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

Fair Value Measurements and Derivatives (Tables)

9 Months Ended

Sep. 30, 2025

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


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

Fuel contracts
	Prepaid expenses and other assets	$	165	$	1,576	$	22	$	1,798
	Other long-term assets		966		650		366		208
	Accrued expenses and other liabilities		1,287		488		5,380		12,955
	Other long-term liabilities		383		648		2,059		2,030
Foreign currency contracts
	Prepaid expenses and other assets		6,057		—		—		—
	Other long-term assets		35,539		—		—		—
	Accrued expenses and other liabilities		—		—		635		1,567
	Other long-term liabilities		—		—		—		17,427
Total derivatives designated as hedging instruments		$	44,397	$	3,362	$	8,462	$	35,985

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts
	Prepaid expenses and other assets	$	94	$	234	$	62	$	—
	Other long-term assets		20		—		—		—
	Accrued expenses and other liabilities		542		—		954		390
	Other long-term liabilities		—		—		59		35
Foreign currency contracts
	Accrued expenses and other liabilities		—		—		103		—
Total derivatives not designated as hedging instruments		$	656	$	234	$	1,178	$	425
Total derivatives		$	45,053	$	3,596	$	9,640	$	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
	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Fuel contracts	$	10,681	$	(56,615)	Fuel	$	(4,575)	$	1,440
Fuel contracts		—		—	Other income (expense), net		(114)		49
Foreign currency contracts		(10,638)		537	Depreciation and amortization		(4,118)		(4,119)
Total gain (loss) recognized in other comprehensive loss	$	43	$	(56,078)		$	(8,807)	$	(2,630)


					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)
	Nine Months		Nine Months			Nine Months		Nine Months
	Ended		Ended			Ended		Ended
	September 30, 2025		September 30, 2024			September 30, 2025		September 30, 2024
Fuel contracts	$	(5,915)	$	(8,327)	Fuel	$	(10,432)	$	14,855
Fuel contracts		—		—	Other income (expense), net		(1,135)		1,356
Foreign currency contracts		58,859		659	Depreciation and amortization		(12,357)		(12,358)
Total gain (loss) recognized in other comprehensive loss	$	52,944	$	(7,668)		$	(23,924)	$	3,853

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


	Three Months Ended September 30, 2025						Three Months Ended September 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	$	175,913	$	250,832	$	13,003	$	164,934	$	218,428	$	(34,146)

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)
Fuel contracts		(4,575)		—		—		1,440		—		—
Foreign currency contracts		—		(4,118)		—		—		(4,119)		—

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		—		—		(114)		—		—		49


	Nine Months Ended September 30, 2025						Nine Months Ended September 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	$	508,304	$	725,889	$	(167,927)	$	537,632	$	663,762	$	(14,113)

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense)
Fuel contracts		(10,432)		—		—		14,855		—		—
Foreign currency contracts		—		(12,357)		—		—		(12,358)		—

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		—		—		(1,135)		—		—		1,356