2014 has been a big year for Simon Cowell. The man behind "X Factor" and "American Idol" became a dad in February, welcoming baby boy Eric with his girlfriend Lauren Silverman.

Now Cowell is preparing to spend his first holiday season as a father.

"They're all in London for the [Thanksgiving] holiday," a source reportedly told E! News. "Lauren's doing all the cooking-she's going all out. Even though they're overseas, they still celebrate all the American holidays."

Cowell and his family splits time between his homes in West London and Beverly Hills, but don't expect the "X Factor" judge to be celebrating Christmas with his baby boy and Silverman in California.

"For Christmas, they'll be on holiday," the source told E! News. "Most likely Barbados, that's where they always go. Simon loves it there."

Cowell's romance with Silverman started out on shaky ground. Silverman was still married to Cowell's close friend Andrew Silverman when she and Simon began seeing each other.

Lauren also shares a son with her ex Andrew, who she divorced in an out-of-court settlement.

Now it appears that Cowell and Silverman are gearing up for a cheerful holiday season together.

"It's a happy time," said the source. "Everything's good." 

55-year-old Cowell appears to love his new role as a first-time dad.

The music mogul consistently shares pictures of his baby boy Eric on social media.

In fact, earlier this month, the proud papa posted a video on Facebook of his son 9-month-old son playing the drums.  

"One Direction have just hired Eric as their new drummer," joke Cowell on Facebook, referring to the popular boy band that Cowell mentors under his record label.