Royal Caribbean Cruise Lines 2006 Annual Report Download - page 28

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26 ROYAL CARIBBEAN CRUISES LTD.
Comprehensive income is as follows (in thousands):
Year Ended December 31,
2006 2005 2004
Net income $ 633,922 $ 715,956 $ 474,691
Changes related to cash flow derivative hedges 3,507 (100,472) 67,082
Minimum pension liability adjustment 834 846 (1,565)
Currency translation adjustment 101 ––
Total comprehensive income $ 638,364 $ 616,330 $ 540,208
The following tables summarize activity in accumulated other comprehensive income (loss) related to derivatives designated as cash flow hedges,
minimum pension liability adjustment, adoption of SFAS No. 158 and the equity adjustment from foreign currency translation (in thousands):
Year Ended December 31,
2006 2005 2004
Accumulated net (loss) gain on cash flow
derivative hedges at beginning of year $(18,171) $ 82,301 $ 15,219
Net (loss) gain on cash flow derivative hedges (7,483) (86,456) 91,251
Net gain (loss) reclassified into earnings 10,990 (14,016) (24,169)
Accumulated net (loss) gain on cash flow
derivative hedges at end of year $(14,664) $ (18,171) $ 82,301
Changes Changes Accumulated
Related to Related to Other
Cash Flow Minimum Comprehensive
Derivative Hedges Pension Liability Other Income (Loss)
Accumulated other comprehensive
loss at beginning of the year $(18,171) $ (10,092) $ – $(28,263)
Current-period change 3,507 834 (6,880) (2,539)
Accumulated other comprehensive loss at end of year $(14,664) $ (9,258) $(6,880) $(30,802)
The accompanying notes are an integral part of these financial statements.
Consolidated Statements of Shareholders’ Equity (Continued)