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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Operating Activities      
Net income $ 1,283,388 $ 665,783 $ 764,146
Adjustments:      
Depreciation and amortization 894,915 827,008 772,445
Impairment of Pullmantur related assets 0 411,267 0
Net deferred income tax expense (benefit) 2,608 (10,001) (41,003)
Share-based compensation expense 32,659 36,073 26,116
Equity investment income (128,350) (81,026) (51,640)
Amortization of debt issuance costs 52,795 52,153 54,993
Loss on sale of property and equipment 0 0 17,401
Loss on derivative instruments not designated as hedges 45,670 59,162 48,637
Changes in operating assets and liabilities:      
Decrease in trade and other receivables, net 4,759 63,102 100,095
(Increase) decrease in inventories (1,679) 1,197 26,254
Decrease (increase) in prepaid expenses and other assets 11,519 (2,262) 21,234
Increase (decrease) in accounts payable 29,564 (25,278) (40,651)
Increase (decrease) in accrued interest 7,841 (10,749) (53,951)
Increase in accrued expenses and other liabilities 20,718 33,859 62,019
Increase (decrease) in customer deposits 188,632 (92,849) 14,885
Dividends received from unconsolidated affiliates 75,942 33,338 5,814
Other, net (4,291) (14,411) 16,965
Net cash provided by operating activities 2,516,690 1,946,366 1,743,759
Investing Activities      
Purchases of property and equipment (2,494,363) (1,613,340) (1,811,398)
Cash paid on settlement of derivative financial instruments (213,202) (178,597) (68,098)
Investments in and loans to unconsolidated affiliates (9,155) (56,163) (188,595)
Cash received on loans to unconsolidated affiliates 38,213 124,253 76,167
Proceeds from sale of property and equipment 0 0 220,000
Other, net (46,385) (19,128) 1,546
Net cash used in investing activities (2,724,892) (1,742,975) (1,770,378)
Financing Activities      
Debt proceeds 7,338,560 4,399,501 4,153,958
Debt issuance costs (88,241) (68,020) (72,974)
Repayments of debt (6,365,570) (4,118,553) (3,724,218)
Purchase of treasury stock (299,960) (200,000) (236,074)
Dividends paid (346,487) (280,212) (198,952)
Proceeds from exercise of common stock options 2,258 11,252 70,879
Cash received on settlement of derivative financial instruments 0 0 22,835
Other, net 3,249 2,520 2,026
Net cash provided by (used in) financing activities 243,809 (253,512) 17,480
Effect of exchange rate changes on cash (24,569) (17,555) (6,307)
Net increase (decrease) in cash and cash equivalents 11,038 (67,676) (15,446)
Cash and cash equivalents at beginning of year 121,565 189,241 204,687
Cash and cash equivalents at end of year 132,603 121,565 189,241
Cash paid during the year for:      
Interest, net of amount capitalized 256,775 248,611 276,933
Non-Cash Investing Activities      
Notes receivable issued upon sale of property and equipment 213,042 $ 0 $ 0
Divestiture of Pullmantur Holdings $ 26,000