Royal Caribbean Cruise Lines 2005 Annual Report Download - page 35

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Accumulated
Other Total
Common Paid-in Retained Comprehensive Treasury Shareholders’
Stock Capital Earnings Income (Loss) Stock Equity
(in thousands)
Balances at January 1, 2003 $ 1,930 $ 2,053,649 $ 1,982,580 $ 3,693 $ (7,158) $ 4,034,694
Issuance under employee
related plans 31 46,963 — — (559) 46,435
Common stock dividends — — (101,049) — — (101,049)
Changes related to
cash flow derivative hedges — — — 11,526 — 11,526
Minimum pension liability adjustment — — — (9,373) — (9,373)
Net income — — 280,664 — — 280,664
Balances at December 31, 2003 1,961 2,100,612 2,162,195 5,846 (7,717) 4,262,897
Issuance under employee related plans 51 105,545 — — (560) 105,036
Common stock dividends — — (103,621) — — (103,621)
Changes related to cash flow derivative hedges — — — 67,082 — 67,082
Minimum pension liability adjustment — — — (1,565) — (1,565)
Net income — — 474,691 — — 474,691
Balances at December 31, 2004 2,012 2,206,157 2,533,265 71,363 (8,277) 4,804,520
Issuance under employee related plans 12 28,059 — — (560) 27,511
Purchases of treasury stock — — — — (249,122) (249,122)
Common stock dividends — — (116,935) — — (116,935)
Changes related to cash flow derivative hedges — — — (100,472) — (100,472)
Minimum pension liability adjustment — — — 846 — 846
Debt converted to common stock 141 472,020 — — — 472,161
Net income — — 715,956 — — 715,956
Balances at December 31, 2005 $ 2,165 $ 2,706,236 $ 3,132,286 $ (28,263) $ (257,959) $ 5,554,465
Comprehensive income is as follows (in thousands):
Year Ended December 31,
2005 2004 2003
Net income $ 715,956 $ 474,691 $ 280,664
Changes related to cash flow derivative hedges (100,472) 67,082 11,526
Minimum pension liability adjustment 846 (1,565) (9,373)
Total comprehensive income $ 616,330 $ 540,208 $ 282,817
Royal Caribbean Cruises Ltd. 33
Consolidated Statements
of Shareholders’ Equity
The following tables summarize activity in accumulated other comprehensive income (loss) related to derivatives designated as cash flow
hedges and minimum pension liability (in thousands):
Year Ended December 31,
2005 2004 2003
Accumulated net gain on cash flow
derivative hedges at beginning of year $ 82,301 $ 15,219 $ 3,693
Net (loss) gain on cash flow derivative hedges (86,456) 91,251 28,799
Net gain reclassified into earnings (14,016) (24,169) (17,273)
Accumulated net (loss) gain on cash flow
derivative hedges at end of year $ (18,171) $ 82,301 $ 15,219
Changes related to cash flow Changes related to minimum Accumulated other
derivative hedges pension liability adjustment comprehensive income (loss)
Accumulated other comprehensive
income at beginning of the year $ 82,301 $ (10,938) $ 71,363
Current-period change (100,472) 846 (99,626)
Accumulated other comprehensive loss at end of year $ (18,171) $ (10,092) $ (28,263)
The accompanying notes are an integral part of these financial statements.