Employee Benefits and Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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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, 2023 |
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4,198,595 |
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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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2.29 |
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$ |
— |
Forfeited and cancelled |
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(673,739) |
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— |
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(208,333) |
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46.40 |
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— |
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59.43 |
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Outstanding as of December 31, 2023 |
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3,524,856 |
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114,583 |
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— |
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$ |
52.98 |
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$ |
59.43 |
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$ |
— |
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1.26 |
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$ |
— |
Vested and expected to vest as of December 31, 2023 |
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3,524,856 |
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114,583 |
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— |
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$ |
52.98 |
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$ |
59.43 |
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$ |
— |
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1.26 |
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$ |
— |
Exercisable as of December 31, 2023 |
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3,524,856 |
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114,583 |
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— |
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$ |
52.98 |
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$ |
59.43 |
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$ |
— |
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1.26 |
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$ |
— |
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| Schedule of restricted stock units activity |
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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, 2023 |
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6,980,707 |
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$ |
22.83 |
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2,749,939 |
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$ |
26.30 |
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50,000 |
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$ |
59.43 |
Granted |
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6,054,339 |
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15.19 |
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1,155,674 |
(1) |
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16.35 |
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— |
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— |
Vested |
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(3,352,095) |
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24.66 |
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(1,564,474) |
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25.53 |
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— |
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Forfeited or expired |
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(599,831) |
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17.76 |
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(201,005) |
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48.48 |
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(50,000) |
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59.43 |
Non-vested as of December 31, 2023 |
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9,083,120 |
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$ |
17.39 |
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2,140,134 |
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$ |
19.41 |
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— |
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$ |
— |
Non-vested and expected to vest as of December 31, 2023 |
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9,083,120 |
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$ |
17.39 |
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1,562,297 |
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$ |
20.54 |
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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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2023 |
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2022 |
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2021 |
Payroll and related (1) |
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$ |
18,564 |
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$ |
21,043 |
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$ |
22,622 |
Marketing, general and administrative (2) |
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100,376 |
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92,520 |
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101,455 |
Total share-based compensation expense |
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$ |
118,940 |
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$ |
113,563 |
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$ |
124,077 |
| (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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2023 |
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2022 |
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2021 |
Pension expense: |
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Service cost |
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$ |
2,312 |
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$ |
2,797 |
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$ |
2,902 |
Interest cost |
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1,472 |
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873 |
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717 |
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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(123) |
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— |
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15 |
Total pension expense |
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$ |
4,039 |
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$ |
4,048 |
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$ |
4,012 |
Change in projected benefit obligation: |
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Projected benefit obligation at beginning of year |
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$ |
28,765 |
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$ |
34,688 |
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$ |
31,619 |
Service cost |
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2,312 |
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2,797 |
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2,902 |
Interest cost |
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1,472 |
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873 |
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717 |
Actuarial (gain) loss |
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3,668 |
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(8,511) |
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— |
Direct benefit payments |
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(1,813) |
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(1,082) |
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(550) |
Projected benefit obligation at end of year |
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$ |
34,404 |
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$ |
28,765 |
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$ |
34,688 |
Amounts recognized in the consolidated balance sheets: |
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Projected benefit obligation |
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$ |
34,404 |
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$ |
28,765 |
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$ |
34,688 |
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For the Year Ended December 31, |
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2023 |
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2022 |
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2021 |
Amounts recognized in accumulated other comprehensive income (loss): |
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Prior service cost |
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$ |
(2,269) |
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$ |
(2,647) |
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$ |
(3,025) |
Accumulated actuarial gain (loss) |
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1,289 |
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5,080 |
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(3,431) |
Accumulated other comprehensive income (loss) |
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$ |
(980) |
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$ |
2,433 |
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$ |
(6,456) |
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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 |
2024 |
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$ |
1,467 |
2025 |
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1,564 |
2026 |
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1,786 |
2027 |
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2,129 |
2028 |
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2,479 |
Next five years |
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18,126 |
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