Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt

Long-term debt consisted of the following:

	Interest Rate					Balance
	December 31,				Maturities	December 31,
	2021		2020		Through	2021		2020
						(in thousands)
$875.0 million senior secured Revolving Loan Facility	2.10	%	1.90	%	2024	$	875,000	$	875,000
Term Loan A Facility	2.07	%	1.93	%	2024		1,508,025		1,536,417
$400.0 million L. Catterton exchangeable notes (1)	—		7.00	%	2026		—		278,148
$862.5 million 6.000% exchangeable notes	6.00	%	6.00	%	2024		143,193		834,941
$450.0 million 5.375% exchangeable notes	5.38	%	5.38	%	2025		441,475		439,390
$1,150.0 million 1.125% exchangeable notes	1.13	%	—		2027		1,121,052		—
$675.0 million 12.25% senior secured notes (2)	12.25	%	12.25	%	2024		427,164		650,178
$750.0 million 10.25% senior secured notes	10.25	%	10.25	%	2026		481,834		739,295
$525.0 million 6.125% senior unsecured notes	6.13	%	—		2028		518,229		—
$850.0 million 5.875% senior unsecured notes	5.88	%	5.88	%	2026		1,409,336		837,659
$565.0 million 3.625% senior unsecured notes	3.63	%	3.63	%	2024		561,248		560,019
$260 million Norwegian Jewel term loan	—		1.52	%	2022		—		221,718
$230 million Pride of America term loan	—		1.15	%	2022		—		229,558
€529.8 million Breakaway one loan (3)	1.12	%	1.15	%	2026		308,585		307,529
€529.8 million Breakaway two loan (3)	3.47	%	3.90	%	2027		344,436		343,214
€590.5 million Breakaway three loan (3)	2.65	%	2.83	%	2027		483,109		481,085
€729.9 million Breakaway four loan (3)	2.71	%	2.85	%	2029		636,868		633,699
€710.8 million Seahawk 1 term loan (3)	3.44	%	3.69	%	2030		699,131		695,843
€748.7 million Seahawk 2 term loan (3)	3.50	%	3.71	%	2031		863,891		860,212
Leonardo newbuild one loan	2.68	%	2.68	%	2034		256,179		95,563
Leonardo newbuild two loan	2.77	%	2.77	%	2035		193,455		48,009
Leonardo newbuild three loan	1.22	%	1.22	%	2036		43,298		46,519
Leonardo newbuild four loan	1.31	%	1.31	%	2037		43,298		46,519
Splendor newbuild loan	2.88	%	2.97	%	2032		405,937		402,177
Explorer newbuild loan	3.40	%	3.39	%	2028		254,548		251,634
Marina newbuild loan	1.07	%	1.03	%	2027		134,737		134,821
Riviera newbuild loan	1.01	%	0.96	%	2026		202,888		203,038
Term loan - newbuild related	4.50	%	2.50	%	2022		68,220		26,387
Finance lease and license obligations	Various		Various		2028		21,454		27,547
Total debt							12,446,590		11,806,119
Less: current portion of long-term debt							(876,890)		(124,885)
Total long-term debt						$	11,569,700	$	11,681,234

(1) Included a discount related to a beneficial conversion feature of $124.5 million as of December 31, 2020.

(2) Includes an original issue discount of $2.9 million and $5.9 million as of December 31, 2021 and 2020, respectively.

(3) Currently U.S. dollar-denominated.

Schedule of debt instrument interest rate

	Margin
€529.8 million Breakaway one loan (Norwegian Breakaway)	1.10	%
€529.8 million Breakaway two loan (Norwegian Getaway)	1.40	%
€590.5 million Breakaway three loan (Norwegian Escape)	1.50	%
€729.9 million Breakaway four loan (Norwegian Joy)	1.50	%
€710.8 million Seahawk 1 term loan (Norwegian Bliss)	1.20	%
€748.7 million Seahawk 2 term loan (Norwegian Encore)	1.20	%
Explorer newbuild loan	3.00	%
Splendor newbuild loan	1.95	%
Marina newbuild loan	0.75	%
Riviera newbuild loan	0.75	%

Schedule of convertible debt instruments

The following is a summary of NCLC’s exchangeable notes as of December 31, 2021 (in thousands):

			Unamortized
	Principal		Deferred		Net Carrying		Fair Value
	Amount		Financing Fees		Amount		Amount		Leveling
2024 Exchangeable Notes	$	146,601	$	(3,408)	$	143,193	$	249,358	Level 2
2025 Exchangeable Notes		450,000		(8,525)		441,475		642,591	Level 2
2027 Exchangeable Notes		1,150,000		(28,948)		1,121,052		1,088,510	Level 2

The following is a summary of the liability component of NCLC’s exchangeable notes as of December 31, 2020 (in thousands):

			Unamortized Debt
			Discount,
	Principal		including Deferred		Net Carrying		Fair Value
	Amount		Financing Fees		Amount		Amount		Leveling
2024 Exchangeable Notes	$	862,500	$	(27,559)	$	834,941	$	1,812,975	Level 2
2025 Exchangeable Notes		450,000		(10,609)		439,391		772,412	Level 2
Private Exchangeable Notes		414,311		(136,163)		278,148		1,098,082	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
	December 31, 2021
Coupon interest		77,591
Amortization of deferred financing fees		10,360
Total	$	87,951

Schedule of principal repayments on long-term debt including finance lease obligations

The following are scheduled principal repayments on long-term debt, including finance lease obligations, as of December 31, 2021 for each of the next five years (in thousands):

Year	Amount
2022	$	876,890
2023		937,406
2024		4,125,223
2025		1,071,019
2026		2,461,973
Thereafter		3,159,466
Total	$	12,631,977