Norwegian Cruise Line Holdings Ltd. Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements and Derivatives (Tables)

6 Months Ended

Jun. 30, 2025

The derivatives measured at fair value and the respective location in the consolidated balance sheets include the following (in thousands):


		Assets				Liabilities
		June 30,		December 31,		June 30,		December 31,
	Balance Sheet Location	2025		2024		2025		2024
Derivative Contracts Designated as Hedging Instruments

Fuel contracts
	Prepaid expenses and other assets	$	3	$	1,576	$	—	$	1,798
	Other long-term assets		223		650		—		208
	Accrued expenses and other liabilities		1,099		488		15,041		12,955
	Other long-term liabilities		1,003		648		5,747		2,030
Foreign currency contracts
	Prepaid expenses and other assets		6,235		—		—		—
	Other long-term assets		44,268		—		—		—
	Accrued expenses and other liabilities		—		—		—		1,567
	Other long-term liabilities		—		—		—		17,427
Total derivatives designated as hedging instruments		$	52,831	$	3,362	$	20,788	$	35,985

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts
	Prepaid expenses and other assets	$	—	$	234	$	1	$	—
	Other long-term assets		3		—		—		—
	Accrued expenses and other liabilities		382		—		2,031		390
	Other long-term liabilities		34		—		70		35

Total derivatives not designated as hedging instruments		$	419	$	234	$	2,102	$	425
Total derivatives		$	53,250	$	3,596	$	22,890	$	36,410

The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands):

The effects of cash flow hedge accounting on accumulated other comprehensive income (loss) were as follows (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 Income
Derivatives	Comprehensive Loss				Income (Expense)	(Loss) into Income (Expense)
	Three Months		Three Months			Three Months		Three Months
	Ended		Ended			Ended		Ended
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Fuel contracts	$	(27,268)	$	1,035	Fuel	$	(6,147)	$	6,838
Fuel contracts		—		—	Other income (expense), net		(777)		432
Foreign currency contracts		49,344		122	Depreciation and amortization		(4,120)		(4,120)
Total gain (loss) recognized in other comprehensive loss	$	22,076	$	1,157		$	(11,044)	$	3,150


					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 Income
Derivatives	Comprehensive Loss				Income (Expense)	(Loss) into Income (Expense)
	Six Months		Six Months			Six Months		Six Months
	Ended		Ended			Ended		Ended
	June 30, 2025		June 30, 2024			June 30, 2025		June 30, 2024
Fuel contracts	$	(16,596)	$	48,288	Fuel	$	(5,857)	$	13,415
Fuel contracts		—		—	Other income (expense), net		(1,021)		1,307
Foreign currency contracts		69,497		122	Depreciation and amortization		(8,239)		(8,239)
Total gain (loss) recognized in other comprehensive loss	$	52,901	$	48,410		$	(15,117)	$	6,483

The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):


	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
			Depreciation						Depreciation
			and		Other Income				and		Other Income
	Fuel		Amortization		(Expense), net		Fuel		Amortization		(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	$	157,377	$	243,760	$	(156,425)	$	174,964	$	222,405	$	1,896

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)
Fuel contracts		(6,147)		—		—		6,838		—		—
Foreign currency contracts		—		(4,120)		—		—		(4,120)		—

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring
Fuel contracts		—		—		(777)		—		—		432


	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
			Depreciation						Depreciation
			and		Other Income				and		Other Income
	Fuel		Amortization		(Expense), net		Fuel		Amortization		(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	$	332,391	$	475,057	$	(180,930)	$	372,698	$	445,334	$	20,033

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)
Fuel contracts		(5,857)		—		—		13,415		—		—
Foreign currency contracts		—		(8,239)		—		—		(8,239)		—

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) as a result that a forecasted transaction is no longer probable of occurring
Fuel contracts		—		—		(1,021)		—		—		1,307