FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 29, 2015
ROYAL CARIBBEAN CRUISES LTD.
|
|
(Exact Name of Registrant as Specified in Charter)
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|
|
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Republic of Liberia
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(State or Other Jurisdiction of Incorporation)
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1-11884
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98-0081645
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(Commission File Number)
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(IRS Employer Identification No.)
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1050 Caribbean Way, Miami, Florida
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33132
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: 305-539-6000
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ROYAL CARIBBEAN CRUISES LTD.
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||||
Date:
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January 29, 2015
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By:
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/s/ Jason T. Liberty
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Name:
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Jason T. Liberty
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|||
Title:
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Chief Financial Officer
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>
|
Net Yields were up 2.4% on a Constant-Currency basis (up 1.4% As-Reported).
|
>
|
Net Cruise Costs (“NCC”) excluding fuel were down 0.6% on a Constant-Currency basis (down 0.8% As-Reported).
|
>
|
Adjusted Net Income was $755.7 million, or $3.39 per share, versus Adjusted Net Income of $539.2 million, or $2.44 per share, in 2013.
|
>
|
In the fourth quarter, the US Dollar strengthened significantly and the price of crude oil fell dramatically in world markets, but the price at-the-pump fell more slowly. The net effect of both factors on the company was a reduction in EPS of $0.07 per share since October.
|
>
|
Operationally, results were on target, but close-in bookings were at the low end of the scale whereas 2013’s very robust pattern was unusually strong. These weaker bookings were offset by improved expenses and equity investments.
|
>
|
US GAAP Net Income was $764.1 million or $3.43 per share, versus $473.7 million, or $2.14 per share in 2013.
|
>
|
Net Yields are expected to increase 2.5% to 4.5% on a Constant-Currency basis (in the range of down 0.5% to up 1.5% As-Reported).
|
>
|
NCC excluding fuel are expected to be up 1% or better on a Constant-Currency basis (down 1.5% to 0.5% As-Reported).
|
>
|
Adjusted EPS for 2015 is expected to be in the range of $4.65 to $4.85 per share –
|
slightly higher than previous guidance of $4.55. Approximately $0.05 of the improvement is due to the combined effect of lower fuel costs offset by negative foreign exchange movements. The remainder of the difference is due to improved operational elements.
|
>
|
In the second quarter of 2015, Royal Caribbean International will take delivery of Anthem of the Seas, the sister ship to the highly successful Quantum of the Seas that made her debut in the fourth quarter of 2014. This spring, TUI Cruises, the company’s German joint venture, will take delivery of its second new build, Mein Schiff 4. Also this spring, the company will deliver Celebrity Century to its Chinese joint venture, SkySea Cruises.
|
FUEL STATISTICS
|
First Quarter 2015
|
Full Year 2015
|
Fuel Consumption (metric tons)
|
353,000
|
1,400,000
|
Fuel Expenses
|
$207 million
|
$806 million
|
Percent Hedged (fwd consumption)
|
54%
|
52%
|
Impact of 10% change in fuel prices
|
$7 million
|
$25 million
|
GUIDANCE
|
As-Reported
|
Constant-Currency
|
First Quarter 2015
|
||
Net Yields
|
Approx. (5.0%)
|
(1.5%) to (2.0%)
|
Net Cruise Costs per APCD
|
(3.5%) to (4.0%)
|
Approx. (2.0%)
|
Net Cruise Costs per APCD
excluding Fuel
|
Flat to up 1%
|
2.0% to 3.0%
|
Full Year 2015
|
||
Net Yields
|
(0.5%) to 1.5%
|
2.5% to 4.5%
|
Net Cruise Costs per APCD
|
(4.5%) to (5.5%)
|
(3.0%) to (4.0%)
|
Net Cruise Costs per APCD
excluding Fuel
|
(1.5%) to (0.5%)
|
1% or better
|
First Quarter 2015
|
Full Year 2015
|
|
Capacity Increase
|
3.8%
|
5.5%
|
Depreciation and Amortization
|
$195 to $205 million
|
$840 to $850 million
|
Interest Expense, net
|
$60 to $70 million
|
$260 to $270 million
|
Adjusted EPS
|
$0.10 to $0.15
|
$4.65 to $4.85
|
1% Change in Currency
|
$2 million
|
$12 million
|
1% Change in Net Yield
|
$14 million
|
$64 million
|
1% Change in NCC x fuel
|
$9 million
|
$35 million
|
Exchange rates used in guidance calculations
|
||
Current – January
|
Previous – October
|
|
GBP
|
$1.50
|
$1.61
|
CAD | $0.81 | $0.90 |
BRL | $0.39 | $0.42 |
AUD | $0.80 | $0.88 |
EUR | $1.14 | $1.26 |
Quarter Ended
|
Year Ended
|
|||||||||||||
December 31,
|
December 31,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||
Passenger ticket revenues
|
$
|
1,303,799
|
$
|
1,290,176
|
$
|
5,893,847
|
$
|
5,722,718
|
||||||
Onboard and other revenues
|
514,027
|
563,982
|
2,180,008
|
2,237,176
|
||||||||||
Total revenues
|
1,817,826
|
1,854,158
|
8,073,855
|
7,959,894
|
||||||||||
Cruise operating expenses:
|
||||||||||||||
Commissions, transportation and other
|
303,824
|
296,861
|
1,372,785
|
1,314,595
|
||||||||||
Onboard and other
|
126,454
|
128,149
|
582,750
|
568,615
|
||||||||||
Payroll and related
|
213,409
|
208,979
|
847,641
|
841,737
|
||||||||||
Food
|
119,958
|
118,536
|
478,130
|
469,653
|
||||||||||
Fuel
|
229,310
|
234,605
|
947,391
|
924,414
|
||||||||||
Other operating
|
251,790
|
295,530
|
1,077,584
|
1,186,256
|
||||||||||
Total cruise operating expenses
|
1,244,745
|
1,282,660
|
5,306,281
|
5,305,270
|
||||||||||
Marketing, selling and administrative expenses
|
257,995
|
262,883
|
1,048,952
|
1,044,819
|
||||||||||
Depreciation and amortization expenses
|
193,382
|
190,622
|
772,445
|
754,711
|
||||||||||
Restructuring and related impairment charges
|
2,360
|
43,024
|
4,318
|
56,946
|
||||||||||
Operating Income
|
119,344
|
74,969
|
941,859
|
798,148
|
||||||||||
Other income (expense):
|
||||||||||||||
Interest income
|
2,321
|
3,447
|
10,344
|
13,898
|
||||||||||
Interest expense, net of interest capitalized
|
(64,368)
|
(75,709)
|
(258,299)
|
(332,422)
|
||||||||||
Extinguishment of unsecured senior notes
|
-
|
-
|
-
|
(4,206)
|
||||||||||
Other income (expense)
|
52,471
|
4,311
|
70,242
|
(1,726)
|
||||||||||
(9,576)
|
(67,951)
|
(177,713)
|
(324,456)
|
|||||||||||
Net Income
|
$
|
109,768
|
$
|
7,018
|
$
|
764,146
|
$
|
473,692
|
||||||
Earnings Per Share:
|
||||||||||||||
Basic
|
$
|
0.50
|
$
|
0.03
|
$
|
3.45
|
$
|
2.16
|
||||||
Diluted
|
$
|
0.49
|
$
|
0.03
|
$
|
3.43
|
$
|
2.14
|
||||||
Weighted-Average Shares Outstanding:
|
||||||||||||||
Basic
|
220,622
|
220,197
|
221,658
|
219,638
|
||||||||||
Diluted
|
222,041
|
221,561
|
223,044
|
220,941
|
||||||||||
Comprehensive Income
|
||||||||||||||
Net Income
|
$
|
109,768
|
$
|
7,018
|
$
|
764,146
|
$
|
473,692
|
||||||
Other comprehensive (loss) income:
|
||||||||||||||
Foreign currency translation adjustments
|
(8,257)
|
1,160
|
(26,102)
|
1,529
|
||||||||||
Change in defined benefit plans
|
(1,677)
|
113
|
(7,213)
|
10,829
|
||||||||||
(Loss) gain on cash flow derivative hedges
|
(546,171)
|
71,314
|
(869,350)
|
127,829
|
||||||||||
Total other comprehensive (loss) income
|
(556,105)
|
72,587
|
(902,665)
|
140,187
|
||||||||||
Comprehensive (Loss) Income
|
$
|
(446,337)
|
$
|
79,605
|
$
|
(138,519)
|
$
|
613,879
|
||||||
STATISTICS
|
||||||||||||||
Quarter Ended
|
Year Ended
|
|||||||||||||
December 31,
|
December 31,
|
|||||||||||||
2014 | 2013 |
2014
|
2013
|
|||||||||||
Passengers Carried
|
1,263,129
|
1,189,870
|
5,149,952
|
4,884,763
|
||||||||||
Passenger Cruise Days
|
9,221,383
|
8,928,658
|
36,710,966
|
35,561,772
|
||||||||||
APCD
|
8,825,623
|
8,640,612
|
34,773,915
|
33,974,852
|
||||||||||
Occupancy
|
104.5%
|
103.3%
|
105.6%
|
104.7%
|
As of
|
|||||||
December 31,
|
December 31,
|
||||||
2014
|
2013
|
||||||
(unaudited)
|
|||||||
Assets
|
|||||||
Current assets
|
|||||||
Cash and cash equivalents
|
$
|
189,241
|
$
|
204,687
|
|||
Trade and other receivables, net
|
261,392
|
259,746
|
|||||
Inventories
|
123,490
|
151,244
|
|||||
Prepaid expenses and other assets
|
226,960
|
252,852
|
|||||
Derivative financial instruments
|
-
|
87,845
|
|||||
Total current assets
|
801,083
|
956,374
|
|||||
Property and equipment, net
|
18,235,568
|
17,517,752
|
|||||
Goodwill
|
420,542
|
439,231
|
|||||
Other assets
|
1,255,997
|
1,159,590
|
|||||
$
|
20,713,190
|
$
|
20,072,947
|
||||
Liabilities and Shareholders' Equity
|
|||||||
Current liabilities
|
|||||||
Current portion of long-term debt
|
$
|
799,630
|
$
|
1,563,378
|
|||
Accounts payable
|
331,505
|
372,226
|
|||||
Accrued interest
|
49,074
|
103,025
|
|||||
Accrued expenses and other liabilities
|
902,124
|
563,702
|
|||||
Customer deposits
|
1,766,914
|
1,664,679
|
|||||
Total current liabilities
|
3,849,247
|
4,267,010
|
|||||
Long-term debt
|
7,644,318
|
6,511,426
|
|||||
Other long-term liabilities
|
935,266
|
486,246
|
|||||
Commitments and contingencies
|
|||||||
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;
|
|||||||
233,106,019 and 230,782,315 shares issued, December 31, 2014
|
|||||||
and December 31, 2013, respectively)
|
2,331
|
2,308
|
|||||
Paid-in capital
|
3,253,552
|
3,159,038
|
|||||
Retained earnings
|
6,575,248
|
6,054,952
|
|||||
Accumulated other comprehensive (loss) income
|
(896,994)
|
5,671
|
|||||
Treasury stock (13,808,683 and 10,308,683 common shares at
cost, December 31, 2014 and December 31, 2013, respectively)
|
(649,778)
|
(413,704)
|
|||||
Total shareholders' equity
|
8,284,359
|
8,808,265
|
|||||
$
|
20,713,190
|
$
|
20,072,947
|
Year Ended
|
||||||||
December 31,
|
||||||||
2014
|
2013
|
|||||||
Operating Activities
|
||||||||
Net income
|
$
|
764,146
|
$
|
473,692
|
||||
Adjustments:
|
||||||||
Depreciation and amortization
|
772,445
|
754,711
|
||||||
Restructuring related impairments
|
-
|
33,514
|
||||||
Net deferred income tax benefit
|
(44,437)
|
(1,842)
|
||||||
Loss on sale of ship
|
17,401
|
-
|
||||||
Loss on derivative instruments not designated as hedges
|
48,637
|
19,287
|
||||||
Loss on extinguishment of unsecured senior notes
|
-
|
4,206
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Decrease in trade and other receivables, net
|
100,095
|
95,401
|
||||||
Decrease (increase) in inventories
|
26,254
|
(4,321)
|
||||||
Decrease (increase) in prepaid expenses and other assets
|
41,077
|
(22,657)
|
||||||
(Decrease) increase in accounts payable
|
(40,651)
|
18,957
|
||||||
Decrease in accrued interest
|
(53,951)
|
(3,341)
|
||||||
Increase (decrease) in accrued expenses and other liabilities
|
70,565
|
(6,714)
|
||||||
Increase in customer deposits
|
14,885
|
37,077
|
||||||
Dividends received from unconsolidated affiliates
|
5,814
|
5,093
|
||||||
Other, net
|
21,479
|
9,005
|
||||||
Net cash provided by operating activities
|
1,743,759
|
1,412,068
|
||||||
Investing Activities
|
||||||||
Purchases of property and equipment
|
(1,811,398)
|
(763,777)
|
||||||
Cash paid on settlement of derivative financial instruments
|
(68,098)
|
(17,338)
|
||||||
Investments in unconsolidated affiliates
|
(188,595)
|
(70,626)
|
||||||
Cash received on loan to unconsolidated affiliate
|
76,167
|
23,372
|
||||||
Proceeds from sale of ship
|
220,000
|
-
|
||||||
Other, net
|
1,546
|
3,831
|
||||||
Net cash used in investing activities
|
(1,770,378)
|
(824,538)
|
||||||
Financing Activities
|
||||||||
Debt proceeds
|
4,153,958
|
2,449,464
|
||||||
Debt issuance costs
|
(72,974)
|
(57,622)
|
||||||
Repayments of debt
|
(3,724,218)
|
(2,856,481)
|
||||||
Purchase of treasury of stock
|
(236,075)
|
-
|
||||||
Dividends paid
|
(198,952)
|
(143,629)
|
||||||
Proceeds from exercise of common stock options
|
70,879
|
30,125
|
||||||
Cash received on settlement of derivative financial instruments
|
22,835
|
-
|
||||||
Other, net
|
2,027
|
1,517
|
||||||
Net cash provided by (used in) financing activities
|
17,480
|
(576,626)
|
||||||
Effect of exchange rate changes on cash
|
(6,307)
|
(1,072)
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(15,446)
|
9,832
|
||||||
Cash and cash equivalents at beginning of period
|
204,687
|
194,855
|
||||||
Cash and cash equivalents at end of period
|
$
|
189,241
|
$
|
204,687
|
||||
Supplemental Disclosure
|
||||||||
Cash paid during the year for:
|
||||||||
Interest, net of amount capitalized
|
$
|
276,933
|
$
|
319,476
|
||||
Non cash Investing Activities
|
||||||||
Purchase of property and equipment through asset trade-in
|
$
|
-
|
$
|
46,375
|
Gross Yields and Net Yields were calculated as follows (in thousands, except APCD and Yields):
|
||||||||||||||||||
Quarter Ended
|
Year Ended
|
|||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||
2014
|
2014
On a
Constant
Currency
basis
|
2013
|
2014
|
2014
On a
Constant
Currency
basis
|
2013
|
|||||||||||||
Passenger ticket revenues
|
$
|
1,303,799
|
$
|
1,339,820
|
$
|
1,290,176
|
$
|
5,893,847
|
$
|
5,956,386
|
$
|
5,722,718
|
||||||
Onboard and other revenues
|
514,027
|
519,945
|
563,982
|
2,180,008
|
2,184,683
|
2,237,176
|
||||||||||||
Total revenues
|
1,817,826
|
1,859,765
|
1,854,158
|
8,073,855
|
8,141,069
|
7,959,894
|
||||||||||||
Less:
|
||||||||||||||||||
Commissions, transportation and other
|
303,824
|
310,507
|
296,861
|
1,372,785
|
1,383,339
|
1,314,595
|
||||||||||||
Onboard and other
|
126,454
|
129,367
|
128,149
|
582,750
|
585,631
|
568,615
|
||||||||||||
Net Revenues including divested businesses
|
1,387,548
|
1,419,891
|
1,429,148
|
6,118,320
|
6,172,099
|
6,076,684
|
||||||||||||
Less:
|
||||||||||||||||||
Net Revenues related to divested businesses
|
||||||||||||||||||
prior to sales transaction
|
-
|
-
|
75,707
|
35,656
|
34,403
|
218,350
|
||||||||||||
Net Revenues
|
$
|
1,387,548
|
$
|
1,419,891
|
$
|
1,353,441
|
$
|
6,082,664
|
$
|
6,137,696
|
$
|
5,858,334
|
||||||
APCD
|
8,825,623
|
8,825,623
|
8,640,612
|
34,773,915
|
34,773,915
|
33,974,852
|
||||||||||||
Gross Yields
|
$
|
205.97
|
$
|
210.72
|
$
|
214.59
|
$
|
232.18
|
$
|
234.11
|
$
|
234.29
|
||||||
Net Yields
|
$
|
157.22
|
$
|
160.88
|
$
|
156.64
|
$
|
174.92
|
$
|
176.50
|
$
|
172.43
|
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs Excluding Fuel were calculated as follows (in thousands, except APCD and costs per APCD):
|
||||||||||||||||||
Quarter Ended
|
Year Ended
|
|||||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||||
2014
|
2014
On a
Constant
Currency
basis
|
2013
|
2014
|
2014
On a
Constant
Currency
basis
|
2013
|
|||||||||||||
Total cruise operating expenses
|
$
|
1,244,745
|
$
|
1,261,447
|
$
|
1,282,660
|
$
|
5,306,281
|
$
|
5,329,013
|
$
|
5,305,270
|
||||||
Marketing, selling and administrative expenses
|
257,995
|
261,766
|
262,883
|
1,048,952
|
1,048,921
|
1,044,819
|
||||||||||||
Gross Cruise Costs
|
1,502,740
|
1,523,213
|
1,545,543
|
6,355,233
|
6,377,934
|
6,350,089
|
||||||||||||
Less:
|
||||||||||||||||||
Commissions, transportation and other
|
303,824
|
310,507
|
296,861
|
1,372,785
|
1,383,339
|
1,314,595
|
||||||||||||
Onboard and other
|
126,454
|
129,367
|
128,149
|
582,750
|
585,631
|
568,615
|
||||||||||||
Net Cruise Costs including divested businesses
|
1,072,462
|
1,083,339
|
1,120,533
|
4,399,698
|
4,408,964
|
4,466,879
|
||||||||||||
Less:
|
||||||||||||||||||
Net Cruise Costs related to divested businesses
|
||||||||||||||||||
prior to sales transaction
|
-
|
-
|
72,937
|
47,854
|
46,158
|
224,864
|
||||||||||||
Other initiative costs included within cruise operating expenses and marketing, selling and administrative expenses
|
3,936
|
4,523
|
-
|
18,972
|
19,354
|
-
|
||||||||||||
Loss on sale of ship included within other operating expenses
|
-
|
-
|
-
|
17,401
|
17,401
|
-
|
||||||||||||
Net Cruise Costs
|
1,068,526
|
1,078,816
|
1,047,596
|
4,315,471
|
4,326,051
|
4,242,015
|
||||||||||||
Less:
|
||||||||||||||||||
Fuel
|
229,310
|
229,500
|
234,605
|
947,391
|
950,945
|
924,414
|
||||||||||||
Net Cruise Costs Excluding Fuel
|
$
|
839,216
|
$
|
849,316
|
$
|
812,991
|
$
|
3,368,080
|
$
|
3,375,106
|
$
|
3,317,601
|
||||||
APCD
|
8,825,623
|
8,825,623
|
8,640,612
|
34,773,915
|
34,773,915
|
33,974,852
|
||||||||||||
Gross Cruise Costs per APCD
|
$
|
170.27
|
$
|
172.59
|
$
|
178.87
|
$
|
182.76
|
$
|
183.41
|
$
|
186.91
|
||||||
Net Cruise Costs per APCD
|
$
|
121.07
|
$
|
122.24
|
$
|
121.24
|
$
|
124.10
|
$
|
124.41
|
$
|
124.86
|
||||||
Net Cruise Costs Excluding Fuel per APCD
|
$
|
95.09
|
$
|
96.23
|
$
|
94.09
|
$
|
96.86
|
$
|
97.06
|
$
|
97.65
|
Net Debt-to-Capital was calculated as follows (in thousands):
|
||||||||||||||||
As of
|
||||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Long-term debt, net of current portion
|
$
|
7,644,318
|
$
|
6,511,426
|
||||||||||||
Current portion of long-term debt
|
799,630
|
1,563,378
|
||||||||||||||
Total debt
|
8,443,948
|
8,074,804
|
||||||||||||||
Less: Cash and cash equivalents
|
189,241
|
204,687
|
||||||||||||||
Net Debt
|
$
|
8,254,707
|
$
|
7,870,117
|
||||||||||||
Total shareholders' equity
|
$
|
8,284,359
|
$
|
8,808,265
|
||||||||||||
Total debt
|
8,443,948
|
8,074,804
|
||||||||||||||
Total debt and shareholders' equity
|
$
|
16,728,307
|
$
|
16,883,069
|
||||||||||||
Debt-to-Capital
|
50.5%
|
47.8%
|
||||||||||||||
Net Debt
|
$
|
8,254,707
|
$
|
7,870,117
|
||||||||||||
Net Debt and shareholders' equity
|
$
|
16,539,066
|
$
|
16,678,382
|
||||||||||||
Net Debt-to-Capital
|
49.9%
|
47.2%
|
Quarter Ended
|
Year Ended
|
|||||||||||||
December 31,
|
December 31,
|
|||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||
Adjusted Net Income
|
$
|
70,048
|
$
|
49,855
|
$
|
755,729
|
$
|
539,224
|
||||||
Net Income
|
109,768
|
7,018
|
764,146
|
473,692
|
||||||||||
Net Adjustments to Net Income (Decrease) Increase
|
$
|
(39,720)
|
$
|
42,837
|
$
|
(8,417)
|
$
|
65,532
|
||||||
Adjustments to Net Income:
|
||||||||||||||
Restructuring and related impairment charges
|
$
|
2,360
|
$
|
43,024
|
$
|
4,318
|
$
|
56,946
|
||||||
Other initiative costs
|
3,936
|
-
|
21,211
|
-
|
||||||||||
Estimated impact of divested businesses prior to sales transaction
|
-
|
(187)
|
11,013
|
8,586
|
||||||||||
Loss on sale of ship included within other operating expenses
|
-
|
-
|
17,401
|
-
|
||||||||||
Impact of voyage proration change
|
(12,533)
|
-
|
(28,877)
|
-
|
||||||||||
Spanish tax reform benefit
|
(33,483)
|
-
|
(33,483)
|
-
|
||||||||||
Net Adjustments to Net Income (Decrease) Increase
|
$
|
(39,720)
|
$
|
42,837
|
$
|
(8,417)
|
$
|
65,532
|
||||||
Adjusted Earnings per Share - Diluted
|
$
|
0.32
|
$
|
0.23
|
$
|
3.39
|
$
|
2.44
|
||||||
Earnings per Share - Diluted
|
0.49
|
0.03
|
3.43
|
2.14
|
||||||||||
Net Adjustments to Net Income (Decrease) Increase
|
$
|
(0.17)
|
$
|
0.20
|
$
|
(0.04)
|
$
|
0.30
|
||||||
Adjustments to Earnings per Share:
|
||||||||||||||
Restructuring and related impairment charges
|
$
|
0.01
|
$
|
0.20
|
$
|
0.02
|
$
|
0.26
|
||||||
Other initiative costs
|
0.02
|
-
|
0.09
|
-
|
||||||||||
Estimated impact of divested businesses prior to sales transaction
|
-
|
-
|
0.05
|
0.04
|
||||||||||
Loss on sale of ship included within other operating expenses
|
-
|
-
|
0.08
|
-
|
||||||||||
Impact of voyage proration change
|
(0.05)
|
-
|
(0.13)
|
-
|
||||||||||
Spanish tax reform benefit
|
(0.15)
|
-
|
(0.15)
|
-
|
||||||||||
Net Adjustments to Net Income (Decrease) Increase
|
$
|
(0.17)
|
$
|
0.20
|
$
|
(0.04)
|
$
|
0.30
|
||||||
Weighted-Average Shares Outstanding - Diluted
|
222,041
|
221,561
|
223,044
|
220,941
|
||||||||||