2017 Annual Report for Norwegian Cruiseline Holdings - 42

Off-Balance Sheet Transactions
None.
Contractual Obligations
As of December 31, 2017, our contractual obligations with initial or remaining terms in excess of one year, including interest payments on
long-term debt obligations, were as follows (in thousands):

Long-term debt(1)
Operating leases(2)
Ship construction contracts(3)
Port facilities(4)
Interest(5)
Other(6)
Total

$

$

Total
6,424,582
131,791
6,138,219
138,308
947,967
168,678
13,949,545

Less than
1 year
$
619,373
15,204
1,016,892
30,509
218,150
54,800
$
1,954,928

1-3 years
$
1,248,463
28,973
1,363,215
43,388
376,566
73,653
$
3,134,258

3-5 years
$
3,002,931
26,504
1,141,212
23,316
203,099
23,870
$
4,420,932

More than
5 years
$
1,553,815
61,110
2,616,900
41,095
150,152
16,355
$
4,439,427

(1) Includes discount and premiums aggregating $0.5 million. Also includes capital leases. The amount excludes deferred financing fees
which are included in the consolidated balance sheets as an offset to long-term debt.
(2) Primarily for offices, motor vehicles and office equipment.
(3) For our newbuild ships based on the euro/U.S. dollar exchange rate as of December 31, 2017. Export credit financing is in place from
syndicates of banks.
(4) Primarily for our usage of certain port facilities.
(5) Includes fixed and variable rates with LIBOR held constant as of December 31, 2017.
(6) Future commitments for service, maintenance and other Business Enhancement Capital Expenditure contracts.
The table above does not include $0.5 million of unrecognized tax benefits (we refer you to the Notes to the Consolidated Financial
Statements Note-10 "Income Tax").
Other
Certain service providers may require collateral in the normal course of our business. The amount of collateral may change based on certain
terms and conditions.
As a routine part of our business, depending on market conditions, exchange rates, pricing and our strategy for growth, we regularly consider
opportunities to enter into contracts for the building of additional ships. We may also consider the sale of ships, potential acquisitions and
strategic alliances. If any of these transactions were to occur, they may be financed through the incurrence of additional permitted
indebtedness, through cash flows from operations, or through the issuance of debt, equity or equity-related securities.
Funding Sources
Certain of our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as
limit our net funded debt-to-capital ratio, maintain certain other ratios and restrict our ability to pay dividends. Substantially all of our ships
and other property and equipment are pledged as collateral for certain of our debt. We believe we were in compliance with these covenants as
of December 31, 2017.
The impact of changes in world economies and especially the global credit markets can create a challenging environment and may reduce
future consumer demand for cruises and adversely affect our counterparty credit risks. In the event this environment deteriorates, our business,
financial condition and results of operations could be adversely impacted.
We believe our cash on hand, expected future operating cash inflows, additional available borrowings under our New Revolving Loan Facility
and our ability to issue debt securities or additional equity securities, will be sufficient to fund operations, debt payment requirements, capital
expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period. There is no assurance
that cash flows from operations and additional financings will be available in the future to fund our future obligations.

42



Table of Contents for the Digital Edition of 2017 Annual Report for Norwegian Cruiseline Holdings

https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2024_aunz
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2024_asia
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2024
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2023q4
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_2024-2025
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_24-25_hebrew
https://www.nxtbook.com/nxtbooks/ncl/wwcg_highlights_2024-2025_me
https://www.nxtbook.com/nxtbooks/ncl/europe_cruising_guide_asia_2325
https://www.nxtbook.com/nxtbooks/ncl/europe_cruising_guide_aunz_2325
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2023-2025_asia_english
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_24-25_arabic
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_23-24_hebrew
https://www.nxtbook.com/nxtbooks/ncl/wwcg_highlights_2023-2024_en
https://www.nxtbook.com/nxtbooks/ncl/wwcg_22-24_de
https://www.nxtbook.com/nxtbooks/ncl/wwcg_22-24_es
https://www.nxtbook.com/nxtbooks/ncl/world_cruising_guide_jpn_22-24
https://www.nxtbook.com/nxtbooks/ncl/guiaundialdecruceros_2324_latam
https://www.nxtbook.com/nxtbooks/ncl/hawaii_cruising_guide_jpn_23-25
https://www.nxtbook.com/nxtbooks/ncl/aunz_wwcg_22-24
https://www.nxtbook.com/nxtbooks/ncl/alaska_cruisetour_apac
https://www.nxtbook.com/nxtbooks/ncl/cruisewithncl
https://www.nxtbook.com/nxtbooks/ncl/alaska_cruising_guide_asia_2324
https://www.nxtbook.com/nxtbooks/ncl/alaska_destination_guide_aunz_2324
https://www.nxtbook.com/nxtbooks/ncl/hawaii_destination_guide_japan_22
https://www.nxtbook.com/nxtbooks/ncl/hawaii_destination_guide_aunz_2325
https://www.nxtbook.com/nxtbooks/ncl/spirit_mini_aunz
https://www.nxtbook.com/nxtbooks/ncl/spin_the_globe_aunz
https://www.nxtbook.com/nxtbooks/ncl/uk_wwcg_2224
https://www.nxtbook.com/nxtbooks/ncl/wwcg_2224_fl_ce_pm
https://www.nxtbook.com/nxtbooks/ncl/wcg_2224_asia
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_22-24_arabic
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2022-2024_latam
https://www.nxtbook.com/nxtbooks/ncl/hawaii_destination_guide_aunz
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_ce_2022-2024
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_es_2022-2024
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_de_2022-2024
https://www.nxtbook.com/nxtbooks/ncl/aunz_cruisetheworld
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2022-2024
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_22-24_hebrew
https://www.nxtbook.com/nxtbooks/ncl/mea_itineraryguide_22-24
https://www.nxtbook.com/nxtbooks/ncl/partners_first_handbook
https://www.nxtbook.com/nxtbooks/ncl/discover_hawaii_southpacific_22-23_japan
https://www.nxtbook.com/nxtbooks/ncl/discover_europe_22-23_asia
https://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_2021_aunz
https://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_hawaii_aunz
https://www.nxtbook.com/nxtbooks/ncl/europe_destination_guide_aunz_22-23
https://www.nxtbook.com/nxtbooks/ncl/CRUCEROSPORTODOELMUNDO2022_2023
https://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_2021_german
https://www.nxtbook.com/nxtbooks/ncl/kreuzfahrten_weltweit_2223
https://www.nxtbook.com/nxtbooks/ncl/discover_alaska_2223
https://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_2021
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2022-2023_072021
https://www.nxtbook.com/nxtbooks/ncl/cruise_the_world
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_japanese_lr
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_asia
https://www.nxtbook.com/nxtbooks/ncl/mea_cruise_guide
https://www.nxtbook.com/nxtbooks/ncl/cruceros_2021_2023
https://www.nxtbook.com/nxtbooks/ncl/deckbydeckmea_2021
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_latam
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_uk
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_japanese
https://www.nxtbook.com/nxtbooks/ncl/deckbydeckasia_2021
https://www.nxtbook.com/nxtbooks/ncl/deckbydeckaunz_2021
https://www.nxtbook.com/nxtbooks/ncl/europe_destination_guide_aunz
https://www.nxtbook.com/nxtbooks/ncl/alaska_destination_guide_aunz
https://www.nxtbook.com/nxtbooks/ncl/europe_destination_guide_asia
https://www.nxtbook.com/nxtbooks/ncl/alaska_destination_guide_asia
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023_eu
https://www.nxtbook.com/nxtbooks/ncl/kreuzfahrten_weltweit_2123
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2023
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2021-2022_aunz
https://www.nxtbook.com/nxtbooks/ncl/hebrew_israeli_fleetbrochure_20212022
https://www.nxtbook.com/nxtbooks/ncl/spirit_mini_brochure
https://www.nxtbook.com/nxtbooks/ncl/kreuzfahrten_weltweit_2122
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_20212022_mea
https://www.nxtbook.com/nxtbooks/ncl/fleetbrochure_20212022
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_20202021
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide_2021chinese
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_traditional_chinese_2020-2022
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_japanese_2020-2022
https://www.nxtbook.com/nxtbooks/ncl/mea_arabic_20212020
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2020-2022_apac
https://www.nxtbook.com/nxtbooks/ncl/norwegian_encore_us2019
https://www.nxtbook.com/nxtbooks/ncl/norwegian_encore_mea2019
https://www.nxtbook.com/nxtbooks/ncl/norwegian_encore_apac2019
https://www.nxtbook.com/nxtbooks/ncl/norwegian_encore_latam2019
https://www.nxtbook.com/nxtbooks/ncl/norwegian_encore_de2019
https://www.nxtbook.com/nxtbooks/ncl/itineraryguide_20202021
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide_2021japanese
https://www.nxtbook.com/nxtbooks/ncl/japanesefleetbrochure_20192022
https://www.nxtbook.com/nxtbooks/ncl/italianfleetbrochure_20192021
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide2021_asia
https://www.nxtbook.com/nxtbooks/ncl/asiasouthpacificcruisingguide2019-2021
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide2021_apac
https://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2019-2021
https://www.nxtbook.com/nxtbooks/ncl/hebrew_israeli_fleetbrochure_20192021
https://www.nxtbook.com/nxtbooks/ncl/thehaven2019_japanese
https://www.nxtbook.com/nxtbooks/ncl/meafleetbrochure_20192021
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_japanese_20192021
https://www.nxtbook.com/nxtbooks/ncl/thehaven2019_asia
https://www.nxtbook.com/nxtbooks/ncl/charters_meetings_incentives_2019
https://www.nxtbook.com/nxtbooks/ncl/aunzfleetbrochure_20192021
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_asia_20192021
https://www.nxtbook.com/nxtbooks/ncl/fleetsp_1921
https://www.nxtbook.com/nxtbooks/ncl/norwegian_cruisenews0619
https://www.nxtbook.com/nxtbooks/ncl/ukfleetbrochure_20192021
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_aunz_20192021
https://www.nxtbook.com/nxtbooks/ncl/kreuzfahrten_weltweit_1921
https://www.nxtbook.com/nxtbooks/ncl/annualreport_2018
https://www.nxtbook.com/nxtbooks/ncl/stewardshipreport_2018
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2021_eu
https://www.nxtbook.com/nxtbooks/ncl/thehaven2019_mea
https://www.nxtbook.com/nxtbooks/ncl/ncl_tradestarterpack
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1920_mea
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2019-2022
https://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2019-2020
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2020
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_20182019
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2019-2020sp
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1920_aunz
https://www.nxtbook.com/nxtbooks/ncl/fleetIT_1820
https://www.nxtbook.com/nxtbooks/ncl/thehavenus_2018
https://www.nxtbook.com/nxtbooks/ncl/norwegianbliss18
https://www.nxtbook.com/nxtbooks/ncl/fleetsp_18
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2019
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_aunz
https://www.nxtbook.com/nxtbooks/ncl/uknewitineraryleafletuk_20192020
https://www.nxtbook.com/nxtbooks/ncl/ce_dach
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_mea
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_ce
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2020_uk
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2018-2019
https://www.nxtbook.com/nxtbooks/ncl/stewardshipreport_2017
https://www.nxtbook.com/nxtbooks/ncl/annualreport_2017
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide1819_aunz
https://www.nxtbook.com/nxtbooks/ncl/charters18_latam
https://www.nxtbook.com/nxtbooks/ncl/cubabahamas1719_latam
https://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_latam
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2018-2021
https://www.nxtbook.com/nxtbooks/ncl/thehaven2018_latam
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019sp
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019
https://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201819aunzcruise
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2018-2019_aunz
https://www.nxtbook.com/nxtbooks/ncl/thehaven2018_de
https://www.nxtbook.com/nxtbooks/ncl/thehaven2018_es
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_es
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_it
https://www.nxtbook.com/nxtbooks/ncl/bestofalaska_asia2017
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_fr
https://www.nxtbook.com/nxtbooks/ncl/norwegianbliss_aunz
https://www.nxtbook.com/nxtbooks/ncl/thehaven2017_aunz
https://www.nxtbook.com/nxtbooks/ncl/deckbydeckasia_2017
https://www.nxtbook.com/nxtbooks/ncl/carribbeancruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/europecruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/nedeparturescruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/asiaaunzcruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/hawaiicruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/alaskacruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/southamericacruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/pcmrtrcruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/bestofalaska2017
https://www.nxtbook.com/nxtbooks/ncl/bestofeurope2017
https://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016v2
https://www.nxtbook.com/nxtbooks/ncl/environmentalreport_2016
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2017-2019_ge
https://www.nxtbook.com/nxtbooks/ncl/norwegianjewel_201718aunzcruise
https://www.nxtbook.com/nxtbooks/ncl/annualreport_2016
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_uk
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruises_allinclusive_2017-2019_ce
https://www.nxtbook.com/nxtbooks/ncl/bestofcaribbeanandbahamas2017
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018_jp
https://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_asia2017
https://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_au2017
https://www.nxtbook.com/nxtbooks/ncl/hawaiidestination_nz2017
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-2018
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_2016-abril2018sp
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_fall2016-spring2018
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_fr
https://www.nxtbook.com/nxtbooks/ncl/worldwidecruisingguide_oct2016-apr2018
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_it
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_sp
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_no
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_ce
https://www.nxtbook.com/nxtbooks/ncl/norwegian_jewel_201609
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_de
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_201611-201804_uk
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_jp
https://www.nxtbook.com/nxtbooks/ncl/worldwide_cruising_guide_2016summer2017
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_16-17_destinations
https://www.nxtbook.com/nxtbooks/ncl/sun_no_brasil2016
https://www.nxtbook.com/nxtbooks/ncl/norwegian_jewel
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_16-17_aus
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_2edition
https://www.nxtbook.com/nxtbooks/ncl/casino_karina
https://www.nxtbook.com/nxtbooks/ncl/casino_charles
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17_sp
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_15-17
https://www.nxtbook.com/nxtbooks/ncl/escape2015fall
https://www.nxtbook.com/nxtbooks/ncl/hawaii1517
https://www.nxtbook.com/nxtbooks/ncl/northeast1416
https://www.nxtbook.com/nxtbooks/ncl/caribbean1416
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_14-16_sp
https://www.nxtbook.com/nxtbooks/ncl/escape2015
https://www.nxtbook.com/nxtbooks/ncl/alaska2015
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_1415
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_14-16
https://www.nxtbook.com/nxtbooks/ncl/alaska14
https://www.nxtbook.com/nxtbooks/ncl/northeast1315
https://www.nxtbook.com/nxtbooks/ncl/hawaii1316
https://www.nxtbook.com/nxtbooks/ncl/europe1315
https://www.nxtbook.com/nxtbooks/ncl/bigships13-15
https://www.nxtbook.com/nxtbooks/ncl/deckbydeck_2013
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_13-15
https://www.nxtbook.com/nxtbooks/ncl/getaway_miami
https://www.nxtbook.com/nxtbooks/ncl/breakaway_201210
https://www.nxtbook.com/nxtbooks/ncl/hawaii
https://www.nxtbook.com/nxtbooks/ncl/cruisevacations1213-sp
https://www.nxtbook.com/nxtbooks/ncl/caribbean
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure
https://www.nxtbook.com/nxtbooks/ncl/northeastdepartures12-14
https://www.nxtbook.com/nxtbooks/ncl/alaska
https://www.nxtbook.com/nxtbooks/ncl/breakaways_chaptertwo_201205
https://www.nxtbook.com/nxtbooks/ncl/breakaways_chapterone_201205
https://www.nxtbook.com/nxtbooks/ncl/europe1214
https://www.nxtbook.com/nxtbooks/ncl/latitudes
https://www.nxtbook.com/nxtbooks/ncl/thehaven
https://www.nxtbook.com/nxtbooks/ncl/fleet_brochure_2011-13
https://www.nxtbook.com/nxtbooks/ncl/caribbean11-13
https://www.nxtbook.com/nxtbooks/ncl/cruisevacations1112-sp_2
https://www.nxtbook.com/nxtbooks/ncl/meetingsincentives
https://www.nxtbookmedia.com