2016 Annual Report for Norwegian Cruiseline Holdings - F-20

December 31, 2015

Assets
Liabilities

Gross
Amounts
Offset

Gross Amounts

$

3,446
344,619

$

Gross
Amounts Not
Offset

Total Net
Amounts

(1,370) $
(551)

2,076
344,068

$

Net Amounts

(2,043) $
(336,645)

33
7,423

Fuel Swaps
As of December 31, 2016, we had fuel swaps maturing through December 31, 2020 which are used to mitigate the financial impact of volatility in
fuel prices pertaining to approximately 1.5 million metric tons of our projected fuel purchases.
The effects on the consolidated financial statements of the fuel swaps which were designated as cash flow hedges were as follows (in thousands):
2016

Gain (loss) recognized in other comprehensive income (loss) - effective portion
$
Loss recognized in other income (expense), net - ineffective portion
Amount reclassified from accumulated other comprehensive income (loss) into fuel expense

Year Ended December 31,
2015

127,470 $
(12,850)
85,448

2014

(173,513) $
(16,011)
75,808

(198,595)
(5,753)
8,388

We had fuel swaps that matured which were not designated as cash flow hedges. These fuel swaps were previously designated as cash flow
hedges and were dedesignated due to a change in our expected future fuel purchases mix.
The effects on the consolidated financial statements of the fuel swaps which were dedesignated and recognized into earnings were as follows (in
thousands):
Year Ended December 31,
2015

2016

Amount reclassified from accumulated other comprehensive income (loss) into
other income (expense), net
Loss recognized in other income (expense), net

$

2,994 $
(271)

2014

10,000 $
(4,727)

-
-

Fuel Collars and Options
We had fuel collars that matured and were used to mitigate the financial impact of volatility in fuel prices of our fuel purchases.
The effects on the consolidated financial statements of the fuel collars which were designated as cash flow hedges were as follows (in
thousands):
2016

Loss recognized in other comprehensive income (loss) - effective portion
$
Loss recognized in other income (expense), net - ineffective portion
Amount reclassified from accumulated other comprehensive income (loss) into fuel
expense

Year Ended December 31,
2015

-
-

$

-

-
-

$

2014

(1,024)
(292)

248

1,888

The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in
thousands):
2016

Loss recognized in other income (expense), net

$

Year Ended December 31,
2015

-

$

-

$

2014

(864)

Foreign Currency Options
We had foreign currency options that matured which consisted of call options with deferred premiums. These options were used to mitigate the
financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. If the spot rate at
the date the ships were delivered was less than the strike price under these option contracts, we would have paid the deferred premium and would
not exercise the foreign currency options.

F-20



Table of Contents for the Digital Edition of 2016 Annual Report for Norwegian Cruiseline Holdings

Contents
2016 Annual Report for Norwegian Cruiseline Holdings - Cover1
2016 Annual Report for Norwegian Cruiseline Holdings - Cover2
2016 Annual Report for Norwegian Cruiseline Holdings - I
2016 Annual Report for Norwegian Cruiseline Holdings - II
2016 Annual Report for Norwegian Cruiseline Holdings - III
2016 Annual Report for Norwegian Cruiseline Holdings - IV
2016 Annual Report for Norwegian Cruiseline Holdings - V
2016 Annual Report for Norwegian Cruiseline Holdings - VI
2016 Annual Report for Norwegian Cruiseline Holdings - VII
2016 Annual Report for Norwegian Cruiseline Holdings - VIII
2016 Annual Report for Norwegian Cruiseline Holdings - IX
2016 Annual Report for Norwegian Cruiseline Holdings - X
2016 Annual Report for Norwegian Cruiseline Holdings - XI
2016 Annual Report for Norwegian Cruiseline Holdings - Contents
2016 Annual Report for Norwegian Cruiseline Holdings - 1
2016 Annual Report for Norwegian Cruiseline Holdings - 2
2016 Annual Report for Norwegian Cruiseline Holdings - 3
2016 Annual Report for Norwegian Cruiseline Holdings - 4
2016 Annual Report for Norwegian Cruiseline Holdings - 5
2016 Annual Report for Norwegian Cruiseline Holdings - 6
2016 Annual Report for Norwegian Cruiseline Holdings - 7
2016 Annual Report for Norwegian Cruiseline Holdings - 8
2016 Annual Report for Norwegian Cruiseline Holdings - 9
2016 Annual Report for Norwegian Cruiseline Holdings - 10
2016 Annual Report for Norwegian Cruiseline Holdings - 11
2016 Annual Report for Norwegian Cruiseline Holdings - 12
2016 Annual Report for Norwegian Cruiseline Holdings - 13
2016 Annual Report for Norwegian Cruiseline Holdings - 14
2016 Annual Report for Norwegian Cruiseline Holdings - 15
2016 Annual Report for Norwegian Cruiseline Holdings - 16
2016 Annual Report for Norwegian Cruiseline Holdings - 17
2016 Annual Report for Norwegian Cruiseline Holdings - 18
2016 Annual Report for Norwegian Cruiseline Holdings - 19
2016 Annual Report for Norwegian Cruiseline Holdings - 20
2016 Annual Report for Norwegian Cruiseline Holdings - 21
2016 Annual Report for Norwegian Cruiseline Holdings - 22
2016 Annual Report for Norwegian Cruiseline Holdings - 23
2016 Annual Report for Norwegian Cruiseline Holdings - 24
2016 Annual Report for Norwegian Cruiseline Holdings - 25
2016 Annual Report for Norwegian Cruiseline Holdings - 26
2016 Annual Report for Norwegian Cruiseline Holdings - 27
2016 Annual Report for Norwegian Cruiseline Holdings - 28
2016 Annual Report for Norwegian Cruiseline Holdings - 29
2016 Annual Report for Norwegian Cruiseline Holdings - 30
2016 Annual Report for Norwegian Cruiseline Holdings - 31
2016 Annual Report for Norwegian Cruiseline Holdings - 32
2016 Annual Report for Norwegian Cruiseline Holdings - 33
2016 Annual Report for Norwegian Cruiseline Holdings - 34
2016 Annual Report for Norwegian Cruiseline Holdings - 35
2016 Annual Report for Norwegian Cruiseline Holdings - 36
2016 Annual Report for Norwegian Cruiseline Holdings - 37
2016 Annual Report for Norwegian Cruiseline Holdings - 38
2016 Annual Report for Norwegian Cruiseline Holdings - 39
2016 Annual Report for Norwegian Cruiseline Holdings - 40
2016 Annual Report for Norwegian Cruiseline Holdings - 41
2016 Annual Report for Norwegian Cruiseline Holdings - 42
2016 Annual Report for Norwegian Cruiseline Holdings - 43
2016 Annual Report for Norwegian Cruiseline Holdings - 44
2016 Annual Report for Norwegian Cruiseline Holdings - 45
2016 Annual Report for Norwegian Cruiseline Holdings - 46
2016 Annual Report for Norwegian Cruiseline Holdings - 47
2016 Annual Report for Norwegian Cruiseline Holdings - 48
2016 Annual Report for Norwegian Cruiseline Holdings - 49
2016 Annual Report for Norwegian Cruiseline Holdings - 50
2016 Annual Report for Norwegian Cruiseline Holdings - 51
2016 Annual Report for Norwegian Cruiseline Holdings - 52
2016 Annual Report for Norwegian Cruiseline Holdings - 53
2016 Annual Report for Norwegian Cruiseline Holdings - F-1
2016 Annual Report for Norwegian Cruiseline Holdings - F-2
2016 Annual Report for Norwegian Cruiseline Holdings - F-3
2016 Annual Report for Norwegian Cruiseline Holdings - F-4
2016 Annual Report for Norwegian Cruiseline Holdings - F-5
2016 Annual Report for Norwegian Cruiseline Holdings - F-6
2016 Annual Report for Norwegian Cruiseline Holdings - F-7
2016 Annual Report for Norwegian Cruiseline Holdings - F-8
2016 Annual Report for Norwegian Cruiseline Holdings - F-9
2016 Annual Report for Norwegian Cruiseline Holdings - F-10
2016 Annual Report for Norwegian Cruiseline Holdings - F-11
2016 Annual Report for Norwegian Cruiseline Holdings - F-12
2016 Annual Report for Norwegian Cruiseline Holdings - F-13
2016 Annual Report for Norwegian Cruiseline Holdings - F-14
2016 Annual Report for Norwegian Cruiseline Holdings - F-15
2016 Annual Report for Norwegian Cruiseline Holdings - F-16
2016 Annual Report for Norwegian Cruiseline Holdings - F-17
2016 Annual Report for Norwegian Cruiseline Holdings - F-18
2016 Annual Report for Norwegian Cruiseline Holdings - F-19
2016 Annual Report for Norwegian Cruiseline Holdings - F-20
2016 Annual Report for Norwegian Cruiseline Holdings - F-21
2016 Annual Report for Norwegian Cruiseline Holdings - F-22
2016 Annual Report for Norwegian Cruiseline Holdings - F-23
2016 Annual Report for Norwegian Cruiseline Holdings - F-24
2016 Annual Report for Norwegian Cruiseline Holdings - F-25
2016 Annual Report for Norwegian Cruiseline Holdings - F-26
2016 Annual Report for Norwegian Cruiseline Holdings - F-27
2016 Annual Report for Norwegian Cruiseline Holdings - F-28
2016 Annual Report for Norwegian Cruiseline Holdings - F-29
2016 Annual Report for Norwegian Cruiseline Holdings - F-30
2016 Annual Report for Norwegian Cruiseline Holdings - F-31
2016 Annual Report for Norwegian Cruiseline Holdings - F-32
2016 Annual Report for Norwegian Cruiseline Holdings - F-33
2016 Annual Report for Norwegian Cruiseline Holdings - F-34
2016 Annual Report for Norwegian Cruiseline Holdings - F-35
2016 Annual Report for Norwegian Cruiseline Holdings - F-36
2016 Annual Report for Norwegian Cruiseline Holdings - F-37
2016 Annual Report for Norwegian Cruiseline Holdings - Cover3
2016 Annual Report for Norwegian Cruiseline Holdings - Cover4
http://www.nxtbook.com/nxtbooks/ncl/italianfleetbrochure_20192021
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide2021_asia
http://www.nxtbook.com/nxtbooks/ncl/asiasouthpacificcruisingguide2019-2021
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide2021_apac
http://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2019-2021
http://www.nxtbook.com/nxtbooks/ncl/hebrew_israeli_fleetbrochure_20192021
http://www.nxtbook.com/nxtbooks/ncl/thehaven2019_japanese
http://www.nxtbook.com/nxtbooks/ncl/meafleetbrochure_20192021
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2022_asia
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_japanese_20192021
http://www.nxtbook.com/nxtbooks/ncl/thehaven2019_asia
http://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_2019
http://www.nxtbook.com/nxtbooks/ncl/aunzfleetbrochure_20192021
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_asia_20192021
http://www.nxtbook.com/nxtbooks/ncl/fleetsp_1921
http://www.nxtbook.com/nxtbooks/ncl/norwegian_cruisenews0619
http://www.nxtbook.com/nxtbooks/ncl/ukfleetbrochure_20192021
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_aunz_20192021
http://www.nxtbook.com/nxtbooks/ncl/kreuzfahrten_weltweit_1921
http://www.nxtbook.com/nxtbooks/ncl/annualreport_2018
http://www.nxtbook.com/nxtbooks/ncl/stewardshipreport_2018
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2021_eu
http://www.nxtbook.com/nxtbooks/ncl/thehaven2019_mea
http://www.nxtbook.com/nxtbooks/ncl/ncl_tradestarterpack
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1920_mea
http://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2019-2022
http://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2019-2020
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2020
http://www.nxtbook.com/nxtbooks/ncl/deckbydeck_20182019
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2020sp
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1920_aunz
http://www.nxtbook.com/nxtbooks/ncl/fleetIT_1820
http://www.nxtbook.com/nxtbooks/ncl/thehavenus_2018
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss18
http://www.nxtbook.com/nxtbooks/ncl/fleetsp_18
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2019
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_aunz
http://www.nxtbook.com/nxtbooks/ncl/uknewitineraryleafletuk_20192020
http://www.nxtbook.com/nxtbooks/ncl/ce_dach
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_mea
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_ce
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_uk
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2018-2019
http://www.nxtbook.com/nxtbooks/ncl/stewardshipreport_2017
http://www.nxtbook.com/nxtbooks/ncl/annualreport_2017
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1819_aunz
http://www.nxtbook.com/nxtbooks/ncl/charters18_latam
http://www.nxtbook.com/nxtbooks/ncl/cubabahamas1719_latam
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_latam
http://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2018-2021
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_latam
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019sp
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019
http://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201819aunzcruise
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_de
http://www.nxtbook.com/nxtbooks/ncl/thehaven2018_es
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_es
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_it
http://www.nxtbook.com/nxtbooks/ncl/bestofalaska_asia2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_fr
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2017_aunz
http://www.nxtbook.com/nxtbooks/ncl/thehaven2017
http://www.nxtbook.com/nxtbooks/ncl/norwegianbliss
http://www.nxtbook.com/nxtbooks/ncl/deckbydeckasia_2017
http://www.nxtbook.com/nxtbooks/ncl/carribbeancruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/europecruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/nedeparturescruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/southamericacruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/pcmrtrcruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/bestofalaska2017
http://www.nxtbook.com/nxtbooks/ncl/bestofeurope2017
http://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016v2
http://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_ge
http://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201718aunzcruise
http://www.nxtbook.com/nxtbooks/ncl/annualreport_2016
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_uk
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_ce
http://www.nxtbook.com/nxtbooks/ncl/bestofcaribbeanandbahamas2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018_jp
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_asia2017
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_au2017
http://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_nz2017
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-abril2018sp
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_fall2016-spring2018
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_fr
http://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_oct2016-apr2018
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_it
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_sp
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_no
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_ce
http://www.nxtbook.com/nxtbooks/ncl/norwegian_jewel_201609
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_de
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_uk
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_jp
http://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_2016summer2017
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_16-17_destinations
http://www.nxtbook.com/nxtbooks/ncl/sun_no_brasil2016
http://www.nxtbook.com/nxtbooks/ncl/norwegian_jewel
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_16-17_aus
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_2edition
http://www.nxtbook.com/nxtbooks/ncl/casino_karina
http://www.nxtbook.com/nxtbooks/ncl/casino_charles
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_sp
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17
http://www.nxtbook.com/nxtbooks/ncl/escape2015fall
http://www.nxtbook.com/nxtbooks/ncl/hawaii1517
http://www.nxtbook.com/nxtbooks/ncl/northeast1416
http://www.nxtbook.com/nxtbooks/ncl/caribbean1416
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_14-16_sp
http://www.nxtbook.com/nxtbooks/ncl/escape2015
http://www.nxtbook.com/nxtbooks/ncl/alaska2015
http://www.nxtbook.com/nxtbooks/ncl/deckbydeck_1415
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_14-16
http://www.nxtbook.com/nxtbooks/ncl/alaska14
http://www.nxtbook.com/nxtbooks/ncl/northeast1315
http://www.nxtbook.com/nxtbooks/ncl/hawaii1316
http://www.nxtbook.com/nxtbooks/ncl/europe1315
http://www.nxtbook.com/nxtbooks/ncl/bigships13-15
http://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2013
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_13-15
http://www.nxtbook.com/nxtbooks/ncl/getaway_miami
http://www.nxtbook.com/nxtbooks/ncl/breakaway_201210
http://www.nxtbook.com/nxtbooks/ncl/hawaii
http://www.nxtbook.com/nxtbooks/ncl/cruisevacations1213-sp
http://www.nxtbook.com/nxtbooks/ncl/caribbean
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure
http://www.nxtbook.com/nxtbooks/ncl/northeastdepartures12-14
http://www.nxtbook.com/nxtbooks/ncl/alaska
http://www.nxtbook.com/nxtbooks/ncl/breakaways_chaptertwo_201205
http://www.nxtbook.com/nxtbooks/ncl/breakaways_chapterone_201205
http://www.nxtbook.com/nxtbooks/ncl/europe1214
http://www.nxtbook.com/nxtbooks/ncl/latitudes
http://www.nxtbook.com/nxtbooks/ncl/thehaven
http://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_2011-13
http://www.nxtbook.com/nxtbooks/ncl/caribbean11-13
http://www.nxtbook.com/nxtbooks/ncl/cruisevacations1112-sp_2
http://www.nxtbook.com/nxtbooks/ncl/meetingsincentives
http://www.nxtbookMEDIA.com