Norwegian Cruise Line Holdings Ltd. Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements and Derivatives (Tables)

12 Months Ended

Dec. 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 gross and net amounts recognized within assets and liabilities include the following (in thousands):

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)