Royal Caribbean Cruise Lines 2013 Annual Report Download - page 103
Download and view the complete annual report
Please find page 103 of the 2013 Royal Caribbean Cruise Lines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
We expect to have significant continuing involvement
after the sale of non-core businesses, and as a result,
the non-core businesses did not meet the criteria for
discontinued operations reporting. In addition, due to
an anticipated change in the nature of the cash flows
to be generated by the Pullmantur aircraft, we
reviewed the aircraft for impairment. We identified
that the undiscounted future cash flows of the aircraft
were less than their carrying value and recorded a
restructuring related impairment charge of $13.5 mil-
lion which is reported in Restructuring and related
impairment charges in our consolidated statements of
comprehensive income (loss).
See Note 5. Property and Equipment and Note 14. Fair
Value Measurements and Derivative Instruments for
further discussion.
NOTE 17. QUARTERLY SELECTED FINANCIAL DATA (UNAUDITED)
(In thousands, except FirstQuarter SecondQuarter ThirdQuarter FourthQuarter
per share data)
Total revenues(1)
Operating income
(loss)(2) ()
Net income
(loss)(2),(3) () ()
Earnings per share:
Basic () ()
Diluted () ()
Dividends declared
per share
() Our revenues are seasonal based on the demand for cruises. Demand is strongest for cruises during the Northern Hemisphere’s summer months
and holidays.
() Amounts for the second, third and fourth quarters of 2013 include restructuring charges of $1.7 million, $12.2 million and $9.5 million, respectively,
and the fourth quarter of 2013 includes an impairment charge of $33.5 million to write down the assets held for sale related to the businesses
to be sold and certain long-lived assets, consisting of aircraft owned and operated by Pullmantur Air, to their fair value. Amounts for the fourth
quarter of 2012, include an impairment charge of $385.4 million to write down Pullmantur’s goodwill to its implied fair value and to write down
trademarks and trade names and certain long-lived assets, consisting of aircraft owned and operated by Pullmantur Air, to their fair value.
() Amounts for the fourth quarter of 2012, include a $33.7 million deferred tax expense to record a 100% valuation allowance related to our deferred
tax assets for Pullmantur. In addition, we recorded a deferred tax benefit related to Pullmantur’s trademarks and trade names of $5.2 million.
These adjustments resulted in an increase of $28.5 million to Other (expense) income.