0001144204-18-043330.txt : 20180809 0001144204-18-043330.hdr.sgml : 20180809 20180809163803 ACCESSION NUMBER: 0001144204-18-043330 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 69 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180809 DATE AS OF CHANGE: 20180809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Norwegian Cruise Line Holdings Ltd. CENTRAL INDEX KEY: 0001513761 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 980691007 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35784 FILM NUMBER: 181005648 BUSINESS ADDRESS: STREET 1: 7665 CORPORATE DRIVE CITY: MIAMI STATE: FL ZIP: 33126 BUSINESS PHONE: 305-436-4000 MAIL ADDRESS: STREET 1: 7665 CORPORATE DRIVE CITY: MIAMI STATE: FL ZIP: 33126 10-Q 1 tv499867_10q.htm FORM 10-Q

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2018

 

OR

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

 

Commission File Number: 001-35784

 

 

 

NORWEGIAN CRUISE LINE HOLDINGS LTD.

(Exact name of registrant as specified in its charter)

 

 

 

Bermuda   98-0691007

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

7665 Corporate Center Drive, Miami, Florida 33126

(Address of principal executive offices) (zip code)

 

(305) 436-4000

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer x Accelerated filer ¨
Non-accelerated filer ¨  (Do not check if a smaller reporting company) Smaller reporting company ¨
Emerging growth company ¨    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

 

There were 221,468,328 ordinary shares outstanding as of July 31, 2018.

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements 1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 17
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 27
     
Item 4. Controls and Procedures 28
   
PART II. OTHER INFORMATION  
     
Item 1. Legal Proceedings 29
     
Item 1A. Risk Factors 29
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29
     
Item 5. Other Information 30
     
Item 6. Exhibits 30
   
SIGNATURES 31

 

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Revenue                    
Passenger ticket  $1,077,046   $938,014   $1,966,912   $1,724,708 
Onboard and other   445,128    406,089    848,665    770,176 
Total revenue   1,522,174    1,344,103    2,815,577    2,494,884 
Cruise operating expense                    
Commissions, transportation and other   249,875    223,315    468,215    417,455 
Onboard and other   92,797    83,367    163,485    151,778 
Payroll and related   219,337    194,724    429,161    387,360 
Fuel   95,212    86,663    188,643    175,549 
Food   54,091    47,340    104,747    93,518 
Other   151,471    116,833    276,623    246,380 
Total cruise operating expense   862,783    752,242    1,630,874    1,472,040 
Other operating expense                    
Marketing, general and administrative   226,535    193,649    453,550    385,693 
Depreciation and amortization   140,704    123,141    271,948    242,346 
Total other operating expense   367,239    316,790    725,498    628,039 
Operating income   292,152    275,071    459,205    394,805 
Non-operating income (expense)                    
Interest expense, net   (72,988)   (64,196)   (132,686)   (117,156)
Other income (expense), net   12,922    (5,609)   11,256    (8,424)
Total non-operating income (expense)   (60,066)   (69,805)   (121,430)   (125,580)
Net income before income taxes   232,086    205,266    337,775    269,225 
Income tax expense   (5,410)   (6,793)   (7,944)   (8,842)
Net income  $226,676   $198,473   $329,831   $260,383 
Weighted-average shares outstanding                    
Basic   223,308,350    227,931,135    225,314,816    227,701,109 
Diluted   224,390,879    229,090,085    226,778,106    228,824,296 
Earnings per share                    
Basic  $1.02   $0.87   $1.46   $1.14 
Diluted  $1.01   $0.87   $1.45   $1.14 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 1 

 

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Comprehensive Income

(Unaudited)

(in thousands)

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Net income  $226,676   $198,473   $329,831   $260,383 
Other comprehensive income (loss):                    
Shipboard Retirement Plan   107    104    212    209 
Cash flow hedges:                    
Net unrealized gain (loss)   (15,894)   131,519    32,682    124,236 
Amount realized and reclassified into earnings   (6,723)   10,244    (8,508)   19,949 
Total other comprehensive income (loss)   (22,510)   141,867    24,386    144,394 
Total comprehensive income  $204,166   $340,340   $354,217   $404,777 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 2 

 

Norwegian Cruise Line Holdings Ltd.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)

 

   June 30,
2018
   December 31,
2017
 
Assets          
Current assets:          
Cash and cash equivalents  $205,007   $176,190 
Accounts receivable, net   44,212    43,961 
Inventories   93,136    82,121 
Prepaid expenses and other assets   329,135    216,065 
Total current assets   671,490    518,337 
Property and equipment, net   12,085,701    11,040,488 
Goodwill   1,388,931    1,388,931 
Tradenames   817,525    817,525 
Other long-term assets   365,999    329,588 
Total assets  $15,329,646   $14,094,869 
Liabilities and shareholders’ equity          
Current liabilities:          
Current portion of long-term debt  $679,767   $619,373 
Accounts payable   54,676    53,433 
Accrued expenses and other liabilities   620,021    513,717 
Advance ticket sales   1,951,701    1,303,498 
Total current liabilities   3,306,165    2,490,021 
Long-term debt   6,149,221    5,688,392 
Other long-term liabilities   187,467    166,690 
Total liabilities   9,642,853    8,345,103 
Commitments and contingencies (Note 10)          
Shareholders’ equity:          
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 235,174,511 shares issued and 221,378,084 shares outstanding at June 30, 2018 and 233,840,523 shares issued and 228,528,562 shares outstanding at December 31, 2017   235    233 
Additional paid-in capital   4,064,138    3,998,694 
Accumulated other comprehensive income   51,352    26,966 
Retained earnings   2,273,828    1,963,128 
Treasury shares (13,796,427 and 5,311,961 ordinary shares at June 30, 2018 and December 31, 2017, respectively, at cost)   (702,760)   (239,255)
Total shareholders’ equity   5,686,793    5,749,766 
Total liabilities and shareholders’ equity  $15,329,646   $14,094,869 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 3 

 

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

   Six Months Ended
June 30,
 
   2018   2017 
Cash flows from operating activities          
Net income  $329,831   $260,383 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization expense   274,842    248,618 
Loss on derivatives   4    375 
Deferred income taxes, net   2,180    5,165 
Loss on extinguishment of debt   6,346     
Provision for bad debts and inventory   2,197    535 
Share-based compensation expense   59,835    42,220 
Net foreign currency adjustments   (3,884)    
Changes in operating assets and liabilities:          
Accounts receivable, net   (2,087)   12,301 
Inventories   (11,422)   (10,814)
Prepaid expenses and other assets   (74,980)   (21,719)
Accounts payable   3,645    10,129 
Accrued expenses and other liabilities   54,962    (28,382)
Advance ticket sales   612,332    400,920 
Net cash provided by operating activities   1,253,801    919,731 
Cash flows from investing activities          
Additions to property and equipment, net   (1,251,434)   (1,065,265)
Promissory note receipts   501     
Settlement of derivatives   64,796    (35,255)
Net cash used in investing activities   (1,186,137)   (1,100,520)
Cash flows from financing activities          
Repayments of long-term debt   (906,897)   (921,329)
Proceeds from long-term debt   1,445,352    1,217,060 
Proceeds from employee related plans   19,026    13,213 
Net share settlement of restricted share units   (13,415)   (6,187)
Repurchase of shares   (463,505)    
Early redemption premium   (5,154)    
Deferred financing fees   (114,254)   (31,000)
Net cash provided by (used in) financing activities   (38,847)   271,757 
Net increase in cash and cash equivalents   28,817    90,968 
Cash and cash equivalents at beginning of period   176,190    128,347 
Cash and cash equivalents at end of period  $205,007   $219,315 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 4 

 

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(in thousands)

 

   Ordinary
Shares
   Additional
Paid-in
Capital
   Accumulated
Other
Comprehensive
Income (Loss)
   Retained
Earnings
   Treasury
Shares
   Total
Shareholders’
Equity
 
Balance, December 31, 2016  $232   $3,890,119   $(314,473)  $1,201,103   $(239,255)  $4,537,726 
Share-based compensation       42,220                42,220 
Issuance of shares under employee related plans   1    13,212                13,213 
Change in accounting policy (share-based forfeitures)       (2,153)       2,153         
Net share settlement of restricted share units       (6,187)               (6,187)
Other comprehensive income, net           144,394            144,394 
Net income               260,383        260,383 
Balance, June 30, 2017  $233   $3,937,211   $(170,079)  $1,463,639   $(239,255)  $4,991,749 
                               
Balance, December 31, 2017   233    3,998,694    26,966    1,963,128    (239,255)   5,749,766 
Share-based compensation       59,835                59,835 
Issuance of shares under employee related plans   2    19,024                19,026 
Repurchase of shares                   (463,505)   (463,505)
Net share settlement of restricted share units       (13,415)               (13,415)
Cumulative change in accounting policy           (12)   (19,131)       (19,143)
Other comprehensive income, net           24,398            24,398 
Net income               329,831        329,831 
Balance, June 30, 2018  $235   $4,064,138   $51,352   $2,273,828   $(702,760)  $5,686,793 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 

 

Norwegian Cruise Line Holdings Ltd.

Notes to Consolidated Financial Statements

(Unaudited)

 

Unless otherwise indicated or the context otherwise requires, references in this report to (i) the “Company,” “we,” “our” and “us” refer to NCLH (as defined below) and its subsidiaries (including Prestige (as defined below), except for periods prior to the consummation of the Acquisition of Prestige (as defined below)), (ii) “NCLC” refers to NCL Corporation Ltd., (iii) “NCLH” refers to Norwegian Cruise Line Holdings Ltd., (iv) “Norwegian Cruise Line” or “Norwegian” refers to the Norwegian Cruise Line brand and its predecessors, (v) “Prestige” refers to Prestige Cruises International S. de R.L. (formerly Prestige Cruises International, Inc.), together with its consolidated subsidiaries, including Prestige Cruise Holdings S. de R.L. (formerly Prestige Cruise Holdings, Inc.), Prestige’s direct wholly-owned subsidiary, which in turn is the parent of Oceania Cruises S. de R.L. (formerly Oceania Cruises, Inc.) (“Oceania Cruises”) and Seven Seas Cruises S. DE R.L. (“Regent”) (Oceania Cruises also refers to the brand by the same name and Regent also refers to the brand Regent Seven Seas Cruises), (vi) “Apollo” refers to Apollo Global Management, LLC, its subsidiaries and the affiliated funds it manages and the “Apollo Holders” refers to one or more of NCL Athene LLC, AIF VI NCL (AIV), L.P., AIF VI NCL (AIV II), L.P., AIF VI NCL (AIV III), L.P., AIF VI NCL (AIV IV), L.P., Apollo Overseas Partners (Delaware) VI, L.P., Apollo Overseas Partners (Delaware 892) VI, L.P., Apollo Overseas Partners VI, L.P., Apollo Overseas Partners (Germany) VI, L.P., AAA Guarantor — Co-Invest VII, L.P., AIF VI Euro Holdings, L.P., AIF VII Euro Holdings, L.P., Apollo Alternative Assets, L.P., Apollo Management VI, L.P. and Apollo Management VII, L.P. and (vii) “Genting HK” refers to Genting Hong Kong Limited and/or its affiliates (formerly Star Cruises Limited and/or its affiliates) (Genting HK owns NCLH’s ordinary shares indirectly through Star NCLC Holdings Ltd., its Bermuda wholly-owned subsidiary (“Star NCLC”)). References to the “U.S.” are to the United States of America, and “dollars” or “$” are to U.S. dollars, the “U.K.” are to the United Kingdom and “euros” or “€” are to the official currency of the Eurozone.

 

1.Description of Business and Organization

 

We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of June 30, 2018, we had 26 ships with approximately 54,400 Berths. We plan to introduce eight additional ships through 2027, subject to certain conditions. Norwegian Encore is on order for delivery in the fall of 2019. We also have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027. These additions to our fleet will increase our total Berths to approximately 78,900.

 

2.Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

 

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, which are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

 

Earnings Per Share

 

A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Net income  $226,676   $198,473   $329,831   $260,383 
Basic weighted-average shares outstanding   223,308,350    227,931,135    225,314,816    227,701,109 
Dilutive effect of share awards   1,082,529    1,158,950    1,463,290    1,123,187 
Diluted weighted-average shares outstanding   224,390,879    229,090,085    226,778,106    228,824,296 
Basic earnings per share  $1.02   $0.87   $1.46   $1.14 
Diluted earnings per share  $1.01   $0.87   $1.45   $1.14 

 

For the three months ended June 30, 2018 and 2017, a total of 5.9 million and 5.2 million shares, respectively, and for the six months ended June 30, 2018 and 2017, a total of 4.6 million and 6.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.

 

 6 

 

Revenue and Expense Recognition

 

On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09 (“Topic 606”) - Revenue from Contracts with Customers. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition. Using the modified retrospective method, we applied the new requirements to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.

 

Nature of goods and services

 

We offer our guests a multitude of cruise fare options when booking a cruise. Our cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, as well as meals and entertainment. In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, free internet, pre-cruise hotel packages, and on some of the exotic itineraries, pre or post land packages. Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place. Passenger ticket revenue also includes full ship charters as well as port fees and taxes.

 

During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, gift shop purchases, spa services, photo services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires. These contracts generally entitle us to a fixed percentage of the gross sales derived from these concessions. While some onboard goods and services may be prepaid prior to the voyage, we utilize point-of-sale systems for discrete purchases made onboard. Certain of our product offerings are bundled and we allocate the value of the bundled goods and services between passenger ticket revenue and onboard and other revenue based upon the relative standalone selling prices of those goods and services.

 

Timing of satisfaction of performance obligations and significant payment terms

 

The payment terms and cancellation policies vary by brand, stateroom category, length of voyage, and country of purchase. A deposit for a future booking is required at or soon after the time of booking. Final payment is generally due between 120 days and 180 days before the voyage. Deposits on advance ticket sales are deferred when received, and include amounts that are refundable. Deferred amounts are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Deposits are generally cancellable and refundable prior to sailing, but may be subject to penalties, depending on the timing of cancellation. The inception of substantive cancellation penalties generally coincides with the dates that final payment is due, and penalties generally increase as the voyage sail date approaches. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Onboard goods and services rendered may be paid at disembarkation. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period.

 

Cruises that are reserved under full ship charter agreements are subject to the payment terms of the specific agreement and may be either cancelable or non-cancelable. Deposits received on charter voyages are deferred when received and included in advance ticket sales. Deferred amounts are subsequently recognized as revenue ratably over the voyage sailing dates.

 

Financial statement presentation

 

As of January 1, 2018, in connection with the adoption of Topic 606, we reclassified $51.6 million of deferred costs associated with obtaining customer contracts to prepaid expenses and other assets from advance ticket sales.

 

Segment Reporting

 

We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment.

 

Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations in the U.S. Revenue attributable to U.S.-sourced guests has historically approximated 75-80%. No other individual country’s revenues exceed 10% in any given period.

 

 7 

 

Disaggregation of Revenue

 

Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): 

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
North America  $851,569   $769,368   $1,726,748   $1,620,039 
Europe   432,296    419,944    463,366    446,106 
Asia-Pacific   153,673    55,514    421,391    188,944 
Other   84,636    99,277    204,072    239,795 
Total revenue  $1,522,174   $1,344,103   $2,815,577   $2,494,884 

 

Contract Balances 

 

Receivables from customers are included within accounts receivables, net. As of June 30, 2018 and January 1, 2018, our receivables from customers were $18.3 million and $13.8 million, respectively.

 

Contract liabilities represent the Company’s obligation to transfer goods and services to a customer. A customer deposit held for a future cruise is generally considered a contract liability only when final payment is both due and paid by the customer and is usually recognized in earnings within 180 days of becoming a contract. Other deposits held and included within advance ticket sales or other long-term liabilities are not considered contract liabilities as they are largely cancelable and refundable. Our contract liabilities are included within advance ticket sales. As of June 30, 2018 and January 1, 2018, our contract liabilities were $1.5 billion and $1.0 billion, respectively. Of the amounts included within contract liabilities, approximately 50% were refundable in accordance with our cancellation policies. Approximately $1.0 billion of the January 1, 2018 contract liability balance has been recognized in revenue for the six months ended June 30, 2018.

 

Our revenue is seasonal and based on the demand for cruises. Historically, the seasonality of the North American cruise industry generally results in the greatest demand for cruises during the Northern Hemisphere’s summer months. This predictable seasonality in demand has resulted in fluctuations by quarter in our revenue and results of operations. The seasonality of our results is increased due to ships being taken out of service for regularly scheduled Dry-docks, which we typically schedule during non-peak demand periods. This seasonality will result in higher contract liability balances as a result of an increased number of reservations preceding these peak demand periods. The addition of new ships also increases the contract liability balances prior to a new ship’s delivery, as staterooms are usually made available for reservation prior to the inaugural cruise. Norwegian Bliss, with approximately 4,000 berths, added 8% capacity to our fleet, was delivered on April 19, 2018.

 

Practical Expedients and Exemptions

 

We do not disclose information about remaining performance obligations that have original expected durations of one year or less. We recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date. Variable consideration, which will be determined based on a future rate and passenger count, is excluded from the disclosure and these amounts are not material. These variable non-disclosed contractual amounts relate to our non-cancelable charter agreements and a leasing arrangement with a certain port, both of which are long-term in nature. Amounts that are fixed in nature due to the application of minimum guarantees are also not material and are not disclosed.

 

Contract Costs

 

Management expects that incremental commissions and credit card fees paid as a result of obtaining ticket contracts are recoverable; therefore, we recognize these amounts as assets when they are paid prior to the voyage. Costs of air tickets and port taxes and fees that fulfill future performance obligations are also considered recoverable and are recorded as assets. As of June 30, 2018, $140.4 million of costs incurred to obtain customers and $28.9 million of costs to fulfill contracts with customers are recognized as assets within prepaid expenses and other assets. Incremental commissions, credit card fees, air ticket costs, and port taxes and fees are recognized ratably over the voyage sailing dates, concurrent with associated revenue, and are primarily in commissions, transportation and other expense.

 

 8 

 

Impacts on Financial Statements

 

The adoption of Topic 606 does not change the timing, classification or amount of revenue recognized from customers in our consolidated financial statements nor does it change the timing, classification or amount of incremental costs to obtain and fulfill those contracts with customers. Therefore, the adoption had no impact on our consolidated statement of operations or consolidated statement of comprehensive income.

 

The following table summarizes the impacts of Topic 606 adoption on our consolidated balance sheet which has been adjusted for deferred contract costs that would have been included, net, in Advance ticket sales as of June 30, 2018 (in thousands):

 

   As reported   Adjustments   Balances without
adoption of Topic
606
 
Prepaid expenses and other assets  $329,135   $(81,936)  $247,199 
Total assets   15,329,646    (81,936)   15,247,710 
Advance ticket sales   1,951,701    (81,936)   1,869,765 
Total liabilities and shareholders’ equity  $15,329,646   $(81,936)  $15,247,710 

 

The following table summarizes the impacts of our adoption of Topic 606 on our consolidated statement of cash flows for the six months ended June 30, 2018 (in thousands):

 

   As reported   Adjustments   Balances without
adoption of Topic
606
 
Changes in operating assets and liabilities:               
Prepaid expenses and other assets  $(74,980)  $30,337   $(44,643)
Advance ticket sales   612,332    (30,337)   581,995 
Net cash provided by operating activities  $1,253,801   $   $1,253,801 

 

Foreign Currency

 

The majority of our transactions are settled in U.S. dollars. We translate assets and liabilities of our foreign subsidiaries at exchange rates in effect at the balance sheet date. We recognized a gain of $12.7 million and a loss of $8.1 million for the three months ended June 30, 2018 and 2017, respectively, and a gain of $10.9 million and a loss of $10.8 million for the six months ended June 30, 2018 and 2017, respectively, related to transactions denominated in other currencies.

 

Depreciation and Amortization Expense

 

The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net.

 

Recently Issued and Adopted Accounting Guidance

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. To evaluate the impact of the adoption of this guidance, we have engaged a third party to assist us in our review of existing leases and evaluation of contracts to determine what might be considered a lease under the new guidance. We are also evaluating certain practical expedients offered by the guidance and their effects upon adoption.

 

 9 

 

In December 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted. Among other provisions, the Act reduces the U.S. federal corporate tax rate from 35% to 21%. The SEC staff issued Staff Accounting Bulletin No. 118, which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes required by the Act. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. As of June 30, 2018, we have not completed the accounting for the tax effects of enactment of the Act; however, as described below, we have made a reasonable estimate of the effects on existing deferred tax balances. These amounts are provisional and subject to change. The most significant impact of the Act for the Company was a $7.4 million reduction of the value of net deferred tax liabilities (which represent future tax expenses) that was recorded in 2017 as a discrete tax benefit as a result of lowering the U.S. corporate income tax rate from 35% to 21%. The tax benefit represents a provisional amount and the Company’s current best estimates. Any adjustments recorded to the provisional amount through the end of 2018 will be included in income from operations as an adjustment to tax expense. The provisional amounts incorporate assumptions made based upon the Company’s current interpretation of the Act and may change as the Company receives additional clarification and implementation guidance. Other aspects of the Act are either not applicable or not expected to have a material impact on the Company’s financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04 which simplifies the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The guidance is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect to early adopt this guidance. We will evaluate the impact of this guidance to our consolidated financial statements upon adoption of the guidance. 

 

On January 1, 2018, we adopted ASU No. 2016-16 which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. This adoption resulted in a cumulative-effect adjustment of $19.1 million to retained earnings. This amount captures the write-off of previously unamortized deferred income tax expense from past intra-entity transfers involving assets other than inventory not previously recognized under U.S. GAAP.

 

On January 1, 2018, we adopted ASU No. 2017-12 which simplifies the accounting for derivatives. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Upon adoption, the guidance required a cumulative effect adjustment, relating to the elimination of the separate measurement of ineffectiveness for cash flow hedges, to accumulated other comprehensive income (loss) with a corresponding adjustment to the opening balance of retained earnings which was not material to our financial statements (we refer you to Note 8. “Fair Value Measurements and Derivatives”).

 

3.Intangible Assets

 

The carrying amounts of intangible assets subject to amortization are included within other long-term assets. The gross carrying amounts of intangible assets, the related accumulated amortization, the net carrying amounts and the weighted-average amortization periods of the Company’s intangible assets are listed in the following tables (in thousands, except amortization period):

 

   June 30, 2018 
   Gross Carrying
Amount
   Accumulated
Amortization
   Net Carrying
Amount
   Weighted-
Average
Amortization
Period (Years)
 
Customer relationships  $120,000   $(79,311)  $40,689    6.0 
Licenses   3,368    (2,213)   1,155    5.6 
Total intangible assets subject to amortization  $123,368   $(81,524)  $41,844      

 

   December 31, 2017 
   Gross Carrying
Amount
   Accumulated
Amortization
   Net Carrying
Amount
   Weighted-
Average
Amortization
Period (Years)
 
Customer relationships  $120,000   $(66,866)  $53,134    6.0 
Licenses   3,368    (1,601)   1,767    5.6 
Non-compete agreements   660    (660)       1.0 
Total intangible assets subject to amortization  $124,028   $(69,127)  $54,901      

 

The aggregate amortization expense is as follows (in thousands):

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Amortization expense  $6,553   $7,750   $13,057   $15,665 

 

 10 

 

The following table sets forth the Company’s estimated aggregate amortization expense for each of the five years below (in thousands):

 

Year ended December 31,  Amortization
Expense
 
2019  $18,489 
2020   9,906 
2021   75 
2022   75 
2023   75 

 

4.Accumulated Other Comprehensive Income

 

Accumulated other comprehensive income for the six months ended June 30, 2018 was as follows (in thousands):

 

   Accumulated
Other
Comprehensive
Income
   Change
Related to
Cash Flow
Hedges
   Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive income at beginning of period  $26,966   $33,861   $(6,895)
Current period other comprehensive income before reclassifications   32,682    32,682     
Amounts reclassified into earnings   (8,296)   (8,508)(1)   212(2)
Accumulated other comprehensive income at end of period  $51,352   $58,035(3)  $(6,683)

 

  (1) We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.

  (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense).

  (3) Includes $49.3 million of gain expected to be reclassified into earnings in the next 12 months.

 

Accumulated other comprehensive loss for the six months ended June 30, 2017 was as follows (in thousands):

 

   Accumulated
Other
Comprehensive
Loss
   Change
Related to
Cash Flow
Hedges
   Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive loss at beginning of period  $(314,473)  $(307,618)  $(6,855)
Current period other comprehensive income before reclassifications   124,236    124,236     
Amounts reclassified into earnings   20,158    19,949(1)   209(2)
Accumulated other comprehensive loss at end of period  $(170,079)  $(163,433)  $(6,646)

 

(1)We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.
(2)Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.

  

5.Property and Equipment, net

 

Property and equipment, net increased $1.0 billion for the six months ended June 30, 2018 primarily due to the delivery of Norwegian Bliss and ship improvement projects.

 

6.Long-Term Debt

 

On April 19, 2018, we took delivery of Norwegian Bliss. To finance the payment due upon delivery, we had export financing in place for 80% of the contract price. The associated $850.0 million term loan bears interest at a fixed rate of 3.92% with a maturity date of April 19, 2030. Principal and interest payments are payable semiannually.

 

On April 4, 2018, we redeemed $135.0 million principal amount of the $700.0 million aggregate principal amount of outstanding 4.750% Senior Notes due 2021 (the “Notes”) at a price equal to 100% of the principal amount of the Notes being redeemed and paid the premium of $5.1 million and accrued interest of $1.9 million. The redemption also resulted in a write off of $1.2 million of certain fees. Following the partial redemption, $565.0 million aggregate principal amount of Notes remained outstanding.

 

 11 

  

7.Related Party Disclosures

 

In March 2018, as part of a public equity offering of our ordinary shares owned by the Apollo Holders and Genting HK, we repurchased 4,722,312 of our ordinary shares sold in the offering for approximately $263.5 million pursuant to our then existing share repurchase program. As of June 30, 2018, the ownership percentages of NCLH’s ordinary shares were as follows:  

 

Shareholder  Number of
Shares
   Percentage
Ownership
 
Apollo Holders   15,728,782    7.1%
Genting HK   3,148,307    1.4%

 

8.Fair Value Measurements and Derivatives

 

Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

 

Fair Value Hierarchy

 

The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available:

 

Level 1 — Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.

Level 2 — Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.

Level 3 — Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available.

 

Derivatives

 

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties.

 

As of June 30, 2018, we had fuel swaps maturing through December 31, 2020 which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 1.0 million metric tons of our projected fuel purchases.

 

As of June 30, 2018, we had foreign currency forward contracts, matured foreign currency options and matured foreign currency collars which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency forward contracts was €1.5 billion, or $1.8 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018.

 

As of June 30, 2018, we had interest rate swap agreements to hedge our exposure to interest rate movements and to manage our interest expense. The notional amount of outstanding debt associated with the interest rate swap agreements was $1.0 billion as of June 30, 2018.

 

 12 

 

The following table sets forth our derivatives measured at fair value and discloses the balance sheet location (in thousands):

 

      Asset   Liability 
   Balance Sheet location  June 30,
2018
   December 31,
2017
   June 30,
2018
   December 31,
2017
 
Fuel contracts designated as hedging instruments                  
   Prepaid expenses and other assets  $48,058   $19,220   $   $2,406 
   Other long-term assets   32,482    19,854    658    3,469 
   Accrued expenses and other liabilities               3,348 
   Other long-term liabilities       576        2,148 
Foreign currency contracts designated as hedging instruments                       
   Prepaid expenses and other assets   3,502    52,300        730 
   Other long-term assets   42,186    85,081    2,960     
   Other long-term liabilities           4,760     
Interest contracts designated as hedging instruments                       
   Prepaid expenses and other assets   621             
   Other long-term assets   1,362             
   Accrued expenses and other liabilities               1,020 
Total derivatives designated as hedging instruments     $128,211   $177,031   $8,378   $13,121 

 

The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments.

 

The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):

 

June 30, 2018  Gross Amounts   Gross
Amounts
Offset
   Total Net
Amounts
   Gross
Amounts Not
Offset
   Net Amounts 
Assets  $128,211   $(3,618)  $124,593   $(42,913)  $81,680 
Liabilities   4,760        4,760    (4,760)    

  

December 31, 2017  Gross Amounts   Gross
Amounts
Offset
   Total Net
Amounts
   Gross
Amounts Not
Offset
   Net Amounts 
Assets  $176,455   $(6,605)  $169,850   $(127,924)  $41,926 
Liabilities   6,516    (576)   5,940    (1,020)   4,920 

 

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands):

 

Derivatives 

Amount of gain or (loss)

recognized in other

comprehensive income

  

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
  

Three Months

Ended June 30,

2018

  

Three Months

Ended June 30,

2017

     

Three Months

Ended June 30,

2018

  

Three Months

Ended June 30,

2017

 
Fuel contracts  $70,508   $(4,884)  Fuel  $7,904   $(8,584)
Foreign currency contracts   (88,382)   136,428   Depreciation and amortization expense   (899)   (895)
Interest rate contracts   1,980    (25)  Interest expense, net   (282)   (765)
Total gain (loss) recognized in other comprehensive income  $(15,894)  $131,519      $6,723   $(10,244)

 

 13 

  

The effects of cash flow hedge accounting on the consolidated statements of operations were as follows (in thousands):

 

   For the Three months
Ended June 30, 2018
   For the Three months
Ended June 30, 2017
 
   Fuel   Depreciation
and
amortization
   Interest
expense, net
   Fuel   Depreciation
and
amortization
   Interest
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded  $95,212   $140,704   $72,988   $86,663   $123,141   $64,196 
                               
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                              
Fuel contracts   7,904            (8,584)        
Foreign currency contracts       (899)           (895)    
Interest rate contracts           (282)           (765)

 

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands):

 

Derivatives 

Amount of gain or (loss)

recognized in other

comprehensive income

  

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
  

Six Months

Ended June 30,

2018

  

Six Months

Ended June 30,

2017

     

Six Months

Ended June 30,

2018

  

Six Months

Ended June 30,

2017

 
Fuel contracts  $64,496   $(31,087)  Fuel  $11,429   $(16,587)
Foreign currency contracts   (33,889)   155,064   Depreciation and amortization expense   (2,058)   (1,752)
Interest rate contracts   2,075    259   Interest expense, net   (863)   (1,610)
Total gain (loss) recognized in other comprehensive income  $32,682   $124,236      $8,508   $(19,949)

 

 

The effects of cash flow hedge accounting on the consolidated statements of operations were as follows (in thousands):

 

   For the Six Months
Ended June 30, 2018
   For the Six Months
Ended June 30, 2017
 
   Fuel   Depreciation
and
amortization
   Interest
expense, net
   Fuel   Depreciation
and
amortization
   Interest
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded  $188,643   $271,948   $132,686   $175,549   $242,346   $117,156 
                               
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                              
Fuel contracts   11,429            (16,587)        
Foreign currency contracts       (2,058)           (1,752)    
Interest rate contracts           (863)           (1,610)

 

Long-Term Debt

 

As of June 30, 2018 and December 31, 2017, the fair value of our long-term debt, including the current portion, was $6,964.9 million and $6,448.6 million, respectively, which was $4.2 million and $23.5 million higher, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities resulting in Level 2 inputs in the fair value hierarchy. Market risk associated with our long-term variable rate debt is the potential increase in interest expense from an increase in interest rates. The calculation of the fair value of our long-term debt is considered a Level 2 input.

 

 14 

 

Other

 

The carrying amounts reported in the consolidated balance sheets of all other financial assets and liabilities approximate fair value.

 

9.Employee Benefits and Compensation Plans

 

Share Option Awards

 

The following is a summary of option activity under NCLH’s Amended and Restated 2013 Performance Incentive Plan for the six months ended June 30, 2018. The amounts include 208,335 of performance-based awards, which were previously awarded, as a grant date had been established in the first quarter of 2018.

 

   Number of Share Option
Awards
   Weighted-Average Exercise
Price
   Weighted-
Average
Contractual Term
   Aggregate
Intrinsic Value
 
   Time-
Based
Awards
   Performance-
Based
Awards
   Market-
Based
Awards
   Time-
Based
Awards
   Performance-
Based
Awards
   Market-
Based
Awards
   (years)   (in thousands) 
Outstanding as of January 1, 2018   6,580,898    373,969    208,333   $49.18   $31.39   $59.43    6.99   $50,021 
Granted       208,335            59.43             
Exercised   (468,540)   (106,109)       33.46    19.00             
Forfeited and cancelled   (169,000)   (52,084)       54.75    59.43             
Outstanding as of June 30, 2018   5,943,358    424,111    208,333   $50.26   $44.82   $59.43    6.69   $23,885 

 

Restricted Ordinary Share Awards

 

The following is a summary of restricted NCLH ordinary share activity for the six months ended June 30, 2018:

 

   Number of
Time-Based
Awards
   Weighted-
Average Grant
Date Fair
Value
 
Non-vested as of January 1, 2018   858   $58.33 
Granted        
Vested   (429)   58.25 
Forfeited or expired        
Non-vested and expected to vest as of June 30, 2018   429   $58.41 

 

Restricted Share Unit Awards

 

On March 1, 2018, NCLH granted 1.6 million time-based restricted share unit awards to our employees which vest equally over three years. Additionally, on March 1, 2018, NCLH granted 0.5 million performance-based restricted share units to certain members of our management team which vest upon the achievement of certain pre-established performance targets (the number reported assumes the maximum level of achievement).

 

The following is a summary of restricted share unit activity for the six months ended June 30, 2018. The amounts include 0.3 million performance-based restricted share awards, which were previously awarded, as a grant date had been established in the first quarter of 2018 (the number reported assumes the maximum level of achievement).

 

   Number of
Time-Based
Awards
   Weighted-
Average Grant
Date Fair
Value
   Number of
Performance-
Based
Awards
   Weighted-
Average Grant
Date Fair Value
   Number of
Market-
Based
Awards
   Weighted-
Average Grant
Date Fair Value
 
Non-vested as of January 1, 2018   2,555,477   $50.86       $    50,000   $59.43 
Granted   1,613,077    56.73    843,998    56.58         
Vested   (1,006,184)   50.61                 
Forfeited or expired   (81,980)   53.29    (12,500)   59.43         
Non-vested and expected to vest as of June 30, 2018   3,080,390   $53.96    831,498   $56.58    50,000   $59.43 

 

 15 

 

The share-based compensation expense for the three months ended June 30, 2018 was $31.7 million of which $27.3 million was recorded in marketing, general and administrative expense and $4.4 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2018 was $59.8 million of which $52.1 million was recorded in marketing, general and administrative expense and $7.7 million was recorded in payroll and related expense. The share-based compensation expense for the three months ended June 30, 2017 was $24.0 million of which $21.1 million was recorded in marketing, general and administrative expense and $2.9 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2017 was $42.2 million of which $38.5 million was recorded in marketing, general and administrative expense and $3.7 million was recorded in payroll and related expense.

 

10.Commitments and Contingencies

 

Ship Construction Contracts

 

Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027, subject to certain conditions. Each of the six Project Leonardo ships is approximately 140,000 Gross Tons with approximately 3,300 Berths. We have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. This ship is approximately 55,000 Gross Tons and 750 Berths. We have one additional Breakaway Plus Class Ship, Norwegian Encore, on order for delivery in the fall of 2019. Norwegian Encore is approximately 168,000 Gross Tons with approximately 4,000 Berths. The combined contract price of these eight ships was approximately €7.2 billion, or $8.4 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018. We have obtained export credit financing for six of the ships which is expected to fund approximately 80% of the contract price of each ship expected to be delivered through 2025, subject to certain conditions. Two of the Leonardo ships are confirmed orders expected to be delivered in 2026 and 2027, subject to financing (we refer you to Note 13— “Subsequent Event”).

 

In connection with the contracts to build these ships, we do not anticipate any contractual breach or cancellation to occur. However, if any were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us, subject to certain refund guarantees, and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

 

Litigation

 

In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount.

 

Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. 

 

11.Other Income (Expense), Net

 

For the three and six months ended June 30, 2018, other income (expense), net was income of $12.9 million and $11.3 million, respectively, primarily due to foreign currency exchange gains. For the three and six months ended June 30, 2017, other income (expense) was expense of $5.6 million and $8.4 million, respectively, due to foreign currency exchange losses, partially offset by a gain from an insurance claim.

 

12.Supplemental Cash Flow Information

 

For the six months ended June 30, 2018 and 2017, we had non-cash investing activities in connection with property and equipment of $48.9 million and $10.3 million, respectively. For the six months ended June 30, 2018, we had net foreign currency adjustments of $3.9 million related to euro-denominated debt in connection with the financing for two of our Project Leonardo ships. For the six months ended June 30, 2017, we had non-cash investing activities in connection with capital leases of $5.4 million.

 

13.Subsequent Event

 

On July 11, 2018, NCLC confirmed orders to construct two Project Leonardo ships expected to be delivered in 2026 and 2027. NCLC previously announced the option to order these two ships. The effectiveness of the orders is contingent on NCLC’s entry into committed financing arrangements.

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Cautionary Statement Concerning Forward-Looking Statements

 

Certain statements in this report constitute forward-looking statements within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained, or incorporated by reference, in this report, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects and objectives of management for future operations (including development plans and objectives relating to our activities), are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend” and “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of:

 

  · adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events;

 

  · adverse incidents involving cruise ships;

 

  · adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;

 

  · the spread of epidemics and viral outbreaks;

 

  · our expansion into and investments in new markets;

 

  · the risks and increased costs associated with operating internationally;

 

  · breaches in data security or other disturbances to our information technology and other networks;

 

  · changes in fuel prices and/or other cruise operating costs;

 

  · fluctuations in foreign currency exchange rates;

 

  · overcapacity in key markets or globally;

 

  · the unavailability of attractive port destinations;
     
  · evolving requirements and regulations regarding data privacy and protection and any actual or perceived compliance failures by us;

 

  · our indebtedness and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business;

 

  · the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness;

 

  · volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;

 

  · our inability to recruit or retain qualified personnel or the loss of key personnel;

 

  · delays in our shipbuilding program and ship repairs, maintenance and refurbishments;

 

  · our reliance on third parties to provide hotel management services to certain ships and certain other services;

 

  · future increases in the price of, or major changes or reduction in, commercial airline services;

 

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  · amendments to our collective bargaining agreements for crew members and other employee relation issues;

 

  · our inability to obtain adequate insurance coverage;

 

  · future changes relating to how external distribution channels sell and market our cruises;

 

  · pending or threatened litigation, investigations and enforcement actions;

 

  · our ability to keep pace with developments in technology;

 

  · seasonal variations in passenger fare rates and occupancy levels at different times of the year;

 

  · changes involving the tax and environmental regulatory regimes in which we operate; and

 

  · other factors set forth under “Risk Factors.” 

 

The above examples are not exhaustive and new risks emerge from time to time. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.

 

Terminology

 

This report includes certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. Definitions of these non-GAAP financial measures are included below. For further information about our non-GAAP financial measures including detailed adjustments made in calculating our non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measure, we refer you to “Results of Operations” below.

 

Unless otherwise indicated in this report, the following terms have the meanings set forth below:

 

Acquisition of Prestige. In November 2014, we acquired Prestige in a cash and stock transaction for total consideration of $3.025 billion, including the assumption of debt.

 

Adjusted EBITDA. EBITDA adjusted for other income (expense), net and other supplemental adjustments.

 

Adjusted EPS. Adjusted Net Income divided by the number of diluted weighted-average shares outstanding.

 

Adjusted Net Cruise Cost Excluding Fuel. Net Cruise Cost Excluding Fuel expense adjusted for supplemental adjustments.

 

Adjusted Net Income. Net income adjusted for supplemental adjustments. 

 

Berths. Double occupancy capacity per cabin (single occupancy per studio cabin) even though many cabins can accommodate three or more passengers. 

 

Breakaway Four Loan. €729.9 million Breakaway four loan maturing in 2029.

 

Breakaway Plus Class Ships. Norwegian Escape, Norwegian Joy, Norwegian Bliss and a fourth ship on order, Norwegian Encore.

 

Business Enhancement Capital Expenditures. Capital expenditures other than those related to new ship construction and ROI Capital Expenditures.

 

Capacity Days. Available Berths multiplied by the number of cruise days for the period.

 

Constant Currency. A calculation whereby foreign currency-denominated revenue and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of the foreign exchange fluctuations.

 

Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.

 

EBITDA. Earnings before interest, taxes, and depreciation and amortization.

 

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EPS. Earnings per share.

 

Explorer Class Ships. Regent’s Seven Seas Explorer and a second ship on order, Seven Seas Splendor.

 

GAAP. Generally accepted accounting principles in the U.S.

 

Gross Cruise Cost. The sum of total cruise operating expense and marketing, general and administrative expense.

 

Gross Tons. A unit of enclosed passenger space on a cruise ship, such that one gross ton = 100 cubic feet or 2.831 cubic meters.

 

Gross Yield. Total revenue per Capacity Day. 

 

Net Cruise Cost. Gross Cruise Cost less commissions, transportation and other expense and onboard and other expense.

 

Net Cruise Cost Excluding Fuel. Net Cruise Cost less fuel expense.

 

Net Revenue. Total revenue less commissions, transportation and other expense and onboard and other expense.

 

Net Yield. Net Revenue per Capacity Day.

 

 • Occupancy Percentage. The ratio of Passenger Cruise Days to Capacity Days. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

 

Passenger Cruise Days. The number of passengers carried for the period, multiplied by the number of days in their respective cruises.

 

Project Leonardo. The next generation of ships for our Norwegian brand.

 

Revolving Loan Facility. $875.0 million senior secured revolving credit facility maturing on June 6, 2021.

 

ROI Capital Expenditures. Comprised of project-based capital expenditures which have a quantified return on investment.

 

SEC. U.S. Securities and Exchange Commission.

 

Secondary Equity Offering(s). Secondary public offering(s) of NCLH’s ordinary shares in March 2018, November 2017, August 2017, December 2015, August 2015, May 2015, March 2015, March 2014, December 2013 and August 2013.

 

Shipboard Retirement Plan. An unfunded defined benefit pension plan for certain crew members which computes benefits based on years of service, subject to certain requirements.

 

Non-GAAP Financial Measures

 

We use certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS, to enable us to analyze our performance. See “Terminology” for the definitions of these non-GAAP financial measures. We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.

 

As our business includes the sourcing of passengers and deployment of vessels outside of the U.S., a portion of our revenue and expenses are denominated in foreign currencies, particularly British pound, Canadian dollar, euro and Australian dollar, which are subject to fluctuations in currency exchange rates versus our reporting currency, the U.S. dollar. In order to monitor results excluding these fluctuations, we calculate certain non-GAAP measures on a Constant Currency basis, whereby current period revenue and expenses denominated in foreign currencies are converted to U.S. dollars using currency exchange rates of the comparable period. We believe that presenting these non-GAAP measures on both a reported and Constant Currency basis is useful in providing a more comprehensive view of trends in our business.

 

We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance. We also believe that Adjusted EBITDA is a useful measure in determining our performance as it reflects certain operating drivers of our business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP nor is it intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income, as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

 

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Adjusted Net Income and Adjusted EPS are non-GAAP financial measures that exclude certain amounts and are used to supplement GAAP net income and EPS. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparison to our historical performance. In addition, management uses Adjusted EPS as a performance measure for our incentive compensation. The amounts excluded in the presentation of these non-GAAP financial measures may vary from period to period; accordingly, our presentation of Adjusted Net Income and Adjusted EPS may not be indicative of future adjustments or results. For example, for the three and six months ended June 30, 2018, we incurred $6.3 million related to the extinguishment of debt due to the partial redemption of our 4.750% Senior Notes due 2021. We included this as an adjustment in the reconciliation of Adjusted Net Income since the extinguishment of debt is not representative of our day-to-day operations and we have included similar adjustments in prior periods; however, this adjustment did not occur in the comparable prior periods presented with this Form 10-Q and is therefore not included in the prior periods reconciliation.

 

You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we consider our non-GAAP financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP financial measures may not be comparable to other companies. Please see a historical reconciliation of these measures to the most comparable GAAP measure presented in our consolidated financial statements below in the “Results of Operations” section.

 

Financial Presentation

 

Revenue from our cruise and cruise-related activities are categorized by us as “passenger ticket revenue” and “onboard and other revenue.” Passenger ticket revenue and onboard and other revenue vary according to product offering, the size of the ship in operation, the length of cruises operated and the markets in which the ship operates. Our revenue is seasonal based on demand for cruises, which has historically been strongest during the Northern Hemisphere’s summer months. Passenger ticket revenue primarily consists of revenue for accommodations, meals in certain restaurants on the ship, certain onboard entertainment, and includes revenue for service charges and air and land transportation to and from the ship to the extent guests purchase these items from us. Onboard and other revenue primarily consists of revenue from casino, beverage sales, shore excursions, specialty dining, retail sales, spa services and photo services. Our onboard revenue is derived from onboard activities we perform directly or that are performed by independent concessionaires, from which we receive a share of their revenue.

 

Our cruise operating expense is classified as follows:

 

  Commissions, transportation and other primarily consists of direct costs associated with passenger ticket revenue. These costs include travel agent commissions, air and land transportation expenses, related credit card fees, certain port expenses and the costs associated with shore excursions and hotel accommodations included as part of the overall cruise purchase price.

 

  Onboard and other primarily consists of direct costs that are incurred in connection with onboard and other revenue. These include costs incurred in connection with casino, beverage sales and shore excursions.

 

  Payroll and related consists of the cost of wages and benefits for shipboard employees and costs of certain inventory items, including food, for a third party that provides crew and other hotel services for certain ships.

 

  Fuel includes fuel costs, the impact of certain fuel hedges and fuel delivery costs.

 

  Food consists of food costs for passengers and crew on certain ships.

 

  Other consists of repairs and maintenance (including Dry-dock costs), ship insurance and other ship expenses.

 

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Critical Accounting Policies

 

For a discussion of our critical accounting policies and estimates, see “Critical Accounting Policies” included in our Annual Report on Form 10-K for the year ended December 31, 2017 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” We have made no significant changes to our critical accounting policies and estimates from those described in our Annual Report on Form 10-K for the year ended December 31, 2017.

 

Quarterly Overview

 

Three months ended June 30, 2018 (“2018”) compared to three months ended June 30, 2017 (“2017”)

 

Total revenue increased 13.2% to $1.5 billion from $1.3 billion.

 

Net Revenue increased 13.7% to $1.2 billion from $1.0 billion.

 

Net income and diluted EPS were $226.7 million and $1.01, respectively, compared to $198.5 million and $0.87, respectively.
   
Operating income increased to $292.2 million from $275.1 million.

 

Adjusted Net Income and Adjusted EPS were $271.9 million and $1.21, respectively, in 2018, which included $45.2 million of adjustments primarily consisting of expenses related to non-cash compensation, amortization of intangible assets and certain other adjustments. Adjusted Net Income and Adjusted EPS were $232.7 million and $1.02, respectively, in 2017, which included $34.3 million of adjustments primarily consisting of expenses related to non-cash compensation, amortization of intangible assets and certain other adjustments.

 

Adjusted EBITDA improved 9.5% to $465.2 million from $424.9 million.

 

We refer you to our “Results of Operations” below for a calculation of Net Revenue, Adjusted Net Income, Adjusted EPS and Adjusted EBITDA.

 

Results of Operations

 

The following table sets forth operating data as a percentage of total revenue:

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Revenue                    
Passenger ticket   70.8%   69.8%   69.9%   69.1%
Onboard and other   29.2%   30.2%   30.1%   30.9%
Total revenue   100.0%   100.0%   100.0%   100.0%
Cruise operating expense                    
Commissions, transportation and other   16.4%   16.6%   16.6%   16.7%
Onboard and other   6.1%   6.2%   5.8%   6.1%
Payroll and related   14.4%   14.5%   15.2%   15.5%
Fuel   6.2%   6.4%   6.7%   7.0%
Food   3.6%   3.5%   3.7%   3.8%
Other   10.0%   8.7%   9.9%   9.9%
Total cruise operating expense   56.7%   55.9%   57.9%   59.0%
Other operating expense                    
Marketing, general and administrative   14.9%   14.4%   16.1%   15.5%
Depreciation and amortization   9.2%   9.2%   9.7%   9.7%
Total other operating expense   24.1%   23.6%   25.8%   25.2%
Operating income   19.2%   20.5%   16.3%   15.8%
Non-operating income (expense)                    
Interest expense, net   (4.8)%   (4.8)%   (4.7)%   (4.7)%
Other income (expense), net   0.8%   (0.4)%   0.4%   (0.3)%
Total non-operating income (expense)   (4.0)%   (5.2)%   (4.3)%   (5.0)%
Net income before income taxes   15.2%   15.3%   12.0%   10.8%
Income tax expense   (0.3)%   (0.5)%   (0.3)%   (0.4)%
Net income   14.9%   14.8%   11.7%   10.4%

 

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The following table sets forth selected statistical information:

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Passengers carried   687,820    598,942    1,305,260    1,127,296 
Passenger Cruise Days   4,959,446    4,517,788    9,684,050    8,748,306 
Capacity Days   4,550,217    4,189,750    9,016,688    8,220,366 
Occupancy Percentage   109.0%   107.8%   107.4%   106.4%

 

Net Revenue, Gross Yield and Net Yield were calculated as follows (in thousands, except Capacity Days and Yield data):

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2018
Constant
Currency
   2017   2018   2018
Constant
Currency
   2017 
Passenger ticket revenue  $1,077,046   $1,067,224   $938,014   $1,966,912   $1,944,016   $1,724,708 
Onboard and other revenue   445,128    445,128    406,089    848,665    848,665    770,176 
Total revenue   1,522,174    1,512,352    1,344,103    2,815,577    2,792,681    2,494,884 
Less:                              
Commissions, transportation and other expense   249,875    247,696    223,315    468,215    462,987    417,455 
Onboard and other expense   92,797    92,797    83,367    163,485    163,485    151,778 
Net Revenue  $1,179,502   $1,171,859   $1,037,421   $2,183,877   $2,166,209   $1,925,651 
Capacity Days   4,550,217    4,550,217    4,189,750    9,016,688    9,016,688    8,220,366 
Gross Yield  $334.53   $332.37   $320.81   $312.26   $309.72   $303.50 
Net Yield  $259.22   $257.54   $247.61   $242.20   $240.24   $234.25 

 

Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data):

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2018
Constant
Currency
   2017   2018   2018
Constant
Currency
   2017 
Total cruise operating expense  $862,783   $855,300   $752,242   $1,630,874   $1,618,893   $1,472,040 
Marketing, general and administrative expense   226,535    225,870    193,649    453,550    450,563    385,693 
Gross Cruise Cost   1,089,318    1,081,170    945,891    2,084,424    2,069,456    1,857,733 
Less:                              
Commissions, transportation and other expense   249,875    247,696    223,315    468,215    462,987    417,455 
Onboard and other expense   92,797    92,797    83,367    163,485    163,485    151,778 
Net Cruise Cost   746,646    740,677    639,209    1,452,724    1,442,984    1,288,500 
Less: Fuel expense   95,212    95,212    86,663    188,643    188,643    175,549 
Net Cruise Cost Excluding Fuel   651,434    645,465    552,546    1,264,081    1,254,341    1,112,951 
Less Non-GAAP Adjustments:                              
Non-cash deferred compensation (1)   542    542    823    1,084    1,084    1,646 
Non-cash share-based compensation (2)   31,733    31,733    24,017    59,835    59,835    42,220 
Secondary Equity Offering expenses (3)               482    482     
Severance payments and other fees (4)                       2,399 
Acquisition of Prestige expenses (5)           250            500 
Other (6)   80    80    1,606    (912)   (912)   1,606 
Adjusted Net Cruise Cost Excluding Fuel  $619,079   $613,110   $525,850   $1,203,592   $1,193,852   $1,064,580 
                               
Capacity Days   4,550,217    4,550,217    4,189,750    9,016,688    9,016,688    8,220,366 
Gross Cruise Cost per Capacity Day  $239.40   $237.61   $225.76   $231.17   $229.51   $225.99 
Net Cruise Cost per Capacity Day  $164.09   $162.78   $152.56   $161.12   $160.03   $156.74 
Net Cruise Cost Excluding Fuel per Capacity Day  $143.17   $141.85   $131.88   $140.19   $139.11   $135.39 
Adjusted Net Cruise Cost Excluding Fuel per Capacity Day  $136.05   $134.74   $125.51   $133.48   $132.40   $129.51 

 

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  (1) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense.
  (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.
  (3) Expenses related to a Secondary Equity Offering, which are included in marketing, general and administrative expense.
  (4) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense.
  (5) Expenses related to the Acquisition of Prestige, which are included in marketing, general and administrative expense.
  (6) Primarily related to expenses and reimbursements related to certain legal costs, which are included in marketing, general and administrative expense.

 

Adjusted Net Income and Adjusted EPS were calculated as follows (in thousands, except share and per share data):

 

  

Three Months Ended

June 30,

  

Six Months Ended

June 30,

 
   2018   2017   2018   2017 
Net income   226,676    198,473    329,831    260,383 
Non-GAAP Adjustments:                    
Non-cash deferred compensation (1)   864    823    1,727    1,646 
Non-cash share-based compensation (2)   31,733    24,017    59,835    42,220 
Secondary Equity Offering expenses (3)           482     
Severance payments and other fees (4)               2,399 
Acquisition of Prestige expenses (5)       250        500 
Amortization of intangible assets (6)   6,222    7,568    12,444    15,136 
Extinguishment of debt (7)   6,346        6,346     
Other (8)   80    1,606    (912)   1,606 
Adjusted Net Income  $271,921   $232,737   $409,753   $323,890 
Diluted weighted–average shares outstanding   224,390,879    229,090,085    226,778,106    228,824,296 
Diluted earnings per share  $1.01   $0.87   $1.45   $1.14 
Adjusted EPS  $1.21   $1.02   $1.81   $1.42 

 

  (1) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense and other income (expense).
  (2) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.
  (3) Expenses related to a Secondary Equity Offering, which are included in marketing, general and administrative expense.
  (4) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense.
  (5) Expenses related to the Acquisition of Prestige, which are included in marketing, general and administrative expense.
  (6) Amortization of intangible assets related to the Acquisition of Prestige, which are included in depreciation and amortization expense.
  (7) Losses on extinguishments of debt due to the partial redemption of our 4.750% Senior Notes due 2021, which are included in interest expense, net.
  (8) Primarily related to expenses and reimbursements related to certain legal costs, which are included in marketing, general and administrative expense.

 

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EBITDA and Adjusted EBITDA were calculated as follows (in thousands):

 

   Three Months Ended
June 30,
   Six Months Ended
June 30,
 
   2018   2017   2018   2017 
Net income  $226,676   $198,473   $329,831   $260,383 
Interest expense, net   72,988    64,196    132,686    117,156 
Income tax expense   5,410    6,793    7,944    8,842 
Depreciation and amortization expense   140,704    123,141    271,948    242,346 
EBITDA   445,778    392,603    742,409    628,727 
Other (income) expense (1)   (12,922)   5,609    (11,256)   8,424 
Non-GAAP Adjustments:                    
Non-cash deferred compensation (2)   542    823    1,084    1,646 
Non-cash share-based compensation (3)   31,733    24,017    59,835    42,220 
Secondary Equity Offering expenses (4)           482     
Severance payments and other fees (5)               2,399 
Acquisition of Prestige expenses (6)       250        500 
Other (7)   80    1,606    (912)   1,606 
Adjusted EBITDA  $465,211   $424,908   $791,642   $685,522 

 

  (1) Primarily consists of gains and losses, net for foreign currency exchanges.
  (2) Non-cash deferred compensation expenses related to the crew pension plan and other crew expenses, which are included in payroll and related expense.
  (3) Non-cash share-based compensation expenses related to equity awards, which are included in marketing, general and administrative expense and payroll and related expense.
  (4) Expenses related to a Secondary Equity Offering, which are included in marketing, general and administrative expense.
  (5) Severance payments and other fees related to restructuring costs and other severance arrangements, which are included in marketing, general and administrative expense.
  (6) Expenses related to the Acquisition of Prestige, which are included in marketing, general and administrative expense.
  (7) Primarily related to expenses and reimbursements related to certain legal costs, which are included in marketing, general and administrative expense.

 

Three months ended June 30, 2018 (“2018”) compared to three months ended June 30, 2017 (“2017”)

 

Revenue

 

Total revenue increased 13.2% to $1.5 billion in 2018 from $1.3 billion in 2017. Gross Yield increased 4.3%. Net Revenue increased 13.7% to $1.2 billion in 2018 from $1.0 billion in 2017 due to an increase in Capacity Days of 8.6% and an increase in Net Yield of 4.7%. The increase in Capacity Days was primarily due to Norwegian Joy joining our fleet in the second quarter of 2017 and Norwegian Bliss joining our fleet in the second quarter of 2018, partially offset by scheduled Dry-docks. The increase in Gross Yield and Net Yield was primarily due to an increase in passenger ticket pricing and Occupancy Percentage. On a Constant Currency basis, Net Yield increased 4.0%.

 

Expense

 

Total cruise operating expense increased 14.7% in 2018 compared to 2017 primarily due to the increase in Capacity Days as discussed above. Gross Cruise Cost increased 15.2% in 2018 compared to 2017 due to an increase in total cruise operating expense and marketing, general and administrative expenses. Total other operating expense increased 15.9% in 2018 compared to 2017. Marketing, general and administrative expenses increased primarily due to an increase in incentive compensation. Depreciation and amortization expenses increased primarily due to the addition of Norwegian Joy and Norwegian Bliss and ship improvement projects. On a Capacity Day basis, Net Cruise Cost increased 7.6% (6.7% on a Constant Currency basis) due to an increase in maintenance and repairs including Dry-dock expenses and an increase in marketing, general and administrative expenses. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 8.4% (7.4% on a Constant Currency basis).

 

Interest expense, net was $73.0 million in 2018 compared to $64.2 million in 2017. The increase in interest expense reflects additional debt in connection with the delivery of Norwegian Bliss in April 2018, the delivery of Norwegian Joy in April 2017, Project Leonardo financing, as well as higher interest rates due to an increase in LIBOR, partially offset by the benefit from the full redemption in October 2017 of our 4.625% Senior Notes due 2020 and $135.0 million partial redemption in April 2018 of our 4.75% Senior Notes due 2021. Also included in 2018 is the $6.3 million of redemption premium and write-off of fees in connection with the partial redemption mentioned above.

 

Other income (expense), net was income of $12.9 million in 2018 compared to an expense of $5.6 million in 2017. In 2018, the income was primarily related to gains on foreign currency exchange. In 2017, the expense was primarily related to losses on foreign currency exchange and unrealized and realized losses on derivatives, partially offset by income from an insurance settlement.

 

 24 

 

In 2018, we had an income tax expense of $5.4 million compared to $6.8 million in 2017.

 

Six months ended June 30, 2018 (“2018”) compared to six months ended June 30, 2017 (“2017”)

 

Revenue

 

Total revenue increased 12.9% to $2.8 billion in 2018 from $2.5 billion in 2017. Gross Yield increased 2.9%. Net Revenue increased 13.4% to $2.2 billion in 2018 from $1.9 billion in 2017 due to an increase in Capacity Days of 9.7% and an increase in Net Yield of 3.4%. The increase in Capacity Days was primarily due to Norwegian Joy joining our fleet in 2017 and Norwegian Bliss joining our fleet in the second quarter of 2018. The increase in Gross Yield and Net Yield was primarily due to an increase in passenger ticket pricing. On a Constant Currency basis, Net Yield increased 2.6%.

 

Expense

 

Total cruise operating expense increased 10.8% in 2018 compared to 2017 primarily due to the increase in Capacity Days as discussed above. Gross Cruise Cost increased 12.2% in 2018 compared to 2017 due to an increase in total cruise operating expense and marketing, general and administrative expenses. Total other operating expense increased 15.5% in 2018 compared to 2017. Marketing, general and administrative expenses increased primarily due to an increase in incentive compensation. Depreciation and amortization expenses increased primarily due to the additions of Norwegian Bliss and Norwegian Joy and ship improvement projects. On a Capacity Day basis, Net Cruise Cost increased 2.8% (2.1% on a Constant Currency basis) due to an increase in marketing, general and administrative expenses and an increase in maintenance and repairs including Dry-dock expenses. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 3.1% (2.2% on a Constant Currency basis).

 

Interest expense, net was $132.7 million in 2018 compared to $117.2 million in 2017. The increase in interest expense reflects additional debt in connection with the delivery of Norwegian Bliss in April 2018, the delivery of Norwegian Joy in April 2017, Project Leonardo financing, as well as higher interest rates due to an increase in LIBOR, partially offset by the benefit from the full redemption in October 2017 of our 4.625% Senior Notes due 2020 and $135.0 million partial redemption in April 2018 of our 4.75% Senior Notes due 2021. Also included in 2018 is the $6.3 million of redemption premium and write-off of fees in connection with the partial redemption mentioned above.

 

Other income (expense), net was income of $11.3 million in 2018 compared to an expense of $8.4 million in 2017. In 2018, the income was primarily related to gains on foreign currency exchange. In 2017, the expense was primarily related to losses on foreign currency exchange and unrealized and realized losses on derivatives partially offset by an insurance settlement.

 

In 2018, we had an income tax expense of $7.9 million compared to $8.8 million in 2017.

 

Liquidity and Capital Resources

 

General

 

As of June 30, 2018, our liquidity was $891.0 million consisting of $205.0 million in cash and cash equivalents and $686.0 million available under our Revolving Loan Facility. Our primary ongoing liquidity requirements are to finance working capital, capital expenditures and debt service.

 

As of June 30, 2018, we had a working capital deficit of $2.6 billion. This deficit included $2.0 billion of advance ticket sales, which represents the total revenue we collect in advance of sailing dates and accordingly is substantially more like deferred revenue balances rather than actual current cash liabilities. Our business model, along with our Revolving Loan Facility, allows us to operate with a working capital deficit and still meet our operating, investing and financing needs.

 

We evaluate potential sources of additional liquidity, including the capital markets, in the ordinary course of business. We will continue to evaluate opportunities to optimize our capital structure, taking into consideration our current and expected capital requirements, our assessment of prevailing market conditions and expectations regarding future conditions, and the contractual and other restrictions to which we are subject. 

 

Sources and Uses of Cash

 

In this section, references to “2018” refer to the six months ended June 30, 2018 and references to “2017” refer to the six months ended June 30, 2017.

 

Net cash provided by operating activities was $1.3 billion in 2018 as compared to $919.7 million in 2017. The net cash provided by operating activities included timing differences in cash receipts and payments relating to operating assets and liabilities. Advance ticket sales increased by $612.3 million in 2018 compared to $400.9 million in 2017. Without the adoption of ASU No. 2014-09, the Advance ticket sales would have increased by $582.0 million in 2018 (we refer you to Note 2— “Summary of Significant Accounting Policies— Revenue and Expense Recognition” of the Notes to Consolidated Financial Statements for more on the effects of adoption of ASU No. 2014-09).

 

 25 

 

Net cash used in investing activities was $1.2 billion in 2018 and $1.1 billion in 2017, primarily related to payments for ship deliveries, ships under construction and ship improvement projects.

 

Net cash used in financing activities was $38.8 million in 2018 primarily due to net repayments of our Revolving Loan Facility and other loan facilities offset by borrowings on newbuild facilities. We redeemed $135.0 million principal amount of the $700.0 million aggregate principal amount of outstanding 4.750% Senior Notes due 2021. Additionally, in 2018, we repurchased $463.5 million of our ordinary shares and incurred deferred financing fees related to financing of newbuild ships. Net cash provided by financing activities was $271.8 million in 2017 primarily due to the proceeds from our Breakaway Four Loan facility, partially offset by the repayments of other loan facilities, our net repayment of our then existing revolving loan facility and payment of deferred financing fees.

 

Future Capital Commitments

 

Future capital commitments consist of contracted commitments, including ship construction contracts, and future expected capital expenditures necessary for operations as well as our ship refurbishment projects. As of June 30, 2018, our anticipated capital expenditures were $0.3 billion for the remainder of 2018 and $1.3 billion and $0.9 billion for the years ending December 31, 2019 and 2020, respectively. We have export credit financing in place for the anticipated expenditures related to ship construction contracts of $0.05 billion for the remainder of 2018, $0.6 billion for 2019 and $0.5 billion for 2020. These future expected capital expenditures will significantly increase our depreciation and amortization expense as we take delivery of the ships.

 

Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027, subject to certain conditions. Each of the six Project Leonardo ships is approximately 140,000 Gross Tons with approximately 3,300 Berths. We have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. This ship is approximately 55,000 Gross Tons and 750 Berths. We have one additional Breakaway Plus Class Ship, Norwegian Encore, on order for delivery in the fall of 2019. Norwegian Encore is approximately 168,000 Gross Tons with approximately 4,000 Berths. The combined contract price of the eight ships was approximately €7.2 billion, or $8.4 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018. We have obtained export credit financing for six of the ships which is expected to fund approximately 80% of the contract price of each ship expected to be delivered through 2025, subject to certain conditions. Two of the Leonardo ships are confirmed orders expected to be delivered in 2026 and 2027, subject to financing (we refer you to Note 13— “Subsequent Event” of the Notes to Consolidated Financial Statements).

 

In connection with the contracts to build these ships, we do not anticipate any contractual breach or cancellation to occur. However, if any were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us, subject to certain refund guarantees, and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

 

Capitalized interest for the three and six months ended June 30, 2018 was $6.8 million and $16.8 million, respectively, and for the three and six months ended June 30, 2017 it was $7.1 million and $15.6 million, respectively, primarily associated with the construction of our newbuild ships.

 

Off-Balance Sheet Transactions

 

None.

 

Contractual Obligations

 

As of June 30, 2018, our contractual obligations with initial or remaining terms in excess of one year, including interest payments on long-term debt obligations, were as follows (in thousands): 

 

   Total   Less than
1 year
   1-3 years   3-5 years   More than
5 years
 
Long-term debt (1)  $6,960,218   $679,767   $1,358,238   $2,980,194   $1,942,019 
Operating leases (2)   134,669    16,172    31,711    27,946    58,840 
Ship construction contracts (3)   5,154,562    107,904    1,476,876    1,906,969    1,662,813 
Port facilities (4)   1,046,408    60,160    115,480    116,047    754,721 
Interest (5)   1,063,042    231,849    421,924    195,801    213,468 
Other (6)(7)   1,451,355    234,985    428,023    358,283    430,064 
Total  $15,810,254   $1,330,837   $3,832,252   $5,585,240   $5,061,925 

 

  (1) Includes discounts and premiums aggregating $0.4 million. Also includes capital leases. The amount excludes deferred financing fees which are included in the consolidated balance sheets as an offset to long-term debt.
  (2) Primarily for offices, motor vehicles and office equipment.
  (3) For our newbuild ships based on the euro/U.S. dollar exchange rate as of June 30, 2018. Export credit financing is in place from syndicates of banks. The amount does not include the two Project Leonardo ships which are subject to financing, as described below.

 

 26 

  

  (4) Primarily for our usage of certain port facilities.
  (5) Includes fixed and variable rates with LIBOR held constant as of June 30, 2018.
  (6) Future commitments for service, maintenance and other Business Enhancement Capital Expenditure contracts.
  (7) The table has been updated to reflect revisions to amounts previously included in the Annual Report on Form 10-K for the year ended December 31, 2017 for the periods less than 3 years in the “Other” category.

 

The table above does not include $0.5 million of unrecognized tax benefits.

 

The following ship construction contract commitments for the two Project Leonardo ships expected to be delivered in 2026 and 2027 are not included in the table above because the effectiveness of the orders is contingent on NCLC’s entry into committed financing arrangements (in thousands):

 

   Total   Less than
1 year
   1-3 years   3-5 years   More than
5 years
 
Ship construction contracts  $1,869,440   $37,389   $   $   $1,832,051 

 

Other

 

Certain service providers may require collateral in the normal course of our business. The amount of collateral may change based on certain terms and conditions.

 

As a routine part of our business, depending on market conditions, exchange rates, pricing and our strategy for growth, we regularly consider opportunities to enter into contracts for the building of additional ships. We may also consider the sale of ships, potential acquisitions and strategic alliances. If any of these were to occur, they may be financed through the incurrence of additional permitted indebtedness, through cash flows from operations, or through the issuance of debt, equity or equity-related securities.

 

Funding Sources

 

Certain of our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as limit our net funded debt-to-capital ratio, maintain certain other ratios and restrict our ability to pay dividends. Substantially all of our ships and other property and equipment are pledged as collateral for certain of our debt. We believe we were in compliance with these covenants as of June 30, 2018.

 

In addition, our existing debt agreements restrict, and any of our future debt arrangements may restrict, among other things, the ability of our subsidiaries, including NCLC, to make distributions and/or pay dividends to NCLH and our ability to pay cash dividends to our shareholders. We are a holding company and depend upon our subsidiaries for their ability to pay distributions to us to finance any dividend or pay any other obligations of NCLH. However, we do not believe that these restrictions have had or are expected to have an impact on our ability to meet any cash obligations.

 

The impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks. In the event this environment deteriorates, our business, financial condition and results of operations could be adversely impacted.

 

We believe our cash on hand, expected future operating cash inflows, additional available borrowings under our Revolving Loan Facility and our ability to issue debt securities or additional equity securities, will be sufficient to fund operations, debt payment requirements, capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period. There is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations. 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

General

 

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. The financial impacts of these derivative instruments are primarily offset by corresponding changes in the underlying exposures being hedged. We achieve this by closely matching the notional, term and conditions of the derivatives with the underlying risk being hedged. We do not hold or issue derivatives for trading or other speculative purposes. Derivative positions are monitored using techniques including market valuations and sensitivity analyses.

 

Interest Rate Risk

 

As of June 30, 2018, we had interest rate swap agreements to hedge our exposure to interest rate movements and to manage our interest expense. As of June 30, 2018, 70% of our debt was fixed and 30% was variable, which includes the effects of the interest rate swaps. The notional amount of outstanding debt associated with the interest rate swap agreements as of June 30, 2018 was $1.0 billion. Based on our June 30, 2018 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $20.9 million excluding the effects of capitalization of interest.

 

 27 

 

Foreign Currency Exchange Rate Risk

 

As of June 30, 2018, we had foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. These derivatives hedge the foreign currency exchange rate risk on a portion of the payments on our ship construction contracts. The payments not hedged aggregate €3.0 billion, or $3.5 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018. We estimate that a 10% change in the euro as of June 30, 2018 would result in a $0.3 billion change in the U.S. dollar value of the foreign currency denominated remaining payments.

 

Fuel Price Risk

 

Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships. Fuel expense, as a percentage of our total cruise operating expense, was 11.0% and 11.5% for the three months ended June 30, 2018 and 2017, respectively, and 11.6% and 11.9% for the six months ended June 30, 2018 and 2017, respectively. We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of June 30, 2018, we had hedged approximately 64%, 49% and 26% of our remaining 2018, 2019 and 2020, respectively, projected metric tons of fuel purchases. We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2018 fuel expense by $22.3 million. This increase would be partially offset by an increase in the fair value of our fuel swap agreements of $11.4 million. Fair value of our derivative contracts 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 fuel types, fuel curves, creditworthiness of the counterparty and the Company, as well as other data points. 

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our management has evaluated, with the participation of our Chief Executive Officer and Interim Chief Financial Officer, the effectiveness of our disclosure controls and procedures, as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended, as of June 30, 2018. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon management’s evaluation, our Chief Executive Officer and Interim Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 30, 2018 to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Interim Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the quarter ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on the Effectiveness of Controls

 

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there is only the reasonable assurance that our controls will succeed in achieving their goals under all potential future conditions.

 

 28 

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount.

 

Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery.

 

Item 1A. Risk Factors

 

We refer you to our 2017 Annual Report on Form 10-K for a discussion of the risk factors that affect our business and financial results. We wish to caution the reader that the risk factors discussed in “Item 1A. Risk Factors” in our 2017 Annual Report on Form 10-K, elsewhere in this report or other SEC filings, could cause future results to differ materially from those stated in any forward-looking statements.

 

Other than the risk factor set forth below regarding data privacy and protection regulations, there have been no material changes in our risk factors from those disclosed in our 2017 Annual Report on Form 10-K.

 

Evolving requirements and regulations regarding data privacy and protection and any actual or perceived compliance failures by us could increase our liability and costs and otherwise materially adversely affect our business operations.

 

We process and store sensitive information relating to our guests, employees, business partners and others and we are subject to requirements and regulations regarding data privacy and protection in multiple jurisdictions. Government regulators, privacy advocates and individuals are increasingly scrutinizing how companies collect, process, store, share and transmit personal data. New laws governing data privacy and protection, such as the European Union’s General Data Protection Regulation (“GDPR”) have been enacted and more are being considered worldwide. The GDPR contains stringent data privacy and protection requirements and enables regulators to impose significant penalties for non-compliance. The regulatory framework for data privacy and protection is uncertain for the foreseeable future, and it is possible that legal and regulatory obligations may continue to increase and may be interpreted and applied in a manner that is inconsistent or possibly conflicting from one jurisdiction to another.

 

Any actual or perceived failure by us or our business partners to comply with posted privacy policies, federal, state or international data privacy and protection laws and regulations, or privacy commitments contained in our contracts could result in proceedings against us by governmental entities or others and significant fines, which could have a material adverse effect on our business and operating results and harm our reputation. Additionally, if third parties we work with, such as vendors, violate applicable laws or regulations or our policies, such violations may also result in increased liability for us and have an adverse effect on our business.

 

Existing and future legal and regulatory restrictions on our ability to collect and use data could also negatively affect our ability to market our business, result in increased compliance costs, and otherwise affect our business processes, all of which could have an adverse effect on our financial results.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Purchases of Equity Securities by the Issuer

 

On April 17, 2018, the Board of Directors of NCLH approved a three-year share repurchase program under which NCLH may purchase up to $1.0 billion of its ordinary shares (the “Repurchase Program”). Pursuant to the Repurchase Program, NCLH may repurchase its ordinary shares from time to time, in amounts, at prices and at such times as it deems appropriate, subject to market conditions and other considerations. Repurchases under the Repurchase Program may take place in the open market or in privately negotiated transactions, including structured and derivative transactions such as accelerated share repurchase transactions and may be made under a Rule 10b5-1 plan.

 

 29 

 

Share repurchase activity during the three months ended June 30, 2018 was as follows:

 

Period 

Total Number
of Shares
Purchased as
Part of a
Publicly
Announced
Program

(in thousands)

   Average
Price Paid
per Share
   Approximate
Dollar Value of
Shares that May
Yet be
Purchased
Under the
Program
(in thousands)
 
April 1, 2018– April 30, 2018      $   $ 
May 1, 2018 – May 31, 2018   3,762   $53.16   $800,000 
June 1, 2018 – June 30, 2018      $   $ 
Total for the three months ended June 30, 2018   3,762   $53.16   $800,000 

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

31.1*  Certification of the President and Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

 

31.2*  Certification of the Interim Chief Financial Officer and Senior Vice President, Finance pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934

 

32.1**  Certifications of the President and Chief Executive Officer and the Interim Chief Financial Officer and Senior Vice President, Finance pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code

 

101*  The following unaudited consolidated financial statements are from Norwegian Cruise Line Holdings Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in Extensible Business Reporting Language (XBRL), as follows:

 

(i)the Consolidated Statements of Operations for the three and six months ended June 30, 2018 and 2017;

 

(ii)the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2018 and 2017;

 

(iii)the Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017;

 

(iv)the Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017;

 

(v)the Consolidated Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2018 and 2017; and

 

(vi)the Notes to the Consolidated Financial Statements, tagged in summary and detail.

 

*Filed herewith.

 

**Furnished herewith.

 

 30 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  NORWEGIAN CRUISE LINE HOLDINGS LTD.
  (Registrant)
     
  By: /s/ FRANK J. DEL RIO                                                  
  Name:  Frank J. Del Rio
  Title: President and Chief Executive Officer
    (Principal Executive Officer)
     
  By: /s/ MARK A. KEMPA 
  Name: Mark A. Kempa
  Title: Interim Chief Financial Officer and Senior Vice President, Finance
    (Principal Financial Officer)

 

Dated: August 9, 2018

 

 31 

 

EX-31.1 2 tv499867_ex31-1.htm EXHIBIT 31.1

 

Exhibit 31.1

 

CERTIFICATION

 

I, Frank J. Del Rio, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Norwegian Cruise Line Holdings Ltd.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

  /s/ Frank J. Del Rio
  Name: Frank J. Del Rio
Dated: August 9, 2018 Title: President and Chief Executive Officer

 

 

 

EX-31.2 3 tv499867_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

 

CERTIFICATION

 

I, Mark A. Kempa, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of Norwegian Cruise Line Holdings Ltd.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  

  /s/ Mark A. Kempa
  Name: Mark A. Kempa
  Title: Interim Chief Financial Officer and Senior Vice President, Finance

Dated: August 9, 2018

 

 

 

EX-32.1 4 tv499867_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of Frank J. Del Rio, the President and Chief Executive Officer, and Mark A. Kempa, the Interim Chief Financial Officer and Senior Vice President, Finance, of Norwegian Cruise Line Holdings Ltd. (the "Company"), does hereby certify, that, to such officer’s knowledge:

 

The Quarterly Report on Form 10-Q of the Company, for the quarter ended June 30, 2018 (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: August 9, 2018

 

  By: /s/ Frank J. Del Rio
  Name: Frank J. Del Rio
  Title: President and Chief Executive Officer
     
  By: /s/ Mark A. Kempa
  Name: Mark A. Kempa
  Title: Interim Chief Financial Officer and Senior Vice President, Finance

 

 

 

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initial;">We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of June 30, 2018, we had 26 ships with approximately 54,400 Berths. We plan to introduce eight additional ships through 2027, subject to certain conditions. Norwegian Encore is on order for delivery in the fall of 2019. We also have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027. 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We recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date. Variable consideration, which will be determined based on a future rate and passenger count, is excluded from the disclosure and these amounts are not material. These variable non-disclosed contractual amounts relate to our non-cancelable charter agreements and a leasing arrangement with a certain port, both of which are long-term in nature. 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Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Jul. 31, 2018
Document And Entity Information [Abstract]    
Entity Registrant Name Norwegian Cruise Line Holdings Ltd.  
Entity Central Index Key 0001513761  
Trading Symbol nclh  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock Shares Outstanding   221,468,328
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue        
Total revenue $ 1,522,174 $ 1,344,103 $ 2,815,577 $ 2,494,884
Cruise operating expense        
Commissions, transportation and other 249,875 223,315 468,215 417,455
Payroll and related 219,337 194,724 429,161 387,360
Fuel 95,212 86,663 188,643 175,549
Total cruise operating expense 862,783 752,242 1,630,874 1,472,040
Other operating expense        
Marketing, general and administrative 226,535 193,649 453,550 385,693
Depreciation and amortization 140,704 123,141 271,948 242,346
Total other operating expense 367,239 316,790 725,498 628,039
Operating income 292,152 275,071 459,205 394,805
Non-operating income (expense)        
Interest expense, net (72,988) (64,196) (132,686) (117,156)
Other income (expense), net 12,922 (5,609) 11,256 (8,424)
Total non-operating income (expense) (60,066) (69,805) (121,430) (125,580)
Net income before income taxes 232,086 205,266 337,775 269,225
Income tax expense (5,410) (6,793) (7,944) (8,842)
Net income $ 226,676 $ 198,473 $ 329,831 $ 260,383
Weighted-average shares outstanding        
Basic (in shares) 223,308,350 227,931,135 225,314,816 227,701,109
Diluted (in shares) 224,390,879 229,090,085 226,778,106 228,824,296
Earnings per share        
Basic (in dollars per share) $ 1.02 $ 0.87 $ 1.46 $ 1.14
Diluted (in dollars per share) $ 1.01 $ 0.87 $ 1.45 $ 1.14
Passenger ticket        
Revenue        
Total revenue $ 1,077,046 $ 938,014 $ 1,966,912 $ 1,724,708
Onboard and other        
Revenue        
Total revenue 445,128 406,089 848,665 770,176
Cruise operating expense        
Total cruise operating expense 92,797 83,367 163,485 151,778
Food        
Cruise operating expense        
Total cruise operating expense 54,091 47,340 104,747 93,518
Other        
Cruise operating expense        
Total cruise operating expense $ 151,471 $ 116,833 $ 276,623 $ 246,380
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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]        
Net income $ 226,676 $ 198,473 $ 329,831 $ 260,383
Other comprehensive income (loss):        
Shipboard Retirement Plan 107 104 212 209
Cash flow hedges:        
Net unrealized gain (loss) (15,894) 131,519 32,682 124,236
Amount realized and reclassified into earnings (6,723) 10,244 (8,508) 19,949
Total other comprehensive income (loss) (22,510) 141,867 24,386 144,394
Total comprehensive income $ 204,166 $ 340,340 $ 354,217 $ 404,777
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 205,007 $ 176,190
Accounts receivable, net 44,212 43,961
Inventories 93,136 82,121
Prepaid expenses and other assets 329,135 216,065
Total current assets 671,490 518,337
Property and equipment, net 12,085,701 11,040,488
Goodwill 1,388,931 1,388,931
Tradenames 817,525 817,525
Other long-term assets 365,999 329,588
Total assets 15,329,646 14,094,869
Current liabilities:    
Current portion of long-term debt 679,767 619,373
Accounts payable 54,676 53,433
Accrued expenses and other liabilities 620,021 513,717
Advance ticket sales 1,951,701 1,303,498
Total current liabilities 3,306,165 2,490,021
Long-term debt 6,149,221 5,688,392
Other long-term liabilities 187,467 166,690
Total liabilities 9,642,853 8,345,103
Commitments and contingencies (Note 10)
Shareholders' equity:    
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 235,174,511 shares issued and 221,378,084 shares outstanding at June 30, 2018 and 233,840,523 shares issued and 228,528,562 shares outstanding at December 31, 2017 235 233
Additional paid-in capital 4,064,138 3,998,694
Accumulated other comprehensive income 51,352 26,966
Retained earnings 2,273,828 1,963,128
Treasury shares (13,796,427 and 5,311,961 ordinary shares at June 30, 2018 and December 31, 2017, respectively, at cost) (702,760) (239,255)
Total shareholders' equity 5,686,793 5,749,766
Total liabilities and shareholders' equity $ 15,329,646 $ 14,094,869
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Consolidated Balance Sheets (Parentheticals) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Statement Of Financial Position [Abstract]    
Ordinary shares, par value (in dollars per shares) $ 0.001 $ 0.001
Ordinary shares, authorized 490,000,000 490,000,000
Ordinary shares, issued 235,174,511 233,840,523
Ordinary shares, outstanding 221,378,084 228,528,562
Treasury stock, shares 13,796,427 5,311,961
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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 329,831 $ 260,383
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 274,842 248,618
Loss on derivatives 4 375
Deferred income taxes, net 2,180 5,165
Loss on extinguishment of debt 6,346  
Provision for bad debts and inventory 2,197 535
Share-based compensation expense 59,835 42,220
Net foreign currency adjustments (3,884)  
Changes in operating assets and liabilities:    
Accounts receivable, net (2,087) 12,301
Inventories (11,422) (10,814)
Prepaid expenses and other assets (74,980) (21,719)
Accounts payable 3,645 10,129
Accrued expenses and other liabilities 54,962 (28,382)
Advance ticket sales 612,332 400,920
Net cash provided by operating activities 1,253,801 919,731
Cash flows from investing activities    
Additions to property and equipment, net (1,251,434) (1,065,265)
Promissory note receipts 501  
Settlement of derivatives 64,796 (35,255)
Net cash used in investing activities (1,186,137) (1,100,520)
Cash flows from financing activities    
Repayments of long-term debt (906,897) (921,329)
Proceeds from long-term debt 1,445,352 1,217,060
Proceeds from employee related plans 19,026 13,213
Net share settlement of restricted share units (13,415) (6,187)
Repurchase of shares (463,505)  
Early redemption premium (5,154)  
Deferred financing fees (114,254) (31,000)
Net cash provided by (used in) financing activities (38,847) 271,757
Net increase in cash and cash equivalents 28,817 90,968
Cash and cash equivalents at beginning of period 176,190 128,347
Cash and cash equivalents at end of period $ 205,007 $ 219,315
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Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Ordinary Shares
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Shares
Total
Balance at Dec. 31, 2016 $ 232 $ 3,890,119 $ (314,473) $ 1,201,103 $ (239,255) $ 4,537,726
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation   42,220       42,220
Issuance of shares under employee related plans 1 13,212       13,213
Change in accounting policy (share-based forfeitures)   (2,153)   2,153    
Net share settlement of restricted share units   (6,187)       (6,187)
Other comprehensive income, net     144,394     144,394
Net income       260,383   260,383
Balance at Jun. 30, 2017 233 3,937,211 (170,079) 1,463,639 (239,255) 4,991,749
Balance at Dec. 31, 2017 233 3,998,694 26,966 1,963,128 (239,255) 5,749,766
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Share-based compensation   59,835       59,835
Issuance of shares under employee related plans 2 19,024       19,026
Repurchase of shares         (463,505) (463,505)
Net share settlement of restricted share units   (13,415)       (13,415)
Other comprehensive income, net     24,398     24,386
Net income       329,831   329,831
Balance at Jun. 30, 2018 $ 235 $ 4,064,138 51,352 2,273,828 $ (702,760) 5,686,793
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cumulative change in accounting policy     $ (12) $ (19,131)   $ (19,143)
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Description of Business and Organization
6 Months Ended
Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Organization
1. Description of Business and Organization

 

We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of June 30, 2018, we had 26 ships with approximately 54,400 Berths. We plan to introduce eight additional ships through 2027, subject to certain conditions. Norwegian Encore is on order for delivery in the fall of 2019. We also have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027. These additions to our fleet will increase our total Berths to approximately 78,900.
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Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

 

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, which are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

 

Earnings Per Share

 

A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
Net income   $ 226,676     $ 198,473     $ 329,831     $ 260,383  
Basic weighted-average shares outstanding     223,308,350       227,931,135       225,314,816       227,701,109  
Dilutive effect of share awards     1,082,529       1,158,950       1,463,290       1,123,187  
Diluted weighted-average shares outstanding     224,390,879       229,090,085       226,778,106       228,824,296  
Basic earnings per share   $ 1.02     $ 0.87     $ 1.46     $ 1.14  
Diluted earnings per share   $ 1.01     $ 0.87     $ 1.45     $ 1.14  

 

For the three months ended June 30, 2018 and 2017, a total of 5.9 million and 5.2 million shares, respectively, and for the six months ended June 30, 2018 and 2017, a total of 4.6 million and 6.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.

 

Revenue and Expense Recognition

 

On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09 (“Topic 606”) - Revenue from Contracts with Customers. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition. Using the modified retrospective method, we applied the new requirements to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.

 

Nature of goods and services

 

We offer our guests a multitude of cruise fare options when booking a cruise. Our cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, as well as meals and entertainment. In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, free internet, pre-cruise hotel packages, and on some of the exotic itineraries, pre or post land packages. Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place. Passenger ticket revenue also includes full ship charters as well as port fees and taxes.

 

During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, gift shop purchases, spa services, photo services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires. These contracts generally entitle us to a fixed percentage of the gross sales derived from these concessions. While some onboard goods and services may be prepaid prior to the voyage, we utilize point-of-sale systems for discrete purchases made onboard. Certain of our product offerings are bundled and we allocate the value of the bundled goods and services between passenger ticket revenue and onboard and other revenue based upon the relative standalone selling prices of those goods and services.

 

Timing of satisfaction of performance obligations and significant payment terms

 

The payment terms and cancellation policies vary by brand, stateroom category, length of voyage, and country of purchase. A deposit for a future booking is required at or soon after the time of booking. Final payment is generally due between 120 days and 180 days before the voyage. Deposits on advance ticket sales are deferred when received, and include amounts that are refundable. Deferred amounts are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Deposits are generally cancellable and refundable prior to sailing, but may be subject to penalties, depending on the timing of cancellation. The inception of substantive cancellation penalties generally coincides with the dates that final payment is due, and penalties generally increase as the voyage sail date approaches. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Onboard goods and services rendered may be paid at disembarkation. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period.

 

Cruises that are reserved under full ship charter agreements are subject to the payment terms of the specific agreement and may be either cancelable or non-cancelable. Deposits received on charter voyages are deferred when received and included in advance ticket sales. Deferred amounts are subsequently recognized as revenue ratably over the voyage sailing dates.

 

Financial statement presentation

 

As of January 1, 2018, in connection with the adoption of Topic 606, we reclassified $51.6 million of deferred costs associated with obtaining customer contracts to prepaid expenses and other assets from advance ticket sales.

 

Segment Reporting

 

We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment.

 

Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations in the U.S. Revenue attributable to U.S.-sourced guests has historically approximated 75-80%. No other individual country’s revenues exceed 10% in any given period.

 

Disaggregation of Revenue

 

Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): 

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
North America   $ 851,569     $ 769,368     $ 1,726,748     $ 1,620,039  
Europe     432,296       419,944       463,366       446,106  
Asia-Pacific     153,673       55,514       421,391       188,944  
Other     84,636       99,277       204,072       239,795  
Total revenue   $ 1,522,174     $ 1,344,103     $ 2,815,577     $ 2,494,884  

 

Contract Balances 

 

Receivables from customers are included within accounts receivables, net. As of June 30, 2018 and January 1, 2018, our receivables from customers were $18.3 million and $13.8 million, respectively.

 

Contract liabilities represent the Company’s obligation to transfer goods and services to a customer. A customer deposit held for a future cruise is generally considered a contract liability only when final payment is both due and paid by the customer and is usually recognized in earnings within 180 days of becoming a contract. Other deposits held and included within advance ticket sales or other long-term liabilities are not considered contract liabilities as they are largely cancelable and refundable. Our contract liabilities are included within advance ticket sales. As of June 30, 2018 and January 1, 2018, our contract liabilities were $1.5 billion and $1.0 billion, respectively. Of the amounts included within contract liabilities, approximately 50% were refundable in accordance with our cancellation policies. Approximately $1.0 billion of the January 1, 2018 contract liability balance has been recognized in revenue for the six months ended June 30, 2018.

 

Our revenue is seasonal and based on the demand for cruises. Historically, the seasonality of the North American cruise industry generally results in the greatest demand for cruises during the Northern Hemisphere’s summer months. This predictable seasonality in demand has resulted in fluctuations by quarter in our revenue and results of operations. The seasonality of our results is increased due to ships being taken out of service for regularly scheduled Dry-docks, which we typically schedule during non-peak demand periods. This seasonality will result in higher contract liability balances as a result of an increased number of reservations preceding these peak demand periods. The addition of new ships also increases the contract liability balances prior to a new ship’s delivery, as staterooms are usually made available for reservation prior to the inaugural cruise. Norwegian Bliss, with approximately 4,000 berths, added 8% capacity to our fleet, was delivered on April 19, 2018.

 

Practical Expedients and Exemptions

 

We do not disclose information about remaining performance obligations that have original expected durations of one year or less. We recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date. Variable consideration, which will be determined based on a future rate and passenger count, is excluded from the disclosure and these amounts are not material. These variable non-disclosed contractual amounts relate to our non-cancelable charter agreements and a leasing arrangement with a certain port, both of which are long-term in nature. Amounts that are fixed in nature due to the application of minimum guarantees are also not material and are not disclosed.

 

Contract Costs

 

Management expects that incremental commissions and credit card fees paid as a result of obtaining ticket contracts are recoverable; therefore, we recognize these amounts as assets when they are paid prior to the voyage. Costs of air tickets and port taxes and fees that fulfill future performance obligations are also considered recoverable and are recorded as assets. As of June 30, 2018, $140.4 million of costs incurred to obtain customers and $28.9 million of costs to fulfill contracts with customers are recognized as assets within prepaid expenses and other assets. Incremental commissions, credit card fees, air ticket costs, and port taxes and fees are recognized ratably over the voyage sailing dates, concurrent with associated revenue, and are primarily in commissions, transportation and other expense.

 

Impacts on Financial Statements

 

The adoption of Topic 606 does not change the timing, classification or amount of revenue recognized from customers in our consolidated financial statements nor does it change the timing, classification or amount of incremental costs to obtain and fulfill those contracts with customers. Therefore, the adoption had no impact on our consolidated statement of operations or consolidated statement of comprehensive income.

 

The following table summarizes the impacts of Topic 606 adoption on our consolidated balance sheet which has been adjusted for deferred contract costs that would have been included, net, in Advance ticket sales as of June 30, 2018 (in thousands):

 

    As reported     Adjustments     Balances without 
adoption of Topic
606
 
Prepaid expenses and other assets   $ 329,135     $ (81,936 )   $ 247,199  
Total assets     15,329,646       (81,936 )     15,247,710  
Advance ticket sales     1,951,701       (81,936 )     1,869,765  
Total liabilities and shareholders’ equity   $ 15,329,646     $ (81,936 )   $ 15,247,710  

 

The following table summarizes the impacts of our adoption of Topic 606 on our consolidated statement of cash flows for the six months ended June 30, 2018 (in thousands):

 

    As reported     Adjustments     Balances without 
adoption of Topic 
606
 
Changes in operating assets and liabilities:                        
Prepaid expenses and other assets   $ (74,980 )   $ 30,337     $ (44,643 )
Advance ticket sales     612,332       (30,337 )     581,995  
Net cash provided by operating activities   $ 1,253,801     $     $ 1,253,801  

 

Foreign Currency

 

The majority of our transactions are settled in U.S. dollars. We translate assets and liabilities of our foreign subsidiaries at exchange rates in effect at the balance sheet date. We recognized a gain of $12.7 million and a loss of $8.1 million for the three months ended June 30, 2018 and 2017, respectively, and a gain of $10.9 million and a loss of $10.8 million for the six months ended June 30, 2018 and 2017, respectively, related to transactions denominated in other currencies.

 

Depreciation and Amortization Expense

 

The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net.

 

Recently Issued and Adopted Accounting Guidance

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. To evaluate the impact of the adoption of this guidance, we have engaged a third party to assist us in our review of existing leases and evaluation of contracts to determine what might be considered a lease under the new guidance. We are also evaluating certain practical expedients offered by the guidance and their effects upon adoption.

 

In December 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted. Among other provisions, the Act reduces the U.S. federal corporate tax rate from 35% to 21%. The SEC staff issued Staff Accounting Bulletin No. 118, which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes required by the Act. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. As of June 30, 2018, we have not completed the accounting for the tax effects of enactment of the Act; however, as described below, we have made a reasonable estimate of the effects on existing deferred tax balances. These amounts are provisional and subject to change. The most significant impact of the Act for the Company was a $7.4 million reduction of the value of net deferred tax liabilities (which represent future tax expenses) that was recorded in 2017 as a discrete tax benefit as a result of lowering the U.S. corporate income tax rate from 35% to 21%. The tax benefit represents a provisional amount and the Company’s current best estimates. Any adjustments recorded to the provisional amount through the end of 2018 will be included in income from operations as an adjustment to tax expense. The provisional amounts incorporate assumptions made based upon the Company’s current interpretation of the Act and may change as the Company receives additional clarification and implementation guidance. Other aspects of the Act are either not applicable or not expected to have a material impact on the Company’s financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04 which simplifies the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The guidance is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect to early adopt this guidance. We will evaluate the impact of this guidance to our consolidated financial statements upon adoption of the guidance. 

 

On January 1, 2018, we adopted ASU No. 2016-16 which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. This adoption resulted in a cumulative-effect adjustment of $19.1 million to retained earnings. This amount captures the write-off of previously unamortized deferred income tax expense from past intra-entity transfers involving assets other than inventory not previously recognized under U.S. GAAP.

 

On January 1, 2018, we adopted ASU No. 2017-12 which simplifies the accounting for derivatives. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Upon adoption, the guidance required a cumulative effect adjustment, relating to the elimination of the separate measurement of ineffectiveness for cash flow hedges, to accumulated other comprehensive income (loss) with a corresponding adjustment to the opening balance of retained earnings which was not material to our financial statements (we refer you to Note 8. “Fair Value Measurements and Derivatives”).

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Intangible Assets
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
3. Intangible Assets

 

The carrying amounts of intangible assets subject to amortization are included within other long-term assets. The gross carrying amounts of intangible assets, the related accumulated amortization, the net carrying amounts and the weighted-average amortization periods of the Company’s intangible assets are listed in the following tables (in thousands, except amortization period):

 

    June 30, 2018  
    Gross Carrying
Amount
    Accumulated
Amortization
    Net Carrying
Amount
    Weighted-
Average
Amortization
Period (Years)
 
Customer relationships   $ 120,000     $ (79,311 )   $ 40,689       6.0  
Licenses     3,368       (2,213 )     1,155       5.6  
Total intangible assets subject to amortization   $ 123,368     $ (81,524 )   $ 41,844          

 

    December 31, 2017  
    Gross Carrying
Amount
    Accumulated
Amortization
    Net Carrying
Amount
    Weighted-
Average
Amortization
Period (Years)
 
Customer relationships   $ 120,000     $ (66,866 )   $ 53,134       6.0  
Licenses     3,368       (1,601 )     1,767       5.6  
Non-compete agreements     660       (660 )           1.0  
Total intangible assets subject to amortization   $ 124,028     $ (69,127 )   $ 54,901          

 

The aggregate amortization expense is as follows (in thousands):

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
Amortization expense   $ 6,553     $ 7,750     $ 13,057     $ 15,665  
 

The following table sets forth the Company’s estimated aggregate amortization expense for each of the five years below (in thousands):

 

Year ended December 31,   Amortization
Expense
 
2019   $ 18,489  
2020     9,906  
2021     75  
2022     75  
2023     75  
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Accumulated Other Comprehensive Income
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Accumulated Other Comprehensive Income
4. Accumulated Other Comprehensive Income

 

Accumulated other comprehensive income for the six months ended June 30, 2018 was as follows (in thousands):

 

    Accumulated
Other
Comprehensive
Income
    Change
Related to
Cash Flow
Hedges
    Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive income at beginning of period   $ 26,966     $ 33,861     $ (6,895 )
Current period other comprehensive income before reclassifications     32,682       32,682        
Amounts reclassified into earnings     (8,296 )     (8,508 )(1)     212 (2)
Accumulated other comprehensive income at end of period   $ 51,352     $ 58,035 (3)   $ (6,683 )

 

  (1) We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.

  (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense).

  (3) Includes $49.3 million of gain expected to be reclassified into earnings in the next 12 months.

 

Accumulated other comprehensive loss for the six months ended June 30, 2017 was as follows (in thousands):

 

    Accumulated
Other
Comprehensive
Loss
    Change
Related to
Cash Flow
Hedges
    Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive loss at beginning of period   $ (314,473 )   $ (307,618 )   $ (6,855 )
Current period other comprehensive income before reclassifications     124,236       124,236        
Amounts reclassified into earnings     20,158       19,949 (1)     209 (2)
Accumulated other comprehensive loss at end of period   $ (170,079 )   $ (163,433 )   $ (6,646 )

 

(1) We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.
(2) Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.
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Property and Equipment, net
6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Property and Equipment, net
5. Property and Equipment, net

 

Property and equipment, net increased $1.0 billion for the six months ended June 30, 2018 primarily due to the delivery of Norwegian Bliss and ship improvement projects.
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Long-Term Debt
6 Months Ended
Jun. 30, 2018
Long-term Debt, Unclassified [Abstract]  
Long-Term Debt
6. Long-Term Debt

 

On April 19, 2018, we took delivery of Norwegian Bliss. To finance the payment due upon delivery, we had export financing in place for 80% of the contract price. The associated $850.0 million term loan bears interest at a fixed rate of 3.92% with a maturity date of April 19, 2030. Principal and interest payments are payable semiannually.

 

On April 4, 2018, we redeemed $135.0 million principal amount of the $700.0 million aggregate principal amount of outstanding 4.750% Senior Notes due 2021 (the “Notes”) at a price equal to 100% of the principal amount of the Notes being redeemed and paid the premium of $5.1 million and accrued interest of $1.9 million. The redemption also resulted in a write off of $1.2 million of certain fees. Following the partial redemption, $565.0 million aggregate principal amount of Notes remained outstanding.
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Related Party Disclosures
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Disclosures
7. Related Party Disclosures

 

In March 2018, as part of a public equity offering of our ordinary shares owned by the Apollo Holders and Genting HK, we repurchased 4,722,312 of our ordinary shares sold in the offering for approximately $263.5 million pursuant to our then existing share repurchase program. As of June 30, 2018, the ownership percentages of NCLH’s ordinary shares were as follows:  

 

Shareholder   Number of
Shares
    Percentage
Ownership
 
Apollo Holders     15,728,782       7.1 %
Genting HK     3,148,307       1.4 %
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Fair Value Measurements and Derivatives
6 Months Ended
Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Fair Value Measurements and Derivatives
8. Fair Value Measurements and Derivatives

 

Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

 

Fair Value Hierarchy

 

The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available:

 

Level 1 — Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.

Level 2 — Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.

Level 3 — Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available.

 

Derivatives

 

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties.

 

As of June 30, 2018, we had fuel swaps maturing through December 31, 2020 which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 1.0 million metric tons of our projected fuel purchases.

 

As of June 30, 2018, we had foreign currency forward contracts, matured foreign currency options and matured foreign currency collars which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency forward contracts was €1.5 billion, or $1.8 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018.

 

As of June 30, 2018, we had interest rate swap agreements to hedge our exposure to interest rate movements and to manage our interest expense. The notional amount of outstanding debt associated with the interest rate swap agreements was $1.0 billion as of June 30, 2018.

 
The following table sets forth our derivatives measured at fair value and discloses the balance sheet location (in thousands):

 

        Asset     Liability  
    Balance Sheet location   June 30,
2018
    December 31,
2017
    June 30,
2018
    December 31,
2017
 
Fuel contracts designated as hedging instruments                          
    Prepaid expenses and other assets   $ 48,058     $ 19,220     $     $ 2,406  
    Other long-term assets     32,482       19,854       658       3,469  
    Accrued expenses and other liabilities                       3,348  
    Other long-term liabilities           576             2,148  
Foreign currency contracts designated as hedging instruments                                    
    Prepaid expenses and other assets     3,502       52,300             730  
    Other long-term assets     42,186       85,081       2,960        
    Other long-term liabilities                 4,760        
Interest contracts designated as hedging instruments                                    
    Prepaid expenses and other assets     621                    
    Other long-term assets     1,362                    
    Accrued expenses and other liabilities                       1,020  
Total derivatives designated as hedging instruments       $ 128,211     $ 177,031     $ 8,378     $ 13,121  

 

The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments.

 

The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):

 

June 30, 2018   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 128,211     $ (3,618 )   $ 124,593     $ (42,913 )   $ 81,680  
Liabilities     4,760             4,760       (4,760 )      

  

December 31, 2017   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 176,455     $ (6,605 )   $ 169,850     $ (127,924 )   $ 41,926  
Liabilities     6,516       (576 )     5,940       (1,020 )     4,920  

 

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands):

 

Derivatives  

Amount of gain or (loss)

recognized in other

comprehensive income

   

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
   

Three Months

Ended June 30,

2018

   

Three Months

Ended June 30,

2017

       

Three Months

Ended June 30,

2018

   

Three Months

Ended June 30,

2017

 
Fuel contracts   $ 70,508     $ (4,884 )   Fuel   $ 7,904     $ (8,584 )
Foreign currency contracts     (88,382 )     136,428     Depreciation and amortization expense     (899 )     (895 )
Interest rate contracts     1,980       (25 )   Interest expense, net     (282 )     (765 )
Total gain (loss) recognized in other comprehensive income   $ (15,894 )   $ 131,519         $ 6,723     $ (10,244 )
   

The effects of cash flow hedge accounting on the consolidated statements of operations were as follows (in thousands):

 

    For the Three months 
Ended June 30, 2018
    For the Three months 
Ended June 30, 2017
 
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded   $ 95,212     $ 140,704     $ 72,988     $ 86,663     $ 123,141     $ 64,196  
                                                 
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                                                
Fuel contracts     7,904                   (8,584 )            
Foreign currency contracts           (899 )                 (895 )      
Interest rate contracts                 (282 )                 (765 )

 

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands):

 

Derivatives  

Amount of gain or (loss)

recognized in other

comprehensive income

   

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
   

Six Months

Ended June 30,

2018

   

Six Months

Ended June 30,

2017

       

Six Months

Ended June 30,

2018

   

Six Months

Ended June 30,

2017

 
Fuel contracts   $ 64,496     $ (31,087 )   Fuel   $ 11,429     $ (16,587 )
Foreign currency contracts     (33,889 )     155,064     Depreciation and amortization expense     (2,058 )     (1,752 )
Interest rate contracts     2,075       259     Interest expense, net     (863 )     (1,610 )
Total gain (loss) recognized in other comprehensive income   $ 32,682     $ 124,236         $ 8,508     $ (19,949 )

 

The effects of cash flow hedge accounting on the consolidated statements of operations were as follows (in thousands):

 

    For the Six Months 
Ended June 30, 2018
    For the Six Months 
Ended June 30, 2017
 
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded   $ 188,643     $ 271,948     $ 132,686     $ 175,549     $ 242,346     $ 117,156  
                                                 
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                                                
Fuel contracts     11,429                   (16,587 )            
Foreign currency contracts           (2,058 )                 (1,752 )      
Interest rate contracts                 (863 )                 (1,610 )

 

Long-Term Debt

 

As of June 30, 2018 and December 31, 2017, the fair value of our long-term debt, including the current portion, was $6,964.9 million and $6,448.6 million, respectively, which was $4.2 million and $23.5 million higher, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities resulting in Level 2 inputs in the fair value hierarchy. Market risk associated with our long-term variable rate debt is the potential increase in interest expense from an increase in interest rates. The calculation of the fair value of our long-term debt is considered a Level 2 input.

 

Other

 

The carrying amounts reported in the consolidated balance sheets of all other financial assets and liabilities approximate fair value.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans
6 Months Ended
Jun. 30, 2018
Post employment Benefits [Abstract]  
Employee Benefits and Compensation Plans
9. Employee Benefits and Compensation Plans

 

Share Option Awards

 

The following is a summary of option activity under NCLH’s Amended and Restated 2013 Performance Incentive Plan for the six months ended June 30, 2018. The amounts include 208,335 of performance-based awards, which were previously awarded, as a grant date had been established in the first quarter of 2018.

 

    Number of Share Option
Awards
    Weighted-Average Exercise
Price
    Weighted-
Average
Contractual Term
    Aggregate
Intrinsic Value
 
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    (years)     (in thousands)  
Outstanding as of January 1, 2018     6,580,898       373,969       208,333     $ 49.18     $ 31.39     $ 59.43       6.99     $ 50,021  
Granted           208,335                   59.43                    
Exercised     (468,540 )     (106,109 )           33.46       19.00                    
Forfeited and cancelled     (169,000 )     (52,084 )           54.75       59.43                    
Outstanding as of June 30, 2018     5,943,358       424,111       208,333     $ 50.26     $ 44.82     $ 59.43       6.69     $ 23,885  

 

Restricted Ordinary Share Awards

 

The following is a summary of restricted NCLH ordinary share activity for the six months ended June 30, 2018:

 

    Number of
Time-Based
Awards
    Weighted-
Average Grant
Date Fair
Value
 
Non-vested as of January 1, 2018     858     $ 58.33  
Granted            
Vested     (429 )     58.25  
Forfeited or expired            
Non-vested and expected to vest as of June 30, 2018     429     $ 58.41  

 

Restricted Share Unit Awards

 

On March 1, 2018, NCLH granted 1.6 million time-based restricted share unit awards to our employees which vest equally over three years. Additionally, on March 1, 2018, NCLH granted 0.5 million performance-based restricted share units to certain members of our management team which vest upon the achievement of certain pre-established performance targets (the number reported assumes the maximum level of achievement).

 

The following is a summary of restricted share unit activity for the six months ended June 30, 2018. The amounts include 0.3 million performance-based restricted share awards, which were previously awarded, as a grant date had been established in the first quarter of 2018 (the number reported assumes the maximum level of achievement).

 

    Number of
Time-Based
Awards
    Weighted-
Average Grant
Date Fair
Value
    Number of
Performance-
Based
Awards
    Weighted-
Average Grant
Date Fair Value
    Number of
Market-
Based
Awards
    Weighted-
Average Grant
Date Fair Value
 
Non-vested as of January 1, 2018     2,555,477     $ 50.86           $       50,000     $ 59.43  
Granted     1,613,077       56.73       843,998       56.58              
Vested     (1,006,184 )     50.61                          
Forfeited or expired     (81,980 )     53.29       (12,500 )     59.43              
Non-vested and expected to vest as of June 30, 2018     3,080,390     $ 53.96       831,498     $ 56.58       50,000     $ 59.43  

 

The share-based compensation expense for the three months ended June 30, 2018 was $31.7 million of which $27.3 million was recorded in marketing, general and administrative expense and $4.4 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2018 was $59.8 million of which $52.1 million was recorded in marketing, general and administrative expense and $7.7 million was recorded in payroll and related expense. The share-based compensation expense for the three months ended June 30, 2017 was $24.0 million of which $21.1 million was recorded in marketing, general and administrative expense and $2.9 million was recorded in payroll and related expense. The share-based compensation expense for the six months ended June 30, 2017 was $42.2 million of which $38.5 million was recorded in marketing, general and administrative expense and $3.7 million was recorded in payroll and related expense.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies
10. Commitments and Contingencies

 

Ship Construction Contracts

 

Project Leonardo will introduce an additional six ships with expected delivery dates from 2022 through 2027, subject to certain conditions. Each of the six Project Leonardo ships is approximately 140,000 Gross Tons with approximately 3,300 Berths. We have an Explorer Class Ship, Seven Seas Splendor, on order for delivery in the winter of 2020. This ship is approximately 55,000 Gross Tons and 750 Berths. We have one additional Breakaway Plus Class Ship, Norwegian Encore, on order for delivery in the fall of 2019. Norwegian Encore is approximately 168,000 Gross Tons with approximately 4,000 Berths. The combined contract price of these eight ships was approximately €7.2 billion, or $8.4 billion based on the euro/U.S. dollar exchange rate as of June 30, 2018. We have obtained export credit financing for six of the ships which is expected to fund approximately 80% of the contract price of each ship expected to be delivered through 2025, subject to certain conditions. Two of the Leonardo ships are confirmed orders expected to be delivered in 2026 and 2027, subject to financing (we refer you to Note 13— “Subsequent Event”).

 

In connection with the contracts to build these ships, we do not anticipate any contractual breach or cancellation to occur. However, if any were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us, subject to certain refund guarantees, and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

 

Litigation

 

In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount.

 

Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Income (Expense), Net
6 Months Ended
Jun. 30, 2018
Other Income and Expenses [Abstract]  
Other Income (Expense), Net
11. Other Income (Expense), Net

 

For the three and six months ended June 30, 2018, other income (expense), net was income of $12.9 million and $11.3 million, respectively, primarily due to foreign currency exchange gains. For the three and six months ended June 30, 2017, other income (expense) was expense of $5.6 million and $8.4 million, respectively, due to foreign currency exchange losses, partially offset by a gain from an insurance claim.
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Cash Flow Information
6 Months Ended
Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information
12. Supplemental Cash Flow Information

 

For the six months ended June 30, 2018 and 2017, we had non-cash investing activities in connection with property and equipment of $48.9 million and $10.3 million, respectively. For the six months ended June 30, 2018, we had net foreign currency adjustments of $3.9 million related to euro-denominated debt in connection with the financing for two of our Project Leonardo ships. For the six months ended June 30, 2017, we had non-cash investing activities in connection with capital leases of $5.4 million.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event
13. Subsequent Event

 

On July 11, 2018, NCLC confirmed orders to construct two Project Leonardo ships expected to be delivered in 2026 and 2027. NCLC previously announced the option to order these two ships. The effectiveness of the orders is contingent on NCLC’s entry into committed financing arrangements.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

 

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, which are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Earnings Per Share

Earnings Per Share

 

A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
Net income   $ 226,676     $ 198,473     $ 329,831     $ 260,383  
Basic weighted-average shares outstanding     223,308,350       227,931,135       225,314,816       227,701,109  
Dilutive effect of share awards     1,082,529       1,158,950       1,463,290       1,123,187  
Diluted weighted-average shares outstanding     224,390,879       229,090,085       226,778,106       228,824,296  
Basic earnings per share   $ 1.02     $ 0.87     $ 1.46     $ 1.14  
Diluted earnings per share   $ 1.01     $ 0.87     $ 1.45     $ 1.14  

 

For the three months ended June 30, 2018 and 2017, a total of 5.9 million and 5.2 million shares, respectively, and for the six months ended June 30, 2018 and 2017, a total of 4.6 million and 6.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.
Revenue and Expense Recognition

Revenue and Expense Recognition

 

On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09 (“Topic 606”) - Revenue from Contracts with Customers. Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 - Revenue Recognition. Using the modified retrospective method, we applied the new requirements to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605.

 

Nature of goods and services

 

We offer our guests a multitude of cruise fare options when booking a cruise. Our cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, as well as meals and entertainment. In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, free internet, pre-cruise hotel packages, and on some of the exotic itineraries, pre or post land packages. Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place. Passenger ticket revenue also includes full ship charters as well as port fees and taxes.

 

During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, gift shop purchases, spa services, photo services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires. These contracts generally entitle us to a fixed percentage of the gross sales derived from these concessions. While some onboard goods and services may be prepaid prior to the voyage, we utilize point-of-sale systems for discrete purchases made onboard. Certain of our product offerings are bundled and we allocate the value of the bundled goods and services between passenger ticket revenue and onboard and other revenue based upon the relative standalone selling prices of those goods and services.

 

Timing of satisfaction of performance obligations and significant payment terms

 

The payment terms and cancellation policies vary by brand, stateroom category, length of voyage, and country of purchase. A deposit for a future booking is required at or soon after the time of booking. Final payment is generally due between 120 days and 180 days before the voyage. Deposits on advance ticket sales are deferred when received, and include amounts that are refundable. Deferred amounts are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Deposits are generally cancellable and refundable prior to sailing, but may be subject to penalties, depending on the timing of cancellation. The inception of substantive cancellation penalties generally coincides with the dates that final payment is due, and penalties generally increase as the voyage sail date approaches. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Onboard goods and services rendered may be paid at disembarkation. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period.

 

Cruises that are reserved under full ship charter agreements are subject to the payment terms of the specific agreement and may be either cancelable or non-cancelable. Deposits received on charter voyages are deferred when received and included in advance ticket sales. Deferred amounts are subsequently recognized as revenue ratably over the voyage sailing dates.

 

Financial statement presentation

 

As of January 1, 2018, in connection with the adoption of Topic 606, we reclassified $51.6 million of deferred costs associated with obtaining customer contracts to prepaid expenses and other assets from advance ticket sales.

 

Segment Reporting

 

We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment.

 

Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations in the U.S. Revenue attributable to U.S.-sourced guests has historically approximated 75-80%. No other individual country’s revenues exceed 10% in any given period.

 

Disaggregation of Revenue

 

Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): 

 

    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
North America   $ 851,569     $ 769,368     $ 1,726,748     $ 1,620,039  
Europe     432,296       419,944       463,366       446,106  
Asia-Pacific     153,673       55,514       421,391       188,944  
Other     84,636       99,277       204,072       239,795  
Total revenue   $ 1,522,174     $ 1,344,103     $ 2,815,577     $ 2,494,884  

 

Contract Balances 

 

Receivables from customers are included within accounts receivables, net. As of June 30, 2018 and January 1, 2018, our receivables from customers were $18.3 million and $13.8 million, respectively.

 

Contract liabilities represent the Company’s obligation to transfer goods and services to a customer. A customer deposit held for a future cruise is generally considered a contract liability only when final payment is both due and paid by the customer and is usually recognized in earnings within 180 days of becoming a contract. Other deposits held and included within advance ticket sales or other long-term liabilities are not considered contract liabilities as they are largely cancelable and refundable. Our contract liabilities are included within advance ticket sales. As of June 30, 2018 and January 1, 2018, our contract liabilities were $1.5 billion and $1.0 billion, respectively. Of the amounts included within contract liabilities, approximately 50% were refundable in accordance with our cancellation policies. Approximately $1.0 billion of the January 1, 2018 contract liability balance has been recognized in revenue for the six months ended June 30, 2018.

 

Our revenue is seasonal and based on the demand for cruises. Historically, the seasonality of the North American cruise industry generally results in the greatest demand for cruises during the Northern Hemisphere’s summer months. This predictable seasonality in demand has resulted in fluctuations by quarter in our revenue and results of operations. The seasonality of our results is increased due to ships being taken out of service for regularly scheduled Dry-docks, which we typically schedule during non-peak demand periods. This seasonality will result in higher contract liability balances as a result of an increased number of reservations preceding these peak demand periods. The addition of new ships also increases the contract liability balances prior to a new ship’s delivery, as staterooms are usually made available for reservation prior to the inaugural cruise. Norwegian Bliss, with approximately 4,000 berths, added 8% capacity to our fleet, was delivered on April 19, 2018.

 

Practical Expedients and Exemptions

 

We do not disclose information about remaining performance obligations that have original expected durations of one year or less. We recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date. Variable consideration, which will be determined based on a future rate and passenger count, is excluded from the disclosure and these amounts are not material. These variable non-disclosed contractual amounts relate to our non-cancelable charter agreements and a leasing arrangement with a certain port, both of which are long-term in nature. Amounts that are fixed in nature due to the application of minimum guarantees are also not material and are not disclosed.

 

Contract Costs

 

Management expects that incremental commissions and credit card fees paid as a result of obtaining ticket contracts are recoverable; therefore, we recognize these amounts as assets when they are paid prior to the voyage. Costs of air tickets and port taxes and fees that fulfill future performance obligations are also considered recoverable and are recorded as assets. As of June 30, 2018, $140.4 million of costs incurred to obtain customers and $28.9 million of costs to fulfill contracts with customers are recognized as assets within prepaid expenses and other assets. Incremental commissions, credit card fees, air ticket costs, and port taxes and fees are recognized ratably over the voyage sailing dates, concurrent with associated revenue, and are primarily in commissions, transportation and other expense.

 

Impacts on Financial Statements

 

The adoption of Topic 606 does not change the timing, classification or amount of revenue recognized from customers in our consolidated financial statements nor does it change the timing, classification or amount of incremental costs to obtain and fulfill those contracts with customers. Therefore, the adoption had no impact on our consolidated statement of operations or consolidated statement of comprehensive income.

 

The following table summarizes the impacts of Topic 606 adoption on our consolidated balance sheet which has been adjusted for deferred contract costs that would have been included, net, in Advance ticket sales as of June 30, 2018 (in thousands):

 

    As reported     Adjustments     Balances without 
adoption of Topic
606
 
Prepaid expenses and other assets   $ 329,135     $ (81,936 )   $ 247,199  
Total assets     15,329,646       (81,936 )     15,247,710  
Advance ticket sales     1,951,701       (81,936 )     1,869,765  
Total liabilities and shareholders’ equity   $ 15,329,646     $ (81,936 )   $ 15,247,710  

 

The following table summarizes the impacts of our adoption of Topic 606 on our consolidated statement of cash flows for the six months ended June 30, 2018 (in thousands):

 

    As reported     Adjustments     Balances without 
adoption of Topic 
606
 
Changes in operating assets and liabilities:                        
Prepaid expenses and other assets   $ (74,980 )   $ 30,337     $ (44,643 )
Advance ticket sales     612,332       (30,337 )     581,995  
Net cash provided by operating activities   $ 1,253,801     $     $ 1,253,801  
Foreign Currency

Foreign Currency

 

The majority of our transactions are settled in U.S. dollars. We translate assets and liabilities of our foreign subsidiaries at exchange rates in effect at the balance sheet date. We recognized a gain of $12.7 million and a loss of $8.1 million for the three months ended June 30, 2018 and 2017, respectively, and a gain of $10.9 million and a loss of $10.8 million for the six months ended June 30, 2018 and 2017, respectively, related to transactions denominated in other currencies.
Depreciation and Amortization Expense

Depreciation and Amortization Expense

 

The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net.
Recently Issued and Adopted Accounting Guidance

Recently Issued and Adopted Accounting Guidance

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02 which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The ASU requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. The ASU further modifies lessors’ classification criteria for leases and the accounting for sales-type and direct financing leases. The ASU will also require qualitative and quantitative disclosures designed to give financial statement users additional information on the amount, timing, and uncertainty of cash flows arising from leases. The ASU is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2018 with early adoption permitted. The ASU is to be applied using a modified retrospective approach. To evaluate the impact of the adoption of this guidance, we have engaged a third party to assist us in our review of existing leases and evaluation of contracts to determine what might be considered a lease under the new guidance. We are also evaluating certain practical expedients offered by the guidance and their effects upon adoption.

  

In December 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted. Among other provisions, the Act reduces the U.S. federal corporate tax rate from 35% to 21%. The SEC staff issued Staff Accounting Bulletin No. 118, which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes required by the Act. The measurement period ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. As of June 30, 2018, we have not completed the accounting for the tax effects of enactment of the Act; however, as described below, we have made a reasonable estimate of the effects on existing deferred tax balances. These amounts are provisional and subject to change. The most significant impact of the Act for the Company was a $7.4 million reduction of the value of net deferred tax liabilities (which represent future tax expenses) that was recorded in 2017 as a discrete tax benefit as a result of lowering the U.S. corporate income tax rate from 35% to 21%. The tax benefit represents a provisional amount and the Company’s current best estimates. Any adjustments recorded to the provisional amount through the end of 2018 will be included in income from operations as an adjustment to tax expense. The provisional amounts incorporate assumptions made based upon the Company’s current interpretation of the Act and may change as the Company receives additional clarification and implementation guidance. Other aspects of the Act are either not applicable or not expected to have a material impact on the Company’s financial statements.

 

In January 2017, the FASB issued ASU No. 2017-04 which simplifies the test for goodwill impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The guidance is effective for annual or any interim goodwill impairment tests in years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We do not expect to early adopt this guidance. We will evaluate the impact of this guidance to our consolidated financial statements upon adoption of the guidance. 

 

On January 1, 2018, we adopted ASU No. 2016-16 which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset has been sold to an outside party. This adoption resulted in a cumulative-effect adjustment of $19.1 million to retained earnings. This amount captures the write-off of previously unamortized deferred income tax expense from past intra-entity transfers involving assets other than inventory not previously recognized under U.S. GAAP.

 

On January 1, 2018, we adopted ASU No. 2017-12 which simplifies the accounting for derivatives. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Upon adoption, the guidance required a cumulative effect adjustment, relating to the elimination of the separate measurement of ineffectiveness for cash flow hedges, to accumulated other comprehensive income (loss) with a corresponding adjustment to the opening balance of retained earnings which was not material to our financial statements (we refer you to Note 8. “Fair Value Measurements and Derivatives”).
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of reconciliation between basic and diluted earnings per share
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
Net income   $ 226,676     $ 198,473     $ 329,831     $ 260,383  
Basic weighted-average shares outstanding     223,308,350       227,931,135       225,314,816       227,701,109  
Dilutive effect of share awards     1,082,529       1,158,950       1,463,290       1,123,187  
Diluted weighted-average shares outstanding     224,390,879       229,090,085       226,778,106       228,824,296  
Basic earnings per share   $ 1.02     $ 0.87     $ 1.46     $ 1.14  
Diluted earnings per share   $ 1.01     $ 0.87     $ 1.45     $ 1.14  
Schedule of revenues by destination
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
North America   $ 851,569     $ 769,368     $ 1,726,748     $ 1,620,039  
Europe     432,296       419,944       463,366       446,106  
Asia-Pacific     153,673       55,514       421,391       188,944  
Other     84,636       99,277       204,072       239,795  
Total revenue   $ 1,522,174     $ 1,344,103     $ 2,815,577     $ 2,494,884  
Schedule of impacts of Topic 606 adoption on consolidated balance sheet
    As reported     Adjustments     Balances without 
adoption of Topic
606
 
Prepaid expenses and other assets   $ 329,135     $ (81,936 )   $ 247,199  
Total assets     15,329,646       (81,936 )     15,247,710  
Advance ticket sales     1,951,701       (81,936 )     1,869,765  
Total liabilities and shareholders’ equity   $ 15,329,646     $ (81,936 )   $ 15,247,710  
Schedule of impacts of adoption of Topic 606 on consolidated statement of cash flows
    As reported     Adjustments     Balances without 
adoption of Topic 
606
 
Changes in operating assets and liabilities:                        
Prepaid expenses and other assets   $ (74,980 )   $ 30,337     $ (44,643 )
Advance ticket sales     612,332       (30,337 )     581,995  
Net cash provided by operating activities   $ 1,253,801     $     $ 1,253,801  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of gross carrying amounts, related accumulated amortization, net carrying amounts and the weighted-average amortization periods of intangible assets
    June 30, 2018  
    Gross Carrying
Amount
    Accumulated
Amortization
    Net Carrying
Amount
    Weighted-
Average
Amortization
Period (Years)
 
Customer relationships   $ 120,000     $ (79,311 )   $ 40,689       6.0  
Licenses     3,368       (2,213 )     1,155       5.6  
Total intangible assets subject to amortization   $ 123,368     $ (81,524 )   $ 41,844          

 

    December 31, 2017  
    Gross Carrying
Amount
    Accumulated
Amortization
    Net Carrying
Amount
    Weighted-
Average
Amortization
Period (Years)
 
Customer relationships   $ 120,000     $ (66,866 )   $ 53,134       6.0  
Licenses     3,368       (1,601 )     1,767       5.6  
Non-compete agreements     660       (660 )           1.0  
Total intangible assets subject to amortization   $ 124,028     $ (69,127 )   $ 54,901          
Schedule of aggregate amortization expense
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2018     2017     2018     2017  
Amortization expense   $ 6,553     $ 7,750     $ 13,057     $ 15,665  
Schedule of estimated future aggregate amortization expense
Year ended December 31,   Amortization
Expense
 
2019   $ 18,489  
2020     9,906  
2021     75  
2022     75  
2023     75  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accumulated Other Comprehensive Income (Tables)
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
Schedule of accumulated other comprehensive income (loss)
    Accumulated
Other
Comprehensive
Income
    Change
Related to
Cash Flow
Hedges
    Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive income at beginning of period   $ 26,966     $ 33,861     $ (6,895 )
Current period other comprehensive income before reclassifications     32,682       32,682        
Amounts reclassified into earnings     (8,296 )     (8,508 )(1)     212 (2)
Accumulated other comprehensive income at end of period   $ 51,352     $ 58,035 (3)   $ (6,683 )

 

  (1) We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.

  (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense).

  (3) Includes $49.3 million of gain expected to be reclassified into earnings in the next 12 months.
 
    Accumulated
Other
Comprehensive
Loss
    Change
Related to
Cash Flow
Hedges
    Change
Related to
Shipboard
Retirement
Plan
 
Accumulated other comprehensive loss at beginning of period   $ (314,473 )   $ (307,618 )   $ (6,855 )
Current period other comprehensive income before reclassifications     124,236       124,236        
Amounts reclassified into earnings     20,158       19,949 (1)     209 (2)
Accumulated other comprehensive loss at end of period   $ (170,079 )   $ (163,433 )   $ (6,646 )

 

(1) We refer you to Note 8— “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations.
(2) Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Disclosures (Tables)
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Schedule of ownership percentages of NCLH's ordinary shares
Shareholder   Number of
Shares
    Percentage
Ownership
 
Apollo Holders     15,728,782       7.1 %
Genting HK     3,148,307       1.4 %
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives (Tables)
6 Months Ended
Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Schedule of derivatives measured at fair value and discloses the balance sheet location
        Asset     Liability  
    Balance Sheet location   June 30,
2018
    December 31,
2017
    June 30,
2018
    December 31,
2017
 
Fuel contracts designated as hedging instruments                          
    Prepaid expenses and other assets   $ 48,058     $ 19,220     $     $ 2,406  
    Other long-term assets     32,482       19,854       658       3,469  
    Accrued expenses and other liabilities                       3,348  
    Other long-term liabilities           576             2,148  
Foreign currency contracts designated as hedging instruments                                    
    Prepaid expenses and other assets     3,502       52,300             730  
    Other long-term assets     42,186       85,081       2,960        
    Other long-term liabilities                 4,760        
Interest contracts designated as hedging instruments                                    
    Prepaid expenses and other assets     621                    
    Other long-term assets     1,362                    
    Accrued expenses and other liabilities                       1,020  
Total derivatives designated as hedging instruments       $ 128,211     $ 177,031     $ 8,378     $ 13,121  
Schedule of discloses the gross and net amounts recognized within assets and liabilities
June 30, 2018   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 128,211     $ (3,618 )   $ 124,593     $ (42,913 )   $ 81,680  
Liabilities     4,760             4,760       (4,760 )      

  

December 31, 2017   Gross Amounts     Gross
Amounts
Offset
    Total Net
Amounts
    Gross
Amounts Not
Offset
    Net Amounts  
Assets   $ 176,455     $ (6,605 )   $ 169,850     $ (127,924 )   $ 41,926  
Liabilities     6,516       (576 )     5,940       (1,020 )     4,920  
Schedule of cash flow hedge accounting on accumulated other comprehensive income
Derivatives  

Amount of gain or (loss)

recognized in other

comprehensive income

   

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
   

Three Months

Ended June 30,

2018

   

Three Months

Ended June 30,

2017

       

Three Months

Ended June 30,

2018

   

Three Months

Ended June 30,

2017

 
Fuel contracts   $ 70,508     $ (4,884 )   Fuel   $ 7,904     $ (8,584 )
Foreign currency contracts     (88,382 )     136,428     Depreciation and amortization expense     (899 )     (895 )
Interest rate contracts     1,980       (25 )   Interest expense, net     (282 )     (765 )
Total gain (loss) recognized in other comprehensive income   $ (15,894 )   $ 131,519         $ 6,723     $ (10,244 )
 
Derivatives  

Amount of gain or (loss)

recognized in other

comprehensive income

   

Location of gain or

(loss) reclassified

from accumulated

other

comprehensive

income (loss) into

income

 

Amount of gain or (loss) reclassified

from accumulated other comprehensive

income (loss) into income

 
   

Six Months

Ended June 30,

2018

   

Six Months

Ended June 30,

2017

       

Six Months

Ended June 30,

2018

   

Six Months

Ended June 30,

2017

 
Fuel contracts   $ 64,496     $ (31,087 )   Fuel   $ 11,429     $ (16,587 )
Foreign currency contracts     (33,889 )     155,064     Depreciation and amortization expense     (2,058 )     (1,752 )
Interest rate contracts     2,075       259     Interest expense, net     (863 )     (1,610 )
Total gain (loss) recognized in other comprehensive income   $ 32,682     $ 124,236         $ 8,508     $ (19,949 )
Schedule of cash flow hedge accounting on the consolidated financial statements of operations
    For the Three months 
Ended June 30, 2018
    For the Three months 
Ended June 30, 2017
 
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded   $ 95,212     $ 140,704     $ 72,988     $ 86,663     $ 123,141     $ 64,196  
                                                 
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                                                
Fuel contracts     7,904                   (8,584 )            
Foreign currency contracts           (899 )                 (895 )      
Interest rate contracts                 (282 )                 (765 )
 
    For the Six Months 
Ended June 30, 2018
    For the Six Months 
Ended June 30, 2017
 
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
    Fuel     Depreciation 
and 
amortization
    Interest 
expense, net
 
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded   $ 188,643     $ 271,948     $ 132,686     $ 175,549     $ 242,346     $ 117,156  
                                                 
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income                                                
Fuel contracts     11,429                   (16,587 )            
Foreign currency contracts           (2,058 )                 (1,752 )      
Interest rate contracts                 (863 )                 (1,610 )
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans (Tables)
6 Months Ended
Jun. 30, 2018
Post employment Benefits [Abstract]  
Summary of stock option activity
    Number of Share Option
Awards
    Weighted-Average Exercise
Price
    Weighted-
Average
Contractual Term
    Aggregate
Intrinsic Value
 
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    (years)     (in thousands)  
Outstanding as of January 1, 2018     6,580,898       373,969       208,333     $ 49.18     $ 31.39     $ 59.43       6.99     $ 50,021  
Granted           208,335                   59.43                    
Exercised     (468,540 )     (106,109 )           33.46       19.00                    
Forfeited and cancelled     (169,000 )     (52,084 )           54.75       59.43                    
Outstanding as of June 30, 2018     5,943,358       424,111       208,333     $ 50.26     $ 44.82     $ 59.43       6.69     $ 23,885  
Schedule of summary of restricted ordinary share activity
    Number of
Time-Based
Awards
    Weighted-
Average Grant
Date Fair
Value
 
Non-vested as of January 1, 2018     858     $ 58.33  
Granted            
Vested     (429 )     58.25  
Forfeited or expired            
Non-vested and expected to vest as of June 30, 2018     429     $ 58.41  
Schedule of summary of restricted share unit activity
    Number of
Time-Based
Awards
    Weighted-
Average Grant
Date Fair
Value
    Number of
Performance-
Based
Awards
    Weighted-
Average Grant
Date Fair Value
    Number of
Market-
Based
Awards
    Weighted-
Average Grant
Date Fair Value
 
Non-vested as of January 1, 2018     2,555,477     $ 50.86           $       50,000     $ 59.43  
Granted     1,613,077       56.73       843,998       56.58              
Vested     (1,006,184 )     50.61                          
Forfeited or expired     (81,980 )     53.29       (12,500 )     59.43              
Non-vested and expected to vest as of June 30, 2018     3,080,390     $ 53.96       831,498     $ 56.58       50,000     $ 59.43  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Description of Business and Organization (Detail Textuals)
6 Months Ended
Jun. 30, 2018
CruiseShip
Berth
Description Of Business And Organization [Line Items]  
Number of cruises ships 26
Capacity of ship, berths | Berth 54,400
Project Leonardo  
Description Of Business And Organization [Line Items]  
Number of cruises ships 2
Increased number of berths | Berth 78,900
Ships Launching Period Through 2027  
Description Of Business And Organization [Line Items]  
Number of additional ships 8
Ships Launching Period In 2022 And 2027 | Project Leonardo  
Description Of Business And Organization [Line Items]  
Number of additional ships 6
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Earnings Per Share [Abstract]        
Net income $ 226,676 $ 198,473 $ 329,831 $ 260,383
Basic weighted-average shares outstanding (in shares) 223,308,350 227,931,135 225,314,816 227,701,109
Dilutive effect of share awards 1,082,529 1,158,950 1,463,290 1,123,187
Diluted weighted-average shares outstanding (in shares) 224,390,879 229,090,085 226,778,106 228,824,296
Basic earnings per share (in dollars per share) $ 1.02 $ 0.87 $ 1.46 $ 1.14
Diluted earnings per share (in dollars per share) $ 1.01 $ 0.87 $ 1.45 $ 1.14
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Revenues $ 1,522,174 $ 1,344,103 $ 2,815,577 $ 2,494,884
North America        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Revenues 851,569 769,368 1,726,748 1,620,039
Europe        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Revenues 432,296 419,944 463,366 446,106
Asia-Pacific        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Revenues 153,673 55,514 421,391 188,944
Other        
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]        
Revenues $ 84,636 $ 99,277 $ 204,072 $ 239,795
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 2) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]    
Prepaid expenses and other assets $ 329,135 $ 216,065
Total assets 15,329,646 14,094,869
Advance ticket sales 1,951,701 1,303,498
Total liabilities and shareholders' equity 15,329,646 $ 14,094,869
Adjustments    
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]    
Prepaid expenses and other assets, Adjustments (81,936)  
Total assets, Adjustments (81,936)  
Advance ticket sales, Adjustments (81,936)  
Total liabilities and shareholders' equity, Adjustments (81,936)  
Balances without adoption of Topic 606    
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]    
Prepaid expenses and other assets 247,199  
Total assets 15,247,710  
Advance ticket sales 1,869,765  
Total liabilities and shareholders' equity $ 15,247,710  
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Details 3) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Changes in operating assets and liabilities:    
Prepaid expenses and other assets $ (74,980) $ (21,719)
Advance ticket sales 612,332 $ 400,920
Net cash provided by operating activities 1,253,801  
Adjustments    
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 30,337  
Advance ticket sales (30,337)  
Net cash provided by operating activities 0  
Balances without adoption of Topic 606    
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (44,643)  
Advance ticket sales 581,995  
Net cash provided by operating activities $ 1,253,801  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Detail Textuals)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Berth
shares
Jun. 30, 2017
USD ($)
shares
Jun. 30, 2018
USD ($)
Berth
shares
Jun. 30, 2017
USD ($)
shares
Jan. 01, 2018
USD ($)
Schedule Of Significant Accounting Policies [Line Items]          
Antidilutive securities excluded from computation of earnings per share | shares 5.9 5.2 4.6 6.4  
Deferred costs         $ 51.6
Foreign currency transaction gain (loss) $ 12.7 $ (8.1) $ 10.9 $ (10.8)  
Capacity of ship, berths | Berth 54,400   54,400    
Receivables from customers included in accounts receivable, net $ 18.3   $ 18.3   13.8
Contract with customer liability 1,500.0   $ 1,500.0   $ 1,000.0
Percentage refundable on cancellation     50.00%    
Revenue recognized included in contract liability     $ 1,000.0    
ASU No. 2016-02          
Schedule Of Significant Accounting Policies [Line Items]          
Income tax expense due to reduction of deferred tax liabilities     $ 7.4    
Tax Year 2017          
Schedule Of Significant Accounting Policies [Line Items]          
U.S. corporate income tax rate     35.00%    
Tax Year 2018          
Schedule Of Significant Accounting Policies [Line Items]          
U.S. corporate income tax rate     21.00%    
Costs incurred to obtain customers          
Schedule Of Significant Accounting Policies [Line Items]          
Capitalized contract cost 140.4   $ 140.4    
Costs to fulfill contracts with customers          
Schedule Of Significant Accounting Policies [Line Items]          
Capitalized contract cost $ 28.9   28.9    
Retained Earnings          
Schedule Of Significant Accounting Policies [Line Items]          
Net cumulative effect of the change     $ 19.1    
Norwegian Bliss          
Schedule Of Significant Accounting Policies [Line Items]          
Capacity of ship, berths | Berth 4,000   4,000    
Percentage of capacity to fleet     8.00%    
Minimum          
Schedule Of Significant Accounting Policies [Line Items]          
Final payment period before voyage     120 days    
Maximum          
Schedule Of Significant Accounting Policies [Line Items]          
Final payment period before voyage     180 days    
Revenue          
Schedule Of Significant Accounting Policies [Line Items]          
Concentration risk, benchmark     No other individual country's revenues exceed 10% in any given period.    
Revenue | Minimum          
Schedule Of Significant Accounting Policies [Line Items]          
Percentage of revenue attributable to U.S.- sourced passengers     75.00%    
Revenue | Maximum          
Schedule Of Significant Accounting Policies [Line Items]          
Percentage of revenue attributable to U.S.- sourced passengers     80.00%    
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Jan. 01, 2018
Schedule Of Intangible Assets [Line Items]      
Intangible assets subject to amortization, Gross Carrying Amount $ 123,368 $ 124,028 $ 124,028
Intangible assets subject to amortization, Accumulated Amortization (81,524) (69,127) (69,127)
Intangible assets subject to amortization, Net Carrying Amount 41,844 54,901 $ 54,901
Customer relationships      
Schedule Of Intangible Assets [Line Items]      
Intangible assets subject to amortization, Gross Carrying Amount 120,000 120,000  
Intangible assets subject to amortization, Accumulated Amortization (79,311) (66,866)  
Intangible assets subject to amortization, Net Carrying Amount $ 40,689 $ 53,134  
Weighted- Average Amortization Period (Years) 6 years 6 years  
Licenses      
Schedule Of Intangible Assets [Line Items]      
Intangible assets subject to amortization, Gross Carrying Amount $ 3,368 $ 3,368  
Intangible assets subject to amortization, Accumulated Amortization (2,213) (1,601)  
Intangible assets subject to amortization, Net Carrying Amount $ 1,155 $ 1,767  
Weighted- Average Amortization Period (Years) 5 years 7 months 6 days 5 years 7 months 6 days  
Non-compete agreements      
Schedule Of Intangible Assets [Line Items]      
Intangible assets subject to amortization, Gross Carrying Amount   $ 660  
Intangible assets subject to amortization, Accumulated Amortization   (660)  
Intangible assets subject to amortization, Net Carrying Amount   $ 0  
Weighted- Average Amortization Period (Years)   1 year  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details 1) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 6,553 $ 7,750 $ 13,057 $ 15,665
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Intangible Assets (Details 2)
$ in Thousands
Jun. 30, 2018
USD ($)
Amortization Expense  
2019 $ 18,489
2020 9,906
2021 75
2022 75
2023 $ 75
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive income (loss) at beginning of period $ 26,966  
Accumulated other comprehensive income (loss) at end of period 51,352  
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive income (loss) at beginning of period 26,966 $ (314,473)
Current period other comprehensive income before reclassifications 32,682 124,236
Amounts reclassified into earnings (8,296) 20,158
Accumulated other comprehensive income (loss) at end of period 51,352 (170,079)
Change Related to Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive income (loss) at beginning of period 33,861 (307,618)
Current period other comprehensive income before reclassifications 32,682 124,236
Amounts reclassified into earnings [1] (8,508) 19,949
Accumulated other comprehensive income (loss) at end of period 58,035 [2] (163,433)
Change Related to Shipboard Retirement Plan    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Accumulated other comprehensive income (loss) at beginning of period (6,895) (6,855)
Current period other comprehensive income before reclassifications 0 0
Amounts reclassified into earnings 212 [3] 209 [4]
Accumulated other comprehensive income (loss) at end of period $ (6,683) $ (6,646)
[1] We refer you to Note 8 "Fair Value Measurements and Derivatives" for the affected line items in the consolidated statements of operations.
[2] Includes $49.3 million of gain expected to be reclassified into earnings in the next 12 months.
[3] Amortization of prior-service cost and actuarial loss reclassified to other income (expense).
[4] Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accumulated Other Comprehensive Income (Parentheticals) (Details)
$ in Millions
6 Months Ended
Jun. 30, 2018
USD ($)
Statement Of Income And Comprehensive Income [Abstract]  
Amount expected to be reclassified into earnings $ 49.3
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Property and Equipment, net (Detail Textuals)
$ in Billions
6 Months Ended
Jun. 30, 2018
USD ($)
Property, Plant and Equipment [Abstract]  
Property plant and equipment net increase due to ship improvement projects and ships under construction $ 1
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Detail Textuals) - USD ($)
$ in Millions
1 Months Ended
Apr. 04, 2018
Apr. 19, 2018
Norwegian Bliss    
Debt Instrument [Line Items]    
Contract price percentage   80.00%
Term loan amount   $ 850.0
Interest rate   3.92%
Maturity date   Apr. 19, 2030
Senior Notes due 2021 (the "Notes")    
Debt Instrument [Line Items]    
Redemption amount $ 135.0  
Term loan amount $ 700.0  
Interest rate 4.75%  
Percentage of principal amount of redeemed 100.00%  
Debt premium amount $ 5.1  
Debt accrued interest 1.9  
Write-off deferred financing fees 1.2  
Outstanding amount-after partial redemption $ 565.0  
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Disclosures (Details) - shares
Jun. 30, 2018
Dec. 31, 2017
Related Party Transaction [Line Items]    
Number of Shares 221,378,084 228,528,562
Apollo Holders    
Related Party Transaction [Line Items]    
Number of Shares 15,728,782  
Percentage Ownership 7.10%  
Genting HK    
Related Party Transaction [Line Items]    
Number of Shares 3,148,307  
Percentage Ownership 1.40%  
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Disclosures (Detail Textuals)
$ in Millions
1 Months Ended
Mar. 31, 2018
USD ($)
shares
Related Party Transactions [Abstract]  
Number of ordinary shares | shares 4,722,312
Value of shares to be issued under repurchase program | $ $ 263.5
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives - Derivatives measured at fair value and discloses balance sheet location (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value $ 128,211 $ 176,455
Derivative liabilities, fair value 4,760 6,516
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 128,211 177,031
Derivative liabilities, fair value 8,378 13,121
Fuel contracts | Designated as Hedging Instrument | Prepaid expenses and other assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 48,058 19,220
Derivative liabilities, fair value 0 2,406
Fuel contracts | Designated as Hedging Instrument | Other long-term assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 32,482 19,854
Derivative liabilities, fair value 658 3,469
Fuel contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 0 0
Derivative liabilities, fair value 0 3,348
Fuel contracts | Designated as Hedging Instrument | Other long-term liabilities    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 0 576
Derivative liabilities, fair value 0 2,148
Foreign currency forward contracts | Designated as Hedging Instrument | Prepaid expenses and other assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 3,502 52,300
Derivative liabilities, fair value 0 730
Foreign currency forward contracts | Designated as Hedging Instrument | Other long-term assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 42,186 85,081
Derivative liabilities, fair value 2,960 0
Foreign currency forward contracts | Designated as Hedging Instrument | Other long-term liabilities    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 0 0
Derivative liabilities, fair value 4,760 0
Interest rate contracts | Designated as Hedging Instrument | Prepaid expenses and other assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 621 0
Derivative liabilities, fair value 0 0
Interest rate contracts | Designated as Hedging Instrument | Other long-term assets    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 1,362 0
Derivative liabilities, fair value 0 0
Interest rate contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 0 0
Derivative liabilities, fair value $ 0 $ 1,020
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives - Amounts Recognized Within Assets and Liabilities Based on Right of Offset (Details 1) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Fair Value Disclosures [Abstract]    
Gross Amounts, Assets $ 128,211 $ 176,455
Gross Amounts Offset, Assets (3,618) (6,605)
Total Net Amounts, Assets 124,593 169,850
Gross Amounts Not Offset, Assets (42,913) (127,924)
Net Amounts, Assets 81,680 41,926
Gross Amounts, Liabilities 4,760 6,516
Gross Amounts Offset, Liabilities 0 (576)
Total Net Amounts, Liabilities 4,760 5,940
Gross Amounts Not Offset, Liabilities (4,760) (1,020)
Net Amounts, Liabilities $ 0 $ 4,920
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives - Effects of Derivatives Designated as Cash Flow Hedges (Details 2) - Cash Flow Hedging - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in other comprehensive income $ (15,894) $ 131,519 $ 32,682 $ 124,236
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense 6,723 (10,244) 8,508 (19,949)
Fuel contracts | Fuel        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in other comprehensive income 70,508 (4,884) 64,496 (31,087)
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense 7,904 (8,584) 11,429 (16,587)
Foreign currency forward contracts | Depreciation and amortization expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in other comprehensive income (88,382) 136,428 (33,889) 155,064
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense (899) (895) (2,058) (1,752)
Interest rate contracts | Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain or (loss) recognized in other comprehensive income 1,980 (25) 2,075 259
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense $ (282) $ (765) $ (863) $ (1,610)
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives (Details 3) - Cash Flow Hedging - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivatives Fair Value [Line Items]        
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income $ 6,723 $ (10,244) $ 8,508 $ (19,949)
Fuel        
Derivatives Fair Value [Line Items]        
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 95,212 86,663 188,643 175,549
Depreciation and amortization expense        
Derivatives Fair Value [Line Items]        
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 140,704 123,141 271,948 242,346
Interest expense, net        
Derivatives Fair Value [Line Items]        
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded 72,988 64,196 132,686 117,156
Fuel contracts | Fuel        
Derivatives Fair Value [Line Items]        
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income 7,904 (8,584) 11,429 (16,587)
Foreign currency forward contracts | Depreciation and amortization expense        
Derivatives Fair Value [Line Items]        
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income (899) (895) (2,058) (1,752)
Interest Rate Swap | Interest expense, net        
Derivatives Fair Value [Line Items]        
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) into income $ (282) $ (765) $ (863) $ (1,610)
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements and Derivatives (Detail Textuals)
Metric_Ton in Millions, $ in Millions, € in Billions
6 Months Ended
Jun. 30, 2018
USD ($)
Metric_Ton
Jun. 30, 2018
EUR (€)
Metric_Ton
Dec. 31, 2017
USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair value of long-term debt $ 6,964.9   $ 6,448.6
Fair value of long-term debt in excess of carrying value $ 4.2   $ 23.5
Fuel swaps      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Derivative maturing date Dec. 31, 2020    
Projected fuel purchases | Metric_Ton 1.0 1.0  
Foreign Currency Forward Contracts      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount of derivatives $ 1,800.0 € 1.5  
Interest Rate Swap      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notional amount of derivatives $ 1,000.0    
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans - Summary of Share Option Awards (Details) - USD ($)
$ / shares in Units, $ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]    
Options Outstanding, Weighted- Average Contractual Term 6 years 8 months 9 days 6 years 11 months 27 days
Options Outstanding, Aggregate Intrinsic Value $ 23,885 $ 50,021
Time Based Options    
Number of Share Option Awards    
Outstanding as of January 1, 2018 6,580,898  
Granted 0  
Exercised (468,540)  
Forfeited and cancelled (169,000)  
Outstanding as of March 31, 2018 5,943,358 6,580,898
Weighted-Average Exercise Price    
Outstanding as of January 1, 2018 $ 49.18  
Granted 0  
Exercised 33.46  
Forfeited and cancelled 54.75  
Outstanding as of March 31, 2018 $ 50.26 $ 49.18
Performance-Based Awards    
Number of Share Option Awards    
Outstanding as of January 1, 2018 373,969  
Granted 208,335  
Exercised (106,109)  
Forfeited and cancelled (52,084)  
Outstanding as of March 31, 2018 424,111 373,969
Weighted-Average Exercise Price    
Outstanding as of January 1, 2018 $ 31.39  
Granted 59.43  
Exercised 19.00  
Forfeited and cancelled 59.43  
Outstanding as of March 31, 2018 $ 44.82 $ 31.39
Market-Based Awards    
Number of Share Option Awards    
Outstanding as of January 1, 2018 208,333  
Granted 0  
Exercised 0  
Forfeited and cancelled 0  
Outstanding as of March 31, 2018 208,333 208,333
Weighted-Average Exercise Price    
Outstanding as of January 1, 2018 $ 59.43  
Granted 0  
Exercised 0  
Forfeited and cancelled 0  
Outstanding as of March 31, 2018 $ 59.43 $ 59.43
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans - Summary of Restricted Share Activity (Details 1) - Time-Based Awards - Restricted Stock
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Number of Restricted Share Awards  
Non-vested as of January 1, 2018 | shares 858
Granted | shares 0
Vested | shares (429)
Forfeited or expired | shares 0
Non-vested and expected to vest as of June 30, 2018 | shares 429
Weighted-Average Grant-Date Fair Value  
Non-vested as of January 1, 2018 | $ / shares $ 58.33
Granted | $ / shares 0
Vested | $ / shares 58.25
Forfeited or expired | $ / shares 0
Non-vested and expected to vest as of June 30, 2018 | $ / shares $ 58.41
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans - Summary of Restricted Unit Activity (Details 2) - Restricted share units
6 Months Ended
Jun. 30, 2018
$ / shares
shares
Time-Based Awards  
Number of Restricted Share Awards  
Non-vested as of January 1, 2018 | shares 2,555,477
Granted | shares 1,613,077
Vested | shares (1,006,184)
Forfeited or expired | shares (81,980)
Non-vested and expected to vest as of June 30, 2018 | shares 3,080,390
Weighted- Average Grant-Date Fair Value  
Non-vested as of January 1, 2018 | $ / shares $ 50.86
Granted | $ / shares 56.73
Vested | $ / shares 50.61
Forfeited or expired | $ / shares 53.29
Non-vested and expected to vest as of June 30, 2018 | $ / shares $ 53.96
Performance-Based Awards  
Number of Restricted Share Awards  
Non-vested as of January 1, 2018 | shares 0
Granted | shares 843,998
Vested | shares 0
Forfeited or expired | shares (12,500)
Non-vested and expected to vest as of June 30, 2018 | shares 831,498
Weighted- Average Grant-Date Fair Value  
Non-vested as of January 1, 2018 | $ / shares $ 0
Granted | $ / shares 56.58
Vested | $ / shares 0
Forfeited or expired | $ / shares 59.43
Non-vested and expected to vest as of June 30, 2018 | $ / shares $ 56.58
Market-Based Awards  
Number of Restricted Share Awards  
Non-vested as of January 1, 2018 | shares 50,000
Granted | shares 0
Vested | shares 0
Forfeited or expired | shares 0
Non-vested and expected to vest as of June 30, 2018 | shares 50,000
Weighted- Average Grant-Date Fair Value  
Non-vested as of January 1, 2018 | $ / shares $ 59.43
Granted | $ / shares 0
Vested | $ / shares 0
Forfeited or expired | $ / shares 0
Non-vested and expected to vest as of June 30, 2018 | $ / shares $ 59.43
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefits and Compensation Plans (Detail Textuals) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 31,700 $ 24,000 $ 59,835 $ 42,220
Retained Earnings        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Change in accounting policy (share-based forfeitures)     $ (19,100)  
Time-Based Awards | Awarded on March 1, 2018 | Employee        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted share unit awards granted     1,600,000  
Vesting period for stock based awards     3 years  
Performance-Based Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance-based awards     208,335  
Performance-Based Awards | Awarded on March 1, 2018 | Members of management team        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted share unit awards granted     500,000  
Performance-Based Awards | Awarded on February 27, 2018 | Members of management team        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Restricted share unit awards granted     300,000  
Marketing, general and administrative expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 27,300 21,100 $ 52,100 38,500
Payroll and related expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 4,400 $ 2,900 $ 7,700 $ 3,700
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies - Additional Information (Detail Textuals) - 6 months ended Jun. 30, 2018
€ in Billions, $ in Billions
USD ($)
CruiseShip
Berth
Gross_Ton
EUR (€)
CruiseShip
Berth
Gross_Ton
Commitments and Contingencies Disclosure [Line Items]    
Number of cruises ships 26 26
Capacity of berths | Berth 54,400 54,400
Project Leonardo    
Commitments and Contingencies Disclosure [Line Items]    
Number of cruises ships 2 2
Ships launching period through 2025    
Commitments and Contingencies Disclosure [Line Items]    
Number of additional ships 6  
Ships launching period through 2025 | Project Leonardo    
Commitments and Contingencies Disclosure [Line Items]    
Number of cruises ships 6 6
Capacity of ship, tons | Gross_Ton 140,000 140,000
Capacity of berths | Berth 3,300 3,300
Number of additional ships 4  
Ships launching period in 2026 and 2027    
Commitments and Contingencies Disclosure [Line Items]    
Number of additional ships 2  
Ship order delivery in winter 2020    
Commitments and Contingencies Disclosure [Line Items]    
Capacity of ship, tons | Gross_Ton 55,000 55,000
Capacity of berths | Berth 750 750
Ship Construction Contracts    
Commitments and Contingencies Disclosure [Line Items]    
Number of cruises ships 8 8
Aggregate contract price of new ships based on the euro/U.S. dollar exchange rate $ 8.4 € 7.2
Export credit facility financing as percentage of contract price 80.00% 80.00%
Ship Construction Contracts | Breakaway plus class ships    
Commitments and Contingencies Disclosure [Line Items]    
Number of cruises ships 1 1
Capacity of ship, tons | Gross_Ton 168,000 168,000
Capacity of berths | Berth 4,000 4,000
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Other Income (Expense), Net (Detail Textuals) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Other Income and Expenses [Abstract]        
Other income (expense), net $ 12,922 $ (5,609) $ 11,256 $ (8,424)
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Supplemental Cash Flow Information (Detail Textuals)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
CruiseShip
Jun. 30, 2017
USD ($)
Supplemental Cash Flow Information [Line Items]    
Non-cash investing activity in connection with property and equipment $ 48,900 $ 10,300
Net foreign currency adjustments $ (3,884)  
Number of cruises ships | CruiseShip 26  
Non-cash investing activities in connection with capital leases   $ 5,400
Project Leonardo    
Supplemental Cash Flow Information [Line Items]    
Number of cruises ships | CruiseShip 2  
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