings (loss) and contractual accretion requirements associated with the put options, for periods prior to our acquisition of the noncontrolling interest, are included in Net income attributable to noncontrolling interest in our consolidated statements of comprehensive income (loss). As of December 31, 2019, the noncontrolling interest shareholder's interest is presented as Redeemable noncontrolling interest and is classified outside of shareholders' equity in our consolidated balance sheets. The following table presents changes in the noncontrolling interest for the quarters and nine months ended September 30, 2020 and September 30, 2019 (in thousands):
Beginning balance at July 1, 2020 | $ | 584,869
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 7,444
Acquisition of noncontrolling interest | (592,313)
Balance at September 30, 2020 | $ | —
Beginning balance at January 1, 2020 | $ | 569,981 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 22,332 |
Acquisition of noncontrolling interest | (592,313) |
Ending balance September 30, 2020 | $ | — |
Beginning balance at July 1, 2019 | $ | 556,770 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 7,125 |
Distribution to noncontrolling interest | (501) |
Ending balance at September 30, 2019 | $ | 563,394 |
Beginning balance at January 1, 2019 | $ | 542,020 |
Net income attributable to noncontrolling interest, including the contractual accretion of the put options | 21,375 |
Distribution to noncontrolling interest | (501) |
Other | 500 |
Ending balance at September 30, 2019 | $ | 563,394 |

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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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