Note 3 - Revenues

9 Months Ended

Sep. 30, 2021

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 trip. 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. In conjunction with the suspension or rescheduling of expeditions, the Company provided guests an option of either a refund or future travel certificates, which in some instances exceeded the original cash deposit. The Company has recorded liabilities up to the amount of cash deposits and additional value of any future travel certificates are being recognized as a discount when applied to future expeditions. The change in contract liabilities within unearned passenger revenues presented in our condensed consolidated balance sheets are as follows:

	Contract Liabilities
(In thousands)
Balance as of January 1, 2021	$	73,267
Recognized in tour revenues during the period		(77,816	)
Additional contract liabilities in period		125,525
Balance as of September 30, 2021	$	120,976

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

	For the three months ended September 30,					For the nine months ended September 30,
	2021			2020		2021			2020
Guest ticket revenue:	(unaudited)					(unaudited)
Direct		60	%		NA		60	%		42	%
National Geographic		13	%		NA		12	%		18	%
Agencies		17	%		NA		17	%		24	%
Affinity		7	%		NA		6	%		5	%
Guest ticket revenue		97	%		NA		95	%		89	%
Other tour revenue		3	%		NA		5	%		11	%
Tour revenues		100	%		NA		100	%		100	%