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, 2025

Derivatives measured at fair value and the respective locations in the consolidated balance sheets includes the following (in thousands):


				Assets						Liabilities
				December 31,			December 31,			December 31,			December 31,
		Balance Sheet Location		2025			2024			2025			2024
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			116			488			16,302			12,955
		Other long-term liabilities			—			648			7,829			2,030
Foreign currency contracts
		Prepaid expenses and other assets			33,307			—			—			—
		Accrued expenses and other liabilities			—			—			2,434			1,567
		Other long-term liabilities			—			—			—			17,427
Total derivatives designated as hedging instruments				$	33,423		$	3,362		$	26,565		$	35,985

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts
		Prepaid expenses and other assets		$	—		$	234		$	—		$	—
		Accrued expenses and other liabilities			—			—			1,024			390
		Other long-term liabilities			—			—			114			35
Foreign currency contracts
		Accrued expenses and other liabilities			—			—			594			—

Total derivatives not designated as hedging instruments				$	—		$	234		$	1,732		$	425
Total derivatives				$	33,423		$	3,596		$	28,297		$	36,410

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,
	2025		2024		2023				2025			2024		2023
Fuel contracts	$	(29,823)	$	9,482	$	(15,144)	Fuel		$	(15,531)		$	12,321	$	39,138
Fuel contracts		—		—		—	Other income (expense), net			(1,402)			(766)		(146)
Foreign currency contracts		53,055		(20,124)		13,371	Depreciation and amortization			(16,475)			(16,478)		(12,819)
Total gain (loss) recognized in other comprehensive income (loss)	$	23,232	$	(10,642)	$	(1,773)			$	(33,408)		$	(4,923)	$	26,173

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


		Year Ended December 31, 2025
					Depreciation
					and			Other Income
		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		$	675,887		$	1,078,755		$	(178,641)

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income
Fuel contracts			(15,531)			—			—
Foreign currency contracts			—			(16,475)			—

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			—			—			(1,402)

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			Other Income
	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	$	698,050		$	890,242		$	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		Other Income
	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	$	716,833	$	808,568	$	(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)