Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition

Revenue Recognition
3 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3. Revenue Recognition


Disaggregation of Revenue


Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): 


    Three Months Ended
March 31,
    2019     2018  
North America   $ 982,989     $ 875,179  
Europe     33,752       31,070  
Asia-Pacific     222,767       267,718  
South America     90,303       69,274  
Other     73,819       50,162  
Total Revenue   $ 1,403,630     $ 1,293,403  


Segment Reporting


We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment.


Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations in the U.S. Revenue attributable to U.S.-sourced guests has historically approximated 75-80%. No other individual country’s revenues exceed 10% in any given period.


Contract Balances 


Receivables from customers are included within accounts receivables, net. As of March 31, 2019 and December 31, 2018, our receivables from customers were $17.3 million.


Our contract liabilities are included within advance ticket sales. As of March 31, 2019, and December 31, 2018, our contract liabilities were $1.5 billion and $1.2 billion, respectively. Of the amounts included within contract liabilities, approximately 60% were refundable in accordance with our cancellation policies. For the three months ended March 31, 2019, $1.0 billion of revenue recognized was included in the contract liability balance at the beginning of the period.