Hedging Instruments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [abstract] |
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| Summary of Forward Foreign Currency Contracts |
As of June 30, 2025 and December 31, 2024, the Group held the following forward foreign currency contracts:
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Maturity |
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Less than 12 months |
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Greater than 12 months |
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Total |
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(in EUR and thousands) |
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Forward foreign currency contracts |
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As of June 30, 2025 |
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Notional amount |
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€ |
481,275 |
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€ |
287,650 |
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€ |
768,925 |
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Weighted-average forward price (EUR/USD) |
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1.10 |
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1.10 |
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1.10 |
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As of December 31, 2024 |
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Notional amount |
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€ |
470,000 |
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$ |
500,000 |
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€ |
970,000 |
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Weighted-average forward price (EUR/USD) |
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1.10 |
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1.10 |
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1.10 |
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| Summary of the Impact of Hedging Instruments on Consolidated Statements of Financial Position |
The impact of the hedging instruments on the interim condensed consolidated statements of financial position as of June 30, 2025 and December 31, 2024 was as follows:
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Notional amount |
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Carrying amount |
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Financial statement line item |
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Changes in fair value (gain/(loss)) used for calculating hedge ineffectiveness |
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(in USD and thousands except notional amount in EUR and thousands) |
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Forward foreign currency contracts |
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As of June 30, 2025 |
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€ |
768,925 |
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$ |
43,308 |
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Prepaid expenses and other current assets |
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$ |
115,992 |
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27,942 |
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Other non-current assets |
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As of December 31, 2024 |
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€ |
970,000 |
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$ |
24,802 |
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Accrued expenses and other current liabilities |
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$ |
(53,886 |
) |
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$ |
14,995 |
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Other non-current liabilities |
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| Summary of Effect of Cash Flow Hedges in Consolidated Statements of Operations and Consolidated Statements of Other Comprehensive Income(Loss) |
For the three and six months ended June 30, 2025 and 2024, the effect of the cash flow hedges in the interim condensed consolidated statements of operations and the interim condensed consolidated statements of other comprehensive income (loss) was as follows:
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Amount of total hedging gain/(loss) recognized in the interim condensed consolidated statement of other comprehensive income (loss) |
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Amount of gain/(loss) reclassified from the interim condensed consolidated statement of other comprehensive income (loss) to the interim condensed consolidated statement of operations |
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Interim condensed consolidated statement of operations line item |
(in USD and thousands) |
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Highly probable forecasted expenditures |
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Three months ended June 30, 2025 |
$ |
78,297 |
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$ |
5,679 |
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$2,410 Direct costs of cruise, land and onboard
$3,269 Vessel operating |
Three months ended June 30, 2024 |
$ |
(8,248 |
) |
$ |
(2,498 |
) |
$(1,035) Direct costs of cruise, land and onboard
$(1,463) Vessel operating |
Six months ended June 30, 2025 |
$ |
115,992 |
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$ |
4,946 |
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$2,360 Direct costs of cruise, land and onboard
$2,586 Vessel operating |
Six months ended June 30, 2024 |
$ |
(21,290 |
) |
$ |
(2,273 |
) |
$(1,023) Direct costs of cruise, land and onboard
$(1,250) Vessel operating |
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| Summary of Reconciliation of Cash Flow Hedge Component of Equity |
Set out below is a reconciliation of the cash flow hedge component of equity for the six months ended June 30, 2025 and 2024:
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Cash flow hedge |
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2025 |
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2024 |
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(in USD and thousands) |
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As of January 1 |
$ |
(39,797 |
) |
$ |
9,315 |
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Effective portion of changes in fair value arising from: |
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Forward foreign currency contracts - forecasted expenditures |
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115,992 |
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(21,290 |
) |
Amount reclassified to the interim condensed consolidated statements of operations |
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Maturity of effective hedges |
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(4,946 |
) |
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2,273 |
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As of June 30 |
$ |
71,249 |
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$ |
(9,702 |
) |
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