Norwegian Cruise Line (NCLH) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35784
Entity Registrant Name	NORWEGIAN CRUISE LINE HOLDINGS LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0691007
Entity Address, Address Line One	7665 Corporate Center Drive
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33126
City Area Code	305
Local Phone Number	436-4000
Title of 12(b) Security	Ordinary shares, par value $0.001 per share
Trading Symbol	NCLH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		424,165,139
Entity Central Index Key	0001513761
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 1,821,939	$ 521,940
Cruise operating expense
Total cruise operating expense	1,280,418	735,413
Other operating expense
Marketing, general and administrative	336,013	296,207
Depreciation and amortization	194,790	179,076
Total other operating expense	530,803	475,283
Operating income (loss)	10,718	(688,756)
Non-operating income (expense)
Interest expense, net	(171,257)	(327,685)
Other income (expense), net	(8,955)	38,120
Total non-operating income (expense)	(180,212)	(289,565)
Net loss before income taxes	(169,494)	(978,321)
Income tax benefit (expense)	10,173	(4,393)
Net loss	$ (159,321)	$ (982,714)
Weighted-average shares outstanding
Basic (in shares)	422,655,215	417,734,591
Diluted (in shares)	422,655,215	417,734,591
Loss per share
Basic (in dollars per share)	$ (0.38)	$ (2.35)
Diluted (in dollars per share)	$ (0.38)	$ (2.35)
Passenger ticket
Revenue
Total revenue	$ 1,208,841	$ 342,455
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	409,684	87,958
Onboard and other
Revenue
Total revenue	613,098	179,485
Cruise operating expense
Total cruise operating expense	119,697	32,550
Payroll and related
Cruise operating expense
Total cruise operating expense	304,155	240,727
Fuel
Cruise operating expense
Total cruise operating expense	194,868	135,509
Food
Cruise operating expense
Total cruise operating expense	95,966	39,516
Other
Cruise operating expense
Total cruise operating expense	$ 156,048	$ 199,153

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (159,321)	$ (982,714)
Other comprehensive income (loss):
Shipboard Retirement Plan	64	2,476
Cash flow hedges:
Net unrealized gain (loss)	(18,475)	39,304
Amount realized and reclassified into earnings	(9,874)	(7,502)
Total other comprehensive income (loss)	(28,285)	34,278
Total comprehensive loss	$ (187,606)	$ (948,436)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 700,600	$ 946,987
Accounts receivable, net	259,289	326,272
Inventories	145,948	148,717
Prepaid expenses and other assets	538,833	450,893
Total current assets	1,644,670	1,872,869
Property and equipment, net	14,508,426	14,516,366
Goodwill	98,134	98,134
Trade names	500,525	500,525
Other long-term assets	1,598,936	1,569,800
Total assets	18,350,691	18,557,694
Current liabilities:
Current portion of long-term debt	1,210,248	991,128
Accounts payable	203,233	228,742
Accrued expenses and other liabilities	1,109,029	1,318,460
Advance ticket sales	3,177,026	2,516,521
Total current liabilities	5,699,536	5,054,851
Long-term debt	11,920,504	12,630,402
Other long-term liabilities	830,199	803,850
Total liabilities	18,450,239	18,489,103
Commitments and contingencies (Note 9)
Shareholders' equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; and 424,158,982 shares issued and outstanding at March 31, 2023 and 421,413,565 shares issued and outstanding at December 31, 2022	424	421
Additional paid-in capital	7,631,028	7,611,564
Accumulated other comprehensive income (loss)	(505,364)	(477,079)
Accumulated deficit	(7,225,636)	(7,066,315)
Total shareholders' equity (deficit)	(99,548)	68,591
Total liabilities and shareholders' equity	$ 18,350,691	$ 18,557,694

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, authorized	980,000,000	980,000,000
Ordinary shares, issued	424,158,982	421,413,565
Ordinary shares, outstanding	424,158,982	421,413,565

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (159,321)	$ (982,714)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	210,676	195,464
(Gain) loss on derivatives	4,404	(19,779)
Loss on extinguishment of debt	2,434	188,433
Provision for bad debts and inventory obsolescence	1,199	1,294
Share-based compensation expense	28,155	32,792
Net foreign currency adjustments	1,021	(4,126)
Changes in operating assets and liabilities:
Accounts receivable, net	65,391	618,853
Inventories	2,812	(24,141)
Prepaid expenses and other assets	(127,192)	(632,610)
Accounts payable	(25,926)	(136,767)
Accrued expenses and other liabilities	(168,581)	(25,587)
Advance ticket sales	668,261	417,877
Net cash provided by (used in) operating activities	503,333	(371,011)
Cash flows from investing activities
Additions to property and equipment, net	(237,676)	(165,284)
Proceeds from maturities of short-term investments		240,000
Other, net	1,320	4,940
Net cash provided by (used in) investing activities	(236,356)	79,656
Cash flows from financing activities
Repayments of long-term debt	(1,821,412)	(935,444)
Proceeds from long-term debt	1,330,622	2,073,175
Proceeds from employee related plans	2,618	2,557
Net share settlement of restricted share units	(11,306)	(11,961)
Early redemption premium		(172,012)
Deferred financing fees	(13,886)	(34,767)
Net cash provided by (used in) financing activities	(513,364)	921,548
Net increase (decrease) in cash and cash equivalents	(246,387)	630,193
Cash and cash equivalents at beginning of period	946,987	1,506,647
Cash and cash equivalents at end of period	$ 700,600	$ 2,136,840

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Total
Balance at Dec. 31, 2021	$ 417	$ 7,513,725	$ (285,086)	$ (4,796,406)	$ 2,432,650
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		32,792			32,792
Issuance of shares under employee related plans	2	2,555			2,557
Net share settlement of restricted share units		(11,961)			(11,961)
Other comprehensive income (loss), net			34,278		34,278
Net loss				(982,714)	(982,714)
Balance at Mar. 31, 2022	419	7,537,111	(250,808)	(5,779,120)	1,507,602
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					(7,066,315)
Balance at Dec. 31, 2022	421	7,611,564	(477,079)	(7,066,315)	68,591
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		28,155			28,155
Issuance of shares under employee related plans	3	2,615			2,618
Net share settlement of restricted share units		(11,306)			(11,306)
Other comprehensive income (loss), net			(28,285)		(28,285)
Net loss				(159,321)	(159,321)
Balance at Mar. 31, 2023	$ 424	$ 7,631,028	$ (505,364)	$ (7,225,636)	(99,548)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					$ (7,225,636)

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business and Organization	1. Description of Business and Organization We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of March 31, 2023, we had 29 ships with approximately 61,000 Berths and had orders for eight additional ships to be delivered through 2028. Oceania Cruises’ Vista was delivered in April 2023. We refer you to Note 12 – “Subsequent Event” for additional information. We have five Prima Class Ships on order with currently scheduled delivery dates from 2023 through 2028. We have one Explorer Class Ship on order for delivery in 2023. We have one Allura Class Ship on order for delivery in 2025. These additions to our fleet will increase our total Berths to approximately 82,000. ​ ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Liquidity and Management’s Plan Due to the impact of COVID-19, in March 2020, the Company implemented a voluntary suspension of all cruise voyages across its three brands. In the third quarter of 2021, we began a phased relaunch of our fleet, which was completed in early May 2022, with all ships now in operation with guests on board. The estimation of our future cash flow projections includes numerous assumptions that are subject to various risks and uncertainties. Our principal assumptions for future cash flow projections include: ● Expected return to and sustained historical occupancy levels; ● Expected increase in revenue per Passenger Cruise Day through a combination of both passenger ticket and onboard revenue as compared to 2019; ● Expected timing of cash collections in accordance with the terms of our credit card processing agreements (see Note 9 - “Commitments and Contingencies”); and ● Expected sustained higher fuel prices and the impact of inflation. Our projected liquidity requirements also reflect our principal assumptions surrounding ongoing operating costs, as well as liquidity requirements for financing costs and necessary capital expenditures. We have a substantial debt balance as a result of the impacts of the COVID-19 pandemic, and we require a significant amount of our liquidity and cash flows provided by operating activities to service our debt. In addition, as a result of conditions associated with the COVID-19 pandemic and other global events, such as Russia’s ongoing invasion of Ukraine and actions taken by the United States and other governments in response to the invasion, the global economy, including the financial and credit markets, has experienced significant volatility and disruptions, including increases in inflation rates, fuel prices, and interest rates. These conditions have resulted, and may continue to result, in increased expenses and may also impact travel or consumer discretionary spending. We believe the ongoing effects of the foregoing factors and events on our operations and global bookings have had, and will continue to have, a significant impact on our financial results and liquidity. We cannot make assurances that our assumptions used to estimate our liquidity requirements will not change materially due to the dynamic nature of the current economic landscape. We have made reasonable estimates and judgments of the impact of these events within our financial statements; however, there may be material changes to those estimates in future periods. We have taken actions to improve our liquidity, including completing various capital market and financing transactions and making capital expenditure and operating expense reductions, and we expect to continue to pursue further opportunities to improve our liquidity. Based on these actions and assumptions as discussed above, and considering our cash and cash equivalents of $700.6 million as of March 31, 2023 and the impact of our $591 million undrawn Revolving Loan Facility and $650 million undrawn commitment less related fees (see Note 6 – “Long-Term Debt”), we have concluded that we have sufficient liquidity to satisfy our obligations for at least the next twelve months. In addition, we have $300 million of backstop committed financing for amounts outstanding under the Senior Secured Credit Facility, which is available between October 4, 2023 and January 2, 2024 (see Note 6 – “Long-Term Debt”). 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; however, our cruise voyages were completely suspended from March 2020 until July 2021 due to the COVID-19 pandemic and our resumption of cruise voyages was phased in gradually through May 2022. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, which are included in our most recent Annual Report on Form 10-K filed with the SEC on February 28, 2023. Loss Per Share A reconciliation between basic and diluted loss per share was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net loss ​ $ (159,321) ​ $ (982,714) Basic weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Dilutive effect of share awards ​ — ​ — Diluted weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Basic loss per share ​ $ (0.38) ​ $ (2.35) Diluted loss per share ​ $ (0.38) ​ $ (2.35) ​ For the three months ended March 31, 2023 and 2022, a total of 89.4 million and 86.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a loss of $8.7 million and a gain of $8.4 million for the three months ended March 31, 2023 and 2022, respectively, related to remeasurement of assets and liabilities denominated in foreign currencies. Remeasurements of foreign currency related to operating activities are recognized within changes in operating assets and liabilities in the consolidated statement of cash flows. Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net. Accounts Receivable, Net Accounts receivable, net included $77.3 million and $118.4 million due from credit card processors as of March 31, 2023 and December 31, 2022, respectively. Recently Issued Accounting Guidance In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	3. Revenue Recognition Disaggregation of Revenue Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 North America ​ $ 1,361,053 ​ $ 487,435 Europe ​ 81,318 ​ 24,797 Asia-Pacific ​ 205,662 ​ 8,292 Other ​ ​ 173,906 ​ ​ 1,416 Total revenue ​ $ 1,821,939 ​ $ 521,940 ​ North America includes the U.S., the Caribbean, Canada and Mexico. Europe includes the Baltic region, Canary Islands and Mediterranean. Asia-Pacific includes Australia, New Zealand and Asia. Other includes all other international territories. Segment Reporting We have concluded that our business has a single reportable segment. Each brand, Norwegian, Oceania Cruises and Regent, constitutes a business for which discrete financial information is available and management regularly reviews the brand level operating results and, therefore, each brand is considered an operating segment. Our operating segments have similar economic and qualitative characteristics, including similar long-term margins and similar products and services; therefore, we aggregate all of the operating segments into one reportable segment. Although we sell cruises on an international basis, our passenger ticket revenue is primarily attributed to U.S.-sourced guests who make reservations through the U.S. Revenue attributable to U.S.-sourced guests has approximated 83-87% of total revenue over the preceding three fiscal years. No other individual country’s revenues exceed 10% in any given period. Contract Balances Receivables from customers are included within accounts receivable, net. As of March 31, 2023 and December 31, 2022, our receivables from customers were $97.8 million and $94.2 million, respectively, primarily related to in-transit credit card receivables. ​ Our standard payment and cancellation penalties apply for all sailings after March 31, 2023. Future cruise credits that have been issued as face value reimbursement for cancelled bookings due to COVID-19 are generally valid for any sailing through June 30, 2023, and we may further extend this offer. The future cruise credits are not contracts, and therefore, guests who elected this option are excluded from our contract liability balance; however, the credit for the original amount paid is included in advance ticket sales. ​ Our contract liabilities are included within advance ticket sales. As of March 31, 2023 and December 31, 2022, our contract liabilities were $2.3 billion and $1.7 billion, respectively. Of the amounts included within contract liabilities as of March 31, 2023, approximately 45% were refundable in accordance with our cancellation policies. Of the deposits included within advance ticket sales, the majority are refundable in accordance with our cancellation policies and it is uncertain to what extent guests may request refunds. Refunds payable to guests are included in accounts payable. For the three months ended March 31, 2023, $1.4 billion of revenue recognized was included in the contract liability balance at the beginning of the period.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	4. Leases Operating lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location March 31, 2023 December 31, 2022 Operating leases ​ ​ ​ Right-of-use assets Other long-term assets ​ $ 723,761 ​ $ 707,086 Current operating lease liabilities Accrued expenses and other liabilities ​ ​ 40,697 ​ ​ 39,689 Non-current operating lease liabilities Other long-term liabilities ​ ​ 603,015 ​ ​ 588,064 ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	5. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Accumulated ​ Change ​ Related to ​ ​ ​ Other ​ Related to ​ Shipboard ​ ​ ​ Comprehensive ​ Cash Flow ​ Retirement ​ ​ Income (Loss) Hedges ​ Plan ​ Accumulated other comprehensive income (loss) at beginning of period ​ $ (477,079) ​ $ (480,578) ​ $ 3,499 Current period other comprehensive loss before reclassifications ​ (18,475) ​ (18,475) — Amounts reclassified into earnings ​ (9,810) ​ (9,874) (1) 64 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (505,364) ​ $ (508,927) (3) $ 3,563 ​ ​ Accumulated other comprehensive income (loss) for the three months ended March 31, 2022 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ 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 $ (285,086) ​ $ (279,696) ​ $ (5,390) Current period other comprehensive income before reclassifications 41,685 39,304 2,381 Amounts reclassified into earnings (7,407) (7,502) (1) 95 (2) Accumulated other comprehensive income (loss) at end of period $ (250,808) $ (247,894) ​ $ (2,914) (1) We refer you to Note 7 – “Fair Value Measurements and Derivatives” for the affected line items in the consolidated statements of operations. (2) Amortization of prior-service cost and actuarial loss reclassified to other income (expense), net. (3) Includes $14.4 million of loss expected to be reclassified into earnings in the next 12 months.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2023
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	6. Long-Term Debt In February 2023, NCLC issued The proceeds from the 2028 Senior Secured Notes were used to repay the loans outstanding under our Term Loan A Facility that otherwise would have become due in January 2024, including to pay any accrued and unpaid interest thereon, as well as related premiums, fees and expenses. As a result, all of the remaining term loans outstanding under our Term Loan A Facility will mature in January 2025, subject to, if a one-time minimum liquidity threshold is not satisfied on September 16, 2024, a springing maturity date of September 16, 2024. The indenture governing the 2028 Senior Secured Notes includes requirements that, among other things and subject to a number of qualifications and exceptions, restrict the ability of NCLC and its restricted subsidiaries, as applicable, to (i) incur or guarantee additional indebtedness; (ii) pay dividends or distributions on, or redeem or repurchase, equity interests and make other restricted payments; (iii) make investments; (iv) consummate certain asset sales; (v) engage in certain transactions with affiliates; (vi) grant or assume certain liens; and (vii) consolidate, merge or transfer all or substantially all of their assets. In July 2022, NCLC entered into a $1 billion amended and restated commitment letter (the “commitment letter”) with the purchasers named therein (collectively, the “Commitment Parties”), which superseded a $1 billion commitment letter previously executed in November 2021. The commitment letter, among other things, extended the commitments thereunder through March 31, 2023. In February 2023, the Commitment Parties further amended the commitment letter (the “amended commitment letter”) to extend certain commitments thereunder through February 2024, with an option for NCLC to further extend such commitments through February 2025 at its election. Pursuant to the amended commitment letter, the Commitment Parties have agreed to purchase from NCLC an aggregate principal amount of up to $650 million of senior secured notes at NCLC’s option. NCLC has the option to make up to two draws, consisting of (i) $250 million of senior secured notes due 2028 that, if issued, will accrue interest at a rate of 11.00% per annum subject to a 1.00% increase or decrease based on certain market conditions at the time drawn (the “Class B Notes”) and (ii) $400 million aggregate principal amount of 8.00% senior secured notes due five years after the issue date (the “Backstop Notes”). The Class B Notes and the Backstop Notes are subject to a quarterly commitment fee of 0.75% for so long as the commitments with respect to Class B Notes or the Backstop Notes, as applicable, are outstanding, which fee will be increased to 1.00% if NCLC extends the commitments through February 2025 at its election. If drawn, the Class B Notes will be subject to an issue fee of 2.00%, and the Backstop Notes will be subject to a quarterly duration fee of 1.50%, as well as an issue fee of 3.00% . In February 2023, in connection with the execution of the amended commitment letter, NCLC issued $250 million aggregate principal amount of 9.75% senior secured notes due 2028 (the “Class A Notes” and, collectively with the Class B Notes and the Backstop Notes, the “Notes”), subject to an issue fee of 2.00%. NCLC will use the net proceeds from the Class A Notes for general corporate purposes. NCLC may redeem the Class A Notes at its option, in whole or in part, at any time and from time to time prior to February 22, 2025, at a “make-whole” redemption price, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. NCLC may redeem the Class A Notes at its option, in whole or in part, at any time and from time to time on or after February 22, 2025, at the redemption prices set forth in the indenture governing the Class A Notes, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. The Class A Notes pay interest at 9.75% per annum, quarterly on February 15, May 15, August 15 and November 15 of each year, to holders of record at the close of business on the immediately preceding February 1, May 1, August 1 and November 1, respectively. The Class A Notes are, and the Class B Notes and the Backstop Notes, if issued, will be, secured by first-priority interests in, among other things and subject to certain agreed security principles, shares of capital stock in certain guarantors, our material intellectual property and two islands that we use in the operations of our cruise business. The Class A Notes are, and the Class B Notes and the Backstop Notes, if issued, will be, guaranteed by our subsidiaries that own the property that secures the Notes as well as certain additional subsidiaries whose assets do not secure the Notes. The indenture governing the Class A Notes includes requirements that, among other things and subject to a number of qualifications and exceptions, restrict the ability of NCLC and its restricted subsidiaries, as applicable, to (i) incur or guarantee additional indebtedness; (ii) pay dividends or distributions on, or redeem or repurchase, equity interests and make other restricted payments; (iii) make investments; (iv) consummate certain asset sales; (v) engage in certain transactions with affiliates; (vi) grant or assume certain liens; and (vii) consolidate, merge or transfer all or substantially all of their assets. In February 2023, NCLC entered into a Backstop Agreement with Morgan Stanley & Co. LLC (“MS”), pursuant to which MS has agreed to provide backstop committed financing to refinance and/or repay in whole or in part amounts outstanding under the Senior Secured Credit Facility. Pursuant to the Backstop Agreement, we may, at our sole option, issue and sell to MS (subject to the satisfaction of certain conditions) five-year senior unsecured notes up to an aggregate principal amount sufficient to generate gross proceeds of $300 million at any time between October 4, 2023 and January 2, 2024. In April 2023, $82.5 million in aggregate principal amount of the Revolving Loan Facility due January 2024 was assigned to a new lender, and the maturity date was extended by one year to January 2025. The terms of the assigned principal are the same as the existing lenders who extended commitments in December 2022 under Amendment No. 4 to the Senior Secured Credit Facility. Exchangeable Notes The following is a summary of NCLC’s exchangeable notes as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (1,678) ​ $ 144,923 ​ $ 171,352 ​ Level 2 2025 Exchangeable Notes ​ ​ 450,000 ​ ​ (5,828) ​ ​ 444,172 ​ ​ 471,600 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (22,145) ​ ​ 1,127,855 ​ ​ 847,861 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (9,652) ​ ​ 463,523 ​ ​ 366,815 ​ Level 2 The following is a summary of NCLC’s exchangeable notes as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (1,993) ​ $ 144,608 ​ $ 161,840 ​ Level 2 2025 Exchangeable Notes ​ ​ 450,000 ​ ​ (6,312) ​ ​ 443,688 ​ ​ 433,580 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (23,457) ​ ​ 1,126,543 ​ ​ 763,830 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (10,184) ​ ​ 462,991 ​ ​ 331,743 ​ Level 2 ​ The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Coupon interest ​ $ 14,438 ​ $ 12,992 Amortization of deferred financing fees ​ ​ 2,643 ​ ​ 2,275 Total ​ $ 17,081 ​ $ 15,267 ​ As of March 31, 2023, the effective interest rate is 7.04%, 5.97%, 1.64% and 3.06% for the 2024 Exchangeable Notes, 2025 Exchangeable Notes, 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes, respectively. ​ Debt Repayments The following are scheduled principal repayments on our long-term debt including exchangeable notes which can be settled in shares and finance lease obligations as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2023 ​ $ 770,436 2024 ​ 1,943,331 2025 ​ 1,846,760 2026 ​ 2,053,382 2027 ​ 3,106,106 2028 ​ ​ 1,762,008 Thereafter ​ 1,883,802 Total ​ $ 13,365,825 ​ ​ ​ Debt Covenants As of March 31, 2023, we were in compliance with all of our debt covenants. If we do not continue to remain in compliance with our covenants, we would have to seek additional amendments to or waivers of our covenants. However, no assurances can be made that such amendments or waivers would be approved by our lenders. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default and/or cross acceleration clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all debt and derivative contracts could be terminated, which would have a material adverse impact on our operations and liquidity.

Fair Value Measurements and Der

Fair Value Measurements and Derivatives	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Value Measurements and Derivatives	7. Fair Value Measurements and Derivatives Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Fair Value Hierarchy The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available: Level 1 Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates. Level 2 Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources. Level 3 Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available. Derivatives We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use critical terms match or regression analysis for hedge relationships and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. There are no amounts excluded from the assessment of hedge effectiveness, and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among many creditors. We do not anticipate non-performance by any of our significant counterparties. As of March 31, 2023, we had fuel swaps, which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 493 thousand metric tons of our projected fuel purchases, maturing through December 31, 2024. As of March 31, 2023, we had fuel swaps pertaining to approximately 8 thousand metric tons of our projected fuel purchases which were not designated as cash flow hedges maturing through December 31, 2023. As of March 31, 2023, we had foreign currency forward contracts, matured foreign currency options and matured foreign currency collars which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our hedged foreign currency forward contracts was €1.7 billion, or $1.8 billion based on the euro/U.S. dollar exchange rate as of March 31, 2023. The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ Balance Sheet Location 2023 2022 2023 2022 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ 20,208 ​ $ 53,224 ​ $ — ​ $ 7,137 ​ ​ Other long-term assets ​ ​ — ​ ​ 3,869 ​ ​ — ​ ​ 655 ​ ​ Accrued expenses and other liabilities ​ 9,857 ​ — ​ 20,812 ​ — ​ ​ Other long-term liabilities ​ 32 ​ — ​ 3,439 ​ — Foreign currency contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ 4,661 ​ 3,617 ​ — ​ — ​ ​ Accrued expenses and other liabilities ​ 6,561 ​ 4,386 ​ 170,638 ​ 177,746 Total derivatives designated as hedging instruments ​ $ 41,319 ​ $ 65,096 ​ $ 194,889 ​ $ 185,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ — ​ $ 84 ​ $ — ​ $ 348 ​ ​ Other long-term assets ​ ​ — ​ ​ — ​ ​ — ​ ​ 191 ​ ​ Accrued expenses and other liabilities ​ ​ — ​ — ​ ​ 576 ​ ​ — Total derivatives not designated as hedging instruments ​ $ — ​ $ 84 ​ $ 576 ​ $ 539 Total derivatives ​ ​ ​ $ 41,319 ​ $ 65,180 ​ $ 195,465 ​ $ 186,077 ​ The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments. ​ The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ March 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 24,869 ​ $ — ​ $ 24,869 ​ $ (4,661) ​ $ 20,208 Liabilities ​ ​ 195,465 ​ ​ (16,450) ​ ​ 179,015 ​ ​ (133,040) ​ ​ 45,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2022 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 60,794 ​ $ (8,331) ​ $ 52,463 ​ $ (3,617) ​ $ 48,846 Liabilities ​ ​ 177,746 ​ ​ (4,386) ​ ​ 173,360 ​ ​ (146,381) ​ ​ 26,979 ​ The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) Reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from Accumulated ​ Amount of Gain (Loss) Reclassified ​ ​ Amount of Gain (Loss) ​ Other Comprehensive ​ from Accumulated Other ​ ​ Recognized in Other ​ Income (Loss) into ​ Comprehensive Income Derivatives Comprehensive Loss Income (Expense) (Loss) into Income (Expense) ​ ​ Three Months ​ Three Months ​ ​ ​ Three Months ​ Three Months ​ ​ Ended ​ Ended ​ ​ ​ Ended ​ Ended ​ March 31, 2023 March 31, 2022 ​ March 31, 2023 March 31, 2022 Fuel contracts ​ $ (29,015) ​ $ 92,483 Fuel ​ $ 12,597 ​ $ 8,809 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ (37) ​ ​ — Foreign currency contracts ​ 10,540 ​ (53,179) Depreciation and amortization ​ (2,686) ​ (1,267) Interest rate contracts ​ — ​ — Interest expense, net ​ — ​ (40) Total gain (loss) recognized in other comprehensive loss ​ $ (18,475) ​ $ 39,304 ​ $ 9,874 ​ $ 7,502 ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ and ​ Other Income ​ ​ ​ ​ and ​ Interest ​ 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 ​ $ 194,868 ​ $ 194,790 ​ $ (8,955) ​ $ 135,509 ​ $ 179,076 ​ $ 327,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ 12,597 ​ — ​ — ​ 8,809 ​ — ​ — Foreign currency contracts ​ — ​ ​ (2,686) ​ — ​ — ​ (1,267) ​ — Interest rate contracts ​ — ​ — ​ — ​ — ​ — ​ (40) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ (37) ​ ​ — ​ ​ — ​ ​ — ​ The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Location of Gain (Loss) 2023 2022 Derivatives not designated as hedging instruments ​ ​ ​ Fuel contracts Other income (expense), net ​ $ (596) ​ $ 29,743 ​ Long-Term Debt As of March 31, 2023 and December 31, 2022, the fair value of our long-term debt, including the current portion, was $11.9 billion, which was $1.5 billion and $2.0 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	3 Months Ended
	Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Benefits and Compensation Plans	8. Employee Benefits and Compensation Plans Restricted Share Unit Awards In March 2023, NCLH granted 5.8 million time-based restricted share unit awards to our employees, which primarily vest in substantially equal installments over three years. Additionally, in March 2023, NCLH granted 0.8 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 2025 and the satisfaction of an additional time-based vesting requirement that generally requires continued employment through March 1, 2026. The following is a summary of restricted share unit activity for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ ​ Time-Based ​ Average Grant ​ Performance- ​ Average Grant ​ Market- ​ Average Grant ​ Awards Date Fair Value Based Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2023 6,980,707 ​ $ 22.83 2,749,939 ​ $ 26.30 50,000 ​ $ 59.43 Granted 5,874,554 ​ ​ 15.07 ​ 819,020 ​ ​ 15.14 — ​ ​ — Vested (2,773,670) ​ ​ 25.81 ​ (292,043) ​ ​ 35.59 — ​ ​ — Forfeited or expired (97,332) ​ ​ 20.61 ​ — ​ ​ — — ​ ​ — Non-vested as of March 31, 2023 9,984,259 ​ ​ 17.46 3,276,916 ​ ​ 22.68 50,000 ​ ​ 59.43 ​ ​ The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Payroll and related expense ​ $ 4,457 ​ $ 6,204 Marketing, general and administrative expense ​ 23,698 ​ 26,588 Total share-based compensation expense ​ $ 28,155 ​ $ 32,792 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Ship Construction Contracts For the Oceania Cruises brand, the first Allura Class Ship, Oceania Cruises’ Vista, at approximately 67,000 Gross Tons and with 1,200 Berths, was delivered in April 2023. We refer you to Note 12 – “Subsequent Event” for additional information. For the Norwegian brand, we have five Prima Class Ships on order, each ranging from approximately 143,500 to 169,000 Gross Tons with 3,100 or more Berths, with currently scheduled delivery dates from 2023 through 2028. For the Regent brand, we have an order for one Explorer Class Ship to be delivered in 2023, which will be approximately 55,000 Gross Tons and 750 Berths. For the Oceania Cruises brand, we have an order for one additional Allura Class Ship to be delivered in 2025, which will be approximately 67,000 Gross Tons and 1,200 Berths. The impacts of COVID-19 on the shipyards where our ships are under construction (or will be constructed), Russia’s ongoing invasion of Ukraine, initiatives to improve environmental sustainability and modifications the Company plans to make to its newbuilds and/or other macroeconomic 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 of the eight ships on order for delivery, including Oceania Cruises’ Vista, as of March 31, 2023 was approximately €7.0 billion, or $7.6 billion based on the euro/U.S. dollar exchange rate as of March 31, 2023. We have obtained export credit financing which is expected to fund approximately 80% of the contract price of each ship and related financing premiums, subject to certain conditions. We do not anticipate any contractual breaches or cancellations to occur. 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. ​ After giving effect to amendments for our ships on order subsequent to March 31, 2023, minimum annual payments for non-cancelable ship construction contracts with initial or remaining terms in excess of one year were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2023 ​ $ 2,273,090 2024 ​ ​ 276,055 2025 ​ 1,872,552 2026 ​ 1,303,221 2027 ​ 1,228,119 2028 ​ 1,143,925 Thereafter ​ — Total minimum annual payments ​ $ 8,096,962 ​ In connection with the increases in our ship construction contracts, our export-credit backed facilities were increased such that 80% of the contract price and our related financing premiums are financed. This financing includes increases in the Company’s export-credit agency backed commitments of approximately €1.7 billion through 2028 to finance improvements, changes and modifications to certain newbuilds, owners’ supplies associated with preparing these ships to enter service and related financing premiums. 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, two lawsuits were filed against Norwegian Cruise Line Holdings Ltd. in the United States District Court for the Southern District of Florida under Title III of the Cuban Liberty and Solidarity (Libertad) Act of 1996, also known as the Helms-Burton Act. The complaint filed by Javier Garcia-Bengochea (the “Garcia-Bengochea Matter”) alleges that he holds an interest in the Port of Santiago, Cuba, and the complaint filed by Havana Docks Corporation (the “Havana Docks Matter”) alleges it holds an interest in the Havana Cruise Port Terminal, both of which were expropriated by the Cuban Government. The complaints further allege that the Company “trafficked” in those properties by embarking and disembarking passengers at these facilities, as well as profiting from the Cuban Government’s possession of the property. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. On September 1, 2020, the district court in the Garcia-Bengochea Matter entered an order staying all case deadlines and administratively closed the case pending the outcome of an appeal in a related case brought by the same plaintiff, in which the district court granted another cruise line defendant judgment on the pleadings. As to the appeal in the related case, in November 2022, the Eleventh Circuit issued an opinion affirming the dismissal and, on February 8, 2023, issued its mandate to the district court. After the April 10, 2023 deadline for filing a petition for certiorari with the U.S. Supreme Court passed in the related appeals with the plaintiff taking no action there, on April 19, 2023, the plaintiff voluntarily dismissed with prejudice the action against the Company. In the Havana Docks Matter, after various motions challenging the sufficiency of plaintiff’s complaint were resolved and voluminous discovery was completed, both sides filed motions for summary judgment. On March 21, 2022, the court issued an order granting plaintiff’s motion for summary judgment on the issue of liability and denying the Company’s cross-motion for summary judgment. The court scheduled a trial on determination of damages only for November 2022. The plaintiff elected to seek what the court ruled to be its baseline statutory damage amount, which was the amount of the certified claim plus interest, trebled and with attorneys’ fees. Given this, there was no fact issue to be tried, and the matter was removed from the trial calendar. On December 30, 2022, the court entered a final judgment of approximately $112.9 million and, on January 23, 2023, the Company filed a notice of appeal from that judgment. On April 12, 2023, the Company posted a sufficient supersedeas bond with the court to prevent any efforts by the plaintiff to collect on the judgment pending the appeal. For the Havana Docks Matter, we believe that the likelihood of loss is reasonably possible but not probable at this time; therefore, no liability has been recorded. The ability to make such estimates and judgments can be affected by various factors including, among other things: lack of legal precedent, stage of the proceedings, legal uncertainties inherent within the litigation process, availment of appellate remedies, and involvement of numerous parties. We continue to believe we have meritorious defenses to the Havana Docks Matter. However, if the plaintiff prevails in the final outcome of this matter, there may be a material adverse impact on the Company’s financial condition, results of operations and/or cash flows. Other We are a party to a claim against a vendor which resulted in a verdict of approximately $159 million in favor of the Company in October 2022. At this time, there can be no assurance that the Company will ultimately prevail in the final outcome of this claim as the vendor filed a notice of appeal and posted a bond with the court in February 2023. No receivable has been recognized. In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. Other Contingencies ​ The Company also has agreements with its credit card processors that govern approximately $3.1 billion in advance ticket sales at March 31, 2023 that have been received by the Company relating to future voyages. These agreements allow the credit card processors to require under certain circumstances, including the existence of a material adverse change, excessive chargebacks and other triggering events, that the Company maintain a reserve which would be satisfied by posting collateral. Although the agreements vary, these requirements may generally be satisfied either through a percentage of customer payments withheld or providing cash funds directly to the card processor. Any cash reserve or collateral requested could be increased or decreased. As of March 31, 2023, we had cash reserves of approximately $577.6 million with credit card processors, of which approximately $77.3 million is recognized in accounts receivable, net and approximately $500.3 million in other long-term assets. We may be required to pledge additional collateral and/or post additional cash reserves or take other actions that may adversely affect our liquidity.

Other Income (Expense), Net

Other Income (Expense), Net	3 Months Ended
	Mar. 31, 2023
Other Income And Expenses [Abstract]
Other Income (Expense), Net	10. Other Income (Expense), Net For the three months ended March 31, 2023, other income (expense), net consisted of expense of $9.0 million primarily due to losses on foreign currency remeasurements. For the three months ended March 31, 2022, other income (expense), net consisted of income of $38.1 million primarily due to gains on fuel swaps not designated as hedges and foreign currency exchange. ​

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	11. Supplemental Cash Flow Information For the three months ended March 31, 2023 and 2022, we had non-cash investing activities consisting of changes in accruals related to property and equipment of $53.4 million and $17.4 million, respectively.

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	12. Subsequent Event ​ In April 2023, we took delivery of Oceania Cruises’ Vista. We had export credit financing in place for 80% of the contract price. The associated $632.6 million term loan bears interest at a fixed rate of 3.64% with a maturity date of April 30, 2035. Principal and interest payments are payable semiannually .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Liquidity and Management's Plan, Basis of Presentation	Liquidity and Management’s Plan Due to the impact of COVID-19, in March 2020, the Company implemented a voluntary suspension of all cruise voyages across its three brands. In the third quarter of 2021, we began a phased relaunch of our fleet, which was completed in early May 2022, with all ships now in operation with guests on board. The estimation of our future cash flow projections includes numerous assumptions that are subject to various risks and uncertainties. Our principal assumptions for future cash flow projections include: ● Expected return to and sustained historical occupancy levels; ● Expected increase in revenue per Passenger Cruise Day through a combination of both passenger ticket and onboard revenue as compared to 2019; ● Expected timing of cash collections in accordance with the terms of our credit card processing agreements (see Note 9 - “Commitments and Contingencies”); and ● Expected sustained higher fuel prices and the impact of inflation. Our projected liquidity requirements also reflect our principal assumptions surrounding ongoing operating costs, as well as liquidity requirements for financing costs and necessary capital expenditures. We have a substantial debt balance as a result of the impacts of the COVID-19 pandemic, and we require a significant amount of our liquidity and cash flows provided by operating activities to service our debt. In addition, as a result of conditions associated with the COVID-19 pandemic and other global events, such as Russia’s ongoing invasion of Ukraine and actions taken by the United States and other governments in response to the invasion, the global economy, including the financial and credit markets, has experienced significant volatility and disruptions, including increases in inflation rates, fuel prices, and interest rates. These conditions have resulted, and may continue to result, in increased expenses and may also impact travel or consumer discretionary spending. We believe the ongoing effects of the foregoing factors and events on our operations and global bookings have had, and will continue to have, a significant impact on our financial results and liquidity. We cannot make assurances that our assumptions used to estimate our liquidity requirements will not change materially due to the dynamic nature of the current economic landscape. We have made reasonable estimates and judgments of the impact of these events within our financial statements; however, there may be material changes to those estimates in future periods. We have taken actions to improve our liquidity, including completing various capital market and financing transactions and making capital expenditure and operating expense reductions, and we expect to continue to pursue further opportunities to improve our liquidity. Based on these actions and assumptions as discussed above, and considering our cash and cash equivalents of $700.6 million as of March 31, 2023 and the impact of our $591 million undrawn Revolving Loan Facility and $650 million undrawn commitment less related fees (see Note 6 – “Long-Term Debt”), we have concluded that we have sufficient liquidity to satisfy our obligations for at least the next twelve months. In addition, we have $300 million of backstop committed financing for amounts outstanding under the Senior Secured Credit Facility, which is available between October 4, 2023 and January 2, 2024 (see Note 6 – “Long-Term Debt”). 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; however, our cruise voyages were completely suspended from March 2020 until July 2021 due to the COVID-19 pandemic and our resumption of cruise voyages was phased in gradually through May 2022. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2022, which are included in our most recent Annual Report on Form 10-K filed with the SEC on February 28, 2023.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net included $77.3 million and $118.4 million due from credit card processors as of March 31, 2023 and December 31, 2022, respectively.
Loss Per Share	Loss Per Share A reconciliation between basic and diluted loss per share was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net loss ​ $ (159,321) ​ $ (982,714) Basic weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Dilutive effect of share awards ​ — ​ — Diluted weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Basic loss per share ​ $ (0.38) ​ $ (2.35) Diluted loss per share ​ $ (0.38) ​ $ (2.35) ​ For the three months ended March 31, 2023 and 2022, a total of 89.4 million and 86.4 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.
Foreign Currency	Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a loss of $8.7 million and a gain of $8.4 million for the three months ended March 31, 2023 and 2022, respectively, related to remeasurement of assets and liabilities denominated in foreign currencies. Remeasurements of foreign currency related to operating activities are recognized within changes in operating assets and liabilities in the consolidated statement of cash flows.
Depreciation and Amortization Expense	Depreciation and Amortization Expense The amortization of deferred financing fees is included in depreciation and amortization expense in the consolidated statements of cash flows; however, for purposes of the consolidated statements of operations they are included in interest expense, net.
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of reconciliation between basic and diluted EPS	A reconciliation between basic and diluted loss per share was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Net loss ​ $ (159,321) ​ $ (982,714) Basic weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Dilutive effect of share awards ​ — ​ — Diluted weighted-average shares outstanding ​ 422,655,215 ​ 417,734,591 Basic loss per share ​ $ (0.38) ​ $ (2.35) Diluted loss per share ​ $ (0.38) ​ $ (2.35) ​
Schedule of revenues by destination	Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 North America ​ $ 1,361,053 ​ $ 487,435 Europe ​ 81,318 ​ 24,797 Asia-Pacific ​ 205,662 ​ 8,292 Other ​ ​ 173,906 ​ ​ 1,416 Total revenue ​ $ 1,821,939 ​ $ 521,940 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of revenues by destination	Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 North America ​ $ 1,361,053 ​ $ 487,435 Europe ​ 81,318 ​ 24,797 Asia-Pacific ​ 205,662 ​ 8,292 Other ​ ​ 173,906 ​ ​ 1,416 Total revenue ​ $ 1,821,939 ​ $ 521,940 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of lease balances	Operating lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location March 31, 2023 December 31, 2022 Operating leases ​ ​ ​ Right-of-use assets Other long-term assets ​ $ 723,761 ​ $ 707,086 Current operating lease liabilities Accrued expenses and other liabilities ​ ​ 40,697 ​ ​ 39,689 Non-current operating lease liabilities Other long-term liabilities ​ ​ 603,015 ​ ​ 588,064

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) for the three months ended March 31, 2023 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Accumulated ​ Change ​ Related to ​ ​ ​ Other ​ Related to ​ Shipboard ​ ​ ​ Comprehensive ​ Cash Flow ​ Retirement ​ ​ Income (Loss) Hedges ​ Plan ​ Accumulated other comprehensive income (loss) at beginning of period ​ $ (477,079) ​ $ (480,578) ​ $ 3,499 Current period other comprehensive loss before reclassifications ​ (18,475) ​ (18,475) — Amounts reclassified into earnings ​ (9,810) ​ (9,874) (1) 64 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (505,364) ​ $ (508,927) (3) $ 3,563 ​ Accumulated other comprehensive income (loss) for the three months ended March 31, 2022 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ 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 $ (285,086) ​ $ (279,696) ​ $ (5,390) Current period other comprehensive income before reclassifications 41,685 39,304 2,381 Amounts reclassified into earnings (7,407) (7,502) (1) 95 (2) Accumulated other comprehensive income (loss) at end of period $ (250,808) $ (247,894) ​ $ (2,914)

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of convertible debt instruments	The following is a summary of NCLC’s exchangeable notes as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (1,678) ​ $ 144,923 ​ $ 171,352 ​ Level 2 2025 Exchangeable Notes ​ ​ 450,000 ​ ​ (5,828) ​ ​ 444,172 ​ ​ 471,600 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (22,145) ​ ​ 1,127,855 ​ ​ 847,861 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (9,652) ​ ​ 463,523 ​ ​ 366,815 ​ Level 2 The following is a summary of NCLC’s exchangeable notes as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ including Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes ​ $ 146,601 ​ $ (1,993) ​ $ 144,608 ​ $ 161,840 ​ Level 2 2025 Exchangeable Notes ​ ​ 450,000 ​ ​ (6,312) ​ ​ 443,688 ​ ​ 433,580 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (23,457) ​ ​ 1,126,543 ​ ​ 763,830 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (10,184) ​ ​ 462,991 ​ ​ 331,743 ​ Level 2
Schedule of interest expense of convertible debt instruments	The following provides a summary of the interest expense of NCLC’s exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Coupon interest ​ $ 14,438 ​ $ 12,992 Amortization of deferred financing fees ​ ​ 2,643 ​ ​ 2,275 Total ​ $ 17,081 ​ $ 15,267 ​
Schedule of principal repayments on long-term debt including finance lease obligations	The following are scheduled principal repayments on our long-term debt including exchangeable notes which can be settled in shares and finance lease obligations as of March 31, 2023 (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2023 ​ $ 770,436 2024 ​ 1,943,331 2025 ​ 1,846,760 2026 ​ 2,053,382 2027 ​ 3,106,106 2028 ​ ​ 1,762,008 Thereafter ​ 1,883,802 Total ​ $ 13,365,825 ​

Fair Value Measurements and D_2

Fair Value Measurements and Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of derivatives measured at fair value and disclosed by balance sheet location	The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ ​ ​ March 31, ​ December 31, ​ March 31, ​ December 31, ​ Balance Sheet Location 2023 2022 2023 2022 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ 20,208 ​ $ 53,224 ​ $ — ​ $ 7,137 ​ ​ Other long-term assets ​ ​ — ​ ​ 3,869 ​ ​ — ​ ​ 655 ​ ​ Accrued expenses and other liabilities ​ 9,857 ​ — ​ 20,812 ​ — ​ ​ Other long-term liabilities ​ 32 ​ — ​ 3,439 ​ — Foreign currency contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ 4,661 ​ 3,617 ​ — ​ — ​ ​ Accrued expenses and other liabilities ​ 6,561 ​ 4,386 ​ 170,638 ​ 177,746 Total derivatives designated as hedging instruments ​ $ 41,319 ​ $ 65,096 ​ $ 194,889 ​ $ 185,538 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ — ​ $ 84 ​ $ — ​ $ 348 ​ ​ Other long-term assets ​ ​ — ​ ​ — ​ ​ — ​ ​ 191 ​ ​ Accrued expenses and other liabilities ​ ​ — ​ — ​ ​ 576 ​ ​ — Total derivatives not designated as hedging instruments ​ $ — ​ $ 84 ​ $ 576 ​ $ 539 Total derivatives ​ ​ ​ $ 41,319 ​ $ 65,180 ​ $ 195,465 ​ $ 186,077
Schedule of gross and net amounts recognized within assets and liabilities	​ The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ March 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 24,869 ​ $ — ​ $ 24,869 ​ $ (4,661) ​ $ 20,208 Liabilities ​ ​ 195,465 ​ ​ (16,450) ​ ​ 179,015 ​ ​ (133,040) ​ ​ 45,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2022 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 60,794 ​ $ (8,331) ​ $ 52,463 ​ $ (3,617) ​ $ 48,846 Liabilities ​ ​ 177,746 ​ ​ (4,386) ​ ​ 173,360 ​ ​ (146,381) ​ ​ 26,979 ​
Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss)	The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of Gain ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) Reclassified ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ from Accumulated ​ Amount of Gain (Loss) Reclassified ​ ​ Amount of Gain (Loss) ​ Other Comprehensive ​ from Accumulated Other ​ ​ Recognized in Other ​ Income (Loss) into ​ Comprehensive Income Derivatives Comprehensive Loss Income (Expense) (Loss) into Income (Expense) ​ ​ Three Months ​ Three Months ​ ​ ​ Three Months ​ Three Months ​ ​ Ended ​ Ended ​ ​ ​ Ended ​ Ended ​ March 31, 2023 March 31, 2022 ​ March 31, 2023 March 31, 2022 Fuel contracts ​ $ (29,015) ​ $ 92,483 Fuel ​ $ 12,597 ​ $ 8,809 Fuel contracts ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ (37) ​ ​ — Foreign currency contracts ​ 10,540 ​ (53,179) Depreciation and amortization ​ (2,686) ​ (1,267) Interest rate contracts ​ — ​ — Interest expense, net ​ — ​ (40) Total gain (loss) recognized in other comprehensive loss ​ $ (18,475) ​ $ 39,304 ​ $ 9,874 ​ $ 7,502 ​
Schedule of cash flow hedge accounting on the consolidated financial statements of operations	The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ Three Months Ended March 31, 2022 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ and ​ Other Income ​ ​ ​ ​ and ​ Interest ​ 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 ​ $ 194,868 ​ $ 194,790 ​ $ (8,955) ​ $ 135,509 ​ $ 179,076 ​ $ 327,685 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ 12,597 ​ — ​ — ​ 8,809 ​ — ​ — Foreign currency contracts ​ — ​ ​ (2,686) ​ — ​ — ​ (1,267) ​ — Interest rate contracts ​ — ​ — ​ — ​ — ​ — ​ (40) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ — ​ ​ — ​ ​ (37) ​ ​ — ​ ​ — ​ ​ —
Schedule of effects of derivatives not designated as hedging instruments	The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 31, ​ Location of Gain (Loss) 2023 2022 Derivatives not designated as hedging instruments ​ ​ ​ Fuel contracts Other income (expense), net ​ $ (596) ​ $ 29,743 ​

Employee Benefits and Share-Bas

Employee Benefits and Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of restricted share unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ ​ Time-Based ​ Average Grant ​ Performance- ​ Average Grant ​ Market- ​ Average Grant ​ Awards Date Fair Value Based Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2023 6,980,707 ​ $ 22.83 2,749,939 ​ $ 26.30 50,000 ​ $ 59.43 Granted 5,874,554 ​ ​ 15.07 ​ 819,020 ​ ​ 15.14 — ​ ​ — Vested (2,773,670) ​ ​ 25.81 ​ (292,043) ​ ​ 35.59 — ​ ​ — Forfeited or expired (97,332) ​ ​ 20.61 ​ — ​ ​ — — ​ ​ — Non-vested as of March 31, 2023 9,984,259 ​ ​ 17.46 3,276,916 ​ ​ 22.68 50,000 ​ ​ 59.43 ​
Schedule of compensation expense recognized for share-based compensation	​ The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Payroll and related expense ​ $ 4,457 ​ $ 6,204 Marketing, general and administrative expense ​ 23,698 ​ 26,588 Total share-based compensation expense ​ $ 28,155 ​ $ 32,792

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Ship Construction Contracts
Schedule of minimum annual payments for contractual obligations	After giving effect to amendments for our ships on order subsequent to March 31, 2023, minimum annual payments for non-cancelable ship construction contracts with initial or remaining terms in excess of one year were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount Remainder of 2023 ​ $ 2,273,090 2024 ​ ​ 276,055 2025 ​ 1,872,552 2026 ​ 1,303,221 2027 ​ 1,228,119 2028 ​ 1,143,925 Thereafter ​ — Total minimum annual payments ​ $ 8,096,962 ​

Description of Business and Org

Description of Business and Organization (Details)	Mar. 31, 2023 item
Description Of Business And Organization [Line Items]
Number of cruise ships	29
Capacity of ship, berths	61,000
Ships launching period through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	8
Increased number of berths	82,000
Ships launching period in 2023 through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	5
Ship to be delivered in 2023
Description Of Business And Organization [Line Items]
Number of additional ships	1
Ship to be delivered in 2025
Description Of Business And Organization [Line Items]
Number of additional ships	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Liquidity and Management's Plan (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020 item	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Number of reporting units | item	3
Cash and cash equivalents		$ 700,600		$ 946,987
Substantial Doubt about Going Concern, within One Year [true false]		false
Commitment Letter
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 650,000
$875.0 million Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Undrawn Revolving Loan Facility		591,000
Backstop Agreement With MS [Member] | MS Backstop Facility | Maximum
Debt Instrument [Line Items]
Principal amount		$ 300,000	$ 300,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (159,321)	$ (982,714)
Basic weighted-average shares outstanding	422,655,215	417,734,591
Diluted weighted-average shares outstanding	422,655,215	417,734,591
Basic loss per share (in dollars per share)	$ (0.38)	$ (2.35)
Diluted loss per share (in dollars per share)	$ (0.38)	$ (2.35)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Other (Details) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) item segment shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 259,289		$ 326,272
Antidilutive securities excluded from computation of earnings per share | shares	89.4	86.4
Number of reportable segments | segment	1
Number of cruise ships | item	29
Foreign currency transaction gain (loss)	$ (8,700)	$ 8,400
Credit Card Processors
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 77,300		$ 118,400

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 1,821,939	$ 521,940
North America
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	1,361,053	487,435
Europe
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	81,318	24,797
Asia-Pacific
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	205,662	8,292
Other Country
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 173,906	$ 1,416

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Recognition (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Number of reportable segments | segment	1
Receivables from customers included in accounts receivable, net	$ 97.8	$ 94.2
Advanced ticket sales	$ 2,300	$ 1,700
Percentage of refundable amounts included within contract liabilities	45%
Revenue recognized included in contract liability	$ 1,400
Sales Revenue, Net | Geographic Concentration Risk
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk, benchmark	No other individual country’s revenues exceed 10% in any given period.
Sales Revenue, Net | Geographic Concentration Risk | Minimum
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	83%
Sales Revenue, Net | Geographic Concentration Risk | Maximum
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	87%

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases
Right-of-use assets	$ 723,761	$ 707,086
Operating lease, right-of-use asset - Extensible List	Other long-term assets	Other long-term assets
Current operating lease liabilities	$ 40,697	$ 39,689
Operating lease liability, current - Extensible list	Accrued Liabilities And Other Liabilities Current	Accrued Liabilities And Other Liabilities Current
Non-current operating lease liabilities	$ 603,015	$ 588,064
Operating lease liability, non current - Extensible list	Other long-term liabilities	Other long-term liabilities

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	$ (477,079)	$ (285,086)
Current period other comprehensive income (loss) before reclassifications	(18,475)	41,685
Amounts reclassified into earnings	(9,810)	(7,407)
Accumulated other comprehensive income (loss) at end of period	(505,364)	(250,808)
Change Related to Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(480,578)	(279,696)
Current period other comprehensive income (loss) before reclassifications	(18,475)	39,304
Amounts reclassified into earnings	(9,874)	(7,502)
Accumulated other comprehensive income (loss) at end of period	(508,927)	(247,894)
Change Related to Shipboard Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	3,499	(5,390)
Current period other comprehensive income (loss) before reclassifications		2,381
Amounts reclassified into earnings	64	95
Accumulated other comprehensive income (loss) at end of period	$ 3,563	$ (2,914)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 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	$ (14.4)

Long-Term Debt - 2023 Transacti

Long-Term Debt - 2023 Transactions (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2023 USD ($) item	Mar. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
Commitment Letter
Debt Instrument [Line Items]
Principal amount	$ 650			$ 1,000	$ 1,000
Commitment Letter | Maximum
Debt Instrument [Line Items]
Number of draws | item	2
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Principal amount	$ 600
Interest rate	8.375%
Percentage of principal amount of debt redeemed	40%
Percentage of thresholds, after percentage	60%
Senior Secured Notes Due 2028 | Debt Redemption Prior To February 1, 2025
Debt Instrument [Line Items]
Redemption price as a percentage of face amount	108.375%
Senior Secured Notes Due 2028 (the "Class A Notes")
Debt Instrument [Line Items]
Principal amount	$ 250
Interest rate	9.75%
Draw fee (as a percent)	2%
$875.0 million Senior Secured Revolving Loan Facility | New lender
Debt Instrument [Line Items]
Principal amount			$ 82.5
Class B Notes
Debt Instrument [Line Items]
Principal amount	$ 250
Interest rate	11%
Draw fee (as a percent)	2%
Increase (decrease) in interest rate	1%
Backstop Notes
Debt Instrument [Line Items]
Principal amount	$ 400
Interest rate	8%
Draw fee (as a percent)	3%
Duration fee (as a percent)	1.50%
Debt instrument term	5 years
Class B Notes and Backstop Notes
Debt Instrument [Line Items]
Percentage of maximum commitment fee	0.75%
Increased fee percentage rate, commitment fee	1%
MS Backstop Facility | Backstop Agreement with MS
Debt Instrument [Line Items]
Debt instrument term		5 years
MS Backstop Facility | Maximum | Backstop Agreement with MS
Debt Instrument [Line Items]
Principal amount	$ 300	$ 300

Long-Term Debt - Summary of Exc

Long-Term Debt - Summary of Exchangeable Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Fair Value	$ 11,900,000
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount	146,601	$ 146,601
Unamortized debt discount, including deferred financing fees	(1,678)	(1,993)
Net carrying amount	$ 144,923	144,608
Effective interest rate	7.04%
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	$ 450,000	450,000
Unamortized debt discount, including deferred financing fees	(5,828)	(6,312)
Net carrying amount	$ 444,172	443,688
Effective interest rate	5.97%
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 1,150,000	1,150,000
Unamortized debt discount, including deferred financing fees	(22,145)	(23,457)
Net carrying amount	$ 1,127,855	1,126,543
Effective interest rate	1.64%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 473,175	473,175
Unamortized debt discount, including deferred financing fees	(9,652)	(10,184)
Net carrying amount	$ 463,523	462,991
Effective interest rate	3.06%
Level 2 | Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Fair Value	$ 171,352	161,840
Level 2 | Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Fair Value	471,600	433,580
Level 2 | 1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	847,861	763,830
Level 2 | 2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	$ 366,815	$ 331,743

Long-Term Debt - Summary of Int

Long-Term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Coupon interest	$ 14,438	$ 12,992
Amortization of deferred financing costs	2,643	2,275
Total	$ 17,081	$ 15,267

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Repayments on Long-Term Debt Including Finance Lease Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 770,436
2024	1,943,331
2025	1,846,760
2026	2,053,382
2027	3,106,106
2028	1,762,008
Thereafter	1,883,802
Total	$ 13,365,825

Fair Value Measurements and D_3

Fair Value Measurements and Derivatives - Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 24,869	$ 60,794
Derivative liabilities, fair value	195,465	177,746
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	41,319	65,096
Derivative liabilities, fair value	194,889	185,538
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		84
Derivative liabilities, fair value	576	539
Fuel contracts | Designated as Hedging Instrument | Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	20,208	53,224
Derivative liabilities, fair value		7,137
Fuel contracts | Designated as Hedging Instrument | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		3,869
Derivative liabilities, fair value		655
Fuel contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	9,857
Derivative liabilities, fair value	20,812
Fuel contracts | Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	32
Derivative liabilities, fair value	3,439
Fuel contracts | Not Designated as Hedging Instrument | Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		84
Derivative liabilities, fair value		348
Fuel contracts | Not Designated as Hedging Instrument | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value		191
Fuel contracts | Not Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	576
Foreign currency contracts | Designated as Hedging Instrument | Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	4,661	3,617
Foreign currency contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	6,561	4,386
Derivative liabilities, fair value	170,638	177,746
Total derivatives
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	41,319	65,180
Derivative liabilities, fair value	$ 195,465	$ 186,077

Fair Value Measurements and D_4

Fair Value Measurements and Derivatives - Amounts Recognized within Assets and Liabilities Based on Right of Offset (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Gross Amounts, Assets	$ 24,869	$ 60,794
Gross Amounts Offset, Assets		(8,331)
Total Net Amounts, Assets	24,869	52,463
Gross Amounts Not Offset, Assets	(4,661)	(3,617)
Net Amounts, Assets	20,208	48,846
Gross Amounts, Liabilities	195,465	177,746
Gross Amounts Offset, Liabilities	(16,450)	(4,386)
Total Net Amounts, Liabilities	179,015	173,360
Gross Amounts Not Offset, Liabilities	(133,040)	(146,381)
Net Amounts, Liabilities	$ 45,975	$ 26,979

Fair Value Measurements and D_5

Fair Value Measurements and Derivatives - Effects of Derivatives Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ (18,475)	$ 39,304
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	9,874	7,502
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,597	8,809
Other income (expense), net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(37)
Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(2,686)	(1,267)
Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income		(40)
Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	(29,015)	92,483
Fuel contracts | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,597	8,809
Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	10,540	(53,179)
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	$ (2,686)	(1,267)
Interest rate contracts | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income		$ (40)

Fair Value Measurements and D_6

Fair Value Measurements and Derivatives - Effects of Cash Flow Hedge Accounting on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Depreciation and amortization	$ 194,790	$ 179,076
Interest expense, net	171,257	327,685
Other income (expense), net	(8,955)	38,120
Cash Flow Hedging
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	9,874	7,502
Cash Flow Hedging | Fuel
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,597	8,809
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	(2,686)	(1,267)
Cash Flow Hedging | Interest expense, net
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income		(40)
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	(37)
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	12,597	8,809
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 as a result that a forecasted transaction is no longer probable of occurring	(37)
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	$ (2,686)	(1,267)
Cash Flow Hedging | Interest rate contracts | Interest expense, net
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income		$ (40)

Fair Value Measurements and D_7

Fair Value Measurements and Derivatives - Effects of Derivatives Not Designated as Hedging Instruments on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Not Designated as Hedging Instrument | Other income (expense), net | Fuel contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (596)	$ 29,743

Fair Value Measurements and D_8

Fair Value Measurements and Derivatives (Details) T in Thousands, $ in Thousands, € in Billions	3 Months Ended
	Mar. 31, 2023 USD ($) T	Mar. 31, 2023 EUR (€) T	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 11,900,000
Fair value of long-term debt in excess of carrying value	$ 1,500,000		$ 2,000,000
Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2024
Fuel contracts | Not Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2023
Projected fuel purchases | T	8	8
Fuel contracts | Designated as Hedging Instrument
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Projected fuel purchases	493
Foreign currency contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of derivatives	$ 1,800,000	€ 1.7

Employee Benefits and Compens_2

Employee Benefits and Compensation Plans - (Details) - Awarded on June 2021 shares in Millions	1 Months Ended
	Mar. 31, 2023 shares
"Time-Based Units" ("TBUs") | Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted	5.8
Share-based award, vesting period	3 years
Performance-Based RSU Awards | Members of management team
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share awards granted	0.8

Employee Benefits and Compens_3

Employee Benefits and Compensation Plans - Summary of Restricted Share Unit Activity (Details) - Restricted Share Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
"Time-Based Units" ("TBUs")
Number of Restricted Share Awards
Non-vested as of January 1, 2023 | shares	6,980,707
Granted | shares	5,874,554
Vested | shares	(2,773,670)
Forfeited or expired | shares	(97,332)
Non-vested as of March 31, 2023 | shares	9,984,259
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2023 | $ / shares	$ 22.83
Granted | $ / shares	15.07
Vested | $ / shares	25.81
Forfeited or expired | $ / shares	20.61
Non-vested as of March 31, 2023 | $ / shares	$ 17.46
Performance-Based Options
Number of Restricted Share Awards
Non-vested as of January 1, 2023 | shares	2,749,939
Granted | shares	819,020
Vested | shares	(292,043)
Non-vested as of March 31, 2023 | shares	3,276,916
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2023 | $ / shares	$ 26.30
Granted | $ / shares	15.14
Vested | $ / shares	35.59
Non-vested as of March 31, 2023 | $ / shares	$ 22.68
Market-Based RSU Awards
Number of Restricted Share Awards
Non-vested as of January 1, 2023 | shares	50,000
Granted | shares	0
Vested | shares	0
Forfeited or expired | shares	0
Non-vested as of March 31, 2023 | shares	50,000
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2023 | $ / shares	$ 59.43
Granted | $ / shares	0
Vested | $ / shares	0
Forfeited or expired | $ / shares	0
Non-vested as of March 31, 2023 | $ / shares	$ 59.43

Employee Benefits and Compens_4

Employee Benefits and Compensation Plans - Summary of Compensation Expense Recognized for Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 28,155	$ 32,792
Payroll and related
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	4,457	6,204
Marketing, general and administrative expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 23,698	$ 26,588

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands, € in Billions		3 Months Ended
	Aug. 27, 2019 item	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Apr. 30, 2023 item	Mar. 31, 2023 EUR (€) item	Dec. 31, 2022 USD ($)	Oct. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of cruise ships		29			29
Capacity of ship, berths		61,000			61,000
Increase (Decrease) in Contract with Customer, Liability | $		$ 668,261	$ 417,877
Number of lawsuits filed	2
Estimate of possible loss | $						$ 112,900
Estimate of claim, unrecorded amount | $							$ 159,000
Advance ticket sales with credit card processor | $		3,100,000
Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Export credit facility financing as percentage of contract price				80%
Credit Card Processors
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor | $		577,600
Credit Card Processors | Accounts Receivable [Member]
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor | $		77,300
Credit Card Processors | Other Long-Term Assets [Member]
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor | $		$ 500,300
Ships launching period in 2023 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		5			5
Ship to be delivered in 2023
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Ship Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		8			8
Aggregate contract price of new ships		$ 7,600,000			€ 7
Export credit facility financing as percentage of contract price		80%			80%
Ship Construction Contracts | Ships launching period in 2023 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		5			5
Ship Construction Contracts | Ships launching period in 2023 through 2028 | Minimum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons		143,500			143,500
Capacity of ship, berths		3,100			3,100
Ship Construction Contracts | Ships launching period in 2023 through 2028 | Maximum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons		169,000			169,000
Ship Construction Contracts | Ship to be delivered in 2023
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Capacity of ship, tons		55,000			55,000
Capacity of ship, berths		750			750
Ship Construction Contracts | Ship to be delivered in 2023 | Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons				67,000
Capacity of ship, berths				1,200
Ship Construction Contracts | Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Capacity of ship, tons		67,000			67,000
Capacity of ship, berths		1,200			1,200
Ship Construction Contracts | Ship Construction Commitments | Ships launching period in 2023 through 2028
Commitments and Contingencies Disclosure [Line Items]
Other commitment, financing available | €					€ 1.7

Commitments and Contingencies -

Commitments and Contingencies - Minimum Annual Payments for Non-Cancelable Ship Construction Contracts (Details) - Ship Construction Contracts $ in Thousands	Mar. 31, 2023 USD ($)
Other Commitments [Line Items]
Remainder of 2023	$ 2,273,090
2024	276,055
2025	1,872,552
2026	1,303,221
2027	1,228,119
2028	1,143,925
Total minimum annual payments	$ 8,096,962

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income And Expenses [Abstract]
Other income (expense), net	$ (8,955)	$ 38,120

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Non-cash investing activity in connection with property and equipment, seller financing	$ 53.4	$ 17.4

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($)
Subsequent Event [Line Items]
Export credit facility financing as percentage of contract price	80%
Oceania Cruises Vista
Subsequent Event [Line Items]
Principal amount	$ 632.6
Interest Rate	3.64%
Maturity date	Apr. 30, 2035
Frequency of periodic payment	semiannually