Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | NCLH | |
Entity Registrant Name | NORWEGIAN CRUISE LINE HOLDINGS LTD. | |
Entity Central Index Key | 1513761 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 205,083,076 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | ||||
Passenger ticket | $583,923 | $490,322 | $1,400,470 | $1,257,871 |
Onboard and other | 213,962 | 184,089 | 569,479 | 515,204 |
Total revenue | 797,885 | 674,411 | 1,969,949 | 1,773,075 |
Cruise operating expense | ||||
Commissions, transportation and other | 140,086 | 122,331 | 347,650 | 321,640 |
Onboard and other | 61,744 | 53,641 | 153,431 | 136,851 |
Payroll and related | 90,695 | 72,961 | 247,543 | 220,683 |
Fuel | 77,035 | 69,602 | 225,115 | 206,743 |
Food | 37,596 | 32,452 | 101,232 | 95,163 |
Other | 48,946 | 43,084 | 164,899 | 152,759 |
Total cruise operating expense | 456,102 | 394,071 | 1,239,870 | 1,133,839 |
Other operating expense | ||||
Marketing, general and administrative | 77,606 | 57,779 | 236,923 | 190,748 |
Depreciation and amortization | 56,097 | 48,423 | 158,699 | 140,900 |
Total other operating expense | 133,703 | 106,202 | 395,622 | 331,648 |
Operating income | 208,080 | 174,138 | 334,457 | 307,588 |
Non-operating income (expense) | ||||
Interest expense, net | -26,627 | -47,196 | -257,969 | -142,271 |
Other income (expense) | -626 | 1,644 | 1,168 | 2,730 |
Total non-operating income (expense) | -27,253 | -45,552 | -256,801 | -139,541 |
Net income before income taxes | 180,827 | 128,586 | 77,656 | 168,047 |
Income tax expense | -7,933 | -398 | -11,177 | -544 |
Net income | 172,894 | 128,188 | 66,479 | 167,503 |
Net income attributable to non-controlling interest | 2,036 | 857 | ||
Net income attributable to Norwegian Cruise Line Holdings Ltd. | $170,858 | $128,188 | $65,622 | $167,503 |
Weighted-average shares outstanding | ||||
Basic | 204,425,308 | 178,252,763 | 202,279,989 | 178,198,984 |
Diluted | 210,703,244 | 179,050,050 | 208,673,608 | 178,986,504 |
Earnings per share | ||||
Basic | $0.84 | $0.72 | $0.32 | $0.94 |
Diluted | $0.82 | $0.72 | $0.32 | $0.94 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $172,894 | $128,188 | $66,479 | $167,503 |
Other comprehensive income (loss): | ||||
Shipboard Retirement Plan | 117 | 98 | 351 | 294 |
Cash flow hedges: | ||||
Net unrealized gain (loss) | 16,798 | 40,860 | -12,619 | 15,110 |
Amount realized and reclassified into earnings | -1,539 | -2,707 | -3,623 | -19,309 |
Total other comprehensive income (loss) | 15,376 | 38,251 | -15,891 | -3,905 |
Total comprehensive income | 188,270 | 166,439 | 50,588 | 163,598 |
Comprehensive income attributable to non-controlling interest | 2,233 | 445 | ||
Total comprehensive income attributable to Norwegian Cruise Line Holdings Ltd. | $186,037 | $166,439 | $50,143 | $163,598 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $56,960 | $45,500 |
Accounts receivable, net | 17,717 | 15,062 |
Inventories | 45,901 | 39,681 |
Prepaid expenses and other assets | 66,473 | 64,686 |
Total current assets | 187,051 | 164,929 |
Property and equipment, net | 5,622,574 | 4,960,142 |
Goodwill and tradenames | 611,330 | 611,330 |
Other long-term assets | 184,594 | 202,026 |
Total assets | 6,605,549 | 5,938,427 |
Current liabilities: | ||
Current portion of long-term debt | 282,564 | 221,233 |
Accounts payable | 98,559 | 79,126 |
Accrued expenses and other liabilities | 225,266 | 231,040 |
Due to Affiliate | 36,815 | 59,897 |
Advance ticket sales | 434,541 | 353,793 |
Total current liabilities | 1,077,745 | 945,089 |
Long-term debt | 2,830,477 | 2,764,120 |
Due to Affiliate | 73,468 | 147,364 |
Other long-term liabilities | 48,971 | 63,070 |
Total liabilities | 4,030,661 | 3,919,643 |
Commitments and contingencies (Note 8) | ||
Shareholders' equity: | ||
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 205,083,076 shares issued and outstanding at September 30, 2013, and $.0012 par value; 40,000,000 shares authorized; 21,000,000 shares issued and outstanding at December 31, 2012 | 205 | 25 |
Additional paid-in capital | 2,819,153 | 2,327,097 |
Accumulated other comprehensive income (loss) | -33,098 | -17,619 |
Retained earnings (deficit) | -233,563 | -299,185 |
Total shareholders' equity controlling interest | 2,552,697 | 2,010,318 |
Non-controlling interest | 22,191 | 8,466 |
Total shareholders' equity | 2,574,888 | 2,018,784 |
Total liabilities and shareholders' equity | $6,605,549 | $5,938,427 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Ordinary shares, par value | $0.00 | $0.00 |
Ordinary shares, authorized | 490,000,000 | 40,000,000 |
Ordinary shares, issued | 205,083,076 | 21,000,000 |
Ordinary shares, outstanding | 205,083,076 | 21,000,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ||
Net income | $66,479 | $167,503 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 180,143 | 160,781 |
Gain on derivatives | -195 | -2,067 |
Deferred income taxes, net | 11,026 | |
Write-off of deferred financing fees | 36,357 | 2,358 |
Share-based compensation expense | 21,283 | 495 |
Premium on debt issuance | 6,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | -2,655 | -4,649 |
Inventories | -6,220 | -6,941 |
Prepaid expenses and other assets | -1,558 | 375 |
Accounts payable | 19,433 | -13,393 |
Accrued expenses and other liabilities | -5,480 | 27,312 |
Advance ticket sales | 79,730 | 38,749 |
Net cash provided by operating activities | 398,343 | 376,523 |
Cash flows from investing activities | ||
Additions to property and equipment and other | -835,765 | -229,855 |
Net cash used in investing activities | -835,765 | -229,855 |
Cash flows from financing activities | ||
Repayments of long-term debt | -2,229,821 | -718,255 |
Repayments to Affiliate | -98,171 | |
Proceeds from long-term debt | 2,359,310 | 584,990 |
Proceeds from the issuance of ordinary shares, net | 473,017 | |
Proceeds from the exercise of stock options | 1,268 | |
Deferred financing fees and other | -56,721 | -3,635 |
Net cash provided by (used in) financing activities | 448,882 | -136,900 |
Net increase in cash and cash equivalents | 11,460 | 9,768 |
Cash and cash equivalents at beginning of period | 45,500 | 58,926 |
Cash and cash equivalents at end of period | $56,960 | $68,694 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Ordinary Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) | Non-controlling Interest |
In Thousands | ||||||
Beginning balance at Dec. 31, 2011 | $1,844,463 | $25 | $2,324,167 | ($19,794) | ($467,741) | $7,806 |
Share-based compensation | 495 | 495 | ||||
Transactions with Affiliates, net | 2,956 | 2,956 | ||||
Other comprehensive loss | -3,905 | -3,905 | ||||
Net income | 167,503 | 167,503 | ||||
Ending Balance at Sep. 30, 2012 | 2,011,512 | 25 | 2,327,123 | -23,699 | -300,238 | 8,301 |
Beginning balance at Dec. 31, 2012 | 2,018,784 | 25 | 2,327,097 | -17,619 | -299,185 | 8,466 |
Share-based compensation | 31,283 | 31,264 | 19 | |||
Transactions with Affiliates, net | -52 | -52 | ||||
Corporate Reorganization | -18,994 | 18,994 | ||||
Proceeds from the issuance of ordinary shares, net | 473,017 | 179 | 472,838 | |||
Proceeds from the exercise of stock options | 1,268 | 1 | 1,267 | |||
Other comprehensive loss | -15,891 | -15,479 | -412 | |||
Net income | 66,479 | 65,622 | 857 | |||
Vesting of Management NCL Corporation Units, net of exchanges | 5,733 | -5,733 | ||||
Ending Balance at Sep. 30, 2013 | $2,574,888 | $205 | $2,819,153 | ($33,098) | ($233,563) | $22,191 |
Corporate_Reorganization
Corporate Reorganization | 9 Months Ended | |
Sep. 30, 2013 | ||
Corporate Reorganization | 1 | Corporate Reorganization |
In January 2013, NCLH completed the IPO of 27,058,824 ordinary shares, par value $.001 per share. In connection with the consummation of the IPO, NCLC’s ordinary shares were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares (representing a 97.3% economic interest) and parent company of NCLC (the “Corporate Reorganization”). Accordingly, NCLH contributed $460.0 million to NCLC and the historical financial statements of NCLC became those of NCLH. As a result of the Corporate Reorganization, the Management NCL Corporation Units created a non-controlling interest within NCLH. The Corporate Reorganization was effected solely for the purpose of reorganizing our corporate structure. NCLH had not, prior to the completion of the Corporate Reorganization, conducted any activities other than those incidental to its formation and to preparations for the Corporate Reorganization and the IPO (we refer you to Note 5—“Related Party Disclosures” for more information on the Corporate Reorganization). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. | |||||||||||||||||
Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income attributable to Norwegian Cruise Line Holdings Ltd. by the weighted-average shares outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon conversion of potentially dilutive shares and is computed by dividing net income by the diluted weighted-average shares outstanding during each period. A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Norwegian Cruise Line Holdings Ltd. | $ | 170,858 | $ | 128,188 | $ | 65,622 | $ | 167,503 | |||||||||
Net income | $ | 172,894 | $ | 128,188 | $ | 66,479 | $ | 167,503 | |||||||||
Basic weighted-average shares outstanding | 204,425,308 | 178,252,763 | 202,279,989 | 178,198,984 | |||||||||||||
Dilutive effect of awards | 6,277,936 | 797,287 | 6,393,619 | 787,520 | |||||||||||||
Diluted weighted-average shares outstanding | 210,703,244 | 179,050,050 | 208,673,608 | 178,986,504 | |||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Revenue and Expense Recognition | |||||||||||||||||
Revenue and expense includes taxes assessed by governmental authorities that are directly imposed on a revenue-producing transaction between a seller and a customer. The amounts included in revenue and expense on a gross basis were $44.4 million and $37.4 million for the three months ended September 30, 2013 and 2012, respectively, and $111.9 million and $104.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification shall be disclosed in a note to the consolidated financial statements or presented parenthetically on the face of the financial statements (we refer you to Note 3— “Accumulated Other Comprehensive Income (Loss)”). | |||||||||||||||||
We have adopted the disclosure requirements as presented in the amendment to subtopic 210-20 “Disclosures about Offsetting Assets and Liabilities” which requires that we disclose separately for assets and liabilities the gross recognition and the offsetting amounts which are permitted by our master netting arrangements for our derivative contracts (we refer you to Note 7— “Fair Value Measurements and Derivatives”). |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | 3 | Accumulated Other Comprehensive Income (Loss) | |||||||||||
Accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 was as follows (in thousands): | |||||||||||||
Accumulated | Change | Change | |||||||||||
Other | Related to | Related to | |||||||||||
Comprehensive | Cash Flow | Shipboard | |||||||||||
Income (Loss) | Hedges | Retirement | |||||||||||
Plan | |||||||||||||
Accumulated other comprehensive income (loss) at beginning of period | $ | (17,619 | ) | $ | (7,872 | ) | $ | (9,747 | ) | ||||
Current period other comprehensive loss before reclassifications | (12,292 | ) | (12,292 | ) | — | ||||||||
Amounts reclassified | (3,187 | ) | (3,529 | )(1) | 342 | (2) | |||||||
Accumulated other comprehensive income (loss) at end of period | $ | (33,098 | ) | $ | (23,693 | )(3) | $ | (9,405 | ) | ||||
-1 | We refer you to Note 7— “Fair Value Measurements and Derivatives” for the affected line items in the Consolidated Statements of Operations. | ||||||||||||
-2 | Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense. | ||||||||||||
-3 | Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Long-Term Debt | 4 | Long-Term Debt |
On June 21, 2013, NCLC and certain of its subsidiaries entered into supplemental deeds to the $334.1 million Norwegian Jewel loan, Breakaway/Getaway Term Loan Facilities, €258.0 million Pride of America loan, and €308.1 million Pride of Hawai’i loan. The supplemental deeds amended and restated those credit facilities, reducing the interest rate per annum to a rate equal to the sum of (a) an adjusted LIBOR rate, (b) an applicable margin of 0.95% and (c) certain customary mandatory costs to compensate lenders for the cost of compliance with various financial regulations. In connection with these amendments, we terminated the €40.0 million secured loan agreement, dated as of April 4, 2003, as amended and restated on June 1, 2012, by and among Pride of America Ship Holding, LLC, as borrower, and a syndicate of international banks, and related guarantee by NCLC which had an aggregate outstanding principal balance thereunder of $16.8 million. | ||
On May 24, 2013, NCLC entered into a credit agreement which provides senior secured financing of $1.3 billion, consisting of (i) a $675 million term loan facility maturing on May 24, 2018 (the “Term Loan Facility”), all of which was borrowed for the purpose of refinancing existing senior debt; and (ii) a $625 million revolving credit facility maturing on May 24, 2018 (the “Revolving Loan Facility” and together with the Term Loan Facility, the “new senior secured credit facilities”), $117.0 million of which was borrowed as of September 30, 2013. | ||
Borrowings under the new senior secured credit facilities bear interest at a rate per annum equal to (a) an adjusted LIBOR rate or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Deutsche Bank and (iii) the adjusted LIBOR rate, in each case plus an applicable margin that is determined by reference to a total leverage ratio, with an applicable margin of between 2.25% and 1.50% with respect to Eurocurrency loans and between 1.25% and 0.50% with respect to base rate loans. The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings. | ||
In addition to paying interest on outstanding principal under the new senior secured credit facilities, a commitment fee rate is determined by reference to a total leverage ratio, with a maximum commitment fee rate of 40% of the applicable margin for Eurocurrency loans. | ||
The Term Loan Facility will be paid in quarterly installments which commenced in September 2013, in a principal amount equal to (a) in the case of installments payable on or prior to May 24, 2015, 1.25% of the loans outstanding immediately after the closing date under the Term Loan Facility and (b) in the case of installments payable after May 24, 2015, 2.50% of the loans outstanding immediately after the closing date under the Term Loan Facility, with the remaining unpaid principal amount of loans under the Term Loan Facility due and payable in full at maturity on May 24, 2018. Principal amounts outstanding under the Revolving Loan Facility are due and payable in full at maturity on May 24, 2018. | ||
In connection with the entry into the new senior secured credit facilities, the $750.0 million Senior Secured Revolving Credit Facility and the €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility were terminated. In addition, the $227.5 million remaining balance of our 9.50% senior unsecured notes, plus premium and accrued and unpaid interest, was redeemed in full on June 28, 2013. | ||
In April 2013, we took delivery of Norwegian Breakaway. To finance the payment due upon delivery, we drew $528.0 million of our €529.8 million Breakaway One Loan which is due April 2025. Also, we drew an aggregate of $57.7 million of our €126.1 million Norwegian Jewel Term Loan and €126.1 million Norwegian Jade Term Loan which will come due April 2016. The loans bear interest at LIBOR plus 1.6%. | ||
In February 2013, NCLC issued $300.0 million aggregate principal amount of senior unsecured notes bearing interest at a rate of 5% per annum and maturing on February 15, 2018 (the “Notes Offering”). Interest on the notes will be payable semiannually on February 15 and August 15 of each year, which commenced on August 15, 2013. The notes were issued at 99.451%. | ||
We used the net proceeds that we received from the IPO and the Notes Offering, aggregating approximately $770.0 million, to pay down debt, including; (i) a prepayment of an aggregate $55.6 million that became payable upon the consummation of the IPO consisting of $21.3 million on our €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility, $14.7 million on our €308.1 million Pride of Hawai’i loan, $8.0 million on our $334.1 million Norwegian Jewel loan, $10.1 million on our €258.0 million Pride of America loan and $1.5 million on our €40.0 million Pride of America commercial loan, (ii) a payment to Genting HK of $79.7 million in connection with the Norwegian Sky purchase agreement, (iii) a full redemption of our $450.0 million 11.75% senior secured notes due 2016 and (iv) a partial redemption of $122.5 million aggregate principal amount of our 9.50% senior unsecured notes. Expenses related to these debt prepayments were approximately $90.5 million and were recognized in interest expense. |
Related_Party_Disclosures
Related Party Disclosures | 9 Months Ended | |
Sep. 30, 2013 | ||
Related Party Disclosures | 5 | Related Party Disclosures |
Following the IPO, NCLH contributed $460.0 million to NCLC. The relative ownership percentages of NCLH’s ordinary shares following the IPO were as follows: Genting HK (43.4%), the Apollo Funds (32.5%), the TPG Viking Funds (10.8%) and public shareholders (13.3%). We also made payments of $98.2 million to Genting HK in connection with the Norwegian Sky purchase agreement. | ||
In August 2013, we had our Secondary Offering by the Selling Shareholders. We did not receive any proceeds from this offering. As of September 30, 2013, the relative ownership percentages of NCLH’s ordinary shares were as follows: Genting HK (37.5%), the Apollo Funds (28.1%), the TPG Viking Funds (9.4%), and public shareholders (25.0%). As of September 30, 2013, NCLH had a (97.7%) economic interest in NCLC. |
Income_Tax_Expense
Income Tax Expense | 9 Months Ended | |
Sep. 30, 2013 | ||
Income Tax Expense | 6 | Income Tax Expense |
NCLH is treated as a corporation for U.S. federal income tax purposes. For the three and nine months ended September 30, 2013, income tax expense was $7.9 million and $11.2 million, respectively. Income tax expense for the nine months includes a one-time expense of $4.2 million due to a change in U.S. tax status from a partnership to a corporation in connection with our IPO and a benefit of $2.6 million in connection with our prepayments of debt. | ||
In September 2013, we commenced the implementation of a global tax platform. The implementation of this new platform is expected to be completed by December 31, 2013 and, accordingly, its effect has been included as a reduction of $6.6 million to income tax expense for the three and nine months ended September 30, 2013. |
Fair_Value_Measurements_and_De
Fair Value Measurements and Derivatives (Fuel Options) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fuel Options | |||||||||||||||||||||
Fair Value Measurements and Derivatives | 7 | Fair Value Measurements and Derivatives | |||||||||||||||||||
Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability). | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available: | |||||||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates. | ||||||||||||||||||||
Level 2 | Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources. | ||||||||||||||||||||
Level 3 | Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available. | ||||||||||||||||||||
Derivatives | |||||||||||||||||||||
We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. The determination of ineffectiveness is based on the amount of dollar offset between the cumulative change in fair value of the derivative and the cumulative change in fair value of the hedged transaction at the end of the reporting period. If it is determined that a derivative is not highly effective as a hedge, or if the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. In addition, the ineffective portion of our highly effective hedges is recognized in earnings immediately and reported in other income (expense) in our consolidated statements of operations. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements. | |||||||||||||||||||||
We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives and our revolving credit facility, is not considered significant, as we primarily conduct business with large, well-established financial institutions that we have established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties. The following table sets forth the fair value of our derivatives including the balance sheet location (in thousands): | |||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||
Balance Sheet location | September 30, | December 31, | September 30, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Fuel swaps designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | $ | 4,421 | $ | 5,955 | $ | 484 | $ | 876 | |||||||||||||
Other long-term assets | 2,201 | 3,969 | 1,890 | 388 | |||||||||||||||||
Accrued expenses and other liabilities | 669 | 188 | 938 | 204 | |||||||||||||||||
Other long-term liabilities | 189 | 391 | 180 | 42 | |||||||||||||||||
Fuel collars designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | 614 | 1,615 | 322 | 530 | |||||||||||||||||
Accrued expenses and other liabilities | — | 51 | — | 69 | |||||||||||||||||
Other long-term liabilities | 207 | 1,908 | 202 | 1,230 | |||||||||||||||||
Fuel options not designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | — | — | 322 | 304 | |||||||||||||||||
Other long-term liabilities | — | — | 202 | 1,231 | |||||||||||||||||
Foreign currency options designated as hedging instruments | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 18,756 | 20,267 | |||||||||||||||||
Other long-term liabilities | — | — | — | 16,443 | |||||||||||||||||
Foreign currency forward contracts designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | — | 11,685 | — | — | |||||||||||||||||
Foreign currency collar designated as a hedging instrument | |||||||||||||||||||||
Prepaid expenses and other assets | 10,425 | — | 30 | — | |||||||||||||||||
Other long-term assets | — | 9,765 | — | 1,613 | |||||||||||||||||
Interest rate swaps designated as hedging instruments | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 898 | — | |||||||||||||||||
Other long-term liabilities | — | — | 2,233 | — | |||||||||||||||||
The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration and volatility. The fair value of option and collar contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3. | |||||||||||||||||||||
Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties. We are not required to post cash collateral related to our derivative instruments. The following table discloses the amounts recognized within assets and liabilities (in thousands): | |||||||||||||||||||||
September 30, 2013 | Gross Amounts | Gross | Total Net | Gross | Net Amounts | ||||||||||||||||
Amounts | Amounts | Amounts Not | |||||||||||||||||||
Offset | Offset | ||||||||||||||||||||
Assets | $ | 17,661 | $ | (3,048 | ) | $ | 14,613 | $ | — | $ | 14,613 | ||||||||||
Liabilities | 23,409 | (1,065 | ) | 22,344 | (21,887 | ) | 457 | ||||||||||||||
31-Dec-12 | Gross Amounts | Gross | Total Net | Gross | Net Amounts | ||||||||||||||||
Amounts | Amounts | Amounts Not | |||||||||||||||||||
Offset | Offset | ||||||||||||||||||||
Assets | $ | 32,989 | $ | (3,711 | ) | $ | 29,278 | $ | (11,685 | ) | $ | 17,593 | |||||||||
Liabilities | 39,486 | (2,538 | ) | 36,948 | (36,710 | ) | 238 | ||||||||||||||
Fuel Swaps | |||||||||||||||||||||
As of September 30, 2013, we had fuel swaps maturing through December 31, 2016 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 745,000 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): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other comprehensive loss – effective portion | $ | 13,500 | $ | 30,848 | $ | 132 | $ | 23,029 | |||||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | (83 | ) | 157 | (182 | ) | (473 | ) | ||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into fuel expense | (2,081 | ) | (1,600 | ) | (5,080 | ) | (13,932 | ) | |||||||||||||
Fuel Collars and Options | |||||||||||||||||||||
As of September 30, 2013, we had fuel collars and fuel options maturing through December 31, 2014 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 43,000 metric tons of our projected 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): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | 427 | $ | 5,060 | $ | (1,108 | ) | $ | 2,441 | ||||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | (51 | ) | 479 | (29 | ) | 142 | |||||||||||||||
Amount reclassified from other comprehensive income (loss) into fuel expense | 332 | (1,107 | ) | 1,150 | (5,377 | ) | |||||||||||||||
The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other income (expense) | $ | 430 | $ | 1,143 | $ | 1,011 | $ | 2,858 | |||||||||||||
Foreign Currency Forward Contracts | |||||||||||||||||||||
We had foreign currency forward contracts which matured in April 2013. The effects on the consolidated financial statements of the foreign currency forward contracts which were designated as cash flow hedges were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | — | $ | 2,609 | $ | (7,886 | ) | $ | 4,332 | ||||||||||||
Gain recognized in other income (expense) – ineffective portion | — | — | 66 | — | |||||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | (32 | ) | — | (52 | ) | — | |||||||||||||||
As of September 30, 2013, the effects on the consolidated financial statements of the foreign currency forward contracts which were not designated as hedging instruments were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other income (expense) | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||
Foreign Currency Options | |||||||||||||||||||||
As of September 30, 2013, we had foreign currency derivatives consisting of call options with deferred premiums which are 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 are delivered is less than the strike price under these option contracts, we would pay the deferred premium and not exercise the foreign currency options. The notional amount of our foreign currency options was €175.0 million, or $236.7 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency options which were designated as cash flow hedges were as follows (in thousands): | |||||||||||||||||||||
Three Months | Nine Months Ended | ||||||||||||||||||||
Ended | September 30, | ||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | 1,179 | $ | (2,813 | ) | $ | (3,174 | ) | $ | (19,848 | ) | ||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | 13 | (134 | ) | (307 | ) | (484 | ) | ||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | 177 | — | 294 | — | |||||||||||||||||
Foreign Currency Collar | |||||||||||||||||||||
As of September 30, 2013, we had a foreign currency collar used to mitigate the volatility of foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency collar was €100.0 million, or $135.3 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency collar which was designated as a cash flow hedge was as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other comprehensive income – effective portion | $ | 4,518 | $ | 5,156 | $ | 2,243 | $ | 5,156 | |||||||||||||
Interest Rate Swaps | |||||||||||||||||||||
As of September 30, 2013, we had interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense. The notional amount of outstanding debt associated with the interest rate swap agreements was $705.8 million. The effects on the consolidated financial statements of the interest rates swaps which were designated as cash flow hedges were as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Loss recognized in other comprehensive loss – effective portion | $ | (2,826 | ) | $ | — | $ | (2,826 | ) | $ | — | |||||||||||
Loss recognized in other income (expense) – ineffective portion | (334 | ) | — | (334 | ) | — | |||||||||||||||
Amount reclassified from other comprehensive income (loss) into interest expense, net | 65 | — | 65 | — | |||||||||||||||||
Long-Term Debt | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the fair value of our long-term debt, including the current portion, was $3,105.0 million and $3,106.9 million, which was $8.0 million lower and $121.5 million higher, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The calculation of the fair value of our long-term debt is considered a Level 2 input. | |||||||||||||||||||||
Other | |||||||||||||||||||||
The carrying amounts reported in the consolidated balance sheets of all financial assets and liabilities other than our long-term debt approximate fair value. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies | 8 | Commitments and Contingencies |
Ship Construction Contracts | ||
Norwegian Getaway is under construction with Meyer Werft and is scheduled for delivery in January 2014. This ship will be approximately 144,000 Gross Tons with 4,000 Berths at an aggregate cost of approximately €627.7 million, or $849.1 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 90% of its contract price. | ||
We also have orders with Meyer Werft for two additional ships for delivery in the fourth quarter of 2015 and the first quarter of 2017. These ships, Norwegian Escape and Norwegian Bliss, will be the largest in our fleet at approximately 163,000 Gross Tons with 4,200 Berths each and will be similar in design and innovation to our Breakaway Class Ships. The combined contract cost of these two additional ships is approximately €1.4 billion, or $1.9 billion based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 80% of their contract price. | ||
In connection with the contracts to build the ships, we do not anticipate any contractual breaches or cancellation to occur. However, if any would occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations. | ||
Litigation | ||
In July 2009, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and wrongful termination resulting in a loss of retirement benefits. In December 2010, the Court denied the plaintiffs’ Motion for Class Certification. In February 2011, the plaintiffs filed a Motion for Reconsideration as to the Court’s Order on Class Certification which was denied. The Court tried six individual plaintiffs’ claims, and in September 2012 awarded wages aggregating approximately $100,000 to such plaintiffs. In October 2013, the United States Court of Appeals for the Eleventh Circuit affirmed the Court’s rulings as to the denial of class certification and the trial verdict. We intend to continue to vigorously defend this action and are not able at this time to estimate the impact of these proceedings. | ||
In May 2011, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and breach of contract. In July 2012, this action was stayed by the Court pending the outcome of the litigation commenced with the class action complaint filed in July 2009. We are vigorously defending this action and are not able at this time to estimate the impact of these proceedings. | ||
In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||
The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented. | |||||||||||||||||
Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K. | |||||||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||||||
Basic earnings per share is computed by dividing net income attributable to Norwegian Cruise Line Holdings Ltd. by the weighted-average shares outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon conversion of potentially dilutive shares and is computed by dividing net income by the diluted weighted-average shares outstanding during each period. A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Norwegian Cruise Line Holdings Ltd. | $ | 170,858 | $ | 128,188 | $ | 65,622 | $ | 167,503 | |||||||||
Net income | $ | 172,894 | $ | 128,188 | $ | 66,479 | $ | 167,503 | |||||||||
Basic weighted-average shares outstanding | 204,425,308 | 178,252,763 | 202,279,989 | 178,198,984 | |||||||||||||
Dilutive effect of awards | 6,277,936 | 797,287 | 6,393,619 | 787,520 | |||||||||||||
Diluted weighted-average shares outstanding | 210,703,244 | 179,050,050 | 208,673,608 | 178,986,504 | |||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Revenue and Expense Recognition | Revenue and Expense Recognition | ||||||||||||||||
Revenue and expense includes taxes assessed by governmental authorities that are directly imposed on a revenue-producing transaction between a seller and a customer. The amounts included in revenue and expense on a gross basis were $44.4 million and $37.4 million for the three months ended September 30, 2013 and 2012, respectively, and $111.9 million and $104.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification shall be disclosed in a note to the consolidated financial statements or presented parenthetically on the face of the financial statements (we refer you to Note 3— “Accumulated Other Comprehensive Income (Loss)”). | |||||||||||||||||
We have adopted the disclosure requirements as presented in the amendment to subtopic 210-20 “Disclosures about Offsetting Assets and Liabilities” which requires that we disclose separately for assets and liabilities the gross recognition and the offsetting amounts which are permitted by our master netting arrangements for our derivative contracts (we refer you to Note 7— “Fair Value Measurements and Derivatives”). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Reconciliation between Basic and Diluted Earnings Per Share | A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to Norwegian Cruise Line Holdings Ltd. | $ | 170,858 | $ | 128,188 | $ | 65,622 | $ | 167,503 | |||||||||
Net income | $ | 172,894 | $ | 128,188 | $ | 66,479 | $ | 167,503 | |||||||||
Basic weighted-average shares outstanding | 204,425,308 | 178,252,763 | 202,279,989 | 178,198,984 | |||||||||||||
Dilutive effect of awards | 6,277,936 | 797,287 | 6,393,619 | 787,520 | |||||||||||||
Diluted weighted-average shares outstanding | 210,703,244 | 179,050,050 | 208,673,608 | 178,986,504 | |||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Diluted earnings per share | $ | 0.82 | $ | 0.72 | $ | 0.32 | $ | 0.94 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 was as follows (in thousands): | ||||||||||||
Accumulated | Change | Change | |||||||||||
Other | Related to | Related to | |||||||||||
Comprehensive | Cash Flow | Shipboard | |||||||||||
Income (Loss) | Hedges | Retirement | |||||||||||
Plan | |||||||||||||
Accumulated other comprehensive income (loss) at beginning of period | $ | (17,619 | ) | $ | (7,872 | ) | $ | (9,747 | ) | ||||
Current period other comprehensive loss before reclassifications | (12,292 | ) | (12,292 | ) | — | ||||||||
Amounts reclassified | (3,187 | ) | (3,529 | )(1) | 342 | (2) | |||||||
Accumulated other comprehensive income (loss) at end of period | $ | (33,098 | ) | $ | (23,693 | )(3) | $ | (9,405 | ) | ||||
-1 | We refer you to Note 7— “Fair Value Measurements and Derivatives” for the affected line items in the Consolidated Statements of Operations. | ||||||||||||
-2 | Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense. | ||||||||||||
-3 | Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months. |
Fair_Value_Measurements_and_De1
Fair Value Measurements and Derivatives (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location | The following table sets forth the fair value of our derivatives including the balance sheet location (in thousands): | ||||||||||||||||||||
Asset | Liability | ||||||||||||||||||||
Balance Sheet location | September 30, | December 31, | September 30, | December 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Fuel swaps designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | $ | 4,421 | $ | 5,955 | $ | 484 | $ | 876 | |||||||||||||
Other long-term assets | 2,201 | 3,969 | 1,890 | 388 | |||||||||||||||||
Accrued expenses and other liabilities | 669 | 188 | 938 | 204 | |||||||||||||||||
Other long-term liabilities | 189 | 391 | 180 | 42 | |||||||||||||||||
Fuel collars designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | 614 | 1,615 | 322 | 530 | |||||||||||||||||
Accrued expenses and other liabilities | — | 51 | — | 69 | |||||||||||||||||
Other long-term liabilities | 207 | 1,908 | 202 | 1,230 | |||||||||||||||||
Fuel options not designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | — | — | 322 | 304 | |||||||||||||||||
Other long-term liabilities | — | — | 202 | 1,231 | |||||||||||||||||
Foreign currency options designated as hedging instruments | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 18,756 | 20,267 | |||||||||||||||||
Other long-term liabilities | — | — | — | 16,443 | |||||||||||||||||
Foreign currency forward contracts designated as hedging instruments | |||||||||||||||||||||
Prepaid expenses and other assets | — | 11,685 | — | — | |||||||||||||||||
Foreign currency collar designated as a hedging instrument | |||||||||||||||||||||
Prepaid expenses and other assets | 10,425 | — | 30 | — | |||||||||||||||||
Other long-term assets | — | 9,765 | — | 1,613 | |||||||||||||||||
Interest rate swaps designated as hedging instruments | |||||||||||||||||||||
Accrued expenses and other liabilities | — | — | 898 | — | |||||||||||||||||
Other long-term liabilities | — | — | 2,233 | — | |||||||||||||||||
Amounts Recognized Within Assets and Liabilities | The following table discloses the amounts recognized within assets and liabilities (in thousands): | ||||||||||||||||||||
September 30, 2013 | Gross Amounts | Gross | Total Net | Gross | Net Amounts | ||||||||||||||||
Amounts | Amounts | Amounts Not | |||||||||||||||||||
Offset | Offset | ||||||||||||||||||||
Assets | $ | 17,661 | $ | (3,048 | ) | $ | 14,613 | $ | — | $ | 14,613 | ||||||||||
Liabilities | 23,409 | (1,065 | ) | 22,344 | (21,887 | ) | 457 | ||||||||||||||
31-Dec-12 | Gross Amounts | Gross | Total Net | Gross | Net Amounts | ||||||||||||||||
Amounts | Amounts | Amounts Not | |||||||||||||||||||
Offset | Offset | ||||||||||||||||||||
Assets | $ | 32,989 | $ | (3,711 | ) | $ | 29,278 | $ | (11,685 | ) | $ | 17,593 | |||||||||
Liabilities | 39,486 | (2,538 | ) | 36,948 | (36,710 | ) | 238 | ||||||||||||||
Fuel Swaps | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the fuel swaps which were designated as cash flow hedges were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other comprehensive loss – effective portion | $ | 13,500 | $ | 30,848 | $ | 132 | $ | 23,029 | |||||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | (83 | ) | 157 | (182 | ) | (473 | ) | ||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into fuel expense | (2,081 | ) | (1,600 | ) | (5,080 | ) | (13,932 | ) | |||||||||||||
Fuel Options | |||||||||||||||||||||
Effects of Derivatives Not Designated as Cash flow Hedges | The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other income (expense) | $ | 430 | $ | 1,143 | $ | 1,011 | $ | 2,858 | |||||||||||||
Fuel Collars | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the fuel collars which were designated as cash flow hedges were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | 427 | $ | 5,060 | $ | (1,108 | ) | $ | 2,441 | ||||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | (51 | ) | 479 | (29 | ) | 142 | |||||||||||||||
Amount reclassified from other comprehensive income (loss) into fuel expense | 332 | (1,107 | ) | 1,150 | (5,377 | ) | |||||||||||||||
Foreign Exchange Option | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the foreign currency options which were designated as cash flow hedges were as follows (in thousands): | ||||||||||||||||||||
Three Months | Nine Months Ended | ||||||||||||||||||||
Ended | September 30, | ||||||||||||||||||||
September 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | 1,179 | $ | (2,813 | ) | $ | (3,174 | ) | $ | (19,848 | ) | ||||||||||
Gain (loss) recognized in other income (expense) – ineffective portion | 13 | (134 | ) | (307 | ) | (484 | ) | ||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | 177 | — | 294 | — | |||||||||||||||||
Foreign Exchange Forward | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the foreign currency forward contracts which were designated as cash flow hedges were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain (loss) recognized in other comprehensive loss – effective portion | $ | — | $ | 2,609 | $ | (7,886 | ) | $ | 4,332 | ||||||||||||
Gain recognized in other income (expense) – ineffective portion | — | — | 66 | — | |||||||||||||||||
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | (32 | ) | — | (52 | ) | — | |||||||||||||||
Effects of Derivatives Not Designated as Cash flow Hedges | As of September 30, 2013, the effects on the consolidated financial statements of the foreign currency forward contracts which were not designated as hedging instruments were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other income (expense) | $ | — | $ | — | $ | 20 | $ | — | |||||||||||||
Foreign Currency Collar | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the foreign currency collar which was designated as a cash flow hedge was as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Gain recognized in other comprehensive income – effective portion | $ | 4,518 | $ | 5,156 | $ | 2,243 | $ | 5,156 | |||||||||||||
Interest Rate Swap | |||||||||||||||||||||
Effects of Derivatives Designated as Cash Flow Hedges | The effects on the consolidated financial statements of the interest rates swaps which were designated as cash flow hedges were as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Loss recognized in other comprehensive loss – effective portion | $ | (2,826 | ) | $ | — | $ | (2,826 | ) | $ | — | |||||||||||
Loss recognized in other income (expense) – ineffective portion | (334 | ) | — | (334 | ) | — | |||||||||||||||
Amount reclassified from other comprehensive income (loss) into interest expense, net | 65 | — | 65 | — |
Corporate_Reorganization_Addit
Corporate Reorganization - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Ordinary shares issued in IPO | 27,058,824 | ||
Ordinary shares, per share | $0.00 | $0.00 | $0.00 |
Contribution to NCLC | $460 | $460 | |
Norwegian Cruise Line Holdings Ltd. | |||
Restructuring Cost and Reserve [Line Items] | |||
Ownership percentage | 100.00% | ||
Percentage of economic interest | 97.30% | 97.70% |
Reconciliation_between_Basic_a
Reconciliation between Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ||||
Net income attributable to Norwegian Cruise Line Holdings Ltd. | $170,858 | $128,188 | $65,622 | $167,503 |
Net income | $172,894 | $128,188 | $66,479 | $167,503 |
Basic weighted-average shares outstanding | 204,425,308 | 178,252,763 | 202,279,989 | 178,198,984 |
Dilutive effect of awards | 6,277,936 | 797,287 | 6,393,619 | 787,520 |
Diluted weighted-average shares outstanding | 210,703,244 | 179,050,050 | 208,673,608 | 178,986,504 |
Basic earnings per share | $0.84 | $0.72 | $0.32 | $0.94 |
Diluted earnings per share | $0.82 | $0.72 | $0.32 | $0.94 |
Summary_of_Significant_Policie
Summary of Significant Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Significant Accounting Policies [Line Items] | ||||
Amounts of tax included on a gross basis | $44.40 | $37.40 | $111.90 | $104 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | ($17,619) | |
Current period other comprehensive loss before reclassifications | -12,292 | |
Amounts reclassified | -3,187 | |
Ending Balance | -33,098 | |
Change Related to Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -7,872 | |
Current period other comprehensive loss before reclassifications | -12,292 | |
Amounts reclassified | -3,529 | [1] |
Ending Balance | -23,693 | [2] |
Change Related to Shipboard Retirement Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | -9,747 | |
Amounts reclassified | 342 | [3] |
Ending Balance | ($9,405) | |
[1] | We refer you to Note 7- "Fair Value Measurements and Derivatives" for the affected line items in the Consolidated Statements of Operations. | |
[2] | Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months. | |
[3] | Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (Change Related to Cash Flow Hedges, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Change Related to Cash Flow Hedges | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Amount expected to be reclassified into earnings | $1.80 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||
Jun. 21, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | 24-May-13 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | 24-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 24-May-13 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 21, 2013 | Sep. 30, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | First Semi-annual Period | Second Semi-annual Period | Federal Funds Rate | Eurocurrency Loans | Eurocurrency Loans | Base Rate Loan | Base Rate Loan | Breakaway One Loan | Breakaway One Loan | Norwegian Jewel Term Loan | Norwegian Jewel Term Loan | Norwegian Jewel Term Loan | Norwegian Jade Term Loan | Norwegian Jade Term Loan | Norwegian Pearl and Norwegian Gem Revolving Credit Facility | Norwegian Pearl and Norwegian Gem Revolving Credit Facility | Pride of Hawai'i Loan | Pride of Hawai'i Loan | Pride Of America Hermes Loan | Pride Of America Hermes Loan | Pride of America Commercial Loan | Pride of America Commercial Loan | Norwegian Sky | 11.75% Senior Secured Notes due 2016 | 9.50% Senior Unsecured Notes | Term Loan Facility | Term Loan Facility | Term Loan Facility | Term Loan Facility | Revolving Loan Facility | Senior Secured Revolving Credit Facility | Unsecured Revolving Credit Facility | Secured loan | Secured loan | ||
Maximum | Minimum | Maximum | Minimum | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | EUR (€) | London Interbank Offered Rate (LIBOR) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | Payable on or prior to May 24, 2015 | Payable after May 24, 2015 | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | |||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Applicable margin rate | 0.95% | 0.50% | 2.25% | 1.50% | 1.25% | 0.50% | 1.60% | |||||||||||||||||||||||||||||||||
Prepayments of long term debt | $55,600,000 | $2,229,821,000 | $718,255,000 | $8,000,000 | $21,300,000 | € 624,000,000 | $14,700,000 | $10,100,000 | $1,500,000 | $750,000,000 | $227,500,000 | € 40,000,000 | ||||||||||||||||||||||||||||
Senior notes, borrowed amount | 117,000,000 | 16,800,000 | ||||||||||||||||||||||||||||||||||||||
Senior secured financing | 1,300,000,000 | 675,000,000 | 625,000,000 | |||||||||||||||||||||||||||||||||||||
Senior notes, maturity date | 15-Feb-18 | 24-May-18 | 24-May-18 | |||||||||||||||||||||||||||||||||||||
Debt instrument, description | The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings. | |||||||||||||||||||||||||||||||||||||||
Commitment fee rate | 40.00% | |||||||||||||||||||||||||||||||||||||||
Quarterly installments first payment date | 2013-09 | |||||||||||||||||||||||||||||||||||||||
Principal payment, percentage of outstanding amount | 1.25% | 2.50% | ||||||||||||||||||||||||||||||||||||||
Debt instrument, interest rate | 5.00% | 11.75% | 9.50% | 9.50% | ||||||||||||||||||||||||||||||||||||
Amount borrowed | 528,000,000 | 57,700,000 | ||||||||||||||||||||||||||||||||||||||
Long term debt, principal amount | 529,800,000 | 334,100,000 | 126,100,000 | 126,100,000 | 624,000,000 | 308,100,000 | 258,000,000 | 40,000,000 | ||||||||||||||||||||||||||||||||
Term loan, maturity date | 2025-04 | 2025-04 | 2016-04 | |||||||||||||||||||||||||||||||||||||
Senior notes, principal amount | 300,000,000 | |||||||||||||||||||||||||||||||||||||||
Semi annual payments of interest on notes payable | Payable semiannually on February 15 | Payable semiannually on August 15 | ||||||||||||||||||||||||||||||||||||||
First interest payment debt on notes payable | 15-Aug-13 | |||||||||||||||||||||||||||||||||||||||
Discount rate on notes payable | 99.45% | |||||||||||||||||||||||||||||||||||||||
Net proceeds from the IPO and Notes Offering | 770,000,000 | |||||||||||||||||||||||||||||||||||||||
Payments to Genting HK | 79,700,000 | |||||||||||||||||||||||||||||||||||||||
Redemption of senior secured notes | 450,000,000 | 122,500,000 | ||||||||||||||||||||||||||||||||||||||
Debt instrument, maturity year | 2016 | |||||||||||||||||||||||||||||||||||||||
Expenses related to debt prepayments | $90,500,000 | $56,721,000 | $3,635,000 |
Related_Party_Disclosures_Addi
Related Party Disclosures - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ||
Contribution to NCLC | $460 | $460 |
Norwegian Cruise Line Holdings Ltd. | ||
Related Party Transaction [Line Items] | ||
Percentage of economic interest | 97.30% | 97.70% |
Genting Hk | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 43.40% | 37.50% |
Repayment in connection with the Norwegian Sky purchase agreement | $98.20 | |
Apollo Funds | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 32.50% | 28.10% |
TPG Viking Funds | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 10.80% | 9.40% |
Public Placement | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 13.30% | 25.00% |
Income_Tax_Expense_Additional_
Income Tax Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Taxes [Line Items] | ||||
Income tax expense | $7,933,000 | $398,000 | $11,177,000 | $544,000 |
Reduction of income tax expense due to implementation of a global tax platform | -6,600,000 | -6,600,000 | ||
Expense due to change in U.S. tax status | ||||
Income Taxes [Line Items] | ||||
Income tax expense | 4,200,000 | |||
Debt prepayments | ||||
Income Taxes [Line Items] | ||||
Income tax expense | $2,600,000 |
Derivatives_Measured_at_Fair_V
Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | $17,661 | $32,989 |
Derivative liabilities, fair value | 23,409 | 39,486 |
Designated as Hedging Instrument | Fuel Swaps | Prepaid Expenses and Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 4,421 | 5,955 |
Derivative liabilities, fair value | 484 | 876 |
Designated as Hedging Instrument | Fuel Swaps | Other Long-term Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 2,201 | 3,969 |
Derivative liabilities, fair value | 1,890 | 388 |
Designated as Hedging Instrument | Fuel Swaps | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 669 | 188 |
Derivative liabilities, fair value | 938 | 204 |
Designated as Hedging Instrument | Fuel Swaps | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 189 | 391 |
Derivative liabilities, fair value | 180 | 42 |
Designated as Hedging Instrument | Fuel Collars | Prepaid Expenses and Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 614 | 1,615 |
Derivative liabilities, fair value | 322 | 530 |
Designated as Hedging Instrument | Fuel Collars | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 51 | |
Derivative liabilities, fair value | 69 | |
Designated as Hedging Instrument | Fuel Collars | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 207 | 1,908 |
Derivative liabilities, fair value | 202 | 1,230 |
Designated as Hedging Instrument | Foreign Currency Option Contracts | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | 18,756 | 20,267 |
Designated as Hedging Instrument | Foreign Currency Option Contracts | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | 16,443 | |
Designated as Hedging Instrument | Foreign Currency Forward Contract | Prepaid Expenses and Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 11,685 | |
Designated as Hedging Instrument | Foreign Currency Collar | Prepaid Expenses and Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 10,425 | |
Derivative liabilities, fair value | 30 | |
Designated as Hedging Instrument | Foreign Currency Collar | Other Long-term Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, fair value | 9,765 | |
Derivative liabilities, fair value | 1,613 | |
Designated as Hedging Instrument | Interest Rate Swap | Accrued expenses and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | 898 | |
Designated as Hedging Instrument | Interest Rate Swap | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | 2,233 | |
Not Designated as Hedging Instrument | Fuel Options | Prepaid Expenses and Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | 322 | 304 |
Not Designated as Hedging Instrument | Fuel Options | Other Long-term Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, fair value | $202 | $1,231 |
Amounts_Recognized_Within_Asse
Amounts Recognized Within Assets and Liabilities Based on Right of Offset (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Gross Amounts | $17,661 | $32,989 |
Gross Amounts Offset | -3,048 | -3,711 |
Total Net Amounts | 14,613 | 29,278 |
Gross Amounts Not Offset | -11,685 | |
Net Amounts | 14,613 | 17,593 |
Gross Amounts | 23,409 | 39,486 |
Gross Amounts Offset | -1,065 | -2,538 |
Total Net Amounts | 22,344 | 36,948 |
Gross Amounts Not Offset | -21,887 | -36,710 |
Net Amounts | $457 | $238 |
Fair_Value_Measurements_and_De2
Fair Value Measurements and Derivatives - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Fuel Swaps | Fuel Swaps | Fuel Collars and Fuel Options | Fuel Collars and Fuel Options | Foreign Exchange Option | Foreign Exchange Option | Foreign Currency Collar | Foreign Currency Collar | Interest Rate Swap |
Mg | Maximum | Mg | Maximum | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Derivative maturing date | 31-Dec-16 | 31-Dec-14 | |||||||||
Projected fuel purchases | 745,000 | 43,000 | |||||||||
Notional amount of derivatives | $236.70 | € 175 | $135.30 | € 100 | $705.80 | ||||||
Fair value of long-term debt | 3,105 | 3,106.90 | |||||||||
Fair value of long-term debt in excess of carrying value | $8 | $121.50 |
Effects_of_Derivatives_Designa
Effects of Derivatives Designated as Cash Flow Hedges (Detail) (Cash Flow Hedge, Fuel Swaps, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedge | Fuel Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in other comprehensive loss - effective portion | $13,500 | $30,848 | $132 | $23,029 |
Gain (loss) recognized in other income (expense) - ineffective portion | -83 | 157 | -182 | -473 |
Amount reclassified from accumulated comprehensive income (loss) into fuel expense | ($2,081) | ($1,600) | ($5,080) | ($13,932) |
Effects_of_Fuel_Collars_Design
Effects of Fuel Collars Designated as Cash flow Hedges (Detail) (Cash Flow Hedging, Fuel Collars, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging | Fuel Collars | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive loss - effective portion | $427 | $5,060 | ($1,108) | $2,441 |
Gain (loss) recognized in other income (expense) - ineffective portion | -51 | 479 | -29 | 142 |
Amount reclassified from other comprehensive income (loss) into fuel expense | $332 | ($1,107) | $1,150 | ($5,377) |
Effects_of_Fuel_Options_Which_
Effects of Fuel Options Which Were Not Designated as Hedging Instruments (Detail) (Not Designated as Hedging Instrument, Fuel Options, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Not Designated as Hedging Instrument | Fuel Options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in other income (expense) | $430 | $1,143 | $1,011 | $2,858 |
Effects_of_Foreign_Currency_Fo
Effects of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Exchange Forward, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging | Foreign Exchange Forward | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive loss - effective portion | $2,609 | ($7,886) | $4,332 | |
Gain recognized in other income (expense) - ineffective portion | 66 | |||
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | ($32) | ($52) |
Effects_of_Foreign_Currency_Fo1
Effects of Foreign Currency Forward Which Were Not Designated as Hedging Instruments (Detail) (Not Designated as Hedging Instrument, Foreign Exchange Forward, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Not Designated as Hedging Instrument | Foreign Exchange Forward | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain recognized in other income (expense) | $20 |
Effects_of_Foreign_Currency_Op
Effects of Foreign Currency Options Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Exchange Option, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging | Foreign Exchange Option | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in other comprehensive loss - effective portion | $1,179 | ($2,813) | ($3,174) | ($19,848) |
Gain (loss) recognized in other income (expense) - ineffective portion | 13 | -134 | -307 | -484 |
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense | $177 | $294 |
Effects_of_Foreign_Currency_Co
Effects of Foreign Currency Collar Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Currency Collar, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Hedging | Foreign Currency Collar | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain recognized in other comprehensive income - effective portion | $4,518 | $5,156 | $2,243 | $5,156 |
Effects_of_Interest_Rates_Swap
Effects of Interest Rates Swaps Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Interest Rate Swap, USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Cash Flow Hedging | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss recognized in other comprehensive loss - effective portion | ($2,826) | ($2,826) |
Loss recognized in other income (expense) - ineffective portion | -334 | -334 |
Amount reclassified from other comprehensive income (loss) into interest expense, net | $65 | $65 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | ||||
Sep. 30, 2012 | Feb. 28, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
USD ($) | LegalMatter | Contractual Agreement One | Contractual Agreement One | Contractual Agreement Two | Contractual Agreement Two | |
USD ($) | EUR (€) | USD ($) | EUR (€) | |||
T | Vessel | |||||
Seat | Seat | |||||
T | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Scheduled delivery date of ships under construction | Jan-14 | Jan-14 | Fourth quarter of 2015 and the first quarter of 2017 | Fourth quarter of 2015 and the first quarter of 2017 | ||
Capacity of ship, tons | 144,000 | 144,000 | 163,000 | 163,000 | ||
Capacity of ship, berths | 4,000 | 4,000 | 4,200 | 4,200 | ||
Aggregate contract price of new ships | $849,100,000 | € 627,700,000 | $1,900,000,000 | € 1,400,000,000 | ||
Export credit facility financing as percentage of contract price | 90.00% | 90.00% | 80.00% | 80.00% | ||
Cruising ships to be built | 2 | 2 | ||||
Number of individual plaintiff's claims | 6 | |||||
Awarded wages to plaintiffs | $100,000 |