Norwegian Cruise Line (NCLH) 10-Q7 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 30, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-35784
Entity Registrant Name	NORWEGIAN CRUISE LINE HOLDINGS LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0691007
Entity Address, Address Line One	7665 Corporate Center Drive
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
City Area Code	305
Local Phone Number	436-4000
Title of 12(b) Security	Ordinary shares, par value $0.001 per share
Trading Symbol	NCLH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		429,040,624
Entity Central Index Key	0001513761
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 2,191,215	$ 1,821,939
Cruise operating expense
Total cruise operating expense	1,387,423	1,280,418
Other operating expense
Marketing, general and administrative	362,469	336,013
Depreciation and amortization	222,929	194,790
Total other operating expense	585,398	530,803
Operating income	218,394	10,718
Non-operating income (expense)
Interest expense, net	(218,177)	(171,257)
Other income (expense), net	18,137	(8,955)
Total non-operating income (expense)	(200,040)	(180,212)
Net income (loss) before income taxes	18,354	(169,494)
Income tax benefit (expense)	(1,001)	10,173
Net income (loss)	$ 17,353	$ (159,321)
Weighted-average shares outstanding
Basic (in shares)	426,803,519	422,655,215
Diluted (in shares)	431,019,206	422,655,215
Earnings (loss) per share
Basic (in dollars per share)	$ 0.04	$ (0.38)
Diluted (in dollars per share)	$ 0.04	$ (0.38)
Passenger ticket
Revenue
Total revenue	$ 1,459,814	$ 1,208,841
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	436,210	409,684
Onboard and other
Revenue
Total revenue	731,401	613,098
Cruise operating expense
Total cruise operating expense	132,036	119,697
Payroll and related
Cruise operating expense
Total cruise operating expense	344,281	304,155
Fuel
Cruise operating expense
Total cruise operating expense	197,734	194,868
Food
Cruise operating expense
Total cruise operating expense	84,708	95,966
Other
Cruise operating expense
Total cruise operating expense	$ 192,454	$ 156,048

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 17,353	$ (159,321)
Other comprehensive loss:
Shipboard Retirement Plan	95	64
Cash flow hedges:
Net unrealized (gain) loss	47,253	(18,475)
Amount realized and reclassified into earnings	(3,333)	(9,874)
Total other comprehensive loss	44,015	(28,285)
Total comprehensive income (loss)	$ 61,368	$ (187,606)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 559,814	$ 402,415
Accounts receivable, net	282,313	280,271
Inventories	157,879	157,646
Prepaid expenses and other assets	590,148	472,816
Total current assets	1,590,154	1,313,148
Property and equipment, net	16,463,522	16,433,292
Goodwill	98,134	98,134
Trade names	500,525	500,525
Other long-term assets	1,172,853	1,147,891
Total assets	19,825,188	19,492,990
Current liabilities:
Current portion of long-term debt	1,744,221	1,744,778
Accounts payable	204,971	174,338
Accrued expenses and other liabilities	1,019,620	1,058,919
Advance ticket sales	3,629,707	3,060,666
Total current liabilities	6,598,519	6,038,701
Long-term debt	12,005,296	12,314,147
Other long-term liabilities	859,282	839,335
Total liabilities	19,463,097	19,192,183
Commitments and contingencies (Note 9)
Shareholders' equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 429,025,827 shares issued and outstanding at March 31, 2024 and 425,546,570 shares issued and outstanding at December 31, 2023	429	425
Additional paid-in capital	7,708,869	7,708,957
Accumulated other comprehensive income (loss)	(464,423)	(508,438)
Accumulated deficit	(6,882,784)	(6,900,137)
Total shareholders' equity	362,091	300,807
Total liabilities and shareholders' equity	$ 19,825,188	$ 19,492,990

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, authorized	980,000,000	980,000,000
Ordinary shares, issued	429,025,827	425,546,570
Ordinary shares, outstanding	429,025,827	425,546,570

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net Income (Loss)	$ 17,353	$ (159,321)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	245,092	210,676
(Gain) loss on derivatives	(1,125)	4,404
Loss on extinguishment of debt	29,000	2,434
Provision for bad debts and inventory obsolescence	1,532	1,199
Gain on involuntary conversion of assets	(2,846)
Share-based compensation expense	21,948	28,155
Net foreign currency adjustments	(6,603)	1,021
Changes in operating assets and liabilities:
Accounts receivable, net	(4,052)	65,391
Inventories	(517)	2,812
Prepaid expenses and other assets	(83,414)	(127,192)
Accounts payable	29,987	(25,926)
Accrued expenses and other liabilities	(31,422)	(168,581)
Advance ticket sales	592,238	668,261
Net cash provided by operating activities	807,171	503,333
Cash flows from investing activities
Additions to property and equipment, net	(258,851)	(237,676)
Other, net	3,608	1,320
Net cash used in investing activities	(255,243)	(236,356)
Cash flows from financing activities
Repayments of long-term debt	(425,339)	(1,821,412)
Proceeds from long-term debt	92,406	1,330,622
Proceeds from employee related plans		2,618
Net share settlement of restricted share units	(22,032)	(11,306)
Early redemption premium	(19,163)
Deferred financing fees	(20,401)	(13,886)
Net cash used in financing activities	(394,529)	(513,364)
Net increase (decrease) in cash and cash equivalents	157,399	(246,387)
Cash and cash equivalents at beginning of period	402,415	946,987
Cash and cash equivalents at end of period	$ 559,814	$ 700,600

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2022	$ 421	$ 7,611,564	$ (477,079)	$ (7,066,315)	$ 68,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		28,155			28,155
Issuance of shares under employee related plans	3	2,615			2,618
Net share settlement of restricted share units		(11,306)			(11,306)
Other comprehensive income (loss), net			(28,285)		(28,285)
Net Income (Loss)				(159,321)	(159,321)
Balance at Mar. 31, 2023	424	7,631,028	(505,364)	(7,225,636)	(99,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					(6,900,137)
Balance at Dec. 31, 2023	425	7,708,957	(508,438)	(6,900,137)	300,807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		21,948			21,948
Issuance of shares under employee related plans	4	(4)
Net share settlement of restricted share units		(22,032)			(22,032)
Other comprehensive income (loss), net			44,015		44,015
Net Income (Loss)				17,353	17,353
Balance at Mar. 31, 2024	$ 429	$ 7,708,869	$ (464,423)	$ (6,882,784)	362,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					$ (6,882,784)

Description of Business and Org

Description of Business and Organization	3 Months Ended
Description of Business and Organization	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Organization	1. Description of Business and Organization We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of March 31, 2024, we had 32 ships with approximately 66,400 Berths and had orders for five additional ships to be delivered through 2028. As of March 31, 2024, we had four Prima Class Ships on order with currently scheduled delivery dates from 2025 through 2028, and we had one Allura Class Ship on order for delivery in 2025. Subsequent to March 31, 2024, we announced anticipated additional newbuilds for our fleet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity As of March 31, 2024, we had liquidity of approximately $2.4 billion, including cash and cash equivalents of $559.8 million and borrowings available under our $1.2 billion undrawn Revolving Loan Facility and $650 million undrawn commitment of senior unsecured notes issuable by NCLC less related fees (see Note 6 – “Long-Term Debt”). Additionally, in April 2024, a €200 million commitment became available that can be used for future newbuild payments (see Note 6 – “Long-Term Debt”). We believe that we have sufficient liquidity to fund our obligations and expect to remain in compliance with our financial covenants for at least the next twelve months from the issuance of these financial statements. We will continue to pursue various opportunities to refinance future debt maturities to reduce interest expense and/or to extend the maturity dates associated with our existing indebtedness and obtain relevant financial covenant amendments or waivers, if needed. Basis of Presentation The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in our most recent Annual Report on Form 10-K filed with the SEC on February 28, 2024. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the basic weighted-average number of shares outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) and assumed conversion of exchangeable notes by diluted weighted-average shares outstanding. A reconciliation between basic and diluted earnings (loss) per share was as follows (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Net income (loss) - Basic EPS $ 17,353 $ (159,321) Basic weighted-average shares outstanding 426,803,519 422,655,215 Dilutive effect of share awards 4,215,687 — Diluted weighted-average shares outstanding 431,019,206 422,655,215 Basic EPS $ 0.04 $ (0.38) Diluted EPS $ 0.04 $ (0.38) Each exchangeable note (see Note 6 – “Long-Term Debt”) is individually evaluated for its dilutive or anti-dilutive impact on EPS as determined under the if-converted method. Only the interest expense and weighted average shares for exchangeable notes that are dilutive are included in the effect of dilutive securities above. During the three months ended March 31, 2024 and 2023, each of the exchangeable notes was anti-dilutive. Share awards are evaluated for a dilutive or anti-dilutive impact on EPS using the treasury stock method. For the three months ended March 31, 2024 and 2023, a total of 91.1 million and 89.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a gain of $13.3 million and a loss of $8.7 million for the three months ended March 31, 2024 and 2023, respectively, related to remeasurement of assets and liabilities denominated in foreign currencies. Remeasurements of foreign currency related to operating activities are recognized within changes in operating assets and liabilities in the consolidated statement of cash flows. Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net. Accounts Receivable, Net Accounts receivable, net included $19.8 million and $20.1 million due from credit card processors as of March 31, 2024 and December 31, 2023, respectively. Recently Issued Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures is impracticable to do so. We are evaluating the impact of ASU 2023-07 on our notes to the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Revenue Recognition

Revenue Recognition	3 Months Ended
Revenue Recognition	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	3. Revenue Recognition Disaggregation of Revenue Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): Three Months Ended March 31, 2024 2023 North America $ 1,560,772 $ 1,361,053 Europe 25,236 81,318 Asia-Pacific 397,002 205,662 Other 208,205 173,906 Total revenue $ 2,191,215 $ 1,821,939 North America includes the U.S., the Caribbean, Canada and Mexico. Europe includes the Baltic region, Canary Islands and Mediterranean. Asia-Pacific includes Australia, New Zealand and Asia. Other includes all other international territories. Segment Reporting We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins, products and services; therefore, we aggregate all of the operating segments into one reportable segment. Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations through the U.S. Revenue attributable to U.S.-sourced guests has approximated 84-87% of total revenue over the preceding three fiscal years. No other individual country’s revenues exceed 10% in any given period. Contract Balances Receivables from customers are included within accounts receivable, net. As of March 31, 2024 and December 31, 2023, our receivables from customers were $131.8 million and $126.4 million, respectively, primarily related to in-transit credit card receivables. Future cruise credits that have been issued as face value reimbursement for cancelled bookings due to COVID-19 are approximately $66.0 million. The future cruise credits are not contracts, and therefore, guests who elected this option are excluded from our contract liability balance; however, the credit for the original amount paid is included in advance ticket sales. Our contract liabilities are included within advance ticket sales. As of March 31, 2024 and December 31, 2023, our contract liabilities were $2.7 billion and $2.2 billion, respectively. Of the amounts included within contract liabilities as of March 31, 2024, approximately 45% were refundable in accordance with our cancellation policies. Of the deposits included within advance ticket sales, the majority are refundable in accordance with our cancellation policies and it is uncertain to what extent guests may request refunds. For the three months ended March 31, 2024, $1.7 billion of revenue recognized was included in the contract liability balance at the beginning of the period.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2024
Leases [Abstract]
Leases	4. Leases Operating lease balances were as follows (in thousands): Balance Sheet location March 31, 2024 December 31, 2023 Operating leases Right-of-use assets Other long-term assets $ 764,045 $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities 29,043 23,226 Non-current operating lease liabilities Other long-term liabilities 648,487 644,646

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
Accumulated Other Comprehensive Income (Loss)	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	5. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 was as follows (in thousands): Three Months Ended March 31, 2024 Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (508,438) $ (508,524) $ 86 Current period other comprehensive income before reclassifications 47,253 47,253 — Amounts reclassified into earnings (3,238) (3,333) (1) 95 (2) Accumulated other comprehensive income (loss) at end of period $ (464,423) $ (464,604) (3) $ 181 Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 was as follows (in thousands): Three Months Ended March 31, 2023 Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (477,079) $ (480,578) $ 3,499 Current period other comprehensive loss before reclassifications (18,475) (18,475) — Amounts reclassified into earnings (9,810) (9,874) (1) 64 (2) Accumulated other comprehensive income (loss) at end of period $ (505,364) $ (508,927) $ 3,563 (1) We refer you to Note 7 – “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations. (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense), net. (3) Includes $6.6 million of gains expected to be reclassified into earnings in the next 12 months.

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2024
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6. Long-Term Debt In February 2024, NCLC and the purchasers named therein (collectively, the “Commitment Parties”) entered into a third amended and restated commitment letter (the “third amended commitment letter”), which became effective in March 2024. The third amended commitment letter amended and restated the commitment letter dated February 22, 2023 and extended the commitments thereunder through March 2025. Pursuant to the third amended commitment letter, the Commitment Parties have agreed to purchase from NCLC an aggregate principal amount of $650 million of senior unsecured notes due five years after the issue date (the “Commitment Notes”) at NCLC’s option. If issued, the Commitment Notes will be subject to an issue fee of 0.50% and will bear interest at a rate per annum equal to (A) the greater of (i) the interest rate of the 7.75% senior notes due 2029 (“2029 Unsecured Notes”) and (ii) the then-current secondary trading yield applicable to the 2029 Unsecured Notes plus (B) 200 basis points. The Commitment Notes are subject to a one-time structuring fee of 0.50% and a quarterly commitment fee of 0.75% for so long as the commitments with respect to the Commitment Notes are outstanding. In connection with the execution of the third amended commitment letter, NCLC agreed to repurchase all of the outstanding $250 million aggregate principal amount of 9.75% senior secured notes due 2028 (the “2028 Secured Notes”) at a negotiated premium plus accrued and unpaid interest thereon. In March 2024, in connection with the settlement of the repurchase, the aggregate principal amount outstanding under the 2028 Secured Notes was cancelled while also releasing the related collateral. The loss on extinguishment was $29.0 million, recognized in interest expense, net. In November 2023, we executed an agreement for a commitment of €200 million in connection with financial support for our newbuilds, which became available in April 2024. The commitment if drawn will pay interest quarterly at a rate per annum based on an applicable margin plus Euribor 3-months. The commitment may be drawn at any time and is payable within 364 days, but no later than July 15, 2025. Any amount repaid prior to July 15, 2025 may be drawn again. Exchangeable Notes The following is a summary of NCLC’s exchangeable notes as of March 31, 2024 (in thousands): Unamortized Principal Deferred Net Carrying Fair Value Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (1) $ 146,601 $ (193) $ 146,408 $ 224,238 Level 2 2025 Exchangeable Notes 449,990 (3,383) 446,607 581,270 Level 2 2027 1.125% Exchangeable Notes 1,150,000 (16,544) 1,133,456 1,098,273 Level 2 2027 2.5% Exchangeable Notes 473,175 (7,254) 465,921 464,540 Level 2 (1) Classified within current portion of long-term debt as of March 31, 2024. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares. The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): Unamortized Principal Deferred Net Carrying Fair Value Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (1) $ 146,601 $ (557) $ 146,044 $ 217,790 Level 2 2025 Exchangeable Notes 449,990 (3,963) 446,027 572,567 Level 2 2027 1.125% Exchangeable Notes 1,150,000 (17,921) 1,132,079 1,068,431 Level 2 2027 2.5% Exchangeable Notes 473,175 (7,836) 465,339 453,784 Level 2 (1) Classified within current portion of long-term debt as of December 31, 2023. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares. The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): Three Months Ended March 31, 2024 2023 Coupon interest $ 14,437 $ 14,438 Amortization of deferred financing fees 2,903 2,643 Total $ 17,340 $ 17,081 As of March 31, 2024, the effective interest rate is 7.04%, 5.97%, 1.64% and 3.06% for the 2024 Exchangeable Notes, 2025 Exchangeable Notes, 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes, respectively. Debt Repayments The following are scheduled principal repayments on our long-term debt including exchangeable notes, which can be settled in shares, and finance lease obligations as of March 31, 2024 (in thousands): Year Amount Remainder of 2024 $ 1,569,504 2025 1,321,130 2026 2,234,657 2027 3,291,131 2028 1,697,619 2029 1,911,513 Thereafter 2,064,110 Total $ 14,089,664 Debt Covenants As of March 31, 2024, we were in compliance with all of our debt covenants. If we do not continue to remain in compliance with our covenants, we would have to seek additional amendments to or waivers of our covenants. However, no assurances can be made that such amendments or waivers would be approved by our lenders. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default and/or cross acceleration clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all debt and derivative contracts could be terminated, which would have a material adverse impact on our operations and liquidity.

Fair Value Measurements and Der

Fair Value Measurements and Derivatives	3 Months Ended
Fair Value Measurements and Derivatives	Mar. 31, 2024
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Value Measurements and Derivatives	7. Fair Value Measurements and Derivatives Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Derivatives are generally recorded at fair value. Contracts that are designated as normal purchases and normal sales are not recorded at fair value. The normal purchases and normal sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. All of our allowance purchase agreements related to the European Union’s Emissions Trading System meet the criteria specified for this exception. Fair Value Hierarchy The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available: Level 1 Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates. Level 2 Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources. Level 3 Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available. Derivatives We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use critical terms match or regression analysis for hedge relationships and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. There are no amounts excluded from the assessment of hedge effectiveness, and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among many creditors. We do not anticipate non-performance by any of our significant counterparties. As of March 31, 2024, we had fuel swaps, which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 630 thousand metric tons of our projected fuel purchases, maturing through December 31, 2025. As of March 31, 2024, we had fuel swaps pertaining to approximately 4 thousand metric tons of our projected fuel purchases which were not designated as cash flow hedges maturing through December 31, 2024. The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): Assets Liabilities March 31, December 31, March 31, December 31, Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 22,725 $ — $ 109 $ — Other long-term assets 2,839 — 410 — Accrued expenses and other liabilities — 4,309 — 11,247 Other long-term liabilities — 137 — 8,932 Total derivatives designated as hedging instruments $ 25,564 $ 4,446 $ 519 $ 20,179 Derivative Contracts Not Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ — $ — $ 45 $ — Accrued expenses and other liabilities — 141 — 1,031 Other long-term liabilities — — — 280 Total derivatives not designated as hedging instruments $ — $ 141 $ 45 $ 1,311 Total derivatives $ 25,564 $ 4,587 $ 564 $ 21,490 The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments. The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): Gross Gross Gross Amounts Total Net Amounts March 31, 2024 Amounts Offset Amounts Not Offset Net Amounts Assets $ 25,564 $ (564) $ 25,000 $ — $ 25,000 Gross Gross Gross Amounts Total Net Amounts December 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Liabilities $ 21,490 $ (4,587) $ 16,903 $ — $ 16,903 The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Income Derivatives Comprehensive Loss Income (Expense) (Loss) into Income (Expense) Three Months Three Months Three Months Three Months Ended Ended Ended Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Fuel contracts $ 47,253 $ (29,015) Fuel $ 6,577 $ 12,597 Fuel contracts — — Other income (expense), net 875 (37) Foreign currency contracts — 10,540 Depreciation and amortization (4,119) (2,686) Total gain (loss) recognized in other comprehensive loss $ 47,253 $ (18,475) $ 3,333 $ 9,874 The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Depreciation Depreciation and Other Income and Other Income Fuel Amortization ( Expense), net Fuel Amortization ( Expense), net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 197,734 $ 222,929 $ 18,137 $ 194,868 $ 194,790 $ (8,955) Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) Fuel contracts 6,577 — — 12,597 — — Foreign currency contracts — (4,119) — — (2,686) — Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring Fuel contracts — — 875 — — (37) The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): Three Months Ended March 31, Location of Gain (Loss) 2024 2023 Derivatives not designated as hedging instruments Fuel contracts Other income (expense), net $ 2,199 $ (596) Long-Term Debt As of March 31, 2024 and December 31, 2023, the fair value of our long-term debt, including the current portion, was $13.3 billion and $13.5 billion, respectively, which was $0.8 billion and $0.9 billion lower, respectively, than the carrying values, excluding deferred financing costs. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term revolving and term loan facilities was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The fair value of our exchangeable notes considers observable risk-free rates; credit spreads of the same or similar instruments; and share prices, tenors, and historical and implied volatilities which are sourced from observable market data. The inputs are considered to be Level 2 in the fair value hierarchy. Market risk associated with our long-term variable rate debt is the potential increase in interest expense from an increase in interest rates or from an increase in share values. Other The carrying amounts reported in the consolidated balance sheets of all other financial assets and liabilities approximate fair value.

Employee Benefits and Compensat

Employee Benefits and Compensation Plans	3 Months Ended
Employee Benefits and Compensation Plans	Mar. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Benefits and Compensation Plans	8. Employee Benefits and Compensation Plans Restricted Share Unit Awards In March 2024, NCLH granted 4.5 million time-based restricted share unit awards to our employees, which primarily vest in substantially equal installments over three years. Additionally, in March 2024, NCLH granted 0.9 million performance-based restricted share units to certain members of our management team, which vest upon the achievement of certain pre-established performance targets established through 2026 and the satisfaction of an additional time-based vesting requirement that generally requires continued employment through March 1, 2027. The following is a summary of restricted share unit activity for the three months ended March 31, 2024: Number of Weighted- Number of Weighted- Time-Based Average Grant Performance- Average Grant Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2024 9,083,120 $ 17.39 2,140,134 $ 19.41 Granted 4,619,945 19.27 945,040 19.29 Vested (4,288,932) 18.84 (334,888) 31.78 Forfeited or expired (113,048) 17.44 — — Non-vested as of March 31, 2024 9,301,085 17.66 2,750,286 17.86 The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands): Three Months Ended March 31, 2024 2023 Payroll and related expense $ 4,614 $ 4,457 Marketing, general and administrative expense 17,334 23,698 Total share-based compensation expense $ 21,948 $ 28,155

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Ship Construction Contracts As of March 31, 2024, for the Norwegian brand, we had four Prima Class Ships on order, each ranging from approximately 156,000 to 169,000 Gross Tons with 3,550 to 3,850 Berths, with currently scheduled delivery dates from 2025 through 2028. As of March 31, 2024, for the Oceania Cruises brand, we had an order for one additional Allura Class Ship to be delivered in 2025, which will be approximately 68,000 Gross Tons and 1,250 Berths. Subsequent to March 31, 2024, we announced anticipated additional newbuilds for our fleet. The impacts of initiatives to improve environmental sustainability and modifications the Company plans to make to its newbuilds and/or other macroeconomic conditions and events have resulted in delays in expected ship deliveries. These and other impacts could result in additional delays in ship deliveries in the future, which may be prolonged. The combined contract prices, including amendments and change orders, of the five ships on order for delivery as of March 31, 2024 was approximately €5.8 billion, or $6.3 billion based on the euro/U.S. dollar exchange rate as of March 31, 2024. The combined contract prices of the six new ships with contracts that became effective subsequent to March 31, 2024 (which includes two ships on order for Oceania Cruises, which were scheduled for delivery in 2030 and 2031, respectively, but are expected to be cancelled, and excludes orders for four Norwegian Cruise Line ships, which are not yet effective) was approximately €5.3 billion, or $5.7 billion based on the euro/U.S. dollar exchange rate as of March 31, 2024. If the two ships on order for Oceania Cruises are cancelled, there will be incremental corresponding adjustments to the purchase price of other applicable newbuilds not to exceed €51 million. For ships on order as of March 31, 2024 and for four of the six ships effective subsequent to March 31, 2024, we have obtained export credit financing which is expected to fund approximately 80% of the contract price of each ship as well as related financing premiums, subject to certain conditions. We do not anticipate any contractual breaches or cancellations to occur, except as noted above. However, if any such events were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations. Taking into account the six new ship orders with contracts that became effective subsequent to March 31, 2024 (which includes two ships on order for Oceania Cruises that are expected to be cancelled, and excludes orders for four Norwegian Cruise Line ships, which are not yet effective), our minimum annual payments for ship construction contracts, which include non-cancelable contracts or contracts that are cancelable when a replacement agreement is signed with the same party, are as follows (in thousands): Year Amount Remainder of 2024 $ 390,355 2025 2,040,804 2026 2,181,145 2027 2,205,897 2028 2,119,588 2029 831,316 Thereafter 1,630,747 Total minimum annual payments $ 11,399,852 The above presentation reflects the contractual delivery date in the fourth quarter of 2028 of the second Oceania Cruises ship announced subsequent to March 31, 2024. However, it is expected that this delivery date may be moved to early 2029. Litigation Investigations In March 2020, the Florida Attorney General announced an investigation related to the Company’s marketing during the COVID-19 pandemic. Following the announcement of the investigation by the Florida Attorney General, we received notifications from other attorneys general and governmental agencies that they are conducting similar investigations. The Company is cooperating with these ongoing investigations, the outcomes of which cannot be predicted at this time. Helms-Burton Act On August 27, 2019, a 2024. We believe that the likelihood of loss related to this matter is reasonably possible but not probable at this time; therefore, no liability has been recorded. The ability to make such estimates and judgments can be affected by various factors including, among other things: lack of legal precedent, stage of the proceedings, legal uncertainties inherent within the litigation process, the availability of appellate remedies, and involvement of numerous parties. We continue to believe we have meritorious defenses to the Havana Docks Matter. However, if the plaintiff prevails in the final outcome of this matter, there may be a material adverse impact on the Company’s financial condition, results of operations and/or cash flows. Other In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. Other Contingencies The Company also has agreements with its credit card processors that govern approximately $3.4 billion in advance ticket sales at March 31, 2024 that have been received by the Company relating to future voyages. These agreements allow the credit card processors to require under certain circumstances, including the existence of a material adverse change, excessive chargebacks and other triggering events, that the Company maintain a reserve which would be satisfied by posting collateral. Although the agreements vary, these requirements may generally be satisfied either through a percentage of customer payments withheld or providing cash funds directly to the card processor. Any cash reserve or collateral requested could be increased or decreased. As of March 31, 2024, we had cash reserves of approximately $51.3 million with credit card processors, which includes approximately $19.8 million recognized in accounts receivable, net and approximately $31.5 million recognized in other long-term assets. We may be required to pledge additional collateral and/or post additional cash reserves or take other actions in the future that may adversely affect our liquidity.

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
Other Income (Expense), Net	Mar. 31, 2024
Other Income And Expenses [Abstract]
Other Income (Expense), Net	10. Other Income (Expense), Net For the three months ended March 31, 2024 and 2023, other income (expense), net consisted of income of $18.1 million and expense of $9.0 million, respectively, primarily due to net gains and losses on foreign currency remeasurements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	11. Supplemental Cash Flow Information For the three months ended March 31, 2024 and 2023, we had non-cash investing activities consisting of changes in accruals related to property and equipment of $11.3 million and $53.4 million, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Liquidity, Basis of Presentation	Liquidity As of March 31, 2024, we had liquidity of approximately $2.4 billion, including cash and cash equivalents of $559.8 million and borrowings available under our $1.2 billion undrawn Revolving Loan Facility and $650 million undrawn commitment of senior unsecured notes issuable by NCLC less related fees (see Note 6 – “Long-Term Debt”). Additionally, in April 2024, a €200 million commitment became available that can be used for future newbuild payments (see Note 6 – “Long-Term Debt”). We believe that we have sufficient liquidity to fund our obligations and expect to remain in compliance with our financial covenants for at least the next twelve months from the issuance of these financial statements. We will continue to pursue various opportunities to refinance future debt maturities to reduce interest expense and/or to extend the maturity dates associated with our existing indebtedness and obtain relevant financial covenant amendments or waivers, if needed. Basis of Presentation The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023, which are included in our most recent Annual Report on Form 10-K filed with the SEC on February 28, 2024.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the basic weighted-average number of shares outstanding during each period. Diluted earnings (loss) per share is computed by dividing net income (loss) and assumed conversion of exchangeable notes by diluted weighted-average shares outstanding. A reconciliation between basic and diluted earnings (loss) per share was as follows (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Net income (loss) - Basic EPS $ 17,353 $ (159,321) Basic weighted-average shares outstanding 426,803,519 422,655,215 Dilutive effect of share awards 4,215,687 — Diluted weighted-average shares outstanding 431,019,206 422,655,215 Basic EPS $ 0.04 $ (0.38) Diluted EPS $ 0.04 $ (0.38) Each exchangeable note (see Note 6 – “Long-Term Debt”) is individually evaluated for its dilutive or anti-dilutive impact on EPS as determined under the if-converted method. Only the interest expense and weighted average shares for exchangeable notes that are dilutive are included in the effect of dilutive securities above. During the three months ended March 31, 2024 and 2023, each of the exchangeable notes was anti-dilutive. Share awards are evaluated for a dilutive or anti-dilutive impact on EPS using the treasury stock method. For the three months ended March 31, 2024 and 2023, a total of 91.1 million and 89.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.
Foreign Currency	Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a gain of $13.3 million and a loss of $8.7 million for the three months ended March 31, 2024 and 2023, respectively, related to remeasurement of assets and liabilities denominated in foreign currencies. Remeasurements of foreign currency related to operating activities are recognized within changes in operating assets and liabilities in the consolidated statement of cash flows.
Depreciation and Amortization Expense	Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net included $19.8 million and $20.1 million due from credit card processors as of March 31, 2024 and December 31, 2023, respectively.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures is impracticable to do so. We are evaluating the impact of ASU 2023-07 on our notes to the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
Summary of Significant Accounting Policies (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of reconciliation between basic and diluted EPS	A reconciliation between basic and diluted earnings (loss) per share was as follows (in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Net income (loss) - Basic EPS $ 17,353 $ (159,321) Basic weighted-average shares outstanding 426,803,519 422,655,215 Dilutive effect of share awards 4,215,687 — Diluted weighted-average shares outstanding 431,019,206 422,655,215 Basic EPS $ 0.04 $ (0.38) Diluted EPS $ 0.04 $ (0.38)
Schedule of revenues by destination	Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): Three Months Ended March 31, 2024 2023 North America $ 1,560,772 $ 1,361,053 Europe 25,236 81,318 Asia-Pacific 397,002 205,662 Other 208,205 173,906 Total revenue $ 2,191,215 $ 1,821,939

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
Revenue Recognition (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of revenues by destination	Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): Three Months Ended March 31, 2024 2023 North America $ 1,560,772 $ 1,361,053 Europe 25,236 81,318 Asia-Pacific 397,002 205,662 Other 208,205 173,906 Total revenue $ 2,191,215 $ 1,821,939

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2024
Leases [Abstract]
Schedule of lease balances	Operating lease balances were as follows (in thousands): Balance Sheet location March 31, 2024 December 31, 2023 Operating leases Right-of-use assets Other long-term assets $ 764,045 $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities 29,043 23,226 Non-current operating lease liabilities Other long-term liabilities 648,487 644,646

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) for the three months ended March 31, 2024 was as follows (in thousands): Three Months Ended March 31, 2024 Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (508,438) $ (508,524) $ 86 Current period other comprehensive income before reclassifications 47,253 47,253 — Amounts reclassified into earnings (3,238) (3,333) (1) 95 (2) Accumulated other comprehensive income (loss) at end of period $ (464,423) $ (464,604) (3) $ 181 Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 was as follows (in thousands): Three Months Ended March 31, 2023 Change Accumulated Change Related to Other Related to Shipboard Comprehensive Cash Flow Retirement Income (Loss) Hedges Plan Accumulated other comprehensive income (loss) at beginning of period $ (477,079) $ (480,578) $ 3,499 Current period other comprehensive loss before reclassifications (18,475) (18,475) — Amounts reclassified into earnings (9,810) (9,874) (1) 64 (2) Accumulated other comprehensive income (loss) at end of period $ (505,364) $ (508,927) $ 3,563

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of convertible debt instruments	The following is a summary of NCLC’s exchangeable notes as of March 31, 2024 (in thousands): Unamortized Principal Deferred Net Carrying Fair Value Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (1) $ 146,601 $ (193) $ 146,408 $ 224,238 Level 2 2025 Exchangeable Notes 449,990 (3,383) 446,607 581,270 Level 2 2027 1.125% Exchangeable Notes 1,150,000 (16,544) 1,133,456 1,098,273 Level 2 2027 2.5% Exchangeable Notes 473,175 (7,254) 465,921 464,540 Level 2 (1) Classified within current portion of long-term debt as of March 31, 2024. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares. The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): Unamortized Principal Deferred Net Carrying Fair Value Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (1) $ 146,601 $ (557) $ 146,044 $ 217,790 Level 2 2025 Exchangeable Notes 449,990 (3,963) 446,027 572,567 Level 2 2027 1.125% Exchangeable Notes 1,150,000 (17,921) 1,132,079 1,068,431 Level 2 2027 2.5% Exchangeable Notes 473,175 (7,836) 465,339 453,784 Level 2 (1) Classified within current portion of long-term debt as of December 31, 2023. We expect that the holders of the 2024 Exchangeable Notes will exchange their 2024 Exchangeable Notes for shares.
Schedule of interest expense of convertible debt instruments	The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): Three Months Ended March 31, 2024 2023 Coupon interest $ 14,437 $ 14,438 Amortization of deferred financing fees 2,903 2,643 Total $ 17,340 $ 17,081
Schedule of principal repayments on long-term debt including finance lease obligations	The following are scheduled principal repayments on our long-term debt including exchangeable notes, which can be settled in shares, and finance lease obligations as of March 31, 2024 (in thousands): Year Amount Remainder of 2024 $ 1,569,504 2025 1,321,130 2026 2,234,657 2027 3,291,131 2028 1,697,619 2029 1,911,513 Thereafter 2,064,110 Total $ 14,089,664

Fair Value Measurements and D_2

Fair Value Measurements and Derivatives (Tables)	3 Months Ended
Fair Value Measurements and Derivatives (Tables)	Mar. 31, 2024
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of derivatives measured at fair value and disclosed by balance sheet location	The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): Assets Liabilities March 31, December 31, March 31, December 31, Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ 22,725 $ — $ 109 $ — Other long-term assets 2,839 — 410 — Accrued expenses and other liabilities — 4,309 — 11,247 Other long-term liabilities — 137 — 8,932 Total derivatives designated as hedging instruments $ 25,564 $ 4,446 $ 519 $ 20,179 Derivative Contracts Not Designated as Hedging Instruments Fuel contracts Prepaid expenses and other assets $ — $ — $ 45 $ — Accrued expenses and other liabilities — 141 — 1,031 Other long-term liabilities — — — 280 Total derivatives not designated as hedging instruments $ — $ 141 $ 45 $ 1,311 Total derivatives $ 25,564 $ 4,587 $ 564 $ 21,490
Schedule of gross and net amounts recognized within assets and liabilities	The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): Gross Gross Gross Amounts Total Net Amounts March 31, 2024 Amounts Offset Amounts Not Offset Net Amounts Assets $ 25,564 $ (564) $ 25,000 $ — $ 25,000 Gross Gross Gross Amounts Total Net Amounts December 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Liabilities $ 21,490 $ (4,587) $ 16,903 $ — $ 16,903
Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss)	The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): Location of Gain (Loss) Reclassified from Accumulated Amount of Gain (Loss) Reclassified Amount of Gain (Loss) Other Comprehensive from Accumulated Other Recognized in Other Income (Loss) into Comprehensive Income Derivatives Comprehensive Loss Income (Expense) (Loss) into Income (Expense) Three Months Three Months Three Months Three Months Ended Ended Ended Ended March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Fuel contracts $ 47,253 $ (29,015) Fuel $ 6,577 $ 12,597 Fuel contracts — — Other income (expense), net 875 (37) Foreign currency contracts — 10,540 Depreciation and amortization (4,119) (2,686) Total gain (loss) recognized in other comprehensive loss $ 47,253 $ (18,475) $ 3,333 $ 9,874
Schedule of cash flow hedge accounting on the consolidated financial statements of operations	The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Depreciation Depreciation and Other Income and Other Income Fuel Amortization ( Expense), net Fuel Amortization ( Expense), net Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded $ 197,734 $ 222,929 $ 18,137 $ 194,868 $ 194,790 $ (8,955) Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) Fuel contracts 6,577 — — 12,597 — — Foreign currency contracts — (4,119) — — (2,686) — Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring Fuel contracts — — 875 — — (37)
Schedule of effects of derivatives not designated as hedging instruments	The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): Three Months Ended March 31, Location of Gain (Loss) 2024 2023 Derivatives not designated as hedging instruments Fuel contracts Other income (expense), net $ 2,199 $ (596)

Employee Benefits and Compens_2

Employee Benefits and Compensation Plans (Tables)	3 Months Ended
Employee Benefits and Compensation Plans (Tables)	Mar. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of restricted share unit activity	Number of Weighted- Number of Weighted- Time-Based Average Grant Performance- Average Grant Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2024 9,083,120 $ 17.39 2,140,134 $ 19.41 Granted 4,619,945 19.27 945,040 19.29 Vested (4,288,932) 18.84 (334,888) 31.78 Forfeited or expired (113,048) 17.44 — — Non-vested as of March 31, 2024 9,301,085 17.66 2,750,286 17.86
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): Three Months Ended March 31, 2024 2023 Payroll and related expense $ 4,614 $ 4,457 Marketing, general and administrative expense 17,334 23,698 Total share-based compensation expense $ 21,948 $ 28,155

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Schedule of minimum annual payments for contractual obligations	Year Amount Remainder of 2024 $ 390,355 2025 2,040,804 2026 2,181,145 2027 2,205,897 2028 2,119,588 2029 831,316 Thereafter 1,630,747 Total minimum annual payments $ 11,399,852

Description of Business and O_2

Description of Business and Organization (Details)	Mar. 31, 2024 item
Description Of Business And Organization [Line Items]
Number of cruise ships	32
Capacity of ship, berths	66,400
Ships launching period through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	5
Ships launching period in 2025 through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ship to be delivered in 2025
Description Of Business And Organization [Line Items]
Number of additional ships	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Liquidity (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 EUR (€)
Debt Instrument [Line Items]
Available liquidity	$ 2,400,000
Cash and cash equivalents	$ 559,814	$ 402,415
Substantial Doubt about Going Concern, within One Year [true false]	false
Commitment Letter
Debt Instrument [Line Items]
Undrawn revolving loan facility	$ 650,000
Commitment Letter
Debt Instrument [Line Items]
Principal amount	650,000
Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Undrawn revolving loan facility	$ 1,200,000
Commitment in connection with financial support
Debt Instrument [Line Items]
Principal amount \| €			€ 200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Net income (loss) - Basic EPS	$ 17,353	$ (159,321)
Basic weighted-average shares outstanding	426,803,519	422,655,215
Diluted weighted-average shares outstanding	431,019,206	422,655,215
Basic loss per share (in dollars per share)	$ 0.04	$ (0.38)
Diluted loss per share (in dollars per share)	$ 0.04	$ (0.38)
Share Awards
Debt Instrument [Line Items]
Dilutive effect of share awards or notes	4,215,687

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Other (Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) item shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share \| shares	91.1	89.4
Foreign currency transaction gain (loss)	$ 13,300	$ (8,700)
Accounts receivable, net	282,313		$ 280,271
Ship, carrying value	$ 16,463,522		16,433,292
Number of cruise ships \| item	32
Credit Card Processors
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 19,800		$ 20,100
Sales Revenue, Net \| Geographic Concentration Risk
Schedule Of Significant Accounting Policies [Line Items]
Concentration risk, benchmark	No other individual country’s revenues exceed 10% in any given period.
Sales Revenue, Net \| Geographic Concentration Risk \| Minimum
Schedule Of Significant Accounting Policies [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	84%
Sales Revenue, Net \| Geographic Concentration Risk \| Maximum
Schedule Of Significant Accounting Policies [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	87%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 2,191,215	$ 1,821,939
North America
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	1,560,772	1,361,053
Europe
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	25,236	81,318
Asia-Pacific
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	397,002	205,662
Other Country
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 208,205	$ 173,906

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended
Revenue Recognition (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($)
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Number of reportable segments \| segment	1
Receivables from customers included in accounts receivable, net	$ 131.8	$ 126.4
Future cruise credits	66
Contract liabilities included within advance ticket sales	$ 2,700	$ 2,200
Percentage of refundable amounts included within contract liabilities	45%
Revenue recognized included in contract liability	$ 1,700
Sales Revenue, Net \| Geographic Concentration Risk
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk, benchmark	No other individual country’s revenues exceed 10% in any given period.
Sales Revenue, Net \| Geographic Concentration Risk \| Minimum
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	84%
Sales Revenue, Net \| Geographic Concentration Risk \| Maximum
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	87%

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating leases
Right-of-use assets	$ 764,045	$ 753,652
Operating lease, right-of-use asset - Extensible List	Other long-term assets	Other long-term assets
Current operating lease liabilities	$ 29,043	$ 23,226
Operating lease liability, current - Extensible list	Accrued Liabilities And Other Liabilities Current	Accrued Liabilities And Other Liabilities Current
Non-current operating lease liabilities	$ 648,487	$ 644,646
Operating lease liability, non-current - Extensible list	Other long-term liabilities	Other long-term liabilities

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	$ (508,438)
Accumulated other comprehensive income (loss) at end of period	(464,423)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(508,438)	$ (477,079)
Current period other comprehensive income (loss) before reclassifications	47,253	(18,475)
Amounts reclassified into earnings	(3,238)	(9,810)
Accumulated other comprehensive income (loss) at end of period	(464,423)	(505,364)
Change Related to Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(508,524)	(480,578)
Current period other comprehensive income (loss) before reclassifications	47,253	(18,475)
Amounts reclassified into earnings	(3,333)	(9,874)
Accumulated other comprehensive income (loss) at end of period	(464,604)	(508,927)
Change Related to Shipboard Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	86	3,499
Amounts reclassified into earnings	95	64
Accumulated other comprehensive income (loss) at end of period	$ 181	$ 3,563

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Change Related to Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of gain expected to be reclassified into earnings next 12 months	$ 6.6

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) $ in Thousands, € in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2024 USD ($)	Nov. 30, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (29,000)	$ (2,434)
Commitment Letter
Debt Instrument [Line Items]
Principal amount	$ 650,000		$ 650,000
Draw fee (as a percent)	0.50%
Debt instrument term	5 years
Percentage of maximum commitment fee	0.75%
Structuring fee (as a percent)	0.50%		0.50%
Commitment Letter \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Interest rate	7.75%		7.75%
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Long-term debt	$ 446,607		$ 446,607			$ 446,027
Senior Secured Notes Due 2028 Two [Member]
Debt Instrument [Line Items]
Principal amount					$ 250,000
Interest rate					9.75%
Loss on extinguishment of debt	$ (29,000)
Commitment in connection with financial support
Debt Instrument [Line Items]
Principal amount \| €		€ 200
Debt, period due after issue date		364 days

Long-Term Debt - Summary of Exc

Long-Term Debt - Summary of Exchangeable Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair Value	$ 13,300,000	$ 13,500,000
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount	146,601	146,601
Unamortized debt discount, including deferred financing fees	(193)	(557)
Net carrying amount	$ 146,408	146,044
Effective interest rate	7.04%
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	$ 449,990	449,990
Unamortized debt discount, including deferred financing fees	(3,383)	(3,963)
Net carrying amount	$ 446,607	446,027
Effective interest rate	5.97%
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 1,150,000	1,150,000
Unamortized debt discount, including deferred financing fees	(16,544)	(17,921)
Net carrying amount	$ 1,133,456	1,132,079
Effective interest rate	1.64%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 473,175	473,175
Unamortized debt discount, including deferred financing fees	(7,254)	(7,836)
Net carrying amount	$ 465,921	465,339
Effective interest rate	3.06%
Level 2 \| Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Fair Value	$ 224,238	217,790
Level 2 \| Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Fair Value	581,270	572,567
Level 2 \| 1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	1,098,273	1,068,431
Level 2 \| 2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	$ 464,540	$ 453,784

Long-Term Debt - Summary of Int

Long-Term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Disclosure [Abstract]
Coupon interest	$ 14,437	$ 14,438
Amortization of deferred financing costs	2,903	2,643
Total	$ 17,340	$ 17,081

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Repayments on Long-Term Debt Including Finance Lease Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 1,569,504
2025	1,321,130
2026	2,234,657
2027	3,291,131
2028	1,697,619
2029	1,911,513
Thereafter	2,064,110
Total	$ 14,089,664

Fair Value Measurements and D_3

Fair Value Measurements and Derivatives - Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 25,564
Derivative liabilities, fair value		$ 21,490
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	25,564	4,446
Derivative liabilities, fair value	519	20,179
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		141
Derivative liabilities, fair value	45	1,311
Fuel contracts \| Designated as Hedging Instrument \| Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	22,725
Derivative liabilities, fair value	109
Fuel contracts \| Designated as Hedging Instrument \| Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	2,839
Derivative liabilities, fair value	410
Fuel contracts \| Designated as Hedging Instrument \| Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		4,309
Derivative liabilities, fair value		11,247
Fuel contracts \| Designated as Hedging Instrument \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		137
Derivative liabilities, fair value		8,932
Fuel contracts \| Not Designated as Hedging Instrument \| Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	45
Fuel contracts \| Not Designated as Hedging Instrument \| Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		141
Derivative liabilities, fair value		1,031
Fuel contracts \| Not Designated as Hedging Instrument \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value		280
Total derivatives
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	25,564	4,587
Derivative liabilities, fair value	$ 564	$ 21,490

Fair Value Measurements and D_4

Fair Value Measurements and Derivatives - Amounts Recognized within Assets and Liabilities Based on Right of Offset (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Gross Amounts, Assets	$ 25,564
Gross Amounts Offset, Assets	(564)
Total Net Amounts, Assets	25,000
Net Amounts, Assets	$ 25,000
Gross Amounts, Liabilities		$ 21,490
Gross Amounts Offset, Liabilities		(4,587)
Total Net Amounts, Liabilities		16,903
Net Amounts, Liabilities		$ 16,903

Fair Value Measurements and D_5

Fair Value Measurements and Derivatives - Effects of Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ 3,333	$ 9,874
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	3,333	9,874
Cash Flow Hedging \| Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	6,577	12,597
Cash Flow Hedging \| Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	875	(37)
Cash Flow Hedging \| Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(4,119)	(2,686)
Cash Flow Hedging \| Fuel contracts \| Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	6,577	12,597
Cash Flow Hedging \| Foreign currency contracts \| Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (4,119)	$ (2,686)

Fair Value Measurements and D_6

Fair Value Measurements and Derivatives - Effects of Cash Flow Hedge Accounting on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ 3,333	$ 9,874
Total cruise operating expense	1,387,423	1,280,418
Depreciation and amortization	222,929	194,790
Interest expense, net	218,177	171,257
Other income (expense), net	18,137	(8,955)
Amount of Gain (Loss) Recognized in Other Comprehensive Income	47,253	(18,475)
Fuel
Derivative Instruments Gain Loss [Line Items]
Total cruise operating expense	197,734	194,868
Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	3,333	9,874
Amount of Gain (Loss) Recognized in Other Comprehensive Income	47,253	(18,475)
Cash Flow Hedging \| Fuel
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	6,577	12,597
Cash Flow Hedging \| Depreciation and amortization
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(4,119)	(2,686)
Cash Flow Hedging \| Other income (expense), net
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	875	(37)
Cash Flow Hedging \| Fuel contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	47,253	(29,015)
Cash Flow Hedging \| Fuel contracts \| Fuel
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	6,577	12,597
Cash Flow Hedging \| Fuel contracts \| Other income (expense), net
Derivative Instruments Gain Loss [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring	875	(37)
Cash Flow Hedging \| Foreign currency contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income		10,540
Cash Flow Hedging \| Foreign currency contracts \| Depreciation and amortization
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (4,119)	$ (2,686)

Fair Value Measurements and D_7

Fair Value Measurements and Derivatives - Effects of Derivatives Not Designated as Hedging Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Not Designated as Hedging Instrument \| Other income (expense), net \| Fuel contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 2,199	$ (596)

Fair Value Measurements and D_8

Fair Value Measurements and Derivatives (Details) T in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) T	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 13,300,000	$ 13,500,000
Fair value of long-term debt in excess of carrying value	$ 800,000	$ 900,000
Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2025
Fuel contracts \| Not Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2024
Projected fuel purchases \| T	4
Fuel contracts \| Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Projected fuel purchases	630

Employee Benefits and Compens_3

Employee Benefits and Compensation Plans - (Details) - shares	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Performance-Based Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted		945,040
Time-Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted		4,619,945
Time-Based Awards \| Awarded in March 2024 \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted	4,500,000
Share-based award, vesting period	3 years
Performance-Based RSU Awards \| Awarded in March 2024 \| Members of management team
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted	900,000

Employee Benefits and Compens_4

Employee Benefits and Compensation Plans - Summary of Restricted Share Unit Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Time-Based Awards
Number of Restricted Share Awards
Non-vested as of January 1, 2024 \| shares	9,083,120
Granted \| shares	4,619,945
Vested \| shares	(4,288,932)
Forfeited or expired \| shares	(113,048)
Non-vested as of March 31, 2024 \| shares	9,301,085
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2024 \| $ / shares	$ 17.39
Granted \| $ / shares	19.27
Vested \| $ / shares	18.84
Forfeited or expired \| $ / shares	17.44
Non-vested as of March 31, 2024 \| $ / shares	$ 17.66
Performance-Based Options
Number of Restricted Share Awards
Non-vested as of January 1, 2024 \| shares	2,140,134
Granted \| shares	945,040
Vested \| shares	(334,888)
Non-vested as of March 31, 2024 \| shares	2,750,286
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2024 \| $ / shares	$ 19.41
Granted \| $ / shares	19.29
Vested \| $ / shares	31.78
Non-vested as of March 31, 2024 \| $ / shares	$ 17.86

Employee Benefits and Compens_5

Employee Benefits and Compensation Plans - Summary of Compensation Expense Recognized for Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 21,948	$ 28,155
Payroll and related
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	4,614	4,457
Marketing, general and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 17,334	$ 23,698

Commitments and Contingencies_2

Commitments and Contingencies (Details) € in Millions, $ in Millions	Apr. 01, 2024 EUR (€) item	Aug. 27, 2019 item	Apr. 01, 2024 USD ($) item	Mar. 31, 2024 EUR (€) item	Mar. 31, 2024 USD ($) item	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of cruise ships				32	32
Capacity of ship, berths				66,400	66,400
Number of lawsuits filed		1
Estimate of possible loss \| $						$ 112.9
Advance ticket sales with credit card processor \| $					$ 3,400
Reserves maintained, credit card processor \| $					51.3
Credit Card Processors \| Accounts Receivable [Member]
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor \| $					19.8
Credit Card Processors \| Other Long-Term Assets [Member]
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor \| $					$ 31.5
Ships launching period in 2025 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships				4	4
Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships				1	1
Ship Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships				5	5
Aggregate contract price of new ships				€ 5,800	$ 6,300
Export credit facility financing as percentage of contract price				80%	80%
Ship Construction Contracts \| Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships	6		6
Number of additional cruise ships, expected to be cancelled	2		2
Number of additional cruise ships, not yet effective	4		4
Aggregate contract price of new ships	€ 5,300		$ 5,700
Ship Construction Contracts \| Maximum \| Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Other commitments, cancellation penalty \| €	€ 51
Ship Construction Contracts \| Ships launching period in 2025 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships				4	4
Ship Construction Contracts \| Ships launching period in 2025 through 2028 \| Minimum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons				156,000	156,000
Capacity of ship, berths				3,550	3,550
Ship Construction Contracts \| Ships launching period in 2025 through 2028 \| Maximum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons				169,000	169,000
Capacity of ship, berths				3,850	3,850
Ship Construction Contracts \| Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships				1	1
Capacity of ship, tons				68,000	68,000
Capacity of ship, berths				1,250	1,250

Commitments and Contingencies -

Commitments and Contingencies - Minimum Annual Payments for Non-Cancelable Ship Construction Contracts (Details) - Ship Construction Contracts - Subsequent Event $ in Thousands	Apr. 01, 2024 USD ($)
Other Commitments [Line Items]
Remainder of 2024	$ 390,355
2025	2,040,804
2026	2,181,145
2027	2,205,897
2028	2,119,588
2029	831,316
Thereafter	1,630,747
Total minimum annual payments	$ 11,399,852

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Income And Expenses [Abstract]
Other income (expense), net	$ 18,137	$ (8,955)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Non-cash investing activity in connection with property and equipment, seller financing	$ 11.3	$ 53.4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,353	$ (159,321)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false