Employee Benefits and Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of summary of option activity |
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Weighted- |
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Number of Share Option Awards |
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Weighted-Average Exercise Price |
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Average |
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Aggregate |
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Time- |
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Performance- |
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Market- |
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Time- |
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Performance- |
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Market- |
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Contractual |
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Intrinsic |
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Based |
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Based |
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Based |
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Based |
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Based |
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Based |
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Term |
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Value |
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Awards |
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Awards |
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Awards |
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Awards |
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Awards |
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Awards |
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(years) |
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(in thousands) |
Outstanding as of January 1, 2021 |
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4,525,207 |
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114,583 |
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208,333 |
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$ |
51.96 |
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$ |
59.43 |
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$ |
59.43 |
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4.42 |
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$ |
— |
Forfeited and cancelled |
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(136,862) |
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— |
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— |
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53.36 |
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— |
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— |
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Outstanding as of December 31, 2021 |
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4,388,345 |
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114,583 |
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208,333 |
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$ |
51.92 |
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$ |
59.43 |
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$ |
59.43 |
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3.42 |
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$ |
— |
Vested and expected to vest as of December 31, 2021 |
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4,388,345 |
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114,583 |
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— |
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$ |
51.92 |
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$ |
59.43 |
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$ |
— |
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3.41 |
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$ |
— |
Exercisable as of December 31, 2021 |
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4,388,345 |
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114,583 |
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— |
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$ |
51.92 |
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$ |
59.43 |
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$ |
— |
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3.41 |
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$ |
— |
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| Schedule of restricted stock units activity |
The following table sets forth a summary of RSU activity for the period presented:
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Number of |
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Weighted- |
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Number of |
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Weighted- |
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Number of |
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Weighted- |
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Time-Based |
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Average Grant |
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Performance- |
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Average Grant |
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Market- |
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Average Grant |
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Awards |
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Date Fair Value |
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Based Awards |
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Date Fair Value |
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Based Awards |
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Date Fair Value |
Non-vested as of January 1, 2021 |
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6,663,925 |
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$ |
30.54 |
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1,565,184 |
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$ |
39.42 |
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50,000 |
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$ |
59.43 |
Granted |
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3,137,453 |
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30.89 |
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736,898 |
(1) |
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40.89 |
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— |
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— |
Vested |
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(1,746,838) |
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47.01 |
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(460,969) |
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56.73 |
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— |
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Forfeited or expired |
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(282,917) |
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29.17 |
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— |
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— |
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— |
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— |
Non-vested as of December 31, 2021 |
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7,771,623 |
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$ |
27.02 |
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1,841,113 |
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$ |
35.68 |
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50,000 |
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$ |
59.43 |
Non-vested and expected to vest as of December 31, 2021 |
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7,771,623 |
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$ |
27.02 |
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1,549,070 |
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$ |
35.69 |
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— |
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$ |
— |
| (1) |
Number of performance-based RSU awards included assumes maximum achievement of performance targets. |
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| Schedule of compensation expense recognized for share-based compensation |
The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands):
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Year Ended December 31, |
Classification of expense |
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2021 |
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2020 |
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2019 |
Payroll and related (1) |
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$ |
22,622 |
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$ |
21,190 |
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$ |
17,597 |
Marketing, general and administrative (2) |
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101,455 |
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90,107 |
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77,458 |
Total share-based compensation expense |
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$ |
124,077 |
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$ |
111,297 |
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$ |
95,055 |
| (1) |
Amounts relate to equity granted to certain of our shipboard officers. |
| (2) |
Amounts relate to equity granted to certain of our corporate employees. |
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| Schedule of amounts related to the Shipboard Retirement Plan |
The amounts related to the Shipboard Retirement Plan were as follows (in thousands):
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As of or for the Year Ended December 31, |
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2021 |
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2020 |
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2019 |
Pension expense: |
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Service cost |
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$ |
2,902 |
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$ |
2,665 |
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$ |
2,135 |
Interest cost |
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717 |
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895 |
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1,001 |
Amortization of prior service cost |
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378 |
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378 |
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378 |
Amortization of actuarial loss |
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15 |
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29 |
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— |
Total pension expense |
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$ |
4,012 |
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$ |
3,967 |
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$ |
3,514 |
Change in projected benefit obligation: |
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Projected benefit obligation at beginning of year |
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$ |
31,619 |
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$ |
28,695 |
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$ |
24,318 |
Service cost |
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2,902 |
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2,665 |
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2,135 |
Interest cost |
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717 |
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895 |
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1,001 |
Actuarial (gain) loss |
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— |
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62 |
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2,308 |
Direct benefit payments |
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(550) |
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(698) |
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(1,067) |
Projected benefit obligation at end of year |
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$ |
34,688 |
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$ |
31,619 |
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$ |
28,695 |
Amounts recognized in the consolidated balance sheets: |
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Projected benefit obligation |
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$ |
34,688 |
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$ |
31,619 |
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$ |
28,695 |
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For the Year Ended December 31, |
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2021 |
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2020 |
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2019 |
Amounts recognized in accumulated other comprehensive income (loss): |
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Prior service cost |
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$ |
(3,025) |
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$ |
(3,403) |
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$ |
(3,781) |
Accumulated actuarial loss |
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(3,431) |
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(3,446) |
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(3,413) |
Accumulated other comprehensive income (loss) |
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$ |
(6,456) |
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$ |
(6,849) |
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$ |
(7,194) |
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| Schedule of pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter |
The pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows (in thousands):
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Year |
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Amount |
2022 |
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$ |
1,098 |
2023 |
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1,221 |
2024 |
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1,311 |
2025 |
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1,382 |
2026 |
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1,536 |
Next five years |
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12,202 |
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