Royal Caribbean Cruise Lines 2014 Annual Report Download - page 99

98 Royal Caribbean Cruises Ltd.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
If (i) any person other than A. Wilhelmsen AS and
Cruise Associates and their respective affiliates (the
“Applicable Group”) acquires ownership of more than
33% of our common stock and the Applicable Group
owns less of our common stock than such person, or
(ii) subject to certain exceptions, during any 24-month
period, a majority of the Board is no longer comprised
of individuals who were members of the Board on the
first day of such period, we may be obligated to pre-
pay indebtedness outstanding under the majority of
our credit facilities, which we may be unable to replace
on similar terms. Certain of our outstanding debt
securities also contain change of control provisions
that would be triggered by the acquisition of greater
than 50% of our common stock by a person other
than a member of the Applicable Group coupled with
a ratings downgrade. If this were to occur, it would
have an adverse impact on our liquidity and operations.
At December 31, 2014, we have future commitments
to pay for our usage of certain port facilities, marine
consumables, services and maintenance contracts as
follows (in thousands):
Year
 
 
 
 
 
Thereafter 

NOTE 16. RESTRUCTURING AND RELATED
IMPAIRMENT CHARGES
For the years ended December 31, 2014 and Decem-
ber 31, 2013, we incurred the following restructuring
and related impairment charges in connection with
our profitability initiatives (in thousands):
 
Restructuring exit costs  
Impairment charges — 
Restructuring and related
impairment charges  
The following are the profitability initiatives:
Consolidation of Global Sales, Marketing, General
and Administrative Structure
One of our profitability initiatives relates to restructur-
ing and consolidation of our global sales, marketing
and general and administrative structure. Activities
related to this initiative include the consolidation of
most of our call centers located outside of the United
States and the establishment of brand dedicated
sales, marketing and revenue management teams in
key priority markets. This resulted in the elimination
of approximately 500 shore-side positions in 2013,
primarily from our international markets, resulting
in recognition of a liability for one-time termination
benefits during the year ended December 31, 2013.
Additionally, we incurred contract termination costs
and other related costs consisting of legal and con-
sulting fees to implement this initiative.
As a result of these actions, we incurred restructuring
exit costs of $1.1 million and $18.2 million for the years
ended December 31, 2014 and December 31, 2013,
respectively, which are reported in Restructuring and
related impairment charges in our consolidated state-
ments of comprehensive income (loss). The costs
incurred in 2014 are mainly related to discretionary
bonus payments paid to persons whose positions
were eliminated as part of our restructuring activities.
The following table summarizes our restructuring exit costs related to the above initiative (in thousands):
Beginning
Balance
January
 Accruals Payments
Beginning
Balance
January
 Accruals Payments
Ending
Balance
December

Cumulative
Charges
Incurred
Expected
Additional
Expensesto
beIncurred
Termination
benefits —        —
Contract termina-
tion costs —    ()  —  —
Other related costs —        —
Total —        —