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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royal Caribbean Group | NYSE:RCL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.02 | 0.74% | 138.40 | 140.94 | 138.00 | 138.68 | 1,153,620 | 18:52:10 |
ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Republic of Liberia
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98-0081645
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Page
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Quarter Ended September 30,
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||||||
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2016
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|
2015
|
||||
Passenger ticket revenues
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$
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1,899,956
|
|
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$
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1,873,942
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Onboard and other revenues
|
663,785
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649,158
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Total revenues
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2,563,741
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2,523,100
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Cruise operating expenses:
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|
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Commissions, transportation and other
|
400,933
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413,156
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Onboard and other
|
159,887
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175,214
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Payroll and related
|
214,081
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|
217,627
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Food
|
125,732
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|
122,124
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Fuel
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178,772
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199,848
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Other operating
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260,718
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259,057
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Total cruise operating expenses
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1,340,123
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1,387,026
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Marketing, selling and administrative expenses
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257,430
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|
256,060
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Depreciation and amortization expenses
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229,328
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|
210,742
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Impairment of Pullmantur related assets
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—
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411,267
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Restructuring charges
|
1,897
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—
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Operating Income
|
734,963
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|
258,005
|
|
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Other income (expense):
|
|
|
|
|
|
||
Interest income
|
6,472
|
|
|
1,735
|
|
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Interest expense, net of interest capitalized
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(82,610
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)
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(66,819
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)
|
||
Other income (including in 2015 a net deferred tax benefit of $12.0 million related to the Pullmantur impairment)
|
34,432
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35,866
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(41,706
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)
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(29,218
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)
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Net Income
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$
|
693,257
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$
|
228,787
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Earnings per Share:
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Basic
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$
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3.23
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$
|
1.04
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Diluted
|
$
|
3.21
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$
|
1.03
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|
Weighted-Average Shares Outstanding:
|
|
|
|
|
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Basic
|
214,819
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|
219,963
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Diluted
|
215,667
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|
221,137
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Comprehensive Income
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|
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Net Income
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$
|
693,257
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|
$
|
228,787
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Other comprehensive income (loss):
|
|
|
|
|
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Foreign currency translation adjustments
|
4,043
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(4,191
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)
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Change in defined benefit plans
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(5,051
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)
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|
3,318
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|
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Gain (loss) on cash flow derivative hedges
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95,536
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(222,492
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)
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Total other comprehensive income (loss)
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94,528
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|
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(223,365
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)
|
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Comprehensive Income
|
$
|
787,785
|
|
|
$
|
5,422
|
|
|
Nine Months Ended September 30,
|
||||||
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2016
|
|
2015
|
||||
Passenger ticket revenues
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$
|
4,794,653
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$
|
4,688,189
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|
Onboard and other revenues
|
1,792,145
|
|
|
1,708,832
|
|
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Total revenues
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6,586,798
|
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6,397,021
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|
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Cruise operating expenses:
|
|
|
|
|
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Commissions, transportation and other
|
1,060,391
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|
1,093,409
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Onboard and other
|
399,739
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|
438,558
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Payroll and related
|
671,955
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647,788
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|
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Food
|
371,759
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|
|
361,317
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Fuel
|
531,283
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607,689
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Other operating
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857,161
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777,291
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Total cruise operating expenses
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3,892,288
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3,926,052
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Marketing, selling and administrative expenses
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845,808
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|
817,040
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|
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Depreciation and amortization expenses
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661,712
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|
617,678
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Impairment of Pullmantur related assets
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—
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411,267
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|
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Restructuring charges
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6,627
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|
|
—
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Operating Income
|
1,180,363
|
|
|
624,984
|
|
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Other income (expense):
|
|
|
|
|
|
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Interest income
|
14,875
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|
|
8,244
|
|
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Interest expense, net of interest capitalized
|
(226,803
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)
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(213,598
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)
|
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Other income (including a $21.7 million loss related to the 2016 elimination of the Pullmantur reporting lag and including in 2015 a net deferred tax benefit of $12.0 million related to the Pullmantur impairment)
|
53,867
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|
|
39,354
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(158,061
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)
|
|
(166,000
|
)
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Net Income
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$
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1,022,302
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$
|
458,984
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Earnings per Share:
|
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Basic
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$
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4.74
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$
|
2.09
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Diluted
|
$
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4.72
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|
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$
|
2.08
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Weighted-Average Shares Outstanding:
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Basic
|
215,663
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|
219,835
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Diluted
|
216,575
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|
220,979
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Comprehensive Income
|
|
|
|
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Net Income
|
$
|
1,022,302
|
|
|
$
|
458,984
|
|
Other comprehensive income (loss):
|
|
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|
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Foreign currency translation adjustments
|
8,423
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(23,994
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)
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Change in defined benefit plans
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(12,148
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)
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|
5,567
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Gain (loss) on cash flow derivative hedges
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254,624
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|
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(280,968
|
)
|
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Total other comprehensive income (loss)
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250,899
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(299,395
|
)
|
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Comprehensive Income
|
$
|
1,273,201
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|
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$
|
159,589
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|
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As of
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||||||
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September 30,
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December 31,
|
||||
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2016
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2015
|
||||
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(unaudited)
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|
||||
Assets
|
|
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Current assets
|
|
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|
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Cash and cash equivalents
|
$
|
178,428
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$
|
121,565
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Trade and other receivables, net
|
273,422
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|
|
238,972
|
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Inventories
|
118,849
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|
|
121,332
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|
||
Prepaid expenses and other assets
|
231,442
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|
|
220,579
|
|
||
Derivative financial instruments
|
928
|
|
|
134,574
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|
||
Total current assets
|
803,069
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|
|
837,022
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|
||
Property and equipment, net
|
20,230,803
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|
18,777,778
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Goodwill
|
288,461
|
|
|
286,764
|
|
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Other assets
|
1,127,929
|
|
|
880,479
|
|
||
|
$
|
22,450,262
|
|
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$
|
20,782,043
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Liabilities and Shareholders’ Equity
|
|
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|
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Current liabilities
|
|
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|
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Current portion of long-term debt
|
$
|
1,298,002
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|
$
|
899,542
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|
Accounts payable
|
259,027
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|
|
302,072
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|
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Accrued interest
|
95,112
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|
|
38,325
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|
||
Accrued expenses and other liabilities
|
678,874
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|
|
658,601
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|
||
Derivative financial instruments
|
201,877
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|
|
651,866
|
|
||
Customer deposits
|
1,967,678
|
|
|
1,742,286
|
|
||
Total current liabilities
|
4,500,570
|
|
|
4,292,692
|
|
||
Long-term debt
|
8,419,850
|
|
|
7,627,701
|
|
||
Other long-term liabilities
|
739,693
|
|
|
798,611
|
|
||
Commitments and contingencies (Note 7)
|
|
|
|
|
|
||
Shareholders’ equity
|
|
|
|
|
|
||
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)
|
—
|
|
|
—
|
|
||
Common stock ($0.01 par value; 500,000,000 shares authorized; 234,589,237 and 233,905,166 shares issued, September 30, 2016 and December 31, 2015, respectively)
|
2,346
|
|
|
2,339
|
|
||
Paid-in capital
|
3,316,385
|
|
|
3,297,619
|
|
||
Retained earnings
|
7,702,260
|
|
|
6,944,862
|
|
||
Accumulated other comprehensive loss
|
(1,077,534
|
)
|
|
(1,328,433
|
)
|
||
Treasury stock (20,019,237 and 15,911,971 common shares at cost, September 30, 2016 and December 31, 2015, respectively)
|
(1,153,308
|
)
|
|
(853,348
|
)
|
||
Total shareholders’ equity
|
8,790,149
|
|
|
8,063,039
|
|
||
|
$
|
22,450,262
|
|
|
$
|
20,782,043
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Operating Activities
|
|
|
|
|
|
||
Net income
|
$
|
1,022,302
|
|
|
$
|
458,984
|
|
Adjustments:
|
|
|
|
|
|
||
Depreciation and amortization
|
661,712
|
|
|
617,678
|
|
||
Impairment of Pullmantur related assets
|
—
|
|
|
411,267
|
|
||
Net deferred income tax expense (benefit)
|
1,601
|
|
|
(13,466
|
)
|
||
Loss on derivative instruments not designated as hedges
|
6,353
|
|
|
49,607
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||
Decrease in trade and other receivables, net
|
9,823
|
|
|
24,130
|
|
||
Increase in inventories
|
(6,379
|
)
|
|
(8,377
|
)
|
||
Decrease (increase) in prepaid expenses and other assets
|
2,484
|
|
|
(30,649
|
)
|
||
Decrease in accounts payable
|
(17,313
|
)
|
|
(22,915
|
)
|
||
Increase in accrued interest
|
56,787
|
|
|
34,207
|
|
||
Increase in accrued expenses and other liabilities
|
23,216
|
|
|
11,558
|
|
||
Increase in customer deposits
|
197,277
|
|
|
65,511
|
|
||
Dividends received from unconsolidated affiliates
|
71,370
|
|
|
5,327
|
|
||
Other, net
|
(28,281
|
)
|
|
5,074
|
|
||
Net cash provided by operating activities
|
2,000,952
|
|
|
1,607,936
|
|
||
Investing Activities
|
|
|
|
|
|
||
Purchases of property and equipment
|
(2,313,831
|
)
|
|
(1,360,637
|
)
|
||
Cash paid on settlement of derivative financial instruments
|
(172,878
|
)
|
|
(158,890
|
)
|
||
Investments in and loans to unconsolidated affiliates
|
(8,611
|
)
|
|
(54,250
|
)
|
||
Cash received on loans to unconsolidated affiliates
|
22,470
|
|
|
122,710
|
|
||
Other, net
(1)
|
(44,709
|
)
|
|
(18,642
|
)
|
||
Net cash used in investing activities
|
(2,517,559
|
)
|
|
(1,469,709
|
)
|
||
Financing Activities
|
|
|
|
|
|
||
Debt proceeds
|
6,038,560
|
|
|
2,962,501
|
|
||
Debt issuance costs
|
(83,793
|
)
|
|
(57,146
|
)
|
||
Repayments of debt
|
(4,818,262
|
)
|
|
(2,887,237
|
)
|
||
Purchases of treasury stock
|
(299,959
|
)
|
|
—
|
|
||
Dividends paid
|
(243,557
|
)
|
|
(197,718
|
)
|
||
Proceeds from exercise of common stock options
|
1,782
|
|
|
6,902
|
|
||
Other, net
|
2,179
|
|
|
1,778
|
|
||
Net cash provided by (used in) financing activities
|
596,950
|
|
|
(170,920
|
)
|
||
Effect of exchange rate changes on cash
|
(23,480
|
)
|
|
(9,129
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
56,863
|
|
|
(41,822
|
)
|
||
Cash and cash equivalents at beginning of period
|
121,565
|
|
|
189,241
|
|
||
Cash and cash equivalents at end of period
|
$
|
178,428
|
|
|
$
|
147,419
|
|
Supplemental Disclosure
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest, net of amount capitalized
|
$
|
140,335
|
|
|
$
|
151,661
|
|
Non-cash Investing Activities
|
|
|
|
|
|
||
Notes receivable issued upon sale of property and equipment
|
$
|
213,042
|
|
|
$
|
—
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income for basic and diluted earnings per share
|
$
|
693,257
|
|
|
$
|
228,787
|
|
|
$
|
1,022,302
|
|
|
$
|
458,984
|
|
Weighted-average common shares outstanding
|
214,819
|
|
|
219,963
|
|
|
215,663
|
|
|
219,835
|
|
||||
Dilutive effect of stock options, performance share awards and restricted stock awards
|
848
|
|
|
1,174
|
|
|
912
|
|
|
1,144
|
|
||||
Diluted weighted-average shares outstanding
|
215,667
|
|
|
221,137
|
|
|
216,575
|
|
|
220,979
|
|
||||
Basic earnings per share
|
$
|
3.23
|
|
|
$
|
1.04
|
|
|
$
|
4.74
|
|
|
$
|
2.09
|
|
Diluted earnings per share
|
$
|
3.21
|
|
|
$
|
1.03
|
|
|
$
|
4.72
|
|
|
$
|
2.08
|
|
|
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||
Share of equity income from investments
(1)
|
|
$
|
46,539
|
|
|
$
|
38,359
|
|
|
$
|
94,832
|
|
|
$
|
62,183
|
|
Dividends received
|
|
$
|
47,491
|
|
|
$
|
1,347
|
|
|
$
|
71,370
|
|
|
$
|
5,327
|
|
|
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
Revenues
|
|
$9,300
|
|
$3,940
|
|
$17,888
|
|
$15,557
|
Expenses
|
|
$2,410
|
|
$2,606
|
|
$8,930
|
|
$12,149
|
|
Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2016
|
|
Accumulated Other Comprehensive Income (Loss) for the Nine Months Ended September 30, 2015
|
||||||||||||||||||||||||||||
|
Changes
related to cash flow derivative hedges |
|
Changes in
defined benefit plans |
|
Foreign
currency translation adjustments |
|
Accumulated other
comprehensive loss |
|
Changes
related to cash flow derivative hedges |
|
Changes in
defined benefit plans |
|
Foreign
currency translation adjustments |
|
Accumulated other
comprehensive loss |
||||||||||||||||
Accumulated comprehensive loss at beginning of the year
|
$
|
(1,232,073
|
)
|
|
$
|
(26,447
|
)
|
|
$
|
(69,913
|
)
|
|
$
|
(1,328,433
|
)
|
|
$
|
(826,026
|
)
|
|
$
|
(31,207
|
)
|
|
$
|
(39,761
|
)
|
|
$
|
(896,994
|
)
|
Other comprehensive (loss) income before reclassifications
|
(9,150
|
)
|
|
(13,521
|
)
|
|
8,423
|
|
|
(14,248
|
)
|
|
(483,946
|
)
|
|
4,213
|
|
|
(23,994
|
)
|
|
(503,727
|
)
|
||||||||
Amounts reclassified from accumulated other comprehensive loss
|
263,774
|
|
|
1,373
|
|
|
—
|
|
|
265,147
|
|
|
202,978
|
|
|
1,354
|
|
|
—
|
|
|
204,332
|
|
||||||||
Net current-period other comprehensive income (loss)
|
254,624
|
|
|
(12,148
|
)
|
|
8,423
|
|
|
250,899
|
|
|
(280,968
|
)
|
|
5,567
|
|
|
(23,994
|
)
|
|
(299,395
|
)
|
||||||||
Ending balance
|
$
|
(977,449
|
)
|
|
$
|
(38,595
|
)
|
|
$
|
(61,490
|
)
|
|
$
|
(1,077,534
|
)
|
|
$
|
(1,106,994
|
)
|
|
$
|
(25,640
|
)
|
|
$
|
(63,755
|
)
|
|
$
|
(1,196,389
|
)
|
|
|
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income
|
|
|
||||||||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components
|
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
|
Affected Line Item in Statements of
Comprehensive Income (Loss) |
||||||||
(Loss) gain on cash flow derivative hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
(11,953
|
)
|
|
$
|
(10,276
|
)
|
|
$
|
(32,019
|
)
|
|
$
|
(27,024
|
)
|
|
Interest expense, net of interest capitalized
|
Foreign currency forward contracts
|
|
(2,710
|
)
|
|
(752
|
)
|
|
(5,408
|
)
|
|
(2,153
|
)
|
|
Depreciation and amortization expenses
|
||||
Foreign currency forward contracts
|
|
(3,465
|
)
|
|
(239
|
)
|
|
(10,206
|
)
|
|
(715
|
)
|
|
Other income
|
||||
Foreign currency forward contracts
|
|
—
|
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
|
Other operating
|
||||
Foreign currency collar options
|
|
(601
|
)
|
|
(568
|
)
|
|
(1,806
|
)
|
|
(1,003
|
)
|
|
Depreciation and amortization expenses
|
||||
Fuel swaps
|
|
2,760
|
|
|
—
|
|
|
9,356
|
|
|
—
|
|
|
Other income
|
||||
Fuel swaps
|
|
(64,654
|
)
|
|
(65,975
|
)
|
|
(223,484
|
)
|
|
(172,083
|
)
|
|
Fuel
|
||||
|
|
(80,623
|
)
|
|
(77,810
|
)
|
|
(263,774
|
)
|
|
(202,978
|
)
|
|
|
||||
Amortization of defined benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Actuarial loss
|
|
(285
|
)
|
|
(354
|
)
|
|
(1,373
|
)
|
|
(1,061
|
)
|
|
Payroll and related
|
||||
Prior service costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(293
|
)
|
|
Payroll and related
|
||||
|
|
(285
|
)
|
|
(354
|
)
|
|
(1,373
|
)
|
|
(1,354
|
)
|
|
|
||||
Total reclassifications for the period
|
|
$
|
(80,908
|
)
|
|
$
|
(78,164
|
)
|
|
$
|
(265,147
|
)
|
|
$
|
(204,332
|
)
|
|
|
|
|
Fair Value Measurements at September 30, 2016 Using
|
|
Fair Value Measurements at December 31, 2015 Using
|
||||||||||||||||||||||||||||||||||||
Description
|
|
Total Carrying Amount
|
|
Total Fair Value
|
|
Level 1
(1)
|
|
Level 2
(2)
|
|
Level 3
(3)
|
|
Total Carrying Amount
|
|
Total Fair Value
|
|
Level 1
(1)
|
|
Level 2
(2)
|
|
Level 3
(3)
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
(4)
|
|
$
|
178,428
|
|
|
$
|
178,428
|
|
|
$
|
178,428
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
121,565
|
|
|
$
|
121,565
|
|
|
$
|
121,565
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total Assets
|
|
$
|
178,428
|
|
|
$
|
178,428
|
|
|
$
|
178,428
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
121,565
|
|
|
$
|
121,565
|
|
|
$
|
121,565
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Long-term debt (including current portion of long-term debt)
(5)
|
|
$
|
9,675,483
|
|
|
$
|
10,225,707
|
|
|
$
|
1,232,284
|
|
|
$
|
8,993,423
|
|
|
$
|
—
|
|
|
$
|
8,478,473
|
|
|
$
|
8,895,009
|
|
|
$
|
1,536,629
|
|
|
$
|
7,358,380
|
|
|
$
|
—
|
|
Total Liabilities
|
|
$
|
9,675,483
|
|
|
$
|
10,225,707
|
|
|
$
|
1,232,284
|
|
|
$
|
8,993,423
|
|
|
$
|
—
|
|
|
$
|
8,478,473
|
|
|
$
|
8,895,009
|
|
|
$
|
1,536,629
|
|
|
$
|
7,358,380
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at September 30, 2016 Using
|
|
Fair Value Measurements at December 31, 2015 Using
|
||||||||||||||||||||||||||||
Description
|
|
Total
|
|
Level 1
(1)
|
|
Level 2
(2)
|
|
Level 3
(3)
|
|
Total
|
|
Level 1
(1)
|
|
Level 2
(2)
|
|
Level 3
(3)
|
||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
(4)
|
|
$
|
36,697
|
|
|
$
|
—
|
|
|
$
|
36,697
|
|
|
$
|
—
|
|
|
$
|
134,574
|
|
|
$
|
—
|
|
|
$
|
134,574
|
|
|
$
|
—
|
|
Investments
(5)
|
|
$
|
3,669
|
|
|
3,669
|
|
|
—
|
|
|
—
|
|
|
$
|
3,965
|
|
|
3,965
|
|
|
—
|
|
|
—
|
|
||||||
Total Assets
|
|
$
|
40,366
|
|
|
$
|
3,669
|
|
|
$
|
36,697
|
|
|
$
|
—
|
|
|
$
|
138,539
|
|
|
$
|
3,965
|
|
|
$
|
134,574
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments
(6)
|
|
$
|
507,202
|
|
|
$
|
—
|
|
|
$
|
507,202
|
|
|
$
|
—
|
|
|
$
|
1,044,292
|
|
|
$
|
—
|
|
|
$
|
1,044,292
|
|
|
$
|
—
|
|
Total Liabilities
|
|
$
|
507,202
|
|
|
$
|
—
|
|
|
$
|
507,202
|
|
|
$
|
—
|
|
|
$
|
1,044,292
|
|
|
$
|
—
|
|
|
$
|
1,044,292
|
|
|
$
|
—
|
|
|
|
Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
|
||||||||||||||||||||||||||||||
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||||||||||||||||||||||||||
|
|
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet
|
|
Gross Amount of Eligible Offsetting
Recognized Derivative Liabilities |
|
Cash Collateral
Received |
|
Net Amount of
Derivative Assets |
|
Gross Amount of Derivative Assets Presented in the Consolidated Balance Sheet
|
|
Gross Amount of Eligible Offsetting
Recognized Derivative Assets |
|
Cash Collateral
Received |
|
Net Amount of
Derivative Assets |
||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives subject to master netting agreements
|
|
$
|
36,697
|
|
|
$
|
(34,517
|
)
|
|
$
|
—
|
|
|
$
|
2,180
|
|
|
$
|
134,574
|
|
|
$
|
(129,815
|
)
|
|
$
|
—
|
|
|
$
|
4,759
|
|
Total
|
|
$
|
36,697
|
|
|
$
|
(34,517
|
)
|
|
$
|
—
|
|
|
$
|
2,180
|
|
|
$
|
134,574
|
|
|
$
|
(129,815
|
)
|
|
$
|
—
|
|
|
$
|
4,759
|
|
|
|
Gross Amounts not Offset in the Consolidated Balance Sheet that are Subject to Master Netting Agreements
|
||||||||||||||||||||||||||||||
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||||||||||||||||||||||||||
|
|
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet
|
|
Gross Amount of Eligible Offsetting
Recognized Derivative Assets |
|
Cash Collateral
Pledged |
|
Net Amount of
Derivative Liabilities |
|
Gross Amount of Derivative Liabilities Presented in the Consolidated Balance Sheet
|
|
Gross Amount of Eligible Offsetting
Recognized Derivative Liabilities |
|
Cash Collateral
Pledged |
|
Net Amount of
Derivative Liabilities |
||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Derivatives subject to master netting agreements
|
|
$
|
(507,202
|
)
|
|
$
|
34,517
|
|
|
$
|
—
|
|
|
$
|
(472,685
|
)
|
|
$
|
(1,044,292
|
)
|
|
$
|
129,815
|
|
|
$
|
—
|
|
|
$
|
(914,477
|
)
|
Total
|
|
$
|
(507,202
|
)
|
|
$
|
34,517
|
|
|
$
|
—
|
|
|
$
|
(472,685
|
)
|
|
$
|
(1,044,292
|
)
|
|
$
|
129,815
|
|
|
$
|
—
|
|
|
$
|
(914,477
|
)
|
Debt Instrument
|
Swap Notional as of September 30, 2016
(In thousands)
|
Maturity
|
Debt Fixed Rate
|
Swap Floating Rate: LIBOR plus
|
All-in Swap Floating Rate as of September 30, 2016
|
||
Oasis of the Seas
term loan
|
$
|
192,500
|
|
October 2021
|
5.41%
|
3.87%
|
4.78%
|
Unsecured senior notes
|
650,000
|
|
November 2022
|
5.25%
|
3.63%
|
4.45%
|
|
|
$
|
842,500
|
|
|
|
|
|
Debt Instrument
|
Swap Notional as of September 30, 2016
(In thousands)
|
Maturity
|
Debt Floating Rate
|
All-in Swap Fixed Rate
|
|||
Celebrity Reflection
term loan
|
$
|
463,604
|
|
October 2024
|
LIBOR plus
|
0.40%
|
2.85%
|
Quantum of the Seas
term loan
|
643,125
|
|
October 2026
|
LIBOR plus
|
1.30%
|
3.74%
|
|
Anthem of the Seas
term loan
|
664,583
|
|
April 2027
|
LIBOR plus
|
1.30%
|
3.86%
|
|
Ovation of the Seas
term loan
|
830,000
|
|
April 2028
|
LIBOR plus
|
1.00%
|
3.16%
|
|
Harmony of the Seas
term loan
(1)
|
778,966
|
|
May 2028
|
EURIBOR plus
|
1.15%
|
2.26%
|
|
|
$
|
3,380,278
|
|
|
|
|
|
|
Fuel Swap Agreements
|
||||
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||
|
(% hedged)
|
||||
Projected fuel purchases:
|
|
|
|
|
|
2016
|
68
|
%
|
|
65
|
%
|
2017
|
60
|
%
|
|
59
|
%
|
2018
|
45
|
%
|
|
40
|
%
|
2019
|
36
|
%
|
|
15
|
%
|
2020
|
20
|
%
|
|
—
|
|
|
|
Fair Value of Derivative Instruments
|
||||||||||||||||||
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
|
Balance Sheet Location
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
|
Balance Sheet Location
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||||||
|
|
|
Fair Value
|
|
Fair Value
|
|
|
Fair Value
|
|
Fair Value
|
||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives designated as hedging instruments under ASC 815-20
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
Other assets
|
|
$
|
15,371
|
|
|
$
|
—
|
|
|
Other long-term liabilities
|
|
$
|
139,322
|
|
|
$
|
67,371
|
|
Foreign currency forward contracts
|
|
Derivative financial instruments
|
|
—
|
|
|
93,996
|
|
|
Derivative financial instruments
|
|
136
|
|
|
320,873
|
|
||||
Foreign currency forward contracts
|
|
Other assets
|
|
6,926
|
|
|
—
|
|
|
Other long-term liabilities
|
|
7,392
|
|
|
—
|
|
||||
Fuel swaps
|
|
Derivative financial instruments
|
|
—
|
|
|
—
|
|
|
Derivative financial instruments
|
|
183,470
|
|
|
307,475
|
|
||||
Fuel swaps
|
|
Other assets
|
|
13,038
|
|
|
—
|
|
|
Other long-term liabilities
|
|
149,110
|
|
|
325,055
|
|
||||
Total derivatives designated as hedging instruments under 815-20
|
|
|
|
35,335
|
|
|
93,996
|
|
|
|
|
479,430
|
|
|
1,020,774
|
|
||||
Derivatives not designated as hedging instruments under ASC 815-20
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
32,339
|
|
|
Derivative financial instruments
|
|
$
|
—
|
|
|
$
|
—
|
|
Fuel swaps
|
|
Derivative financial instruments
|
|
928
|
|
|
8,239
|
|
|
Derivative financial instruments
|
|
18,271
|
|
|
23,518
|
|
||||
Fuel swaps
|
|
Other Assets
|
|
434
|
|
|
—
|
|
|
Other long-term liabilities
|
|
9,501
|
|
|
—
|
|
||||
Total derivatives not designated as hedging instruments under 815-20
|
|
|
|
1,362
|
|
|
40,578
|
|
|
|
|
27,772
|
|
|
23,518
|
|
||||
Total derivatives
|
|
|
|
$
|
36,697
|
|
|
$
|
134,574
|
|
|
|
|
$
|
507,202
|
|
|
$
|
1,044,292
|
|
|
|
|
|
Carrying Value
|
||||||
Non-derivative instrument designated as
hedging instrument under ASC 815-20 |
|
Balance Sheet Location
|
|
As of September 30, 2016
|
|
As of December 31, 2015
|
||||
(In thousands)
|
|
|
|
|
|
|
||||
Foreign currency debt
|
|
Current portion of long-term debt
|
|
$
|
65,595
|
|
|
$
|
—
|
|
Foreign currency debt
|
|
Long-term debt
|
|
260,191
|
|
|
—
|
|
||
|
|
|
|
$
|
325,786
|
|
|
$
|
—
|
|
Derivatives and Related Hedged Items under ASC 815-20 Fair Value Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income on Derivative and Hedged Item
|
|
Amount of Gain (Loss)
Recognized in Income on Derivative |
|
Amount of Gain (Loss)
Recognized in Income on Hedged Item |
||||||||||||||||||||||||||||
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest rate swaps
|
|
Interest expense, net of interest capitalized
|
|
$
|
1,737
|
|
|
$
|
2,793
|
|
|
$
|
6,075
|
|
|
$
|
8,640
|
|
|
$
|
—
|
|
|
$
|
3,968
|
|
|
$
|
7,203
|
|
|
$
|
11,775
|
|
Interest rate swaps
|
|
Other income
|
|
(7,662
|
)
|
|
22,341
|
|
|
28,592
|
|
|
21,780
|
|
|
7,423
|
|
|
(20,252
|
)
|
|
(24,878
|
)
|
|
(18,245
|
)
|
||||||||
|
|
|
|
$
|
(5,925
|
)
|
|
$
|
25,134
|
|
|
$
|
34,667
|
|
|
$
|
30,420
|
|
|
$
|
7,423
|
|
|
$
|
(16,284
|
)
|
|
$
|
(17,675
|
)
|
|
$
|
(6,470
|
)
|
Derivatives
under ASC 815-20 Cash Flow Hedging Relationships |
|
Amount of Gain (Loss) Recognized in
Accumulated Other Comprehensive Income (Loss) on Derivative
(Effective Portion)
|
|
Location of
Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) |
|
Amount of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion) |
||||||||||||||||||||||||||||
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
|
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
$
|
6,598
|
|
|
$
|
(68,956
|
)
|
|
$
|
(126,505
|
)
|
|
$
|
(75,104
|
)
|
|
Interest expense, net of interest capitalized
|
|
$
|
(11,953
|
)
|
|
$
|
(10,276
|
)
|
|
$
|
(32,019
|
)
|
|
$
|
(27,024
|
)
|
Foreign currency forward contracts
|
|
11,405
|
|
|
(619
|
)
|
|
22,715
|
|
|
(131,211
|
)
|
|
Depreciation and amortization expenses
|
|
(2,710
|
)
|
|
(752
|
)
|
|
(5,408
|
)
|
|
(2,153
|
)
|
||||||||
Foreign currency forward contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other income
|
|
(3,465
|
)
|
|
(239
|
)
|
|
(10,206
|
)
|
|
(715
|
)
|
||||||||
Foreign currency forward contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other operating
|
|
—
|
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
||||||||
Foreign currency collar options
|
|
—
|
|
|
34
|
|
|
—
|
|
|
(64,559
|
)
|
|
Depreciation and amortization expenses
|
|
(601
|
)
|
|
(568
|
)
|
|
(1,806
|
)
|
|
(1,003
|
)
|
||||||||
Fuel swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other income
|
|
2,760
|
|
|
—
|
|
|
9,356
|
|
|
—
|
|
||||||||
Fuel swaps
|
|
(3,090
|
)
|
|
(230,761
|
)
|
|
94,640
|
|
|
(213,072
|
)
|
|
Fuel
|
|
(64,654
|
)
|
|
(65,975
|
)
|
|
(223,484
|
)
|
|
(172,083
|
)
|
||||||||
|
|
$
|
14,913
|
|
|
$
|
(300,302
|
)
|
|
$
|
(9,150
|
)
|
|
$
|
(483,946
|
)
|
|
|
|
$
|
(80,623
|
)
|
|
$
|
(77,810
|
)
|
|
$
|
(263,774
|
)
|
|
$
|
(202,978
|
)
|
Derivatives under
ASC 815-20
Cash Flow Hedging
Relationships
|
|
Location of Gain (Loss)
Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) |
|
Amount of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
|
||||||||||||||
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swaps
|
|
Other income
|
|
90
|
|
|
(617
|
)
|
|
(1,152
|
)
|
|
(395
|
)
|
||||
Foreign currency forward contracts
|
|
Other income
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
—
|
|
||||
Fuel swaps
|
|
Other income
|
|
(8
|
)
|
|
(2,353
|
)
|
|
(3,949
|
)
|
|
(2,771
|
)
|
||||
|
|
|
|
$
|
82
|
|
|
$
|
(2,970
|
)
|
|
$
|
(5,158
|
)
|
|
$
|
(3,166
|
)
|
|
|
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives
|
||||||||||||||
Derivatives Not
Designated as Hedging Instruments under ASC 815-20 |
|
Location of
Gain (Loss) Recognized in Income on Derivatives |
|
Quarter Ended September 30, 2016
|
|
Quarter Ended September 30, 2015
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
Other income
|
|
$
|
(2,464
|
)
|
|
$
|
(32,705
|
)
|
|
$
|
(11,712
|
)
|
|
$
|
(49,607
|
)
|
Fuel swaps
|
|
Other income
|
|
(1,172
|
)
|
|
(76
|
)
|
|
(1,224
|
)
|
|
(191
|
)
|
||||
|
|
|
|
$
|
(3,636
|
)
|
|
$
|
(32,781
|
)
|
|
$
|
(12,936
|
)
|
|
$
|
(49,798
|
)
|
|
|
Beginning
Balance January 1, 2016 |
|
Accruals
|
|
Payments
|
|
Ending Balance September 30, 2016
|
|
Cumulative
Charges Incurred |
||||||||||
Termination benefits
|
|
$
|
—
|
|
|
$
|
2,416
|
|
|
$
|
2,416
|
|
|
$
|
—
|
|
|
$
|
2,416
|
|
Contract termination costs
|
|
|
—
|
|
|
|
68
|
|
|
|
68
|
|
|
|
—
|
|
|
|
68
|
|
Total
|
|
$
|
—
|
|
|
$
|
2,484
|
|
|
$
|
2,484
|
|
|
$
|
—
|
|
|
$
|
2,484
|
|
|
|
Beginning
Balance January 1, 2016 |
|
Accruals
|
|
Payments
|
|
Ending Balance September 30, 2016
|
|
Cumulative
Charges Incurred |
||||||||||
Termination benefits
|
|
$
|
—
|
|
|
$
|
4,128
|
|
|
$
|
1,584
|
|
|
$
|
2,544
|
|
|
$
|
4,128
|
|
Contract termination costs
|
|
|
—
|
|
|
|
15
|
|
|
|
15
|
|
|
|
—
|
|
|
|
15
|
|
Total
|
|
$
|
—
|
|
|
$
|
4,143
|
|
|
$
|
1,599
|
|
|
$
|
2,544
|
|
|
$
|
4,143
|
|
•
|
a review of our financial presentation, including discussion of certain operational and financial metrics we utilize to assist us in managing our business;
|
•
|
a discussion of our results of operations for the quarter and
nine months ended
September 30, 2016
compared to the same periods in
2015
;
|
•
|
a discussion of our business outlook, including our expectations for selected financial items for the
fourth
quarter and full year of
2016
; and
|
•
|
a discussion of our liquidity and capital resources, including our future capital and contractual commitments and potential funding sources.
|
•
|
Passenger ticket revenues
, which consist of revenue recognized from the sale of passenger tickets and the sale of air
transportation to and from our ships; and
|
•
|
Onboard and other revenues
, which consist primarily of revenues from the sale of goods and/or services onboard our
ships not included in passenger ticket prices, cancellation fees, sales of vacation protection insurance and pre- and post-cruise tours.
Onboard and other revenues
also includes revenues we receive from independent third party concessionaires that pay us a
percentage of their revenues in exchange for the right to provide selected goods and/or services onboard our ships as well as revenues received for our bareboat charter, procurement and management related services we perform on behalf of our unconsolidated affiliates.
|
•
|
Commissions, transportation and other expenses
, which consist of those costs directly associated with passenger ticket
revenues, including travel agent commissions, air and other transportation expenses, port costs that vary with passenger head counts and related credit card fees;
|
•
|
Onboard and other expenses
, which consist of the direct costs associated with onboard and other revenues, including
the costs of products sold onboard our ships, vacation protection insurance premiums, costs associated with pre- and post-cruise tours and related credit card fees as well as the minimal costs associated with concession revenues, as the costs are mostly incurred by third-party concessionaires and costs incurred for the procurement and management related services we perform on behalf of our unconsolidated affiliates;
|
•
|
Payroll and related expenses
, which consist of costs for shipboard personnel (costs associated with our shoreside personnel are included in
Marketing, selling and administrative expenses
);
|
•
|
Food expenses
, which include food costs for both guests and crew;
|
•
|
Fuel expenses
, which include fuel and related delivery, storage and emission consumable costs and the financial impact of fuel swap
agreements; and
|
•
|
Other operating expenses
, which consist primarily of operating costs such as repairs and maintenance, port costs that do not vary with passenger head counts, vessel related insurance, entertainment and gains and /or losses related to the sale of our ships, if any.
|
•
|
The effect of changes in foreign currency exchange rates related to our passenger ticket and onboard and other revenue transactions and cruise operating expenses denominated in currencies other than the United States dollar, resulted in a decrease to total revenues of
$58.8 million
and
$154.3 million
for the quarter and
nine months ended
September 30, 2016
, respectively, as compared to the same periods in
2015
, and a decrease to cruise operating expenses of
$10.2 million
and
$34.2 million
for the quarter and
nine months ended
September 30, 2016
, respectively, as compared to the same periods in
2015
;
|
•
|
Total revenues, excluding the unfavorable effect of changes in foreign currency exchange rates, increased
$99.5 million
and
$344.0 million
for the quarter and
nine months ended
September 30, 2016
as compared to the same periods in
2015
. The increases were primarily due to increases in capacity, which are further discussed below.
|
•
|
Total Cruise operating expenses, excluding the favorable effect of changes in foreign currency exchange rates, decreased
$36.7 million
and increased
$0.4 million
for the quarter and
nine months ended
September 30, 2016
, respectively, as compared to the same periods in
2015
. The decrease during the quarter was primarily due to a decrease in fuel expense and the increase during the nine months was primarily due to the increase in capacity, which are further discussed below.
|
•
|
Effective January 1, 2016, we eliminated RCHE's, the parent company of the Pullmantur and CDF brands, two-month reporting lag to be consistent with the fiscal calendar of the Company. As a result of this change, the results of RCHE for November and December 2015 are included in our statement of comprehensive income (loss) for the
nine months ended
September 30, 2016
. The effect of this change was a decrease to net income of
$21.7 million
and this amount is reported within
Other income
in our consolidated statements of comprehensive income (loss) for the
nine months ended
September 30, 2016
. Refer to Note 1.
Financial Statements
to our consolidated financial statements for further information on the elimination of the Pullmantur reporting lag.
|
•
|
In July 2016, we sold 51% of our interest in RCHE. We retained a 49% interest in these businesses as well as full ownership of the vessels and aircraft. As a result of the sale of a majority interest in these businesses, we recognized an immaterial gain and no longer consolidate these businesses in our consolidated financial statements effective August 2016. Refer to Note 1.
General
to our consolidated financial statements for further information.
|
•
|
In April 2016, we took delivery of
Ovation of the Seas
. To finance the purchase, we borrowed
$841.8 million
under a previously committed
12-year
unsecured term loan, which is
95%
guaranteed by Hermes. Refer to Note 6.
Long-Term Debt
to our consolidated financial statements for further information.
|
•
|
In May 2016, we took delivery of
Harmony of the Seas
. To finance the purchase, we borrowed
€700.7 million
, or
$787.2 million
based on the exchange rate at September 30, 2016, and
$226.1 million
under previously committed unsecured term loans. Both of the facilities are
100%
guaranteed by COFACE. Refer to Note 6.
Long-Term Debt
to our consolidated financial statements for further information.
|
•
|
In May 2016, TUI Cruises, our 50% joint venture, took delivery of
Mein Schiff 5
.
|
•
|
In June 2016, we entered into an agreement to sell a ship to Thomson Cruises. The sale is scheduled to be completed in March 2017 in order to retain the future revenues to be generated for sailings through that date. We expect to recognize a gain on the sale, which we do not expect will have a material effect to our annual consolidated financial statements.
|
|
Quarter Ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
|
|
|
% of Total
Revenues |
|
|
|
% of Total
Revenues |
|
|
|
% of Total
Revenues |
|
|
|
% of Total
Revenues |
||||||||||||
Passenger ticket revenues
|
$
|
1,899,956
|
|
|
74.1
|
%
|
|
$
|
1,873,942
|
|
|
74.3
|
%
|
|
$
|
4,794,653
|
|
|
72.8
|
%
|
|
$
|
4,688,189
|
|
|
73.3
|
%
|
Onboard and other revenues
|
663,785
|
|
|
25.9
|
%
|
|
649,158
|
|
|
25.7
|
%
|
|
1,792,145
|
|
|
27.2
|
%
|
|
1,708,832
|
|
|
26.7
|
%
|
||||
Total revenues
|
2,563,741
|
|
|
100.0
|
%
|
|
2,523,100
|
|
|
100.0
|
%
|
|
6,586,798
|
|
|
100.0
|
%
|
|
6,397,021
|
|
|
100.0
|
%
|
||||
Cruise operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commissions, transportation and other
|
400,933
|
|
|
15.6
|
%
|
|
413,156
|
|
|
16.4
|
%
|
|
1,060,391
|
|
|
16.1
|
%
|
|
1,093,409
|
|
|
17.1
|
%
|
||||
Onboard and other
|
159,887
|
|
|
6.2
|
%
|
|
175,214
|
|
|
6.9
|
%
|
|
399,739
|
|
|
6.1
|
%
|
|
438,558
|
|
|
6.9
|
%
|
||||
Payroll and related
|
214,081
|
|
|
8.4
|
%
|
|
217,627
|
|
|
8.6
|
%
|
|
671,955
|
|
|
10.2
|
%
|
|
647,788
|
|
|
10.1
|
%
|
||||
Food
|
125,732
|
|
|
4.9
|
%
|
|
122,124
|
|
|
4.8
|
%
|
|
371,759
|
|
|
5.6
|
%
|
|
361,317
|
|
|
5.6
|
%
|
||||
Fuel
|
178,772
|
|
|
7.0
|
%
|
|
199,848
|
|
|
7.9
|
%
|
|
531,283
|
|
|
8.1
|
%
|
|
607,689
|
|
|
9.5
|
%
|
||||
Other operating
|
260,718
|
|
|
10.2
|
%
|
|
259,057
|
|
|
10.3
|
%
|
|
857,161
|
|
|
13.0
|
%
|
|
777,291
|
|
|
12.2
|
%
|
||||
Total cruise operating expenses
|
1,340,123
|
|
|
52.3
|
%
|
|
1,387,026
|
|
|
55.0
|
%
|
|
3,892,288
|
|
|
59.1
|
%
|
|
3,926,052
|
|
|
61.4
|
%
|
||||
Marketing, selling and administrative expenses
|
257,430
|
|
|
10.0
|
%
|
|
256,060
|
|
|
10.1
|
%
|
|
845,808
|
|
|
12.8
|
%
|
|
817,040
|
|
|
12.8
|
%
|
||||
Depreciation and amortization expenses
|
229,328
|
|
|
8.9
|
%
|
|
210,742
|
|
|
8.4
|
%
|
|
661,712
|
|
|
10.0
|
%
|
|
617,678
|
|
|
9.7
|
%
|
||||
Impairment of Pullmantur related assets
|
—
|
|
|
—
|
%
|
|
411,267
|
|
|
16.3
|
%
|
|
—
|
|
|
—
|
%
|
|
411,267
|
|
|
6.4
|
%
|
||||
Restructuring charges
|
1,897
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
|
|
6,627
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
|
||||
Operating Income
|
734,963
|
|
|
28.7
|
%
|
|
258,005
|
|
|
10.2
|
%
|
|
1,180,363
|
|
|
17.9
|
%
|
|
624,984
|
|
|
9.8
|
%
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income
|
6,472
|
|
|
0.3
|
%
|
|
1,735
|
|
|
0.1
|
%
|
|
14,875
|
|
|
0.2
|
%
|
|
8,244
|
|
|
0.1
|
%
|
||||
Interest expense, net of interest capitalized
|
(82,610
|
)
|
|
(3.2
|
)%
|
|
(66,819
|
)
|
|
(2.6
|
)%
|
|
(226,803
|
)
|
|
(3.4
|
)%
|
|
(213,598
|
)
|
|
(3.3
|
)%
|
||||
Other income
|
34,432
|
|
|
1.3
|
%
|
|
35,866
|
|
|
1.4
|
%
|
|
53,867
|
|
|
0.8
|
%
|
|
39,354
|
|
|
0.6
|
%
|
||||
|
(41,706
|
)
|
|
(1.6
|
)%
|
|
(29,218
|
)
|
|
(1.2
|
)%
|
|
(158,061
|
)
|
|
(2.4
|
)%
|
|
(166,000
|
)
|
|
(2.6
|
)%
|
||||
Net Income
|
$
|
693,257
|
|
|
27.0
|
%
|
|
$
|
228,787
|
|
|
9.1
|
%
|
|
$
|
1,022,302
|
|
|
15.5
|
%
|
|
$
|
458,984
|
|
|
7.2
|
%
|
Diluted Earnings per Share
|
$
|
3.21
|
|
|
|
|
|
$
|
1.03
|
|
|
|
|
|
$
|
4.72
|
|
|
|
|
|
$
|
2.08
|
|
|
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net Income
|
$
|
693,257
|
|
|
$
|
228,787
|
|
|
$
|
1,022,302
|
|
|
$
|
458,984
|
|
Adjusted Net income
|
690,911
|
|
|
628,070
|
|
|
1,050,031
|
|
|
858,267
|
|
||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
(2,346
|
)
|
|
$
|
399,283
|
|
|
$
|
27,729
|
|
|
$
|
399,283
|
|
Adjustments to Net Income:
|
|
|
|
|
|
|
|
||||||||
Impairment of Pullmantur related assets
(1)
|
$
|
—
|
|
|
$
|
399,283
|
|
|
$
|
—
|
|
|
$
|
399,283
|
|
Net loss related to the elimination of the Pullmantur reporting lag
|
—
|
|
|
—
|
|
|
21,656
|
|
|
—
|
|
||||
Net gain related to the sale of the Pullmantur and CDF Croisières de France brands
|
(3,834
|
)
|
|
—
|
|
|
(3,834
|
)
|
|
—
|
|
||||
Restructuring charges
|
1,897
|
|
|
—
|
|
|
6,627
|
|
|
—
|
|
||||
Other initiative costs
|
(409
|
)
|
|
—
|
|
|
3,280
|
|
|
—
|
|
||||
Net Adjustments to Net Income- (Decrease) Increase
|
$
|
(2,346
|
)
|
|
$
|
399,283
|
|
|
$
|
27,729
|
|
|
$
|
399,283
|
|
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings per Share
|
$
|
3.23
|
|
|
$
|
1.04
|
|
|
$
|
4.74
|
|
|
$
|
2.09
|
|
Adjusted Earnings per Share
|
$
|
3.22
|
|
|
$
|
2.86
|
|
|
$
|
4.87
|
|
|
$
|
3.90
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Earnings per Share
|
$
|
3.21
|
|
|
$
|
1.03
|
|
|
$
|
4.72
|
|
|
$
|
2.08
|
|
Adjusted Earnings per Share
|
$
|
3.20
|
|
|
$
|
2.84
|
|
|
$
|
4.85
|
|
|
$
|
3.88
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-Average Shares Outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
214,819
|
|
|
219,963
|
|
|
215,663
|
|
|
219,835
|
|
||||
Diluted
|
215,667
|
|
|
221,137
|
|
|
216,575
|
|
|
220,979
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
(1)
|
|
2015
|
||||
Passengers Carried
|
1,558,224
|
|
|
1,403,650
|
|
|
4,365,144
|
|
|
4,053,451
|
|
Passenger Cruise Days
|
10,727,918
|
|
|
10,176,750
|
|
|
30,367,048
|
|
|
28,856,742
|
|
APCD
|
9,766,482
|
|
|
9,465,368
|
|
|
28,503,681
|
|
|
27,284,750
|
|
Occupancy
|
109.8
|
%
|
|
107.5
|
%
|
|
106.5
|
%
|
|
105.8
|
%
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2016
|
|
2016 On a Constant Currency Basis
|
|
2015
|
|
2016
|
|
2016 On a Constant Currency Basis
|
|
2015
|
||||||||||||
Passenger ticket revenues
|
$
|
1,899,956
|
|
|
$
|
1,952,378
|
|
|
$
|
1,873,942
|
|
|
$
|
4,794,653
|
|
|
$
|
4,934,937
|
|
|
$
|
4,688,189
|
|
Onboard and other revenues
|
663,785
|
|
|
670,195
|
|
|
649,158
|
|
|
1,792,145
|
|
|
1,806,124
|
|
|
1,708,832
|
|
||||||
Total revenues
|
2,563,741
|
|
|
2,622,573
|
|
|
2,523,100
|
|
|
6,586,798
|
|
|
6,741,061
|
|
|
6,397,021
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commissions, transportation and other
|
400,933
|
|
|
410,399
|
|
|
413,156
|
|
|
1,060,391
|
|
|
1,086,888
|
|
|
1,093,409
|
|
||||||
Onboard and other
|
159,887
|
|
|
160,036
|
|
|
175,214
|
|
|
399,739
|
|
|
401,285
|
|
|
438,558
|
|
||||||
Net Revenues including other initiative costs
|
2,002,921
|
|
|
2,052,138
|
|
|
1,934,730
|
|
|
5,126,668
|
|
|
5,252,888
|
|
|
4,865,054
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other initiative costs included within Net Revenues
|
(1,843
|
)
|
|
(1,790
|
)
|
|
—
|
|
|
(1,843
|
)
|
|
(1,790
|
)
|
|
—
|
|
||||||
Net Revenues
|
$
|
2,004,764
|
|
|
$
|
2,053,928
|
|
|
$
|
1,934,730
|
|
|
$
|
5,128,511
|
|
|
$
|
5,254,678
|
|
|
$
|
4,865,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
APCD
|
9,766,482
|
|
|
9,766,482
|
|
|
9,465,368
|
|
|
28,503,681
|
|
|
28,503,681
|
|
|
27,284,750
|
|
||||||
Gross Yields
|
$
|
262.50
|
|
|
$
|
268.53
|
|
|
$
|
266.56
|
|
|
$
|
231.09
|
|
|
$
|
236.50
|
|
|
$
|
234.45
|
|
Net Yields
|
$
|
205.27
|
|
|
$
|
210.30
|
|
|
$
|
204.40
|
|
|
$
|
179.92
|
|
|
$
|
184.35
|
|
|
$
|
178.31
|
|
|
Quarter Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||
|
2016
|
|
2016 On a Constant Currency Basis
|
|
2015
|
|
2016
|
|
2016 On a Constant Currency Basis
|
|
2015
|
||||||||||||
Total cruise operating expenses
|
$
|
1,340,123
|
|
|
$
|
1,350,295
|
|
|
$
|
1,387,026
|
|
|
$
|
3,892,288
|
|
|
$
|
3,926,447
|
|
|
$
|
3,926,052
|
|
Marketing, selling and administrative expenses
|
257,430
|
|
|
260,471
|
|
|
256,060
|
|
|
845,808
|
|
|
856,941
|
|
|
817,040
|
|
||||||
Gross Cruise Costs
|
1,597,553
|
|
|
1,610,766
|
|
|
1,643,086
|
|
|
4,738,096
|
|
|
4,783,388
|
|
|
4,743,092
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commissions, transportation and other
|
400,933
|
|
|
410,399
|
|
|
413,156
|
|
|
1,060,391
|
|
|
1,086,888
|
|
|
1,093,409
|
|
||||||
Onboard and other
|
159,887
|
|
|
160,036
|
|
|
175,214
|
|
|
399,739
|
|
|
401,285
|
|
|
438,558
|
|
||||||
Net Cruise Costs including other initiative costs
|
1,036,733
|
|
|
1,040,331
|
|
|
1,054,716
|
|
|
3,277,966
|
|
|
3,295,215
|
|
|
3,211,125
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Other initiative costs included within cruise operating expenses and marketing, selling and administrative expenses
|
(2,252
|
)
|
|
(2,157
|
)
|
|
—
|
|
|
1,073
|
|
|
1,240
|
|
|
—
|
|
||||||
Net gain related to the sale of Pullmantur and CDF Croisières de France brands included within other operating expenses
|
(3,834
|
)
|
|
(3,834
|
)
|
|
—
|
|
|
(3,834
|
)
|
|
(3,834
|
)
|
|
—
|
|
||||||
Net Cruise Costs
|
1,042,819
|
|
|
1,046,322
|
|
|
1,054,716
|
|
|
3,280,727
|
|
|
3,297,809
|
|
|
3,211,125
|
|
||||||
Less:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fuel
(1)
|
178,772
|
|
|
178,742
|
|
|
199,848
|
|
|
530,859
|
|
|
531,836
|
|
|
607,689
|
|
||||||
Net Cruise Costs Excluding Fuel
|
$
|
864,047
|
|
|
$
|
867,580
|
|
|
$
|
854,868
|
|
|
$
|
2,749,868
|
|
|
$
|
2,765,973
|
|
|
$
|
2,603,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
APCD
|
9,766,482
|
|
|
9,766,482
|
|
|
9,465,368
|
|
|
28,503,681
|
|
|
28,503,681
|
|
|
27,284,750
|
|
||||||
Gross Cruise Costs per APCD
|
$
|
163.58
|
|
|
$
|
164.93
|
|
|
$
|
173.59
|
|
|
$
|
166.23
|
|
|
$
|
167.82
|
|
|
$
|
173.84
|
|
Net Cruise Cost per APCD
|
$
|
106.78
|
|
|
$
|
107.13
|
|
|
$
|
111.43
|
|
|
$
|
115.10
|
|
|
$
|
115.70
|
|
|
$
|
117.69
|
|
Net Cruise Costs Excluding Fuel per APCD
|
$
|
88.47
|
|
|
$
|
88.83
|
|
|
$
|
90.32
|
|
|
$
|
96.47
|
|
|
$
|
97.04
|
|
|
$
|
95.42
|
|
|
As Reported
|
Constant Currency
|
Net Yields
|
1.7% to 2.0%
|
4.0% or better
|
Net Cruise Costs per APCD
|
Approx. (2.0%)
|
Approx. (1.5%)
|
Net Cruise Costs per APCD, Excluding Fuel
|
Approx. 0.5%
|
Approx. 1.0%
|
Capacity Increase
|
3.3%
|
|
Depreciation and Amortization
|
$890 to $900 million
|
|
Interest Expense, net
|
$287 to $292 million
|
|
Fuel Consumption (metric tons)
|
1,371,000
|
|
Fuel Expenses
|
$720 million
|
|
Percent Hedged (fwd consumption)
|
68%
|
|
Impact of 10% change in fuel prices
|
$4 million
|
|
1% Change in Currency
|
$4 million
|
|
1% Change in Net Yield
|
$15 million
|
|
1% Change in NCC x Fuel
|
$8 million
|
|
1% Change in LIBOR
|
$12 million
|
|
Adjusted Earnings per Share-Diluted
|
$6.00 to $6.10
|
|
|
As Reported
|
Constant Currency
|
Net Yields
|
Approx. 4.5%
|
Approx. 6.0%
|
Net Cruise Costs per APCD
|
Approx. (1.5%)
|
(1.0%) to (1.5%)
|
Net Cruise Costs per APCD, Excluding Fuel
|
Approx. (2.0%)
|
Approx. (1.5%)
|
Capacity Increase
|
(0.2%)
|
|
Depreciation and Amortization
|
$230 to $235 million
|
|
Interest Expense, net
|
$75 to $80 million
|
|
Fuel Consumption (metric tons)
|
340,000
|
|
Fuel Expenses
|
$189 million
|
|
Percent Hedged (fwd consumption)
|
68%
|
|
Impact of 10% change in fuel prices
|
$4 million
|
|
1% Change in Currency
|
$4 million
|
|
1% Change in Net Yield
|
$15 million
|
|
1% Change in NCC x Fuel
|
$8 million
|
|
1% Change in LIBOR
|
$12 million
|
|
Adjusted Earnings per Share-Diluted
|
Approx. $1.20
|
|
Ranking
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
FY 2016
|
1
|
|
AUD
|
|
GBP
|
|
GBP
|
|
AUD
|
|
GBP
|
2
|
|
CAD
|
|
AUD
|
|
CNH
|
|
GBP
|
|
AUD
|
3
|
|
GBP
|
|
CAD
|
|
EUR
|
|
CAD
|
|
CAD
|
4
|
|
CNH
|
|
CNH
|
|
CAD
|
|
EUR
|
|
CNH
|
5
|
|
BRL
|
|
MXN
|
|
AUD
|
|
CNH
|
|
EUR
|
Currency Abbreviation
|
|
Currency
|
AUD
|
|
Australian Dollar
|
BRL
|
|
Brazilian Real
|
CAD
|
|
Canadian Dollar
|
CNH
|
|
Chinese Yuan
|
EUR
|
|
Euro
|
GBP
|
|
British Pound
|
MXN
|
|
Mexican Peso
|
•
|
an increase of
$18.8 million
in ticket prices primarily driven by
Harmony of the Seas
and
Ovation of the Seas,
as well as higher pricing on Alaska and Caribbean sailings.
|
•
|
a
$19.9 million
increase attributable to the
3.2%
increase in capacity noted above; and
|
•
|
an
$8.9 million
increase in onboard revenue attributable to higher spending on a per passenger basis primarily due to our ship upgrade programs and other revenue enhancing initiatives, including various beverage and gaming initiatives, the promotion of specialty restaurants and the increased revenue associated with internet and other telecommunication services partially offset by a decrease in port activities revenue mainly due to itinerary changes.
|
•
|
a
$7.8 million
decrease in other revenues primarily due to our travel agency business that was sold in 2015, which is mostly offset by the related decrease in travel agency expenses discussed below; and
|
•
|
an approximate
$6.4 million
unfavorable effect of changes in foreign currency exchange rates related to our onboard and other revenue transactions denominated in currencies other than the United States dollar.
|
•
|
a
$27.5 million
decrease in fuel expense, excluding the impact of the increase in capacity. Our cost of fuel (net of the financial impact of fuel swap agreements) for 2016 decreased
11.3%
per metric ton compared to 2015;
|
•
|
a
$10.5 million
decrease in payroll and related expenses primarily due to changes in our payroll structure;
|
•
|
an approximate
$10.2 million
favorable effect of changes in foreign currency exchange rates related to our cruise operating expenses denominated in currencies other than the United States dollar;
|
•
|
an
$8.6 million
decrease in shore excursion expense attributable to lower contractual costs incurred and the decrease in port activities revenue discussed above;
|
•
|
a
$7.1 million
decrease in other expenses primarily related to our travel agency business that was sold in 2015, which mostly offsets the related decrease in travel agency revenues discussed above
;
|
•
|
a
$5.8 million
decrease in vessel and hotel maintenance primarily due to the timing of scheduled drydocks; and
|
•
|
a
$5.8 million
decrease in air expense primarily due to the decrease in air transportation sales and lower costs.
|
•
|
a
4.5%
increase in capacity, which increased
passenger ticket revenues by
$209.4 million
; and
|
•
|
an increase of
$37.3 million
in ticket prices primarily driven by
Harmony of the Seas, Ovation of the Seas
and, to a lesser extent,
Anthem of the Seas,
as well as higher pricing on Alaska and Caribbean sailings. The increase in ticket prices was partially offset by lower pricing on Mediterranean and Asia sailings.
|
•
|
a
$73.6 million
increase attributable to the
4.5%
increase in capacity noted above; and
|
•
|
a
$58.7 million
increase in onboard revenue attributable to higher spending on a per passenger basis primarily due to our ship upgrade programs and other revenue enhancing initiatives, including various beverage and gaming initiatives, the promotion of specialty restaurants and the increased revenue associated with internet and other telecommunication services partially offset by a decrease in port activities revenue mainly due to itinerary changes.
|
•
|
a
$34.0 million
decrease in other revenues primarily related to our travel agency business that was sold in 2015, which is mostly offset by the related decrease in travel agency expenses discussed below; and
|
•
|
an approximate
$14.0 million
unfavorable effect of changes in foreign currency exchange rates related to our onboard and other revenue transactions denominated in currencies other than the US dollar.
|
•
|
a
$102.5 million
decrease in fuel expense, excluding the impact of the increase in capacity. Our cost of fuel (net of the financial impact of fuel swap agreements) for
2016
decreased
12.6%
per metric ton compared to
2015
;
|
•
|
an approximate
$34.2 million
favorable effect of changes in foreign currency exchange rates related to our cruise operating expenses denominated in currencies other than the United States dollar;
|
•
|
a
$26.2 million
decrease in other expenses primarily related to our travel agency business that was sold in 2015, which mostly offsets the related decrease in travel agency revenues discussed above;
|
•
|
a
$17.2 million
decrease in shore excursion expense attributable to lower contractual costs incurred and the decrease in port activities revenue discussed above; and
|
•
|
a
$14.8 million
decrease in air expense primarily due to the decrease in air transportation sales and lower costs.
|
Ship
|
|
Expected to Enter
Service
|
|
Approximate
Berths
|
|
Royal Caribbean International —
|
|
|
|
|
|
Quantum-class:
|
|
|
|
|
|
Unnamed
|
|
2nd Quarter 2019
|
|
4,150
|
|
Unnamed
|
|
4th Quarter 2020
|
|
4,150
|
|
Oasis-class:
|
|
|
|
|
|
Unnamed
|
|
2nd Quarter 2018
|
|
5,450
|
|
Celebrity Cruises — Project Edge
|
|
|
|
|
|
Unnamed
|
|
4th Quarter 2018
|
|
2,900
|
|
Unnamed
|
|
1st Half 2020
|
|
2,900
|
|
TUI Cruises (50% joint venture)
|
|
|
|
|
|
Mein Schiff 6
|
|
2nd Quarter 2017
|
|
2,500
|
|
Unnamed
|
|
2nd Quarter 2018
|
|
2,850
|
|
Unnamed
|
|
2nd Quarter 2019
|
|
2,850
|
|
|
|
Total Berths
|
|
27,750
|
|
|
Payments due by period
|
||||||||||||||||||
|
|
|
Less than
|
|
1-3
|
|
3-5
|
|
More than
|
||||||||||
|
Total
|
|
1 year
|
|
years
|
|
years
|
|
5 years
|
||||||||||
Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating lease obligations
(1)
|
$
|
232,661
|
|
|
$
|
21,300
|
|
|
$
|
31,792
|
|
|
$
|
25,659
|
|
|
$
|
153,910
|
|
Interest on long-term debt
(2)
|
1,358,964
|
|
|
284,590
|
|
|
433,451
|
|
|
291,739
|
|
|
349,184
|
|
|||||
Other
(3)
|
834,220
|
|
|
172,938
|
|
|
340,044
|
|
|
180,954
|
|
|
140,284
|
|
|||||
Investing Activities:
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ship purchase obligations
(4)
|
4,063,001
|
|
|
37,944
|
|
|
2,655,244
|
|
|
1,369,813
|
|
|
—
|
|
|||||
Financing Activities:
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-term debt obligations
(5)
|
9,475,483
|
|
|
1,090,558
|
|
|
2,870,327
|
|
|
2,417,486
|
|
|
3,097,112
|
|
|||||
Capital lease obligations
(6)
|
42,369
|
|
|
7,444
|
|
|
7,614
|
|
|
7,865
|
|
|
19,446
|
|
|||||
Other
(7)
|
60,413
|
|
|
19,676
|
|
|
28,589
|
|
|
11,263
|
|
|
885
|
|
|||||
Total
|
$
|
16,067,111
|
|
|
$
|
1,634,450
|
|
|
$
|
6,367,061
|
|
|
$
|
4,304,779
|
|
|
$
|
3,760,821
|
|
(1)
|
We are obligated under noncancelable operating leases primarily for offices, warehouses and motor vehicles. Amounts represent contractual obligations with initial terms in excess of one year.
|
(2)
|
Long-term debt obligations mature at various dates through fiscal year 2028 and bear interest at fixed and variable rates. Interest on variable-rate debt is calculated based on forecasted debt balances, including the impact of interest rate swap agreements using the applicable rate at
September 30, 2016
. Debt denominated in other currencies is calculated based on the applicable exchange rate at
September 30, 2016
.
|
(3)
|
Amounts primarily represent future commitments with remaining terms in excess of one year to pay for our usage of certain port facilities, marine consumables, services and maintenance contracts.
|
(4)
|
Amounts do not include potential obligations which remain subject to cancellation at our sole discretion. In addition, amounts do not include the conditional agreements with STX France for the fifth Oasis-class ship and the third and fourth "Project Edge" ships and the conditional orders with Meyer Turku for the
two
"Project Icon" ships.
|
(5)
|
Amounts represent debt obligations with initial terms in excess of one year.
|
(6)
|
Amounts represent capital lease obligations with initial terms in excess of one year.
|
(7)
|
Amounts represent fees payable to sovereign guarantors in connection with certain of our export credit debt facilities and facility fees on our revolving credit facilities.
|
Period
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
(1)
|
|
Approximate dollar value of shares that may yet be purchased under the plans or programs
|
July 1, 2016 - July 31, 2016
|
—
|
|
—
|
|
—
|
|
$50,000,000
|
August 1, 2016 - August 31, 2016
|
706,715
|
|
$70.60
|
|
706,715
|
|
$—
|
September 1, 2016 - September 30, 2016
|
—
|
|
—
|
|
—
|
|
$—
|
Total
|
706,715
|
|
|
|
706,715
|
|
|
|
|
|
|
31.1
|
|
|
Certification of the Chairman and Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*
|
|
|
|
|
31.2
|
|
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*
|
|
|
|
|
32.1
|
|
|
Certifications of the Chairman and Chief Executive Officer and the Chief Financial Officer 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**
|
*
|
|
Filed herewith
|
**
|
|
Furnished herewith
|
(ii)
|
the Consolidated Balance Sheets at
September 30, 2016
and
December 31, 2015
;
|
|
|
ROYAL CARIBBEAN CRUISES LTD.
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
/s/ JASON T. LIBERTY
|
|
|
Jason T. Liberty
|
|
|
Chief Financial Officer
|
October 28, 2016
|
|
(Principal Financial Officer and duly authorized signatory)
|
1 Year Royal Caribbean Chart |
1 Month Royal Caribbean Chart |
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