Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
| Cash flows from operating activities |
|
|
|
| Net income |
$ 930,228
|
$ 954,843
|
$ 759,872
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization expense |
647,102
|
566,972
|
521,484
|
| Deferred income taxes, net |
(26,134)
|
1,508
|
9,153
|
| Loss on extinguishment of debt |
13,397
|
6,346
|
22,211
|
| Provision for bad debts and inventory obsolescence |
3,884
|
5,570
|
2,431
|
| Gain on involuntary conversion of assets |
(4,152)
|
|
|
| Share-based compensation expense |
95,055
|
115,983
|
87,039
|
| Net foreign currency adjustments |
(1,934)
|
(5,537)
|
|
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable, net |
(14,104)
|
(15,886)
|
15,050
|
| Inventories |
(6,155)
|
(9,052)
|
(17,129)
|
| Prepaid expenses and other assets |
(74,295)
|
(29,519)
|
(22,714)
|
| Accounts payable |
(58,635)
|
106,387
|
14,047
|
| Accrued expenses and other liabilities |
(29,028)
|
114,953
|
55,791
|
| Advance ticket sales |
347,376
|
262,603
|
154,012
|
| Net cash provided by operating activities |
1,822,605
|
2,075,171
|
1,601,247
|
| Cash flows from investing activities |
|
|
|
| Additions to property and equipment, net |
(1,637,170)
|
(1,566,796)
|
(1,372,214)
|
| Cash received on settlement of derivatives |
289
|
64,796
|
2,346
|
| Cash paid on settlement of derivatives |
(47,085)
|
(1,719)
|
(35,694)
|
| Other |
3,774
|
1,011
|
664
|
| Net cash used in investing activities |
(1,680,192)
|
(1,502,708)
|
(1,404,898)
|
| Cash flows from financing activities |
|
|
|
| Repayments of long-term debt |
(3,806,732)
|
(1,716,244)
|
(1,916,885)
|
| Proceeds from long-term debt |
4,122,297
|
1,904,865
|
1,816,390
|
| Proceeds from employee related plans |
31,937
|
28,819
|
30,032
|
| Net share settlement of restricted share units |
(20,939)
|
(13,855)
|
(6,342)
|
| Purchases of treasury shares |
(349,860)
|
(664,811)
|
|
| Early redemption premium |
(6,829)
|
(5,154)
|
(15,506)
|
| Deferred financing fees |
(23,262)
|
(118,422)
|
(56,195)
|
| Net cash used in financing activities |
(53,388)
|
(584,802)
|
(148,506)
|
| Net increase (decrease) in cash and cash equivalents |
89,025
|
(12,339)
|
47,843
|
| Cash and cash equivalents at beginning of period |
163,851
|
176,190
|
128,347
|
| Cash and cash equivalents at end of period |
$ 252,876
|
$ 163,851
|
$ 176,190
|