Employee Benefits and Share-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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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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Number of Share |
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Weighted-Average |
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Weighted- |
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Option Awards |
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Exercise Price |
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Average |
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Aggregate |
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Time- |
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Time- |
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Contractual |
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Intrinsic |
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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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(years) |
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(in thousands) |
Outstanding as of January 1, 2025 |
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2,173,443 |
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$ |
55.20 |
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0.61 |
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$ |
— |
Forfeited and cancelled |
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(1,875,107) |
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56.01 |
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Outstanding as of December 31, 2025 |
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298,336 |
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$ |
50.12 |
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0.16 |
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$ |
— |
Vested and expected to vest as of December 31, 2025 |
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298,336 |
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$ |
50.12 |
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0.16 |
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$ |
— |
Exercisable as of December 31, 2025 |
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298,336 |
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$ |
50.12 |
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0.16 |
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$ |
— |
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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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2025 |
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2024 |
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2023 |
Payroll and related (1) |
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$ |
20,982 |
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$ |
19,378 |
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$ |
18,564 |
Marketing, general and administrative (2) |
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67,411 |
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72,403 |
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|
100,376 |
Total share-based compensation expense |
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$ |
88,393 |
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$ |
91,781 |
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$ |
118,940 |
| (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 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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Time-Based |
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Average Grant |
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Performance- |
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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 |
Non-vested as of January 1, 2025 |
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8,923,718 |
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$ |
17.68 |
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2,265,422 |
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$ |
18.04 |
Granted |
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4,687,416 |
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21.98 |
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1,167,962 |
(1) |
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22.10 |
Vested |
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(4,274,579) |
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17.52 |
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(376,068) |
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18.48 |
Forfeited or expired |
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(798,899) |
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19.47 |
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(535,780) |
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17.54 |
Non-vested as of December 31, 2025 |
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8,537,656 |
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$ |
19.95 |
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2,521,536 |
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$ |
19.97 |
Non-vested and expected to vest as of December 31, 2025 |
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8,537,656 |
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$ |
19.95 |
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1,720,789 |
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$ |
19.03 |
| (1) |
Number of performance-based RSU awards included assumes maximum achievement of performance targets. |
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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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2025 |
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2024 |
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2023 |
Pension expense: |
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Service cost |
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$ |
2,210 |
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$ |
2,875 |
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$ |
2,312 |
Interest cost |
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1,679 |
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1,677 |
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1,472 |
Amortization of prior service cost |
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|
378 |
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378 |
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|
378 |
Amortization of actuarial gain |
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(315) |
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— |
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(123) |
Total pension expense |
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$ |
3,952 |
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$ |
4,930 |
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$ |
4,039 |
Change in projected benefit obligation: |
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Projected benefit obligation at beginning of year |
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$ |
31,233 |
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$ |
34,404 |
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$ |
28,765 |
Service cost |
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2,210 |
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2,875 |
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2,312 |
Interest cost |
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1,679 |
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1,677 |
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1,472 |
Actuarial (gain) loss |
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1,029 |
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(6,740) |
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3,668 |
Direct benefit payments |
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(1,422) |
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(983) |
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(1,813) |
Projected benefit obligation at end of year |
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$ |
34,729 |
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$ |
31,233 |
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$ |
34,404 |
Amounts recognized in the consolidated balance sheets: |
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Projected benefit obligation |
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$ |
34,729 |
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$ |
31,233 |
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$ |
34,404 |
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For the Year Ended December 31, |
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2025 |
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2024 |
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2023 |
Amounts recognized in accumulated other comprehensive income (loss): |
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Prior service cost |
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$ |
(1,513) |
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$ |
(1,891) |
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$ |
(2,269) |
Accumulated actuarial gain |
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6,685 |
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8,029 |
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1,289 |
Accumulated other comprehensive income (loss) |
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$ |
5,172 |
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$ |
6,138 |
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$ |
(980) |
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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 |
2026 |
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$ |
1,894 |
2027 |
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2,146 |
2028 |
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2,445 |
2029 |
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2,875 |
2030 |
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3,120 |
Next five years |
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20,051 |
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