Note 3 - Revenues

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE

3

– REVENUES

Customer Deposits and Contract Liabilities

The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues from the sale of pre- and post-expedition excursions, hotel accommodations, land-based expeditions and air transportation to and from the ships. Guest deposits represent unearned revenues and are reported as unearned passenger revenues in the condensed consolidated balance sheets when received and are subsequently recognized as tour revenue over the duration of the expedition. Accounting Standards Codification,

Revenue from Contracts with Customers

(Topic

606

) defines a “contract liability” as an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer. The Company does

not

consider guest deposits to be a contract liability until the guest

no

longer has the right, resulting from the passage of time, to cancel their reservation and receive a full refund. The change in contract liabilities within unearned passenger revenues presented in our condensed consolidated balance sheets are as follows:

	Contract Liabilities
(In thousands)		(unaudited)
Balance as of January 1, 2020	$	72,051
Recognized in tour revenues during the period		(68,182	)
Additional contract liabilities in period		57,363
Balance as of March 31, 2020	$	61,232

The following table disaggregates our tour revenues by the sales channel it was derived from:

	For the three months ended March 31,
	2020			2019
Guest ticket revenue:		(unaudited)			(unaudited)
Direct		41	%		41	%
National Geographic		18	%		19	%
Agencies		24	%		24	%
Affinity		5	%		6	%
Guest ticket revenue		88	%		90	%
Other tour revenue		12	%		10	%
Tour revenues		100	%		100	%