|
Employee Benefits and Share Option Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Postemployment Benefits [Abstract] |
|
| Schedule of information related to profits interests |
|
|
Number of
Management
NCL Corporation Units |
|
|
TBUs
Weighted-
Average
Grant-Date
Fair Value |
|
|
PBUs
Weighted-
Average
Grant-
Date Fair
Value |
|
| |
|
TBUs |
|
|
PBUs |
|
|
|
|
|
|
|
| Outstanding as of December 31, 2013 |
|
|
1,749,659 |
|
|
|
2,960,034 |
|
|
$ |
3.45 |
|
|
$ |
3.57 |
|
| Exchanged for NCLH shares |
|
|
(1,549,376 |
) |
|
|
(1,747,973 |
) |
|
$ |
3.56 |
|
|
$ |
3.69 |
|
| Exchanged for NCLH restricted shares (1) |
|
|
(197,960 |
) |
|
|
(1,208,608 |
) |
|
$ |
2.62 |
|
|
$ |
3.37 |
|
| Forfeited |
|
|
(2,323 |
) |
|
|
(3,453 |
) |
|
$ |
2.18 |
|
|
$ |
3.72 |
|
| Outstanding as of December 31, 2014 |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
(1) |
Represents the unvested units exchanged as part of the Management Exchange Agreement and exchanged for restricted shares. |
|
| Schedule of assumptions used within the option-pricing model |
| |
2014 |
|
2013 |
| Dividend yield |
0% |
|
0% |
| Expected stock price volatility |
48.30%-49.90% |
|
50.40%-54.80% |
| Risk-free interest rate |
1.80%-2.02% |
|
0.8%-1.82% |
| Expected term |
6.25 years |
|
5.00-6.25 years |
|
| Schedule of summary of option activity |
| |
|
Number of Share Option
Awards |
|
|
Weighted-Average Exercise
Price |
|
|
Weighted-
Average
Contractual
Term |
|
|
Aggregate
Intrinsic Value |
|
| |
|
TBUs |
|
|
PBUs |
|
|
TBUs |
|
|
PBUs |
|
|
(years) |
|
|
(in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding as of January 1, 2014 |
|
|
3,242,643 |
|
|
|
1,572,516 |
|
|
$ |
25.36 |
|
|
$ |
19.00 |
|
|
|
7.26 |
|
|
$ |
58,684 |
|
| Granted |
|
|
3,180,615 |
|
|
|
— |
|
|
|
34.13 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(182,603 |
) |
|
|
(103,063 |
) |
|
|
22.64 |
|
|
|
19.00 |
|
|
|
|
|
|
|
|
|
| Forfeited and cancelled |
|
|
(160,774 |
) |
|
|
(12,138 |
) |
|
|
29.43 |
|
|
|
19.00 |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2014 |
|
|
6,079,881 |
|
|
|
1,457,315 |
|
|
|
29.92 |
|
|
|
19.00 |
|
|
|
7.61 |
|
|
$ |
142,831 |
|
| Vested and expected to vest as of December 31, 2014 |
|
|
5,830,423 |
|
|
|
947,486 |
|
|
$ |
29.96 |
|
|
$ |
19.00 |
|
|
|
7.79 |
|
|
$ |
124,268 |
|
| Exercisable as of December 31, 2014 |
|
|
1,314,484 |
|
|
|
511,522 |
|
|
$ |
22.31 |
|
|
$ |
19.00 |
|
|
|
5.71 |
|
|
$ |
46,334 |
|
|
| Schedule of restricted share activity of NCLH shares |
| |
|
Number of
Time-Based
Awards |
|
|
Weighted-
Average Grant
Date Fair Value |
|
|
Number of
Performance-
Based Awards |
|
|
Weighted-
Average Grant
Date Fair Value |
|
| Non-vested as of January 1, 2014 |
|
|
10,756 |
|
|
$ |
23.24 |
|
|
|
— |
|
|
$ |
— |
|
| Granted |
|
|
203,433 |
(1) |
|
|
3.53 |
|
|
|
1,208,608 |
(2) |
|
|
3.37 |
|
| Vested |
|
|
(12,470 |
) |
|
|
22.23 |
|
|
|
— |
|
|
|
— |
|
| Forfeited or Expired |
|
|
(5,075 |
) |
|
|
3.32 |
|
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-vested and expected to vest as of December 31, 2014 |
|
|
196,644 |
|
|
$ |
3.43 |
|
|
|
1,208,608 |
|
|
$ |
3.37 |
|
|
(1) |
Includes 197,960 time-based restricted shares that were converted from Management NCL Corporation Units as a result of the Management Exchange Agreement. |
|
(2) |
Represents performance-based restricted shares that were converted from Management NCL Corporation Units as a result of the Management Exchange Agreement. |
|
| Schedule of amounts related to the Shipboard Retirement Plan |
| |
|
As of or for the Year Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| Pension expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
1,393 |
|
|
$ |
1,498 |
|
|
$ |
1,367 |
|
| Interest cost |
|
|
728 |
|
|
|
603 |
|
|
|
604 |
|
| Amortization of prior service cost |
|
|
378 |
|
|
|
378 |
|
|
|
378 |
|
| Amortization of actuarial loss |
|
|
— |
|
|
|
90 |
|
|
|
13 |
|
| Total pension expense |
|
$ |
2,499 |
|
|
$ |
2,569 |
|
|
$ |
2,362 |
|
| Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation at beginning of year |
|
$ |
15,570 |
|
|
$ |
16,221 |
|
|
$ |
13,329 |
|
| Service cost |
|
|
1,393 |
|
|
|
1,498 |
|
|
|
1,367 |
|
| Interest cost |
|
|
728 |
|
|
|
603 |
|
|
|
604 |
|
| Actuarial gain (loss) |
|
|
2,689 |
|
|
|
(2,070 |
) |
|
|
1,721 |
|
| Direct benefit payments |
|
|
(650 |
) |
|
|
(682 |
) |
|
|
(800 |
) |
| Projected benefit obligation at end of year |
|
$ |
19,730 |
|
|
$ |
15,570 |
|
|
$ |
16,221 |
|
| Amounts recognized in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation |
|
$ |
19,730 |
|
|
$ |
15,570 |
|
|
$ |
16,221 |
|
| Amounts recognized in accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| Prior service cost |
|
$ |
(5,671 |
) |
|
$ |
(6,049 |
) |
|
$ |
(6,427 |
) |
| Accumulated actuarial loss |
|
|
(3,849 |
) |
|
|
(1,160 |
) |
|
|
(3,320 |
) |
| Accumulated other comprehensive income (loss) |
|
$ |
(9,520 |
) |
|
$ |
(7,209 |
) |
|
$ |
(9,747 |
) |
|
| 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 |
|
| 2015 |
|
$ |
937 |
|
| 2016 |
|
|
877 |
|
| 2017 |
|
|
876 |
|
| 2018 |
|
|
868 |
|
| 2019 |
|
|
902 |
|
| Next five years |
|
|
4,843 |
|
|