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v3.22.2.2
Fair Value Measurements and Derivatives (Tables)
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9 Months Ended |
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Fair Value Disclosures [Abstract] |
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Schedule of derivatives measured at fair value and disclosed by balance sheet location |
| | | | | | | | | | | | | | | | | | | Assets | | Liabilities | | | | | September 30, | | December 31, | | September 30, | | December 31, | | | Balance Sheet Location | | 2022 | | 2021 | | 2022 | | 2021 | Derivative Contracts Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 62,387 | | $ | 29,349 | | $ | 2,713 | | $ | — | | | Other long-term assets | | | 14,908 | | | 19,554 | | | 1,924 | | | — | | | Accrued expenses and other liabilities | | | 2,363 | | | — | | | 3,028 | | | — | | | Other long-term liabilities | | | 549 | | | — | | | 1,236 | | | — | Foreign currency contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | | — | | | 4,898 | | | — | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | 240,918 | | | 98,592 | | | Other long-term liabilities | | | — | | | — | | | 68,878 | | | 73,496 | Interest rate contracts | | | | | | | | | | | | | | | | | Accrued expenses and other liabilities | | | — | | | — | | | — | | | 469 | Total derivatives designated as hedging instruments | | | | $ | 80,207 | | $ | 53,801 | | $ | 318,697 | | $ | 172,557 | | | | | | | | | | | | | | | | Derivative Contracts Not Designated as Hedging Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | | | | | | | | | | | | | | | Prepaid expenses and other assets | | $ | 9 | | $ | 10,836 | | $ | 184 | | $ | — | | | Other long-term assets | | | — | | | 3,476 | | | 522 | | | — | | | Accrued expenses and other liabilities | | | — | | | — | | | 138 | | | — | | | Other long-term liabilities | | | — | | | — | | | 200 | | | — | Debt conversion options | | | | | | | | | | | | | | | | | Exchangeable notes | | | — | | | — | | | 160,647 | | | 487,671 | Total derivatives not designated as hedging instruments | | | | $ | 9 | | $ | 14,312 | | $ | 161,691 | | $ | 487,671 | Total derivatives | | | | $ | 80,216 | | $ | 68,113 | | $ | 480,388 | | $ | 660,228 |
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Schedule of gross and net amounts recognized within assets and liabilities |
The following table discloses the gross and net amounts recognized within assets and liabilities (in thousands): | | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | September 30, 2022 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 77,304 | | $ | (5,343) | | $ | 71,961 | | $ | — | | $ | 71,961 | Liabilities | | | 475,045 | | | (2,912) | | | 472,133 | | | (470,443) | | | 1,690 |
| | | | | | | | | | | | | | | | | | | | | Gross | | | | | Gross | | | | | | Gross | | Amounts | | Total Net | | Amounts | | | | December 31, 2021 | | Amounts | | Offset | | Amounts | | Not Offset | | Net Amounts | Assets | | $ | 68,113 | | $ | — | | $ | 68,113 | | $ | (68,113) | | $ | — | Liabilities | | | 660,228 | | | — | | | 660,228 | | | (660,228) | | | — |
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Schedule of cash flow hedges included in accumulated other comprehensive income |
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, 2022 | | September 30, 2021 | | | | September 30, 2022 | | September 30, 2021 | Fuel contracts | | $ | (48,593) | | $ | 19,202 | | Fuel | | $ | 33,886 | | $ | (10,278) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | (293) | | | (65) | Foreign currency contracts | | | (146,950) | | | (64,306) | | Depreciation and amortization | | | (1,831) | | | (1,267) | Interest rate contracts | | | — | | | (30) | | Interest expense, net | | | — | | | (1,338) | Total gain (loss) recognized in other comprehensive loss | | $ | (195,543) | | $ | (45,134) | | | | $ | 31,762 | | $ | (12,948) |
| | | | | | | | | | | | | | | | | | | | | | | 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, 2022 | | September 30, 2021 | | | | September 30, 2022 | | September 30, 2021 | Fuel contracts | | $ | 96,139 | | $ | 68,708 | | Fuel | | $ | 80,037 | | $ | (27,101) | Fuel contracts | | | — | | | — | | Other income (expense), net | | | (293) | | | (11,793) | Foreign currency contracts | | | (342,881) | | | (142,466) | | Depreciation and amortization | | | (4,365) | | | (3,800) | Interest rate contracts | | | — | | | 261 | | Interest expense, net | | | (40) | | | (5,634) | Total gain (loss) recognized in other comprehensive loss | | $ | (246,742) | | $ | (73,497) | | | | $ | 75,339 | | $ | (48,328) |
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Schedule of effects of derivatives designated as cash flow hedges |
The effects of cash flow hedge accounting on the consolidated statements of operations include the following (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Three Months Ended September 30, 2021 | | | | | | Depreciation | | | | | | | | | | | Depreciation | | | | | | | | | | | | and | | Interest | | Other Income | | | | | and | | Interest | | Other Income | | | Fuel | | Amortization | | Expense, net | | (Expense), net | | 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 | | $ | 186,984 | | $ | 186,551 | | $ | 176,769 | | $ | 29,600 | | $ | 79,238 | | $ | 173,289 | | $ | 184,524 | | $ | 226,442 | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 33,886 | | | — | | | — | | | — | | | (10,278) | | | — | | | — | | | — | Foreign currency contracts | | | — | | | (1,831) | | | — | | | — | | | — | | | (1,267) | | | — | | | — | Interest rate contracts | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,338) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | — | | | (293) | | | — | | | — | | | — | | | (65) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Nine Months Ended September 30, 2021 | | | | | | Depreciation | | | | | | | | | | | Depreciation | | | | | | | | | | | | and | | Interest | | Other Income | | | | | and | | Interest | | Other Income | | | Fuel | | Amortization | | Expense, net | | (Expense), net | | 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 | | $ | 503,682 | | $ | 547,214 | | $ | 692,898 | | $ | 520,471 | | $ | 175,931 | | $ | 517,867 | | $ | 824,304 | | $ | (145,450) | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (expense) | | | | | | | | | | | | | | | | | | | | | | | | | Fuel contracts | | | 80,037 | | | — | | | — | | | — | | | (27,101) | | | — | | | — | | | — | Foreign currency contracts | | | — | | | (4,365) | | | — | | | — | | | — | | | (3,800) | | | — | | | — | Interest rate contracts | | | — | | | — | | | (40) | | | — | | | — | | | — | | | (5,634) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | — | | | — | | | — | | | (293) | | | — | | | — | | | — | | | (11,793) |
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Schedule of effects of derivatives not designated as cash flow hedges |
| | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized in Income | | | | Three Months Ended | | Nine Months Ended | | | | September 30, | | September 30, | | Location of Gain (Loss) | | 2022 | | 2021 | | 2022 | | 2021 | Derivatives not designated as hedging instruments | | | | | | | | | | | | | | Fuel contracts | Other income (expense), net | | $ | (733) | | $ | 7,398 | | $ | 33,345 | | $ | 57,505 | Foreign currency contracts | Other income (expense), net | | | (1,905) | | | (4) | | | (13,761) | | | (61) | Debt conversion options | Other income (expense), net | | | (1,862) | | | 221,722 | | | 419,898 | | | (202,914) |
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- DefinitionTabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.
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- DefinitionTabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.
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