Annual report pursuant to Section 13 and 15(d)

Employee Benefits and Share-Based Compensation (Tables)

v3.22.4
Employee Benefits and Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of summary of option activity

Weighted-

Number of Share Option Awards

Weighted-Average Exercise Price

Average

Aggregate

Time-

Performance-

Market-

Time-

Performance-

Market-

Contractual

Intrinsic

Based

Based

Based

Based

Based

Based

Term

Value

Awards

Awards

Awards

Awards

Awards

Awards

(years)

(in thousands)

Outstanding as of January 1, 2022

   

4,388,345

114,583

208,333

$

51.92

$

59.43

$

59.43

3.42

$

Forfeited and cancelled

(189,750)

51.88

  

  

Outstanding as of December 31, 2022

4,198,595

114,583

208,333

$

51.92

$

59.43

$

59.43

2.29

$

Vested and expected to vest as of December 31, 2022

4,198,595

114,583

$

51.92

$

59.43

$

2.28

$

Exercisable as of December 31, 2022

4,198,595

114,583

$

51.92

$

59.43

$

2.28

$

Schedule of restricted stock units activity

The following table sets forth a summary of RSU activity for the period presented:

Number of

Weighted-

Number of

Weighted-

Number of

Weighted-

Time-Based

Average Grant

Performance-

Average Grant

Market-

Average Grant 

    

Awards

    

Date Fair Value

    

Based Awards

    

Date Fair Value

    

Based Awards

    

Date Fair Value

Non-vested as of January 1, 2022

 

7,771,623

$

27.02

 

1,841,113

$

35.68

 

50,000

$

59.43

Granted

 

4,892,594

18.56

 

1,857,750

(1)

18.48

 

Vested

 

(5,096,353)

25.08

 

(588,505)

27.24

 

Forfeited or expired

 

(587,157)

23.26

 

(360,419)

32.34

 

Non-vested as of December 31, 2022

 

6,980,707

$

22.83

 

2,749,939

$

26.30

 

50,000

$

59.43

Non-vested and expected to vest as of December 31, 2022

6,980,707

$

22.83

 

1,509,864

$

28.73

 

$

(1) Number of performance-based RSU awards included assumes maximum achievement of performance targets.
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):

Year Ended December 31, 

Classification of expense

    

2022

    

2021

    

2020

Payroll and related (1)

$

21,043

$

22,622

$

21,190

Marketing, general and administrative (2)

 

92,520

 

101,455

 

90,107

Total share-based compensation expense

$

113,563

$

124,077

$

111,297

(1) Amounts relate to equity granted to certain of our shipboard officers.
(2) Amounts relate to equity granted to certain of our corporate employees.
Schedule of amounts related to the Shipboard Retirement Plan

The amounts related to the Shipboard Retirement Plan were as follows (in thousands):

As of or for the Year Ended December 31, 

    

2022

    

2021

    

2020

Pension expense:

 

  

 

  

 

  

Service cost

$

2,797

$

2,902

$

2,665

Interest cost

 

873

 

717

 

895

Amortization of prior service cost

 

378

 

378

 

378

Amortization of actuarial loss

 

 

15

 

29

Total pension expense

$

4,048

$

4,012

$

3,967

Change in projected benefit obligation:

 

  

 

  

 

  

Projected benefit obligation at beginning of year

$

34,688

$

31,619

$

28,695

Service cost

 

2,797

 

2,902

 

2,665

Interest cost

 

873

 

717

 

895

Actuarial (gain) loss

 

(8,511)

 

 

62

Direct benefit payments

 

(1,082)

 

(550)

 

(698)

Projected benefit obligation at end of year

$

28,765

$

34,688

$

31,619

Amounts recognized in the consolidated balance sheets:

 

  

 

  

 

  

Projected benefit obligation

$

28,765

$

34,688

$

31,619

For the Year Ended December 31, 

    

2022

    

2021

    

2020

Amounts recognized in accumulated other comprehensive income (loss):

 

  

 

  

 

  

Prior service cost

$

(2,647)

$

(3,025)

$

(3,403)

Accumulated actuarial gain (loss)

 

5,080

 

(3,431)

 

(3,446)

Accumulated other comprehensive income (loss)

$

2,433

$

(6,456)

$

(6,849)

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):

Year

    

Amount

2023

$

1,442

2024

1,490

2025

1,541

2026

1,693

2027

2,017

Next five years

15,040