Norwegian Cruise Line Holdings Ltd. Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements and Derivatives (Tables)

6 Months Ended

Jun. 30, 2015

		Asset				Liability
	Balance Sheet location	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
Fuel swaps designated as hedging instruments
	Accrued expenses and other liabilities	$	1,744	$	—	$	52,407	$	111,304
	Other long-term liabilities		1,075		190		44,419		77,250
Fuel swaps not designated as hedging instruments
	Accrued expenses and other liabilities		—		—		18,319		—
Foreign currency forward contracts designated as hedging instruments
	Prepaid expenses and other assets		3,077		—		—		—
	Other long-term assets		1,730		—		—		—
	Accrued expenses and other liabilities		—		—		84,588		29,498
	Other long-term liabilities		—		—		11,330		118
Foreign currency forward contracts not designated as hedging instruments
	Prepaid expenses and other assets		99		—		—		—
Foreign currency collar not designated as a hedging instrument
	Other long-term liabilities		—		—		36,347		16,744
Interest rate swaps designated as hedging instruments
	Accrued expenses and other liabilities		—		—		6,100		5,736
	Other long-term liabilities		—		—		4,114		3,104
Interest rate swap not designated as a hedging instrument
	Accrued expenses and other liabilities		—		—		—		3,823

December 31, 2014		Gross Amounts				Gross Amounts Offset				Total Net Amounts				Gross Amounts Not Offset				Net Amounts
Liabilities		$	247,577			$	(190	)		$	247,387			$	(59,023	)		$	188,364

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Amount reclassified from accumulated other comprehensive income (loss) into other income (expense)	$	10,000	$	—	$	10,000	$	—

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Gain recognized in other comprehensive income (loss) – effective portion	$	34,133		$	11,610		$	31,332		$	1,839
Gain (loss) recognized in other income (expense) – ineffective portion		(3,194	)		451			(9,245	)		35
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense		15,297			(1,218	)		35,833			(1,923	)

	Three Months Ended June 30,					Six Months Ended June 30,
	2015		2014			2015		2014
Gain (loss) recognized in other comprehensive income (loss) – effective portion	$	—	$	15		$	—	$	(309	)
Gain (loss) recognized in other income (expense) – ineffective portion		—		(1	)		—		107
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense		10		371			248		741

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Gain recognized in other income (expense)	$	—	$	101	$	—	$	186

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Loss recognized in other comprehensive income (loss) – effective portion	$	—	$	—	$	—	$	(1,157	)
Loss recognized in other income (expense) – ineffective portion		—		—		—		(241	)
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense		330		329		660		608

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Gain (loss) recognized in other comprehensive income (loss) – effective portion	$	36,928		$	88		$	(60,447	)	$	(988	)
Gain (loss) recognized in other income (expense) – ineffective portion		8			—			(7	)		(1	)
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense		(63	)		(64	)		(127	)		(117	)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Gain recognized in other income (expense)	$	99	$	—	$	99	$	—

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Loss recognized in other comprehensive income (loss) – effective portion	$	—		$	—		$	—		$	(1,588	)
Amount reclassified from accumulated other comprehensive income (loss) into depreciation and amortization expense		(91	)		(91	)		(182	)		(151	)

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014
Gain (loss) recognized in other income (expense)	$	9,350	$	—	$	(19,603	)	$	—

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Loss recognized in other comprehensive income (loss) – effective portion	$	(570	)	$	(2,916	)	$	(4,159	)	$	(4,356	)
Loss recognized in other income (expense) – ineffective portion		(5	)		—			(12	)		—
Amount reclassified from accumulated other comprehensive income (loss) into interest expense, net		1,081			526			2,018			848

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015			2014
Loss recognized in other income (expense)	$	—	$	—	$	(2	)	$	—