v3.25.4
Fair Value Measurements and Derivative Instruments - Narrative (Details)
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Fair value of derivative instruments          
Derivative instrument, credit risk exposure $ 87   $ 21    
Maximum length of time hedged in derivative contract (in years) 3 years 3 years      
Percentage of debt bearing fixed interest 93.00%   92.00%    
Aggregate cost of ships on order, not including partner brands on order $ 11,300        
Amount deposited for cost of ships on order $ 1,000        
Percentage of aggregate cost exposed to fluctuations in the euro exchange rate 64.10%   43.40%    
Change in fair value of foreign currency forward contracts recognized in earnings $ 51   $ (77)   $ 20
Exchange gains (losses) recorded in other income (expense) (63)   65   (43)
TUI Cruises | Foreign currency debt          
Fair value of derivative instruments          
Carrying value 740 € 631 921 € 889  
Foreign currency forward contracts          
Fair value of derivative instruments          
Notional amount 2,000   2,700    
Foreign currency forward contracts | Other income (expense)          
Fair value of derivative instruments          
Change in fair value of foreign currency forward contracts recognized in earnings 49   (77)   19
Interest rate swaps          
Fair value of derivative instruments          
Notional amount 900   1,200    
Foreign currency forward contracts | Not Designated as Hedging Instrument          
Fair value of derivative instruments          
Notional amount 1,200   1,100    
Change in fair value of foreign currency forward contracts recognized in earnings 49        
Fuel swaps          
Fair value of derivative instruments          
Estimated unrealized net gains (losses) associated with cash flow hedges pertaining to fuel swap agreements expected to be reclassified to earnings from other accumulated comprehensive income (loss) 66   9    
Fuel swaps | Other income (expense)          
Fair value of derivative instruments          
Change in fair value of foreign currency forward contracts recognized in earnings $ 2   $ 0   $ 1