Employee Benefits and Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of summary of option activity |
| |
|
Number of Share Option
Awards |
|
|
Weighted-Average Exercise
Price |
|
|
Weighted-
Average
Contractual Term |
|
|
Aggregate
Intrinsic Value |
|
| |
|
Time-
Based
Awards |
|
|
Performance-
Based
Awards |
|
|
Market-
Based
Awards |
|
|
Time-
Based
Awards |
|
|
Performance-
Based
Awards |
|
|
Market-
Based
Awards |
|
|
(years) |
|
|
(in thousands) |
|
| Outstanding as of January 1, 2017 |
|
|
7,775,058 |
|
|
|
432,978 |
|
|
|
208,333 |
|
|
$ |
48.04 |
|
|
$ |
23.86 |
|
|
$ |
59.43 |
|
|
|
7.81 |
|
|
$ |
35,429 |
|
| Granted |
|
|
— |
|
|
|
156,249 |
|
|
|
— |
|
|
|
— |
|
|
|
59.43 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(738,672 |
) |
|
|
(121,509 |
) |
|
|
— |
|
|
|
34.02 |
|
|
|
19.00 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Forfeited and cancelled |
|
|
(455,488 |
) |
|
|
(93,749 |
) |
|
|
— |
|
|
|
54.27 |
|
|
|
59.43 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Outstanding as of December 31, 2017 |
|
|
6,580,898 |
|
|
|
373,969 |
|
|
|
208,333 |
|
|
$ |
49.18 |
|
|
$ |
31.39 |
|
|
$ |
59.43 |
|
|
|
6.99 |
|
|
$ |
50,021 |
|
| Vested and expected to vest as of December 31, 2017 |
|
|
6,580,898 |
|
|
|
373,969 |
|
|
|
— |
|
|
$ |
49.18 |
|
|
$ |
31.39 |
|
|
$ |
—
|
|
|
|
6.98 |
|
|
$ |
50,021 |
|
| Exercisable as of December 31, 2017 |
|
|
4,061,424 |
|
|
|
373,969 |
|
|
|
— |
|
|
$ |
47.98 |
|
|
$ |
31.39 |
|
|
$ |
— |
|
|
|
6.69 |
|
|
$ |
39,115 |
|
|
| Schedule of restricted share activity of NCLH shares |
| |
|
Number of
Time-Based
Awards |
|
|
Weighted-
Average Grant
Date Fair Value |
|
| Non-vested as of January 1, 2016 |
|
|
16,872 |
|
|
$ |
7.63 |
|
| Vested |
|
|
(16,014 |
) |
|
|
4.91 |
|
| |
|
|
|
|
|
|
|
|
| Non-vested and expected to vest as of December 31, 2017 |
|
|
858 |
|
|
$ |
58.33 |
|
|
| Schedule of restricted stock units activity |
| |
|
Number of
Time-Based
Awards |
|
|
Weighted-
Average Grant
Date Fair Value |
|
|
Number of
Performance-
Based
Awards |
|
|
Weighted-
Average Grant
Date Fair
Value |
|
|
Number of
Market-Based
Awards |
|
|
Weighted-
Average Grant
Date Fair
Value |
|
| Non-vested as of January 1, 2017 |
|
|
1,305,335 |
|
|
$ |
50.38 |
|
|
|
— |
|
|
$ |
— |
|
|
|
50,000 |
|
|
$ |
59.43 |
|
| Granted |
|
|
1,803,327 |
|
|
$ |
51.13 |
|
|
|
37,500 |
|
|
$ |
49.76 |
|
|
|
— |
|
|
|
— |
|
| Vested |
|
|
(447,669 |
) |
|
$ |
50.55 |
|
|
|
(15,000 |
) |
|
$ |
49.76 |
|
|
|
— |
|
|
|
— |
|
| Forfeited or expired |
|
|
(105,516 |
) |
|
$ |
50.76 |
|
|
|
(22,500 |
) |
|
$ |
49.76 |
|
|
|
— |
|
|
|
— |
|
| Non-vested as of December 31, 2017 |
|
|
2,555,477 |
|
|
$ |
50.86 |
|
|
|
— |
|
|
$ |
— |
|
|
|
50,000 |
|
|
$ |
59.43 |
|
| Non-vested and expected to vest as of December 31, 2017 |
|
|
2,555,477 |
|
|
$ |
50.86 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
|
| Schedule of compensation expense recognized for share-based compensation |
| |
|
Share-Based Compensation Expense |
|
| Classification of expense |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| (In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
| Payroll and related (1) |
|
$ |
9,455 |
|
|
$ |
7,793 |
|
|
$ |
— |
|
| Marketing, general and administrative (2) |
|
|
77,584 |
|
|
|
58,621 |
|
|
|
42,209 |
|
| Total share-based compensation expense |
|
$ |
87,039 |
|
|
$ |
66,414 |
|
|
$ |
42,209 |
|
| |
(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 |
| |
|
As of or for the Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Pension expense: |
|
|
|
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
1,987 |
|
|
$ |
1,863 |
|
|
$ |
1,793 |
|
| Interest cost |
|
|
887 |
|
|
|
874 |
|
|
|
738 |
|
| Amortization of prior service cost |
|
|
378 |
|
|
|
378 |
|
|
|
378 |
|
| Amortization of actuarial loss |
|
|
40 |
|
|
|
54 |
|
|
|
99 |
|
| Total pension expense |
|
$ |
3,292 |
|
|
$ |
3,169 |
|
|
$ |
3,008 |
|
| Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation at beginning of year |
|
$ |
22,605 |
|
|
$ |
21,078 |
|
|
$ |
19,730 |
|
| Service cost |
|
|
1,987 |
|
|
|
1,863 |
|
|
|
1,793 |
|
| Interest cost |
|
|
887 |
|
|
|
874 |
|
|
|
738 |
|
| Actuarial gain (loss) |
|
|
458 |
|
|
|
(65 |
) |
|
|
(625 |
) |
| Direct benefit payments |
|
|
(1,350 |
) |
|
|
(1,145 |
) |
|
|
(558 |
) |
| Projected benefit obligation at end of year |
|
$ |
24,587 |
|
|
$ |
22,605 |
|
|
$ |
21,078 |
|
| Amounts recognized in the consolidated balance sheets: |
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation |
|
$ |
24,587 |
|
|
$ |
22,605 |
|
|
$ |
21,078 |
|
| |
|
For the Year Ended December 31, |
|
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Amounts recognized in accumulated other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
| Prior service cost |
|
$ |
(4,537 |
) |
|
$ |
(4,915 |
) |
|
$ |
(5,293 |
) |
| Accumulated actuarial loss |
|
|
(3,426 |
) |
|
|
(3,008 |
) |
|
|
(3,126 |
) |
| Accumulated other comprehensive income (loss) |
|
$ |
(7,963 |
) |
|
$ |
(7,923 |
) |
|
$ |
(8,419 |
) |
|
| Schedule of pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter |
| Year |
|
Amount |
|
| 2018 |
|
$ |
1,050 |
|
| 2019 |
|
|
1,032 |
|
| 2020 |
|
|
1,035 |
|
| 2021 |
|
|
1,126 |
|
| 2022 |
|
|
1,217 |
|
| Next five years |
|
|
8,691 |
|
|
| Time Based Options |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of assumptions used within the option-pricing model and Monte-Carlo simulation |
| |
|
|
2016 |
|
|
|
2015 |
|
| Dividend yield |
|
|
—% |
|
|
|
—% |
|
| Expected share price volatility |
|
|
30.36%-33.01% |
|
|
|
32.32%-45.33% |
|
| Risk-free interest rate |
|
|
1.20%-1.48% |
|
|
|
1.34%-1.92% |
|
| Expected term |
|
|
6.00 years |
|
|
|
6.00-6.50 years |
|
|
| Performance Based Options |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of assumptions used within the option-pricing model and Monte-Carlo simulation |
| |
|
2017 |
|
|
2016 |
|
|
2015 |
|
| Dividend yield |
|
|
—% |
|
|
|
—% |
|
|
|
—% |
|
| Expected share price volatility |
|
|
25.97% |
|
|
|
25.97%-30.21% |
|
|
|
29.31%-29.86% |
|
| Risk-free interest rate |
|
|
1.81% |
|
|
|
1.01%-1.93% |
|
|
|
1.76% |
|
| Expected term |
|
|
4.20 years |
|
|
|
4.38-5.13 years |
|
|
|
4.88-5.38 years |
|
|
| Market Based Share Option Awards |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of assumptions used within the option-pricing model and Monte-Carlo simulation |
| |
|
2015 |
|
| Dividend yield |
|
|
—% |
|
| Expected share price volatility |
|
|
30.00% |
|
| Risk-free interest rate |
|
|
1.34% |
|
| Expected term |
|
|
Mid-point from vesting to assumed options expiration |
|
|
| Restricted Share Units ("RSUs") |
|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Schedule of assumptions used within the option-pricing model and Monte-Carlo simulation |
| |
|
2015 |
|
| Dividend yield |
|
|
0% |
|
| Expected share price volatility |
|
|
30.00% |
|
| Risk-free interest rate |
|
|
1.34% |
|
| Expected term |
|
|
Mid-point from vesting to assumed awards expiration |
|
|