NCL (NCLC) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act File Number	333-128780
Entity Registrant Name	NCL CORPORATION LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	20-0470163
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
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,164,004
Entity Central Index Key	0001318742
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue	$ 2,806,578	$ 2,536,037	$ 7,370,285	$ 6,563,468
Cruise operating expense
Total cruise operating expense	1,538,939	1,482,746	4,381,117	4,146,774
Other operating expense
Marketing, general and administrative	357,963	325,285	1,073,282	1,012,560
Depreciation and amortization	218,428	204,608	663,762	596,513
Total other operating expense	576,391	529,893	1,737,044	1,609,073
Operating income	691,248	523,398	1,252,124	807,621
Non-operating income (expense)
Interest expense, net	(200,667)	(208,957)	(653,850)	(609,954)
Other income (expense), net	(58,190)	291,203	107,684	(76,007)
Total non-operating income (expense)	(258,857)	82,246	(546,166)	(685,961)
Net income before income taxes	432,391	605,644	705,958	121,660
Income tax benefit (expense)	(6,916)	(8,309)	(9,466)	1,055
Net income	425,475	597,335	696,492	122,715
Passenger ticket
Revenue
Total revenue	1,944,921	1,733,594	5,006,811	4,420,909
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	564,614	546,026	1,501,863	1,462,565
Onboard and other
Revenue
Total revenue	861,657	802,443	2,363,474	2,142,559
Cruise operating expense
Total cruise operating expense	211,753	188,694	515,496	470,271
Payroll and related
Cruise operating expense
Total cruise operating expense	337,430	323,862	1,012,289	936,237
Fuel
Cruise operating expense
Total cruise operating expense	164,934	170,893	537,632	530,003
Food
Cruise operating expense
Total cruise operating expense	78,096	87,839	239,850	271,575
Other
Cruise operating expense
Total cruise operating expense	$ 182,112	$ 165,432	$ 573,987	$ 476,123

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 425,475	$ 597,335	$ 696,492	$ 122,715
Other comprehensive income (loss):
Shipboard Retirement Plan	94	63	283	191
Cash flow hedges:
Net unrealized gain (loss)	(56,078)	57,885	(7,668)	34,833
Amount realized and reclassified into earnings	2,630	(6,563)	(3,853)	(13,890)
Total other comprehensive income (loss)	(53,354)	51,385	(11,238)	21,134
Total comprehensive income	$ 372,121	$ 648,720	$ 685,254	$ 143,849

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 326,579	$ 396,473
Accounts receivable, net	200,841	280,271
Inventories	145,056	157,646
Prepaid expenses and other assets	499,711	472,816
Total current assets	1,172,187	1,307,206
Property and equipment, net	16,743,936	16,433,292
Goodwill	135,764	98,134
Trade names	500,525	500,525
Other long-term assets	1,226,545	1,147,891
Total assets	19,778,957	19,487,048
Current liabilities:
Current portion of long-term debt	1,203,470	1,598,177
Current portion of exchangeable notes	521,145	210,375
Accounts payable	172,937	174,338
Accrued expenses and other liabilities	1,067,300	1,058,573
Advance ticket sales	3,144,586	3,060,666
Total current liabilities	6,170,651	6,165,518
Long-term debt	10,150,477	10,271,259
Exchangeable notes	1,543,440	2,054,142
Other long-term liabilities	860,415	839,335
Total liabilities	18,724,983	19,330,254
Commitments and contingencies (Note 11)
Shareholders' equity:
Preference shares
Ordinary shares ($0.0012 par value; 40,000,000 shares authorized; 31,164,004 shares issued and outstanding at Sept 30, 2024 and 48,333,330 shares authorized; 39,497,334 shares issued and outstanding at December 31, 2023)	37	47
Additional paid-in capital	8,886,362	8,674,426
Accumulated other comprehensive income (loss)	(521,389)	(510,151)
Accumulated deficit	(7,311,036)	(8,007,528)
Total shareholders' equity	1,053,974	156,794
Total liabilities and shareholders' equity	19,778,957	19,487,048
Related Party [Member]
Current liabilities:
Due to NCLH	$ 61,213	$ 63,389

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Ordinary shares, par value (in dollars per share)	$ 0.0012	$ 0.0012
Ordinary shares, authorized	40,000,000	48,333,330
Ordinary shares, issued	31,164,004	39,497,334
Ordinary shares, outstanding	31,164,004	39,497,334
Series A-1
Preferred shares, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred shares, authorized	1,853,444	2,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Series A-3
Preferred shares, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred shares, authorized	999,990	999,990
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Series A-4
Preferred shares, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred shares, authorized	2,000,000	2,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Series A-5
Preferred shares, par value (in dollars per share)	$ 1,000	$ 1,000
Preferred shares, authorized	1,000,000	1,000,000
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net income	$ 696,492	$ 122,715
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	808,770	729,761
(Gain) loss on derivatives	(122,509)	80,407
Loss on extinguishment of debt	29,267	2,801
Provision for bad debts and inventory obsolescence	3,668	3,640
Gain on involuntary conversion of assets	(4,605)	(4,583)
Share-based compensation expense	65,570	96,254
Net foreign currency adjustments on euro-denominated debt	6,811	(2,027)
Changes in operating assets and liabilities:
Accounts receivable, net	72,341	80,064
Inventories	12,160	(18,120)
Prepaid expenses and other assets	27,347	432,594
Accounts payable	(8,388)	(60,971)
Accrued expenses and other liabilities	(25,040)	(139,140)
Advance ticket sales	90,859	419,420
Net cash provided by operating activities	1,652,743	1,742,815
Cash flows from investing activities
Additions to property and equipment, net	(967,516)	(2,102,698)
Cash paid on settlement of derivatives		(118,610)
Acquisition, net of cash acquired	(27,322)
Other	9,164	14,678
Net cash used in investing activities	(985,674)	(2,206,630)
Cash flows from financing activities
Repayments of long-term debt	(1,268,605)	(2,629,681)
Proceeds from long-term debt	688,901	2,989,183
Due to NCLH, net	(2,176)	9,225
Net share settlement of restricted share units	(22,058)	(25,271)
Early redemption premium	(19,166)
Deferred financing fees and other	(113,859)	(145,051)
Net cash provided by (used in) financing activities	(736,963)	198,405
Net decrease in cash and cash equivalents	(69,894)	(265,410)
Cash and cash equivalents at beginning of period	396,473	941,026
Cash and cash equivalents at end of period	$ 326,579	$ 675,616

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	Total
Balance at Dec. 31, 2022	$ 37	$ 8,582,346	$ (478,792)	$ (7,884,790)	$ 218,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		96,254			96,254
Net share settlement of restricted share units		(25,271)			(25,271)
Contribution from NCLH	10	(1)			9
Other comprehensive income (loss), net			21,134		21,134
Net income				122,715	122,715
Balance at Sep. 30, 2023	47	8,653,328	(457,658)	(7,762,075)	433,642
Balance at Jun. 30, 2023	37	8,629,815	(509,043)	(8,359,410)	(238,601)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		23,563			23,563
Net share settlement of restricted share units		(49)			(49)
Contribution from NCLH	10	(1)			9
Other comprehensive income (loss), net			51,385		51,385
Net income				597,335	597,335
Balance at Sep. 30, 2023	47	8,653,328	(457,658)	(7,762,075)	433,642
Balance at Dec. 31, 2023	47	8,674,426	(510,151)	(8,007,528)	156,794
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		65,570			65,570
Net share settlement of restricted share units		(22,058)			(22,058)
Contribution from NCLH	146,556	21,858			168,414
Share repurchase and cancellation	(146,566)	146,566
Other comprehensive income (loss), net			(11,238)		(11,238)
Net income				696,492	696,492
Balance at Sep. 30, 2024	37	8,886,362	(521,389)	(7,311,036)	1,053,974
Balance at Jun. 30, 2024	146,603	8,719,177	(468,035)	(7,736,511)	661,234
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		20,638			20,638
Net share settlement of restricted share units		(19)			(19)
Share repurchase and cancellation	(146,566)	146,566
Other comprehensive income (loss), net			(53,354)		(53,354)
Net income				425,475	425,475
Balance at Sep. 30, 2024	$ 37	$ 8,886,362	$ (521,389)	$ (7,311,036)	$ 1,053,974

Description of Business and Org

Description of Business and Organization	9 Months Ended
	Sep. 30, 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 September 30, 2024, we had 32 ships with approximately 66,400 Berths. The Company expects to add thirteen additional ships to our fleet from 2025 through 2036. We have four Prima Class Ships on order with currently scheduled delivery dates from 2025 through 2028. We have one Allura Class Ship on order for delivery in 2025. We also have orders for three new classes of ships: four Oceania Cruises ships with deliveries currently scheduled from 2027 through 2031, two Prestige Class Ships with deliveries currently scheduled in 2026 and 2029 and four Norwegian Cruise Line ships with deliveries currently scheduled from 2030 through 2036. The orders for two of the new class of Oceania Cruises ships currently scheduled for delivery in 2030 and 2031 are expected to be cancelled.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity As of September 30, 2024, we had liquidity of approximately $2.4 billion, including cash and cash equivalents of $326.6 million, borrowings available under our $1.2 billion undrawn Revolving Loan Facility, a €200 million commitment that can be used for future newbuild payments and a $650 million undrawn commitment of senior unsecured notes issuable by NCLC less related fees (see Note 8 – “Long-Term Debt” for further information regarding our commitments). 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. ​ 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 loss of $32.1 million and a gain of $15.7 million for the three months ended September 30, 2024 and 2023, respectively, and losses of $16.5 million and $4.2 million for the nine months ended September 30, 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 and debt discounts are 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 $4.9 million and $20.1 million due from credit card processors as of September 30, 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, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 includes additional disclosures on an interim and annual basis and requires that the disclosures be applied to public entities that have a single reportable segment. These provisions are effective for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. ASU 2023-07 shall be applied retrospectively unless it is impracticable to do so. We do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements other than the expanded footnote disclosure. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis. We are evaluating the impact of ASU 2023-09 on our notes to the consolidated financial statements.

Acquisition

Acquisition	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisition	3. Acquisition On April 25, 2024, Norwegian acquired 100% of the voting equity interest of Independent Maritime Advisors Ltd. (“IMA”), a consulting company specializing in project management for newbuilds and vessel conversions for $37.5 million, which consisted primarily of cash and also included deferred consideration and the settlement of a pre-existing relationship. Norwegian acquired IMA to bring newbuild project management and supervision in-house and optimize the overall capital outflow for newbuild expenditures, which generates synergies that create goodwill. ​ The preliminary purchase price was allocated as follows (in thousands): ​ ​ ​ ​ Assets, other than goodwill ​ $ 4,302 Goodwill ​ 37,630 Liabilities ​ (9,088) Total consideration allocated, net of $4.7 million of cash acquired ​ $ 32,844 ​ As of September 30, 2024, the measurement period pertaining to the acquisition remains open and is subject to further adjustment. The acquisition includes deferred consideration, which is currently considered probable of payment in full; however, if new information arises, a change in consideration could impact our goodwill or liabilities. The acquisition of IMA does not have a material impact on the Company’s consolidated statements of operations.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	4. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 North America ​ $ 1,315,224 ​ $ 1,234,852 ​ $ 4,052,094 ​ $ 3,817,082 Europe ​ 1,439,473 ​ 1,284,421 ​ 2,519,770 ​ 2,245,868 Asia-Pacific ​ 50,294 ​ 15,972 ​ 565,823 ​ 311,524 Other ​ ​ 1,587 ​ ​ 792 ​ ​ 232,598 ​ ​ 188,994 Total revenue ​ $ 2,806,578 ​ $ 2,536,037 ​ $ 7,370,285 ​ $ 6,563,468 ​ 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 and Geographic Concentration We have concluded that our business has a single 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 September 30, 2024 and December 31, 2023, our receivables from customers were $107.0 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 $63.2 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 September 30, 2024 and December 31, 2023, our contract liabilities were $2.2 billion. Of the amounts included within contract liabilities as of September 30, 2024, approximately 40% 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 nine months ended September 30, 2024, $2.1 billion of revenue recognized was included in the contract liability balance at the beginning of the period.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	5. Leases ​ Operating lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location September 30, 2024 December 31, 2023 Operating leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets Other long-term assets $ 764,481 $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities ​ 27,939 ​ 23,226 Non-current operating lease liabilities Other long-term liabilities ​ 652,489 ​ 644,646 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Statement Of Income And Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	6. Accumulated Other Comprehensive Income (Loss) ​ Accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 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 ​ $ (510,151) ​ $ (509,171) $ (980) Current period other comprehensive loss before reclassifications ​ (7,668) ​ (7,668) — Amounts reclassified into earnings ​ (3,570) ​ (3,853) (1) 283 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (521,389) ​ $ (520,692) (3) $ (697) ​ Accumulated other comprehensive income (loss) for the nine months ended September 30, 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 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 ​ $ (478,792) ​ $ (481,225) $ 2,433 ​ Current period other comprehensive income before reclassifications ​ 34,833 ​ 34,833 — ​ Amounts reclassified into earnings ​ (13,699) ​ (13,890) (1) 191 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (457,658) ​ $ (460,282) $ 2,624 ​ (1) We refer you to Note 9— “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 $43.9 million of losses expected to be reclassified into earnings in the next 12 months.

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment, Net [Abstract]
Property and Equipment, Net	7. Property and Equipment, Net Property and equipment, net increased $310.6 million for the nine months ended September 30, 2024 primarily due to ships under construction.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	8. 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 ​ 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. In September 2024, NCLC issued $315.0 million aggregate principal amount of 6.250% senior unsecured notes due March 1, 2030 (the “2030 Notes”). NCLC may, at its option, redeem the 2030 Notes, in whole or in part, (i) prior to March 1, 2027 (the “First Call Date”), at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus an applicable “make-whole” amount, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date, and (ii) on or after the First Call Date, at the redemption prices set forth in the 2030 Notes indenture, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to the First Call Date, NCLC may redeem up to 40% of the aggregate principal amount of the 2030 Notes with the net proceeds of certain equity offerings at a redemption price equal to 106.250% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2030 Notes issued remains outstanding following such redemption. The 2030 Notes pay interest at 6.250% per annum, semiannually in arrears on March 1 and September 1 of each year, to holders of record at the close of business on the immediately preceding February 15 and August 15, respectively. The 2030 Notes indenture contains covenants that limit the ability of NCLC and its restricted subsidiaries to, among other things: (i) grant or assume certain liens; (ii) enter into sale leaseback transactions; and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets. The net proceeds for the 2030 Notes, after deducting the initial purchasers’ discount but before deducting estimated fees and expenses, together with cash on hand, were used to redeem $315.0 million aggregate principal amount of the 3.625% senior notes due 2024, including to pay any accrued and unpaid interest thereon. ​ Exchangeable Notes ​ The exchangeable notes are convertible into redeemable preference shares of NCLC. Upon conversion, the preference shares are immediately and automatically exchanged, for each $1,000 principal amount of exchangeable notes, into a certain number of NCLH’s ordinary shares based on the applicable exchange rate. Upon NCLH’s receipt of the NCLC preference shares, each preference share will be immediately re-designated into an ordinary share of NCLC of par value $1,000 per share and then subdivided into 833,333 ordinary shares of NCLC of par value $0.0012 per share (the “re-designation”). After the re-designation, the NCLC ordinary shares issued will rank pari passu with the existing ordinary shares of NCLC held by NCLH having the rights and being subject to the restrictions set out in NCLC's bye-laws. During the six months eneded June 30, 2024, 146,556 series A-1 preference shares were issued and subsequently re-designated and subdivided, as a result of which NCLH held an additional 122,129,951,148 ordinary shares in the capital of NCLC. During the three months ended September 30, 2024, all 122,138,284,478 of the ordinary shares of NCLC that were previously issued and outstanding as a result of the re-designation of ordinary shares from preference shares were repurchased for nominal consideration and cancelled. ​ The following is a summary of NCLC’s exchangeable notes as of September 30, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2025 Exchangeable Notes (1) ​ $ 449,990 ​ $ (36,738) ​ $ 413,252 ​ $ 551,310 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (130,669) ​ ​ 1,019,331 ​ ​ 1,114,166 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (55,096) ​ ​ 418,079 ​ ​ 469,877 ​ Level 2 (1) We expect that the holders of the 2025 Exchangeable Notes will exchange their 2025 Exchangeable Notes for NCLH ordinary shares. ​ The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (8,672) ​ $ 137,929 ​ $ 217,790 ​ Level 2 2025 Exchangeable Notes ​ ​ 449,990 ​ ​ (65,811) ​ ​ 384,179 ​ ​ 572,567 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (167,939) ​ ​ 982,061 ​ ​ 1,068,431 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (70,405) ​ ​ 402,770 ​ ​ 453,784 ​ Level 2 ​ The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 ​ 2024 2023 Coupon interest ​ $ 12,238 ​ $ 14,438 ​ $ 39,983 ​ $ 43,313 Amortization of discount and deferred financing fees ​ ​ 28,178 ​ ​ 30,827 ​ ​ 90,233 ​ ​ 88,374 Total ​ $ 40,416 ​ $ 45,265 ​ $ 130,216 ​ $ 131,687 ​ As of September 30, 2024, the effective interest rate is 15.89%, 6.28% and 7.88% for the 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 NCLH ordinary shares, and finance lease obligations as of September 30, 2024 (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2024 ​ $ 580,337 2025 ​ 1,324,480 2026 ​ 2,243,781 2027 ​ 3,308,071 2028 ​ 1,719,541 2029 ​ ​ 1,934,831 Thereafter ​ 2,600,722 Total ​ $ 13,711,763 ​ Debt Covenants ​ As of September 30, 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	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements and Derivatives	9. 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 September 30, 2024, we had fuel swaps, which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 846 thousand metric tons of our projected fuel purchases, maturing through December 31, 2026. As of September 30, 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 February 28, 2025. As of September 30, 2024, we had conversion options embedded in our exchangeable notes. The notional amounts of our outstanding options as of September 30, 2024 were 24.0 million, 34.1 million and 13.7 million NCLH ordinary shares for the 2025 Exchangeable Notes, 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes, respectively. ​ The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ $ 299 ​ $ 4,309 ​ $ 25,394 ​ $ 11,247 ​ Other long-term liabilities ​ 475 ​ 137 ​ 9,827 ​ 8,932 Total derivatives designated as hedging instruments ​ ​ ​ $ 774 ​ $ 4,446 ​ $ 35,221 ​ $ 20,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ $ — ​ $ 141 ​ $ 458 ​ $ 1,031 ​ ​ Other long-term liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ 280 Debt conversion options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of exchangeable notes ​ ​ — ​ ​ — ​ ​ 105,284 ​ ​ 71,710 ​ Exchangeable notes ​ ​ — ​ ​ — ​ ​ 108,639 ​ ​ 285,868 Total derivatives not designated as hedging instruments ​ ​ ​ $ — ​ $ 141 ​ $ 214,381 ​ $ 358,889 Total derivatives ​ ​ ​ $ 774 ​ $ 4,587 ​ $ 249,602 ​ $ 379,068 ​ 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 option pricing models 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 models used by the Company are industry standard models for valuing options and are used by the broker/dealer community. The inputs to the option pricing models are the option strike prices, underlying prices, risk-free rates of interest, time to expiration, and both historical and implied volatilities. The fair values of option contracts consider 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 ​ ​ ​ September 30, 2024 ​ Amounts ​ Offset ​ Amounts ​ Not Offset ​ Net Amounts Liabilities ​ $ 249,602 ​ $ (774) ​ $ 248,828 ​ $ (213,923) ​ $ 34,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ Gross ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2023 ​ Amounts ​ Offset ​ Amounts ​ Not Offset ​ Net Amounts Liabilities ​ $ 379,068 ​ $ (4,587) ​ $ 374,481 ​ $ (357,578) ​ $ 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 ​ September 30, 2024 September 30, 2023 ​ ​ September 30, 2024 September 30, 2023 Fuel contracts ​ $ (56,615) ​ $ 74,710 ​ Fuel ​ $ 1,440 ​ $ 9,540 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ 49 ​ ​ 417 Foreign currency contracts ​ 537 ​ (16,825) ​ Depreciation and amortization ​ (4,119) ​ (3,394) Total gain (loss) recognized in other comprehensive loss ​ $ (56,078) ​ $ 57,885 ​ ​ $ (2,630) ​ $ 6,563 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ Nine Months ​ Nine Months ​ ​ ​ Nine Months ​ Nine Months ​ ​ Ended ​ Ended ​ ​ ​ Ended ​ Ended ​ ​ September 30, 2024 September 30, 2023 ​ ​ September 30, 2024 September 30, 2023 Fuel contracts ​ $ (8,327) ​ $ 33,640 ​ Fuel ​ $ 14,855 ​ $ 22,709 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ 1,356 ​ ​ 74 Foreign currency contracts ​ 659 ​ 1,193 ​ Depreciation and amortization ​ (12,358) ​ (8,893) Total gain (loss) recognized in other comprehensive loss ​ $ (7,668) ​ $ 34,833 ​ ​ $ 3,853 ​ $ 13,890 ​ ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ Three Months Ended September 30, 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 ​ $ 164,934 ​ $ 218,428 ​ $ (58,190) ​ $ 170,893 ​ $ 204,608 ​ $ 291,203 ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 1,440 ​ ​ — ​ ​ — ​ ​ 9,540 ​ ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ ​ (4,119) ​ ​ — ​ ​ — ​ ​ (3,394) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 49 ​ ​ — ​ ​ — ​ ​ 417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2024 ​ Nine Months Ended September 30, 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 ​ $ 537,632 ​ $ 663,762 ​ $ 107,684 ​ $ 530,003 ​ $ 596,513 ​ $ (76,007) ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 14,855 ​ ​ — ​ ​ — ​ ​ 22,709 ​ ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ ​ (12,358) ​ ​ — ​ ​ — ​ ​ (8,893) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 1,356 ​ ​ — ​ ​ — ​ ​ 74 ​ The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) Recognized in Income ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ Location of Gain (Loss) ​ 2024 2023 2024 2023 Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ Fuel contracts Other income (expense), net ​ $ (401) ​ $ 1,369 ​ $ 1,785 ​ $ 522 Debt conversion options Other income (expense), net ​ ​ (24,044) ​ ​ 279,143 ​ ​ 121,797 ​ ​ (71,069) ​ Long-Term Debt ​ As of September 30, 2024 and December 31, 2023, the fair value of our long-term debt, including the current portion, was $13.2 billion and $13.5 billion, respectively, which was $0.5 billion and $1.0 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	9 Months Ended
	Sep. 30, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Benefits and Compensation Plans	10. Employee Benefits and Compensation Plans In January 2013, NCLH adopted the 2013 Performance Incentive Plan, which as amended and restated through 2023 (the “Restated 2013 Plan”), provided for a maximum aggregate limit of 42,009,006 NCLH ordinary shares that could have been delivered pursuant to all awards granted under the plan. In June 2024, NCLH’s shareholders approved a further amendment and restatement of the Restated 2013 Plan to increase the number of NCLH ordinary shares that may be delivered by 3,000,000 , resulting in an increase in the maximum aggregate limit to 45,009,006 NCLH ordinary shares. 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 NCLH restricted share unit activity for the nine months ended September 30, 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 4,673,132 ​ ​ 19.25 945,040 ​ ​ 19.29 Vested (4,308,167) ​ ​ 18.85 (334,888) ​ ​ 31.78 Forfeited or expired (433,687) ​ ​ 17.27 (147,636) ​ ​ 16.69 Non-vested as of September 30, 2024 9,014,398 ​ ​ 17.67 2,602,650 ​ ​ 17.93 ​ Share Option Awards The following table sets forth a summary of option activity under NCLH’s Restated 2013 Plan for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Number of Share Option Awards ​ Weighted-Average Exercise Price ​ Average ​ Aggregate ​ Time- Performance- Time- Performance- Contractual Intrinsic ​ ​ Based ​ Based ​ Based ​ Based ​ Term ​ Value ​ ​ Awards ​ Awards ​ Awards ​ Awards ​ (years) ​ (in thousands) Outstanding as of January 1, 2024 3,524,856 114,583 ​ $ 52.98 ​ $ 59.43 1.26 ​ $ — Forfeited and cancelled (1,057,038) ​ (114,583) ​ ​ 50.93 ​ ​ 59.43 ​ ​ Outstanding as of September 30, 2024 2,467,818 — ​ ​ 53.85 ​ ​ — 0.79 ​ ​ — ​ The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Payroll and related expense ​ $ 4,855 ​ $ 4,592 ​ $ 14,546 ​ $ 13,925 Marketing, general and administrative expense ​ 15,783 ​ 18,971 ​ 51,024 ​ 82,329 Total share-based compensation expense ​ $ 20,638 ​ $ 23,563 ​ $ 65,570 ​ $ 96,254 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Ship Construction Contracts For the Norwegian brand, we have 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. For the Norwegian brand, we also have an order for four additional ships, each at approximately 225,000 Gross Tons and 5,200 Berths, with currently scheduled delivery dates from 2030 through 2036. For the Oceania Cruises brand, we have 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. For the Oceania Cruises brand, we also have an order for four additional ships (which includes two ships on order, which are currently scheduled for delivery in 2030 and 2031, but are expected to be cancelled), each at approximately 86,000 Gross Tons and 1,450 Berths, with currently scheduled delivery dates from 2027 through 2031. For the Regent Seven Seas Cruises brand, we have an order for two Prestige Class Ships, each at approximately 77,000 Gross Tons and 850 Berths, with currently scheduled delivery dates in 2026 and 2029. 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 13 ships on order for delivery as of September 30, 2024 (which excludes two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, but are expected to be cancelled) was approximately €17.5 billion, or $19.5 billion based on the euro/U.S. dollar exchange rate as of September 30, 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, excluding the two ships on order for Oceania Cruises that are expected to be cancelled and the four additional ships on order for Norwegian Cruise Line with currently scheduled delivery from 2030 to 2036, 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. ​ Our minimum annual payments for non-cancelable ship construction contracts, which exclude two contracts with options to cancel, are as follows (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2024 ​ $ 54,517 2025 ​ ​ 2,271,345 2026 ​ 2,278,009 2027 ​ 2,356,110 2028 ​ 2,179,454 2029 ​ 1,009,655 Thereafter ​ 8,513,710 Total minimum annual payments ​ $ 18,662,800 ​ The above presentation reflects the current delivery dates; however, certain delivery dates may be delayed at the option of the builder, which would result in additional fees. ​ 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 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 $2.9 billion in advance ticket sales at September 30, 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 September 30, 2024, we had cash reserves of approximately $4.9 million with credit card processors recognized in accounts receivable, net. The $31.5 million previously recognized in other long-term assets was returned to the Company during the three months ended September 30 2024. 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	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other Income (Expense), Net	12. Other Income (Expense), Net For the three months ended September 30, 2024, other income (expense), net was expense of $58.2 million primarily related to losses on foreign currency remeasurements and our exchangeable notes. For the nine months ended September 30, 2024, other income (expense), net was income of

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	13. Supplemental Cash Flow Information For the nine months ended September 30, 2024 and 2023, we had non-cash investing activities consisting of changes in accruals related to property and equipment of $6.6 million and $57.0 million, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Liquidity, Basis of Presentation	Liquidity As of September 30, 2024, we had liquidity of approximately $2.4 billion, including cash and cash equivalents of $326.6 million, borrowings available under our $1.2 billion undrawn Revolving Loan Facility, a €200 million commitment that can be used for future newbuild payments and a $650 million undrawn commitment of senior unsecured notes issuable by NCLC less related fees (see Note 8 – “Long-Term Debt” for further information regarding our commitments). 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.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net included $4.9 million and $20.1 million due from credit card processors as of September 30, 2024 and December 31, 2023, respectively.
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 loss of $32.1 million and a gain of $15.7 million for the three months ended September 30, 2024 and 2023, respectively, and losses of $16.5 million and $4.2 million for the nine months ended September 30, 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 and debt discounts are 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.
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, which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 includes additional disclosures on an interim and annual basis and requires that the disclosures be applied to public entities that have a single reportable segment. These provisions are effective for fiscal years beginning after December 15, 2023 and interim periods after December 15, 2024. ASU 2023-07 shall be applied retrospectively unless it is impracticable to do so. We do not expect the adoption of ASU 2023-07 to have a material impact on our consolidated financial statements other than the expanded footnote disclosure. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information as well as certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis. We are evaluating the impact of ASU 2023-09 on our notes to the consolidated financial statements.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of purchase price	The preliminary purchase price was allocated as follows (in thousands): ​ ​ ​ ​ Assets, other than goodwill ​ $ 4,302 Goodwill ​ 37,630 Liabilities ​ (9,088) Total consideration allocated, net of $4.7 million of cash acquired ​ $ 32,844

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 North America ​ $ 1,315,224 ​ $ 1,234,852 ​ $ 4,052,094 ​ $ 3,817,082 Europe ​ 1,439,473 ​ 1,284,421 ​ 2,519,770 ​ 2,245,868 Asia-Pacific ​ 50,294 ​ 15,972 ​ 565,823 ​ 311,524 Other ​ ​ 1,587 ​ ​ 792 ​ ​ 232,598 ​ ​ 188,994 Total revenue ​ $ 2,806,578 ​ $ 2,536,037 ​ $ 7,370,285 ​ $ 6,563,468

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of lease balances	Operating lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location September 30, 2024 December 31, 2023 Operating leases ​ ​ ​ ​ ​ ​ ​ Right-of-use assets Other long-term assets $ 764,481 $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities ​ 27,939 ​ 23,226 Non-current operating lease liabilities Other long-term liabilities ​ 652,489 ​ 644,646 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Statement Of Income And Comprehensive Income [Abstract]
Schedule of accumulated other comprehensive income (loss)	​ Accumulated other comprehensive income (loss) for the nine months ended September 30, 2024 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 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 ​ $ (510,151) ​ $ (509,171) $ (980) Current period other comprehensive loss before reclassifications ​ (7,668) ​ (7,668) — Amounts reclassified into earnings ​ (3,570) ​ (3,853) (1) 283 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (521,389) ​ $ (520,692) (3) $ (697)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of exchangeable notes	The following is a summary of NCLC’s exchangeable notes as of September 30, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2025 Exchangeable Notes (1) ​ $ 449,990 ​ $ (36,738) ​ $ 413,252 ​ $ 551,310 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (130,669) ​ ​ 1,019,331 ​ ​ 1,114,166 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (55,096) ​ ​ 418,079 ​ ​ 469,877 ​ Level 2 (1) We expect that the holders of the 2025 Exchangeable Notes will exchange their 2025 Exchangeable Notes for NCLH ordinary shares. The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (8,672) ​ $ 137,929 ​ $ 217,790 ​ Level 2 2025 Exchangeable Notes ​ ​ 449,990 ​ ​ (65,811) ​ ​ 384,179 ​ ​ 572,567 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (167,939) ​ ​ 982,061 ​ ​ 1,068,431 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (70,405) ​ ​ 402,770 ​ ​ 453,784 ​ Level 2
Schedule of interest expense of exchangeable notes	The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2024 2023 ​ 2024 2023 Coupon interest ​ $ 12,238 ​ $ 14,438 ​ $ 39,983 ​ $ 43,313 Amortization of discount and deferred financing fees ​ ​ 28,178 ​ ​ 30,827 ​ ​ 90,233 ​ ​ 88,374 Total ​ $ 40,416 ​ $ 45,265 ​ $ 130,216 ​ $ 131,687
Schedule of principal repayments on long-term debt including exchangeable notes and finance lease obligations	The following are scheduled principal repayments on our long-term debt including exchangeable notes, which can be settled in NCLH ordinary shares, and finance lease obligations as of September 30, 2024 (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2024 ​ $ 580,337 2025 ​ 1,324,480 2026 ​ 2,243,781 2027 ​ 3,308,071 2028 ​ 1,719,541 2029 ​ ​ 1,934,831 Thereafter ​ 2,600,722 Total ​ $ 13,711,763

Fair Value Measurements and D_2

Fair Value Measurements and Derivatives (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [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 ​ ​ ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ $ 299 ​ $ 4,309 ​ $ 25,394 ​ $ 11,247 ​ Other long-term liabilities ​ 475 ​ 137 ​ 9,827 ​ 8,932 Total derivatives designated as hedging instruments ​ ​ ​ $ 774 ​ $ 4,446 ​ $ 35,221 ​ $ 20,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ $ — ​ $ 141 ​ $ 458 ​ $ 1,031 ​ ​ Other long-term liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ 280 Debt conversion options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current portion of exchangeable notes ​ ​ — ​ ​ — ​ ​ 105,284 ​ ​ 71,710 ​ Exchangeable notes ​ ​ — ​ ​ — ​ ​ 108,639 ​ ​ 285,868 Total derivatives not designated as hedging instruments ​ ​ ​ $ — ​ $ 141 ​ $ 214,381 ​ $ 358,889 Total derivatives ​ ​ ​ $ 774 ​ $ 4,587 ​ $ 249,602 ​ $ 379,068
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 ​ ​ ​ September 30, 2024 ​ Amounts ​ Offset ​ Amounts ​ Not Offset ​ Net Amounts Liabilities ​ $ 249,602 ​ $ (774) ​ $ 248,828 ​ $ (213,923) ​ $ 34,905 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ Gross ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2023 ​ Amounts ​ Offset ​ Amounts ​ Not Offset ​ Net Amounts Liabilities ​ $ 379,068 ​ $ (4,587) ​ $ 374,481 ​ $ (357,578) ​ $ 16,903
Schedule of cash flow hedges included in accumulated other comprehensive income	​ 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 ​ September 30, 2024 September 30, 2023 ​ ​ September 30, 2024 September 30, 2023 Fuel contracts ​ $ (56,615) ​ $ 74,710 ​ Fuel ​ $ 1,440 ​ $ 9,540 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ 49 ​ ​ 417 Foreign currency contracts ​ 537 ​ (16,825) ​ Depreciation and amortization ​ (4,119) ​ (3,394) Total gain (loss) recognized in other comprehensive loss ​ $ (56,078) ​ $ 57,885 ​ ​ $ (2,630) ​ $ 6,563 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ ​ Nine Months ​ Nine Months ​ ​ ​ Nine Months ​ Nine Months ​ ​ Ended ​ Ended ​ ​ ​ Ended ​ Ended ​ ​ September 30, 2024 September 30, 2023 ​ ​ September 30, 2024 September 30, 2023 Fuel contracts ​ $ (8,327) ​ $ 33,640 ​ Fuel ​ $ 14,855 ​ $ 22,709 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ 1,356 ​ ​ 74 Foreign currency contracts ​ 659 ​ 1,193 ​ Depreciation and amortization ​ (12,358) ​ (8,893) Total gain (loss) recognized in other comprehensive loss ​ $ (7,668) ​ $ 34,833 ​ ​ $ 3,853 ​ $ 13,890
Schedule of effects of derivatives designated as cash flow hedges	​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2024 ​ Three Months Ended September 30, 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 ​ $ 164,934 ​ $ 218,428 ​ $ (58,190) ​ $ 170,893 ​ $ 204,608 ​ $ 291,203 ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 1,440 ​ ​ — ​ ​ — ​ ​ 9,540 ​ ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ ​ (4,119) ​ ​ — ​ ​ — ​ ​ (3,394) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 49 ​ ​ — ​ ​ — ​ ​ 417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2024 ​ Nine Months Ended September 30, 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 ​ $ 537,632 ​ $ 663,762 ​ $ 107,684 ​ $ 530,003 ​ $ 596,513 ​ $ (76,007) ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 14,855 ​ ​ — ​ ​ — ​ ​ 22,709 ​ ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ ​ (12,358) ​ ​ — ​ ​ — ​ ​ (8,893) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ 1,356 ​ ​ — ​ ​ — ​ ​ 74
Schedule of effects of derivatives not designated as cash flow hedges	The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) Recognized in Income ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ Location of Gain (Loss) ​ 2024 2023 2024 2023 Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ Fuel contracts Other income (expense), net ​ $ (401) ​ $ 1,369 ​ $ 1,785 ​ $ 522 Debt conversion options Other income (expense), net ​ ​ (24,044) ​ ​ 279,143 ​ ​ 121,797 ​ ​ (71,069)

Employee Benefits and Compens_2

Employee Benefits and Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 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 4,673,132 ​ ​ 19.25 945,040 ​ ​ 19.29 Vested (4,308,167) ​ ​ 18.85 (334,888) ​ ​ 31.78 Forfeited or expired (433,687) ​ ​ 17.27 (147,636) ​ ​ 16.69 Non-vested as of September 30, 2024 9,014,398 ​ ​ 17.67 2,602,650 ​ ​ 17.93
Schedule of summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Number of Share Option Awards ​ Weighted-Average Exercise Price ​ Average ​ Aggregate ​ Time- Performance- Time- Performance- Contractual Intrinsic ​ ​ Based ​ Based ​ Based ​ Based ​ Term ​ Value ​ ​ Awards ​ Awards ​ Awards ​ Awards ​ (years) ​ (in thousands) Outstanding as of January 1, 2024 3,524,856 114,583 ​ $ 52.98 ​ $ 59.43 1.26 ​ $ — Forfeited and cancelled (1,057,038) ​ (114,583) ​ ​ 50.93 ​ ​ 59.43 ​ ​ Outstanding as of September 30, 2024 2,467,818 — ​ ​ 53.85 ​ ​ — 0.79 ​ ​ —
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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2024 2023 2024 2023 Payroll and related expense ​ $ 4,855 ​ $ 4,592 ​ $ 14,546 ​ $ 13,925 Marketing, general and administrative expense ​ 15,783 ​ 18,971 ​ 51,024 ​ 82,329 Total share-based compensation expense ​ $ 20,638 ​ $ 23,563 ​ $ 65,570 ​ $ 96,254 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments And Contingencies Disclosure [Abstract]
Schedule of minimum annual payments for contractual obligations	Our minimum annual payments for non-cancelable ship construction contracts, which exclude two contracts with options to cancel, are as follows (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2024 ​ $ 54,517 2025 ​ ​ 2,271,345 2026 ​ 2,278,009 2027 ​ 2,356,110 2028 ​ 2,179,454 2029 ​ 1,009,655 Thereafter ​ 8,513,710 Total minimum annual payments ​ $ 18,662,800

Description of Business and O_2

Description of Business and Organization (Details)	Sep. 30, 2024 item
Description Of Business And Organization [Line Items]
Number of cruise ships	32
Capacity of ship, berths	66,400
Ships launching period in 2025 through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ships to be delivered in 2025
Description Of Business And Organization [Line Items]
Number of additional ships	1
Ships launching period in 2025 through 2036
Description Of Business And Organization [Line Items]
Number of additional ships	13
Ships launching period in 2027 through 2031
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ships launching period in 2026 and 2029
Description Of Business And Organization [Line Items]
Number of additional ships	2
Ships launching period in 2030 through 2036
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ships launching period in 2030 and 2031
Description Of Business And Organization [Line Items]
Number of additional cruise ships, expected to be cancelled	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Liquidity (Details) $ in Thousands, € in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 EUR (€)
Debt Instrument [Line Items]
Available liquidity	$ 2,400,000
Cash and cash equivalents	$ 326,579	$ 396,473
Substantial Doubt about Going Concern, within One Year [true false]	false
Commitment Letter
Debt Instrument [Line Items]
Undrawn revolving loan facility	$ 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_4

Summary of Significant Accounting Policies - Other (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Foreign currency transaction gain (loss)	$ (32,100)	$ 15,700	$ (16,500)	$ (4,200)
Accounts receivable, net	$ 200,841		$ 200,841		$ 280,271
Number of cruise ships | item	32		32
Property and equipment, net	$ 16,743,936		$ 16,743,936		16,433,292
Credit Card Processors
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 4,900		$ 4,900		$ 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.

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - IMA $ in Millions	Apr. 25, 2024 USD ($)
Business Acquisition [Line Items]
Percentage of voting equity interest acquired	100%
Consideration	$ 37.5

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price (Details) - USD ($) $ in Thousands	Apr. 25, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 135,764	$ 98,134
IMA
Business Acquisition [Line Items]
Prepaid expenses and other assets	$ 4,302
Goodwill	37,630
Other long-term liabilities	(9,088)
Total consideration allocated, net of $4.7 million of cash acquired	32,844
Cash acquired	$ 4,700

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,806,578	$ 2,536,037	$ 7,370,285	$ 6,563,468
North America
Disaggregation of Revenue [Line Items]
Total revenue	1,315,224	1,234,852	4,052,094	3,817,082
Europe
Disaggregation of Revenue [Line Items]
Total revenue	1,439,473	1,284,421	2,519,770	2,245,868
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	50,294	15,972	565,823	311,524
Other Country
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,587	$ 792	$ 232,598	$ 188,994

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Receivables from customers	$ 200,841	$ 280,271
Future cruise credits	63,200
Contract liabilities included within advance ticket sales	$ 2,200,000	2,200,000
Percentage of refundable amounts included within contract liabilities	40%
Contract liability balance recognized in revenue	$ 2,100,000
In-transit Credit Card Receivables
Disaggregation of Revenue [Line Items]
Receivables from customers	$ 107,000	$ 126,400
Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration risk, benchmark	No other individual country’s revenues exceed 10% in any given period.
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Minimum [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	84%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Maximum [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	87%

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases
Right-of-use assets	$ 764,481	$ 753,652
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current operating lease liabilities	$ 27,939	$ 23,226
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities And Other Liabilities Current	Accrued Liabilities And Other Liabilities Current
Non-current operating lease liabilities	$ 652,489	$ 644,646
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	$ (510,151)
Accumulated other comprehensive income (loss) at end of period	(521,389)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(510,151)	$ (478,792)
Current period other comprehensive income (loss) before reclassifications	(7,668)	34,833
Amounts reclassified into earnings	(3,570)	(13,699)
Accumulated other comprehensive income (loss) at end of period	(521,389)	(457,658)
Change Related to Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(509,171)	(481,225)
Current period other comprehensive income (loss) before reclassifications	(7,668)	34,833
Amounts reclassified into earnings	(3,853)	(13,890)
Accumulated other comprehensive income (loss) at end of period	(520,692)	(460,282)
Change Related to Shipboard Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(980)	2,433
Amounts reclassified into earnings	283	191
Accumulated other comprehensive income (loss) at end of period	$ (697)	$ 2,624

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Change Related to Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of loss expected to be reclassified into earnings next 12 months	$ (43.9)

Property and Equipment, Net (De

Property and Equipment, Net (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Property, Plant and Equipment [Abstract]
Net increase in PPE due to ships under construction and improvements	$ 310.6

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) $ / shares in Units, € in Millions	1 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Nov. 30, 2023 EUR (€)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (29,267,000)	$ (2,801,000)
Ordinary shares, par value (per share) | $ / shares	$ 0.0012			$ 0.0012			$ 0.0012
Re-designated shares | shares				122,129,951,148
Shares repurchased and cancelled | shares				122,138,284,478
Commitment Letter
Debt Instrument [Line Items]
Principal amount	$ 650,000,000			$ 650,000,000
Basis spread on variable rate		2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:BaseRateMember
Percentage of maximum commitment fee		0.75%
Draw fee (as a percent)		0.50%
Debt instrument term		5 years
Structuring fee (as a percent)		0.50%
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	$ 413,252,000			$ 413,252,000			$ 384,179,000
Senior Secured Notes Due 2024
Debt Instrument [Line Items]
Principal amount	$ 315,000,000			$ 315,000,000
Interest rate	3.625%			3.625%
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Principal amount						$ 250,000,000
Interest rate						9.75%
Loss on extinguishment of debt		$ (29,000,000)
Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Principal amount	$ 315,000,000			$ 315,000,000
Interest rate	6.25%			6.25%
Senior Unsecured Notes Due 2030 | Call Date, Scenario One
Debt Instrument [Line Items]
Redemption price as a percentage of face amount	100%
Senior Unsecured Notes Due 2030 | Call Date, Scenario Two
Debt Instrument [Line Items]
Percentage of principal amount of debt redeemed	40%
Redemption price as a percentage of face amount	106.25%
Percentage of threshold, after percentage	60%
Exchangeable notes
Debt Instrument [Line Items]
Ordinary shares, par value (per share) | $ / shares	$ 1,000			$ 1,000
Debt instrument, principal amount denomination for conversion into preferences shares				$ 1,000
Shares issuable upon exchange | shares				833,333
Exchangeable notes | Series A-1
Debt Instrument [Line Items]
Shares issuable upon exchange | shares				146,556
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	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair Value	$ 13,200,000	$ 13,500,000
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount		146,601
Unamortized debt discount, including deferred financing fees		(8,672)
Net carrying amount		137,929
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	449,990	449,990
Unamortized debt discount, including deferred financing fees	(36,738)	(65,811)
Net carrying amount	$ 413,252	384,179
Effective interest rate	15.89%
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	(130,669)	(167,939)
Net carrying amount	$ 1,019,331	982,061
Effective interest rate	6.28%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 473,175	473,175
Unamortized debt discount, including deferred financing fees	(55,096)	(70,405)
Net carrying amount	$ 418,079	402,770
Effective interest rate	7.88%
Level 2 | Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Fair Value		217,790
Level 2 | Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Fair Value	$ 551,310	572,567
Level 2 | 1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	1,114,166	1,068,431
Level 2 | 2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	$ 469,877	$ 453,784

Long-Term Debt - Summary of Int

Long-Term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Coupon interest	$ 12,238	$ 14,438	$ 39,983	$ 43,313
Amortization of deferred financing costs	28,178	30,827	90,233	88,374
Total	$ 40,416	$ 45,265	$ 130,216	$ 131,687

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Repayments on Long-Term Debt Including Finance Lease Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 580,337
2025	1,324,480
2026	2,243,781
2027	3,308,071
2028	1,719,541
2029	1,934,831
Thereafter	2,600,722
Total	$ 13,711,763

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	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 249,602	$ 379,068
Derivatives
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	774	4,587
Derivative liabilities, fair value	249,602	379,068
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	774	4,446
Derivative liabilities, fair value	35,221	20,179
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		141
Derivative liabilities, fair value	214,381	358,889
Fuel contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	299	4,309
Derivative liabilities, fair value	25,394	11,247
Fuel contracts | Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	475	137
Derivative liabilities, fair value	9,827	8,932
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	458	1,031
Fuel contracts | Not Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value		280
Debt conversion options | Not Designated as Hedging Instrument | Current portion of exchangeable notes
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	105,284	71,710
Debt conversion options | Not Designated as Hedging Instrument | Convertible Notes Payable [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 108,639	$ 285,868

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Gross Amounts, Liabilities	$ 249,602	$ 379,068
Gross Amounts Offset, Liabilities	(774)	(4,587)
Total Net Amounts, Liabilities	248,828	374,481
Gross Amount Not Offset, Liabilities	(213,923)	(357,578)
Net Amounts, Liabilities	$ 34,905	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	$ (2,630)	$ 6,563	$ 3,853	$ 13,890
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	(2,630)	6,563	3,853	13,890
Cash Flow Hedging [Member] | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	1,440	9,540	14,855	22,709
Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	49	417	1,356	74
Cash Flow Hedging [Member] | Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	(4,119)	(3,394)	(12,358)	(8,893)
Cash Flow Hedging [Member] | Fuel contracts | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	1,440	9,540	14,855	22,709
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	$ (4,119)	$ (3,394)	$ (12,358)	$ (8,893)

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fuel	$ 1,538,939	$ 1,482,746	$ 4,381,117	$ 4,146,774
Depreciation and amortization	218,428	204,608	663,762	596,513
Other income (expense), net	(58,190)	291,203	107,684	(76,007)
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(56,078)	57,885	(7,668)	34,833
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	(2,630)	6,563	3,853	13,890
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Fuel	164,934	170,893	537,632	530,003
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(56,078)	57,885	(7,668)	34,833
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	(2,630)	6,563	3,853	13,890
Cash Flow Hedging | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Expense)	1,440	9,540	14,855	22,709
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 (Expense)	(4,119)	(3,394)	(12,358)	(8,893)
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 (Expense)	49	417	1,356	74
Cash Flow Hedging | Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(56,615)	74,710	(8,327)	33,640
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 (Expense)	1,440	9,540	14,855	22,709
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	49	417	(1,356)	(74)
Cash Flow Hedging | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	537	(16,825)	659	1,193
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 (Expense)	$ (4,119)	$ (3,394)	$ (12,358)	$ (8,893)

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) - Not Designated as Hedging Instrument - Other income (expense), net - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (401)	$ 1,369	$ 1,785	$ 522
Debt conversion options
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (24,044)	$ 279,143	$ 121,797	$ (71,069)

Fair Value Measurements and D_8

Fair Value Measurements and Derivatives (Details) T in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) T	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 13,200	$ 13,500
Fair value of long-term debt in excess of carrying value	$ 500	$ 1,000
Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2026
Not Designated as Hedging Instrument | Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Feb. 28, 2025
Projected fuel purchases | T	4
Designated as Hedging Instrument | Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Projected fuel purchases | T	846
NCLH | Exchangeable Senior Notes Due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of derivatives	$ 24
NCLH | 1.125% Exchangeable Senior Notes Due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of derivatives	34.1
NCLH | 2.5% Exchangeable Senior Notes Due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of derivatives	$ 13.7

Employee Benefits and Compens_3

Employee Benefits and Compensation Plans (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Payments related to tax withholding for share-based compensation			$ 22,058	$ 25,271
Performance-Based Options | Awarded in March 2024 | Members of management team
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted share unit awards granted		900,000
Time-Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted share unit awards granted			4,673,132
Time-Based Awards | Awarded in March 2024 | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted share unit awards granted		4,500,000
Share-based award, vesting period		3 years
Performance-Based RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted share unit awards granted			945,040
Restated 2013 Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
NCLH ordinary shares authorized					42,009,006
Restated 2013 Plan, Amended
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
NCLH ordinary shares authorized	45,009,006
Number of additional shares authorized	3,000,000

Employee Benefits and Compens_4

Employee Benefits and Compensation Plans - Summary of Restricted Share Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Time-Based Awards
Number of Restricted Share
Non-vested as of January 1, 2024 | shares	9,083,120
Granted | shares	4,673,132
Vested | shares	(4,308,167)
Forfeited or expired | shares	(433,687)
Non-vested as of September 30, 2024 | shares	9,014,398
Weighted-Average Grant-Date Fair Value
Non-vested as of January 1, 2024 | $ / shares	$ 17.39
Granted | $ / shares	19.25
Vested | $ / shares	18.85
Forfeited or expired | $ / shares	17.27
Non-vested as of September 30, 2024 | $ / shares	$ 17.67
Performance-Based RSU Awards
Number of Restricted Share
Non-vested as of January 1, 2024 | shares	2,140,134
Granted | shares	945,040
Vested | shares	(334,888)
Forfeited or expired | shares	(147,636)
Non-vested as of September 30, 2024 | shares	2,602,650
Weighted-Average Grant-Date Fair Value
Non-vested as of January 1, 2024 | $ / shares	$ 19.41
Granted | $ / shares	19.29
Vested | $ / shares	31.78
Forfeited or expired | $ / shares	16.69
Non-vested as of September 30, 2024 | $ / shares	$ 17.93

Employee Benefits and Compens_5

Employee Benefits and Compensation Plans - Summary of Option Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Weighted-Average Contractual Term (Years)
Options Outstanding, Weighted- Average Contractual Term	9 months 14 days	1 year 3 months 3 days
Time-Based Awards
Number of Share Option Awards
Outstanding as of January 1, 2024	3,524,856
Forfeited and cancelled	(1,057,038)
Outstanding as of September 30, 2024	2,467,818	3,524,856
Weighted-Average Exercise Price
Outstanding as of January 1, 2024	$ 52.98
Forfeited and cancelled	50.93
Outstanding as of September 30, 2024	$ 53.85	$ 52.98
Performance-Based Options
Number of Share Option Awards
Outstanding as of January 1, 2024	114,583
Forfeited and cancelled	(114,583)
Outstanding as of September 30, 2024		114,583
Weighted-Average Exercise Price
Outstanding as of January 1, 2024	$ 59.43
Forfeited and cancelled	$ 59.43
Outstanding as of September 30, 2024		$ 59.43

Employee Benefits and Compens_6

Employee Benefits and Compensation Plans - Summary of Compensation Expense Recognized for Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 20,638	$ 23,563	$ 65,570	$ 96,254
Payroll and related
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	4,855	4,592	14,546	13,925
Marketing, general and administrative expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 15,783	$ 18,971	$ 51,024	$ 82,329

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands, € in Millions		9 Months Ended
	Aug. 27, 2019 item	Sep. 30, 2024 USD ($) item	Sep. 30, 2024 EUR (€)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€) 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
Increase in contract price | $		$ 90,859		$ 419,420
Advance ticket sales with credit card processor | $		2,900,000
Reserves maintained credit card processor | $		4,900
Number of lawsuits filed	1
Estimate of possible loss | $						$ 112,900
Credit Card Processors
Commitments and Contingencies Disclosure [Line Items]
Cash reserves released | $		$ 31,500
Ships launching period in 2025 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ships to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Ships launching period in 2026 and 2029
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		2			2
Ships launching period in 2027 through 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ships launching period in 2030 and 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional cruise ships, expected to be cancelled		2			2
Ships launching period in 2030 through 2036
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ship Construction Commitments | Ships launching period in 2030 through 2036
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Capacity of ship, tons		225,000			225,000
Ship Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		13			13
Number of additional cruise ships, expected to be cancelled		2			2
Aggregate contract price of new ships		$ 19,500,000			€ 17,500
Export credit facility financing as percentage of contract price		80%			80%
Ship Construction Contracts | Maximum
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 | Ships 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
Ship Construction Contracts | Ships launching period in 2026 and 2029
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		2			2
Capacity of ship, tons		77,000			77,000
Capacity of ship, berths		850			850
Ship Construction Contracts | Ships launching period in 2027 through 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Capacity of ship, tons		86,000			86,000
Capacity of ship, berths		1,450			1,450
Ship Construction Contracts | Ships launching period in 2030 and 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional cruise ships, expected to be cancelled		2			2
Ship Construction Contracts | Ships launching period in 2030 through 2036
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Capacity of ship, berths		5,200			5,200

Commitments and Contingencies -

Commitments and Contingencies - Minimum Annual Payments for Non-Cancelable Ship Construction Contracts (Details) - Ship Construction Contracts $ in Thousands	Sep. 30, 2024 USD ($)
Long-Term Purchase Commitment [Line Items]
Remainder of 2024	$ 54,517
2025	2,271,345
2026	2,278,009
2027	2,356,110
2028	2,179,454
2029	1,009,655
Thereafter	8,513,710
Total minimum annual payments	$ 18,662,800

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other income (expense), net	$ (58,190)	$ 291,203	$ 107,684	$ (76,007)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Non-cash investing activity in connection with property and equipment	$ 6.6	$ 57