Norwegian Cruise Line (NCLH) 10-K 27 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Feb. 17, 2025	Jun. 30, 2024
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Securities Act 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		439,944,822
Entity Public Float			$ 8.2
Entity Central Index Key	0001513761
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Miami, Florida
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Revenues by destination	$ 9,479,651	$ 8,549,924	$ 4,843,760
Cruise operating expense
Total cruise operating expense	5,688,696	5,468,587	4,267,086
Other operating expense
Marketing, general and administrative	1,434,807	1,341,858	1,379,105
Depreciation and amortization	890,242	808,568	749,326
Adjusted total other operating expense	2,325,049	2,150,426	2,128,431
Operating income (loss)	1,465,906	930,911	(1,551,757)
Non-operating income (expense)
Interest expense, net	(747,223)	(727,531)	(801,512)
Other income (expense), net	54,224	(40,204)	76,566
Total non-operating income (expense)	(692,999)	(767,735)	(724,946)
Net income (loss) before income taxes	772,907	163,176	(2,276,703)
Income tax benefit	(137,350)	(3,002)	(6,794)
Net income (loss)	$ 910,257	$ 166,178	$ (2,269,909)
Weighted-average shares outstanding
Basic (in shares)	435,278,605	424,424,962	419,773,195
Diluted (in shares)	515,030,548	427,400,849	419,773,195
Earnings per share
Basic (in dollars per share)	$ 2.09	$ 0.39	$ (5.41)
Diluted (in dollars per share)	$ 1.89	$ 0.39	$ (5.41)
Passenger ticket
Revenue
Revenues by destination	$ 6,415,545	$ 5,753,966	$ 3,253,799
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	1,917,443	1,883,279	1,034,629
Onboard and other
Revenue
Revenues by destination	3,064,106	2,795,958	1,589,961
Cruise operating expense
Total cruise operating expense	661,553	599,904	357,932
Payroll and related
Cruise operating expense
Total cruise operating expense	1,344,718	1,262,119	1,088,639
Fuel
Cruise operating expense
Total cruise operating expense	698,050	716,833	686,825
Food
Cruise operating expense
Total cruise operating expense	312,992	358,310	263,807
Other
Cruise operating expense
Total cruise operating expense	$ 753,940	$ 648,142	$ 835,254

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 910,257	$ 166,178	$ (2,269,909)
Other comprehensive income (loss):
Shipboard Retirement Plan	7,118	(3,413)	8,889
Cash flow hedges:
Net unrealized gain (loss)	(10,642)	(1,773)	(104,017)
Amount realized and reclassified into earnings	4,923	(26,173)	(96,865)
Total other comprehensive income (loss)	1,399	(31,359)	(191,993)
Total comprehensive income (loss)	$ 911,656	$ 134,819	$ (2,461,902)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 190,765	$ 402,415
Accounts receivable, net	221,412	280,271
Inventories	149,718	157,646
Prepaid expenses and other assets	448,209	472,816
Total current assets	1,010,104	1,313,148
Property and equipment, net	16,810,650	16,433,292
Goodwill	135,764	98,134
Trade names, carrying value	500,525	500,525
Other long-term assets	1,512,768	1,147,891
Total assets	19,969,811	19,492,990
Current liabilities:
Current portion of long-term debt	1,323,769	1,744,778
Accounts payable	171,106	174,338
Accrued expenses and other liabilities	1,180,026	1,058,919
Advance ticket sales	3,105,964	3,060,666
Total current liabilities	5,780,865	6,038,701
Long-term debt	11,776,721	12,314,147
Other long-term liabilities	986,786	839,335
Total liabilities	18,544,372	19,192,183
Commitments and contingencies (Note 13)
Shareholders' equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 439,861,281 shares issued and outstanding at December 31, 2024 and 425,546,570 shares issued and outstanding at December 31, 2023	440	425
Additional paid-in capital	7,921,918	7,708,957
Accumulated other comprehensive income (loss)	(507,039)	(508,438)
Accumulated deficit	(5,989,880)	(6,900,137)
Total shareholders' equity	1,425,439	300,807
Total liabilities and shareholders' equity	$ 19,969,811	$ 19,492,990

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.001	$ 0.001
Ordinary shares, authorized	980,000,000	980,000,000
Ordinary shares, issued	439,861,281	425,546,570
Ordinary shares, outstanding	439,861,281	425,546,570

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net Income (Loss)	$ 910,257	$ 166,178	$ (2,269,909)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization expense	973,512	883,236	810,053
Deferred income taxes, net	(155,114)
(Gain) loss on derivatives	(979)	13,760	8,618
Loss on extinguishment of debt	29,175	6,701	188,799
Provision for bad debts and inventory obsolescence	6,359	6,190	13,609
Gain on involuntary conversion of assets	(4,771)	(6,852)	(2,300)
Share-based compensation expense	91,781	118,940	113,563
Net foreign currency adjustments	(25,837)	8,188	(10,795)
Changes in operating assets and liabilities:
Accounts receivable, net	49,304	39,649	828,661
Inventories	6,950	(11,042)	(33,609)
Prepaid expenses and other assets	88,366	410,266	(602,258)
Accounts payable	(20,208)	(50,976)	(16,196)
Accrued expenses and other liabilities	65,348	(82,202)	252,837
Advance ticket sales	35,680	503,678	928,947
Net cash provided by (used in) operating activities	2,049,823	2,005,714	210,020
Cash flows from investing activities
Additions to property and equipment, net	(1,210,952)	(2,750,362)	(1,783,857)
Proceeds from maturities of short-term investments			240,000
Cash paid on settlement of derivatives	(1,789)	(162,942)	(224,137)
Acquisition, net of cash acquired	(27,322)
Other, net	10,675	16,161	12,090
Net cash used in investing activities	(1,229,388)	(2,897,143)	(1,755,904)
Cash flows from financing activities
Repayments of long-term debt	(2,169,045)	(3,758,234)	(1,770,172)
Proceeds from long-term debt	1,298,599	4,322,941	3,003,003
Proceeds from employee related plans		5,307	5,267
Net share settlement of restricted share units	(25,333)	(26,860)	(20,987)
Early redemption premium	(19,166)		(172,012)
Deferred financing fees	(117,140)	(196,297)	(58,875)
Net cash provided by (used in) financing activities	(1,032,085)	346,857	986,224
Net decrease in cash and cash equivalents	(211,650)	(544,572)	(559,660)
Cash and cash equivalents at beginning of period	402,415	946,987	1,506,647
Cash and cash equivalents at end of period	$ 190,765	$ 402,415	$ 946,987

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)	Accumulated Deficit	Total
Accumulated other comprehensive income (loss) at beginning of period 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		113,563			113,563
Issuance of shares under employee related plans	4	5,263			5,267
Net share settlement of restricted share units		(20,987)			(20,987)
Other comprehensive income (loss), net			(191,993)		(191,993)
Net Income (Loss)				(2,269,909)	(2,269,909)
Accumulated other comprehensive income (loss) at end of period 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		118,940			118,940
Issuance of shares under employee related plans	4	5,303			5,307
Common share issuance for NCLC exchangeable notes		10			10
Net share settlement of restricted share units		(26,860)			(26,860)
Other comprehensive income (loss), net			(31,359)		(31,359)
Net Income (Loss)				166,178	166,178
Accumulated other comprehensive income (loss) at end of period at Dec. 31, 2023	425	7,708,957	(508,438)	(6,900,137)	300,807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					(6,900,137)
Share-based compensation		91,781			91,781
Issuance of shares under employee related plans	4	(4)
Stock Issued During Period, Value, New Issues	11	146,517			146,528
Net share settlement of restricted share units		(25,333)			(25,333)
Other comprehensive income (loss), net			1,399		1,399
Net Income (Loss)				910,257	910,257
Accumulated other comprehensive income (loss) at end of period at Dec. 31, 2024	$ 440	$ 7,921,918	$ (507,039)	$ (5,989,880)	1,425,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative change in accounting policy					$ (5,989,880)

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	1. Description of Business We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of December 31, 2024, we had 32 ships with approximately 66,500 Berths. The Company expects to add 13 additional ships to our fleet from 2025 through 2036. We have four Prima Class Ships on order with currently scheduled delivery dates from 2025 through 2028. We have one Allura Class Ship on order for delivery in 2025. We also have orders for three new classes of ships: four Oceania Cruises ships with deliveries currently scheduled from 2027 through 2031, two Prestige Class Ships with deliveries currently scheduled in 2026 and 2029 and four Norwegian Cruise Line ships with deliveries currently scheduled from 2030 through 2036. We have the option to cancel the last two ships on order for Oceania Cruises currently scheduled for delivery in 2030 and 2031. During the three months ended December 31, 2023, in response to the OECD’s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda. In connection with the reorganization, among other steps, certain NCLH subsidiaries previously domiciled in the Isle of Man, the Cayman Islands, the Republic of the Marshall Islands, the Republic of Panama and the state of Delaware, were redomiciled to Bermuda. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and contain all normal recurring adjustments necessary for a fair presentation of the results for the periods presented. Estimates are required for the preparation of consolidated financial statements in accordance with generally accepted accounting principles and actual results could differ from these estimates. All significant intercompany accounts and transactions are eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents are stated at cost and include cash and investments with original maturities of three months or less at acquisition. Short-term Investments Short-term investments include time deposits with original maturities of greater than three months and up to 12 months, which are stated at cost and present insignificant risk of changes in value. Accounts Receivable, Net Accounts receivable are shown net of an allowance for credit losses of $15.1 million and $13.2 million as of December 31, 2024 and 2023, respectively. Accounts receivable, net includes $0.8 million and $20.1 million due from credit card processors within 12 months as of December 31, 2024 and 2023, respectively. Inventories Inventories mainly consist of provisions, supplies and fuel and are carried at the lower of cost or net realizable value using the first-in, first-out method of accounting. Advertising Costs Advertising costs are expensed as incurred. Expenses related to advertising costs totaled $513.7 million, $512.7 million and $577.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Earnings Per Share Basic EPS is computed by dividing net income by the basic weighted-average number of shares outstanding during each period. Diluted EPS is computed by dividing net income by diluted weighted-average shares outstanding. A reconciliation between basic and diluted EPS was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net income (loss) ​ $ 910,257 ​ $ 166,178 ​ $ (2,269,909) Effect of dilutive securities - exchangeable notes ​ ​ 63,308 ​ ​ — ​ ​ — Net income (loss) and assumed conversion of exchangeable notes - Diluted EPS ​ $ 973,565 ​ $ 166,178 ​ $ (2,269,909) Basic weighted-average shares outstanding ​ 435,278,605 ​ 424,424,962 ​ 419,773,195 Dilutive effect of share awards ​ 4,039,709 ​ 2,975,887 ​ — Dilutive effect of exchangeable notes ​ ​ 75,712,234 ​ ​ — ​ ​ — Diluted weighted-average shares outstanding ​ 515,030,548 ​ 427,400,849 ​ 419,773,195 Basic EPS ​ $ 2.09 ​ $ 0.39 ​ $ (5.41) Diluted EPS ​ $ 1.89 ​ $ 0.39 ​ $ (5.41) ​ Each exchangeable note (see Note 9 – “Long-Term Debt”) is individually evaluated for its dilutive or anti-dilutive impact on EPS as determined under the if-converted method. Only the interest expense and weighted average shares for exchangeable notes that are dilutive are included in the effect of dilutive securities above. During the year ended December 31, 2023 and 2022 the exchangeable notes have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Share awards are evaluated for a dilutive or anti-dilutive impact on EPS using the treasury stock method. For the years ended December 31, 2024, 2023 and 2022, a total of 5.1 million, 87.6 million and 92.6 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Property and Equipment, Net Property and equipment are recorded at cost. We determine the weighted average useful lives of our ships based primarily on our estimates of the costs and useful lives of the ships’ major component systems on the date of acquisition, such as cabins, main diesels, main electric, superstructure and hull, and their related proportional weighting to the ship as a whole. Ship improvement costs that we believe add value to our ships are capitalized to the ship and depreciated over the shorter of the improvements’ estimated useful lives or the remaining useful life of the ship while costs of repairs and maintenance, including Dry-dock costs, are charged to expense as incurred. During ship construction, certain interest is capitalized as a cost of the ship. Gains or losses on the sale of property and equipment are recorded as a component of operating income (expense) in our consolidated statements of operations. The useful lives of components of new ships and ship improvements are estimated based on the economic lives of the new components. In addition, to determine the useful lives of the major components of new ships and ship improvements, we consider the historical useful lives of similar assets, manufacturer recommended lives, planned maintenance programs and anticipated changes in technological conditions. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, after a 10-15% reduction for the estimated residual values of ships as follows: ​ ​ ​ ​ ​ Useful Life Ships 30 Computer hardware and software 3 Other property and equipment 3 Leasehold improvements Shorter of lease term or asset life Ship improvements Shorter of asset life or life of the ship ​ Long-lived assets are reviewed for impairment, based on estimated future undiscounted cash flows, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Assets are grouped and evaluated at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. For ship impairment analyses, the lowest level for which identifiable cash flows are largely independent of other assets and liabilities is each individual ship. We consider historical performance and future estimated results in our evaluation of potential impairment and then compare the carrying amount of the asset to the estimated future cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, we measure the amount of the impairment by comparing the carrying amount of the asset to its estimated fair value. We estimate fair value based on the best information available utilizing estimates, judgments and projections as necessary. Our estimate of fair value is generally measured by discounting expected future cash flows at discount rates commensurate with the associated risk. Goodwill and Trade Names Goodwill represents the excess of cost over the estimated fair value of net assets acquired. Goodwill and other indefinite-lived assets, principally trade names, are reviewed for impairment annually or earlier if there is an event or change in circumstances that would indicate that the carrying value of these assets may not be fully recoverable. We may use a qualitative assessment which allows us to first assess qualitative factors to determine whether it is more likely than not (i.e., more than 50%) that the estimated fair value of a reporting unit is less than its carrying value. For trade names we also may provide a qualitative assessment to determine if there is any indication of impairment. In order to make this evaluation, we consider the following circumstances as well as others: ● Changes in general macroeconomic conditions, such as a deterioration in general economic conditions; limitations on accessing capital; fluctuations in foreign exchange rates; or other developments in equity and credit markets; ● Changes in industry and market conditions such as a deterioration in the environment in which an entity operates; an increased competitive environment; a decline in market-dependent multiples or metrics (in both absolute terms and relative to peers); a change in the market for an entity’s products or services; or a regulatory or political development; ● Changes in cost factors that have a negative effect on earnings and cash flows; ● Decline in overall financial performance (for both actual and expected performance); ● Entity and reporting unit specific events such as changes in management, key personnel, strategy, or customers; litigation; or a change in the composition or carrying amount of net assets; and ● Decline in share price (in both absolute terms and relative to peers). If the result of the qualitative assessment indicated it is more likely than not that the estimated fair value of the asset is less than its carrying value, we would conduct a quantitative assessment comparing the fair value to its carrying value. We have concluded that our business has three reporting units. Each brand, Oceania Cruises, Regent and Norwegian, constitutes a business for which discrete financial information is available and management regularly reviews the operating results and, therefore, each brand is considered an operating segment. For our annual impairment evaluation, we performed a qualitative assessment for the Norwegian and Regent reporting units and of each brand’s trade names. As of October 1, 2024, our annual review supports the carrying value of these assets. Revenue and Expense Recognition Deposits on advance ticket sales are deferred when received and are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Goods and services associated with onboard revenue are generally provided at a point in time and revenue is recognized when the performance obligation is satisfied. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period. All associated direct costs of a voyage are recognized as incurred in cruise operating expenses. Disaggregation of Revenue Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 North America ​ $ 5,318,676 ​ $ 5,002,796 ​ $ 3,076,788 Europe ​ 3,035,406 ​ 2,754,160 ​ 1,557,308 Asia-Pacific ​ 779,484 ​ 533,484 ​ 115,438 Other ​ 346,085 ​ 259,484 ​ 94,226 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760 ​ 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 ​ In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 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, which is equivalent to our consolidated financial statements. Our chief operating decision maker (“CODM”) is the President and Chief Executive Officer who is also a Director on our Board of Directors. Our CODM uses adjusted operating income (loss) in assessing segment performance and deciding how to allocate resources. Resource allocation primarily occurs during the annual budgeting process, where capital is assigned to operations and assessed for availability in investment and financing activities. The CODM considers variances on a monthly and quarterly basis to assess performance against budget, forecast and prior year actual results. Adjusted operating income (loss) is used to assess return on invested capital, which is considered in the non-cash compensation of certain employees based on the reportable segment’s performance. The below table includes our calculation of adjusted operating income (loss), our significant segment expenses therein, and a reconciliation of adjusted operating income (loss) to net income (loss) before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760 Cruise operating expense ​ ​ ​ Commissions, transportation and other ​ 1,917,443 ​ ​ 1,883,279 ​ ​ 1,034,629 Onboard and other ​ 661,553 ​ 599,904 ​ 357,932 Adjusted payroll and related (1) ​ 1,322,465 ​ 1,241,243 ​ 1,064,799 Fuel ​ 698,050 ​ 716,833 ​ 686,825 Food ​ 312,992 ​ 358,310 ​ 263,807 Other ​ 753,940 ​ 648,142 ​ 835,254 Adjusted total cruise operating expense ​ 5,666,443 ​ 5,447,711 ​ 4,243,246 Other operating expense ​ ​ ​ Adjusted marketing, general and administrative (2) ​ 1,362,404 ​ 1,241,482 ​ 1,286,585 Depreciation and amortization ​ 890,242 ​ 808,568 ​ 749,326 Adjusted total other operating expense ​ 2,252,646 ​ 2,050,050 ​ 2,035,911 Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) Non-cash compensation (3) ​ ​ (94,656) ​ ​ (121,252) ​ ​ (116,360) Interest expense, net ​ (747,223) ​ (727,531) ​ (801,512) Other income (expense), net ​ 54,224 ​ (40,204) ​ 76,566 Net income (loss) before income taxes ​ $ 772,907 ​ $ 163,176 ​ $ (2,276,703) (1) Excludes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards for shipboard officers. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (2) Excludes non-cash share-based compensation expenses related to equity awards for corporate employees. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (3) Includes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards, which are included in payroll and related expense and marketing, general and administrative expense. ​ 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 was 84%, 84% and 85% for the years ended December 31, 2024, 2023 and 2022, respectively. No other individual country’s revenues exceeded 10% in any of our last three years. Substantially all of our long-lived assets are located outside of the U.S. and consist primarily of our ships. We had 21 ships with Bahamas registry with a carrying value of $11.2 billion as of December 31, 2024 and $11.5 billion as of December 31, 2023. We had 10 ships with Marshall Islands registry with a carrying value of $3.5 billion as of December 31, 2024 and $3.6 billion as of December 31, 2023. We also had one ship with U.S. registry with a carrying value of $0.3 billion as of December 31, 2024 and 2023. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For line of credit arrangements and for those debt facilities not fully drawn we defer and present debt issuance costs as an asset. These deferred issuance costs are amortized over the life of the loan. 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 it is included in interest expense, net. Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a gain of $53.3 million, a loss of $28.7 million and a gain of $55.8 million for the years ended December 31, 2024, 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. Derivative Instruments and Hedging Activity We enter into derivative contracts to reduce our exposure to fluctuations in foreign currency exchange rates, interest rates and fuel prices. The criteria used to determine whether a transaction qualifies for hedge accounting treatment includes critical terms match or regression analysis and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the derivative and the hedged forecasted transaction. As the derivative is marked to fair value, we elected an accounting policy to net the fair value of our derivatives when a master netting arrangement exists with our counterparties. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability may be designated as a cash flow hedge. Changes in fair value of derivative instruments that are designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the underlying hedged transactions are recognized in earnings. To the extent that an instrument is not effective as a hedge or is no longer probable of occurring, gains and losses are recognized in other income (expense), net in our consolidated statements of operations. Realized gains and losses related to our effective hedges are recognized in the same line item as the underlying hedged transactions. For presentation in our consolidated statements of cash flows, we have elected to classify the cash flows from our cash flow hedges in the same category as the cash flows from the items being hedged. Concentrations of Credit Risk 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 derivative instruments, our undrawn commitment and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions and insurance companies that we have well-established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties. Insurance We use a combination of insurance and self-insurance for a number of risks including claims related to crew and guests, hull and machinery, war risk, workers’ compensation, property damage, employee healthcare and general liability. Liabilities associated with certain of these risks, including crew and passenger claims, are estimated actuarially based upon known facts, historical trends and a reasonable estimate of future expenses. While we believe these accruals are adequate, the ultimate losses incurred may differ from those recorded. Income Taxes Deferred tax assets and liabilities are calculated in accordance with the liability method. Deferred taxes are recorded using the currently enacted tax rates that apply in the periods that the differences are expected to reverse. Deferred taxes are not discounted. We provide a valuation allowance on deferred tax assets when it is more likely than not that such assets will not be realized. We regularly assess the need for the valuation allowance on our deferred tax assets, and to the extent that we determine that an adjustment is needed, such adjustment will be recognized in the period that the determination is made. With respect to acquired deferred tax assets, changes within the measurement period that result from new information about facts and circumstances that existed at the acquisition date shall be recognized through a corresponding adjustment to goodwill. Subsequent to the measurement period, all other changes shall be reported as a reduction or increase to income tax expense in our consolidated statements of operations. Share-Based Compensation We recognize expense for our share-based compensation awards using a fair-value-based method. Share-based compensation expense is recognized over the requisite service period for awards that are based on a service period and not contingent upon any future performance. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” Recently Issued Accounting Guidance In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​ In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Revenue and Expense from Contra

Revenue and Expense from Contracts with Customers	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Expense from Contracts with Customers	3. Revenue and Expense from Contracts with Customers Nature of Goods and Services We offer our guests a multitude of cruise fare options when booking a cruise. Our cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, meals, entertainment and government taxes, fees and port expenses. In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, Wi-Fi, pre-cruise hotel packages, and on some of the exotic itineraries, pre- or post-land packages. Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place. Passenger ticket revenue also includes full ship charters as well as government taxes, fees and port expenses. During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, gift shop purchases, spa services, Wi-Fi services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and Wi-Fi services may be managed through contracts with third-party concessionaires. These contracts generally entitle us to a percentage of the gross sales derived from these concessions, which is recognized on a net basis. While some onboard goods and services may be prepaid prior to the voyage, we utilize point-of-sale systems for discrete purchases made onboard. Certain of our product offerings are bundled and we allocate the value of the bundled goods and services between passenger ticket revenue and onboard and other revenue based upon the relative standalone selling prices of those goods and services. Timing of Satisfaction of Performance Obligations and Significant Payment Terms The payment terms and cancellation policies vary by brand, stateroom category, length of voyage, and country of purchase. A deposit for a future booking is required at or soon after the time of booking. Final payment is generally due between 120 days and 180 days before the voyage. Deposits on advance ticket sales are deferred when received and include amounts that are refundable. Deferred amounts are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Deposits are generally cancellable and refundable prior to sailing, but may be subject to penalties, depending on the timing of cancellation. The inception of substantive cancellation penalties generally coincides with dates that final payment is due, and penalties generally increase as the voyage sail date approaches. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Goods and services associated with onboard revenue are generally provided at a point in time and revenue is recognized when the performance obligation is satisfied. Onboard goods and services rendered may be paid at disembarkation. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period. Cruises that are reserved under full ship charter agreements are subject to the payment terms of the specific agreement and may be either cancelable or non-cancelable. Deposits received on charter voyages are deferred when received and included in advance ticket sales. Deferred amounts are subsequently recognized as revenue ratably over the voyage sailing dates. Contract Balances Receivables from customers are included within accounts receivable, net. As of December 31, 2024 and 2023, our receivables from customers were $114.2 million and $126.4 million, respectively, primarily related to in-transit credit card receivables. Contract liabilities represent the Company’s obligation to transfer goods and services to a customer. A customer deposit held for a future cruise is generally considered a contract liability only when final payment is both due and paid by the customer and is usually recognized in earnings within 180 days of becoming a contract. Other deposits held and included within advance ticket sales or other long-term liabilities are not considered contract liabilities as they are largely cancelable and refundable. Our contract liabilities are included within advance ticket sales. 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. As of December 31, 2024, our contract liabilities were $2.2 billion. Of the amounts included within contract liabilities as of December 31, 2024, approximately 40% were refundable in accordance with our cancellation policies. Of the deposits included within advance ticket sales, the majority are refundable in accordance with our cancellation policies and it is uncertain to what extent guests may request refunds. As of December 31, 2023, our contract liabilities were $2.2 billion. Approximately $2.1 billion of the December 31, 2023 contract liability balance has been recognized in revenue for the year ended December 31, 2024. The addition of new ships throughout 2023 increased the contract liability balances in 2024 as the number of sailings available for sale increases after each new ship in delivered. In 2023, three new ships were delivered. Additionally, cruises for four ships on order are available for sale. Practical Expedients and Exemptions We do not disclose information about remaining performance obligations that have original expected durations of one year or less. We recognize revenue in an amount that corresponds directly with the value to the customer of our performance completed to date. Variable consideration, which will be determined based on a future rate and passenger count, is excluded from the disclosure and these amounts are not material. These variable non-disclosed contractual amounts relate to non-cancelable charter agreements and a service concession arrangement with a certain port, both of which are long-term in nature. Amounts that are fixed in nature due to the application of minimum guarantees are also not material and are not disclosed. Contract Costs Management generally expects that incremental commissions and credit card fees paid as a result of obtaining ticket contracts are recoverable; therefore, we recognize these amounts as assets when they are paid prior to the voyage. Costs of air tickets, port taxes and other fees that fulfill future performance obligations are also considered recoverable and are recorded as assets. Costs incurred to obtain customers were $229.6 million and $231.9 million as of December 31, 2024 and 2023, respectively. Costs to fulfill contracts with customers were $120.8 million and $135.5 million as of December 31, 2024 and 2023, respectively. Both costs to obtain and fulfill contracts with customers are recognized within prepaid expenses and other assets. Incremental commissions, credit card fees, air ticket costs, and port taxes and fees are recognized ratably over the voyage sailing dates, concurrent with associated revenue, and are primarily in commissions, transportation and other expense.

Acquisition

Acquisition	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Acquisition	4 . Acquisition ​ On April 25, 2024, Norwegian acquired 100% of the voting equity interest of Independent Maritime Advisors Ltd. (“IMA”), a consulting company specializing in project management for newbuilds and vessel conversions for $37.5 million, which consisted primarily of cash and also included deferred consideration and the settlement of a pre-existing relationship. Norwegian acquired IMA to bring newbuild project management and supervision in-house and optimize the overall capital outflow for newbuild expenditures, which generates synergies that create goodwill. ​ The preliminary purchase price was allocated as follows (in thousands): ​ ​ ​ ​ ​ Assets, other than goodwill ​ $ 4,302 Goodwill ​ 37,630 Liabilities ​ (9,088) Total consideration allocated, net of $4.7 million of cash acquired ​ $ 32,844 ​ As of December 31, 2024, the measurement period pertaining to the acquisition remains open and is subject to further adjustment. The acquisition includes deferred consideration, which is currently considered probable of payment in full; however, if new information arises, a change in consideration could impact our goodwill or liabilities. The acquisition of IMA does not have a material impact on the Company’s consolidated statements of operations.

Goodwill and Trade Names

Goodwill and Trade Names	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Trade Names	5. Goodwill and Trade Names Goodwill and trade names are not subject to amortization. As of December 31, 2024 and 2023, the carrying values were $135.8 million and $98.1 million, respectively, for goodwill and $500.5 million for trade names. We evaluate goodwill and trade names for impairment annually or more frequently when an event occurs or circumstances change that indicates the carrying value of a reporting unit may not be recoverable. ​ ​ The changes in the carrying amount of goodwill are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Goodwill Accumulated impairment loss $ (1,290,797) Balance, December 31, 2023 ​ ​ 98,134 Additions to goodwill ​ ​ 37,630 Impairment loss ​ ​ — Balance, December 31, 2024 ​ $ 135,764 ​ The carrying value of our trade names was $500.5 million, which consists of $207.5 million for Norwegian Cruise Line, $140.0 million for Oceania Cruises and $153.0 million for Regent Seven Seas Cruises.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	6. Leases Nature of Leases We have operating leases primarily for port facilities and also corporate offices, warehouses, and certain equipment. Many of our leases include both lease and non-lease components. We have adopted the practical expedient which allows us to combine lease and non-lease components by class of asset. We have applied this expedient for office leases, port facilities, and certain equipment. The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Operating lease expense ​ $ 69,836 ​ $ 54,290 ​ $ 47,558 Variable lease expense ​ ​ 33,246 ​ ​ 25,364 ​ ​ 29,886 Short-term lease expense ​ ​ 44,683 ​ ​ 36,853 ​ ​ 38,476 ​ Lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location December 31, 2024 ​ December 31, 2023 Operating leases ​ ​ ​ Right-of-use assets Other long-term assets ​ $ 899,091 ​ $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities ​ ​ 27,313 ​ ​ 23,226 Non-current operating lease liabilities Other long-term liabilities ​ ​ 788,669 ​ ​ 644,646 ​ Supplemental cash flow and non-cash information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 86,566 ​ $ 122,499 ​ $ 47,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 168,369 ​ ​ 77,954 ​ ​ (76,173) ​ The right-of-use assets obtained in exchange for lease obligations for the year ended December 31, 2022 decreased primarily related to a modification of a port facility agreement. Other supplemental information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 Weighted average remaining lease term (years) - operating leases ​ 26.45 ​ 22.68 ​ 22.90 ​ Weighted average discount rate - operating leases ​ ​ 6.87 % ​ 7.92 % ​ 7.33 % ​ As of December 31, 2024, maturities of lease liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Operating ​ leases 2025 ​ $ 81,047 2026 ​ 75,425 2027 ​ 78,612 2028 ​ 71,062 2029 ​ 69,463 Thereafter ​ 1,490,686 Total ​ 1,866,295 Less: Present value discount ​ (1,050,313) Present value of lease liabilities ​ $ 815,982 ​ Sales-Type Lease We have one sales-type lease for constructed land-based transportation equipment and infrastructure. The remaining term of the lease is 18 years . At the end of the lease term, the assets shall be conveyed to the lessee. As of December 31, 2024, the lease receivable is $38.8 million and is recognized within accounts receivable, net and other long-term assets. The maturities of the lease receivable as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Sales-type ​ lease 2025 ​ $ 1,839 2026 ​ 1,839 2027 ​ 1,839 2028 ​ 1,839 2029 ​ 1,839 Thereafter ​ 29,622 Total ​ $ 38,817 ​ Significant Assumptions and Judgments in Applying Topic 842 and Practical Expedients Elected Our leases contain both fixed and variable payments. Fixed payments and variable lease payments that depend on a rate or index are included in the calculation of the right-of-use asset. Other variable payments are excluded from the calculation unless there is an unavoidable fixed minimum cost related to those payments such as a minimum annual guarantee. Our lease assets are amortized on a straight-line basis except for our rights to use port facilities. The expenses related to port facilities are amortized based on passenger counts as this basis represents the pattern in which the economic benefit is derived from the right to use the underlying asset. For non-consecutive lease terms, which relate to our rights to use certain port facilities, the term of the lease is based on the number of days on which we have the right to use a specified asset. We have adopted the practical expedient to exclude leases with terms of less than one year from being included on the balance sheet. Lease expense for agreements that are short-term are disclosed below and include both fixed and variable payments. Certain leases include one or more options to extend or terminate and are primarily in five-year increments. Lease extensions and terminations, including auto-renewing lease terms, were only included in the calculation of the right-of-use asset to the extent that the right to renew or terminate was at the option of the lessor only or where there was a more than insignificant penalty for termination. As our leases do not have a readily determinable implicit rate, we estimated our incremental borrowing rate to determine the net present value of the lease payments at the commencement date. Our incremental borrowing rate was estimated based on the rate we would have obtained if we had borrowed collateralized debt over the lease term to purchase the asset. We have also adopted the practical expedient which allows us, by class of asset, to not separate lease and non-lease components when we are the lessor in the underlying transaction, the transactions would otherwise be accounted for under ASC 606–Revenue Recognition and the non-lease components are the predominant components of the agreements. We have applied this practical expedient to transactions with cruise passengers and concession service providers related to the use of our ships. We refer you to Note 3 – “Revenue and Expense from Contracts with Customers.” ​ Leases That Have Not Yet Commenced ​ We have three agreements related to our rights to use port facilities which are under construction or certain other port facilities. The lease terms for these agreements have not commenced as of December 31, 2024. Although we have provided or may provide design input or advances related to these assets, we have determined that we do not control these assets during the period of construction. The leases are expected to commence in 2025 and 2028. These port facilities have undiscounted minimum annual guarantees of approximately $238.5 million.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income (Loss)	​ ​ 7. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Accumulated ​ Change ​ Related to ​ ​ ​ Other ​ Related to ​ Shipboard ​ ​ ​ Comprehensive ​ Cash Flow ​ Retirement ​ ​ Income (Loss) Hedges ​ Plan ​ Accumulated other comprehensive income (loss) at beginning of period ​ $ (508,438) $ (508,524) ​ $ 86 Current period other comprehensive income (loss) before reclassifications ​ (3,902) ​ (10,642) 6,740 Amounts reclassified into earnings ​ 5,301 ​ 4,923 (1) 378 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (507,039) ​ $ (514,243) (3) $ 7,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 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 (5,441) (1,773) (3,668) Amounts reclassified into earnings (25,918) (26,173) (1) 255 (2) Accumulated other comprehensive income (loss) at end of period $ (508,438) $ (508,524) ​ $ 86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 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 (loss) before reclassifications ​ (95,506) ​ (104,017) 8,511 Amounts reclassified into earnings ​ (96,487) ​ (96,865) (1) 378 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (477,079) ​ $ (480,578) $ 3,499 (1) We refer you to Note 10 – “Fair Value Measurements and Derivatives” in these notes to consolidated financial statements 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 $30.5 million of loss expected to be reclassified into earnings in the next 12 months.

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2024
Property Plant And Equipment [Abstract]
Property and Equipment, Net	8. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Ships ​ $ 18,435,673 ​ $ 18,462,250 Ship improvements ​ 3,269,898 ​ 2,899,114 Ships under construction ​ 1,143,711 ​ 548,182 Land and land improvements ​ 58,370 ​ 58,370 Other ​ 1,261,404 ​ 999,471 ​ ​ 24,169,056 ​ 22,967,387 Less: accumulated depreciation ​ (7,358,406) ​ (6,534,095) Property and equipment, net ​ $ 16,810,650 ​ $ 16,433,292 ​ The Company capitalized approximately $398.6 million of costs associated with ship improvements and $140.5 million associated with other information technology assets during the year ended December 31, 2024. Repairs and maintenance expenses including Dry-dock expenses were $205.9 million, $160.8 million and $223.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, and were recorded within other cruise operating expense. Ships under construction include progress payments to the shipyard, planning and design fees and other associated costs. Capitalized interest costs which were primarily associated with the construction or revitalization of ships amounted to $59.9 million, $56.4 million and $58.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2024
Long-term Debt, Unclassified [Abstract]
Long-Term Debt	​ ​ 9. Long-Term Debt Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate ​ ​ ​ Balance ​ ​ December 31, ​ Maturities ​ December 31, ​ 2024 2023 Through 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loan Facility ​ 6.77 % — ​ 2026 ​ $ 245,000 ​ $ — $862.5 million 6.000% exchangeable notes ​ — ​ 6.00 % 2024 ​ ​ — ​ ​ 146,044 $450.0 million 5.375% exchangeable notes ​ 5.38 % 5.38 % 2025 ​ ​ 448,527 ​ ​ 446,027 $1,150.0 million 1.125% exchangeable notes ​ 1.13 % 1.13 % 2027 ​ ​ 1,137,711 ​ ​ 1,132,079 $473.2 million 2.50% exchangeable notes ​ 2.50 % 2.50 % 2027 ​ ​ 467,764 ​ ​ 465,339 $1,000.0 million 5.875% senior secured notes ​ 5.88 % 5.88 % 2027 ​ ​ 993,581 ​ ​ 990,560 $315.0 million 6.25% senior unsecured notes ​ 6.25 % — ​ 2030 ​ ​ 310,623 ​ ​ — $600.0 million 7.75% senior unsecured notes ​ 7.75 % 7.75 % 2029 ​ ​ 594,782 ​ ​ 593,521 $790.0 million 8.125% senior secured notes ​ 8.13 % 8.13 % 2029 ​ ​ 781,372 ​ ​ 779,241 $250.0 million 9.75% senior secured notes ​ — ​ 9.75 % 2028 ​ ​ — ​ ​ 239,695 $600.0 million 8.375% senior secured notes ​ 8.38 % 8.38 % 2028 ​ ​ 593,041 ​ ​ 590,796 $525.0 million 6.125% senior unsecured notes ​ 6.13 % 6.13 % 2028 ​ ​ 521,495 ​ ​ 520,402 $1,425.0 million 5.875% senior unsecured notes ​ 5.88 % 5.88 % 2026 ​ 1,420,523 ​ 1,416,779 $565.0 million 3.625% senior unsecured notes ​ — ​ 3.63 % 2024 ​ ​ — ​ ​ 563,788 €529.8 million Breakaway one loan (1) ​ 5.88 % 6.73 % 2026 ​ 56,343 ​ 140,721 €529.8 million Breakaway two loan (1) ​ 5.12 % 5.18 % 2027 ​ 130,055 ​ 216,317 €590.5 million Breakaway three loan (1) ​ 3.47 % 3.86 % 2027 ​ 212,637 ​ 303,184 €729.9 million Breakaway four loan (1) ​ 3.32 % 3.66 % 2029 ​ 337,406 ​ 437,721 €710.8 million Seahawk 1 term loan (1) ​ 4.10 % 4.35 % 2030 ​ 401,919 ​ 501,416 €748.7 million Seahawk 2 term loan (1) ​ 4.06 % 4.27 % 2031 ​ 542,721 ​ 650,189 Leonardo newbuild one loan ​ 2.68 % 2.68 % 2034 ​ 878,378 ​ 960,901 Leonardo newbuild two loan ​ 2.77 % 2.77 % 2035 ​ 942,721 ​ 1,022,829 Leonardo newbuild three loan ​ 1.88 % 1.89 % 2037 ​ 246,738 ​ 199,689 Leonardo newbuild four loan ​ 1.97 % 1.31 % 2038 ​ 186,090 ​ 42,037 Explorer newbuild loan ​ 3.97 % 4.37 % 2028 ​ 121,395 ​ 166,239 Splendor newbuild loan ​ 3.41 % 3.62 % 2032 ​ ​ 282,809 ​ ​ 333,143 Grandeur newbuild loan ​ 3.70 % 3.70 % 2035 ​ ​ 462,691 ​ ​ 501,987 Marina newbuild loan ​ 6.78 % 7.06 % 2027 ​ 33,696 ​ 56,283 Riviera newbuild loan ​ 6.00 % 6.84 % 2026 ​ 22,536 ​ 67,683 Vista newbuild loan ​ 3.64 % 3.64 % 2035 ​ ​ 515,151 ​ ​ 560,943 Prestige newbuild loan ​ 6.38 % — ​ 2038 ​ ​ 104,269 ​ ​ — Prestige Class 2 newbuild loan ​ 6.38 % — ​ 2041 ​ ​ 15,105 ​ ​ — New Oceania Cruises class 1 newbuild loan ​ 6.38 % — ​ 2039 ​ ​ 65,535 ​ ​ — New Oceania Cruises class 2 newbuild loan ​ 6.38 % — ​ 2040 ​ ​ 16,752 ​ ​ — Finance lease and license obligations ​ Various Various 2028 ​ 11,124 ​ 13,372 Total debt ​ ​ ​ ​ ​ ​ 13,100,490 ​ 14,058,925 Less: current portion of long-term debt ​ ​ ​ ​ ​ ​ (1,323,769) ​ (1,744,778) Total long-term debt ​ ​ ​ ​ ​ $ 11,776,721 ​ $ 12,314,147 (1) Currently U.S. dollar-denominated. ​ 2024 Transactions In February 2024, NCLC and the purchasers named therein (collectively, the “Commitment Parties”) entered into a third amended and restated commitment letter (the “third amended commitment letter”), which became effective in March 2024. The third amended commitment letter amended and restated the commitment letter dated February 22, 2023 and extended the commitments thereunder through March 2025. Pursuant to the third amended commitment letter, the Commitment Parties have agreed to purchase from NCLC an aggregate principal amount of $650 million of senior unsecured notes due five years after the issue date (the “Commitment Notes”) at NCLC’s option. If issued, the Commitment Notes will be subject to an issue fee of 0.50% and will bear interest at a rate per annum equal to (A) the greater of (i) the interest rate of the 7.75% senior notes due 2029 (“2029 Unsecured Notes”) and (ii) the then-current secondary trading yield applicable to the 2029 Unsecured Notes plus (B) 200 basis points In connection with the execution of the third amended commitment letter, NCLC agreed to repurchase all of the outstanding $250 million aggregate principal amount of 9.75% senior secured notes due 2028 (the “2028 Secured Notes”) at a negotiated premium plus accrued and unpaid interest thereon. In March 2024, in connection with the settlement of the repurchase, the aggregate principal amount outstanding under the 2028 Secured Notes was cancelled while also releasing the related collateral. The loss on extinguishment was $29.0 million, recognized in interest expense, net. In November 2023, we executed an agreement for a commitment of €200 million in connection with financial support for our newbuilds, which became available in April 2024. The commitment if drawn will pay interest quarterly at a rate per annum based on an applicable margin plus Euribor 3-months. The commitment may be drawn at any time and is payable within 364 days, but no later than July 15, 2025. Any amount repaid prior to July 15, 2025 may be drawn again. In September 2024, NCLC issued $315.0 million aggregate principal amount of 6.250% senior unsecured notes due March 1, 2030 (the “2030 Notes”). NCLC may, at its option, redeem the 2030 Notes, in whole or in part, (i) prior to March 1, 2027 (the “First Call Date”), at a redemption price equal to 100% of the principal amount of the 2030 Notes to be redeemed plus an applicable “make-whole” amount, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date, and (ii) on or after the First Call Date, at the redemption prices set forth in the 2030 Notes indenture, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to the First Call Date, NCLC may redeem up to 40% of the aggregate principal amount of the 2030 Notes with the net proceeds of certain equity offerings at a redemption price equal to 106.250% of the principal amount of the 2030 Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2030 Notes issued remains outstanding following such redemption. The 2030 Notes pay interest at 6.250% per annum, semiannually in arrears on March 1 and September 1 of each year, to holders of record at the close of business on the immediately preceding February 15 and August 15, respectively. The 2030 Notes indenture contains covenants that limit the ability of NCLC and its restricted subsidiaries to, among other things: (i) grant or assume certain liens; (ii) enter into sale leaseback transactions; and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets. The net proceeds for the 2030 Notes, after deducting the initial purchasers’ discount but before deducting estimated fees and expenses, together with cash on hand, were used to redeem $315.0 million aggregate principal amount of the 3.625% senior notes due 2024, including to pay any accrued and unpaid interest thereon. 2025 Transactions In January 2025, the full amount of outstanding borrowings under the Breakaway one loan, Breakaway two loan, Marina newbuild loan and Riviera newbuild loan, plus any accrued and unpaid interest thereon, was repaid with funds drawn from the Revolving Loan Facility and also releasing the related collateral. Also in January 2025, NCLC issued $1.8 billion aggregate principal amount of 6.750% senior unsecured notes due February 1, 2032 (the “2032 Notes”). NCLC may, at its option, redeem the 2032 Notes, in whole or in part, (i) prior to February 1, 2028 (the “First Call Date”), at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed plus an applicable “make-whole” amount, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date, and (ii) on or after the First Call Date, at the redemption prices set forth in the 2032 Notes indenture, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the redemption date. In addition, at any time and from time to time prior to the First Call Date, NCLC may redeem up to 40% of the aggregate principal amount of the 2032 Notes with the net proceeds of certain equity offerings at a redemption price equal to 106.750% of the principal amount of the 2032 Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, so long as at least 60% of the aggregate principal amount of the 2032 Notes issued remains outstanding following such redemption. The 2032 Notes pay interest at 6.750% per annum, semiannually in arrears on February 1 and August 1 of each year, to holders of record at the close of business on the immediately preceding January 15 and July 15, respectively. The 2032 Notes indenture contains covenants that limit the ability of NCLC and its restricted subsidiaries to, among other things: (i) create liens on certain assets to secure debt; (ii) enter into sale leaseback transactions; and (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of their assets. The net proceeds for the 2032 Notes, together with cash on hand, were used to redeem $1.2 billion aggregate principal amount of the 5.875% senior unsecured notes due 2026 and $600.0 million aggregate principal amount of the 8.375% senior secured notes due 2028, together with any accrued and unpaid interest thereon, and to pay any related transaction premiums, fees and expenses. The repayment of the 8.375% senior secured notes due 2028 also released the related collateral. During the three months ended March 31, 2025, the related losses on extinguishment are expected to be approximately $50.0 million, which will be recognized in interest expense, net. Concurrently with the above January 2025 transactions, NCLC entered into an amended and restated Revolving Loan Facility (the “Seventh ARCA”). The Seventh ARCA, among other things, increased the aggregate amount of commitments under the Revolving Loan Facility from $1.2 billion to $1.7 billion. The commitments and any loans under the Revolving Loan Facility mature on January 22, 2030, provided that (a) if, on the date that is 91 days prior to the final maturity date of any of NCLC’s outstanding senior notes (other than the exchangeable notes), (i) such senior notes (other than the exchangeable notes) have not been repaid or refinanced with indebtedness maturing after April 23, 2030 and (ii) the aggregate principal amount outstanding under such senior notes exceeds $400,000,000, the maturity date will be such date if such date is earlier than January 22, 2030, (b) if, on November 17, 2026, the 2027 1.125% Exchangeable Notes have not been repaid or refinanced with indebtedness maturing after April 23, 2030 and a liquidity test is not satisfied, the maturity date will be November 17, 2026 and (c) if, on November 17, 2026, the 2027 2.5% Exchangeable Notes have not been repaid or refinanced with indebtedness maturing after April 23, 2030 and a liquidity test is not satisfied, the maturity date will be November 17, 2026. Loans under the Revolving Loan Facility will accrue interest (x) in the case of alternate base rate loans, at a per annum rate based on an alternate base rate plus a margin of between 0.00% and 1.00% and (y) in the case of term benchmark loans, at a per annum rate based on the adjusted term SOFR plus a margin of between 1.00% and 2.00%. The commitments under the Revolving Loan Facility will accrue an unused commitment fee on the amount of available unused commitments at a rate of between 0.15% and 0.30%. The applicable margin and unused commitment fee will depend on the total leverage ratio as of the applicable date. The Seventh ARCA also modified certain existing negative covenant thresholds and the related collateral. The Seventh ARCA and related guarantees are now secured by first-priority interests in, among other things and subject to certain agreed security principles, ten of our vessels. In January 2025, NCLC also entered into a supplemental indenture that modified the collateral for the 8.125% senior secured notes due 2029 such that collateral is the same as the Seventh ARCA. Exchangeable Notes Each of the 2024 Exchangeable Notes, 2025 Exchangeable Notes, 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes (as defined below) contain conversion options that may be settled with NCLH’s ordinary shares. As the options are both indexed to and settled in our ordinary shares, they are not accounted for separately as derivatives. As of December 31, 2024, NCLC had outstanding $450.0 million aggregate principal amount of 5.375% exchangeable senior notes due August 1, 2025 (the “2025 Exchangeable Notes”). The 2025 Exchangeable Notes are guaranteed by NCLH on a senior basis. Holders may exchange their 2025 Exchangeable Notes at their option into redeemable preference shares of NCLC. Upon exchange, the preference shares will be immediately and automatically exchanged, for each $1,000 principal amount of exchanged 2025 Exchangeable Notes, into a number of NCLH’s ordinary shares based on the exchange rate. The exchange rate will initially be 53.3333 ordinary shares per $1,000 principal amount of 2025 Exchangeable Notes (equivalent to an initial exchange price of approximately $18.75 per ordinary share). The maximum exchange rate is 66.6666 and reflects potential adjustments to the initial exchange rate, which would only be made in the event of certain make-whole fundamental changes or tax redemption events. The exchange rate referred to above is also subject to adjustment for any stock split, stock dividend or similar transaction. The 2025 Exchangeable Notes pay interest at As of December 31, 2024, NCLC had outstanding $1,150.0 million aggregate principal amount of 1.125% exchangeable senior notes due February 15, 2027 (the “2027 1.125% Exchangeable Notes”). The 2027 1.125% Exchangeable Notes are guaranteed by NCLH on a senior basis. Holders may exchange their 2027 1.125% Exchangeable Notes for, at the election of NCLC, cash, ordinary shares of NCLH or a combination of cash and ordinary shares of NCLH, at any time prior to the close of business on the business day immediately preceding August 15, 2026, subject to the satisfaction of certain conditions and during certain periods, and on or after August 15, 2026 until the close of business on the business day immediately preceding the maturity date, regardless of whether such conditions have been met. Upon exchange, the preference shares will be immediately and automatically exchanged, for each $1,000 principal amount of exchanged 2027 1.125% Exchangeable Notes, into a number of NCLH’s ordinary shares based on the exchange rate. The initial exchange rate is 29.6850 ordinary shares per $1,000 principal amount of 2027 1.125% Exchangeable Notes (equivalent to an initial exchange price of approximately $33.69 per ordinary share). The maximum exchange rate is 42.3012 and reflects potential adjustments to the initial exchange rate, which would only be made in the event of certain make-whole fundamental changes or tax redemption events. The exchange rate referred to above is also subject to adjustment for any stock split, stock dividend or similar transaction. The 2027 1.125% Exchangeable Notes pay interest at 1.125% per annum, semiannually on February 15 and August 15 of each year, to holders of record at the close of business on the immediately preceding February 1 and August 1, respectively. As of December 31, 2024, NCLC had outstanding $473.2 million in aggregate principal amount of 2.5% exchangeable senior notes due February 15, 2027 (the “2027 2.5% Exchangeable Notes”). The 2027 2.5% Exchangeable Notes are guaranteed by NCLH on a senior basis. At their option, holders may exchange their 2027 2.5% Exchangeable Notes for, at the election of NCLC, cash, ordinary shares of NCLH or a combination of cash and ordinary shares of NCLH, at any time prior to the close of business on the business day immediately preceding August 15, 2026, subject to the satisfaction of certain conditions and during certain periods, and on or after August 15, 2026 until the close of business on the business day immediately preceding the maturity date, regardless of whether such conditions have been met. If NCLC elects to satisfy its exchange obligation solely in ordinary shares or in a combination of ordinary shares and cash, upon exchange, the 2027 2.5% Exchangeable Notes will convert into redeemable preference shares of NCLC, which will be immediately and automatically exchanged, for each $1,000 principal amount of exchanged 2027 2.5% Exchangeable Notes, into a number of NCLH’s ordinary shares based on the exchange rate. The exchange rate initially will be 28.9765 ordinary shares per $1,000 principal amount of 2027 2.5% Exchangeable Notes (equivalent to an initial exchange price of approximately $34.51 per ordinary share). The maximum exchange rate is 44.1891 and reflects potential adjustments to the initial exchange rate, which would only be made in the event of certain make-whole fundamental changes or tax redemption events. The exchange rate referred to above is also subject to adjustment for any stock split, stock dividend or similar transaction. The 2027 2.5% Exchangeable Notes pay interest at The following is a summary of NCLC’s exchangeable notes as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2025 Exchangeable Notes (1) ​ $ 449,990 ​ $ (1,463) ​ $ 448,527 ​ $ 641,560 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (12,289) ​ ​ 1,137,711 ​ ​ 1,177,347 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (5,411) ​ ​ 467,764 ​ ​ 492,395 ​ Level 2 ​ ​ The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (2) ​ $ 146,601 ​ $ (557) ​ $ 146,044 ​ $ 217,790 ​ Level 2 2025 Exchangeable Notes ​ ​ 449,990 ​ ​ (3,963) ​ ​ 446,027 ​ ​ 572,567 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (17,921) ​ ​ 1,132,079 ​ ​ 1,068,431 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (7,836) ​ ​ 465,339 ​ ​ 453,784 ​ Level 2 (1) Classified within current portion of long-term debt as of December 31, 2024. We expect that the holders of the 2025 Exchangeable Notes will exchange their 2025 Exchangeable Notes for NCLH ordinary shares if not refinanced prior to maturity. (2) Classified within current portion of long-term debt as of December 31, 2023. During the year ended December 31, 2024, substantially all the holders of 2024 Exchangeable Notes elected to exchange their 2024 Exchangeable Notes for 10,658,607 NCLH ordinary shares and the remaining unexchanged notes were repaid in cash at maturity. The following provides a summary of the interest expense recognized related to the exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Coupon interest ​ ​ 52,222 ​ ​ 57,750 ​ ​ 55,759 Amortization of deferred financing fees ​ ​ 11,086 ​ ​ 11,669 ​ ​ 11,143 Total ​ $ 63,308 ​ $ 69,419 ​ $ 66,902 ​ The effective interest rate is 5.97%, 1.64% and 3.06% for the 2025 Exchangeable Notes, 2027 1.125% Exchangeable Notes and 2027 2.5% Exchangeable Notes, respectively. Interest Expense Interest expense, net for the year ended December 31, 2024 was $747.2 million which included $81.6 million of amortization of deferred financing fees and an approximately $29.2 million loss on extinguishment of debt. Interest expense, net for the year ended December 31, 2023 was $727.5 million which included $73.5 million of amortization of deferred financing fees and a $8.8 million loss on extinguishment and modification of debt. Interest expense, net for the year ended December 31, 2022 was $801.5 million which included $59.3 million of amortization of deferred financing fees and a $193.4 million loss on extinguishment and modification of debt. 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 December 31, 2024 for each of the next five years (in thousands): ​ ​ ​ ​ Year Amount 2025 ​ $ 1,323,769 2026 ​ 2,486,641 2027 ​ 3,309,072 2028 ​ 1,720,518 2029 ​ 1,935,834 Thereafter ​ 2,612,675 Total ​ $ 13,388,509 ​ We had an accrued interest liability of $202.6 million and $195.2 million as of December 31, 2024 and 2023, respectively. Debt Covenants As of December 31, 2024, we were in compliance with all of our debt covenants. If we do not continue to remain in compliance with our covenants, we would have to seek additional amendments to or waivers of our covenants. However, no assurances can be made that such amendments or waivers would be approved by our lenders. Generally, if an event of default under any debt agreement occurs, then pursuant to cross default and/or cross acceleration clauses, substantially all of our outstanding debt and derivative contract payables could become due, and all debt and derivative contracts could be terminated, which would have a material adverse impact on our operations and liquidity.

Fair Value Measurements and Der

Fair Value Measurements and Derivatives	12 Months Ended
	Dec. 31, 2024
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Value Measurements and Derivatives	10. Fair Value Measurements and Derivatives Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). Derivatives are generally recorded at fair value. Contracts that are designated as normal purchases and normal sales are not recorded at fair value. The normal purchases and normal sales exception requires, among other things, physical delivery in quantities expected to be used or sold over a reasonable period in the normal course of business. All of our allowance purchase agreements related to the E.U. ETS meet the criteria specified for this exception. Fair Value Hierarchy The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available: Level 1 — Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates. Level 2 — Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources. Level 3 — Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available. Derivatives We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use critical terms match or regression analysis for hedge relationships and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. If it is determined that the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. There are no amounts excluded from the assessment of hedge effectiveness, and there are no credit-risk-related contingent features in our derivative agreements. We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives, is not considered significant, as we primarily conduct business with large, well-established financial institutions with which we have established relationships, and which have credit risks acceptable to us, or the credit risk is spread out among many creditors. We do not anticipate non-performance by any of our significant counterparties. As of December 31, 2024, we had fuel swaps, which are used to mitigate the financial impact of volatility of fuel prices pertaining to approximately 741 thousand metric tons of our projected fuel purchases, maturing through December 31, 2026. As of December 31, 2024, we had fuel swaps pertaining to approximately 27 thousand metric tons of our projected fuel purchases which were not designated as cash flow hedges maturing through December 31, 2025. As of December 31, 2024, we had foreign currency forwards and collars which were 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 foreign currency contracts were €709.9 million, or $735.0 million based on the euro/U.S. dollar exchange rate as of December 31, 2024. The derivatives measured at fair value and the respective location in the consolidated balance sheets includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ 1,576 ​ $ — ​ $ 1,798 ​ $ — ​ ​ Other long-term assets ​ ​ 650 ​ ​ — ​ ​ 208 ​ ​ — ​ ​ Accrued expenses and other liabilities ​ 488 ​ 4,309 ​ 12,955 ​ 11,247 ​ ​ Other long-term liabilities ​ 648 ​ 137 ​ 2,030 ​ 8,932 Foreign currency contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ — ​ — ​ 1,567 ​ — ​ ​ Other long-term liabilities ​ — ​ — ​ 17,427 ​ — Total derivatives designated as hedging instruments ​ $ 3,362 ​ $ 4,446 ​ $ 35,985 ​ $ 20,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ Prepaid expenses and other assets ​ $ 234 ​ $ — ​ $ — ​ $ — ​ ​ Accrued expenses and other liabilities ​ ​ — ​ ​ 141 ​ ​ 390 ​ ​ 1,031 ​ ​ Other long-term liabilities ​ ​ — ​ ​ — ​ ​ 35 ​ ​ 280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives not designated as hedging instruments ​ $ 234 ​ $ 141 ​ $ 425 ​ $ 1,311 Total derivatives ​ ​ ​ $ 3,596 ​ $ 4,587 ​ $ 36,410 ​ $ 21,490 ​ The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration, and volatility. The fair value of option contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties when the rights of offset exist. We are not required to post cash collateral related to our derivative instruments. The gross and net amounts recognized within assets and liabilities include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2024 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 2,460 ​ $ (2,006) ​ $ 454 ​ $ — ​ $ 454 Liabilities ​ ​ 34,404 ​ ​ (1,136) ​ ​ 33,268 ​ ​ (18,994) ​ ​ 14,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Liabilities ​ $ 21,490 ​ $ (4,587) ​ $ 16,903 ​ $ — ​ $ 16,903 ​ The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) include the following (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 Derivatives Comprehensive Income (Loss) Income Income (Loss) into Income ​ ​ Year Ended December 31, ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ 2024 ​ 2023 ​ 2022 Fuel contracts $ 9,482 ​ $ (15,144) ​ $ 106,994 ​ Fuel $ 12,321 ​ $ 39,138 ​ $ 104,250 Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ (766) ​ ​ (146) ​ ​ (293) Foreign currency contracts (20,124) ​ 13,371 ​ (211,011) ​ Depreciation and amortization (16,478) ​ (12,819) ​ (7,052) Interest rate contracts — ​ — ​ — ​ Interest expense, net — ​ — ​ (40) Total gain (loss) recognized in other comprehensive income (loss) $ (10,642) ​ $ (1,773) ​ $ (104,017) ​ $ (4,923) ​ $ 26,173 ​ $ 96,865 ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ Fuel Amortization Expense, net ​ ( 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 ​ $ 698,050 ​ $ 890,242 ​ $ 747,223 ​ $ 54,224 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ ​ Fuel contracts ​ 12,321 ​ — ​ — ​ ​ — Foreign currency contracts ​ — ​ ​ (16,478) ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (766) ​ ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ ​ Fuel Amortization Expense, net ​ ( 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 ​ $ 716,833 ​ $ 808,568 ​ $ 727,531 ​ $ (40,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 39,138 ​ — ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ (12,819) ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (146) ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ Fuel Amortization Expense, net ( 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 ​ $ 686,825 ​ $ 749,326 ​ $ 801,512 ​ $ 76,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ Fuel contracts ​ ​ 104,250 ​ ​ — ​ ​ — ​ — Foreign currency contracts ​ ​ — ​ ​ (7,052) ​ ​ — ​ — Interest rate contracts ​ ​ — ​ ​ — ​ ​ (40) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (293) ​ The effects of derivatives not designated as hedging instruments on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) Recognized in Income ​ ​ ​ Year Ended December 31, ​ Location of Gain (Loss) 2024 2023 2022 Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts Other income (expense), net ​ $ 1,845 ​ $ (1,663) ​ $ 33,850 Foreign exchange contracts Other income (expense), net ​ ​ (917) ​ ​ (1,554) ​ ​ (15,055) ​ Long-Term Debt As of December 31, 2024 and 2023, the fair value of our long-term debt, including the current portion, was $12.8 billion and $13.5 billion, respectively, which was $0.6 billion and $0.9 billion lower, respectively, than the carrying values, excluding deferred financing costs. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term revolving and term loan facilities was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The fair value of our exchangeable notes considers observable risk-free rates; credit spreads of the same or similar instruments; and share prices, tenors, and historical and implied volatilities which are sourced from observable market data. The inputs are considered to be Level 2 in the fair value hierarchy. Market risk associated with our long-term variable rate debt is the potential increase in interest expense from an increase in interest rates or from an increase in share values. Non-Recurring Measurements of Non-Financial Assets Goodwill and other indefinite-lived assets, principally trade names, are reviewed for impairment on an annual basis or earlier if there is an event or change in circumstances that would indicate that the carrying value of these assets may not be fully recoverable. We believe our estimates and judgments with respect to our long-lived assets, principally ships, and goodwill and other indefinite-lived intangible assets are reasonable. Nonetheless, if there was a material change in assumptions used in the determination of such fair values or if there is a material change in the conditions or circumstances that influence such assets, we could be required to record an impairment charge. We estimate fair value based on the best information available utilizing estimates, judgments and projections as necessary. As of October 1, 2024, our annual review supports the carrying value of these assets. Other The carrying amounts reported in the consolidated balance sheets of all other financial assets and liabilities approximate fair value.

Employee Benefits and Share-Bas

Employee Benefits and Share-Based Compensation	12 Months Ended
	Dec. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Benefits and Share-Based Compensation	11. Employee Benefits and Share-Based Compensation Amended and Restated 2013 Performance Incentive Plan In January 2013, NCLH adopted the 2013 Performance Incentive Plan, which as amended and restated through 2023 (the “Restated 2013 Plan”), provided for a maximum aggregate limit of 42,009,006 NCLH ordinary shares that could have been delivered pursuant to all awards granted under the plan. In June 2024, NCLH’s shareholders approved a further amendment and restatement of the Restated 2013 Plan to increase the number of NCLH ordinary shares that may be delivered by 3,000,000, resulting in an increase in the maximum aggregate limit to 45,009,006 NCLH ordinary shares. Additionally, the expiration date of the Restated 2013 Plan was extended to March 7, 2034. Share options under the plan are granted with an exercise price equal to the closing market price of NCLH shares at the date of grant. The vesting period for time-based options is typically set at three four ​ Share Option Awards There were no share option awards granted for the years ended December 31, 2024, 2023 and 2022. The following table sets forth a summary of option activity under NCLH’s Restated 2013 Plan for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Number of Share Option Awards ​ Weighted-Average Exercise Price ​ Average ​ Aggregate ​ ​ Time- ​ Performance- ​ Time- ​ Performance- ​ Contractual ​ Intrinsic ​ ​ Based ​ Based ​ Based ​ Based ​ Term ​ Value ​ ​ Awards ​ Awards ​ Awards ​ Awards ​ (years) ​ (in thousands) Outstanding as of January 1, 2024 3,524,856 ​ 114,583 ​ $ 52.98 ​ $ 59.43 ​ 1.26 ​ $ — Forfeited and cancelled ​ (1,351,413) ​ (114,583) ​ ​ 49.40 ​ ​ 59.43 ​ ​ ​ Outstanding as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ — Vested and expected to vest as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ — Exercisable as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ — ​ There were no share options exercised or cash received by the Company from exercises during 2024, 2023 or 2022. As of December 31, 2024, there was no unrecognized compensation cost, related to options granted under our share-based incentive plans. Restricted Share Unit (“RSU”) Awards In March 2024, NCLH granted 4.5 million time-based RSU awards to our employees, which primarily vest in substantially equal installments over three years. Also, in March 2024, NCLH granted 0.9 million performance-based RSU awards to certain members of our management team, which vest upon the achievement of certain pre-established performance targets established through 2026 and the satisfaction of an additional time-based vesting requirement that generally requires continued employment through March 1, 2027. The fair value of the time-based and performance-based RSUs is equal to the closing market price of NCLH shares at the date of grant. The performance-based RSUs awarded to certain members of our management team are subject to performance conditions such that the number of shares that ultimately vest depends on the Adjusted EPS and adjusted return on invested capital (as defined in the relevant award agreements) achieved by the Company during the performance period compared to targets established at the award date or other non-financial targets. Although the terms of the performance-based RSU awards provide the compensation committee with the discretion to make certain adjustments to the performance calculation, a mutual understanding of the key terms and conditions of these awards has been ascertained. The Company remeasures the probability and the cumulative share-based compensation expense of the awards each reporting period until vesting or forfeiture occurs. The following table sets forth a summary of RSU activity for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ ​ Time-Based ​ Average Grant ​ Performance- ​ Average Grant ​ Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2024 9,083,120 ​ $ 17.39 2,140,134 ​ $ 19.41 Granted 4,673,132 ​ ​ 19.25 945,040 (1) ​ 19.29 Vested (4,358,233) ​ ​ 18.81 (569,552) ​ ​ 25.52 Forfeited or expired (474,301) ​ ​ 17.33 (250,200) ​ ​ 17.42 Non-vested as of December 31, 2024 8,923,718 ​ $ 17.68 2,265,422 ​ $ 18.04 Non-vested and expected to vest as of December 31, 2024 ​ 8,923,718 ​ $ 17.68 2,265,422 ​ $ 18.04 (1) Number of performance-based RSU awards included assumes maximum achievement of performance targets. As of December 31, 2024, there were total unrecognized compensation costs related to non-vested time-based and non-vested performance-based RSUs of $94.8 million and $19.9 million, respectively. The costs are expected to be recognized over a weighted-average period of 1.8 years for both time-based and performance-based RSUs. Taxes paid pursuant to net share settlements in 2024, 2023 and 2022 were $25.3 million, $26.9 million and $21.0 million, respectively. The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Classification of expense 2024 2023 2022 Payroll and related (1) ​ $ 19,378 ​ $ 18,564 ​ $ 21,043 Marketing, general and administrative (2) ​ 72,403 ​ 100,376 ​ 92,520 Total share-based compensation expense ​ $ 91,781 ​ $ 118,940 ​ $ 113,563 (1) Amounts relate to equity granted to certain of our shipboard officers. (2) Amounts relate to equity granted to certain of our corporate employees. Employee Benefit Plans We offer annual incentive bonuses pursuant to our Restated 2013 Plan for our executive officers and other key employees. Bonuses under the plan become earned and payable based on the Company’s performance during the applicable performance period and generally require the individual’s continued employment. Company performance criteria include the attainment of certain financial targets and other strategic objectives. Certain employees are employed pursuant to agreements that provide for severance payments. Severance is generally only payable upon an involuntary termination of the employment by us without cause or a termination by the employee for good reason. Severance generally includes a series of cash payments based on the employee’s base salary and our payment of the employee’s continued medical benefits for the applicable severance period. We maintain a 401(k) Plan for our shoreside employees, including our executive officers. Participants may contribute up to 100% of eligible compensation each pay period, subject to certain limitations. In 2022 and 2021, we made matching contributions equal to 100% of the first 3% and 50% of amounts greater than 3% to and including 10% of each participant’s contributions subject to certain limitations. In addition, we may make discretionary supplemental contributions to the 401(k) Plan, which shall be allocated pro rata to each eligible participant based on the compensation of the participant relative to the total compensation of all participants. Our matching contributions are vested according to a five-year schedule. In 2023, we temporarily paused our matching contributions under the 401(k) Plan, which we reinstated for 2024. The 401(k) Plan is subject to the provisions of ERISA and is intended to be qualified under section 401(a) of the U.S. Internal Revenue Code (the “Code”). We recorded total expenses related to the above 401(k) Plan of $13.3 million, $0.6 million and $11.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. Effective January 2009, we implemented the Shipboard Retirement Plan which computes benefits based on years of service, subject to eligibility requirements. The Shipboard Retirement Plan is unfunded with no plan assets. The current portion of the projected benefit obligation of $1.7 million and $1.5 million was included in accrued expenses and other liabilities as of December 31, 2024 and 2023, respectively, and $29.5 million and $32.9 million was included in other long-term liabilities in our consolidated balance sheets as of December 31, 2024 and 2023, respectively. ​ ​ The amounts related to the Shipboard Retirement Plan were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the Year Ended December 31, ​ 2024 2023 2022 Pension expense: ​ ​ ​ Service cost ​ $ 2,875 ​ $ 2,312 ​ $ 2,797 Interest cost ​ 1,677 ​ 1,472 ​ 873 Amortization of prior service cost ​ 378 ​ 378 ​ 378 Amortization of actuarial gain ​ — ​ (123) ​ — Total pension expense ​ $ 4,930 ​ $ 4,039 ​ $ 4,048 Change in projected benefit obligation: ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 34,404 ​ $ 28,765 ​ $ 34,688 Service cost ​ 2,875 ​ 2,312 ​ 2,797 Interest cost ​ 1,677 ​ 1,472 ​ 873 Actuarial (gain) loss ​ (6,740) ​ 3,668 ​ (8,511) Direct benefit payments ​ (983) ​ (1,813) ​ (1,082) Projected benefit obligation at end of year ​ $ 31,233 ​ $ 34,404 ​ $ 28,765 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Projected benefit obligation ​ $ 31,233 ​ $ 34,404 ​ $ 28,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 Amounts recognized in accumulated other comprehensive income (loss): ​ ​ ​ Prior service cost ​ $ (1,891) ​ $ (2,269) ​ $ (2,647) Accumulated actuarial gain ​ 8,029 ​ 1,289 ​ 5,080 Accumulated other comprehensive income (loss) ​ $ 6,138 ​ $ (980) ​ $ 2,433 ​ The discount rates used in the net periodic benefit cost calculation for the years ended December 31, 2024, 2023 and 2022 were 5.0%, 5.3% and 2.8%, respectively, and the average future years of service is 16 years. The discount rate is used to measure and recognize obligations, including adjustments to other comprehensive income (loss), and to determine expense during the periods. It is determined by using bond indices which reflect yields on a broad maturity and industry universe of high-quality corporate bonds. The pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 1,740 2026 ​ ​ 1,866 2027 ​ ​ 2,151 2028 ​ ​ 2,450 2029 ​ ​ 2,891 Next five years ​ ​ 18,434 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes We are incorporated in Bermuda. Under prior Bermuda law, we were not subject to tax on income and capital gains. Previously, we received from the Minister of Finance under The Exempted Undertakings Tax Protection Act 1966, as amended, an assurance that, in the event that Bermuda enacts legislation imposing tax computed on profits, income, any capital asset, gain or appreciation, or any tax in the nature of estate duty or inheritance, then the imposition of any such tax shall not be applicable to us or to any of our operations or shares, debentures or other obligations, until March 31, 2035. Such assurances were superseded by the passage of new legislation as described below. On December 27, 2023, the Bermuda Act was enacted in Bermuda. Under the Bermuda Act, the corporate income tax will be determined based on a statutory tax rate of 15% effective for fiscal years beginning on or after January 1, 2025. The corporate income tax will apply only to Bermuda tax resident businesses that are part of multinational enterprise groups with €750 million or more in annual revenues in at least two of the four fiscal years immediately preceding the year in question. Although the Government of Bermuda has released limited guidance with respect to specific provisions of the Bermuda Act, it is anticipated that further administrative guidance as well as regulatory guidance will be released over the course of the 2025 calendar year and beyond. As enacted, the Bermuda Act makes it clear that any corporate income tax liability is due regardless of the above assurances under the Exempted Undertakings Tax Protection Act 1966. Therefore, we will be subject to the Bermuda corporate income tax with effect from January 1, 2025. The Bermuda Act provides for an international shipping income exclusion. In order for a Bermuda entity’s international shipping income to qualify for the exclusion, the entity must demonstrate that the strategic or commercial management of all ships concerned is effectively carried on from or within Bermuda. We believe we met the necessary requirements to qualify for the international shipping income exclusion during 2024. Additionally, the Bermuda Act provides for companies to be able to offset 80% of their Bermuda taxable income with any available tax loss deductions on an annual basis. The Bermuda Act provides for opening tax loss carryforwards based on the Bermuda taxable income (loss) results of the individual Bermuda entities in the five fiscal years prior to the enactment date, which includes the 2020 through 2024 calendar years for NCLH. The components of net income (loss) before income taxes consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Bermuda ​ $ — ​ $ — ​ $ — Foreign - Other ​ 772,907 ​ ​ 163,176 ​ ​ (2,276,703) Net income (loss) before income taxes ​ $ 772,907 ​ $ 163,176 ​ $ (2,276,703) ​ The components of the provision for income taxes consisted of the following benefit (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Current: ​ ​ ​ Bermuda ​ $ — ​ $ — ​ $ — United States ​ (5,752) ​ 20 ​ 12,706 Foreign - Other ​ (13,046) ​ 2,850 ​ (7,183) Total current: ​ (18,798) ​ 2,870 ​ 5,523 Deferred: ​ ​ ​ Bermuda ​ — ​ — ​ — United States ​ 156,495 ​ 104 ​ — Foreign - Other ​ (347) ​ 28 ​ 1,271 Total deferred: ​ 156,148 ​ 132 ​ 1,271 Income tax benefit ​ $ 137,350 ​ $ 3,002 ​ $ 6,794 ​ Our reconciliation of income tax expense computed by applying our Bermuda statutory rate and reported income tax benefit was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Tax at Bermuda statutory rate ​ $ — ​ $ — ​ $ — Foreign income taxes at different rates ​ (29,429) ​ (3,610) ​ 37,434 Tax contingencies ​ 320 ​ — ​ (321) Return to provision adjustments ​ 2,272 ​ 8,959 ​ 13,039 Change in tax laws ​ 15,389 ​ 532,387 ​ — Valuation allowance ​ 148,798 ​ (534,734) ​ (43,358) Income tax benefit ​ $ 137,350 ​ $ 3,002 ​ $ 6,794 ​ Deferred tax assets and liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2024 2023 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 729,735 ​ $ 714,095 Other ​ 38,451 ​ 34,596 Valuation allowance ​ (558,690) ​ (694,765) Total net deferred assets ​ 209,496 ​ 53,926 Deferred tax liabilities: ​ ​ Property and equipment ​ (53,605) ​ (53,172) Total deferred tax liabilities ​ (53,605) ​ (53,172) Net deferred tax asset ​ $ 155,891 ​ $ 754 ​ We have U.S. net operating loss carryforwards of $848.4 million and $845.5 million for the years ended December 31, 2024 and 2023, respectively, which begin to expire in 2030, a portion of which relate to PCI discussed further below. We have state net operating loss carryforwards of $30.3 million and $32.1 million for the years ended December 31, 2024 and 2023, respectively, which expire between 2028 through 2044. As described above, as a result of the new corporate income tax legislation enacted in Bermuda on December 27, 2023, we had Bermuda opening tax loss carryforwards of $3.7 billion and $3.5 billion as of December 31, 2024 and 2023, respectively, which can be carried forward indefinitely. We evaluate our deferred tax assets each period to determine if a valuation allowance is required based on whether it is more likely than not that some portion of the deferred tax assets would not be realized. The ultimate realization of these deferred tax assets is dependent upon the generation of sufficient taxable income during future periods. We conduct our evaluation by considering all available positive and negative evidence. This evaluation considers, among other factors, historical operating results, forecasts of future profitability, the duration of statutory carryforward periods, and the outlook for the cruise industry and broader economy. Based on the weight of available evidence, we maintained a full valuation allowance by recognizing a valuation allowance in the fourth quarters of 2024 and 2023 of Additionally, we previously recorded valuation allowances with respect to the U.S. net deferred tax assets in one of our U.S. and several of our foreign subsidiaries including of $13.0 million, $2.3 million and $43.3 million during the years ended 2024, 2023 and 2022, respectively. During the fourth quarter of 2024, we reassessed the need for a valuation allowance. After weighing all of the evidence, we determined that the positive evidence in favor of releasing a portion of the valuation allowance outweighed the negative evidence against releasing the allowance on certain U.S. net deferred tax assets and concluded that it is more likely than not that the majority of the U.S. deferred tax assets will be realized. As a result, we released $161.9 million of the valuation allowance for the portion of our U.S. deferred tax assets that we expect will ultimately be more likely than not to be realized. The positive evidence considered includes continuous improvement in our operating results and profitability, implementation of certain tax planning actions, our projections showing sufficient utilization of tax attributes within their requisite carryforward periods, and not having a history of expiration of tax attributes. The negative evidence considered includes that we are in a three-year cumulative book loss position as of December 31, 2024. We continue to maintain a valuation allowance against the deferred tax assets for which we concluded it is more likely than not they will not be realized. Included above are deferred tax assets associated with our operations in Norway. We have Norway net operating loss carryforwards of $9.5 million and $10.8 million for the years ended December 31, 2024 and 2023, respectively, which can be carried forward indefinitely. Included above are deferred tax assets associated with PCI. We have U.S. net operating loss carryforwards of $155.0 million for the years ended December 31, 2024 and 2023, which begin to expire in 2030. Utilization of the PCI net operating loss carryforwards may be subject to a substantial annual limitation due to ownership change limitations that have occurred previously and/or that could occur in the future, as provided by Section 382 of the Internal Revenue Code of 1986 (“Section 382”). Ownership changes may limit the amount of net operating loss carryforwards that can be utilized to offset future taxable income and tax, respectively. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50 percentage points over a three-year period. If we have experienced an ownership change, utilization of PCI’s net operating loss carryforwards would be subject to an annual limitation under Section 382. Any limitation may result in expiration of a portion of the net operating loss carryforwards before utilization. Subsequent ownership changes could further impact the limitation in future years. We implemented certain tax restructuring strategies that created our ability to utilize the net operating loss carryforwards of PCI, for which we had previously provided a full valuation allowance. We file income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and foreign jurisdictions. We are generally no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by authorities for years prior to 2021, except for years in which NOLs generated prior to 2021 are utilized. We derive our income from the international operation of ships. We are engaged in a trade or business in the U.S. and receive income from sources within the U.S. Under Section 883, certain foreign corporations are exempt from U. S. federal income or branch profits tax on U.S.-source income derived from or incidental to the international operation of ships. Applicable U.S. treasury regulations provide that a foreign corporation will qualify for the benefits of Section 883 if, in relevant part: (i) the foreign country in which the corporation is organized grants an equivalent exemption for income from the international operation of ships to corporations organized in the U.S., and (ii) the foreign corporation has one or more classes of stock that are “primarily and regularly traded on an established securities market” in the U.S. or another qualifying country. We believe that we qualify for the benefits of Section 883 because we are incorporated in qualifying countries and our ordinary shares are primarily and regularly traded on an established securities market in the U.S.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Ship Construction Contracts For the Norwegian brand, we have four Prima Class Ships on order, each ranging from approximately 156,000 to 169,000 Gross Tons with 3,550 to 3,850 Berths, with currently scheduled delivery dates from 2025 through 2028. For the Norwegian brand, we also have an order for four additional ships, each at approximately 225,000 Gross Tons and 5,150 Berths, with currently scheduled delivery dates from 2030 through 2036. For the Oceania Cruises brand, we have an order for one Allura Class Ship to be delivered in 2025, which will be approximately 68,000 Gross Tons and 1,200 Berths. ​ As of December 31, 2024, the combined contract prices, including amendments and change orders, of the 13 ships on order for delivery (which excludes two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, that we have the option to cancel) was approximately €17.5 billion, or $18.1 billion based on the euro/U.S. dollar exchange rate as of December 31, 2024. If the two ships on order for Oceania Cruises are cancelled, there will be incremental corresponding adjustments to the purchase price of other applicable newbuilds not to exceed €51 million. For ships on order, excluding the two ships on order for Oceania Cruises that we have the option to cancel and the four additional ships on order for Norwegian Cruise Line with currently scheduled delivery from 2030 to 2036, we have obtained export credit financing which is expected to fund approximately 80% of each contract price, subject to certain conditions. We do not anticipate any contractual breaches or cancellations to occur, except as noted above. However, if any such events were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations. As of December 31, 2024, minimum annual payments for non-cancelable ship construction contracts, which exclude two contracts with options to cancel, were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 2,110,819 2026 ​ 2,135,541 2027 ​ 2,174,827 2028 ​ 2,011,679 2029 ​ 938,839 Thereafter ​ 7,916,565 Total minimum annual payments ​ $ 17,288,270 ​ The above presentation reflects the current delivery dates; however, certain delivery dates may be delayed at the option of the builder, which would result in additional fees. ​ Port Facility Commitments As of December 31, 2024, future commitments to pay for usage of certain port facilities were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 76,009 2026 ​ 55,816 2027 ​ 53,007 2028 ​ 43,881 2029 ​ 42,916 Thereafter ​ 987,815 Total port facility future commitments ​ $ 1,259,444 ​ Other Commitments The FMC requires evidence of financial responsibility for those offering transportation on passenger ships operating out of U.S. ports to indemnify passengers in the event of non-performance of the transportation. Accordingly, each of our three brands is required to maintain a $32.0 million third-party performance guarantee in respect of liabilities for non-performance of transportation and other obligations to passengers. The guarantee requirements are subject to additional consumer price index-based adjustments. In addition, our brands have a legal requirement to maintain security guarantees based on cruise business originated from the U.K., and we are required to establish financial responsibility by certain jurisdictions to meet liability in the event of non-performance of our obligations to passengers from those jurisdictions. As of December 31, 2024, we have in place approximately £65.1 million of security guarantees for our brands as well as a consumer protection policy covering up to £141.1 million. The Company has provided approximately $1.4 million in cash to secure all the financial security guarantees required. From time to time, various other regulatory and legislative changes have been or may in the future be proposed that may have an effect on our operations in the U.S. and the cruise industry in general. Litigation Investigations In March 2020, the Florida Attorney General announced an investigation related to the Company’s marketing during the COVID-19 pandemic. Following the announcement of the investigation by the Florida Attorney General, we received notifications from other attorneys general and governmental agencies that they are conducting similar investigations. The Company is cooperating with these ongoing investigations, the outcomes of which cannot be predicted at this time. Helms-Burton Act On August 27, 2019, a ​ Other ​ In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. However, based on our current knowledge, we do not believe that the aggregate amount or range of reasonably possible losses with respect to these matters will be material to our consolidated results of operations, financial condition or cash flows. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. ​ Other Contingencies The Company also has agreements with its credit card processors that govern approximately $2.8 billion in advance ticket sales as of December 31, 2024 that have been received by the Company relating to future voyages. These agreements allow the credit card processors to require under certain circumstances, including the existence of a material adverse change, excessive chargebacks and other triggering events, that the Company maintain a reserve which would be satisfied by posting collateral. Although the agreements vary, these requirements may generally be satisfied either through a percentage of customer payments withheld or providing cash funds directly to the card processor. Any cash reserve or collateral requested could be increased or decreased. As of December 31, 2024, we had cash reserves with credit card processors of approximately $0.8 million recognized in accounts receivable. The $31.5 million previously recognized in other long-term assets was returned to the Company during the year ended December 31, 2024. We may be required to pledge additional collateral and/or post additional cash reserves or take other actions in the future that may adversely affect our liquidity.

Other Income (Expense), Net

Other Income (Expense), Net	12 Months Ended
	Dec. 31, 2024
Other Income And Expenses [Abstract]
Other Income (Expense), Net	14. Other Income (Expense), Net Other income (expense), net was income of $54.2 million, expense of $40.2 million, and income of $76.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. In 2024 and 2023, the income and expense was primarily due to net gains and losses from foreign currency remeasurements. In 2022, the income was primarily due to gains on derivatives not designated as hedges and gains from foreign currency remeasurements.

Concentration Risk

Concentration Risk	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Concentration Risk	15. Concentration Risk We contract with a single vendor to provide many of our hotel and restaurant services including both food and labor costs. We incurred expenses of $223.4 million, $203.7 million and $162.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, which are recorded in payroll and related in our consolidated statements of operations.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	16. Supplemental Cash Flow Information For the year ended December 31, 2024, we had non-cash investing activities related to property and equipment of $38.9 million. For the year ended December 31, 2024, we paid income taxes of $4.6 million and interest and related fees, net of capitalized interest, of $772.6 million including the early redemption premiums. For the year ended December 31, 2023, we had non-cash investing activities related to property and equipment of $37.7 million. For the year ended December 31, 2023, we received a refund of income taxes of $3.1 million and paid interest and related fees, net of capitalized interest, of $822.5 million. For the year ended December 31, 2022, we had non-cash investing activities related to property and equipment of $51.7 million. For the year ended December 31, 2022, we received a refund of income taxes of $9.5 million and paid interest and related fees, net of capitalized interest, of $750.6 million including the early redemption premiums.

Schedule II Valuation and Quali

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II Valuation and Qualifying Accounts	​ Norwegian Cruise Line Holdings Ltd. Schedule II Valuation and Qualifying Accounts (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged to Charged to ​ ​ ​ ​ ​ Balance ​ costs and ​ other ​ ​ ​ ​ Balance Description ​ December 31, 2021 expenses (a) accounts ​ Deductions (b) December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax assets ​ $ 87,849 ​ $ 52,219 ​ $ — ​ $ (335) ​ $ 139,733 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged to Charged to ​ ​ ​ ​ ​ Balance ​ costs and ​ other ​ ​ ​ ​ Balance Description ​ December 31, 2022 expenses (a) accounts ​ Deductions (b) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax assets ​ $ 139,733 ​ $ 561,693 ​ $ — ​ $ (6,661) ​ $ 694,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged to Charged to ​ ​ ​ ​ ​ ​ Balance ​ costs and ​ other ​ ​ ​ ​ Balance Description December 31, 2023 expenses (a) accounts ​ Deductions (b) December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance on deferred tax assets ​ $ 694,765 ​ $ 28,421 ​ $ — ​ $ (164,496) ​ $ 558,690 (a) Amount relates to recognition of valuation allowances on net U.S. and Bermuda deferred tax assets. (b) Amount relates to (i) utilization of deferred tax assets and (ii) reversal of valuation allowances.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 910,257	$ 166,178	$ (2,269,909)

Insider Trading Arrangements

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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our Board of Directors and management team recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. ​ Our internal Security Operations Center (“SOC”) has primary responsibility for assessing, identifying, and managing material risks associated with cybersecurity threats, and provides information security monitoring for both shoreside and shipboard information systems and applications. The SOC is a team comprised of cybersecurity professionals who are responsible for real-time incident response management for our IT infrastructure, which includes our websites, applications, databases, servers, network devices and components and workstations. They are trained and equipped to identify, contain, analyze and investigate any perceived security threats as well as assist internal users with any information security questions or reported issues, such as phishing/scam emails, information security concerns and security solution related access or performance issues. ​ As part of our cybersecurity program, team members are offered cybersecurity training and participate in awareness programs including phishing simulation exercises, regular cybersecurity newsletters and reminders and programming and events during cybersecurity awareness month. ​ Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those who have access to our customer, prospect, supplier or employee data or our systems. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers. We generally require that third-party service providers that access, host our data, or could otherwise introduce cybersecurity risk to us, enter into contracts that obligate them to manage their cybersecurity risks in certain ways and report any cybersecurity incidents to us. ​ We engage third-party advisory firms to conduct assessments of the maturity of our security program and, among other measures, work to be Payment Card Industry compliant where required. We also maintain incident response procedures and business continuity and contingency plans and periodically hire third parties to conduct vulnerability analyses. We also compare our processes to standards set by the National Institute of Standards and Technology and/or International Organization for Standardization, as appropriate.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our Board of Directors and management team recognizes the importance of assessing, identifying, and managing material risks associated with cybersecurity threats, as such term is defined in Item 106(a) of Regulation S-K. ​ Our internal Security Operations Center (“SOC”) has primary responsibility for assessing, identifying, and managing material risks associated with cybersecurity threats, and provides information security monitoring for both shoreside and shipboard information systems and applications. The SOC is a team comprised of cybersecurity professionals who are responsible for real-time incident response management for our IT infrastructure, which includes our websites, applications, databases, servers, network devices and components and workstations. They are trained and equipped to identify, contain, analyze and investigate any perceived security threats as well as assist internal users with any information security questions or reported issues, such as phishing/scam emails, information security concerns and security solution related access or performance issues. ​ As part of our cybersecurity program, team members are offered cybersecurity training and participate in awareness programs including phishing simulation exercises, regular cybersecurity newsletters and reminders and programming and events during cybersecurity awareness month. ​ Our processes also address cybersecurity threat risks associated with our use of third-party service providers, including those who have access to our customer, prospect, supplier or employee data or our systems. In addition, cybersecurity considerations affect the selection and oversight of our third-party service providers. We generally require that third-party service providers that access, host our data, or could otherwise introduce cybersecurity risk to us, enter into contracts that obligate them to manage their cybersecurity risks in certain ways and report any cybersecurity incidents to us. ​ We engage third-party advisory firms to conduct assessments of the maturity of our security program and, among other measures, work to be Payment Card Industry compliant where required. We also maintain incident response procedures and business continuity and contingency plans and periodically hire third parties to conduct vulnerability analyses. We also compare our processes to standards set by the National Institute of Standards and Technology and/or International Organization for Standardization, as appropriate.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance ​ The Technology, Environmental, Safety and Security Committee of our Board of Directors oversees our programs and policies related to data protection and cybersecurity and receives updates on related risks from our Chief Information Security Officer on at least an annual basis, and more often as the circumstances require. The Audit Committee of our Board of Directors also receives updates, at least annually, from our Chief Information Officer and/or Chief Information Security Officer regarding cybersecurity and other information system compliance matters that may pose risks to our financial reporting or operations. ​ Our Chief Information Security Officer is responsible for our overall data security and cybersecurity risk reduction efforts, including information security compliance, training and awareness and application, network and system security. Our Chief Information Security Officer has 25 years of prior experience in the fields of information systems, cybersecurity, risk management, and infrastructure management. Our Chief Information Security Officer holds master’s and bachelor’s degrees in both Computer Information Systems and Business Administration and the following certifications: Certified Internal Controls Auditor (CICA), Payment Card Industry Professional (PCIP), Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA) and Certified in Risk and Information Systems Control (CRISC). ​ We discuss risks related to cybersecurity threats under the heading “Breaches in data security or other disturbances to our information systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection could impair our operations, subject us to significant fines, penalties and damages, and have a material adverse impact on our business, financial condition and results of operations” included as part of our risk factor disclosures in Item 1A of this Annual Report, which disclosures are incorporated by reference herein. We are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our business, including our business strategy, results of operations, or financial condition and any expenses we have incurred from cybersecurity incidents were immaterial.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Technology, Environmental, Safety and Security Committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Technology, Environmental, Safety and Security Committee of our Board of Directors oversees our programs and policies related to data protection and cybersecurity and receives updates on related risks from our Chief Information Security Officer on at least an annual basis, and more often as the circumstances require. The Audit Committee of our Board of Directors also receives updates, at least annually, from our Chief Information Officer and/or Chief Information Security Officer regarding cybersecurity and other information system compliance matters that may pose risks to our financial reporting or operations.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer is responsible for our overall data security and cybersecurity risk reduction efforts, including information security compliance, training and awareness and application, network and system security. Our Chief Information Security Officer has 25 years of prior experience in the fields of information systems, cybersecurity, risk management, and infrastructure management. Our Chief Information Security Officer holds master’s and bachelor’s degrees in both Computer Information Systems and Business Administration and the following certifications: Certified Internal Controls Auditor (CICA), Payment Card Industry Professional (PCIP), Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA) and Certified in Risk and Information Systems Control (CRISC).
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Security Officer
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Information Security Officer has 25 years of prior experience in the fields of information systems, cybersecurity, risk management, and infrastructure management. Our Chief Information Security Officer holds master’s and bachelor’s degrees in both Computer Information Systems and Business Administration and the following certifications: Certified Internal Controls Auditor (CICA), Payment Card Industry Professional (PCIP), Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA) and Certified in Risk and Information Systems Control (CRISC).
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Liquidity, Basis of Presentation	Basis of Presentation Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and contain all normal recurring adjustments necessary for a fair presentation of the results for the periods presented. Estimates are required for the preparation of consolidated financial statements in accordance with generally accepted accounting principles and actual results could differ from these estimates. All significant intercompany accounts and transactions are eliminated in consolidation.
Earnings (Loss) Per Share	Earnings Per Share Basic EPS is computed by dividing net income by the basic weighted-average number of shares outstanding during each period. Diluted EPS is computed by dividing net income by diluted weighted-average shares outstanding. A reconciliation between basic and diluted EPS was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net income (loss) ​ $ 910,257 ​ $ 166,178 ​ $ (2,269,909) Effect of dilutive securities - exchangeable notes ​ ​ 63,308 ​ ​ — ​ ​ — Net income (loss) and assumed conversion of exchangeable notes - Diluted EPS ​ $ 973,565 ​ $ 166,178 ​ $ (2,269,909) Basic weighted-average shares outstanding ​ 435,278,605 ​ 424,424,962 ​ 419,773,195 Dilutive effect of share awards ​ 4,039,709 ​ 2,975,887 ​ — Dilutive effect of exchangeable notes ​ ​ 75,712,234 ​ ​ — ​ ​ — Diluted weighted-average shares outstanding ​ 515,030,548 ​ 427,400,849 ​ 419,773,195 Basic EPS ​ $ 2.09 ​ $ 0.39 ​ $ (5.41) Diluted EPS ​ $ 1.89 ​ $ 0.39 ​ $ (5.41) ​ Each exchangeable note (see Note 9 – “Long-Term Debt”) is individually evaluated for its dilutive or anti-dilutive impact on EPS as determined under the if-converted method. Only the interest expense and weighted average shares for exchangeable notes that are dilutive are included in the effect of dilutive securities above. During the year ended December 31, 2023 and 2022 the exchangeable notes have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive. Share awards are evaluated for a dilutive or anti-dilutive impact on EPS using the treasury stock method. For the years ended December 31, 2024, 2023 and 2022, a total of 5.1 million, 87.6 million and 92.6 million shares, respectively, have been excluded from diluted weighted-average shares outstanding because the effect of including them would have been anti-dilutive.
Foreign Currency	Foreign Currency The majority of our transactions are settled in U.S. dollars. We remeasure assets and liabilities denominated in foreign currencies at exchange rates in effect at the balance sheet date. The resulting gains or losses are recognized in our consolidated statements of operations within other income (expense), net. We recognized a gain of $53.3 million, a loss of $28.7 million and a gain of $55.8 million for the years ended December 31, 2024, 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.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable are shown net of an allowance for credit losses of $15.1 million and $13.2 million as of December 31, 2024 and 2023, respectively. Accounts receivable, net includes $0.8 million and $20.1 million due from credit card processors within 12 months as of December 31, 2024 and 2023, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are stated at cost and include cash and investments with original maturities of three months or less at acquisition.
Short-term Investments	Short-term Investments Short-term investments include time deposits with original maturities of greater than three months and up to 12 months, which are stated at cost and present insignificant risk of changes in value.
Inventories	Inventories Inventories mainly consist of provisions, supplies and fuel and are carried at the lower of cost or net realizable value using the first-in, first-out method of accounting.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred. Expenses related to advertising costs totaled $513.7 million, $512.7 million and $577.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are recorded at cost. We determine the weighted average useful lives of our ships based primarily on our estimates of the costs and useful lives of the ships’ major component systems on the date of acquisition, such as cabins, main diesels, main electric, superstructure and hull, and their related proportional weighting to the ship as a whole. Ship improvement costs that we believe add value to our ships are capitalized to the ship and depreciated over the shorter of the improvements’ estimated useful lives or the remaining useful life of the ship while costs of repairs and maintenance, including Dry-dock costs, are charged to expense as incurred. During ship construction, certain interest is capitalized as a cost of the ship. Gains or losses on the sale of property and equipment are recorded as a component of operating income (expense) in our consolidated statements of operations. The useful lives of components of new ships and ship improvements are estimated based on the economic lives of the new components. In addition, to determine the useful lives of the major components of new ships and ship improvements, we consider the historical useful lives of similar assets, manufacturer recommended lives, planned maintenance programs and anticipated changes in technological conditions. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, after a 10-15% reduction for the estimated residual values of ships as follows: ​ ​ ​ ​ ​ Useful Life Ships 30 Computer hardware and software 3 Other property and equipment 3 Leasehold improvements Shorter of lease term or asset life Ship improvements Shorter of asset life or life of the ship ​ Long-lived assets are reviewed for impairment, based on estimated future undiscounted cash flows, whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Assets are grouped and evaluated at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. For ship impairment analyses, the lowest level for which identifiable cash flows are largely independent of other assets and liabilities is each individual ship. We consider historical performance and future estimated results in our evaluation of potential impairment and then compare the carrying amount of the asset to the estimated future cash flows expected to result from the use of the asset. If the carrying amount of the asset exceeds estimated expected undiscounted future cash flows, we measure the amount of the impairment by comparing the carrying amount of the asset to its estimated fair value. We estimate fair value based on the best information available utilizing estimates, judgments and projections as necessary. Our estimate of fair value is generally measured by discounting expected future cash flows at discount rates commensurate with the associated risk.
Goodwill and Trade Names	Goodwill and Trade Names Goodwill represents the excess of cost over the estimated fair value of net assets acquired. Goodwill and other indefinite-lived assets, principally trade names, are reviewed for impairment annually or earlier if there is an event or change in circumstances that would indicate that the carrying value of these assets may not be fully recoverable. We may use a qualitative assessment which allows us to first assess qualitative factors to determine whether it is more likely than not (i.e., more than 50%) that the estimated fair value of a reporting unit is less than its carrying value. For trade names we also may provide a qualitative assessment to determine if there is any indication of impairment. In order to make this evaluation, we consider the following circumstances as well as others: ● Changes in general macroeconomic conditions, such as a deterioration in general economic conditions; limitations on accessing capital; fluctuations in foreign exchange rates; or other developments in equity and credit markets; ● Changes in industry and market conditions such as a deterioration in the environment in which an entity operates; an increased competitive environment; a decline in market-dependent multiples or metrics (in both absolute terms and relative to peers); a change in the market for an entity’s products or services; or a regulatory or political development; ● Changes in cost factors that have a negative effect on earnings and cash flows; ● Decline in overall financial performance (for both actual and expected performance); ● Entity and reporting unit specific events such as changes in management, key personnel, strategy, or customers; litigation; or a change in the composition or carrying amount of net assets; and ● Decline in share price (in both absolute terms and relative to peers). If the result of the qualitative assessment indicated it is more likely than not that the estimated fair value of the asset is less than its carrying value, we would conduct a quantitative assessment comparing the fair value to its carrying value. We have concluded that our business has three reporting units. Each brand, Oceania Cruises, Regent and Norwegian, constitutes a business for which discrete financial information is available and management regularly reviews the operating results and, therefore, each brand is considered an operating segment. For our annual impairment evaluation, we performed a qualitative assessment for the Norwegian and Regent reporting units and of each brand’s trade names. As of October 1, 2024, our annual review supports the carrying value of these assets.
Revenue and Expense Recognition	Revenue and Expense Recognition Deposits on advance ticket sales are deferred when received and are subsequently recognized as revenue ratably during the voyage sailing days as services are rendered over time on the ship. Cancellation fees are recognized in passenger ticket revenue in the month of the cancellation. Goods and services associated with onboard revenue are generally provided at a point in time and revenue is recognized when the performance obligation is satisfied. A receivable is recognized for onboard goods and services rendered when the voyage is not completed before the end of the period. All associated direct costs of a voyage are recognized as incurred in cruise operating expenses.
Disaggregation of Revenue	Disaggregation of Revenue Revenue and cash flows are affected by economic factors in various geographical regions. Revenues by destination consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 North America ​ $ 5,318,676 ​ $ 5,002,796 ​ $ 3,076,788 Europe ​ 3,035,406 ​ 2,754,160 ​ 1,557,308 Asia-Pacific ​ 779,484 ​ 533,484 ​ 115,438 Other ​ 346,085 ​ 259,484 ​ 94,226 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760 ​ 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	Segment Reporting ​ In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures 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, which is equivalent to our consolidated financial statements. Our chief operating decision maker (“CODM”) is the President and Chief Executive Officer who is also a Director on our Board of Directors. Our CODM uses adjusted operating income (loss) in assessing segment performance and deciding how to allocate resources. Resource allocation primarily occurs during the annual budgeting process, where capital is assigned to operations and assessed for availability in investment and financing activities. The CODM considers variances on a monthly and quarterly basis to assess performance against budget, forecast and prior year actual results. Adjusted operating income (loss) is used to assess return on invested capital, which is considered in the non-cash compensation of certain employees based on the reportable segment’s performance. The below table includes our calculation of adjusted operating income (loss), our significant segment expenses therein, and a reconciliation of adjusted operating income (loss) to net income (loss) before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760 Cruise operating expense ​ ​ ​ Commissions, transportation and other ​ 1,917,443 ​ ​ 1,883,279 ​ ​ 1,034,629 Onboard and other ​ 661,553 ​ 599,904 ​ 357,932 Adjusted payroll and related (1) ​ 1,322,465 ​ 1,241,243 ​ 1,064,799 Fuel ​ 698,050 ​ 716,833 ​ 686,825 Food ​ 312,992 ​ 358,310 ​ 263,807 Other ​ 753,940 ​ 648,142 ​ 835,254 Adjusted total cruise operating expense ​ 5,666,443 ​ 5,447,711 ​ 4,243,246 Other operating expense ​ ​ ​ Adjusted marketing, general and administrative (2) ​ 1,362,404 ​ 1,241,482 ​ 1,286,585 Depreciation and amortization ​ 890,242 ​ 808,568 ​ 749,326 Adjusted total other operating expense ​ 2,252,646 ​ 2,050,050 ​ 2,035,911 Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) Non-cash compensation (3) ​ ​ (94,656) ​ ​ (121,252) ​ ​ (116,360) Interest expense, net ​ (747,223) ​ (727,531) ​ (801,512) Other income (expense), net ​ 54,224 ​ (40,204) ​ 76,566 Net income (loss) before income taxes ​ $ 772,907 ​ $ 163,176 ​ $ (2,276,703) (1) Excludes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards for shipboard officers. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (2) Excludes non-cash share-based compensation expenses related to equity awards for corporate employees. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (3) Includes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards, which are included in payroll and related expense and marketing, general and administrative expense. ​ 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 was 84%, 84% and 85% for the years ended December 31, 2024, 2023 and 2022, respectively. No other individual country’s revenues exceeded 10% in any of our last three years. Substantially all of our long-lived assets are located outside of the U.S. and consist primarily of our ships. We had 21 ships with Bahamas registry with a carrying value of $11.2 billion as of December 31, 2024 and $11.5 billion as of December 31, 2023. We had 10 ships with Marshall Islands registry with a carrying value of $3.5 billion as of December 31, 2024 and $3.6 billion as of December 31, 2023. We also had one ship with U.S. registry with a carrying value of $0.3 billion as of December 31, 2024 and 2023.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the consolidated balance sheets as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For line of credit arrangements and for those debt facilities not fully drawn we defer and present debt issuance costs as an asset. These deferred issuance costs are amortized over the life of the loan. 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 it is included in interest expense, net.
Derivative Instruments and Hedging Activity	Derivative Instruments and Hedging Activity We enter into derivative contracts to reduce our exposure to fluctuations in foreign currency exchange rates, interest rates and fuel prices. The criteria used to determine whether a transaction qualifies for hedge accounting treatment includes critical terms match or regression analysis and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the derivative and the hedged forecasted transaction. As the derivative is marked to fair value, we elected an accounting policy to net the fair value of our derivatives when a master netting arrangement exists with our counterparties. A derivative instrument that hedges a forecasted transaction or the variability of cash flows related to a recognized asset or liability may be designated as a cash flow hedge. Changes in fair value of derivative instruments that are designated as cash flow hedges are recorded as a component of accumulated other comprehensive income (loss) until the underlying hedged transactions are recognized in earnings. To the extent that an instrument is not effective as a hedge or is no longer probable of occurring, gains and losses are recognized in other income (expense), net in our consolidated statements of operations. Realized gains and losses related to our effective hedges are recognized in the same line item as the underlying hedged transactions. For presentation in our consolidated statements of cash flows, we have elected to classify the cash flows from our cash flow hedges in the same category as the cash flows from the items being hedged.
Concentrations of Credit Risk	Concentrations of Credit Risk 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 derivative instruments, our undrawn commitment and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions and insurance companies that we have well-established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties.
Insurance	Insurance We use a combination of insurance and self-insurance for a number of risks including claims related to crew and guests, hull and machinery, war risk, workers’ compensation, property damage, employee healthcare and general liability. Liabilities associated with certain of these risks, including crew and passenger claims, are estimated actuarially based upon known facts, historical trends and a reasonable estimate of future expenses. While we believe these accruals are adequate, the ultimate losses incurred may differ from those recorded.
Income Taxes	Income Taxes Deferred tax assets and liabilities are calculated in accordance with the liability method. Deferred taxes are recorded using the currently enacted tax rates that apply in the periods that the differences are expected to reverse. Deferred taxes are not discounted. We provide a valuation allowance on deferred tax assets when it is more likely than not that such assets will not be realized. We regularly assess the need for the valuation allowance on our deferred tax assets, and to the extent that we determine that an adjustment is needed, such adjustment will be recognized in the period that the determination is made. With respect to acquired deferred tax assets, changes within the measurement period that result from new information about facts and circumstances that existed at the acquisition date shall be recognized through a corresponding adjustment to goodwill. Subsequent to the measurement period, all other changes shall be reported as a reduction or increase to income tax expense in our consolidated statements of operations.
Share-Based Compensation	Share-Based Compensation We recognize expense for our share-based compensation awards using a fair-value-based method. Share-based compensation expense is recognized over the requisite service period for awards that are based on a service period and not contingent upon any future performance. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.”
Recently Issued Accounting Guidance	Recently Issued Accounting Guidance In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ​ In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of reconciliation between basic and diluted EPS	A reconciliation between basic and diluted EPS was as follows (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Net income (loss) ​ $ 910,257 ​ $ 166,178 ​ $ (2,269,909) Effect of dilutive securities - exchangeable notes ​ ​ 63,308 ​ ​ — ​ ​ — Net income (loss) and assumed conversion of exchangeable notes - Diluted EPS ​ $ 973,565 ​ $ 166,178 ​ $ (2,269,909) Basic weighted-average shares outstanding ​ 435,278,605 ​ 424,424,962 ​ 419,773,195 Dilutive effect of share awards ​ 4,039,709 ​ 2,975,887 ​ — Dilutive effect of exchangeable notes ​ ​ 75,712,234 ​ ​ — ​ ​ — Diluted weighted-average shares outstanding ​ 515,030,548 ​ 427,400,849 ​ 419,773,195 Basic EPS ​ $ 2.09 ​ $ 0.39 ​ $ (5.41) Diluted EPS ​ $ 1.89 ​ $ 0.39 ​ $ (5.41)
Schedule of revenues by destination	Revenues by destination consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 North America ​ $ 5,318,676 ​ $ 5,002,796 ​ $ 3,076,788 Europe ​ 3,035,406 ​ 2,754,160 ​ 1,557,308 Asia-Pacific ​ 779,484 ​ 533,484 ​ 115,438 Other ​ 346,085 ​ 259,484 ​ 94,226 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760
Schedule of reconciliation of adjusted operating income (loss) to net income (loss) before income taxes	The below table includes our calculation of adjusted operating income (loss), our significant segment expenses therein, and a reconciliation of adjusted operating income (loss) to net income (loss) before income taxes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Total revenue ​ $ 9,479,651 ​ $ 8,549,924 ​ $ 4,843,760 Cruise operating expense ​ ​ ​ Commissions, transportation and other ​ 1,917,443 ​ ​ 1,883,279 ​ ​ 1,034,629 Onboard and other ​ 661,553 ​ 599,904 ​ 357,932 Adjusted payroll and related (1) ​ 1,322,465 ​ 1,241,243 ​ 1,064,799 Fuel ​ 698,050 ​ 716,833 ​ 686,825 Food ​ 312,992 ​ 358,310 ​ 263,807 Other ​ 753,940 ​ 648,142 ​ 835,254 Adjusted total cruise operating expense ​ 5,666,443 ​ 5,447,711 ​ 4,243,246 Other operating expense ​ ​ ​ Adjusted marketing, general and administrative (2) ​ 1,362,404 ​ 1,241,482 ​ 1,286,585 Depreciation and amortization ​ 890,242 ​ 808,568 ​ 749,326 Adjusted total other operating expense ​ 2,252,646 ​ 2,050,050 ​ 2,035,911 Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted operating income (loss) ​ $ 1,560,562 ​ $ 1,052,163 ​ $ (1,435,397) Non-cash compensation (3) ​ ​ (94,656) ​ ​ (121,252) ​ ​ (116,360) Interest expense, net ​ (747,223) ​ (727,531) ​ (801,512) Other income (expense), net ​ 54,224 ​ (40,204) ​ 76,566 Net income (loss) before income taxes ​ $ 772,907 ​ $ 163,176 ​ $ (2,276,703) (1) Excludes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards for shipboard officers. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (2) Excludes non-cash share-based compensation expenses related to equity awards for corporate employees. We refer you to Note 11 – “Employee Benefits and Share-Based Compensation.” (3) Includes non-cash deferred compensation expenses related to the crew pension plan and non-cash share-based compensation expenses related to equity awards, which are included in payroll and related expense and marketing, general and administrative expense.
Schedule of estimated residual values of ships	Depreciation is computed on a straight-line basis over the estimated useful lives of the assets, after a 10-15% reduction for the estimated residual values of ships as follows: ​ ​ ​ ​ ​ Useful Life Ships 30 Computer hardware and software 3 Other property and equipment 3 Leasehold improvements Shorter of lease term or asset life Ship improvements Shorter of asset life or life of the ship

Acquisition (Tables)

Acquisition (Tables)	12 Months Ended
	Dec. 31, 2024
Business Combinations [Abstract]
Schedule of purchase price	The preliminary purchase price was allocated as follows (in thousands): ​ ​ ​ ​ ​ Assets, other than goodwill ​ $ 4,302 Goodwill ​ 37,630 Liabilities ​ (9,088) Total consideration allocated, net of $4.7 million of cash acquired ​ $ 32,844

Goodwill and Trade Names (Table

Goodwill and Trade Names (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of changes in the carrying amount of goodwill for each reporting unit	​ The changes in the carrying amount of goodwill are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Goodwill Accumulated impairment loss $ (1,290,797) Balance, December 31, 2023 ​ ​ 98,134 Additions to goodwill ​ ​ 37,630 Impairment loss ​ ​ — Balance, December 31, 2024 ​ $ 135,764

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of lease balances	Lease balances were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet location December 31, 2024 ​ December 31, 2023 Operating leases ​ ​ ​ Right-of-use assets Other long-term assets ​ $ 899,091 ​ $ 753,652 Current operating lease liabilities Accrued expenses and other liabilities ​ ​ 27,313 ​ ​ 23,226 Non-current operating lease liabilities Other long-term liabilities ​ ​ 788,669 ​ ​ 644,646
Schedule of components of lease expense and revenue	The components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Operating lease expense ​ $ 69,836 ​ $ 54,290 ​ $ 47,558 Variable lease expense ​ ​ 33,246 ​ ​ 25,364 ​ ​ 29,886 Short-term lease expense ​ ​ 44,683 ​ ​ 36,853 ​ ​ 38,476
Supplemental information related to leases	Supplemental cash flow and non-cash information related to leases was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ $ 86,566 ​ $ 122,499 ​ $ 47,828 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases ​ ​ 168,369 ​ ​ 77,954 ​ ​ (76,173) ​ The right-of-use assets obtained in exchange for lease obligations for the year ended December 31, 2022 decreased primarily related to a modification of a port facility agreement. Other supplemental information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended Year Ended ​ ​ December 31, 2024 December 31, 2023 December 31, 2022 Weighted average remaining lease term (years) - operating leases ​ 26.45 ​ 22.68 ​ 22.90 ​ Weighted average discount rate - operating leases ​ ​ 6.87 % ​ 7.92 % ​ 7.33 %
Maturities of operating lease liabilities	As of December 31, 2024, maturities of lease liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Operating ​ leases 2025 ​ $ 81,047 2026 ​ 75,425 2027 ​ 78,612 2028 ​ 71,062 2029 ​ 69,463 Thereafter ​ 1,490,686 Total ​ 1,866,295 Less: Present value discount ​ (1,050,313) Present value of lease liabilities ​ $ 815,982
Maturities of sales-type lease receivable	The maturities of the lease receivable as of December 31, 2024 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Sales-type ​ lease 2025 ​ $ 1,839 2026 ​ 1,839 2027 ​ 1,839 2028 ​ 1,839 2029 ​ 1,839 Thereafter ​ 29,622 Total ​ $ 38,817

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Statement of Comprehensive Income [Abstract]
Schedule of accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Accumulated ​ Change ​ Related to ​ ​ ​ Other ​ Related to ​ Shipboard ​ ​ ​ Comprehensive ​ Cash Flow ​ Retirement ​ ​ Income (Loss) Hedges ​ Plan ​ Accumulated other comprehensive income (loss) at beginning of period ​ $ (508,438) $ (508,524) ​ $ 86 Current period other comprehensive income (loss) before reclassifications ​ (3,902) ​ (10,642) 6,740 Amounts reclassified into earnings ​ 5,301 ​ 4,923 (1) 378 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (507,039) ​ $ (514,243) (3) $ 7,204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 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 (5,441) (1,773) (3,668) Amounts reclassified into earnings (25,918) (26,173) (1) 255 (2) Accumulated other comprehensive income (loss) at end of period $ (508,438) $ (508,524) ​ $ 86 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 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 (loss) before reclassifications ​ (95,506) ​ (104,017) 8,511 Amounts reclassified into earnings ​ (96,487) ​ (96,865) (1) 378 (2) Accumulated other comprehensive income (loss) at end of period ​ $ (477,079) ​ $ (480,578) $ 3,499 (1) We refer you to Note 10 – “Fair Value Measurements and Derivatives” in these notes to consolidated financial statements 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 $30.5 million of loss expected to be reclassified into earnings in the next 12 months.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Property Plant And Equipment [Abstract]
Schedule of property and equipment, net	Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 Ships ​ $ 18,435,673 ​ $ 18,462,250 Ship improvements ​ 3,269,898 ​ 2,899,114 Ships under construction ​ 1,143,711 ​ 548,182 Land and land improvements ​ 58,370 ​ 58,370 Other ​ 1,261,404 ​ 999,471 ​ ​ 24,169,056 ​ 22,967,387 Less: accumulated depreciation ​ (7,358,406) ​ (6,534,095) Property and equipment, net ​ $ 16,810,650 ​ $ 16,433,292

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate ​ ​ ​ Balance ​ ​ December 31, ​ Maturities ​ December 31, ​ 2024 2023 Through 2024 2023 ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loan Facility ​ 6.77 % — ​ 2026 ​ $ 245,000 ​ $ — $862.5 million 6.000% exchangeable notes ​ — ​ 6.00 % 2024 ​ ​ — ​ ​ 146,044 $450.0 million 5.375% exchangeable notes ​ 5.38 % 5.38 % 2025 ​ ​ 448,527 ​ ​ 446,027 $1,150.0 million 1.125% exchangeable notes ​ 1.13 % 1.13 % 2027 ​ ​ 1,137,711 ​ ​ 1,132,079 $473.2 million 2.50% exchangeable notes ​ 2.50 % 2.50 % 2027 ​ ​ 467,764 ​ ​ 465,339 $1,000.0 million 5.875% senior secured notes ​ 5.88 % 5.88 % 2027 ​ ​ 993,581 ​ ​ 990,560 $315.0 million 6.25% senior unsecured notes ​ 6.25 % — ​ 2030 ​ ​ 310,623 ​ ​ — $600.0 million 7.75% senior unsecured notes ​ 7.75 % 7.75 % 2029 ​ ​ 594,782 ​ ​ 593,521 $790.0 million 8.125% senior secured notes ​ 8.13 % 8.13 % 2029 ​ ​ 781,372 ​ ​ 779,241 $250.0 million 9.75% senior secured notes ​ — ​ 9.75 % 2028 ​ ​ — ​ ​ 239,695 $600.0 million 8.375% senior secured notes ​ 8.38 % 8.38 % 2028 ​ ​ 593,041 ​ ​ 590,796 $525.0 million 6.125% senior unsecured notes ​ 6.13 % 6.13 % 2028 ​ ​ 521,495 ​ ​ 520,402 $1,425.0 million 5.875% senior unsecured notes ​ 5.88 % 5.88 % 2026 ​ 1,420,523 ​ 1,416,779 $565.0 million 3.625% senior unsecured notes ​ — ​ 3.63 % 2024 ​ ​ — ​ ​ 563,788 €529.8 million Breakaway one loan (1) ​ 5.88 % 6.73 % 2026 ​ 56,343 ​ 140,721 €529.8 million Breakaway two loan (1) ​ 5.12 % 5.18 % 2027 ​ 130,055 ​ 216,317 €590.5 million Breakaway three loan (1) ​ 3.47 % 3.86 % 2027 ​ 212,637 ​ 303,184 €729.9 million Breakaway four loan (1) ​ 3.32 % 3.66 % 2029 ​ 337,406 ​ 437,721 €710.8 million Seahawk 1 term loan (1) ​ 4.10 % 4.35 % 2030 ​ 401,919 ​ 501,416 €748.7 million Seahawk 2 term loan (1) ​ 4.06 % 4.27 % 2031 ​ 542,721 ​ 650,189 Leonardo newbuild one loan ​ 2.68 % 2.68 % 2034 ​ 878,378 ​ 960,901 Leonardo newbuild two loan ​ 2.77 % 2.77 % 2035 ​ 942,721 ​ 1,022,829 Leonardo newbuild three loan ​ 1.88 % 1.89 % 2037 ​ 246,738 ​ 199,689 Leonardo newbuild four loan ​ 1.97 % 1.31 % 2038 ​ 186,090 ​ 42,037 Explorer newbuild loan ​ 3.97 % 4.37 % 2028 ​ 121,395 ​ 166,239 Splendor newbuild loan ​ 3.41 % 3.62 % 2032 ​ ​ 282,809 ​ ​ 333,143 Grandeur newbuild loan ​ 3.70 % 3.70 % 2035 ​ ​ 462,691 ​ ​ 501,987 Marina newbuild loan ​ 6.78 % 7.06 % 2027 ​ 33,696 ​ 56,283 Riviera newbuild loan ​ 6.00 % 6.84 % 2026 ​ 22,536 ​ 67,683 Vista newbuild loan ​ 3.64 % 3.64 % 2035 ​ ​ 515,151 ​ ​ 560,943 Prestige newbuild loan ​ 6.38 % — ​ 2038 ​ ​ 104,269 ​ ​ — Prestige Class 2 newbuild loan ​ 6.38 % — ​ 2041 ​ ​ 15,105 ​ ​ — New Oceania Cruises class 1 newbuild loan ​ 6.38 % — ​ 2039 ​ ​ 65,535 ​ ​ — New Oceania Cruises class 2 newbuild loan ​ 6.38 % — ​ 2040 ​ ​ 16,752 ​ ​ — Finance lease and license obligations ​ Various Various 2028 ​ 11,124 ​ 13,372 Total debt ​ ​ ​ ​ ​ ​ 13,100,490 ​ 14,058,925 Less: current portion of long-term debt ​ ​ ​ ​ ​ ​ (1,323,769) ​ (1,744,778) Total long-term debt ​ ​ ​ ​ ​ $ 11,776,721 ​ $ 12,314,147 (1) Currently U.S. dollar-denominated.
Schedule of convertible debt instruments	The following is a summary of NCLC’s exchangeable notes as of December 31, 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2025 Exchangeable Notes (1) ​ $ 449,990 ​ $ (1,463) ​ $ 448,527 ​ $ 641,560 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (12,289) ​ ​ 1,137,711 ​ ​ 1,177,347 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (5,411) ​ ​ 467,764 ​ ​ 492,395 ​ Level 2 ​ The following is a summary of NCLC’s exchangeable notes as of December 31, 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal ​ Deferred ​ Net Carrying ​ Fair Value ​ Amount Financing Fees Amount Amount Leveling 2024 Exchangeable Notes (2) ​ $ 146,601 ​ $ (557) ​ $ 146,044 ​ $ 217,790 ​ Level 2 2025 Exchangeable Notes ​ ​ 449,990 ​ ​ (3,963) ​ ​ 446,027 ​ ​ 572,567 ​ Level 2 2027 1.125% Exchangeable Notes ​ ​ 1,150,000 ​ ​ (17,921) ​ ​ 1,132,079 ​ ​ 1,068,431 ​ Level 2 2027 2.5% Exchangeable Notes ​ ​ 473,175 ​ ​ (7,836) ​ ​ 465,339 ​ ​ 453,784 ​ Level 2
Schedule of interest expense of convertible debt instruments	The following provides a summary of the interest expense recognized related to the exchangeable notes (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ Year Ended ​ Year Ended ​ December 31, 2024 December 31, 2023 December 31, 2022 Coupon interest ​ ​ 52,222 ​ ​ 57,750 ​ ​ 55,759 Amortization of deferred financing fees ​ ​ 11,086 ​ ​ 11,669 ​ ​ 11,143 Total ​ $ 63,308 ​ $ 69,419 ​ $ 66,902
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 December 31, 2024 for each of the next five years (in thousands): ​ ​ ​ ​ Year Amount 2025 ​ $ 1,323,769 2026 ​ 2,486,641 2027 ​ 3,309,072 2028 ​ 1,720,518 2029 ​ 1,935,834 Thereafter ​ 2,612,675 Total ​ $ 13,388,509

Fair Value Measurements and D_2

Fair Value Measurements and Derivatives (Tables)	12 Months Ended
	Dec. 31, 2024
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 includes the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets ​ Liabilities ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ Balance Sheet Location 2024 2023 2024 2023 Derivative Contracts Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prepaid expenses and other assets ​ $ 1,576 ​ $ — ​ $ 1,798 ​ $ — ​ ​ Other long-term assets ​ ​ 650 ​ ​ — ​ ​ 208 ​ ​ — ​ ​ Accrued expenses and other liabilities ​ 488 ​ 4,309 ​ 12,955 ​ 11,247 ​ ​ Other long-term liabilities ​ 648 ​ 137 ​ 2,030 ​ 8,932 Foreign currency contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued expenses and other liabilities ​ — ​ — ​ 1,567 ​ — ​ ​ Other long-term liabilities ​ — ​ — ​ 17,427 ​ — Total derivatives designated as hedging instruments ​ $ 3,362 ​ $ 4,446 ​ $ 35,985 ​ $ 20,179 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Contracts Not Designated as Hedging Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ Prepaid expenses and other assets ​ $ 234 ​ $ — ​ $ — ​ $ — ​ ​ Accrued expenses and other liabilities ​ ​ — ​ ​ 141 ​ ​ 390 ​ ​ 1,031 ​ ​ Other long-term liabilities ​ ​ — ​ ​ — ​ ​ 35 ​ ​ 280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivatives not designated as hedging instruments ​ $ 234 ​ $ 141 ​ $ 425 ​ $ 1,311 Total derivatives ​ ​ ​ $ 3,596 ​ $ 4,587 ​ $ 36,410 ​ $ 21,490
Schedule of gross and net amounts recognized within assets and liabilities	The gross and net amounts recognized within assets and liabilities include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2024 Amounts Offset Amounts Not Offset Net Amounts Assets ​ $ 2,460 ​ $ (2,006) ​ $ 454 ​ $ — ​ $ 454 Liabilities ​ ​ 34,404 ​ ​ (1,136) ​ ​ 33,268 ​ ​ (18,994) ​ ​ 14,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ Gross ​ Amounts ​ Total Net ​ Amounts ​ ​ ​ December 31, 2023 Amounts Offset Amounts Not Offset Net Amounts Liabilities ​ $ 21,490 ​ $ (4,587) ​ $ 16,903 ​ $ — ​ $ 16,903
Schedule of cash flow hedge accounting on accumulated other comprehensive income (loss)	The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) include the following (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 Derivatives Comprehensive Income (Loss) Income Income (Loss) into Income ​ ​ Year Ended December 31, ​ ​ ​ Year Ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ ​ 2024 ​ 2023 ​ 2022 Fuel contracts $ 9,482 ​ $ (15,144) ​ $ 106,994 ​ Fuel $ 12,321 ​ $ 39,138 ​ $ 104,250 Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ Other income (expense), net ​ ​ (766) ​ ​ (146) ​ ​ (293) Foreign currency contracts (20,124) ​ 13,371 ​ (211,011) ​ Depreciation and amortization (16,478) ​ (12,819) ​ (7,052) Interest rate contracts — ​ — ​ — ​ Interest expense, net — ​ — ​ (40) Total gain (loss) recognized in other comprehensive income (loss) $ (10,642) ​ $ (1,773) ​ $ (104,017) ​ $ (4,923) ​ $ 26,173 ​ $ 96,865
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2024 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ Fuel Amortization Expense, net ​ ( 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 ​ $ 698,050 ​ $ 890,242 ​ $ 747,223 ​ $ 54,224 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ ​ Fuel contracts ​ 12,321 ​ — ​ — ​ ​ — Foreign currency contracts ​ — ​ ​ (16,478) ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (766) ​ ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ ​ ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ ​ Fuel Amortization Expense, net ​ ( 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 ​ $ 716,833 ​ $ 808,568 ​ $ 727,531 ​ $ (40,204) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ 39,138 ​ — ​ — ​ ​ — Foreign currency contracts ​ ​ — ​ (12,819) ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (146) ​ The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ ​ Depreciation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ Interest ​ Other Income ​ Fuel Amortization Expense, net ( 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 ​ $ 686,825 ​ $ 749,326 ​ $ 801,512 ​ $ 76,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income ​ ​ ​ ​ ​ Fuel contracts ​ ​ 104,250 ​ ​ — ​ ​ — ​ — Foreign currency contracts ​ ​ — ​ ​ (7,052) ​ ​ — ​ — Interest rate contracts ​ ​ — ​ ​ — ​ ​ (40) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts ​ ​ — ​ ​ — ​ ​ — ​ ​ (293)
Not Designated as Hedging Instrument [Member]
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) Recognized in Income ​ ​ ​ Year Ended December 31, ​ Location of Gain (Loss) 2024 2023 2022 Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fuel contracts Other income (expense), net ​ $ 1,845 ​ $ (1,663) ​ $ 33,850 Foreign exchange contracts Other income (expense), net ​ ​ (917) ​ ​ (1,554) ​ ​ (15,055)

Employee Benefits and Share-B_2

Employee Benefits and Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ Number of Share Option Awards ​ Weighted-Average Exercise Price ​ Average ​ Aggregate ​ ​ Time- ​ Performance- ​ Time- ​ Performance- ​ Contractual ​ Intrinsic ​ ​ Based ​ Based ​ Based ​ Based ​ Term ​ Value ​ ​ Awards ​ Awards ​ Awards ​ Awards ​ (years) ​ (in thousands) Outstanding as of January 1, 2024 3,524,856 ​ 114,583 ​ $ 52.98 ​ $ 59.43 ​ 1.26 ​ $ — Forfeited and cancelled ​ (1,351,413) ​ (114,583) ​ ​ 49.40 ​ ​ 59.43 ​ ​ ​ Outstanding as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ — Vested and expected to vest as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ — Exercisable as of December 31, 2024 ​ 2,173,443 ​ — ​ $ 55.20 ​ $ — ​ 0.61 ​ $ —
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, Classification of expense 2024 2023 2022 Payroll and related (1) ​ $ 19,378 ​ $ 18,564 ​ $ 21,043 Marketing, general and administrative (2) ​ 72,403 ​ 100,376 ​ 92,520 Total share-based compensation expense ​ $ 91,781 ​ $ 118,940 ​ $ 113,563 (1) Amounts relate to equity granted to certain of our shipboard officers. (2) Amounts relate to equity granted to certain of our corporate employees.
Schedule of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ Number of ​ Weighted- ​ ​ Time-Based ​ Average Grant ​ Performance- ​ Average Grant ​ Awards Date Fair Value Based Awards Date Fair Value Non-vested as of January 1, 2024 9,083,120 ​ $ 17.39 2,140,134 ​ $ 19.41 Granted 4,673,132 ​ ​ 19.25 945,040 (1) ​ 19.29 Vested (4,358,233) ​ ​ 18.81 (569,552) ​ ​ 25.52 Forfeited or expired (474,301) ​ ​ 17.33 (250,200) ​ ​ 17.42 Non-vested as of December 31, 2024 8,923,718 ​ $ 17.68 2,265,422 ​ $ 18.04 Non-vested and expected to vest as of December 31, 2024 ​ 8,923,718 ​ $ 17.68 2,265,422 ​ $ 18.04 (1) Number of performance-based RSU awards included assumes maximum achievement of performance targets.
Schedule of amounts related to the Shipboard Retirement Plan	​ ​ The amounts related to the Shipboard Retirement Plan were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the Year Ended December 31, ​ 2024 2023 2022 Pension expense: ​ ​ ​ Service cost ​ $ 2,875 ​ $ 2,312 ​ $ 2,797 Interest cost ​ 1,677 ​ 1,472 ​ 873 Amortization of prior service cost ​ 378 ​ 378 ​ 378 Amortization of actuarial gain ​ — ​ (123) ​ — Total pension expense ​ $ 4,930 ​ $ 4,039 ​ $ 4,048 Change in projected benefit obligation: ​ ​ ​ Projected benefit obligation at beginning of year ​ $ 34,404 ​ $ 28,765 ​ $ 34,688 Service cost ​ 2,875 ​ 2,312 ​ 2,797 Interest cost ​ 1,677 ​ 1,472 ​ 873 Actuarial (gain) loss ​ (6,740) ​ 3,668 ​ (8,511) Direct benefit payments ​ (983) ​ (1,813) ​ (1,082) Projected benefit obligation at end of year ​ $ 31,233 ​ $ 34,404 ​ $ 28,765 Amounts recognized in the consolidated balance sheets: ​ ​ ​ Projected benefit obligation ​ $ 31,233 ​ $ 34,404 ​ $ 28,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2024 2023 2022 Amounts recognized in accumulated other comprehensive income (loss): ​ ​ ​ Prior service cost ​ $ (1,891) ​ $ (2,269) ​ $ (2,647) Accumulated actuarial gain ​ 8,029 ​ 1,289 ​ 5,080 Accumulated other comprehensive income (loss) ​ $ 6,138 ​ $ (980) ​ $ 2,433
Schedule of pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter	The pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter are as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 1,740 2026 ​ ​ 1,866 2027 ​ ​ 2,151 2028 ​ ​ 2,450 2029 ​ ​ 2,891 Next five years ​ ​ 18,434 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of components of net income before income taxes	The components of net income (loss) before income taxes consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Bermuda ​ $ — ​ $ — ​ $ — Foreign - Other ​ 772,907 ​ ​ 163,176 ​ ​ (2,276,703) Net income (loss) before income taxes ​ $ 772,907 ​ $ 163,176 ​ $ (2,276,703)
Schedule of components of the provision for income taxes	The components of the provision for income taxes consisted of the following benefit (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Current: ​ ​ ​ Bermuda ​ $ — ​ $ — ​ $ — United States ​ (5,752) ​ 20 ​ 12,706 Foreign - Other ​ (13,046) ​ 2,850 ​ (7,183) Total current: ​ (18,798) ​ 2,870 ​ 5,523 Deferred: ​ ​ ​ Bermuda ​ — ​ — ​ — United States ​ 156,495 ​ 104 ​ — Foreign - Other ​ (347) ​ 28 ​ 1,271 Total deferred: ​ 156,148 ​ 132 ​ 1,271 Income tax benefit ​ $ 137,350 ​ $ 3,002 ​ $ 6,794
Schedule of reconciliation of income tax benefit	Our reconciliation of income tax expense computed by applying our Bermuda statutory rate and reported income tax benefit was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Tax at Bermuda statutory rate ​ $ — ​ $ — ​ $ — Foreign income taxes at different rates ​ (29,429) ​ (3,610) ​ 37,434 Tax contingencies ​ 320 ​ — ​ (321) Return to provision adjustments ​ 2,272 ​ 8,959 ​ 13,039 Change in tax laws ​ 15,389 ​ 532,387 ​ — Valuation allowance ​ 148,798 ​ (534,734) ​ (43,358) Income tax benefit ​ $ 137,350 ​ $ 3,002 ​ $ 6,794
Schedule of deferred tax assets and liabilities	Deferred tax assets and liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2024 2023 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 729,735 ​ $ 714,095 Other ​ 38,451 ​ 34,596 Valuation allowance ​ (558,690) ​ (694,765) Total net deferred assets ​ 209,496 ​ 53,926 Deferred tax liabilities: ​ ​ Property and equipment ​ (53,605) ​ (53,172) Total deferred tax liabilities ​ (53,605) ​ (53,172) Net deferred tax asset ​ $ 155,891 ​ $ 754

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
Port Facility Commitments
Schedule of minimum annual payments for contractual obligations	As of December 31, 2024, future commitments to pay for usage of certain port facilities were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 76,009 2026 ​ 55,816 2027 ​ 53,007 2028 ​ 43,881 2029 ​ 42,916 Thereafter ​ 987,815 Total port facility future commitments ​ $ 1,259,444
Ship Construction Contracts
Schedule of minimum annual payments for contractual obligations	As of December 31, 2024, minimum annual payments for non-cancelable ship construction contracts, which exclude two contracts with options to cancel, were as follows (in thousands): ​ ​ ​ ​ ​ Year Amount 2025 ​ $ 2,110,819 2026 ​ 2,135,541 2027 ​ 2,174,827 2028 ​ 2,011,679 2029 ​ 938,839 Thereafter ​ 7,916,565 Total minimum annual payments ​ $ 17,288,270

Description of Business (Detail

Description of Business (Details)	Dec. 31, 2024 item
Description Of Business And Organization [Line Items]
Number of cruise ships	32
Capacity of ship, berths	66,500
Ships launching period in 2025 through 2028
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ship to be delivered in 2025
Description Of Business And Organization [Line Items]
Number of additional ships	1
Ships launching period in 2025 through 2036
Description Of Business And Organization [Line Items]
Number of additional ships	13
Ships launching period in 2027 through 2031
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ships launching period in 2026 and 2029
Description Of Business And Organization [Line Items]
Number of additional ships	2
Ships launching period in 2030 through 2036
Description Of Business And Organization [Line Items]
Number of additional ships	4
Ships launching period in 2030 and 2031
Description Of Business And Organization [Line Items]
Number of additional cruise ships, option to cancel	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Jan. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2023 EUR (€)
Debt Instrument [Line Items]
Number of reporting units | item	3
Cash and cash equivalents	$ 190,765			$ 402,415
Commitment letter
Debt Instrument [Line Items]
Principal amount			$ 650,000
Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	1,200,000	$ 1,700,000
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 1,150,000
Commitment in connection with financial support
Debt Instrument [Line Items]
Principal amount | €					€ 200

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation between Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income - Basic EPS	$ 910,257	$ 166,178	$ (2,269,909)
Effect of dilutive securities - exchangeable notes	63,308
Net income and assumed conversion of exchangeable notes - Diluted EPS	$ 973,565	$ 166,178	$ (2,269,909)
Basic weighted-average shares outstanding	435,278,605	424,424,962	419,773,195
Dilutive effect of share awards	4,039,709	2,975,887
Dilutive effect of exchangeable notes	75,712,234
Diluted weighted-average shares outstanding	515,030,548	427,400,849	419,773,195
Basic loss per share (in dollars per share)	$ 2.09	$ 0.39	$ (5.41)
Diluted loss per share (in dollars per share)	$ 1.89	$ 0.39	$ (5.41)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	Dec. 31, 2024
Minimum [Member]
Property, Plant and Equipment [Line Items]
Percentage of residual value	10%
Maximum [Member]
Property, Plant and Equipment [Line Items]
Percentage of residual value	15%
Ships | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	30 years
Ships | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	35 years
Computer hardware and software | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Computer hardware and software | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	15 years
Property, Plant and Equipment, Other Types [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Property, Plant and Equipment, Other Types [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	40 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember
Ship improvements
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	nclh:UsefulLifeShorterOfShipImprovementOrAssetUtilityMember

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenues by Destination (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues by destination	$ 9,479,651	$ 8,549,924	$ 4,843,760
North America [Member]
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues by destination	5,318,676	5,002,796	3,076,788
Europe [Member]
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues by destination	3,035,406	2,754,160	1,557,308
Asia Pacific [Member]
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues by destination	779,484	533,484	115,438
Other Country
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues by destination	$ 346,085	$ 259,484	$ 94,226

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 9,479,651	$ 8,549,924	$ 4,843,760
Cruise operating expense
Total cruise operating expense	5,688,696	5,468,587	4,267,086
Other operating expense
Depreciation and amortization	890,242	808,568	749,326
Total other operating expense	2,325,049	2,150,426	2,128,431
Interest expense, net	747,223	727,531	801,512
Other income (expense), net	(54,224)	40,204	(76,566)
Net income (loss) before income taxes	772,907	163,176	(2,276,703)
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	1,917,443	1,883,279	1,034,629
Onboard and other
Segment Reporting Information [Line Items]
Total revenue	3,064,106	2,795,958	1,589,961
Cruise operating expense
Total cruise operating expense	661,553	599,904	357,932
Payroll and related
Cruise operating expense
Total cruise operating expense	1,344,718	1,262,119	1,088,639
Fuel
Cruise operating expense
Total cruise operating expense	698,050	716,833	686,825
Food
Cruise operating expense
Total cruise operating expense	312,992	358,310	263,807
Other
Cruise operating expense
Total cruise operating expense	753,940	648,142	835,254
Single reportable segment
Segment Reporting Information [Line Items]
Total revenue	9,479,651	8,549,924	4,843,760
Cruise operating expense
Adjusted total cruise operating expense	5,666,443	5,447,711	4,243,246
Other operating expense
Adjusted marketing, general and administrative	1,362,404	1,241,482	1,286,585
Depreciation and amortization	890,242	808,568	749,326
Adjusted total other operating expense	2,252,646	2,050,050	2,035,911
Adjusted operating income (loss)	1,560,562	1,052,163	(1,435,397)
Non-cash compensation	(94,656)	(121,252)	(116,360)
Interest expense, net	747,223	727,531	801,512
Other income (expense), net	(54,224)	40,204	(76,566)
Net income (loss) before income taxes	772,907	163,176	(2,276,703)
Single reportable segment | Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	1,917,443	1,883,279	1,034,629
Single reportable segment | Onboard and other
Cruise operating expense
Total cruise operating expense	661,553	599,904	357,932
Single reportable segment | Payroll and related
Cruise operating expense
Adjusted total cruise operating expense	1,322,465	1,241,243	1,064,799
Single reportable segment | Fuel
Cruise operating expense
Total cruise operating expense	698,050	716,833	686,825
Single reportable segment | Food
Cruise operating expense
Total cruise operating expense	312,992	358,310	263,807
Single reportable segment | Other
Cruise operating expense
Total cruise operating expense	$ 753,940	$ 648,142	$ 835,254

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Other (Details) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item segment shares	Dec. 31, 2023 USD ($) item shares	Dec. 31, 2022 USD ($) shares
Schedule Of Significant Accounting Policies [Line Items]
Allowance for credit losses	$ 15,100	$ 13,200
Expenses related to advertising costs	$ 513,700	$ 512,700	$ 577,800
Antidilutive securities excluded from computation of earnings per share | shares	5.1	87.6	92.6
Foreign currency transaction gain (loss)	$ 53,300	$ (28,700)	$ 55,800
Accounts receivable, net	$ 221,412	280,271
Number of reportable segments | segment	1
Ship, carrying value	$ 16,810,650	16,433,292
Number of cruise ships | item	32
Minimum
Schedule Of Significant Accounting Policies [Line Items]
Reduction in estimated residual values, percentage	10%
Maximum
Schedule Of Significant Accounting Policies [Line Items]
Reduction in estimated residual values, percentage	15%
Credit Card Processors
Schedule Of Significant Accounting Policies [Line Items]
Accounts receivable, net	$ 800	$ 20,100
Sales Revenue, Net | Geographic Concentration Risk
Schedule Of Significant Accounting Policies [Line Items]
Concentration risk, benchmark	No other individual country’s revenues exceeded 10% in any of our last three years.	No other individual country’s revenues exceeded 10% in any of our last three years.	No other individual country’s revenues exceeded 10% in any of our last three years.
BAHAMAS | Ships
Schedule Of Significant Accounting Policies [Line Items]
Ship, carrying value	$ 11,200,000	$ 11,500,000
Number of cruise ships | item	21
MARSHALL ISLANDS | Ships
Schedule Of Significant Accounting Policies [Line Items]
Ship, carrying value	$ 3,500,000	3,600,000
Number of cruise ships | item	10
UNITED STATES | Ships
Schedule Of Significant Accounting Policies [Line Items]
Ship, carrying value	$ 300,000	$ 300,000
Number of cruise ships | item	1	1
UNITED STATES | Sales Revenue, Net | Geographic Concentration Risk | Passenger [Member]
Schedule Of Significant Accounting Policies [Line Items]
Percentage of revenue attributable to U.S.- sourced passengers	84%	84%	85%

Revenue and Expense from Cont_2

Revenue and Expense from Contracts with Customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) item
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Number of Reportable Segments | segment	1
Period for contract liabilities are recognized in earnings	180 days
Receivables from customers	$ 221,412	$ 280,271
Advanced ticket sales	$ 2,200,000	2,200,000
Percentage of refundable amounts included within contract liabilities	40%
Revenue recognized included in contract liability		2,100,000
Costs to obtain customers	$ 229,600	231,900
Costs to fulfill contracts with customers	120,800	135,500
In-transit Credit Card Receivables
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables from customers	$ 114,200	$ 126,400
Ships delivered in 2023
Revenues, Initial Application Period Cumulative Effect Transition [Line Items]
Number of additional ships | item		3

Revenue and Expense from Cont_3

Revenue and Expense from Contracts with Customers - Timing of Satisfaction of Performance Obligations (Details)	Dec. 31, 2024
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	120 days
Maximum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	180 days

Acquisition - Additional Inform

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

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price (Details) - USD ($) $ in Thousands	Apr. 25, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 135,764	$ 98,134
IMA
Business Acquisition [Line Items]
Assets, other than goodwill	$ 4,302
Goodwill	37,630
Liabilities	(9,088)
Total consideration allocated, net of $4.7 million of cash acquired	32,844
Cash acquired	$ 4,700

Goodwill and Trade Names - Chan

Goodwill and Trade Names - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Balance	$ 98,134
Additions to goodwill	37,630
Impairment loss		$ (1,290,797)
Balance	$ 135,764	$ 98,134

Goodwill and Trade Names (Detai

Goodwill and Trade Names (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Intangible Assets [Line Items]
Goodwill, carrying value	$ 135,764	$ 98,134
Trade names, carrying value	500,525	$ 500,525
Trade Names [Member]
Schedule Of Intangible Assets [Line Items]
Trade names, carrying value	500,500
Trade Names [Member] | Norwegian Cruise Line
Schedule Of Intangible Assets [Line Items]
Trade names, carrying value	207,500
Trade Names [Member] | Oceania Cruises
Schedule Of Intangible Assets [Line Items]
Trade names, carrying value	140,000
Trade Names [Member] | Regent Seven Seas Cruises
Schedule Of Intangible Assets [Line Items]
Trade names, carrying value	$ 153,000

Leases - Components of Lease Ex

Leases - Components of Lease Expense and Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 69,836	$ 54,290	$ 47,558
Variable lease expense	33,246	25,364	29,886
Short-term lease expense	$ 44,683	$ 36,853	$ 38,476

Leases - Lease Balances (Detail

Leases - Lease Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Right-of-use assets	$ 899,091	$ 753,652
Operating lease, right-of-use asset - Extensible List	Other long-term assets	Other long-term assets
Current operating lease liabilities	$ 27,313	$ 23,226
Operating lease liability, current - Extensible List	Accrued Liabilities And Other Liabilities Current	Accrued Liabilities And Other Liabilities Current
Non-current operating lease liabilities	$ 788,669	$ 644,646
Operating lease liability, non-current - Extensible List	Other long-term liabilities	Other long-term liabilities

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow and Non-Cash Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 86,566	$ 122,499	$ 47,828
Right-of-use assets obtained in exchange for lease obligations:
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 168,369	$ 77,954	$ (76,173)

Leases - Other Supplemental Inf

Leases - Other Supplemental Information (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (years) - operating leases	26 years 5 months 12 days	22 years 8 months 4 days	22 years 10 months 24 days
Weighted average discount rate - operating leases	6.87%	7.92%	7.33%

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating leases
2025	$ 81,047
2026	75,425
2027	78,612
2028	71,062
2029	69,463
Thereafter	1,490,686
Total	1,866,295
Less: Present value discount	(1,050,313)
Present value of lease liabilities	$ 815,982

Leases - Maturities of Lease Re

Leases - Maturities of Lease Receivable (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Sales-Type and Direct Financing Leases, Payment to be Received, Fiscal Year Maturity [Abstract]
2025	$ 1,839
2026	1,839
2027	1,839
2028	1,839
2029	1,839
Thereafter	29,622
Total	$ 38,817

Leases (Details)

Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) lease agreement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Number of sales type leases | lease	1
Lease term (in years)	18 years
Lessee, Operating Lease, Existence of Option to Extend	true
Renewal term	5 years
Right-of-use assets obtained in exchange for lease obligations - Operating leases	$ 168,369	$ 77,954	$ (76,173)
Number of lease agreements | agreement	3
Lease not yet commenced, undiscounted minimum annual guarantee	$ 238,500
Accounts receivable, net and other long-term assets
Lessee, Lease, Description [Line Items]
Lease receivable	$ 38,800

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	$ 300,807	$ 68,591	$ 2,432,650
Accumulated other comprehensive income (loss) at end of period	1,425,439	300,807	68,591
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(508,438)	(477,079)	(285,086)
Current period other comprehensive income (loss) before reclassifications	(3,902)	(5,441)	(95,506)
Amounts reclassified into earnings	5,301	(25,918)	(96,487)
Accumulated other comprehensive income (loss) at end of period	(507,039)	(508,438)	(477,079)
Change Related to Shipboard Retirement Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	86	3,499	(5,390)
Current period other comprehensive income (loss) before reclassifications	6,740	(3,668)	8,511
Amounts reclassified into earnings	378	255	378
Accumulated other comprehensive income (loss) at end of period	7,204	86	3,499
Change Related to Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) at beginning of period	(508,524)	(480,578)	(279,696)
Current period other comprehensive income (loss) before reclassifications	(10,642)	(1,773)	(104,017)
Amounts reclassified into earnings	4,923	(26,173)	(96,865)
Accumulated other comprehensive income (loss) at end of period	$ (514,243)	$ (508,524)	$ (480,578)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Statement of Comprehensive Income [Abstract]
Amount of loss expected to be reclassified into earnings next 12 months	$ 30.5

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 24,169,056	$ 22,967,387
Less: accumulated depreciation	(7,358,406)	(6,534,095)
Property and equipment, net	16,810,650	16,433,292
Ships
Property, Plant and Equipment [Line Items]
Property and equipment, gross	18,435,673	18,462,250
Ships improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,269,898	2,899,114
Asset under Construction [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,143,711	548,182
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	58,370	58,370
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,261,404	$ 999,471

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Repairs and maintenance expenses including Dry-dock expenses	$ 205.9	$ 160.8	$ 223.5
Interest costs capitalized	59.9	$ 56.4	$ 58.4
Ships improvements
Property, Plant and Equipment [Line Items]
Net increase in PPE due to ships under construction	398.6
Other information technology assets
Property, Plant and Equipment [Line Items]
Net increase in PPE due to ships under construction	$ 140.5

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Jan. 31, 2025	Sep. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt instrument maturity year	2028
Finance lease and license obligations	$ 11,124					$ 13,372
Total debt	13,100,490					14,058,925
Less: current portion of long-term debt	(1,323,769)					(1,744,778)
Total long-term debt	$ 11,776,721					$ 12,314,147
Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate	6.77%
Debt instrument maturity year	2026
Long-term debt	$ 245,000
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Interest rate	6%					6%
Debt instrument maturity year	2024
Long-term debt						$ 146,044
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate	5.375%					5.38%
Debt instrument maturity year	2025
Long-term debt	$ 448,527					$ 446,027
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Interest rate	1.125%					1.13%
Debt instrument maturity year	2027
Long-term debt	$ 1,137,711					$ 1,132,079
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Interest rate	2.50%					2.50%
Debt instrument maturity year	2027
Long-term debt	$ 467,764					$ 465,339
Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Interest rate	5.875%					5.88%
Debt instrument maturity year	2027
Long-term debt	$ 993,581					$ 990,560
Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Interest rate	6.25%		6.25%
Debt instrument maturity year	2030
Long-term debt	$ 310,623
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Interest rate	7.75%			7.75%		7.75%
Debt instrument maturity year	2029
Long-term debt	$ 594,782					$ 593,521
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Interest rate	9.75%				9.75%	9.75%
Debt instrument maturity year	2028
Long-term debt						$ 239,695
Senior Secured Notes Due 2029
Debt Instrument [Line Items]
Interest rate	8.125%	8.125%				8.13%
Debt instrument maturity year	2029
Long-term debt	$ 781,372					$ 779,241
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Interest rate	8.375%					8.38%
Debt instrument maturity year	2028
Long-term debt	$ 593,041					$ 590,796
Senior Secured Notes Due 2024
Debt Instrument [Line Items]
Interest rate	3.625%
Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Interest rate	6.125%					6.13%
Debt instrument maturity year	2028
Long-term debt	$ 521,495					$ 520,402
Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Interest rate	5.875%					5.88%
Debt instrument maturity year	2026
Long-term debt	$ 1,420,523					$ 1,416,779
Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Interest rate	3.625%					3.63%
Debt instrument maturity year	2024
Long-term debt						$ 563,788
529.8 million Breakaway one loan
Debt Instrument [Line Items]
Interest rate	5.88%					6.73%
Debt instrument maturity year	2026
Long-term debt	$ 56,343					$ 140,721
529.8 million Breakaway two loan
Debt Instrument [Line Items]
Interest rate	5.12%					5.18%
Debt instrument maturity year	2027
Long-term debt	$ 130,055					$ 216,317
590.5 million Breakaway three loan
Debt Instrument [Line Items]
Interest rate	3.47%					3.86%
Debt instrument maturity year	2027
Long-term debt	$ 212,637					$ 303,184
729.9 million Breakaway four loan
Debt Instrument [Line Items]
Interest rate	3.32%					3.66%
Debt instrument maturity year	2029
Long-term debt	$ 337,406					$ 437,721
710.8 million Seahawk 1 term loan
Debt Instrument [Line Items]
Interest rate	4.10%					4.35%
Debt instrument maturity year	2030
Long-term debt	$ 401,919					$ 501,416
748.7 million Seahawk 2 term loan
Debt Instrument [Line Items]
Interest rate	4.06%					4.27%
Debt instrument maturity year	2031
Long-term debt	$ 542,721					$ 650,189
Leonardo newbuild one loan
Debt Instrument [Line Items]
Interest rate	2.68%					2.68%
Debt instrument maturity year	2034
Long-term debt	$ 878,378					$ 960,901
Leonardo newbuild two loan
Debt Instrument [Line Items]
Interest rate	2.77%					2.77%
Debt instrument maturity year	2035
Long-term debt	$ 942,721					$ 1,022,829
Leonardo newbuild three loan
Debt Instrument [Line Items]
Interest rate	1.88%					1.89%
Debt instrument maturity year	2037
Long-term debt	$ 246,738					$ 199,689
Leonardo newbuild four loan
Debt Instrument [Line Items]
Interest rate	1.97%					1.31%
Debt instrument maturity year	2038
Long-term debt	$ 186,090					$ 42,037
Explorer Newbuild Loan
Debt Instrument [Line Items]
Interest rate	3.97%					4.37%
Debt instrument maturity year	2028
Long-term debt	$ 121,395					$ 166,239
Splendor Newbuild Loan
Debt Instrument [Line Items]
Interest rate	3.41%					3.62%
Debt instrument maturity year	2032
Long-term debt	$ 282,809					$ 333,143
Regent Seven Seas Cruises Grandeur Term Loan
Debt Instrument [Line Items]
Interest rate	3.70%					3.70%
Debt instrument maturity year	2035
Long-term debt	$ 462,691					$ 501,987
Marina Newbuild Loan
Debt Instrument [Line Items]
Interest rate	6.78%					7.06%
Debt instrument maturity year	2027
Long-term debt	$ 33,696					$ 56,283
Riviera Newbuild Loan
Debt Instrument [Line Items]
Interest rate	6%					6.84%
Debt instrument maturity year	2026
Long-term debt	$ 22,536					$ 67,683
Prestige newbuild loan
Debt Instrument [Line Items]
Interest rate	6.38%
Debt instrument maturity year	2038
Long-term debt	$ 104,269
Prestige Class 2 newbuild loan
Debt Instrument [Line Items]
Interest rate	6.38%
Debt instrument maturity year	2041
Long-term debt	$ 15,105
New Oceania Cruises class 1 newbuild loan
Debt Instrument [Line Items]
Interest rate	6.38%
Debt instrument maturity year	2039
Long-term debt	$ 65,535
New Oceania Cruises class 2 newbuild loan
Debt Instrument [Line Items]
Interest rate	6.38%
Debt instrument maturity year	2040
Long-term debt	$ 16,752
Oceania Cruises Vista
Debt Instrument [Line Items]
Interest rate	3.64%					3.64%
Debt instrument maturity year	2035
Long-term debt	$ 515,151					$ 560,943

Long-Term Debt - Summary of L_2

Long-Term Debt - Summary of Long-Term Debt - Additional Information (Details) € in Millions, $ in Millions	Jan. 31, 2025	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Mar. 31, 2024	Dec. 31, 2023
Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate		6.77%	6.77%
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount		$ 862.5
Interest rate		6%	6%			6%
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount		$ 450
Interest rate		5.375%	5.375%			5.38%
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount		$ 1,150
Interest rate		1.125%	1.125%			1.13%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount		$ 473.2
Interest rate		2.50%	2.50%			2.50%
Senior Secured Notes Due 2027
Debt Instrument [Line Items]
Principal amount		$ 1,000
Interest rate		5.875%	5.875%			5.88%
Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Principal amount		$ 315		$ 315
Interest rate		6.25%	6.25%	6.25%
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Principal amount		$ 600
Interest rate		7.75%	7.75%		7.75%	7.75%
Senior Secured Notes Due 2029
Debt Instrument [Line Items]
Principal amount		$ 790
Interest rate	8.125%	8.125%	8.125%			8.13%
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Principal amount		$ 600
Interest rate		8.375%	8.375%			8.38%
Senior Secured Notes Due 2024
Debt Instrument [Line Items]
Interest rate		3.625%	3.625%
Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Principal amount		$ 525
Interest rate		6.125%	6.125%			6.13%
Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Principal amount		$ 1,425
Interest rate		5.875%	5.875%			5.88%
Senior Unsecured Notes Due 2024
Debt Instrument [Line Items]
Principal amount		$ 565
Interest rate		3.625%	3.625%			3.63%
529.8 million Breakaway one loan
Debt Instrument [Line Items]
Principal amount | €			€ 529.8
Interest rate		5.88%	5.88%			6.73%
529.8 million Breakaway two loan
Debt Instrument [Line Items]
Principal amount | €			€ 529.8
Interest rate		5.12%	5.12%			5.18%
590.5 million Breakaway three loan
Debt Instrument [Line Items]
Principal amount | €			€ 590.5
Interest rate		3.47%	3.47%			3.86%
729.9 million Breakaway four loan
Debt Instrument [Line Items]
Principal amount | €			€ 729.9
Interest rate		3.32%	3.32%			3.66%
710.8 million Seahawk 1 term loan
Debt Instrument [Line Items]
Principal amount | €			€ 710.8
Interest rate		4.10%	4.10%			4.35%
748.7 million Seahawk 2 term loan
Debt Instrument [Line Items]
Principal amount | €			€ 748.7
Interest rate		4.06%	4.06%			4.27%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) € in Millions	1 Months Ended					3 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($) item	Sep. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	Nov. 30, 2023 EUR (€)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt							$ (29,175,000)	$ (6,701,000)	$ (188,799,000)
Commitment Letter
Debt Instrument [Line Items]
Principal amount			$ 650,000,000
Draw fee (as a percent)			0.50%
Basis spread on variable rate			2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			Base Rate
Debt instrument term			5 years
Percentage of maximum commitment fee			0.75%
Structuring fee (as a percent)			0.50%
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Principal amount							$ 600,000,000
Interest rate							8.375%	8.38%
Debt instrument redemption amount							$ 600,000,000
Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Principal amount							$ 600,000,000
Interest rate			7.75%				7.75%	7.75%
Senior Secured Notes Due 2024
Debt Instrument [Line Items]
Interest rate							3.625%
Debt instrument redemption amount							$ 315,000,000
Senior Secured Notes Due 2029
Debt Instrument [Line Items]
Principal amount							$ 790,000,000
Interest rate	8.125%						8.125%	8.13%
Senior Secured Notes Due 2028
Debt Instrument [Line Items]
Principal amount							$ 250,000,000
Interest rate				9.75%			9.75%	9.75%
Debt instrument redemption amount				$ 250,000,000
Senior Secured Notes Due 2028 | Interest expense, net
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ (29,000,000)
Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Principal amount		$ 315,000,000					$ 315,000,000
Interest rate		6.25%					6.25%
Senior Unsecured Notes Due 2030 | Call Date, Scenario One
Debt Instrument [Line Items]
Redemption price as a percentage of face amount		100%
Senior Unsecured Notes Due 2030 | Call Date, Scenario Two
Debt Instrument [Line Items]
Percentage of principal amount of debt redeemed		40%
Percentage of thresholds, after percentage		60%
Redemption price as a percentage of face amount		106.25%
Senior Secured Revolving Loan Facility
Debt Instrument [Line Items]
Interest rate							6.77%
Maximum borrowing capacity	$ 1,700,000,000						$ 1,200,000,000
Number of vessels | item	10
Senior Secured Revolving Loan Facility | Minimum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage	0.15%
Senior Secured Revolving Loan Facility | Maximum [Member]
Debt Instrument [Line Items]
Commitment fee, percentage	0.30%
Senior Secured Revolving Loan Facility | Base Rate | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Senior Secured Revolving Loan Facility | Base Rate | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Senior Secured Revolving Loan Facility | SOFR Rate | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Senior Secured Revolving Loan Facility | SOFR Rate | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Senior Secured Revolving Loan Facility | Scenario For Maturity Date Earlier To January 22, 2030
Debt Instrument [Line Items]
Debt instrument outstanding, threshold	$ 400,000,000
Commitment in connection with financial support
Debt Instrument [Line Items]
Principal amount | €					€ 200
Debt, period due after issue date					364 days
Senior Unsecured Notes Due 2026
Debt Instrument [Line Items]
Principal amount							$ 1,425,000,000
Interest rate							5.875%	5.88%
Debt instrument redemption amount							$ 1,200,000,000
Senior Unsecured Notes Due 2032
Debt Instrument [Line Items]
Principal amount	$ 1,800,000,000
Interest rate	6.75%
Senior Unsecured Notes Due 2032 | Call Date, Scenario One
Debt Instrument [Line Items]
Redemption price as a percentage of face amount	100%
Senior Unsecured Notes Due 2032 | Call Date, Scenario Two
Debt Instrument [Line Items]
Percentage of principal amount of debt redeemed	40%
Percentage of thresholds, after percentage	60%
Redemption price as a percentage of face amount	106.75%
Senior Unsecured Notes Due 2032 | Interest expense, net | Forecast [Member]
Debt Instrument [Line Items]
Loss on extinguishment of debt						$ (50,000,000)
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount							$ 1,150,000,000
Interest rate							1.125%	1.13%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount							$ 473,200,000
Interest rate							2.50%	2.50%

Long-Term Debt - Exchangeable N

Long-Term Debt - Exchangeable Notes (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares	Dec. 31, 2023
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	$ 450,000,000
Interest rate	5.375%	5.38%
Debt instrument, principal amount denomination for conversion into preferences shares	$ 1,000
Initial exchange price | $ / shares	$ 18.75
Ordinary share exchange rate	53.3333
Effective interest rate	5.97%
Exchangeable Senior Notes Due 2025 | Maximum
Debt Instrument [Line Items]
Ordinary share exchange rate	66.6666
1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 1,150,000,000
Interest rate	1.125%	1.13%
Debt instrument, principal amount denomination for conversion into preferences shares	$ 1,000
Initial exchange price | $ / shares	$ 33.69
Ordinary share exchange rate	29.685
Effective interest rate	1.64%
1.125% Exchangeable Senior Notes Due 2027 | Maximum
Debt Instrument [Line Items]
Ordinary share exchange rate	42.3012
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 473,200,000
Interest rate	2.50%	2.50%
Debt instrument, principal amount denomination for conversion into preferences shares	$ 1,000
Initial exchange price | $ / shares	$ 34.51
Ordinary share exchange rate	28.9765
Effective interest rate	3.06%
2.5% Exchangeable Senior Notes Due 2027 | Maximum
Debt Instrument [Line Items]
Ordinary share exchange rate	44.1891

Long-Term Debt - Summary of Exc

Long-Term Debt - Summary of Exchangeable Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Fair Value	$ 12,800,000	$ 13,500,000
Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount		146,601
Unamortized debt discount, including deferred financing fees		(557)
Net carrying amount		$ 146,044
Interest rate	6%	6%
Common share issuance for NCLC Exchangeable Notes	10,658,607
Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Principal amount	$ 449,990	$ 449,990
Unamortized debt discount, including deferred financing fees	(1,463)	(3,963)
Net carrying amount	$ 448,527	$ 446,027
Interest rate	5.375%	5.38%
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	(12,289)	(17,921)
Net carrying amount	$ 1,137,711	$ 1,132,079
Interest rate	1.125%	1.13%
2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	$ 473,175	$ 473,175
Unamortized debt discount, including deferred financing fees	(5,411)	(7,836)
Net carrying amount	$ 467,764	$ 465,339
Interest rate	2.50%	2.50%
Level 2 | Exchangeable Senior Notes Due 2024
Debt Instrument [Line Items]
Fair Value		$ 217,790
Level 2 | Exchangeable Senior Notes Due 2025
Debt Instrument [Line Items]
Fair Value	$ 641,560	572,567
Level 2 | 1.125% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	1,177,347	1,068,431
Level 2 | 2.5% Exchangeable Senior Notes Due 2027
Debt Instrument [Line Items]
Fair Value	$ 492,395	$ 453,784

Long-Term Debt - Summary of Int

Long-Term Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of deferred financing fees	$ 81,600	$ 73,500	$ 59,300
Exchangeable Notes
Debt Instrument [Line Items]
Coupon interest	52,222	57,750	55,759
Amortization of deferred financing fees	11,086	11,669	11,143
Total	$ 63,308	$ 69,419	$ 66,902

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Interest expense, net	$ (747,223)	$ (727,531)	$ (801,512)
Amortization of deferred financing fees	81,600	73,500	59,300
Loss on extinguishment and modification of debt	$ (29,200)	$ (8,800)	$ (193,400)

Long-Term Debt - Schedule of Pr

Long-Term Debt - Schedule of Principal Repayments on Long-Term Debt Including Finance Lease Obligations (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2025	$ 1,323,769
2026	2,486,641
2027	3,309,072
2028	1,720,518
2029	1,935,834
Thereafter	2,612,675
Total	$ 13,388,509

Long-Term Debt - Debt Repayment

Long-Term Debt - Debt Repayments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Accrued interest liability	$ 202.6	$ 195.2

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	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2,460
Derivative liabilities, fair value	34,404	$ 21,490
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	3,362	4,446
Derivative liabilities, fair value	35,985	20,179
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	234	141
Derivative liabilities, fair value	425	1,311
Fuel contracts | Designated as Hedging Instrument | Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1,576
Derivative liabilities, fair value	1,798
Fuel contracts | Designated as Hedging Instrument | Other long-term assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	650
Derivative liabilities, fair value	208
Fuel contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	488	4,309
Derivative liabilities, fair value	12,955	11,247
Fuel contracts | Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	648	137
Derivative liabilities, fair value	2,030	8,932
Fuel contracts | Not Designated as Hedging Instrument | Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	234
Fuel contracts | Not Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		141
Derivative liabilities, fair value	390	1,031
Fuel contracts | Not Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	35	280
Foreign currency contracts | Designated as Hedging Instrument | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	1,567
Foreign currency contracts | Designated as Hedging Instrument | Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	17,427
Total derivative
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	3,596	4,587
Derivative liabilities, fair value	$ 36,410	$ 21,490

Fair Value Measurements and D_4

Fair Value Measurements and Derivatives - Amounts Recognized within Assets and Liabilities Based on Right of Offset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Gross Amounts, Assets	$ 2,460
Gross Amounts Offset, Assets	(2,006)
Total Net Amounts, Assets	454
Net Amounts, Assets	$ 454
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent, Prepaid Expense and Other Assets, Current
Gross Amounts, Liabilities	$ 34,404	$ 21,490
Gross Amounts Offset, Liabilities	(1,136)	(4,587)
Total Net Amounts, Liabilities	33,268	16,903
Gross Amounts Not Offset, Liabilities	(18,994)
Net Amounts, Liabilities	$ 14,274	$ 16,903
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent, Accrued Liabilities And Other Liabilities Current	Other Liabilities, Noncurrent, Accrued Liabilities And Other Liabilities Current

Fair Value Measurements and D_5

Fair Value Measurements and Derivatives - Effects of Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (4,923)	$ 26,173	$ 96,865
Cash Flow Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(10,642)	(1,773)	(104,017)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(4,923)	26,173	96,865
Cash Flow Hedging [Member] | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,321	39,138	104,250
Cash Flow Hedging [Member] | Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(16,478)	(12,819)	(7,052)
Cash Flow Hedging [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income			(40)
Cash Flow Hedging [Member] | Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	9,482	(15,144)	106,994
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(766)	(146)	(293)
Cash Flow Hedging [Member] | Fuel contracts | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,321	39,138	104,250
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(20,124)	13,371	(211,011)
Cash Flow Hedging [Member] | Foreign Exchange Forward [Member] | Depreciation and amortization
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	$ (16,478)	$ (12,819)	(7,052)
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Interest Expense [Member]
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Income	$ (10,642)	$ (1,773)	$ (104,017)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(4,923)	26,173	96,865
Fuel Costs	698,050	716,833
Fuel	5,688,696	5,468,587	4,267,086
Depreciation and amortization	890,242	808,568	749,326
Interest expense, net	(747,223)	(727,531)	(801,512)
Other income (expense), net	54,224	(40,204)	76,566
Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Fuel	698,050	716,833	686,825
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(4,923)	26,173	96,865
Fuel Costs			686,825
Depreciation and amortization			749,326
Interest expense, net			801,512
Other income (expense), net			76,566
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(10,642)	(1,773)	(104,017)
Cash Flow Hedging | Fuel
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	12,321	39,138	104,250
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	(16,478)	(12,819)	(7,052)
Cash Flow Hedging | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income			(40)
Cash Flow Hedging | Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income	(766)	(146)	(293)
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	9,482	(15,144)	106,994
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	12,321	39,138	104,250
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	(766)	(146)	(293)
Cash Flow Hedging | Foreign currency contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Other Comprehensive Loss	(20,124)	13,371	(211,011)
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	$ (16,478)	$ (12,819)	(7,052)
Cash Flow Hedging | Interest Rate Contract [Member] | Interest Expense [Member]
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) - Not Designated as Hedging Instrument - Other income (expense), net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fuel contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ 1,845	$ (1,663)	$ 33,850
Foreign Exchange Forward [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Income	$ (917)	$ (1,554)	$ (15,055)

Fair Value Measurements and D_8

Fair Value Measurements and Derivatives (Details) T in Thousands, $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) T	Dec. 31, 2024 EUR (€) T	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 12,800,000		$ 13,500,000
Fair value of long-term debt in excess of carrying value	$ (600,000)		$ (900,000)
Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date	Dec. 31, 2026
Not Designated as Hedging Instrument | Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Projected fuel purchases | T	27	27
Designated as Hedging Instrument | Fuel contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Projected fuel purchases	741
Designated as Hedging Instrument | Foreign exchange
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notional amount of derivatives	$ 735,000	€ 709.9

Employee Benefits and Share-B_3

Employee Benefits and Share-Based Compensation - Summary of Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-Average Contractual Term (years)
Options Outstanding, Weighted-Average Contractual Term	7 months 9 days	1 year 3 months 3 days
Vested and expected to vest	7 months 9 days
Exercisable	7 months 9 days
Time-Based Options
Number of Share Option Awards
Outstanding as of January 1, 2024	3,524,856
Granted	0	0	0
Forfeited and cancelled	(1,351,413)
Outstanding as of December 31, 2024	2,173,443	3,524,856
Vested and expected to vest as of end of period	2,173,443
Exercisable as of end of period	2,173,443
Weighted-Average Exercise Price
Outstanding as of January 1, 2024	$ 52.98
Forfeited and cancelled	49.4
Outstanding as of December 31, 2024	55.2	$ 52.98
Vested and expected to vest as of end of period	55.2
Exercisable as of end of period	$ 55.2
Performance-Based Options
Number of Share Option Awards
Outstanding as of January 1, 2024	114,583
Forfeited and cancelled	(114,583)
Outstanding as of December 31, 2024		114,583
Weighted-Average Exercise Price
Outstanding as of January 1, 2024	$ 59.43
Forfeited and cancelled	$ 59.43
Outstanding as of December 31, 2024		$ 59.43

Employee Benefits and Share-B_4

Employee Benefits and Share-Based Compensation - Summary of Restricted Share Unit Activity (Details)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Time-Based Awards
Number of Restricted Share Awards
Non-vested as of January 1, 2024 | shares	9,083,120
Granted | shares	4,673,132
Vested | shares	(4,358,233)
Forfeited or expired | shares	(474,301)
Non-vested as of December 31, 2024 | shares	8,923,718
Non-vested and expected to vest as of December 31, 2024 | shares	8,923,718
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2024 | $ / shares	$ 17.39
Granted | $ / shares	19.25
Vested | $ / shares	18.81
Forfeited or expired | $ / shares	17.33
Non-vested as of December 31, 2024 | $ / shares	17.68
Non-vested and expected to vest as of December 31, 2024 | $ / shares	$ 17.68
Performance-Based RSU Awards
Number of Restricted Share Awards
Non-vested as of January 1, 2024 | shares	2,140,134
Granted | shares	945,040
Vested | shares	(569,552)
Forfeited or expired | shares	(250,200)
Non-vested as of December 31, 2024 | shares	2,265,422
Non-vested and expected to vest as of December 31, 2024 | shares	2,265,422
Weighted- Average Grant-Date Fair Value
Non-vested as of January 1, 2024 | $ / shares	$ 19.41
Granted | $ / shares	19.29
Vested | $ / shares	25.52
Forfeited or expired | $ / shares	17.42
Non-vested as of December 31, 2024 | $ / shares	18.04
Non-vested and expected to vest as of December 31, 2024 | $ / shares	$ 18.04

Employee Benefits and Share-B_5

Employee Benefits and Share-Based Compensation - Summary of Compensation Expense Recognized for Share-Based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 91,781	$ 118,940	$ 113,563
Payroll and related
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	19,378	18,564	21,043
Marketing, general and administrative expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 72,403	$ 100,376	$ 92,520

Employee Benefits and Share-B_6

Employee Benefits and Share-Based Compensation - (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2013
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum percentage of employee eligible compensation that may be contributed towards 401(k) Plan			100%
Matching contributions vesting period			5 years
Recorded expenses related to 401(k) plan			$ 13.3	$ 0.6	$ 11.6
Discount rate used in the net periodic benefit cost calculation			5%	5.30%	2.80%
Average future period of service			16 years
First Three Percent Of Contributions On Defined Contribution Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Defined contribution plan, percentage of employee contribution					3%
Employer matching contribution percent					100%
Amounts Greater Than Three Percent [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employer matching contribution percent					50%
Amounts Greater Than Three Percent [Member] | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Defined contribution plan, percentage of employee contribution					3%
Amounts Greater Than Three Percent [Member] | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Defined contribution plan, percentage of employee contribution					10%
Shipboard Retirement Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Plan assets			$ 0
Projected benefit obligation included in accrued expenses and other liabilities			1.7	$ 1.5
Projected benefit obligation included in other long-term liabilities			29.5	$ 32.9
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation cost related to share options granted			$ 0
Time-Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share awards granted			4,673,132
Total unrecognized compensation cost related to restricted share unit awards			$ 94.8
Weighted-average period for recognition of unrecognized compensation expense			1 year 9 months 18 days
Time-Based Awards | Awarded in March 2023 | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share awards granted		4,500,000
Share-based award, vesting period		3 years
Performance-Based RSU Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share awards granted			945,040
Total unrecognized compensation cost related to restricted share unit awards			$ 19.9
Performance-Based RSU Awards | Awarded in March 2023 | Members of management team
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share awards granted		900,000
Restated 2013 Plan | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
NCLH ordinary shares authorized						42,009,006
Restated 2013 Plan, Amended
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
NCLH ordinary shares authorized	45,009,006
Number of additional shares authorized	3,000,000
Restated 2013 Plan, Amended | Time-Based Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Description of share-based awards vesting period	The vesting period for time-based options is typically set at three or four years with a contractual life of 10 years
Restated 2013 Plan, Amended | Time-Based Options | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based award, contractual life	10 years
Restated 2013 Plan, Amended | Time-Based Options | Option Vesting Period, Three Years | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based award, vesting period	3 years
Restated 2013 Plan, Amended | Time-Based Options | Option Vesting Period, Four Years | Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based award, vesting period	4 years
Restated 2013 Plan, Amended | Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based award, vesting period	3 years

Employee Benefits and Share-B_7

Employee Benefits and Share-Based Compensation - Amounts Related to Shipboard Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension expense:
Service cost	$ 2,875	$ 2,312	$ 2,797
Interest cost	$ 1,677	$ 1,472	$ 873
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of prior service cost	$ 378	$ 378	$ 378
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of actuarial gain		$ (123)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Total pension expense	$ 4,930	$ 4,039	$ 4,048
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	34,404	28,765	34,688
Service cost	2,875	2,312	2,797
Interest cost	$ 1,677	$ 1,472	$ 873
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Actuarial (gain) loss	$ (6,740)	$ 3,668	$ (8,511)
Direct benefit payments	(983)	(1,813)	(1,082)
Projected benefit obligation at end of year	31,233	34,404	28,765
Amounts recognized in the consolidated balance sheets:
Projected benefit obligation	31,233	34,404	28,765
Amounts recognized in accumulated other comprehensive income (loss):
Prior service cost	(1,891)	(2,269)	(2,647)
Accumulated actuarial loss	8,029	1,289	5,080
Accumulated other comprehensive income (loss)	$ 6,138	$ (980)	$ 2,433

Employee Benefits and Share-B_8

Employee Benefits and Share-Based Compensation - Pension Benefits Expected to be Paid (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
2025	$ 1,740
2026	1,866
2027	2,151
2028	2,450
2029	2,891
Next five years	$ 18,434

Income Taxes - Components of Ne

Income Taxes - Components of Net Income Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Components Of Net Income Before Income Taxes [Line Items]
Net loss before income taxes	$ 772,907	$ 163,176	$ (2,276,703)
BERMUDA
Components Of Net Income Before Income Taxes [Line Items]
Net loss before income taxes	0	0	0
Foreign Tax Jurisdiction [Member]
Components Of Net Income Before Income Taxes [Line Items]
Net loss before income taxes	$ 772,907	$ 163,176	$ (2,276,703)

Income Taxes - Components of th

Income Taxes - Components of the Provision of Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
United States	$ (5,752)	$ 20	$ 12,706
Total current	(18,798)	2,870	5,523
Deferred:
United States	156,495	104
Total deferred:	156,148	132	1,271
Income tax benefit	(137,350)	(3,002)	(6,794)
BERMUDA
Current:
Foreign	0	0	0
Deferred:
Foreign	0	0	0
Foreign Tax Jurisdiction [Member]
Current:
Foreign	(13,046)	2,850	(7,183)
Deferred:
Foreign	$ (347)	$ 28	$ 1,271

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense Computed by Applying our Bermuda Statutory Rate and Reported Income Tax Benefit (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax at Bermuda statutory rate	$ 0	$ 0	$ 0
Foreign income taxes at different rates	(29,429)	(3,610)	37,434
Tax contingencies	320		(321)
Return to provision adjustments	2,272	8,959	13,039
Change in tax laws	15,389	532,387
Valuation allowance	148,798	(534,734)	(43,358)
Income tax benefit (expense)	$ 137,350	$ 3,002	$ 6,794

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Loss carryforwards	$ 729,735	$ 714,095
Other	38,451	34,596
Valuation allowance	(558,690)	(694,765)
Total net deferred assets	209,496	53,926
Deferred tax liabilities:
Property and equipment	(53,605)	(53,172)
Total deferred tax liabilities	(53,605)	(53,172)
Net deferred tax asset	$ 155,891	$ 754

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Prestige Cruises International Inc
Schedule Of Income Taxes [Line Items]
Net operating loss carryforwards	$ 155		$ 155
U.S. net operating loss carryforwards, expiration year			2030
U.S.
Schedule Of Income Taxes [Line Items]
Net operating loss carryforwards	848.4	$ 845.5	$ 848.4	$ 845.5
U.S. net operating loss carryforwards, expiration year			2030
Valuation allowance	161.9		$ 13	2.3	$ 43.3
NORWAY
Schedule Of Income Taxes [Line Items]
Net operating loss carryforwards	9.5	10.8	9.5	10.8
State and Local Jurisdiction
Schedule Of Income Taxes [Line Items]
Net operating loss carryforwards	30.3	32.1	30.3	32.1
BERMUDA
Schedule Of Income Taxes [Line Items]
Net operating loss carryforwards	3,700	3,500	$ 3,700	$ 3,500
Valuation allowance	$ 15.4	$ 532.4
Minimum [Member] | U.S.
Schedule Of Income Taxes [Line Items]
U.S. net operating loss carryforwards, expiration year			2028
Maximum [Member] | U.S.
Schedule Of Income Taxes [Line Items]
U.S. net operating loss carryforwards, expiration year			2044

Commitments and Contingencies_2

Commitments and Contingencies (Details) € in Millions, £ in Millions		12 Months Ended
	Aug. 27, 2019 item	Dec. 31, 2024 USD ($) item	Dec. 31, 2024 EUR (€) item	Dec. 31, 2024 GBP (£) item	Dec. 31, 2024 EUR (€) item	Dec. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of cruise ships		32			32
Capacity of ship, berths		66,500			66,500
Performance guarantee required to be maintained | $		$ 32,000,000
Security guarantee | £				£ 65.1
Security guarantee, cash provided | $		1,400,000
Consumer protection policy | £				£ 141.1
Number of lawsuits filed	1
Estimate of possible loss | $						$ 112,900,000
Advance ticket sales with credit card processor | $		$ 2,800,000,000
Number of Reporting Units		3	3	3
Credit Card Processors
Commitments and Contingencies Disclosure [Line Items]
Cash reserves released | $		$ 31,500,000
Credit Card Processors | Accounts Receivable [Member]
Commitments and Contingencies Disclosure [Line Items]
Reserves maintained, credit card processor | $		$ 800,000
Ships launching period in 2025 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Ships launching period in 2026 and 2029
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		2			2
Ships launching period in 2027 through 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ships launching period in 2030 and 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional cruise ships, option to cancel		2			2
Ships launching period in 2030 through 2036
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ship Construction Contracts
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		13			13
Number of additional cruise ships, option to cancel		2			2
Aggregate contract price of new ships		$ 18,100,000,000			€ 17,500
Export credit facility financing as percentage of contract price		80%			80%
Ship Construction Contracts | Maximum
Commitments and Contingencies Disclosure [Line Items]
Other commitments, cancellation penalty | €			€ 51
Ship Construction Contracts | Ships launching period in 2025 through 2028
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Ship Construction Contracts | Ships launching period in 2025 through 2028 | Minimum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons | $		156,000
Capacity of ship, berths		3,550			3,550
Ship Construction Contracts | Ships launching period in 2025 through 2028 | Maximum
Commitments and Contingencies Disclosure [Line Items]
Capacity of ship, tons | $		169,000
Capacity of ship, berths		3,850			3,850
Ship Construction Contracts | Ship to be delivered in 2025
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		1			1
Capacity of ship, tons | $		68,000
Capacity of ship, berths		1,200			1,200
Ship Construction Contracts | Ships launching period in 2026 and 2029
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		2			2
Capacity of ship, tons		77,000			77,000
Capacity of ship, berths		850			850
Ship Construction Contracts | Ships launching period in 2027 through 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Capacity of ship, tons		86,000			86,000
Capacity of ship, berths		1,450			1,450
Ship Construction Contracts | Ships launching period in 2030 and 2031
Commitments and Contingencies Disclosure [Line Items]
Number of additional cruise ships, option to cancel		2			2
Ship Construction Contracts | Ships launching period in 2030 through 2036
Commitments and Contingencies Disclosure [Line Items]
Number of additional ships		4			4
Capacity of ship, tons		225,000			225,000
Capacity of ship, berths		5,150			5,150

Commitments and Contingencies -

Commitments and Contingencies - Minimum Annual Payments for Non-Cancelable Ship Construction Contracts (Details) - Ship Construction Contracts $ in Thousands	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
2025	$ 2,110,819
2026	2,135,541
2027	2,174,827
2028	2,011,679
2029	938,839
Thereafter	7,916,565
Total minimum annual payments	$ 17,288,270

Commitments and Contingencies_3

Commitments and Contingencies - Future Commitments to Pay for Usage of Port Facilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Port Facility Commitments
Other Commitments [Line Items]
2025	$ 76,009
2026	55,816
2027	53,007
2028	43,881
2029	42,916
Thereafter	987,815
Total minimum annual payments	1,259,444
Ship Construction Contracts
Other Commitments [Line Items]
2025	2,110,819
2026	2,135,541
2027	2,174,827
2028	2,011,679
2029	938,839
Thereafter	7,916,565
Total minimum annual payments	$ 17,288,270

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income And Expenses [Abstract]
Other income (expense), net	$ 54,224	$ (40,204)	$ 76,566

Concentration Risk (Details)

Concentration Risk (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplier Concentration Risk [Member]
Concentration Risk [Line Items]
Expenses incurred on hotel and restaurant services	$ 223.4	$ 203.7	$ 162.2

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information [Abstract]
Non-cash investing activity in connection with property and equipment, seller financing	$ 38.9	$ 37.7	$ 51.7
Income tax paid	4.6	3.1	9.5
Interest and related fees, net of capitalized interest	$ 772.6	$ 822.5	$ 750.6

Schedule II Valuation and Qua_2

Schedule II Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance	$ 694,765	$ 139,733	$ 87,849
Additions Charged to costs and expenses	28,421	561,693	52,219
Deductions	(164,496)	(6,661)	(335)
Balance	$ 558,690	$ 694,765	$ 139,733