Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'TGP |
Entity Registrant Name | 'Teekay LNG Partners L.P. |
Entity Central Index Key | '0001308106 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'Yes |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 74,196,294 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
VOYAGE REVENUES (note 11a) | $399,276 | $392,900 | $380,469 |
OPERATING EXPENSES | ' | ' | ' |
Voyage expenses | 2,857 | 1,772 | 1,387 |
Vessel operating expenses (note 11a) | 99,949 | 94,536 | 97,179 |
Depreciation and amortization | 97,884 | 100,474 | 92,413 |
General and administrative (notes 11a and 16) | 20,444 | 18,960 | 15,987 |
Write down of vessels (note 18) | 0 | 29,367 | 0 |
Restructuring charge (note 17) | 1,786 | 0 | 0 |
Total operating expenses | 222,920 | 245,109 | 206,966 |
Income from vessel operations | 176,356 | 147,791 | 173,503 |
OTHER ITEMS | ' | ' | ' |
Equity income (note 5) | 123,282 | 78,866 | 20,584 |
Interest expense (notes 4 and 9) | -55,703 | -54,211 | -49,880 |
Interest income (note 4) | 2,972 | 3,502 | 6,687 |
Realized and unrealized loss on derivative instruments (note 12) | -14,000 | -29,620 | -63,030 |
Foreign currency exchange (loss) gain (notes 9 and 12) | -15,832 | -8,244 | 10,310 |
Other income (expense) | 1,396 | 1,683 | -37 |
Total other items | 42,115 | -8,024 | -75,366 |
Net income before income tax expense | 218,471 | 139,767 | 98,137 |
Income tax expense (note 10) | -5,156 | -625 | -781 |
Net income | 213,315 | 139,142 | 97,356 |
Other comprehensive income: | ' | ' | ' |
Unrealized net gain on qualifying cash flow hedging instrument in equity accounted joint ventures (note 5) | 131 | 0 | 0 |
Other comprehensive income | 131 | 0 | 0 |
Comprehensive income | 213,446 | 139,142 | 97,356 |
Non-controlling interest in net income | 12,073 | 15,437 | 7,508 |
General Partner's interest in net income | 25,365 | 21,303 | 11,474 |
Limited partners' interest in net income | 175,877 | 102,402 | 78,374 |
Limited partners' interest in net income per common unit | ' | ' | ' |
• Basic | $2.48 | $1.54 | $1.33 |
• Diluted | $2.48 | $1.54 | $1.33 |
Weighted-average number of common units outstanding: | ' | ' | ' |
• Basic | 70,965,496 | 66,328,496 | 59,147,422 |
• Diluted | 70,996,869 | 66,328,496 | 59,147,422 |
Cash distributions declared per common unit | $2.70 | $2.65 | $2.52 |
Related party transactions (note 11) | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current | ' | ' |
Cash and cash equivalents | $139,481 | $113,577 |
Restricted cash - current (note 4) | 0 | 34,160 |
Accounts receivable, including non-trade of $18,084 (2012 - $11,654) (note 12) | 19,844 | 13,408 |
Prepaid expenses | 5,756 | 5,836 |
Current portion of derivative assets (note 12) | 18,444 | 17,212 |
Current portion of net investments in direct financing leases (note 4) | 16,441 | 6,656 |
Current portion of advances to joint venture partner (note 6a) | 14,364 | 0 |
Advances to affiliates (notes 11j and 12) | 6,634 | 13,864 |
Total current assets | 220,964 | 204,713 |
Restricted cash - long-term (note 4) | 497,298 | 494,429 |
Vessels and equipment | ' | ' |
At cost, less accumulated depreciation of $413,074 (2012 - $351,092) | 1,253,763 | 1,286,957 |
Vessels under capital leases, at cost, less accumulated depreciation of $152,020 (2012 - $133,228) (note 4) | 571,692 | 624,059 |
Advances on newbuilding contracts (notes 11i and 13) | 97,207 | 38,624 |
Total vessels and equipment | 1,922,662 | 1,949,640 |
Investment in and advances to equity accounted joint ventures (notes 5, 6b and 11) | 671,789 | 409,735 |
Net investments in direct financing leases (note 4) | 683,254 | 396,730 |
Advances to joint venture partner (note 6a) | 0 | 14,004 |
Other assets (note 10) | 28,284 | 25,233 |
Derivative assets (note 12) | 62,867 | 145,347 |
Intangible assets - net (note 7) | 96,845 | 109,984 |
Goodwill - liquefied gas segment (note 7) | 35,631 | 35,631 |
Total assets | 4,219,594 | 3,785,446 |
Current | ' | ' |
Accounts payable | 1,741 | 2,178 |
Accrued liabilities (notes 8, 12 and 17) | 45,796 | 38,134 |
Unearned revenue | 15,455 | 19,417 |
Current portion of long-term debt (note 9) | 97,114 | 86,489 |
Current obligations under capital lease (note 4) | 31,668 | 70,272 |
Current portion of derivative liabilities (note 12) | 76,980 | 48,046 |
Advances from affiliates (note 11j) | 19,270 | 12,083 |
Total current liabilities | 288,024 | 276,619 |
Long-term debt (note 9) | 1,680,393 | 1,326,864 |
Long-term obligations under capital lease (note 4) | 566,661 | 567,302 |
Long-term unearned revenue | 36,689 | 38,570 |
Other long-term liabilities (notes 4 and 5) | 73,140 | 73,568 |
Derivative liabilities (note 12) | 130,903 | 248,249 |
Total liabilities | 2,775,810 | 2,531,172 |
Commitments and contingencies (notes 4, 5, 9, 12 and 13) | ' | ' |
Equity | ' | ' |
Limited Partners | 1,338,133 | 1,165,634 |
General Partner | 52,526 | 47,346 |
Accumulated other comprehensive income | 131 | 0 |
Partners' equity | 1,390,790 | 1,212,980 |
Non-controlling interest | 52,994 | 41,294 |
Total equity | 1,443,784 | 1,254,274 |
Total liabilities and total equity | $4,219,594 | $3,785,446 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Non-trade accounts receivable | $18,084 | $11,654 |
Accumulated depreciation on vessel and equipment | 413,074 | 351,092 |
Accumulated depreciation on vessel under capital lease | $152,020 | $133,228 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $213,315 | $139,142 | $97,356 |
Non-cash items: | ' | ' | ' |
Unrealized (gain) loss on derivative instruments (note 12) | -22,568 | -6,900 | 277 |
Depreciation and amortization | 97,884 | 100,474 | 92,413 |
Write down of vessels | 0 | 29,367 | 0 |
Unrealized foreign currency exchange loss (gain) | 16,019 | 8,923 | -10,221 |
Equity income, net of dividends received of $13,738 (2012 - $14,700 and 2011 - $15,340) | -109,544 | -64,166 | -5,244 |
Amortization of deferred debt issuance costs and other | 5,551 | -27 | 561 |
Change in operating assets and liabilities (note 14) | 10,078 | -7,307 | -33,458 |
Expenditures for dry docking | -27,203 | -7,493 | -19,638 |
Net operating cash flow | 183,532 | 192,013 | 122,046 |
FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of long-term debt | 719,300 | 500,335 | 600,862 |
Scheduled repayments of long-term debt | -86,609 | -84,666 | -290,940 |
Prepayments of long-term debt | -270,000 | -324,274 | -383,000 |
Debt issuance costs | -3,362 | -2,065 | -2,578 |
Scheduled repayments of capital lease obligations | -10,315 | -10,161 | -89,350 |
Proceeds from equity offerings, net of offering costs (note 15) | 190,520 | 182,316 | 341,178 |
Advances to joint venture partners and equity accounted joint ventures | -16,822 | -3,600 | 0 |
Advances to and from affiliates | 0 | 0 | 27,048 |
Decrease (increase) in restricted cash | 27,761 | -31,217 | 76,249 |
Cash distributions paid | -215,416 | -195,909 | -159,380 |
Purchase of Skaugen Multigas Subsidiaries (note 11d) | 0 | 0 | -114,466 |
Other | -373 | -385 | 1,551 |
Net financing cash flow | 334,684 | 30,374 | 7,174 |
INVESTING ACTIVITIES | ' | ' | ' |
Purchase of equity accounted investments (notes 5 and 11) | -135,790 | -170,067 | -57,287 |
Receipts from direct financing leases | 11,641 | 6,155 | 6,154 |
Expenditures for vessels and equipment | -368,163 | -39,894 | -64,685 |
Other | 0 | 1,369 | -830 |
Net investing cash flow | -492,312 | -202,437 | -116,648 |
Increase in cash and cash equivalents | 25,904 | 19,950 | 12,572 |
Cash and cash equivalents, beginning of the year | 113,577 | 93,627 | 81,055 |
Cash and cash equivalents, end of the year | $139,481 | $113,577 | $93,627 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Cash Flows [Abstract] | ' | ' | ' |
Dividend received | $13,738 | $14,700 | $15,340 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Total Equity (USD $) | Total | General Partner [Member] | Total Equity Partners' Equity Common Units [Member] | Total Equity Partners' Equity Common [Member] | Total Equity Partners' Equity Accumulated Other Comprehensive Income [Member] | Total Equity Non-controlling Interest [Member] |
In Thousands, except Share data | Limited Partners [Member] | Limited Partners [Member] | ||||
Beginning balance at Dec. 31, 2010 | $913,323 | $39,779 | $0 | $856,421 | $0 | $17,123 |
Beginning balance, units at Dec. 31, 2010 | ' | ' | 55,106,000 | ' | ' | ' |
Net income | 97,356 | 11,474 | 0 | 78,374 | 0 | 7,508 |
Other comprehensive income | 0 | ' | ' | ' | ' | ' |
Cash distributions | -159,581 | -12,477 | 0 | -146,903 | 0 | -201 |
Equity based compensation (note 16) | 95 | 2 | 0 | 93 | 0 | 0 |
Proceeds from equity offering (note 15) | 341,178 | 7,122 | 0 | 334,056 | 0 | 0 |
Proceeds from equity offerings (note 15), units | ' | ' | 9,752,000 | ' | ' | ' |
Acquisition of Skaugen Multigas Subsidiaries (note 11d) | -8,231 | -379 | 0 | -7,852 | 0 | 0 |
Acquisition of equity investment in three and fourth Angola LNG Carriers (note 11f) | -46,243 | -2,120 | 0 | -44,123 | 0 | 0 |
Sale of 1% interest in Skaugen LPG and Multigas subsidiaries to General Partner (note 11e) | 1,812 | 0 | 0 | 0 | 0 | 1,812 |
Ending balance at Dec. 31, 2011 | 1,139,709 | 43,401 | 0 | 1,070,066 | 0 | 26,242 |
Ending balance, units at Dec. 31, 2011 | ' | ' | 64,858,000 | ' | ' | ' |
Net income | 139,142 | 21,303 | 0 | 102,402 | 0 | 15,437 |
Other comprehensive income | 0 | ' | ' | ' | ' | ' |
Cash distributions | -196,294 | -20,454 | 0 | -175,455 | 0 | -385 |
Re-investment tax credit (note 10) | 5,305 | 105 | 0 | 5,200 | 0 | 0 |
Equity based compensation (note 16) | 34 | 2 | 0 | 32 | 0 | 0 |
Proceeds from equity offering (note 15) | 182,316 | 3,784 | 0 | 178,532 | 0 | 0 |
Proceeds from equity offerings (note 15), units | ' | ' | 4,826,000 | ' | ' | ' |
Acquisition of equity investment in three and fourth Angola LNG Carriers (note 11f) | -15,938 | -795 | 0 | -15,143 | 0 | 0 |
Ending balance at Dec. 31, 2012 | 1,254,274 | 47,346 | 0 | 1,165,634 | 0 | 41,294 |
Ending balance, units at Dec. 31, 2012 | ' | ' | 69,684,000 | ' | ' | ' |
Net income | 213,315 | 25,365 | 0 | 175,877 | 0 | 12,073 |
Other comprehensive income | 131 | 0 | 0 | 0 | 131 | 0 |
Cash distributions | -215,789 | -24,136 | 0 | -191,280 | 0 | -373 |
Equity based compensation (note 16) | 1,333 | 27 | 0 | 1,306 | 0 | 0 |
Equity based compensation (note 16), units | ' | ' | 7,000 | ' | ' | ' |
Proceeds from equity offering (note 15) | 190,520 | 3,924 | 0 | 186,596 | 0 | 0 |
Proceeds from equity offerings (note 15), units | ' | ' | 4,505,000 | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $1,443,784 | $52,526 | $0 | $1,338,133 | $131 | $52,994 |
Ending balance, units at Dec. 31, 2013 | ' | ' | 74,196,000 | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Total Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2011 | |
Statement Of Partners Capital [Abstract] | ' |
Percentage Interest on Sale | 1.00% |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||
1 | Basis of Presentation and Significant Accounting Policies | ||||||||||||
The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These financial statements include the accounts of Teekay LNG Partners L.P. (or the Partnership), which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly owned or controlled subsidiaries and certain variable interest entities for which Teekay LNG Partners L.P. or its subsidiaries are the primary beneficiaries (see Note 13a). Significant intercompany balances and transactions have been eliminated upon consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. | |||||||||||||
In order to more closely align the Partnership’s presentation to that of many of its peers, the cost of ship management services of $7.8 million for the year ended December 31, 2013 has been presented as vessel operating expenses in the Partnership’s consolidated statements of income and comprehensive income. Prior to 2013, the Partnership included these amounts in general and administrative expenses. All such costs incurred in comparative periods have been reclassified from general and administrative expenses to vessel operating expenses to conform to the presentation adopted in the current period. The amounts reclassified were $8.2 million and $8.1 million for the years ended December 31, 2012 and 2011, respectively. In addition, certain of the other comparative figures have been reclassified to conform to the presentation adopted in the current period. | |||||||||||||
Foreign currency | |||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income and comprehensive income. | |||||||||||||
Operating revenues and expenses | |||||||||||||
The lease element of time-charters and bareboat charters accounted for as operating leases are recognized by the Partnership daily over the term of the charter as the applicable vessel operates under the charter. The lease element of the Partnership’s time-charters that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease revenue is recognized over the lease term using the effective interest rate method and is included in voyage revenues. The Partnership recognizes revenues from the non-lease element of time-charter contracts daily as services are performed. The Partnership does not recognize revenues during days that the vessel is off-hire. | |||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | |||||||||||||
The Partnership classifies all highly-liquid investments with a maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Advances to Joint Venture Partner and Equity Accounted Joint Ventures | |||||||||||||
The Partnership’s loan receivables are recorded at cost. The premium paid over the outstanding principal amount, if any, is amortized to interest income over the term of the loan using the effective interest rate method. The Partnership analyzes its loans for impairment during each reporting period. A loan is impaired when, based on current information and events, it is probable that the Partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Partnership considers in determining that a loan is impaired include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor, and any information provided by the debtor regarding their ability to repay the loan. When a loan is impaired, the Partnership measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in earnings. | |||||||||||||
Vessels and equipment | |||||||||||||
All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG) carriers and 35 years for liquefied natural gas (or LNG) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment for the years ended December 31, 2013, 2012 and 2011 aggregated $71.4 million, $76.4 million and $73.2 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012 and 2011 aggregated $1.3 million, $24 thousand and $3.1 million, respectively. | |||||||||||||
Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining estimated useful life of the vessel. Losses on vessels sold and leased back under capital leases are recognized immediately to the extent that the fair value of the vessel at the time of sale-leaseback is less than its book value. | |||||||||||||
Generally, the Partnership dry docks each of its vessels every five years. In addition, a shipping society classification intermediate survey is performed on the Partnership’s LNG and LPG carriers between the second and third year of the five-year dry-docking period. The Partnership capitalizes certain costs incurred during dry docking and for the survey and amortizes those costs on a straight-line basis from the completion of a dry docking or intermediate survey over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at January 1, | 28,821 | 34,449 | 24,393 | ||||||||||
Cost incurred for dry docking | 27,203 | 7,493 | 19,638 | ||||||||||
Sale of vessel (note 4) | (2,285 | ) | — | — | |||||||||
Dry-dock amortization | (13,411 | ) | (13,121 | ) | (9,582 | ) | |||||||
Balance at December 31, | 40,328 | 28,821 | 34,449 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Investments in joint ventures | |||||||||||||
The Partnership’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investment in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Debt issuance costs | |||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are presented as other assets and are deferred and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and intangible assets | |||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s finite life intangible assets consist of acquired time-charter contracts and are amortized on a straight-line basis over the remaining term of the time-charters. Finite life intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable. | |||||||||||||
Derivative instruments | |||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps that it may enter into in the future and for one interest rate swap in its equity accounted joint venture between the Partnership and Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture) (see Note 5). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income and comprehensive income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income and comprehensive income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of income and comprehensive income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income and comprehensive income. | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated interest rate swaps, cross currency swaps and the Partnership’s agreement with Teekay Corporation for the Suezmax tanker the Toledo Spirit (see Note 11c) are recorded in realized and unrealized loss on derivative instruments in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Income taxes | |||||||||||||
The Partnership accounts for income taxes using the liability method. All but two of the Partnership’s Spanish-flagged vessels are subject to the Spanish Tonnage Tax Regime (or TTR). Under this regime, the applicable tax is based on the weight (measured as net tonnage) of the vessel and the number of days during the taxable period that the vessel is at the Partnership’s disposal, excluding time required for repairs. The income the Partnership receives with respect to the remaining two Spanish-flagged vessels is taxed in Spain at a rate of 30%. However, these two vessels are registered in the Canary Islands Special Ship Registry. Consequently, the Partnership is allowed a credit, equal to 90% of the tax payable on income from the commercial operation of these vessels, against the tax otherwise payable. This effectively results in an income tax rate of approximately 3% on income from the operation of these two Spanish-flagged vessels. | |||||||||||||
The Partnership recognizes the benefits of uncertain tax positions when it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Guarantees | |||||||||||||
Guarantees issued by the Partnership, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Partnership’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income (expense) on the Partnership’s consolidated statements of income and comprehensive income as the Partnership’s risk from the guarantees declines over the term of the guarantee. If it becomes probable that the Partnership will have to perform under a guarantee, the Partnership will recognize an additional liability if the amount of the loss can be reasonably estimated. | |||||||||||||
Accumulated other comprehensive income | |||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2011 and 2012 | — | ||||||||||||
Other comprehensive income | 131 | ||||||||||||
Balance as at December 31, 2013 | 131 | ||||||||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||
2 | Financial Instruments | ||||||||||||||||||||
a) | Fair Value Measurements | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash – The fair value of the Partnership’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. | |||||||||||||||||||||
Interest and cross currency swap agreements – The fair value of the Partnership’s derivative instruments is the estimated amount that the Partnership would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates and the current credit worthiness of both the Partnership and the derivative counterparties. The estimated amount is the present value of future cash flows. The Partnership transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. Given the current volatility in the credit markets, it is reasonably possible that the amount recorded as a derivative liability could vary by a material amount in the near term. | |||||||||||||||||||||
Other derivative – The Partnership’s other derivative agreement is between Teekay Corporation and the Partnership and relates to hire payments under the time-charter contract for the Suezmax tanker Toledo Spirit (see Note 11c). The fair value of this derivative agreement is the estimated amount that the Partnership would receive or pay to terminate the agreement at the reporting date, based on the present value of the Partnership’s projection of future spot market tanker rates, which have been derived from current spot market tanker rates and long-term historical average rates. As projections of future spot rates are specific to the Partnership, these are considered Level 3 inputs for the purposes of estimating the fair value. | |||||||||||||||||||||
Long-term debt – The fair values of the Partnership’s fixed-rate and variable-rate long-term debt is either based on quoted market prices or estimated using discounted cash flow analyses based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. | |||||||||||||||||||||
The Partnership categorizes the fair value estimates by a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: | |||||||||||||||||||||
Level 1. Observable inputs such as quoted prices in active markets; | |||||||||||||||||||||
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||||||||||
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||||||
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Fair Value | Asset | Asset | Asset | Asset | |||||||||||||||||
Hierarchy | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash | Level 1 | 636,779 | 636,779 | 642,166 | 642,166 | ||||||||||||||||
Derivative instruments (note 12) | |||||||||||||||||||||
Interest rate swap agreements – assets | Level 2 | 81,119 | 81,119 | 165,687 | 165,687 | ||||||||||||||||
Interest rate swap agreements – liabilities | Level 2 | (200,762 | ) | (200,762 | ) | (304,220 | ) | (304,220 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (18,236 | ) | (18,236 | ) | (2,623 | ) | (2,623 | ) | ||||||||||||
Other derivative | Level 3 | 6,344 | 6,344 | 1,100 | 1,100 | ||||||||||||||||
Other: | |||||||||||||||||||||
Advances to equity accounted joint ventures (note 6b) | (i | ) | 85,135 | (i | ) | — | — | ||||||||||||||
Advances to joint venture partner (note 6a) | (ii | ) | 14,364 | (ii | ) | 14,004 | (ii | ) | |||||||||||||
Long-term debt – public (note 9) | Level 1 | (263,534 | ) | (274,240 | ) | (125,791 | ) | (129,439 | ) | ||||||||||||
Long-term debt – non-public (note 9) | Level 2 | (1,513,973 | ) | (1,409,252 | ) | (1,287,562 | ) | (1,170,788 | ) | ||||||||||||
(i) | The advances to equity accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. | ||||||||||||||||||||
(ii) | The Partnership owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), essentially giving the Partnership a 69% interest in the Teekay Tangguh Joint Venture. The advances from the Teekay Tangguh Joint Venture to the joint venture partner together with the joint venture partner’s equity investment in the Teekay Tangguh Joint Venture form the net aggregate carrying value of the joint venture partner’s interest in the Teekay Tangguh Joint Venture in these consolidated financial statements. The fair value of the individual components of such aggregate interest is not determinable; however, these advances have been repaid subsequent to December 31, 2013. | ||||||||||||||||||||
Changes in fair value during the years ended December 31, 2013 and 2012 for the Partnership’s other derivative asset (liability), the Toledo Spirit time-charter derivative, which is described below and is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Fair value at beginning of period | 1,100 | (600 | ) | ||||||||||||||||||
Realized and unrealized gains included in earnings | 5,221 | 2,607 | |||||||||||||||||||
Settlements | 23 | (907 | ) | ||||||||||||||||||
Fair value at end of period | 6,344 | 1,100 | |||||||||||||||||||
The Partnership’s Suezmax tanker the Toledo Spirit operates pursuant to a time-charter contract that increases or decreases the otherwise fixed-hire rate established in the charter depending on the spot charter rates that the Partnership would have earned had it traded the vessel in the spot tanker market. In order to reduce the variability of its revenue under the Toledo Spirit time-charter, the Partnership entered into an agreement with Teekay Corporation under which Teekay Corporation pays the Partnership any amounts payable to the charterer of the Toledo Spirit as a result of spot rates being below the fixed rate, and the Partnership pays Teekay Corporation any amounts payable to the Partnership by the charterer of the Toledo Spirit as a result of spot rates being in excess of the fixed rate. The estimated fair value of this other derivative is based in part upon the Partnership’s projection of future spot market tanker rates, which has been derived from current spot market tanker rates and long-term historical average rates as well as an estimated discount rate. The estimated fair value of this other derivative as of December 31, 2013 is based upon an average daily tanker rate of $21,256 (December 31, 2012 – $25,409) over the remaining duration of the charter contract and a discount rate of 8.4% (December 31, 2012 – 8.8%). In developing and evaluating this estimate, the Partnership considers the current tanker market fundamentals as well as the short and long-term outlook. A higher or lower average daily tanker rate would result in a higher or lower fair value liability or a lower or higher fair value asset. A higher or lower discount rate would result in a lower or higher fair value asset or liability. | |||||||||||||||||||||
b) | Financing Receivables | ||||||||||||||||||||
The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
Credit Quality | 2013 | 2012 | |||||||||||||||||||
Class of Financing Receivable | Indicator | Grade | $ | $ | |||||||||||||||||
Direct financing leases | Payment activity | Performing | 699,695 | 403,386 | |||||||||||||||||
Other receivables: | |||||||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 8,095 | 1,704 | |||||||||||||||||
Advances to equity accounted joint ventures (note 6b) | Other internal metrics | Performing | 85,135 | — | |||||||||||||||||
Advances to joint venture partner (note 6a) | Other internal metrics | Performing | 14,364 | 14,004 | |||||||||||||||||
807,289 | 419,094 | ||||||||||||||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting | ' | ||||||||||||
3 | Segment Reporting | ||||||||||||
The Partnership has two reportable segments, its liquefied gas segment and its conventional tanker segment. The Partnership’s liquefied gas segment consists of LNG and LPG/Multigas carriers which generally operate under long-term, fixed-rate charters to international energy companies and Teekay Corporation (see Note 11a). As at December 31, 2013, the Partnership’s liquefied gas segment consisted of 29 LNG carriers (including 16 LNG carriers included in joint ventures that are accounted for under the equity method), and 21 LPG/Multigas carriers (including 16 LPG carriers included in a joint venture that is accounted for under the equity method). The Partnership’s conventional tanker segment consisted of nine Suezmax-class crude oil tankers (excluding the Tenerife Spirit that was sold in December 2013) and one Handymax product tanker which generally operate under long-term, fixed-rate time-charter contracts to international energy and shipping companies. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Partnership’s consolidated financial statements. | |||||||||||||
The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s top five customers during any of the periods presented. | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
(U.S. Dollars in millions) | December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Ras Laffan Liquefied Natural Gas Company Ltd.(i) | $ | 69.7 or 17 | % | $ | 69.6 or 18 | % | $ | 68.8 or 18 | % | ||||
Repsol YPF, S.A.(i) | $ | 53.5 or 13 | % | $ | 50.3 or 13 | % | $ | 53.9 or 14 | % | ||||
Compania Espanola de Petroleos(ii) | $ | 48.8 or 12 | % | $ | 47.3 or 12 | % | $ | 44.4 or 12 | % | ||||
The Tangguh Production Sharing Contractors(i) | $ | 47.3 or 12 | % | $ | 45.4 or 12 | % | $ | 43.7 or 12 | % | ||||
Teekay Corporation(i) | Less than 10 | % | Less than 10 | % | Less than 10 | % | |||||||
(i) | Liquefied gas segment. | ||||||||||||
(ii) | Conventional tanker segment. | ||||||||||||
The following tables include results for these segments for the years presented in these financial statements. | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 285,694 | 113,582 | 399,276 | ||||||||||
Voyage expenses | 407 | 2,450 | 2,857 | ||||||||||
Vessel operating expenses | 55,459 | 44,490 | 99,949 | ||||||||||
Depreciation and amortization | 71,485 | 26,399 | 97,884 | ||||||||||
General and administrative(i) | 13,913 | 6,531 | 20,444 | ||||||||||
Restructuring charge | — | 1,786 | 1,786 | ||||||||||
Income from vessel operations | 144,430 | 31,926 | 176,356 | ||||||||||
Equity income | 123,282 | — | 123,282 | ||||||||||
Investment in and advances to equity accounted joint ventures | 671,789 | — | 671,789 | ||||||||||
Total assets at December 31, 2013 | 3,591,693 | 456,186 | 4,047,879 | ||||||||||
Expenditures for vessels and equipment | 469,463 | 750 | 470,213 | ||||||||||
Expenditures for dry docking | 21,090 | 6,113 | 27,203 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 278,511 | 114,389 | 392,900 | ||||||||||
Voyage expenses | 66 | 1,706 | 1,772 | ||||||||||
Vessel operating expenses | 50,124 | 44,412 | 94,536 | ||||||||||
Depreciation and amortization | 69,064 | 31,410 | 100,474 | ||||||||||
General and administrative(i) | 13,224 | 5,736 | 18,960 | ||||||||||
Write down of vessels | — | 29,367 | 29,367 | ||||||||||
Income from vessel operations | 146,033 | 1,758 | 147,791 | ||||||||||
Equity income | 78,866 | — | 78,866 | ||||||||||
Investment in and advances to equity accounted joint ventures | 409,735 | — | 409,735 | ||||||||||
Total assets at December 31, 2012 | 3,143,205 | 495,556 | 3,638,761 | ||||||||||
Expenditures for vessels and equipment | 39,366 | 528 | 39,894 | ||||||||||
Expenditures for dry docking | 6,054 | 1,439 | 7,493 | ||||||||||
Year Ended December 31, 2011 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 269,408 | 111,061 | 380,469 | ||||||||||
Voyage (recoveries) expenses | (87 | ) | 1,474 | 1,387 | |||||||||
Vessel operating expenses | 51,640 | 45,539 | 97,179 | ||||||||||
Depreciation and amortization | 62,889 | 29,524 | 92,413 | ||||||||||
General and administrative(i) | 9,518 | 6,469 | 15,987 | ||||||||||
Income from vessel operations | 145,448 | 28,055 | 173,503 | ||||||||||
Equity income | 20,584 | — | 20,584 | ||||||||||
Expenditures for vessels and equipment | 63,686 | 999 | 64,685 | ||||||||||
Expenditures for dry docking | 13,831 | 5,807 | 19,638 | ||||||||||
(i) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||
A reconciliation of total segment assets presented in the consolidated balance sheets is as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Total assets of the liquefied gas segment | 3,591,693 | 3,143,205 | |||||||||||
Total assets of the conventional tanker segment | 456,186 | 495,556 | |||||||||||
Unallocated: | |||||||||||||
Cash and cash equivalents | 139,481 | 113,577 | |||||||||||
Accounts receivable and prepaid expenses | 25,600 | 19,244 | |||||||||||
Advances to affiliates | 6,634 | 13,864 | |||||||||||
Consolidated total assets | 4,219,594 | 3,785,446 | |||||||||||
Leases_and_Restricted_Cash
Leases and Restricted Cash | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Leases and Restricted Cash | ' | ||||||||
4 | Leases and Restricted Cash | ||||||||
Capital Lease Obligations | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
RasGas II LNG Carriers | 472,806 | 472,085 | |||||||
Suezmax Tankers | 125,523 | 165,489 | |||||||
Total | 598,329 | 637,574 | |||||||
Less current portion | 31,668 | 70,272 | |||||||
Total | 566,661 | 567,302 | |||||||
RasGas II LNG Carriers. As at December 31, 2013, the Partnership owned a 70% interest in Teekay Nakilat Corporation (or Teekay Nakilat Joint Venture), which is the lessee under 30-year capital lease arrangements relating to three LNG carriers (or the RasGas II LNG Carriers) that operate under time-charter contracts with Ras Laffan Liquefied Natural Gas Company Limited (II), a joint venture between Qatar Petroleum and ExxonMobil RasGas Inc., a subsidiary of ExxonMobil Corporation. All amounts below and in the table above relating to the RasGas II LNG Carriers capital leases include the Partnership’s joint venture partner’s 30% share. | |||||||||
Under the terms of the RasGas II LNG Carriers capital lease arrangements, the lessor claims tax depreciation on the capital expenditures it incurred to acquire these vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase or decrease the lease payments to maintain its agreed after-tax margin. The Partnership’s carrying amount of the tax indemnification guarantee as at December 31, 2013 and 2012 was $15.0 million and $15.5 million, respectively, and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. | |||||||||
The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2041. Although there is no maximum potential amount of future payments, Teekay Nakilat Joint Venture may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, Teekay Nakilat Joint Venture will be required to pay termination sums to the lessor sufficient to repay the lessor’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation (see Note 13c). | |||||||||
At their inception, the weighted-average interest rate implicit in these leases was 5.2%. These capital leases are variable-rate capital leases. As at December 31, 2013, the commitments under these capital leases approximated $953.1 million, including imputed interest of $480.3 million, repayable as follows: | |||||||||
Year | Commitment | ||||||||
2014 | $ | 24,000 | |||||||
2015 | $ | 24,000 | |||||||
2016 | $ | 24,000 | |||||||
2017 | $ | 24,000 | |||||||
2018 | $ | 24,000 | |||||||
Thereafter | $ | 833,128 | |||||||
As the payments in the next five years only cover a portion of the estimated interest expense, the lease obligation will continue to increase. Starting in 2024, the lease payments will increase to cover both interest and principal to commence reduction of the principal portion of the lease obligations. | |||||||||
Suezmax Tankers. During 2013 the Partnership was a party to capital leases on five Suezmax tankers. Under these capital leases, the owner has the option to require the Partnership to purchase the five vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. For two of the five Suezmax tankers, the cancellation options were first exercisable in August 2013 and November 2013, respectively. In July 2013, the Partnership received notification of termination from the owner for these two vessels. The owner reached an agreement to sell both vessels, the Tenerife Spirit and the Algeciras Spirit, to a third party and the Tenerife Spirit was sold on December 10, 2013 and the Algeciras Spirit was sold on February 28, 2014. Upon sale of the vessels, the Partnership was not required to pay the balance of the capital lease obligations, as the vessels under capital leases were returned to the owner and the capital lease obligations were concurrently extinguished. | |||||||||
The amounts in the table below assume the owner will not exercise its options to require the Partnership to purchase any of the three remaining vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable (April 2014, October 2017 and July 2018, respectively), which is the 13th year anniversary of each respective contract and sell the vessel to a third party, upon which the lease obligation will be extinguished. At the inception of these leases, the weighted-average interest rate implicit in these leases was 7.4%. These capital leases are variable-rate capital leases. However, any change in the lease payments resulting from changes in interest rates is offset by a corresponding change in the charter hire payments received by the Partnership. | |||||||||
As at December 31, 2013, the remaining commitments under these four capital leases, including the purchase obligations, approximated $140.1 million, including imputed interest of $14.6 million, repayable during 2014 through 2018. The current portion of the capital lease obligations consist of the expected payments within the next fiscal year relating to the Huelva Spirit, Teide Spirit and the Toledo Spirit. The lease obligation balance of $30.5 million, including imputed interest of $0.2 million, relating to the Algeciras Spirit is considered long-term as the majority of the capital lease obligation will be settled through the relinquishment of the vessel which is classified as a long-term asset. | |||||||||
Year | Commitment | ||||||||
2014 | $ | 66,361 | |||||||
2015 | $ | 7,790 | |||||||
2016 | $ | 7,672 | |||||||
2017 | $ | 30,953 | |||||||
2018 | $ | 27,296 | |||||||
The Partnership’s capital leases do not contain financial or restrictive covenants other than those relating to operation and maintenance of the vessels. | |||||||||
Restricted Cash | |||||||||
Under the terms of the capital leases for the RasGas II LNG Carriers, the Partnership is required to have on deposit with financial institutions an amount of cash that, together with interest earned on the deposits, will equal the remaining amounts owing under the leases. These cash deposits are restricted to being used for capital lease payments and have been fully funded primarily with term loans (see Note 9). As at December 31, 2013 and 2012, the amount of restricted cash on deposit for the three RasGas II LNG Carriers was $475.6 million and $475.5 million, respectively. As at December 31, 2013 and 2012, the weighted-average interest rates earned on the deposits were 0.3% and 0.4%, respectively. These rates do not reflect the effect of related interest rate swaps that the Partnership has used to economically hedge its floating-rate restricted cash deposits relating to the RasGas II LNG Carriers (see Note 12). | |||||||||
The Partnership maintains restricted cash deposits relating to certain term loans and to amounts received from charterers to be used only for dry-docking expenditures and emergency repairs, which cash totaled $21.7 million and $53.1 million as at December 31, 2013 and 2012, respectively. During the year ended December 31, 2012, the Partnership deposited $30.0 million in a restricted cash account as security for the debt within MALT LNG Holdings ApS, a joint venture between the Partnership and Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture) in order to acquire six LNG carriers (or the MALT LNG Carriers) from Denmark-based A.P. Moller-Maersk A/S (see Note 5). During the year ended December 31, 2013, the Teekay LNG-Marubeni Joint Venture completed the refinancing of its short-term loan facilities by entering into separate long-term debt facilities. As a result of the completed refinancing, the Partnership is no longer required to have $30 million in a restricted cash account as security for the Teekay LNG-Marubeni Joint Venture. | |||||||||
Operating Lease Obligations | |||||||||
Teekay Tangguh Joint Venture | |||||||||
The Partnership owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), essentially giving the Partnership a 69% interest in the Teekay Tangguh Joint Venture. As at December 31, 2013, the Teekay Tangguh Joint Venture was a party to operating leases whereby it is leasing its two LNG carriers (or the Tangguh LNG Carriers) to a third party company (or Head Leases). The Teekay Tangguh Joint Venture is then leasing back the LNG carriers from the same third party company (or Subleases). Under the terms of these leases, the third party company claims tax depreciation on the capital expenditures it incurred to lease the vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed by the Teekay Tangguh Joint Venture. Lease payments under the Subleases are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lease payments are increased or decreased under the Sublease to maintain the agreed after-tax margin. The Teekay Tangguh Joint Venture’s carrying amount of this tax indemnification as at December 31, 2013 and 2012 was $8.9 million and $9.4 million, respectively, and is included as part of other long-term liabilities in the consolidated balance sheets of the Partnership. The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. Although there is no maximum potential amount of future payments, the Teekay Tangguh Joint Venture may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Teekay Tangguh Joint Venture will be required to pay termination sums to the third party company sufficient to repay the third party company’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. The Head Leases and the Subleases have 20 year terms and are classified as operating leases. The Head Lease and the Sublease for the two Tangguh LNG Carriers commenced in November 2008 and March 2009, respectively. | |||||||||
As at December 31, 2013, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: | |||||||||
Year | Head Lease | Sublease | |||||||
Receipts(i) | Payments(i)(ii) | ||||||||
2014 | $ | 28,828 | $ | 24,779 | |||||
2015 | $ | 22,188 | $ | 24,779 | |||||
2016 | $ | 21,242 | $ | 24,779 | |||||
2017 | $ | 21,242 | $ | 24,779 | |||||
2018 | $ | 21,242 | $ | 24,779 | |||||
Thereafter | $ | 217,821 | $ | 254,105 | |||||
Total | $ | 332,563 | $ | 378,000 | |||||
(i) | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2013, the Partnership had received $177.8 million of aggregate Head Lease receipts and had paid $115.4 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2013, $43.0 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Partnership’s consolidated balance sheets. | ||||||||
(ii) | The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||||||
Net Investments in Direct Financing Leases | |||||||||
The Tangguh LNG Carriers commenced their time-charters with The Tangguh Production Sharing Contractors in January and May 2009, respectively. Both time-charters are accounted for as direct financing leases with 20-year terms. In September and November 2013, the Partnership acquired two 155,900-cubic meter LNG carriers (or Awilco LNG Carriers) from Norway-based Awilco LNG ASA (or Awilco) and chartered them back to Awilco on a five- and four-year fixed-rate bareboat charter contract (plus a one year extension option), respectively, with Awilco holding fixed-price purchase obligations at the end of the charter. The bareboat charters with Awilco are accounted for as direct financing leases. The purchase price of each vessel was $205.0 million less a $51.0 million upfront prepayment of charter hire by Awilco (inclusive of a $1.0 million upfront fee), which is in addition to the daily bareboat charter rate. The following table lists the components of the net investments in direct financing leases: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Total minimum lease payments to be received | 988,888 | 623,739 | |||||||
Estimated unguaranteed residual value of leased properties | 194,965 | 194,965 | |||||||
Initial direct costs | 490 | 523 | |||||||
Less unearned revenue | (484,648 | ) | (415,841 | ) | |||||
Total | 699,695 | 403,386 | |||||||
Less current portion | 16,441 | 6,656 | |||||||
Total | 683,254 | 396,730 | |||||||
As at December 31, 2013, estimated minimum lease payments to be received by the Partnership under the Tangguh LNG Carrier leases in each of the next five succeeding fiscal years were approximately $39.1 million per year for 2014 through 2018. Both leases are scheduled to end in 2029. In addition, estimated minimum lease payments in the next five years to be received by the Partnership under the Awilco LNG Carrier leases are approximately $32.8 million (2014), $35.8 million (2015), $36.0 million (2016), $165.0 million (2017) and $134.6 million (2018). | |||||||||
Operating Leases | |||||||||
As at December 31, 2013, the minimum scheduled future revenues in the next five years to be received by the Partnership for the lease and non-lease elements under charters that were accounted for as operating leases are approximately $324.3 million (2014), $316.3 million (2015), $334.8 million (2016), $352.5 million (2017) and $312.4 million (2018). Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2013, revenue from unexercised option periods of contracts that existed on December 31, 2013, or variable or contingent revenues. Therefore, the minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. |
Equity_Method_Investments
Equity Method Investments | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Equity Method Investments | ' | ||||||||||||
5 | Equity Method Investments | ||||||||||||
Exmar LPG BVBA | |||||||||||||
In February 2013, the Partnership entered into a joint venture agreement with Belgium-based Exmar NV (or Exmar) to own and charter-in LPG carriers with a primary focus on the mid-size gas carrier segment. The joint venture entity, called Exmar LPG BVBA, took economic effect as of November 1, 2012 and included 19 owned LPG carriers (including eight newbuilding carriers scheduled for delivery between 2014 and 2016 and taking into effect the sale of the Donau LPG carrier in April 2013) and five chartered-in LPG carriers. For its 50% ownership interest in the joint venture, including newbuilding payments made prior to the November 1, 2012 economic effective date of the joint venture, the Partnership invested $133.1 million in exchange for equity and a shareholder loan and assumed approximately $108 million of its pro rata share of existing debt and lease obligations as of the economic effective date. These debt and lease obligations are secured by certain vessels in the Exmar LPG BVBA fleet. The Partnership also paid a $2.7 million acquisition fee to Teekay Corporation that was recorded as part of the investment in Exmar LPG BVBA (see Note 11h). The excess of the book value of net assets acquired over Teekay LNG’s investment in the Exmar LPG BVBA, which amounted to approximately $6.0 million, has been accounted for as an adjustment to the value of the vessels, charter agreements and lease obligations of Exmar LPG BVBA and recognition of goodwill, in accordance with the finalized purchase price allocation. Control of Exmar LPG BVBA is shared equally between Exmar and the Partnership. The Partnership accounts for its investment in Exmar LPG BVBA using the equity method. In July and October 2013, Exmar LPG BVBA exercised its options with Hanjin Heavy Industries and Construction Co., Ltd. to construct four additional LPG carrier newbuildings scheduled for delivery in 2017 and 2018. | |||||||||||||
Teekay LNG-Marubeni Joint Venture | |||||||||||||
In February 2012, the Teekay LNG-Marubeni Joint Venture acquired a 100% interest in six LNG carriers (or the MALT LNG Carriers) from Denmark-based A.P. Moller-Maersk A/S for approximately $1.3 billion. The Partnership and Marubeni Corporation (or Marubeni) have 52% and 48% economic interests, respectively, but share control of the Teekay LNG-Marubeni Joint Venture. Since control of the Teekay LNG-Marubeni Joint Venture is shared jointly between Marubeni and the Partnership, the Partnership accounts for its investment in the Teekay LNG-Marubeni Joint Venture using the equity method. The Teekay LNG-Marubeni Joint Venture financed this acquisition with $1.06 billion from short-term secured loan facilities and $266 million from equity contributions from the Partnership and Marubeni Corporation. The Partnership agreed to guarantee its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture and, as a result, deposited $30 million in a restricted cash account as security for the debt within the Teekay LNG-Marubeni Joint Venture and recorded a guarantee liability of $1.4 million. The carrying value of the guarantee liability as at December 31, 2013 was nil (December 31, 2012 – $0.6 million) and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. The Partnership has a 52% economic interest in the Teekay LNG-Marubeni Joint Venture and, consequently, its share of the $266 million equity contribution was $138.2 million. The Partnership also contributed an additional $5.8 million for its share of legal and financing costs and recorded the $7.0 million acquisition fee paid to Teekay Corporation as part of the investment (see Note 11g). The Partnership financed the equity contributions by borrowing under its existing credit facilities. The excess of the Partnership’s investment in the Teekay LNG-Marubeni Joint Venture over the book value of net assets acquired, which amounted to approximately $303 million, has been accounted for as an increase to the carrying value of the vessels and out-of-the-money charters of the Teekay LNG-Marubeni Joint Venture, in accordance with the purchase price allocation. From June to July 2013, the Teekay LNG-Marubeni Joint Venture completed the refinancing of its short-term loan facilities by entering into separate long-term debt facilities totaling approximately $963 million. These debt facilities mature between 2017 and 2030. As a result of the completed refinancing, the Partnership is no longer required to have $30 million in a restricted cash account as security for the Teekay LNG-Marubeni Joint Venture. The Partnership has agreed to guarantee its 52% share of the secured loan facilities of the Teekay LNG-Marubeni Joint Venture and, as a result, recorded a guarantee liability of $0.7 million. The carrying value of the guarantee liability as at December 31, 2013 was $0.6 million and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. | |||||||||||||
In July 2013, the Teekay LNG-Marubeni Joint Venture entered into an eight-year interest rate swap with a notional amount of $160.0 million, amortizing quarterly over the term of the interest rate swap to $70.4 million at maturity. The interest rate swap exchanges the receipt of LIBOR-based interest for the payment of a fixed rate of interest of 2.20% in the first two years and 2.36% in the last six years. This interest rate swap has been designated as a qualifying cash flow hedging instrument for accounting purposes. The Teekay LNG-Marubeni Joint Venture uses the same accounting policy for qualifying cash flow hedging instruments as the Partnership uses. | |||||||||||||
Angola Joint Ventures | |||||||||||||
The Partnership has a 33% ownership interest in four 160,400-cubic meter LNG carriers (or the Angola LNG Carriers or Angola Joint Ventures). The Angola LNG Carriers are chartered at fixed rates, subject to inflation adjustments, to Angola LNG Supply Services LLC for a period of 20 years from the date of delivery from the shipyard, with two five year options for the charterer to extend the charter contract and are classified as direct financing leases. The charterer has the option to terminate the charter upon 120 days-notice and payment of an early termination fee, which would equal approximately 50% of the fully built-up cost of the applicable vessel. Three of the four Angola LNG Carriers delivered in 2011 and the remaining Angola LNG Carrier delivered in January 2012 (see Note 11f). | |||||||||||||
Excalibur and Excelsior Joint Ventures | |||||||||||||
The Partnership has a 50% interest in a joint venture with Exmar (or the Excalibur and Excelsior Joint Ventures) which owns two LNG carriers that are chartered out under long term contracts. | |||||||||||||
RasGas 3 Joint Venture | |||||||||||||
The Partnership has a 40% interest in the Teekay Nakilat (III) Corporation (or RasGas 3 Joint Venture), which owns four LNG carriers that are chartered out under long-term contracts that are classified as direct financing leases. | |||||||||||||
These joint ventures are accounted for using the equity method. The RasGas 3 Joint Venture, the Excelsior Joint Venture and the Angola Joint Ventures are considered VIEs; however, the Partnership is not the primary beneficiary and consolidation is not required. The Partnership’s maximum exposure to loss as a result of its investment in the RasGas 3 Joint Venture, the Excelsior Joint Venture and the Angola LNG Carriers is the amount it has invested in these joint ventures, which were $125.7 million, $61.6 million and $54.2 million, respectively, as at December 31, 2013. In addition, the Partnership also guarantees its portion of the Excelsior Joint Venture’s debt of $34.7 million and the Angola Joint Ventures’ debt and swaps of $257.7 million and guarantee for charter termination of $0.9 million. | |||||||||||||
The following table presents aggregated summarized financial information assuming a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG BVBA and the Excalibur and Excelsior Joint Ventures. The results included were for the Excalibur and Excelsior Joint Ventures, the RasGas 3 Joint Venture, the Exmar LPG BVBA from February 2013, the Teekay LNG-Marubeni Joint Venture from February 2012 and the Angola Joint Ventures from the time the vessels were delivered from August, September, October 2011 and January 2012, respectively. | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Cash and restricted cash | 234,677 | 155,943 | |||||||||||
Other assets – current | 85,866 | 57,868 | |||||||||||
Vessels and equipment | 2,117,901 | 1,653,273 | |||||||||||
Net investments in direct financing leases – non-current | 1,907,458 | 1,938,011 | |||||||||||
Other assets – non-current | 207,454 | 180,898 | |||||||||||
Current portion of long-term debt | 442,038 | 1,075,853 | |||||||||||
Other liabilities – current | 139,301 | 122,702 | |||||||||||
Long-term debt | 2,491,253 | 1,603,118 | |||||||||||
Other liabilities – non-current | 357,036 | 446,733 | |||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 625,445 | 412,974 | 167,094 | ||||||||||
Income from vessel operations | 334,380 | 278,067 | 124,553 | ||||||||||
Realized and unrealized gain (loss) on derivative instruments | 16,334 | (39,428 | ) | (41,622 | ) | ||||||||
Net income | 276,174 | 180,059 | 51,492 |
Advances_to_Joint_Venture_Part
Advances to Joint Venture Partner and Equity Accounted Joint Ventures | 12 Months Ended | |
Dec. 31, 2013 | ||
Receivables [Abstract] | ' | |
Advances to Joint Venture Partner and Equity Accounted Joint Ventures | ' | |
6 | Advances to Joint Venture Partner and Equity Accounted Joint Ventures | |
a) The Partnership owns a 69% interest in the Teekay Tangguh Joint Venture and, as of December 31, 2013 and December 31, 2012, the Teekay Tangguh Joint Venture had non-interest bearing advances of $10.2 million to the Partnership’s joint venture partner, BLT LNG Tangguh Corporation, and advances of $4.2 million, which included $0.4 million of unpaid interest, to its parent company, P.T. Berlian Laju Tanker. The advances to P.T. Berlian Laju Tanker are due on demand and bear interest at a fixed-rate of 8.0%. These advances by the Teekay Tangguh Joint Venture were made between 2010 and 2012 as advances on dividends. On February 1, 2014, the Teekay Tangguh Joint Venture declared dividends of $69.5 million of which $14.4 million was used to offset the total advances to BLT LNG Tangguh Corporation and P.T. Berlian Laju Tanker. | ||
b) The Partnership has a 50% interest in Exmar LPG BVBA and a 50% interest in a joint venture with Exmar (or the Excalibur Joint Venture), which owns an LNG carrier, the Excalibur. As of December 31, 2013, the Partnership had advances of $81.7 million due from Exmar LPG BVBA, of which $67.9 million was assumed through the acquisition of Exmar LPG BVBA, and $3.0 million is due from the Excalibur Joint Venture. These advances bear interest at LIBOR plus margins ranging from 0.50% to 2.0% and have no fixed repayment terms. As at December 31, 2013, the interest accrued on these advances was $0.4 million. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets and Goodwill | ' | ||||||||||||||||||||||||
7 | Intangible Assets and Goodwill | ||||||||||||||||||||||||
As at December 31, 2013 and 2012, intangible assets consisted of time-charter contracts with a weighted-average amortization period of 18.1 years and 15.9 years, respectively. The carrying amount of intangible assets for the Partnership’s reportable segments is as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Liquefied Gas | Conventional | Total | Liquefied Gas | Conventional | Total | ||||||||||||||||||||
Segment | Tanker | $ | Segment | Tanker | $ | ||||||||||||||||||||
$ | Segment | $ | Segment | ||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||
Gross carrying amount | 179,813 | 6,797 | 186,610 | 179,813 | 12,623 | 192,436 | |||||||||||||||||||
Accumulated amortization | (83,311 | ) | (6,454 | ) | (89,765 | ) | (74,456 | ) | (7,996 | ) | (82,452 | ) | |||||||||||||
Net carrying amount | 96,502 | 343 | 96,845 | 105,357 | 4,627 | 109,984 | |||||||||||||||||||
Amortization expense of intangible assets were $13.1 million, $11.0 million and $9.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of intangible assets in the next five years are approximately $9.2 million (2014), $8.9 million (2015), $8.9 million (2016), $8.9 million (2017) and $8.9 million (2018). In addition, as a result of the sale of the Tenerife Spirit (see Note 4), the Partnership’s intangible asset relating to this vessel was also disposed in 2013. | |||||||||||||||||||||||||
The carrying amount of goodwill as at each of December 31, 2013 and 2012 for the Partnership’s liquefied gas segment was $35.6 million. In 2013 and 2012, the Partnership conducted its annual goodwill impairment review of its liquefied gas segment and concluded that no impairment had occurred. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
8 | Accrued Liabilities | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Interest including interest rate swaps | 26,923 | 25,722 | |||||||
Voyage and vessel expenses | 9,836 | 7,395 | |||||||
Payroll and benefits | 6,411 | 4,003 | |||||||
Other general expenses | 2,288 | 364 | |||||||
Income tax payable and other | 338 | 650 | |||||||
Total | 45,796 | 38,134 | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
9 | Long-Term Debt | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 235,000 | 80,000 | |||||||
U.S. Dollar-denominated Term Loan due through 2018 | 103,207 | 112,264 | |||||||
U.S. Dollar-denominated Term Loan due through 2018 | 125,000 | — | |||||||
U.S. Dollar-denominated Term Loan due through 2019 | 296,935 | 321,851 | |||||||
U.S. Dollar-denominated Term Loan due through 2021 | 297,956 | 309,984 | |||||||
U.S. Dollar-denominated Term Loan due through 2021 | 102,372 | 108,799 | |||||||
U.S. Dollar-denominated Unsecured Demand Loan | 13,282 | 13,282 | |||||||
Norwegian Kroner-denominated Bond due in 2017 | 115,296 | 125,791 | |||||||
Norwegian Kroner-denominated Bond due in 2018 | 148,238 | — | |||||||
Euro-denominated Term Loans due through 2023 | 340,221 | 341,382 | |||||||
Total | 1,777,507 | 1,413,353 | |||||||
Less current portion | 97,114 | 86,489 | |||||||
Total | 1,680,393 | 1,326,864 | |||||||
As at December 31, 2013, the Partnership had three long-term revolving credit facilities available, which, as at such date, provided for borrowings of up to $427.7 million, of which $192.7 million was undrawn. Interest payments are based on LIBOR plus margins. The amount available under the revolving credit facilities reduces by $34.5 million (2014), $84.1 million (2015), $27.3 million (2016), $28.2 million (2017) and $253.6 million (2018). All the revolving credit facilities may be used by the Partnership to fund general partnership purposes and to fund cash distributions. The Partnership is required to repay all borrowings used to fund cash distributions within 12 months of their being drawn, from a source other than further borrowings. The revolving credit facilities are collateralized by first-priority mortgages granted on seven of the Partnership’s vessels, together with other related security, and include a guarantee from the Partnership or its subsidiaries of all outstanding amounts. | |||||||||
At December 31, 2013, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $103.2 million. Interest payments on this loan are based on LIBOR plus 2.75% and require quarterly interest and principal payments and a bullet repayment of $50.7 million due at maturity in 2018. This loan facility is collateralized by first-priority mortgages on the five vessels to which the loan relates, together with certain other related security and is guaranteed by the Partnership. | |||||||||
At December 31, 2013, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $125.0 million. Interest payments on this loan are based on LIBOR plus 3.20% and require quarterly interest and principal payments and a bullet repayment of $83.3 million due at maturity in 2018. This loan facility is collateralized by a first-priority mortgage on one vessel to which the loan relates, together with certain other related security and is guaranteed by the Partnership. | |||||||||
The Partnership owns a 70% interest in Teekay Nakilat Corporation (or the Teekay Nakilat Joint Venture), a consolidated entity of the Partnership. The Teekay Nakilat Joint Venture has a U.S. Dollar-denominated term loan outstanding, which, as at December 31, 2013, totaled $296.9 million, of which $128.7 million bears interest at a fixed-rate of 5.39% and requires quarterly interest and principal payments over the remaining term of the loan maturing in 2018 and 2019. The remaining $168.2 million bears interest based on LIBOR plus 0.68%, which requires quarterly interest payments over the remaining term of the loan and will require bullet repayments of approximately $56.0 million for each of three vessels due at maturity in 2018 and 2019. The term loan is collateralized by first-priority mortgages on the three vessels, together with certain other related security and certain guarantees from the Partnership. | |||||||||
The Partnership owns a 69% interest in the Teekay Tangguh Joint Venture, a consolidated entity of the Partnership. The Teekay Tangguh Joint Venture has a U.S. Dollar-denominated term loan outstanding, which, as at December 31, 2013, totaled $298.0 million. Interest payments on the loan are based on LIBOR plus margins. Interest payments on one tranche under the loan facility are based on LIBOR plus 0.30%, while interest payments on the second tranche are based on LIBOR plus 0.63%. One tranche reduces in quarterly payments while the other tranche correspondingly is drawn up with a final $95.0 million bullet payment for each of two vessels due in 2021. This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other security and is guaranteed by the Partnership. | |||||||||
At December 31, 2013, the Partnership had a U.S. Dollar-denominated term loan outstanding in the amount of $102.4 million. Interest payments on one tranche under the loan facility are based on LIBOR plus 0.30%, while interest payments on the second tranche are based on LIBOR plus 0.70%. One tranche reduces in semi-annual payments while the other tranche correspondingly is drawn up every six months with a final $20.0 million bullet payment for each of two vessels due at maturity in 2021. This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other related security and is guaranteed by Teekay Corporation. | |||||||||
The Teekay Nakilat Joint Venture has a U.S. Dollar-denominated demand loan outstanding owing to Qatar Gas Transport Company Ltd. (Nakilat), which, as at December 31, 2013, totaled $13.3 million. Interest payments on this loan are based on a fixed interest rate of 4.84%. The loan is repayable on demand, however Nakilat will not demand repayment in 2014. | |||||||||
The Partnership has Norwegian Kroner (or NOK) 700 million of senior unsecured bonds that mature in May 2017 in the Norwegian bond market. As at December 31, 2013, the carrying amount of the bonds was $115.3 million and are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 5.25%. The Partnership has a cross currency swap to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 6.88% (see Note 12) and the transfer of principal fixed at $125.0 million upon maturity in exchange for NOK 700 million. | |||||||||
On September 3, 2013, the Partnership issued NOK 900 million of senior unsecured bonds that mature in September 2018 in the Norwegian bond market. As at December 31, 2013, the carrying amount of the bonds was $148.2 million and are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 4.35%. The Partnership entered into a cross currency swap, to swap all interest and principal payments into U.S. Dollars, with the interest payments fixed at a rate of 6.43% (see Note 12) and the transfer of principal fixed at $150.0 million upon maturity in exchange for NOK 900 million. | |||||||||
The Partnership has two Euro-denominated term loans outstanding, which as at December 31, 2013, totaled 247.6 million Euros ($340.2 million). Interest payments are based on EURIBOR plus margins, which ranged from 0.60% to 2.25% as of December 31, 2013, and the loans require monthly interest and principal payments. The term loans have varying maturities through 2023. The term loans are collateralized by first-priority mortgages on two vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. | |||||||||
The weighted-average effective interest rate for the Partnership’s long-term debt outstanding at December 31, 2013 and December 31, 2012 was 2.48% and 2.29%, respectively. This rate does not reflect the effect of related interest rate swaps that the Partnership has used to economically hedge certain of its floating-rate debt (see Note 12). At December 31, 2013, the margins on the Partnership’s outstanding revolving credit facilities and term loans ranged from 0.30% to 3.20%. | |||||||||
All Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Partnership’s NOK-denominated bonds, the Partnership’s Euro-denominated term loans, capital leases and restricted cash, and the change in the valuation of the Partnership’s cross currency swap, the Partnership incurred foreign exchange (losses) gains of ($15.8) million, ($8.2) million and $10.3 million, of which these amounts were primarily unrealized, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
The aggregate annual long-term debt principal repayments required subsequent to December 31, 2013 are $97.1 million (2014), $153.9 million (2015), $100.8 million (2016), $218.2 million (2017), $762.4 million (2018) and $445.1 million (thereafter). | |||||||||
Certain loan agreements require that (a) the Partnership maintains minimum levels of tangible net worth and aggregate liquidity, (b) the Partnership maintains certain ratios of vessel values as it relates to the relevant outstanding loan principal balance, (c) the Partnership not exceed a maximum level of leverage, and (d) one of the Partnership’s subsidiaries maintains restricted cash deposits. The Partnership’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Partnership is in default under its term loans or revolving credit facilities. One of the Partnership’s term loans is guaranteed by Teekay Corporation and contains covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. As at December 31, 2013, the Partnership, and Teekay Corporation and their affiliates were in compliance with all covenants relating to the Partnership’s credit facilities and term loans. |
Income_Tax
Income Tax | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax | ' | ||||||||||||
10 | Income Tax | ||||||||||||
The components of the provision for income taxes were as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | 1,482 | 1,652 | 2,297 | ||||||||||
Deferred | 3,674 | (1,027 | ) | (1,516 | ) | ||||||||
Income tax expense | 5,156 | 625 | 781 | ||||||||||
The Partnership operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income before income tax expenses | 218,471 | 139,767 | 98,137 | ||||||||||
Net income not subject to taxes | 72,899 | (148,118 | ) | (205,363 | ) | ||||||||
Net income (loss) subject to taxes | 291,370 | (8,351 | ) | (107,226 | ) | ||||||||
At applicable statutory tax rates | |||||||||||||
Amount computed using the standard rate of corporate tax | 16,476 | 731 | (30,548 | ) | |||||||||
Adjustments to valuation allowance and uncertain tax position | (12,830 | ) | (3,352 | ) | 25,361 | ||||||||
Permanent and currency differences | (1,576 | ) | (2,069 | ) | (2,540 | ) | |||||||
Change in tax rate | 3,086 | 5,315 | 8,508 | ||||||||||
Tax expense charge related to the current year | 5,156 | 625 | 781 | ||||||||||
The significant components of the Partnership’s deferred tax assets (liabilities) included in other assets were as follows: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Derivative instruments | 21,757 | 50,669 | |||||||||||
Taxation loss carryforwards and disallowed finance costs | 52,804 | 40,762 | |||||||||||
Vessels and equipment | 3,190 | 3,150 | |||||||||||
Capitalized interest | (2,342 | ) | (2,784 | ) | |||||||||
75,409 | 91,797 | ||||||||||||
Valuation allowance | (73,054 | ) | (85,884 | ) | |||||||||
Net deferred tax assets | 2,355 | 5,913 | |||||||||||
The Partnership had tax losses in the United Kingdom (or UK) of $15.5 million as at December 31, 2013 that are available indefinitely for offset against future taxable income in the UK. The Partnership had tax losses and disallowed finance costs in Spain of 142.0 million Euros (approximately $195.1 million) and 15.1 million Euros (approximately $20.8 million), respectively, at December 31, 2013 that are available to be carried forward for 18 years for offset against future taxable income in Spain. The Partnership also had tax losses in Luxembourg of 107.6 million Euros (approximately $147.8 million) as at December 31, 2013 that are available indefinitely for offset against taxable future income in Luxembourg. | |||||||||||||
As of December 31, 2007, the Partnership had unrecognized tax benefits of 3.4 million Euros (approximately $5.4 million) relating to a re-investment tax credit related to a 2005 annual tax filing. During the third quarter of 2008, the Partnership received the refund on the re-investment tax credit and met the more-likely-than-not recognition threshold. As a result, the Partnership reflected this refund as a credit to equity as the original vessel sale transaction was a related party transaction reflected in equity. In 2009, the relevant tax authorities subsequently challenged the eligibility of the re-investment tax credit and, as a result, the Partnership believed the more-likely-than-not threshold was no longer met and recognized a liability of 3.4 million Euros (approximately $4.7 million) and reversed the benefit of the refund against equity as of December 31, 2009. In 2012, the relevant tax authorities accepted the Partnership’s claim on its re-investment tax credit and thus the Partnership no longer has any tax liability related to the reinvestment tax credit as of December 31, 2013 and 2012 and the credit is reflected in the Partnership’s equity for 2012. | |||||||||||||
The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense. During the years ended December 31, 2013, 2012 and 2011, the Partnership incurred nil, nil and $0.3 million, respectively, of accrued interest and penalties relating to income taxes. The tax years 2007 through 2013 currently remain open to examination by the major tax jurisdictions to which the Partnership is subject. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
11 | Related Party Transactions | ||||||||||||
a) Two of the Partnership’s LNG carriers, the Arctic Spirit and Polar Spirit, are employed on long-term charter contracts with subsidiaries of Teekay Corporation. In addition, the Partnership and certain of its operating subsidiaries have entered into services agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide the Partnership and its subsidiaries with administrative, commercial, crew training, advisory, business development, technical and strategic consulting services. Finally, the Partnership reimburses the General Partner for expenses incurred by the General Partner that are necessary for the conduct of the Partnership’s business. Such related party transactions were as follows for the periods indicated: | |||||||||||||
Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(i) | 34,573 | 37,630 | 35,068 | ||||||||||
Vessel operating expenses(ii) | 10,847 | 10,319 | 10,452 | ||||||||||
General and administrative(ii)(iii) | 11,959 | 11,939 | 7,757 | ||||||||||
(i) | Commencing in 2008, the Arctic Spirit and Polar Spirit were time-chartered to Teekay Corporation at a fixed-rate for a period of ten years (plus options exercisable by Teekay Corporation to extend up to an additional 15 years). | ||||||||||||
(ii) | Includes ship management and crew training services provided by Teekay Corporation. The cost of ship management services provided by Teekay Corporation of $7.2 million for the year ended December 31, 2013 has been presented as vessel operating expenses (see Note 1). The amounts reclassified from general and administrative to vessel operating expenses in the comparative periods to conform to the presentation adopted in the current period were $7.8 million and $7.7 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
(iii) | Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. | ||||||||||||
b) In connection with the Partnership’s initial public offering in May 2005, the Partnership entered into an omnibus agreement with Teekay Corporation, the General Partner and other related parties governing, among other things, when the Partnership and Teekay Corporation may compete with each other and certain rights of first offer on LNG carriers and Suezmax tankers. In December 2006, the omnibus agreement was amended in connection with the initial public offering of Teekay Offshore Partners L.P. (or Teekay Offshore). As amended, the agreement governs, among other things, when the Partnership, Teekay Corporation and Teekay Offshore may compete with each other and certain rights of first offer on LNG carriers, oil tankers, shuttle tankers, floating storage and offtake units and floating production, storage and offloading units. | |||||||||||||
c) The Partnership’s Suezmax tanker the Toledo Spirit operates pursuant to a time-charter contract that increases or decreases the otherwise fixed-hire rate established in the charter depending on the spot charter rates that the Partnership would have earned had it traded the vessel in the spot tanker market. The time-charter contract ends in August 2025, although the charterer has the right to terminate the time-charter in July 2018. The Partnership has entered into an agreement with Teekay Corporation under which Teekay Corporation pays the Partnership any amounts payable to the charterer as a result of spot rates being below the fixed rate, and the Partnership pays Teekay Corporation any amounts payable to the Partnership as a result of spot rates being in excess of the fixed rate. The amounts receivable or payable to Teekay Corporation are settled at the end of each year (see Notes 2 and 12). | |||||||||||||
d) In July 2008, subsidiaries of Teekay Corporation (or the Skaugen Multigas Subsidiaries) signed contracts to purchase from I.M. Skaugen ASA (or Skaugen) two multigas carriers (or the Skaugen Multigas Carriers), which are two technically advanced 12,000-cubic meter newbuilding ships capable of carrying LNG, LPG or ethylene. The Partnership agreed to acquire the Skaugen Multigas Subsidiaries from Teekay Corporation upon delivery of the vessels. | |||||||||||||
On June 15, 2011 and October 17, 2011, the two Skaugen Multigas Carriers, the Norgas Unikum and the Norgas Vision, were delivered and commenced service under a 15-year, fixed-rate charters to Skaugen. On delivery, the Partnership concurrently acquired Teekay Corporation’s 100% ownership interests in the Skaugen Multigas Subsidiaries for a purchase price of $114.5 million. These transactions were concluded between entities under common control and, thus, the assets acquired were recorded at historical book value. The excess of the combined purchase price over the combined book value of the assets of $8.2 million was accounted for as an equity distribution to Teekay Corporation. | |||||||||||||
e) During September and October 2011, the Partnership sold 1% of its ownership interest in its Skaugen Multigas Subsidiaries and the Skaugen LPG Carriers at that time to the General Partner for approximately $1.8 million. | |||||||||||||
f) In December 2007, a consortium in which Teekay Corporation had a 33% ownership interest agreed to charter the four Angola LNG Carriers for a period of 20 years to Angola LNG Supply Services LLC. The consortium entered into agreements to construct the four LNG carriers at a total cost of $906.2 million (of which Teekay Corporation’s 33% portion was $299.0 million), excluding capitalized interest. The vessels are chartered at fixed rates, with inflation adjustments, which began upon delivery of the vessels. In March 2011, the Partnership agreed to acquire Teekay Corporation’s 33% ownership interest in these vessels and related charter contracts upon delivery of each vessel. | |||||||||||||
Three of the four Angola LNG Carriers delivered during August to October 2011 and commenced their 20-year, fixed-rate charters to Angola LNG Supply Services LLC to collect and transport gas from offshore production facilities to an onshore LNG processing plant in northwest Angola. Concurrently, the Partnership acquired Teekay Corporation’s 33% ownership interest in these three vessels and related charter contracts for a total equity purchase price of $57.3 million (net of assumed debt of $193.8 million). This transaction was concluded between entities under common control and thus, the assets acquired were recorded at historical book value. The excess of the purchase price over the book value of the assets of $46.2 million was accounted for as an equity distribution to Teekay Corporation in 2011. | |||||||||||||
In January 2012, the last of four Angola LNG Carriers delivered and commenced its 20-year, fixed-rate charter to Angola LNG Supply Services LLC. Concurrently, the Partnership acquired Teekay Corporation’s 33% ownership interest in this vessel and related charter contract for a total equity purchase price of $19.1 million (net of assumed debt of $64.8 million). The excess of the purchase price over the book value of the assets (including the fair market value of the interest rate swap associated with debt secured by the vessel) underlying the 33% ownership interest in the fourth vessel of $15.9 million was accounted for as an equity distribution to Teekay Corporation. The Partnership’s investments in the Angola LNG Carriers are accounted for using the equity method. g) In February 2012, the Partnership incurred a $7.0 million charge relating to a one-time fee to Teekay Corporation for its support in the Partnership’s successful acquisition of its 52% interest in six LNG carriers (see Note 5). This acquisition fee is reflected as part of investments in and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. | |||||||||||||
h) In March 2013, the Partnership incurred a $2.7 million charge relating to a fee to Teekay Corporation for its support in the Partnership’s successful acquisition of its 50% interest in Exmar LPG BVBA (see Note 5). This acquisition fee is reflected as part of investments in and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. | |||||||||||||
i) The Partnership entered into services agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide the Partnership with shipbuilding and site supervision services relating to the five LNG newbuildings the Partnership owns. These costs are capitalized and included as part of advances on newbuilding contracts in the Partnership’s consolidated balance sheets. As at December 31, 2013 and 2012, shipbuilding and site supervision costs provided by Teekay Corporation subsidiaries totaled $0.2 million and nil, respectively. | |||||||||||||
j) As at December 31, 2013 and 2012, non-interest bearing advances to affiliates totaled $6.6 million and $13.9 million, respectively, and non-interest bearing advances from affiliates totaled $19.3 million and $12.1 million, respectively. These advances are unsecured and have no fixed repayment terms. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||||
12 | Derivative Instruments | ||||||||||||||||||||||||||||||||||||
The Partnership uses derivative instruments in accordance with its overall risk management policy. The Partnership has not designated derivative instruments described within this note as hedges for accounting purposes. | |||||||||||||||||||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||||||||||||||||||
In May 2012 and September 2013, concurrently with the issuance of NOK 700 million and NOK 900 million, respectively, of senior unsecured bonds (see Note 9), the Partnership entered into cross currency swaps and pursuant to these swaps the Partnership receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Partnership’s NOK-denominated bonds due in 2017 and 2018, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||||||||||||||
Carrying | Weighted- | ||||||||||||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Amount of | Average | |||||||||||||||||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | (Liability) | Remaining | ||||||||||||||||||||||||||||||||
NOK | $ | Rate | Margin | Payable | $ | Term (Years) | |||||||||||||||||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (13,246 | ) | 3.3 | ||||||||||||||||||||||||||||
900,000 | 150,000 | NIBOR | 4.35 | % | 6.43 | % | (4,990 | ) | 4.7 | ||||||||||||||||||||||||||||
(18,236 | ) | ||||||||||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||||||||||
The Partnership enters into interest rate swaps which either exchange a receipt of floating interest for a payment of fixed interest or a payment of floating interest for a receipt of fixed interest to reduce the Partnership’s exposure to interest rate variability on certain of its outstanding floating-rate debt and floating-rate restricted cash deposits. As at December 31, 2013, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||||||||||||||
Carrying | Weighted- | ||||||||||||||||||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||||||||||||||||||
Interest | Principal | Assets | Remaining | Interest | |||||||||||||||||||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||||||||||||||||||
Index | $ | $ | (years) | (%) (i) | |||||||||||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 404,464 | (66,829 | ) | 23.1 | 4.9 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 196,574 | (40,463 | ) | 5.2 | 6.2 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps | LIBOR | 90,000 | (13,581 | ) | 4.7 | 4.9 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps | LIBOR | 100,000 | (14,624 | ) | 3 | 5.3 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(iii) | LIBOR | 193,750 | (33,614 | ) | 15 | 5.2 | |||||||||||||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 469,011 | 81,119 | 23.1 | 4.8 | ||||||||||||||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||||||||||||||
Euro-denominated interest rate swaps(iv) | EURIBOR | 340,221 | (31,651 | ) | 7 | 3.1 | |||||||||||||||||||||||||||||||
(119,643 | ) | ||||||||||||||||||||||||||||||||||||
(i) | Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2013, ranged from 0.30% to 3.20%. | ||||||||||||||||||||||||||||||||||||
(ii) | Principal amount reduces quarterly. | ||||||||||||||||||||||||||||||||||||
(iii) | Principal amount reduces semi-annually. | ||||||||||||||||||||||||||||||||||||
(iv) | Principal amount reduces monthly to 70.1 million Euros ($96.3 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||||||||||||||
As at December 31, 2013, the Partnership had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provide for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these interest rate swaps are presented on a gross basis in the Partnership’s consolidated balance sheets. As at December 31, 2013, these interest rate swaps and cross currency swaps had an aggregate fair value asset amount of $81.1 million and an aggregate fair value liability amount of $165.6 million | |||||||||||||||||||||||||||||||||||||
Credit Risk | |||||||||||||||||||||||||||||||||||||
The Partnership is exposed to credit loss in the event of non-performance by the counterparties to the interest rate swap agreements. In order to minimize counterparty risk, the Partnership only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. | |||||||||||||||||||||||||||||||||||||
Other Derivatives | |||||||||||||||||||||||||||||||||||||
In order to reduce the variability of its revenue, the Partnership has entered into an agreement with Teekay Corporation under which Teekay Corporation pays the Partnership any amounts payable to the charterer of the Toledo Spirit as a result of spot rates being below the fixed rate, and the Partnership pays Teekay Corporation any amounts payable to the Partnership by the charterer of the Toledo Spirit as a result of spot rates being in excess of the fixed rate. The fair value of the derivative asset at December 31, 2013 was $6.3 million (December 31, 2012 – $1.1 million). | |||||||||||||||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||
Accounts | |||||||||||||||||||||||||||||||||||||
receivable/ | Current | Current | |||||||||||||||||||||||||||||||||||
Advances | portion of | portion of | |||||||||||||||||||||||||||||||||||
to | derivative | Derivative | Accrued | derivative | Derivative | ||||||||||||||||||||||||||||||||
affiliates | assets | assets | liabilities | liabilities | liabilities | ||||||||||||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,608 | 17,044 | 59,467 | (10,960 | ) | (75,615 | ) | (114,187 | ) | ||||||||||||||||||||||||||||
Cross currency swap agreement | — | — | — | (155 | ) | (1,365 | ) | (16,716 | ) | ||||||||||||||||||||||||||||
Toledo Spirit time-charter derivative | 1,544 | 1,400 | 3,400 | — | — | — | |||||||||||||||||||||||||||||||
6,152 | 18,444 | 62,867 | (11,115 | ) | (76,980 | ) | (130,903 | ) | |||||||||||||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,513 | 16,927 | 144,247 | (10,887 | ) | (48,046 | ) | (245,287 | ) | ||||||||||||||||||||||||||||
Cross currency swap agreement | 54 | 285 | — | — | — | (2,962 | ) | ||||||||||||||||||||||||||||||
Toledo Spirit time-charter derivative | — | — | 1,100 | — | — | — | |||||||||||||||||||||||||||||||
4,567 | 17,212 | 145,347 | (10,887 | ) | (48,046 | ) | (248,249 | ) | |||||||||||||||||||||||||||||
Realized and unrealized gains (losses) relating to interest rate swap agreements and the Toledo Spirit time-charter derivative are recognized in earnings and reported in realized and unrealized loss on derivative instruments in the Partnership’s consolidated statements of income and comprehensive income. The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income and comprehensive income is as follows: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Realized | Unrealized | Realized | Unrealized | Realized | Unrealized | ||||||||||||||||||||||||||||||||
gains | gains | gains | gains | gains | gains | ||||||||||||||||||||||||||||||||
(losses) | (losses) | Total | (losses) | (losses) | Total | (losses) | (losses) | Total | |||||||||||||||||||||||||||||
Interest rate swap agreements | (38,089 | ) | 18,868 | (19,221 | ) | (37,427 | ) | 5,200 | (32,227 | ) | (62,660 | ) | (9,677 | ) | (72,337 | ) | |||||||||||||||||||||
Toledo Spirit time-charter derivative | 1,521 | 3,700 | 5,221 | 907 | 1,700 | 2,607 | (93 | ) | 9,400 | 9,307 | |||||||||||||||||||||||||||
(36,568 | ) | 22,568 | (14,000 | ) | (36,520 | ) | 6,900 | (29,620 | ) | (62,753 | ) | (277 | ) | (63,030 | ) | ||||||||||||||||||||||
Unrealized and realized (losses) gains relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange (loss) gain in the Partnership’s consolidated statements of income and comprehensive income. For the year ended December 31, 2013 and 2012, unrealized losses of ($15.4) million and ($2.7) million, respectively, and realized (losses) gains of ($0.3) million and $0.3 million, respectively, were recognized in earnings. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
13 | Commitments and Contingencies | |
a) The Partnership consolidates certain variable interest entities (or VIEs) within its consolidated financial statements. In general, a VIE is a corporation, partnership, limited-liability company, trust or any other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities, or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||
In July 2008, the Skaugen Multigas Subsidiaries signed contracts for the purchase of the Skaugen Multigas Carriers from Skaugen. The Partnership agreed to acquire the Skaugen Multigas Subsidiaries from Teekay Corporation upon delivery of the vessels. Subsequent to July 2008 and prior to the delivery of the vessels in June and October 2011, the Partnership consolidated the Skaugen Multigas Subsidiaries as they were VIEs and the Partnership was the primary beneficiary during this period. The Partnership acquired 100% of the shares of the two Skaugen Multigas Subsidiaries on June 15, 2011 and October 17, 2011, respectively. | ||
b) In December 2012, July and November 2013, the Partnership signed contracts with DSME for the construction of five 173,400-cubic meter LNG carriers at a total cost of approximately $1,050 million. These newbuilding vessels will be equipped with the M-type, Electronically Controlled, Gas Injection (or MEGI) twin engines, which are expected to be significantly more fuel-efficient and have lower emission levels than other engines currently being utilized in LNG shipping. The two vessels ordered in December 2012 are scheduled for delivery in 2016 and upon delivery of the vessels; the vessels will be chartered to Cheniere Marketing L.L.C. at fixed rates for a period of five years. The Partnership intends to secure charter contracts for the remaining three vessels prior to their delivery in 2017. As at December 31, 2013, costs incurred under these newbuilding contracts totaled $97.2 million and the estimated remaining costs to be incurred are $89.7 million (2014), $137.7 million (2015), $296.9 million (2016) and $428.5 million (2017). | ||
c) As described in Note 4, the Teekay Nakilat Joint Venture is the lessee under 30-year capital lease arrangements with a third party for the three RasGas II LNG Carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements and has in other circumstances challenged the use of similar structures. As a result, the lessor has requested that the Teekay Nakilat Joint Venture contemplate the termination of the RasGas II Leases or entertain other alternatives for the leasing structure. The Teekay Nakilat Joint Venture has declined the request from HMRC to voluntarily terminate the Ras Gas II Leases as it does not believe that HMRC will be able to successfully challenge the availability of the tax benefits of these leases to the lessor. This assessment is partially based on a January 2012 court decision from the First Tribunal, regarding a similar financial lease of an LNG carrier that ruled in favor of the taxpayer as well as a 2013 decision from the Upper Tribunal that upheld the 2012 verdict. HMRC has been granted leave to further appeal the 2013 decision to the Court of Appeal. If the HMRC is able to successfully challenge the RasGas II Leases, the Teekay Nakilat Joint Venture could be subject to significant costs associated with the termination of the lease or increased lease payments to compensate the lessor for the lost tax benefits. The Partnership estimates its 70% share of the potential exposure to be approximately $34 million, exclusive of potential financing costs and interest rate swap termination costs. | ||
In addition, the lessor for the three RasGas II LNG Carriers has communicated to the joint venture that the credit rating of the bank (or LC Bank) that is providing the letter of credit to Teekay Nakilat Joint Venture’s lease has been downgraded. As a result, in January 2014, the lessor notified Teekay Nakilat Joint Venture of an increase in the lease payments over the remaining term of the RasGas II Leases of approximately $12.3 million on a net present value basis effective April 2014. The Partnership’s 70% share of the present value of the lease payment increase is approximately $8.6 million. The Teekay Nakilat Joint Venture is looking at alternatives to mitigate the impact of the downgrade to the LC Bank’s credit rating to avoid a prolonged increase to lease payments. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
14 | Supplemental Cash Flow Information | ||||||||||||
a) | The changes in operating assets and liabilities for years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | (6,436 | ) | 513 | 5,441 | |||||||||
Prepaid expenses | 80 | (920 | ) | 995 | |||||||||
Accounts payable | (437 | ) | (1,124 | ) | (1,053 | ) | |||||||
Accrued liabilities | 7,662 | (8,606 | ) | 8,068 | |||||||||
Unearned revenue and long-term unearned revenue | (6,956 | ) | 7,996 | (5,809 | ) | ||||||||
Restricted cash | 4,258 | (1,464 | ) | (2,747 | ) | ||||||||
Advances to and from affiliates and joint venture partners | 14,417 | (7,259 | ) | (42,551 | ) | ||||||||
Other operating assets and liabilities | (2,510 | ) | 3,557 | 4,198 | |||||||||
Total | 10,078 | (7,307 | ) | (33,458 | ) | ||||||||
b) Cash interest paid (including realized losses on interest rate swaps) on long-term debt, advances from affiliates and capital lease obligations, net of amounts capitalized, during the years ended December 31, 2013, 2012 and 2011 totaled $133.7 million, $131.1 million, and $154.3 million (including a termination fee of $22.6 million), respectively. | |||||||||||||
c) During the years ended December 31, 2013, 2012 and 2011 cash paid for corporate income taxes was $5.6 million, $1.5 million and $1.5 million, respectively. | |||||||||||||
d) During 2013 the Partnership acquired two LNG carriers from Awilco for a purchase price of $205.0 million per vessel. The upfront prepayment of charter hire of $51.0 million (inclusive of a $1.0 million upfront fee) per vessel was used to offset the purchase price and was treated as a non-cash transaction in the Partnership’s consolidated statements of cash flows. | |||||||||||||
e) As described in Note 4, the sale of the Tenerife Spirit resulted in the vessel under capital lease being returned to the owner and the capital lease obligation concurrently extinguished. Therefore, the sale of the vessel under capital lease of $29.7 million and the concurrent extinguishment of the corresponding capital lease obligation of $29.7 million was treated as a non-cash transaction in the Partnership’s consolidated statements of cash flows. |
Total_Capital_and_Net_Income_P
Total Capital and Net Income Per Unit | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Total Capital and Net Income Per Unit | ' | ||||||||||||||||||||||
15 | Total Capital and Net Income Per Unit | ||||||||||||||||||||||
The following table summarizes the issuances of common units over the three years ending December 31, 2013: | |||||||||||||||||||||||
Teekay | |||||||||||||||||||||||
Number of | Corporation’s | ||||||||||||||||||||||
Common | Gross | Net | Ownership | ||||||||||||||||||||
Units | Offering | Proceeds(i) | Proceeds | After the | |||||||||||||||||||
Date | Issued | Price | $ | $ | Offering(ii) | Use of Proceeds | |||||||||||||||||
Apr-11 | 4,251,800 | $ | 38.88 | 168,684 | 161,655 | 43.62 | % | Prepayment of revolving credit facilities | |||||||||||||||
Nov-11 | 5,500,000 | $ | 33.4 | 187,449 | 179,523 | 40.09 | % | Prepayment of revolving credit facilities | |||||||||||||||
Sep-12 | 4,825,863 | $ | 38.43 | 189,243 | 182,316 | 37.45 | % | Prepayment of revolving credit facilities | |||||||||||||||
Continuous offering program during 2013 | 124,071 | (iii | ) | 5,383 | 4,926 | (iii | ) | General partnership purposes | |||||||||||||||
Jul-13 | 931,098 | $ | 42.96 | 40,816 | 40,776 | 36.92 | % | Funding of LNG carrier newbuilding | |||||||||||||||
Prepayment of revolving credit facilities, | |||||||||||||||||||||||
funding of an LNG carrier acquisition and | |||||||||||||||||||||||
Oct-13 | 3,450,000 | $ | 42.62 | 150,040 | 144,818 | 35.3 | % | for general partnership purposes | |||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution. | ||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest. | ||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP) under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. | ||||||||||||||||||||||
Limited Total Rights | |||||||||||||||||||||||
Significant rights of the Partnership’s limited partners include the following: | |||||||||||||||||||||||
• | Right to receive distribution of available cash within approximately 45 days after the end of each quarter. | ||||||||||||||||||||||
• | No limited partner shall have any management power over the Partnership’s business and affairs; the General Partner shall conduct, direct and manage Partnership’s activities. | ||||||||||||||||||||||
• | The General Partner may be removed if such removal is approved by unitholders holding at least 66-2/3% of the outstanding units voting as a single class, including units held by our General Partner and its affiliates. | ||||||||||||||||||||||
Incentive Distribution Rights | |||||||||||||||||||||||
The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: | |||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Unitholders | General Partner | |||||||||||||||||||||
Minimum quarterly distribution of $0.4125 | 98 | % | 2 | % | |||||||||||||||||||
Up to $0.4625 | 98 | % | 2 | % | |||||||||||||||||||
Above $0.4625 up to $0.5375 | 85 | % | 15 | % | |||||||||||||||||||
Above $0.5375 up to $0.6500 | 75 | % | 25 | % | |||||||||||||||||||
Above $0.6500 | 50 | % | 50 | % | |||||||||||||||||||
During 2013, cash distributions exceeded $0.4625 per unit and, consequently, the assumed distribution of net income resulted in the use of the increasing percentages to calculate the General Partner’s interest in net income for the purposes of the net income per unit calculation. | |||||||||||||||||||||||
In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities will be distributed to the unitholders and the General Partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Partnership’s assets in liquidation in accordance with the partnership agreement. | |||||||||||||||||||||||
Net Income Per Unit | |||||||||||||||||||||||
Net income per unit is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interest and the General Partner’s interest, by the weighted-average number of units outstanding during the period. | |||||||||||||||||||||||
The General Partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business including reserves for maintenance and replacement capital expenditure and anticipated credit needs. In addition, the General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains or losses on non-designated derivative instruments and foreign currency translation (losses) gains. | |||||||||||||||||||||||
Pursuant to the Partnership agreement, allocations to partners are made on a quarterly basis. |
UnitBased_Compensation
Unit-Based Compensation | 12 Months Ended | |
Dec. 31, 2013 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | |
Unit-Based Compensation | ' | |
16 | Unit-Based Compensation | |
In March 2013, 7,362 common units, with an aggregate value of $0.3 million, were granted to the non-management directors of our general partner as part of their annual compensation for 2013. These common units were fully vested upon grant. During 2012 and 2011, the Partnership awarded 1,263 and 1,267 common units, respectively, as compensation to each of the four non-employee directors. The awards were fully vested in March 2012 and May 2011, respectively. The compensation to the non-employee directors is included in general and administrative expenses on the consolidated statements of income and comprehensive income. | ||
The Partnership grants restricted unit awards as incentive-based compensation under the Teekay LNG Partners L.P. 2005 Long-Term Incentive Plan to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Partnership‘s unit-based compensation awards are reflected in general and administrative in the Partnership’s consolidated statements of income and comprehensive income. | ||
During March 2013, the Partnership granted 36,878 restricted units with a grant date fair value of $1.5 million to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries, based on the Partnership’s closing unit price on the grant date. Each restricted unit is equal in value to one unit of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The restricted units vest equally over three years from the grant date. Any portion of a restricted unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and in this case the restricted unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted unit awards is paid to each recipient in the form of units. During the year ended December 31, 2013, the Partnership recorded an expense of $1.0 million, (2012 and 2011 – nil) related to the restricted units. |
Restructuring_Charge
Restructuring Charge | 12 Months Ended | |
Dec. 31, 2013 | ||
Restructuring And Related Activities [Abstract] | ' | |
Restructuring Charge | ' | |
17 | Restructuring Charge | |
Compania Espanole de Petroles, S.A. (or CEPSA), the charterer (who is also the owner) of the Partnership’s conventional vessels under capital lease, the Tenerife Spirit and Algeciras Spirit, reached an agreement to sell the vessels to a third-party on November 2013 and January 2014, respectively. On redelivery of the vessels, the charter contract with the Partnership was terminated. The Tenerife Spirit and Algeciras Spirit delivered to their new owners in December 2013 and February 2014, respectively. As a result of these sales, the Partnership has recorded a restructuring charge of $1.8 million for the year ended December 31, 2013 relating to seafarer severance payments, which is included in accrued liabilities on the consolidated balance sheets. |
Write_Down_of_Vessels
Write Down of Vessels | 12 Months Ended | |
Dec. 31, 2013 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | |
Write Down of Vessels | ' | |
18 | Write Down of Vessels | |
The Partnership’s consolidated statement of income and comprehensive income for the year ended December 31, 2012 includes a $29.4 million write-down on three of the Partnership’s conventional Suezmax tankers, the Tenerife Spirit, Algeciras Spirit and Huelva Spirit. The carrying values of these three vessels were written down due to the expected termination of their time-charter contracts in August and November 2013, and April 2014, respectively, along with the expected termination of their associated capital lease obligation. The estimated fair value was based on a discounted cash flow approach and such estimates of cash flow were based on the existing time-charter contracts, lease obligations and operating costs. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Foreign Currency | ' | ||||||||||||
Foreign currency | |||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income and comprehensive income. | |||||||||||||
Operating Revenues and Expenses | ' | ||||||||||||
Operating revenues and expenses | |||||||||||||
The lease element of time-charters and bareboat charters accounted for as operating leases are recognized by the Partnership daily over the term of the charter as the applicable vessel operates under the charter. The lease element of the Partnership’s time-charters that are accounted for as direct financing leases are reflected on the balance sheets as net investments in direct financing leases. The lease revenue is recognized over the lease term using the effective interest rate method and is included in voyage revenues. The Partnership recognizes revenues from the non-lease element of time-charter contracts daily as services are performed. The Partnership does not recognize revenues during days that the vessel is off-hire. | |||||||||||||
Voyage Expenses | ' | ||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
Cash and cash equivalents | |||||||||||||
The Partnership classifies all highly-liquid investments with a maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts Receivable and Allowance for Doubtful Accounts | ' | ||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Advances to Joint Venture Partner and Equity Accounted Joint Ventures | ' | ||||||||||||
Advances to Joint Venture Partner and Equity Accounted Joint Ventures | |||||||||||||
The Partnership’s loan receivables are recorded at cost. The premium paid over the outstanding principal amount, if any, is amortized to interest income over the term of the loan using the effective interest rate method. The Partnership analyzes its loans for impairment during each reporting period. A loan is impaired when, based on current information and events, it is probable that the Partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Partnership considers in determining that a loan is impaired include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor, and any information provided by the debtor regarding their ability to repay the loan. When a loan is impaired, the Partnership measures the amount of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting impairment in earnings. | |||||||||||||
Vessels and Equipment | ' | ||||||||||||
Vessels and equipment | |||||||||||||
All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG) carriers and 35 years for liquefied natural gas (or LNG) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment for the years ended December 31, 2013, 2012 and 2011 aggregated $71.4 million, $76.4 million and $73.2 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as capital leases. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2013, 2012 and 2011 aggregated $1.3 million, $24 thousand and $3.1 million, respectively. | |||||||||||||
Gains on vessels sold and leased back under capital leases are deferred and amortized over the remaining estimated useful life of the vessel. Losses on vessels sold and leased back under capital leases are recognized immediately to the extent that the fair value of the vessel at the time of sale-leaseback is less than its book value. | |||||||||||||
Generally, the Partnership dry docks each of its vessels every five years. In addition, a shipping society classification intermediate survey is performed on the Partnership’s LNG and LPG carriers between the second and third year of the five-year dry-docking period. The Partnership capitalizes certain costs incurred during dry docking and for the survey and amortizes those costs on a straight-line basis from the completion of a dry docking or intermediate survey over the estimated useful life of the dry dock. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at January 1, | 28,821 | 34,449 | 24,393 | ||||||||||
Cost incurred for dry docking | 27,203 | 7,493 | 19,638 | ||||||||||
Sale of vessel (note 4) | (2,285 | ) | — | — | |||||||||
Dry-dock amortization | (13,411 | ) | (13,121 | ) | (9,582 | ) | |||||||
Balance at December 31, | 40,328 | 28,821 | 34,449 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Investments in Joint Ventures | ' | ||||||||||||
Investments in joint ventures | |||||||||||||
The Partnership’s investments in joint ventures are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investment in joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Debt Issuance Costs | ' | ||||||||||||
Debt issuance costs | |||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are presented as other assets and are deferred and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and intangible assets | |||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s finite life intangible assets consist of acquired time-charter contracts and are amortized on a straight-line basis over the remaining term of the time-charters. Finite life intangible assets are assessed for impairment when events or circumstances indicate that the carrying value may not be recoverable. | |||||||||||||
Derivative Instruments | ' | ||||||||||||
Derivative instruments | |||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheet and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps that it may enter into in the future and for one interest rate swap in its equity accounted joint venture between the Partnership and Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture) (see Note 5). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income and comprehensive income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income and comprehensive income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item (e.g. interest expense) in the consolidated statements of income and comprehensive income. If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income and comprehensive income. | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated interest rate swaps, cross currency swaps and the Partnership’s agreement with Teekay Corporation for the Suezmax tanker the Toledo Spirit (see Note 11c) are recorded in realized and unrealized loss on derivative instruments in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income taxes | |||||||||||||
The Partnership accounts for income taxes using the liability method. All but two of the Partnership’s Spanish-flagged vessels are subject to the Spanish Tonnage Tax Regime (or TTR). Under this regime, the applicable tax is based on the weight (measured as net tonnage) of the vessel and the number of days during the taxable period that the vessel is at the Partnership’s disposal, excluding time required for repairs. The income the Partnership receives with respect to the remaining two Spanish-flagged vessels is taxed in Spain at a rate of 30%. However, these two vessels are registered in the Canary Islands Special Ship Registry. Consequently, the Partnership is allowed a credit, equal to 90% of the tax payable on income from the commercial operation of these vessels, against the tax otherwise payable. This effectively results in an income tax rate of approximately 3% on income from the operation of these two Spanish-flagged vessels. | |||||||||||||
The Partnership recognizes the benefits of uncertain tax positions when it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the financial statements. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense in the Partnership’s consolidated statements of income and comprehensive income. | |||||||||||||
Guarantees | ' | ||||||||||||
Guarantees | |||||||||||||
Guarantees issued by the Partnership, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Partnership’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income (expense) on the Partnership’s consolidated statements of income and comprehensive income as the Partnership’s risk from the guarantees declines over the term of the guarantee. If it becomes probable that the Partnership will have to perform under a guarantee, the Partnership will recognize an additional liability if the amount of the loss can be reasonably estimated. | |||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated other comprehensive income | |||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2011 and 2012 | — | ||||||||||||
Other comprehensive income | 131 | ||||||||||||
Balance as at December 31, 2013 | 131 | ||||||||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Dry-Docking Activity | ' | ||||||||||||
Dry-docking activity for the three years ended December 31, 2013, 2012 and 2011 is summarized as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Balance at January 1, | 28,821 | 34,449 | 24,393 | ||||||||||
Cost incurred for dry docking | 27,203 | 7,493 | 19,638 | ||||||||||
Sale of vessel (note 4) | (2,285 | ) | — | — | |||||||||
Dry-dock amortization | (13,411 | ) | (13,121 | ) | (9,582 | ) | |||||||
Balance at December 31, | 40,328 | 28,821 | 34,449 | ||||||||||
Changes in Balances of Component of Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated other comprehensive income | |||||||||||||
The following table contains the changes in the balance of the Partnership’s only component of accumulated other comprehensive income for the periods presented: | |||||||||||||
Qualifying Cash | |||||||||||||
Flow Hedging | |||||||||||||
Instruments | |||||||||||||
$ | |||||||||||||
Balance as at December 31, 2011 and 2012 | — | ||||||||||||
Other comprehensive income | 131 | ||||||||||||
Balance as at December 31, 2013 | 131 | ||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||||||
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis | ' | ||||||||||||||||||||
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Fair Value | Asset | Asset | Asset | Asset | |||||||||||||||||
Hierarchy | (Liability) | (Liability) | (Liability) | (Liability) | |||||||||||||||||
Level | $ | $ | $ | $ | |||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash | Level 1 | 636,779 | 636,779 | 642,166 | 642,166 | ||||||||||||||||
Derivative instruments (note 12) | |||||||||||||||||||||
Interest rate swap agreements – assets | Level 2 | 81,119 | 81,119 | 165,687 | 165,687 | ||||||||||||||||
Interest rate swap agreements – liabilities | Level 2 | (200,762 | ) | (200,762 | ) | (304,220 | ) | (304,220 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (18,236 | ) | (18,236 | ) | (2,623 | ) | (2,623 | ) | ||||||||||||
Other derivative | Level 3 | 6,344 | 6,344 | 1,100 | 1,100 | ||||||||||||||||
Other: | |||||||||||||||||||||
Advances to equity accounted joint ventures (note 6b) | (i | ) | 85,135 | (i | ) | — | — | ||||||||||||||
Advances to joint venture partner (note 6a) | (ii | ) | 14,364 | (ii | ) | 14,004 | (ii | ) | |||||||||||||
Long-term debt – public (note 9) | Level 1 | (263,534 | ) | (274,240 | ) | (125,791 | ) | (129,439 | ) | ||||||||||||
Long-term debt – non-public (note 9) | Level 2 | (1,513,973 | ) | (1,409,252 | ) | (1,287,562 | ) | (1,170,788 | ) | ||||||||||||
(i) | The advances to equity accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. | ||||||||||||||||||||
(ii) | The Partnership owns a 99% interest in Teekay Tangguh Borrower LLC (or Teekay Tangguh), which owns a 70% interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), essentially giving the Partnership a 69% interest in the Teekay Tangguh Joint Venture. The advances from the Teekay Tangguh Joint Venture to the joint venture partner together with the joint venture partner’s equity investment in the Teekay Tangguh Joint Venture form the net aggregate carrying value of the joint venture partner’s interest in the Teekay Tangguh Joint Venture in these consolidated financial statements. The fair value of the individual components of such aggregate interest is not determinable; however, these advances have been repaid subsequent to December 31, 2013. | ||||||||||||||||||||
Changes in Fair Value of Assets (Liabilities) Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | ' | ||||||||||||||||||||
Changes in fair value during the years ended December 31, 2013 and 2012 for the Partnership’s other derivative asset (liability), the Toledo Spirit time-charter derivative, which is described below and is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Fair value at beginning of period | 1,100 | (600 | ) | ||||||||||||||||||
Realized and unrealized gains included in earnings | 5,221 | 2,607 | |||||||||||||||||||
Settlements | 23 | (907 | ) | ||||||||||||||||||
Fair value at end of period | 6,344 | 1,100 | |||||||||||||||||||
Summary of Partnership's Loan Receivables and Other Financing Receivables | ' | ||||||||||||||||||||
The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||
Credit Quality | 2013 | 2012 | |||||||||||||||||||
Class of Financing Receivable | Indicator | Grade | $ | $ | |||||||||||||||||
Direct financing leases | Payment activity | Performing | 699,695 | 403,386 | |||||||||||||||||
Other receivables: | |||||||||||||||||||||
Long-term receivable included in other assets | Payment activity | Performing | 8,095 | 1,704 | |||||||||||||||||
Advances to equity accounted joint ventures (note 6b) | Other internal metrics | Performing | 85,135 | — | |||||||||||||||||
Advances to joint venture partner (note 6a) | Other internal metrics | Performing | 14,364 | 14,004 | |||||||||||||||||
807,289 | 419,094 | ||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Revenues and Percentage of Consolidated Voyage Revenues from Top Five Customers | ' | ||||||||||||
The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s top five customers during any of the periods presented. | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
(U.S. Dollars in millions) | December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Ras Laffan Liquefied Natural Gas Company Ltd.(i) | $69.7 or 17% | $69.6 or 18% | $68.8 or 18% | ||||||||||
Repsol YPF, S.A.(i) | $53.5 or 13% | $50.3 or 13% | $53.9 or 14% | ||||||||||
Compania Espanola de Petroleos(ii) | $48.8 or 12% | $47.3 or 12% | $44.4 or 12% | ||||||||||
The Tangguh Production Sharing | $47.3 or 12% | $45.4 or 12% | $43.7 or 12% | ||||||||||
Contractors(i) | |||||||||||||
Teekay Corporation(i) | Less than 10% | Less than 10% | Less than 10% | ||||||||||
(i) | Liquefied gas segment. | ||||||||||||
(ii) | Conventional tanker segment. | ||||||||||||
Segment Reporting Information | ' | ||||||||||||
The following tables include results for these segments for the years presented in these financial statements. | |||||||||||||
Year Ended December 31, 2013 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 285,694 | 113,582 | 399,276 | ||||||||||
Voyage expenses | 407 | 2,450 | 2,857 | ||||||||||
Vessel operating expenses | 55,459 | 44,490 | 99,949 | ||||||||||
Depreciation and amortization | 71,485 | 26,399 | 97,884 | ||||||||||
General and administrative(i) | 13,913 | 6,531 | 20,444 | ||||||||||
Restructuring charge | — | 1,786 | 1,786 | ||||||||||
Income from vessel operations | 144,430 | 31,926 | 176,356 | ||||||||||
Equity income | 123,282 | — | 123,282 | ||||||||||
Investment in and advances to equity accounted joint ventures | 671,789 | — | 671,789 | ||||||||||
Total assets at December 31, 2013 | 3,591,693 | 456,186 | 4,047,879 | ||||||||||
Expenditures for vessels and equipment | 469,463 | 750 | 470,213 | ||||||||||
Expenditures for dry docking | 21,090 | 6,113 | 27,203 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 278,511 | 114,389 | 392,900 | ||||||||||
Voyage expenses | 66 | 1,706 | 1,772 | ||||||||||
Vessel operating expenses | 50,124 | 44,412 | 94,536 | ||||||||||
Depreciation and amortization | 69,064 | 31,410 | 100,474 | ||||||||||
General and administrative(i) | 13,224 | 5,736 | 18,960 | ||||||||||
Write down of vessels | — | 29,367 | 29,367 | ||||||||||
Income from vessel operations | 146,033 | 1,758 | 147,791 | ||||||||||
Equity income | 78,866 | — | 78,866 | ||||||||||
Investment in and advances to equity accounted joint ventures | 409,735 | — | 409,735 | ||||||||||
Total assets at December 31, 2012 | 3,143,205 | 495,556 | 3,638,761 | ||||||||||
Expenditures for vessels and equipment | 39,366 | 528 | 39,894 | ||||||||||
Expenditures for dry docking | 6,054 | 1,439 | 7,493 | ||||||||||
Year Ended December 31, 2011 | |||||||||||||
Conventional | |||||||||||||
Liquefied Gas | Tanker | ||||||||||||
Segment | Segment | Total | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 269,408 | 111,061 | 380,469 | ||||||||||
Voyage (recoveries) expenses | (87 | ) | 1,474 | 1,387 | |||||||||
Vessel operating expenses | 51,640 | 45,539 | 97,179 | ||||||||||
Depreciation and amortization | 62,889 | 29,524 | 92,413 | ||||||||||
General and administrative(i) | 9,518 | 6,469 | 15,987 | ||||||||||
Income from vessel operations | 145,448 | 28,055 | 173,503 | ||||||||||
Equity income | 20,584 | — | 20,584 | ||||||||||
Expenditures for vessels and equipment | 63,686 | 999 | 64,685 | ||||||||||
Expenditures for dry docking | 13,831 | 5,807 | 19,638 | ||||||||||
(i) | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||
Reconciliation of Total Segment Assets | ' | ||||||||||||
A reconciliation of total segment assets presented in the consolidated balance sheets is as follows: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Total assets of the liquefied gas segment | 3,591,693 | 3,143,205 | |||||||||||
Total assets of the conventional tanker segment | 456,186 | 495,556 | |||||||||||
Unallocated: | |||||||||||||
Cash and cash equivalents | 139,481 | 113,577 | |||||||||||
Accounts receivable and prepaid expenses | 25,600 | 19,244 | |||||||||||
Advances to affiliates | 6,634 | 13,864 | |||||||||||
Consolidated total assets | 4,219,594 | 3,785,446 | |||||||||||
Leases_and_Restricted_Cash_Tab
Leases and Restricted Cash (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Text Block [Abstract] | ' | ||||||||
Capital Lease Obligations | ' | ||||||||
Capital Lease Obligations | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
RasGas II LNG Carriers | 472,806 | 472,085 | |||||||
Suezmax Tankers | 125,523 | 165,489 | |||||||
Total | 598,329 | 637,574 | |||||||
Less current portion | 31,668 | 70,272 | |||||||
Total | 566,661 | 567,302 | |||||||
Commitment Under Capital Leases of RasGas II LNG Carriers and Suezmax Tankers | ' | ||||||||
As at December 31, 2013, the commitments under these capital leases approximated $953.1 million, including imputed interest of $480.3 million, repayable as follows: | |||||||||
Year | Commitment | ||||||||
2014 | $ | 24,000 | |||||||
2015 | $ | 24,000 | |||||||
2016 | $ | 24,000 | |||||||
2017 | $ | 24,000 | |||||||
2018 | $ | 24,000 | |||||||
Thereafter | $ | 833,128 | |||||||
As at December 31, 2013, the remaining commitments under these four capital leases, including the purchase obligations, approximated $140.1 million, including imputed interest of $14.6 million, repayable during 2014 through 2018. The current portion of the capital lease obligations consist of the expected payments within the next fiscal year relating to the Huelva Spirit, Teide Spirit and the Toledo Spirit. The lease obligation balance of $30.5 million, including imputed interest of $0.2 million, relating to the Algeciras Spirit is considered long-term as the majority of the capital lease obligation will be settled through the relinquishment of the vessel which is classified as a long-term asset. | |||||||||
Year | Commitment | ||||||||
2014 | $ | 66,361 | |||||||
2015 | $ | 7,790 | |||||||
2016 | $ | 7,672 | |||||||
2017 | $ | 30,953 | |||||||
2018 | $ | 27,296 | |||||||
Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts | ' | ||||||||
As at December 31, 2013, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows: | |||||||||
Year | Head Lease | Sublease | |||||||
Receipts(i) | Payments(i)(ii) | ||||||||
2014 | $ | 28,828 | $ | 24,779 | |||||
2015 | $ | 22,188 | $ | 24,779 | |||||
2016 | $ | 21,242 | $ | 24,779 | |||||
2017 | $ | 21,242 | $ | 24,779 | |||||
2018 | $ | 21,242 | $ | 24,779 | |||||
Thereafter | $ | 217,821 | $ | 254,105 | |||||
Total | $ | 332,563 | $ | 378,000 | |||||
(i) | The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2013, the Partnership had received $177.8 million of aggregate Head Lease receipts and had paid $115.4 million of aggregate Sublease payments. The portion of the Head Lease receipts that haven’t been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and as at December 31, 2013, $43.0 million of Head Lease receipts had been deferred and included in other long-term liabilities in the Partnership’s consolidated balance sheets. | ||||||||
(ii) | The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||||||
Net Investments in Direct Financing Leases | ' | ||||||||
The following table lists the components of the net investments in direct financing leases: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Total minimum lease payments to be received | 988,888 | 623,739 | |||||||
Estimated unguaranteed residual value of leased properties | 194,965 | 194,965 | |||||||
Initial direct costs | 490 | 523 | |||||||
Less unearned revenue | (484,648 | ) | (415,841 | ) | |||||
Total | 699,695 | 403,386 | |||||||
Less current portion | 16,441 | 6,656 | |||||||
Total | 683,254 | 396,730 | |||||||
Equity_Method_Investments_Tabl
Equity Method Investments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||
Financial Information of Joint Ventures | ' | ||||||||||||
The following table presents aggregated summarized financial information assuming a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG BVBA and the Excalibur and Excelsior Joint Ventures. The results included were for the Excalibur and Excelsior Joint Ventures, the RasGas 3 Joint Venture, the Exmar LPG BVBA from February 2013, the Teekay LNG-Marubeni Joint Venture from February 2012 and the Angola Joint Ventures from the time the vessels were delivered from August, September, October 2011 and January 2012, respectively. | |||||||||||||
As at December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Cash and restricted cash | 234,677 | 155,943 | |||||||||||
Other assets – current | 85,866 | 57,868 | |||||||||||
Vessels and equipment | 2,117,901 | 1,653,273 | |||||||||||
Net investments in direct financing leases – non-current | 1,907,458 | 1,938,011 | |||||||||||
Other assets – non-current | 207,454 | 180,898 | |||||||||||
Current portion of long-term debt | 442,038 | 1,075,853 | |||||||||||
Other liabilities – current | 139,301 | 122,702 | |||||||||||
Long-term debt | 2,491,253 | 1,603,118 | |||||||||||
Other liabilities – non-current | 357,036 | 446,733 | |||||||||||
Years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Voyage revenues | 625,445 | 412,974 | 167,094 | ||||||||||
Income from vessel operations | 334,380 | 278,067 | 124,553 | ||||||||||
Realized and unrealized gain (loss) on derivative instruments | 16,334 | (39,428 | ) | (41,622 | ) | ||||||||
Net income | 276,174 | 180,059 | 51,492 |
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Carrying Amount of Intangible Assets for Partnership's Reportable Segments | ' | ||||||||||||||||||||||||
The carrying amount of intangible assets for the Partnership’s reportable segments is as follows: | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Liquefied Gas | Conventional | Total | Liquefied Gas | Conventional | Total | ||||||||||||||||||||
Segment | Tanker | $ | Segment | Tanker | $ | ||||||||||||||||||||
$ | Segment | $ | Segment | ||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||
Gross carrying amount | 179,813 | 6,797 | 186,610 | 179,813 | 12,623 | 192,436 | |||||||||||||||||||
Accumulated amortization | (83,311 | ) | (6,454 | ) | (89,765 | ) | (74,456 | ) | (7,996 | ) | (82,452 | ) | |||||||||||||
Net carrying amount | 96,502 | 343 | 96,845 | 105,357 | 4,627 | 109,984 | |||||||||||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
Interest including interest rate swaps | 26,923 | 25,722 | |||||||
Voyage and vessel expenses | 9,836 | 7,395 | |||||||
Payroll and benefits | 6,411 | 4,003 | |||||||
Other general expenses | 2,288 | 364 | |||||||
Income tax payable and other | 338 | 650 | |||||||
Total | 45,796 | 38,134 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-Term Debt | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 235,000 | 80,000 | |||||||
U.S. Dollar-denominated Term Loan due through 2018 | 103,207 | 112,264 | |||||||
U.S. Dollar-denominated Term Loan due through 2018 | 125,000 | — | |||||||
U.S. Dollar-denominated Term Loan due through 2019 | 296,935 | 321,851 | |||||||
U.S. Dollar-denominated Term Loan due through 2021 | 297,956 | 309,984 | |||||||
U.S. Dollar-denominated Term Loan due through 2021 | 102,372 | 108,799 | |||||||
U.S. Dollar-denominated Unsecured Demand Loan | 13,282 | 13,282 | |||||||
Norwegian Kroner-denominated Bond due in 2017 | 115,296 | 125,791 | |||||||
Norwegian Kroner-denominated Bond due in 2018 | 148,238 | — | |||||||
Euro-denominated Term Loans due through 2023 | 340,221 | 341,382 | |||||||
Total | 1,777,507 | 1,413,353 | |||||||
Less current portion | 97,114 | 86,489 | |||||||
Total | 1,680,393 | 1,326,864 | |||||||
Income_Tax_Tables
Income Tax (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Components of Provision for Income Taxes | ' | ||||||||||||
The components of the provision for income taxes were as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Current | 1,482 | 1,652 | 2,297 | ||||||||||
Deferred | 3,674 | (1,027 | ) | (1,516 | ) | ||||||||
Income tax expense | 5,156 | 625 | 781 | ||||||||||
Reconciliations of Tax Charge | ' | ||||||||||||
Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Net income before income tax expenses | 218,471 | 139,767 | 98,137 | ||||||||||
Net income not subject to taxes | 72,899 | (148,118 | ) | (205,363 | ) | ||||||||
Net income (loss) subject to taxes | 291,370 | (8,351 | ) | (107,226 | ) | ||||||||
At applicable statutory tax rates | |||||||||||||
Amount computed using the standard rate of corporate tax | 16,476 | 731 | (30,548 | ) | |||||||||
Adjustments to valuation allowance and uncertain tax position | (12,830 | ) | (3,352 | ) | 25,361 | ||||||||
Permanent and currency differences | (1,576 | ) | (2,069 | ) | (2,540 | ) | |||||||
Change in tax rate | 3,086 | 5,315 | 8,508 | ||||||||||
Tax expense charge related to the current year | 5,156 | 625 | 781 | ||||||||||
Components of Partnership's Deferred Tax Assets (Liabilities) | ' | ||||||||||||
The significant components of the Partnership’s deferred tax assets (liabilities) included in other assets were as follows: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
$ | $ | ||||||||||||
Derivative instruments | 21,757 | 50,669 | |||||||||||
Taxation loss carryforwards and disallowed finance costs | 52,804 | 40,762 | |||||||||||
Vessels and equipment | 3,190 | 3,150 | |||||||||||
Capitalized interest | (2,342 | ) | (2,784 | ) | |||||||||
75,409 | 91,797 | ||||||||||||
Valuation allowance | (73,054 | ) | (85,884 | ) | |||||||||
Net deferred tax assets | 2,355 | 5,913 | |||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||
Such related party transactions were as follows for the periods indicated: | |||||||||||||
Year Ended | |||||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(i) | 34,573 | 37,630 | 35,068 | ||||||||||
Vessel operating expenses(ii) | 10,847 | 10,319 | 10,452 | ||||||||||
General and administrative(ii)(iii) | 11,959 | 11,939 | 7,757 | ||||||||||
(i) | Commencing in 2008, the Arctic Spirit and Polar Spirit were time-chartered to Teekay Corporation at a fixed-rate for a period of ten years (plus options exercisable by Teekay Corporation to extend up to an additional 15 years). | ||||||||||||
(ii) | Includes ship management and crew training services provided by Teekay Corporation. The cost of ship management services provided by Teekay Corporation of $7.2 million for the year ended December 31, 2013 has been presented as vessel operating expenses (see Note 1). The amounts reclassified from general and administrative to vessel operating expenses in the comparative periods to conform to the presentation adopted in the current period were $7.8 million and $7.7 million for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||
(iii) | Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our General Partner for costs incurred on the Partnership’s behalf. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Cross Currency Swap Agreements | ' | ||||||||||||||||||||||||||||||||||||
The following table reflects information relating to the cross currency swaps as at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Fair Value / | Weighted- | |||||||||||||||||||||||||||||||||
Carrying | Average | ||||||||||||||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||||||||||||||
Amount | Amount | Reference | Fixed Rate | (Liability) | Remaining | ||||||||||||||||||||||||||||||||
NOK | $ | Rate | Margin | Payable | $ | Term (Years) | |||||||||||||||||||||||||||||||
700,000 | 125,000 | NIBOR | 5.25 | % | 6.88 | % | (13,246 | ) | 3.3 | ||||||||||||||||||||||||||||
900,000 | 150,000 | NIBOR | 4.35 | % | 6.43 | % | (4,990 | ) | 4.7 | ||||||||||||||||||||||||||||
(18,236 | ) | ||||||||||||||||||||||||||||||||||||
Interest Rate Swap Agreements | ' | ||||||||||||||||||||||||||||||||||||
As at December 31, 2013, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||||||||||||||
Fair Value / | |||||||||||||||||||||||||||||||||||||
Carrying | Weighted- | ||||||||||||||||||||||||||||||||||||
Amount of | Average | Fixed | |||||||||||||||||||||||||||||||||||
Interest | Principal | Assets | Remaining | Interest | |||||||||||||||||||||||||||||||||
Rate | Amount | (Liability) | Term | Rate | |||||||||||||||||||||||||||||||||
Index | $ | $ | (years) | (%) (i) | |||||||||||||||||||||||||||||||||
LIBOR-Based Debt: | |||||||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 404,464 | (66,829 | ) | 23.1 | 4.9 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 196,574 | (40,463 | ) | 5.2 | 6.2 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps | LIBOR | 90,000 | (13,581 | ) | 4.7 | 4.9 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps | LIBOR | 100,000 | (14,624 | ) | 3 | 5.3 | |||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(iii) | LIBOR | 193,750 | (33,614 | ) | 15 | 5.2 | |||||||||||||||||||||||||||||||
LIBOR-Based Restricted Cash Deposit: | |||||||||||||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(ii) | LIBOR | 469,011 | 81,119 | 23.1 | 4.8 | ||||||||||||||||||||||||||||||||
EURIBOR-Based Debt: | |||||||||||||||||||||||||||||||||||||
Euro-denominated interest rate swaps(iv) | EURIBOR | 340,221 | (31,651 | ) | 7 | 3.1 | |||||||||||||||||||||||||||||||
(119,643 | ) | ||||||||||||||||||||||||||||||||||||
(i) | Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2013, ranged from 0.30% to 3.20%. | ||||||||||||||||||||||||||||||||||||
(ii) | Principal amount reduces quarterly. | ||||||||||||||||||||||||||||||||||||
(iii) | Principal amount reduces semi-annually. | ||||||||||||||||||||||||||||||||||||
(iv) | Principal amount reduces monthly to 70.1 million Euros ($96.3 million) by the maturity dates of the swap agreements. | ||||||||||||||||||||||||||||||||||||
Location and Fair Value Amounts of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||
Accounts | Current | Derivative | Accrued | Current | Derivative | ||||||||||||||||||||||||||||||||
receivable/ | portion of | assets | liabilities | portion of | liabilities | ||||||||||||||||||||||||||||||||
Advances | derivative | derivative | |||||||||||||||||||||||||||||||||||
to | assets | liabilities | |||||||||||||||||||||||||||||||||||
affiliates | |||||||||||||||||||||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,608 | 17,044 | 59,467 | (10,960 | ) | (75,615 | ) | (114,187 | ) | ||||||||||||||||||||||||||||
Cross currency swap agreement | — | — | — | (155 | ) | (1,365 | ) | (16,716 | ) | ||||||||||||||||||||||||||||
Toledo Spirit time-charter derivative | 1,544 | 1,400 | 3,400 | — | — | — | |||||||||||||||||||||||||||||||
6,152 | 18,444 | 62,867 | (11,115 | ) | (76,980 | ) | (130,903 | ) | |||||||||||||||||||||||||||||
As at December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Interest rate swap agreements | 4,513 | 16,927 | 144,247 | (10,887 | ) | (48,046 | ) | (245,287 | ) | ||||||||||||||||||||||||||||
Cross currency swap agreement | 54 | 285 | — | — | — | (2,962 | ) | ||||||||||||||||||||||||||||||
Toledo Spirit time-charter derivative | — | — | 1,100 | — | — | — | |||||||||||||||||||||||||||||||
4,567 | 17,212 | 145,347 | (10,887 | ) | (48,046 | ) | (248,249 | ) | |||||||||||||||||||||||||||||
Gains (Losses) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | ' | ||||||||||||||||||||||||||||||||||||
The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income and comprehensive income is as follows: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Realized | Unrealized | Total | Realized | Unrealized | Total | Realized | Unrealized | Total | |||||||||||||||||||||||||||||
gains | gains | gains | gains | gains | gains | ||||||||||||||||||||||||||||||||
(losses) | (losses) | (losses) | (losses) | (losses) | (losses) | ||||||||||||||||||||||||||||||||
Interest rate swap agreements | (38,089 | ) | 18,868 | (19,221 | ) | (37,427 | ) | 5,200 | (32,227 | ) | (62,660 | ) | (9,677 | ) | (72,337 | ) | |||||||||||||||||||||
Toledo Spirit time-charter derivative | 1,521 | 3,700 | 5,221 | 907 | 1,700 | 2,607 | (93 | ) | 9,400 | 9,307 | |||||||||||||||||||||||||||
(36,568 | ) | 22,568 | (14,000 | ) | (36,520 | ) | 6,900 | (29,620 | ) | (62,753 | ) | (277 | ) | (63,030 | ) | ||||||||||||||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Changes in Operating Assets and Liabilities | ' | ||||||||||||
a) | The changes in operating assets and liabilities for years ended December 31, 2013, 2012 and 2011 are as follows: | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | (6,436 | ) | 513 | 5,441 | |||||||||
Prepaid expenses | 80 | (920 | ) | 995 | |||||||||
Accounts payable | (437 | ) | (1,124 | ) | (1,053 | ) | |||||||
Accrued liabilities | 7,662 | (8,606 | ) | 8,068 | |||||||||
Unearned revenue and long-term unearned revenue | (6,956 | ) | 7,996 | (5,809 | ) | ||||||||
Restricted cash | 4,258 | (1,464 | ) | (2,747 | ) | ||||||||
Advances to and from affiliates and joint venture partners | 14,417 | (7,259 | ) | (42,551 | ) | ||||||||
Other operating assets and liabilities | (2,510 | ) | 3,557 | 4,198 | |||||||||
Total | 10,078 | (7,307 | ) | (33,458 | ) | ||||||||
Total_Capital_and_Net_Income_P1
Total Capital and Net Income Per Unit (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||
Issuances of Common Units | ' | ||||||||||||||||||||||
The following table summarizes the issuances of common units over the three years ending December 31, 2013: | |||||||||||||||||||||||
Teekay | |||||||||||||||||||||||
Number of | Corporation’s | ||||||||||||||||||||||
Common | Gross | Net | Ownership | ||||||||||||||||||||
Units | Offering | Proceeds(i) | Proceeds | After the | |||||||||||||||||||
Date | Issued | Price | $ | $ | Offering(ii) | Use of Proceeds | |||||||||||||||||
Apr-11 | 4,251,800 | $ | 38.88 | 168,684 | 161,655 | 43.62 | % | Prepayment of revolving credit facilities | |||||||||||||||
Nov-11 | 5,500,000 | $ | 33.4 | 187,449 | 179,523 | 40.09 | % | Prepayment of revolving credit facilities | |||||||||||||||
Sep-12 | 4,825,863 | $ | 38.43 | 189,243 | 182,316 | 37.45 | % | Prepayment of revolving credit facilities | |||||||||||||||
Continuous offering program during 2013 | 124,071 | (iii | ) | 5,383 | 4,926 | (iii | ) | General partnership purposes | |||||||||||||||
Jul-13 | 931,098 | $ | 42.96 | 40,816 | 40,776 | 36.92 | % | Funding of LNG carrier newbuilding | |||||||||||||||
Prepayment of revolving credit facilities, | |||||||||||||||||||||||
funding of an LNG carrier acquisition and | |||||||||||||||||||||||
Oct-13 | 3,450,000 | $ | 42.62 | 150,040 | 144,818 | 35.3 | % | for general partnership purposes | |||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution. | ||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest. | ||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP) under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. | ||||||||||||||||||||||
Incentive Distributions | ' | ||||||||||||||||||||||
The General Partner is entitled to incentive distributions if the amount the Partnership distributes to unitholders with respect to any quarter exceeds specified target levels shown below: | |||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Unitholders | General Partner | |||||||||||||||||||||
Minimum quarterly distribution of $0.4125 | 98 | % | 2 | % | |||||||||||||||||||
Up to $0.4625 | 98 | % | 2 | % | |||||||||||||||||||
Above $0.4625 up to $0.5375 | 85 | % | 15 | % | |||||||||||||||||||
Above $0.5375 up to $0.6500 | 75 | % | 25 | % | |||||||||||||||||||
Above $0.6500 | 50 | % | 50 | % |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Vessel operating expenses | $99,949,000 | $94,536,000 | $97,179,000 |
Depreciation of vessels and equipment | 71,400,000 | 76,400,000 | 73,200,000 |
Interest costs capitalized to vessels and equipment | 1,300,000 | 24,000 | 3,100,000 |
Spain [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Tax rate in Spain | 30.00% | ' | ' |
Number of vessels | 2 | ' | ' |
Effective income tax rate on revenue by Spanish vessels tax credit | 90.00% | ' | ' |
Effective tax rate on revenues by Spanish vessels | 3.00% | ' | ' |
Conventional Tanker [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life in years | '25 years | ' | ' |
Liquefied Petroleum Gas [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life in years | '30 years | ' | ' |
Liquefied Natural Gas [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Estimated useful life in years | '35 years | ' | ' |
Reclassification from general and administrative expense [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Vessel operating expenses | ' | 8,200,000 | 8,100,000 |
Technical Management Fee [Member] | ' | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Vessel operating expenses | $7,800,000 | ' | ' |
Basis_of_Presentation_and_Sign4
Basis of Presentation and Significant Accounting Policies - Summary of Dry-Docking Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Beginning balance | $1,949,640 | ' | ' |
Cost incurred for dry docking | -27,203 | -7,493 | -19,638 |
Ending balance | 1,922,662 | 1,949,640 | ' |
Dry-Docking Activity [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Beginning balance | 28,821 | 34,449 | 24,393 |
Cost incurred for dry docking | 27,203 | 7,493 | 19,638 |
Sale of vessel (note 4) | -2,285 | 0 | 0 |
Dry-dock amortization | -13,411 | -13,121 | -9,582 |
Ending balance | $40,328 | $28,821 | $34,449 |
Basis_of_Presentation_and_Sign5
Basis of Presentation and Significant Accounting Policies - Changes in Balances of Component of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Beginning balance | $0 | ' | ' |
Other comprehensive income | 131 | 0 | 0 |
Ending balance | $131 | $0 | ' |
Financial_Instruments_Schedule
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Advances to equity accounted joint ventures (note 6b) | $671,789 | ' | $409,735 |
Advances to joint venture partner (note 6a) | 14,364 | ' | 0 |
Advances to joint venture partner (note 6a) | 0 | ' | 14,004 |
Long-term debt (note 9) | -1,777,507 | -963,000 | -1,413,353 |
Carrying Amount Asset (Liability) [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Advances to equity accounted joint ventures (note 6b) | 85,135 | ' | 0 |
Advances to joint venture partner (note 6a) | 14,364 | ' | ' |
Advances to joint venture partner (note 6a) | ' | ' | 14,004 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents and restricted cash | 636,779 | ' | 642,166 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate swap agreements - assets | 81,119 | ' | 165,687 |
Interest rate swap agreements - liabilities | -200,762 | ' | -304,220 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Cross currency swap agreement [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cross currency swap agreement | -18,236 | ' | -2,623 |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other derivative | 6,344 | ' | 1,100 |
Carrying Amount Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt (note 9) | -263,534 | ' | -125,791 |
Carrying Amount Asset (Liability) [Member] | Private [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt (note 9) | -1,513,973 | ' | -1,287,562 |
Fair Value Asset (Liability) [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Advances to equity accounted joint ventures (note 6b) | ' | ' | 0 |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents and restricted cash | 636,779 | ' | 642,166 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate swap agreements - assets | 81,119 | ' | 165,687 |
Interest rate swap agreements - liabilities | -200,762 | ' | -304,220 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Cross currency swap agreement [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cross currency swap agreement | -18,236 | ' | -2,623 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Other derivative | 6,344 | ' | 1,100 |
Fair Value Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt (note 9) | -274,240 | ' | -129,439 |
Fair Value Asset (Liability) [Member] | Private [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Long-term debt (note 9) | ($1,409,252) | ' | ($1,170,788) |
Financial_Instruments_Schedule1
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Teekay Tangguh Borrower LLC [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Partnership interest owned | 99.00% | ' |
Teekay Tangguh Borrower LLC [Member] | Teekay BLT Corporation [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Partnership interest owned | 70.00% | ' |
Teekay Tangguh Joint Venture [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Partnership interest owned | 69.00% | 69.00% |
Financial_Instruments_Changes_
Financial Instruments - Changes in Fair Value of Asset (Liability) Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair value at beginning of period | $1,100 | ($600) |
Realized and unrealized gains included in earnings | 5,221 | 2,607 |
Settlements | 23 | -907 |
Fair value at end of period | $6,344 | $1,100 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (Toledo Spirit time-charter derivative [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Toledo Spirit time-charter derivative [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Average daily tanker rate over remaining duration of charter contract | $21,256 | $25,409 |
Discount rate over remaining duration of contract | 8.40% | 8.80% |
Financial_Instruments_Summary_
Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Direct financing leases | $699,695 | $403,386 |
Other receivables: | ' | ' |
Advances to equity accounted joint ventures | 671,789 | 409,735 |
Advances to joint venture partner | 14,364 | 0 |
Advances to joint venture partner | 0 | 14,004 |
Total loans receivables and other financing receivables | 807,289 | 419,094 |
Payment activity [Member] | Performing [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Direct financing leases | 699,695 | 403,386 |
Other receivables: | ' | ' |
Long-term receivable included in other assets | 8,095 | 1,704 |
Other internal metrics [Member] | Performing [Member] | ' | ' |
Other receivables: | ' | ' |
Advances to equity accounted joint ventures | 85,135 | 0 |
Advances to joint venture partner | 14,364 | ' |
Advances to joint venture partner | ' | $14,004 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 2 |
Liquefied Gas Segment [Member] | Liquefied Natural Gas [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 29 |
Liquefied Gas Segment [Member] | Liquefied Natural Gas [Member] | Corporate Joint Venture [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 16 |
Liquefied Gas Segment [Member] | Liquefied Petroleum Gas Multi Gas [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 21 |
Liquefied Gas Segment [Member] | Liquefied Petroleum Gas [Member] | Corporate Joint Venture [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 16 |
Conventional Tanker [Member] | Suezmax Tankers [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 9 |
Conventional Tanker [Member] | Handymax Product [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of vessels | 1 |
Segment_Reporting_Revenues_and
Segment Reporting - Revenues and Percentage of Consolidated Voyage Revenues from Top Five Customers (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Voyage revenues from major customers | $399,276 | $392,900 | $380,469 |
Ras Laffan Liquefied Natural Gas Company Ltd. [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Voyage revenues from major customers | 69,700 | 69,600 | 68,800 |
Repsol YPF, S.A. [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Voyage revenues from major customers | 53,500 | 50,300 | 53,900 |
Compania Espanola de Petroleos [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Voyage revenues from major customers | 48,800 | 47,300 | 44,400 |
The Tangguh Production Sharing Contractors [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Voyage revenues from major customers | $47,300 | $45,400 | $43,700 |
Sales Revenue, Net [Member] | Teekay Corporation [Member] | Customer Concentration Risk [Member] | Maximum [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of Voyage revenues from major customers | 10.00% | 10.00% | 10.00% |
Sales Revenue, Net [Member] | Ras Laffan Liquefied Natural Gas Company Ltd. [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of Voyage revenues from major customers | 17.00% | 18.00% | 18.00% |
Sales Revenue, Net [Member] | Repsol YPF, S.A. [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of Voyage revenues from major customers | 13.00% | 13.00% | 14.00% |
Sales Revenue, Net [Member] | Compania Espanola de Petroleos [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of Voyage revenues from major customers | 12.00% | 12.00% | 12.00% |
Sales Revenue, Net [Member] | The Tangguh Production Sharing Contractors [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of Voyage revenues from major customers | 12.00% | 12.00% | 12.00% |
Segment_Reporting_Segment_Repo
Segment Reporting - Segment Reporting Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Voyage revenues | $399,276 | $392,900 | $380,469 |
Voyage (recoveries) expenses | 2,857 | 1,772 | 1,387 |
Vessel operating expenses | 99,949 | 94,536 | 97,179 |
Depreciation and amortization | 97,884 | 100,474 | 92,413 |
General and administrative | 20,444 | 18,960 | 15,987 |
Restructuring charge | 1,786 | 0 | 0 |
Write down of vessels | 0 | 29,367 | 0 |
Income from vessel operations | 176,356 | 147,791 | 173,503 |
Equity income | 123,282 | 78,866 | 20,584 |
Investment in and advances to equity accounted joint ventures | 671,789 | 409,735 | ' |
Total assets | 4,047,879 | 3,638,761 | ' |
Expenditures for vessels and equipment | 470,213 | 39,894 | 64,685 |
Expenditures for dry docking | 27,203 | 7,493 | 19,638 |
Liquefied Gas Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Voyage revenues | 285,694 | 278,511 | 269,408 |
Voyage (recoveries) expenses | 407 | 66 | -87 |
Vessel operating expenses | 55,459 | 50,124 | 51,640 |
Depreciation and amortization | 71,485 | 69,064 | 62,889 |
General and administrative | 13,913 | 13,224 | 9,518 |
Write down of vessels | ' | 0 | ' |
Income from vessel operations | 144,430 | 146,033 | 145,448 |
Equity income | 123,282 | 78,866 | 20,584 |
Investment in and advances to equity accounted joint ventures | 671,789 | 409,735 | ' |
Total assets | 3,591,693 | 3,143,205 | ' |
Expenditures for vessels and equipment | 469,463 | 39,366 | 63,686 |
Expenditures for dry docking | 21,090 | 6,054 | 13,831 |
Conventional Tanker [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Voyage revenues | 113,582 | 114,389 | 111,061 |
Voyage (recoveries) expenses | 2,450 | 1,706 | 1,474 |
Vessel operating expenses | 44,490 | 44,412 | 45,539 |
Depreciation and amortization | 26,399 | 31,410 | 29,524 |
General and administrative | 6,531 | 5,736 | 6,469 |
Restructuring charge | 1,786 | 0 | 0 |
Write down of vessels | 0 | 29,367 | 0 |
Income from vessel operations | 31,926 | 1,758 | 28,055 |
Total assets | 456,186 | 495,556 | ' |
Expenditures for vessels and equipment | 750 | 528 | 999 |
Expenditures for dry docking | $6,113 | $1,439 | $5,807 |
Segment_Reporting_Segment_Repo1
Segment Reporting - Segment Reporting Information (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Write down of vessels | $0 | $29,367 | $0 |
Conventional Tanker [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Write down of vessels | $0 | $29,367 | $0 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | $4,047,879 | $3,638,761 | ' | ' |
Cash and cash equivalents | 139,481 | 113,577 | 93,627 | 81,055 |
Accounts receivable and prepaid expenses | 25,600 | 19,244 | ' | ' |
Advances to affiliates | 6,634 | 13,864 | ' | ' |
Consolidated total assets | 4,219,594 | 3,785,446 | ' | ' |
Liquefied Gas Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 3,591,693 | 3,143,205 | ' | ' |
Conventional Tanker [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | $456,186 | $495,556 | ' | ' |
Leases_and_Restricted_Cash_Cap
Leases and Restricted Cash - Capital Lease Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ' | ' |
Total | $598,329 | $637,574 |
Less current portion | 31,668 | 70,272 |
Total | 566,661 | 567,302 |
RasGas II LNG Carriers [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Total | 472,806 | 472,085 |
Suezmax Tankers [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Total | $125,523 | $165,489 |
Leases_and_Restricted_Cash_Add
Leases and Restricted Cash - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Property Subject to Operating Lease [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay Nakilat Corporation [Member] | Teekay Tangguh Borrower LLC [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | Teekay BLT Corporation [Member] | Security for debt in equity method investment [Member] | Security for debt in equity method investment [Member] | RasGas II LNG Carriers [Member] | RasGas II LNG Carriers [Member] | Awilco LNG Carrier [Member] | Awilco LNG Carrier [Member] | Awilco LNG Carrier [Member] | Awilco LNG Carrier [Member] | Suezmax Tankers [Member] | Suezmax Tankers [Member] | Suezmax Tankers [Member] | Suezmax Tankers [Member] | Assets Held-for-sale [Member] | ||||
Vessel | Vessel | Teekay Tangguh Borrower LLC [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Vessel | m3 | Teekay Tangguh Joint Venture [Member] | Maximum [Member] | Minimum [Member] | Vessel | Vessel | Including Tenerife Spirit [Member] | Algeciras Spirit [Member] | Vessel | |||||||||
Vessel | Vessel | Vessel | |||||||||||||||||||||
Capital Leases and Operating and Direct Finance Leases [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest held by partnership | ' | ' | ' | ' | ' | 70.00% | 99.00% | 69.00% | 69.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of partnership's in joint ventures partner's share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease arrangement period, lessee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30-year | ' | ' | ' | ' | ' | 'Under these capital leases, the owner has the option to require the Partnership to purchase the five vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. | ' | ' | ' | ' |
Tax indemnification | ' | $600,000 | ' | ' | ' | ' | ' | $8,900,000 | $9,400,000 | ' | ' | ' | $15,000,000 | $15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax indemnification end period | ' | ' | ' | ' | ' | ' | ' | 'The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2033. | ' | ' | ' | ' | 'The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred, and ends in 2041. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate on lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | ' | ' | ' | ' | ' | 7.40% | ' | ' | ' | ' |
Approximate capital leases future minimum payments due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 953,100,000 | ' | ' | ' | ' | ' | 140,100,000 | ' | ' | 30,500,000 | ' |
Interest expenses included in capital lease payment obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 480,300,000 | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | 200,000 | ' |
Lease payments to cover interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of capital leased assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | 4 | ' | 5 | ' | ' |
Number of vessels | ' | ' | ' | ' | 6 | ' | ' | 2 | ' | ' | 6 | ' | ' | ' | 2 | ' | ' | ' | 3 | 3 | ' | ' | 2 |
Restricted cash on deposit | 497,298,000 | 494,429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475,600,000 | 475,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average interest rates earned on deposits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash on deposits relating to certain term loans and dry-docking expenditures and emergency repairs | 21,700,000 | 53,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest held by Teekay Tangguh Borrower LLC in Teekay BLT Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessee | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20-year | 'five-year fixed rate | 'four-year fixed rate | ' | ' | ' | ' | ' |
Purchase price of each vessel | 470,213,000 | 39,894,000 | 64,685,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 205,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Volume of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,900 | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront prepayment of charter for hire | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Extension option period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, capital lease, 2014 | ' | ' | ' | ' | ' | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | 32,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, capital lease, 2015 | ' | ' | ' | ' | ' | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | 35,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, capital lease, 2016 | ' | ' | ' | ' | ' | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, capital lease, 2017 | ' | ' | ' | ' | ' | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, capital lease, 2018 | ' | ' | ' | ' | ' | ' | ' | 39,100,000 | ' | ' | ' | ' | ' | ' | 134,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, operating lease, 2014 | ' | ' | ' | 324,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, operating lease, 2015 | ' | ' | ' | 316,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, operating lease, 2016 | ' | ' | ' | 334,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, operating lease, 2017 | ' | ' | ' | 352,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum scheduled future revenues, operating lease, 2018 | ' | ' | ' | $312,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leases_and_Restricted_Cash_Com
Leases and Restricted Cash - Commitment Under Capital Leases of RasGas II LNG Carriers and Suezmax Tankers (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
RasGas II LNG Carriers [Member] | ' |
Commitment under capital lease | ' |
2014 | $24,000 |
2015 | 24,000 |
2016 | 24,000 |
2017 | 24,000 |
2018 | 24,000 |
Thereafter | 833,128 |
Suezmax Tankers [Member] | ' |
Commitment under capital lease | ' |
2014 | 66,361 |
2015 | 7,790 |
2016 | 7,672 |
2017 | 30,953 |
2018 | $27,296 |
Leases_and_Restricted_Cash_Est
Leases and Restricted Cash - Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Head Lease Receipts [Member] | ' |
Estimated future minimum rental payments to be received and paid under the lease contracts | ' |
2014 | $28,828 |
2015 | 22,188 |
2016 | 21,242 |
2017 | 21,242 |
2018 | 21,242 |
Thereafter | 217,821 |
Total | 332,563 |
Sublease Payments [Member] | ' |
Estimated future minimum rental payments to be received and paid under the lease contracts | ' |
2014 | 24,779 |
2015 | 24,779 |
2016 | 24,779 |
2017 | 24,779 |
2018 | 24,779 |
Thereafter | 254,105 |
Total | $378,000 |
Leases_and_Restricted_Cash_Est1
Leases and Restricted Cash - Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts (Parenthetical) (Detail) (Teekay Tangguh Joint Venture [Member], USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Teekay Tangguh Joint Venture [Member] | ' |
Operating Leases [Line Items] | ' |
Head Lease receipts | $177.80 |
Sublease payments | 115.4 |
Deferred Head Lease receipts | $43 |
Leases_and_Restricted_Cash_Net
Leases and Restricted Cash - Net Investments in Direct Financing Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net Investments in Direct Financing Leases | ' | ' |
Total minimum lease payments to be received | $988,888 | $623,739 |
Estimated unguaranteed residual value of leased properties | 194,965 | 194,965 |
Initial direct costs | 490 | 523 |
Less unearned revenue | -484,648 | -415,841 |
Total | 699,695 | 403,386 |
Less current portion | 16,441 | 6,656 |
Total | $683,254 | $396,730 |
Equity_Method_Investments_Addi
Equity Method Investments - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 | Feb. 29, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 29, 2012 | Feb. 29, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Jul. 31, 2013 | Feb. 29, 2012 | Feb. 29, 2012 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Nov. 01, 2012 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Nov. 01, 2012 | Nov. 01, 2012 | |
Teekay Corporation [Member] | Teekay Corporation [Member] | Liquefied Natural Gas [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Interest rate swap agreements [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Additional Investments In Joint Ventures [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Excalibur and Excelsior [Member] | RasGas 3 [Member] | Excelsior [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | ||||||
Vessel | Derivative Instrument Interest Payment First Two Year [Member] | Derivative Instrument Interest Payment Period Last Six Year [Member] | Vessel | Shareholders' Equity [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Secured Debt [Member] | Teekay Corporation [Member] | m3 | Vessel | Vessel | Vessel | Teekay Corporation [Member] | Delivered [Member] | Liquefied Natural Gas [Member] | Liquefied Natural Gas [Member] | Vessel | Teekay Corporation [Member] | Pro rata share [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Charters-in [Member] | |||||||||||||
Vessel | Vessel | Vessel | Vessel | Secured Debt [Member] | Vessel | Vessel | Vessel | |||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | 8 | 5 |
Percentage of ownership in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | 33.00% | 33.00% | 33.00% | ' | 33.00% | ' | 50.00% | 40.00% | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' |
Investments in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $133,100,000 | ' | ' | ' | ' | ' | ' | ' |
Pro rata share of existing debt and lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | ' | ' | ' |
Acquisition fee paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' |
Excess of book value over the investment | ' | ' | ' | ' | 303,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | 4 | 1 | 3 | 4 | ' | 3 | 2 | 4 | ' | ' | ' | ' | ' | ' | 4 | ' | ' |
Joint venture interest in acquired business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-venturer interest in joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financed amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | 266,000,000 | ' | ' | ' | 1,060,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of secured debt guarantee by the Partnership | ' | ' | ' | ' | ' | 52.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash on deposits relating to certain term loans and dry-docking expenditures and emergency repairs | 21,700,000 | 53,100,000 | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee liability | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | 257,700,000 | ' | ' | ' | ' | ' | ' | ' | 34,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of guarantee liability | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in joint venture | 135,790,000 | 170,067,000 | 57,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,200,000 | ' | ' | ' | ' | ' | 19,100,000 | 57,287,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refinancing of its short-term loan facilities by entering into long-term debt facilities | 1,777,507,000 | 1,413,353,000 | ' | 963,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Teekay LNG-Marubeni Joint Venture entered in to an interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizing quarterly over the term of the interest rate swap to million at maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR-based interest for the payment of a fixed rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 2.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Volume of vessels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension option periods | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early termination fee notice period duration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early termination fee percentage on cost of construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Joint Ventures | $671,789,000 | $409,735,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,200,000 | ' | ' | ' | ' | ' | ' | $125,700,000 | $61,600,000 | $67,900,000 | $81,700,000 | ' | ' | ' | ' | ' | ' |
Equity_Method_Investments_Fina
Equity Method Investments - Financial Information of Joint Ventures (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Vessels and equipment | $1,922,662 | $1,949,640 | ' | ' |
Net investments in direct financing leases - non-current | 699,695 | 403,386 | ' | ' |
Current portion of long-term debt | 97,114 | 86,489 | ' | ' |
Long-term debt | 1,777,507 | 1,413,353 | ' | 963,000 |
Other liabilities - non-current | 73,140 | 73,568 | ' | ' |
Voyage revenues | 399,276 | 392,900 | 380,469 | ' |
Income from vessel operations | 176,356 | 147,791 | 173,503 | ' |
Net income | 213,315 | 139,142 | 97,356 | ' |
Equity method investments [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Cash and restricted cash | 234,677 | 155,943 | ' | ' |
Other assets - current | 85,866 | 57,868 | ' | ' |
Vessels and equipment | 2,117,901 | 1,653,273 | ' | ' |
Net investments in direct financing leases - non-current | 1,907,458 | 1,938,011 | ' | ' |
Other assets - non-current | 207,454 | 180,898 | ' | ' |
Current portion of long-term debt | 442,038 | 1,075,853 | ' | ' |
Other liabilities - current | 139,301 | 122,702 | ' | ' |
Long-term debt | 2,491,253 | 1,603,118 | ' | ' |
Other liabilities - non-current | 357,036 | 446,733 | ' | ' |
Voyage revenues | 625,445 | 412,974 | 167,094 | ' |
Income from vessel operations | 334,380 | 278,067 | 124,553 | ' |
Realized and unrealized gain (loss) on derivative instruments | 16,334 | -39,428 | -41,622 | ' |
Net income | $276,174 | $180,059 | $51,492 | ' |
Advances_to_Joint_Venture_Part1
Advances to Joint Venture Partner and Equity Accounted Joint Ventures - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Exmar LPG BVBA [Member] | Excalibur Joint Venture [Member] | Excalibur Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | P.T. Berlian Laju Tanker [Member] | Teekay Tangguh Joint Venture and Pt Berlian Laju Tanker [Member] | |||
LIBOR [Member] | LIBOR [Member] | Subsequent Event [Member] | ||||||||||
Investments in and Advances to Affiliates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to joint venture partner | $14,364,000 | $0 | ' | ' | ' | ' | ' | $10,200,000 | ' | ' | $4,200,000 | $14,364,000 |
Advances to joint venture partner, noncurrent | 0 | 14,004,000 | ' | ' | ' | ' | ' | ' | 10,200,000 | ' | ' | ' |
Partnership owns percentage in joint venture | ' | ' | ' | ' | ' | ' | ' | 69.00% | ' | ' | ' | ' |
Interest bearing percentage | ' | ' | ' | ' | 2.00% | ' | 0.50% | ' | ' | ' | 8.00% | ' |
Unpaid interest to partners | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' |
Dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,500,000 | ' | ' |
Partnership owns percentage in joint venture | ' | ' | 50.00% | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' |
Advances to equity accounted joint ventures | $671,789,000 | $409,735,000 | $81,700,000 | $67,900,000 | ' | $3,000,000 | ' | ' | ' | ' | ' | ' |
Repayment term | 'No fixed repayment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Weighted-average amortization period of intangible assets consisted of time-charter contracts | '18 years 1 month 6 days | '15 years 10 months 24 days | ' |
Amortization expense of intangible assets | $13,100,000 | $11,000,000 | $9,600,000 |
Amortization expense of intangible assets, 2014 | 9,200,000 | ' | ' |
Amortization expense of intangible assets, 2015 | 8,900,000 | ' | ' |
Amortization expense of intangible assets, 2016 | 8,900,000 | ' | ' |
Amortization expense of intangible assets, 2017 | 8,900,000 | ' | ' |
Amortization expense of intangible assets, 2018 | 8,900,000 | ' | ' |
Carrying amount of goodwill | 35,631,000 | 35,631,000 | ' |
Goodwill impairment | $0 | $0 | ' |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets for Partnership's Reportable Segments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $186,610 | $192,436 |
Accumulated amortization | -89,765 | -82,452 |
Net carrying amount | 96,845 | 109,984 |
Liquefied Gas Segment [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 179,813 | 179,813 |
Accumulated amortization | -83,311 | -74,456 |
Net carrying amount | 96,502 | 105,357 |
Conventional Tanker [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 6,797 | 12,623 |
Accumulated amortization | -6,454 | -7,996 |
Net carrying amount | $343 | $4,627 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Interest including interest rate swaps | $26,923 | $25,722 |
Voyage and vessel expenses | 9,836 | 7,395 |
Payroll and benefits | 6,411 | 4,003 |
Other general expenses | 2,288 | 364 |
Income tax payable and other | 338 | 650 |
Total | $45,796 | $38,134 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2019 [Member] | U.S. Dollar-denominated Term Loan due through 2019 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | Norwegian Kroner-denominated Bond due in 2017 [Member] | Norwegian Kroner-denominated Bond due in 2017 [Member] | Norwegian Kroner-denominated Bond due in 2018 [Member] | Norwegian Kroner-denominated Bond due in 2018 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] |
USD ($) | USD ($) | Term Loan One [Member] | Term Loan One [Member] | Term Loan Two [Member] | Term Loan Two [Member] | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | USD ($) | USD ($) | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $1,777,507 | $963,000 | $1,413,353 | $235,000 | $80,000 | $103,207 | $112,264 | $125,000 | $0 | $296,935 | $321,851 | $297,956 | $309,984 | $102,372 | $108,799 | $13,282 | $13,282 | $115,296 | $125,791 | $148,238 | $0 | $340,221 | € 247,600 | $341,382 |
Less current portion | 97,114 | ' | 86,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $1,680,393 | ' | $1,326,864 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Teekay Nakilat Corporation [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2018 [Member] | U.S. Dollar-denominated Term Loan due through 2019 [Member] | U.S. Dollar-denominated Term Loan due through 2019 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan one due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | U.S. Dollar-denominated Term Loan two due through 2021 [Member] | Unsecured Debt [Member] | Unsecured Debt [Member] | ||||
CreditFacility | Term Loan One [Member] | Term Loan One [Member] | Term Loan Two [Member] | Term Loan Two [Member] | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | First Tranche [Member] | Second Tranche [Member] | Teekay Tangguh Joint Venture [Member] | First Tranche [Member] | Second Tranche [Member] | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | |||||||||||
Teekay Tangguh Joint Venture [Member] | Teekay Tangguh Joint Venture [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of long-term revolving credit facilities | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings provided under revolving credit facilities | ' | ' | ' | ' | ' | ' | $427,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Undrawn amount of revolving credit facilities | ' | ' | ' | ' | ' | ' | 192,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2014 | ' | ' | ' | ' | ' | ' | 34,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2015 | ' | ' | ' | ' | ' | ' | 84,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2016 | ' | ' | ' | ' | ' | ' | 27,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2017 | ' | ' | ' | ' | ' | ' | 28,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reduced under revolving credit facilities, 2018 | ' | ' | ' | ' | ' | ' | 253,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Months required to repay all borrowings | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels, collateral | ' | ' | ' | ' | ' | ' | 'The revolving credit facilities are collateralized by first-priority mortgages granted on seven of the Partnershipbs vessels, together with other related security, and include a guarantee from the Partnership or its subsidiaries of all outstanding amounts. | ' | ' | 'This loan facility is collateralized by first-priority mortgages on the five vessels to which the loan relates, together with certain other related security and is guaranteed by the Partnership. | ' | 'This loan facility is collateralized by a first-priority mortgage on one vessel to which the loan relates, together with certain other related security and is guaranteed by the Partnership. | ' | 'The term loan is collateralized by first-priority mortgages on the three vessels, together with certain other related security and certain guarantees from the Partnership. | ' | ' | ' | ' | ' | 'This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other related security and is guaranteed by Teekay Corporation. | ' | 'This loan facility is collateralized by first-priority mortgages on the two vessels to which the loan relates, together with certain other security and is guaranteed by the Partnership. | ' | ' | ' | ' |
Long-term debt | 1,777,507,000 | 963,000,000 | 1,413,353,000 | ' | ' | ' | 235,000,000 | 80,000,000 | ' | 103,207,000 | 112,264,000 | 125,000,000 | 0 | 296,935,000 | 321,851,000 | 297,956,000 | 309,984,000 | ' | ' | 102,372,000 | 108,799,000 | ' | ' | ' | 13,282,000 | 13,282,000 |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' |
Bullet repayments of term loan per vessel | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,700,000 | ' | 83,300,000 | ' | 56,000,000 | ' | ' | ' | ' | 95,000,000 | ' | ' | ' | ' | 20,000,000 | ' | ' |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | ' | 3.20% | ' | 0.68% | ' | ' | ' | 0.30% | 0.63% | ' | ' | ' | 0.30% | 0.70% | ' | ' |
Frequency of paying U.S. Dollar-denominated Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly payments | 'Quarterly payments | ' | 'Quarterly payments | ' | 'Quarterly payments | ' | ' | ' | 'Quarterly payments | ' | ' | ' | ' | 'Semi-annual payments | ' | ' | ' |
Partnership interest owned | ' | ' | ' | 70.00% | 69.00% | 69.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of U.S. Dollar-denominated Term Loans Outstanding bearing fixed rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate on the portion of U.S. Dollar-denominated Term Loans and Demand Loans outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.84% | ' |
Portion of U.S. Dollar-denominated Term Loans Outstanding bearing LIBOR plus margin rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $168,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information 1 (Detail) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 03, 2013 | Dec. 31, 2013 | Sep. 03, 2013 | Sep. 03, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due September 2018 [Member] | Norwegian Kroner denominated bonds due September 2018 [Member] | Norwegian Kroner denominated bonds due September 2018 [Member] | Norwegian Kroner denominated bonds due September 2018 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |
USD ($) | NOK | NOK | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | NOK | USD ($) | Foreign Currency Derivatives [Member] | Foreign Currency Derivatives [Member] | USD ($) | EUR (€) | USD ($) | Euro-denominated Term Loans due through 2023 [Member] | Euro-denominated Term Loans due through 2023 [Member] | |||||||
USD ($) | NOK | USD ($) | NOK | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bonds issued | ' | ' | ' | ' | ' | 700,000,000 | 700,000,000 | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of bonds | ' | ' | ' | ' | 115,300,000 | ' | ' | ' | ' | ' | 148,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reference rate for the variable rate of the debt instrument | ' | ' | ' | ' | 'NIBOR | 'NIBOR | ' | ' | ' | ' | 'NIBOR | ' | ' | 'EURIBOR | 'EURIBOR | ' | ' | ' | ' | ' |
Marginal rate added to LIBOR and NIBOR for interest paid on first tranche under the loan facility | ' | ' | ' | ' | 5.25% | 5.25% | ' | ' | ' | 4.35% | ' | ' | ' | ' | ' | ' | 0.30% | 0.60% | 3.20% | 2.25% |
Fixed interest payment rate for currency swap | ' | ' | ' | ' | ' | ' | ' | 6.88% | 6.88% | ' | ' | 6.43% | 6.43% | ' | ' | ' | ' | ' | ' | ' |
Transfer of principal amount | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | 700,000,000 | ' | ' | 150,000,000 | 900,000,000 | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,777,507,000 | 1,413,353,000 | ' | 963,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 340,221,000 | 247,600,000 | 341,382,000 | ' | ' | ' | ' |
Number of vessels, collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The term loans are collateralized by first-priority mortgages on two vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. | 'The term loans are collateralized by first-priority mortgages on two vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. | ' | ' | ' | ' | ' |
Weighted-average interest rate for the Partnership's long-term debt outstanding | 2.48% | 2.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange (loss) gains | -15,832,000 | -8,244,000 | 10,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, 2014 | 97,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, 2015 | 153,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, 2016 | 100,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, 2017 | 218,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, 2018 | 762,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate annual long-term debt principal repayments, thereafter | 445,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of minimum liquidity of partnership term loans to be held by Teekay Corporation | 'Greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum liquidity cash and cash equivalents | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Teekay Corporation's consolidated debt to be maintained by Teekay Corporation as cash and cash equivalents | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Tax_Components_of_Provi
Income Tax - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $1,482 | $1,652 | $2,297 |
Deferred | 3,674 | -1,027 | -1,516 |
Income tax expense | $5,156 | $625 | $781 |
Income_Tax_Reconciliations_of_
Income Tax - Reconciliations of Tax Charge (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net income before income tax expenses | $218,471 | $139,767 | $98,137 |
Net income not subject to taxes | 72,899 | -148,118 | -205,363 |
Net income (loss) subject to taxes | 291,370 | -8,351 | -107,226 |
Amount computed using the standard rate of corporate tax | 16,476 | 731 | -30,548 |
Adjustments to valuation allowance and uncertain tax position | -12,830 | -3,352 | 25,361 |
Permanent and currency differences | -1,576 | -2,069 | -2,540 |
Change in tax rate | 3,086 | 5,315 | 8,508 |
Income tax expense | $5,156 | $625 | $781 |
Income_Tax_Components_of_Partn
Income Tax - Components of Partnership's Deferred Tax Assets (Liabilities) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Derivative instruments | $21,757 | $50,669 |
Taxation loss carryforwards and disallowed finance costs | 52,804 | 40,762 |
Vessels and equipment | 3,190 | 3,150 |
Capitalized interest | -2,342 | -2,784 |
Gross deferred tax assets | 75,409 | 91,797 |
Valuation allowance | -73,054 | -85,884 |
Net deferred tax assets | $2,355 | $5,913 |
Income_Tax_Additional_Informat
Income Tax - Additional Information (Detail) | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | United Kingdom [Member] | Spain [Member] | Spain [Member] | Luxembourg [Member] | Luxembourg [Member] |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | ||||||
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxation loss carryforwards | ' | ' | ' | ' | ' | $15.50 | $195.10 | € 142 | $147.80 | € 107.60 |
Taxation operating income | ' | ' | ' | ' | ' | ' | 20.8 | 15.1 | ' | ' |
Tax credit operating income to be carried forward for offset against future taxable income | ' | ' | ' | ' | ' | ' | '18 years | '18 years | ' | ' |
Unrecognized tax benefits | ' | 4.7 | 3.4 | 5.4 | 3.4 | ' | ' | ' | ' | ' |
Accrued interest and penalties | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 5 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2007 | Feb. 29, 2012 | Mar. 31, 2013 | Jul. 31, 2008 | Oct. 17, 2011 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Angola LNG Carriers [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Teekay Corporation [Member] | Skaugen Multigas Subsidiaries [Member] | Skaugen Multigas Subsidiaries [Member] | Skaugen Multigas Subsidiaries [Member] | Skaugen Multigas Subsidiaries [Member] | Liquefied Natural Gas [Member] | Liquefied Natural Gas [Member] | Liquefied Natural Gas [Member] | ||||
m3 | Vessel | Vessel | Vessel | Vessel | Angola LNG Carriers [Member] | Teekay LNG-Marubeni Joint Venture [Member] | Exmar LPG BVBA [Member] | Vessel | Vessel | Teekay Corporation [Member] | Vessel | Daewoo Shipbuilding [Member] | Daewoo Shipbuilding [Member] | ||||||
Vessel | m3 | Vessel | |||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels | ' | ' | ' | 4 | 1 | 3 | 4 | 6 | ' | ' | ' | ' | 2 | 2 | ' | ' | 2 | 5 | ' |
Volume of vessels | ' | ' | ' | 160,400 | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' |
Acquisition percent of interest in LNG carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Acquisition cost of vessels and associated fixed-rate contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114,500,000 | ' | ' | ' | ' | ' |
Equity distribution to parent in form of excess of purchase price over book value of assets | ' | 15,938,000 | 46,243,000 | ' | 15,938,000 | 46,243,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,231,000 | ' | ' | ' | ' |
Percentage interest sold in Skaugen Multigas Subsidiaries and Skaugen LPG carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Sale price of interest sold in Skaugen Multigas Subsidiaries and Skaugen LPG carriers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' |
Capital lease arrangement period, lessor | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost to construct carriers | ' | ' | ' | ' | ' | ' | 906,200,000 | ' | ' | 299,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment ownership percentage | ' | ' | ' | 33.00% | 33.00% | 33.00% | ' | 52.00% | ' | 33.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Total equity purchase price | 135,790,000 | 170,067,000 | 57,287,000 | ' | 19,100,000 | 57,287,000 | ' | ' | ' | ' | 138,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt assumed by acquiring company | ' | ' | ' | ' | 64,800,000 | 193,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
One-time fee to Teekay Corporation for its support in Partnership's successful acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' |
Shipbuilding and site supervision costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 0 |
Advances to affiliates | 6,634,000 | 13,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances from affiliates | $19,270,000 | $12,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | $399,276 | $392,900 | $380,469 |
Vessel operating expenses | 99,949 | 94,536 | 97,179 |
General and administrative | 20,444 | 18,960 | 15,987 |
Affiliated Entity [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenues | 34,573 | 37,630 | 35,068 |
Vessel operating expenses | 10,847 | 10,319 | 10,452 |
General and administrative | $11,959 | $11,939 | $7,757 |
Related_Party_Transactions_Sch1
Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Vessel operating expenses | $99,949 | $94,536 | $97,179 |
Reclassification from general and administrative expense [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Vessel operating expenses | ' | 8,200 | 8,100 |
Technical Management Fee [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Vessel operating expenses | 7,800 | ' | ' |
Teekay Corporation [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Operating lease arrangement period, lessor | '10 years | ' | ' |
Additional time period for fixed-rate time-charters contract | '15 years | ' | ' |
Teekay Corporation [Member] | Reclassification from general and administrative expense [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Vessel operating expenses | ' | 7,800 | 7,700 |
Teekay Corporation [Member] | Technical Management Fee [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Vessel operating expenses | $7,200 | ' | ' |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-12 | Sep. 03, 2013 | |
USD ($) | USD ($) | USD ($) | Toledo Spirit time-charter derivative [Member] | Toledo Spirit time-charter derivative [Member] | Cross currency swap agreement [Member] | Cross currency swap agreement [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due May 2017 [Member] | Norwegian Kroner denominated bonds due September 2018 [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | NOK | NOK | NOK | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior unsecured bond issued | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | 700,000,000 | 900,000,000 |
Fair Value /Carrying Amount of Assets | 81,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value /Carrying Amount of Liability | 165,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative fair value assets, net | ' | ' | ' | 6,300,000 | 1,100,000 | ' | ' | ' | ' | ' |
Unrealized losses on derivatives | -16,019,000 | -8,923,000 | 10,221,000 | ' | ' | -15,400,000 | -2,700,000 | ' | ' | ' |
Realized gains (losses) on derivatives | ' | ' | ' | ' | ' | ($300,000) | $300,000 | ' | ' | ' |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Cross Currency Swap Agreements (Detail) (Cross currency swap agreement [Member]) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | USD ($) | Norwegian Kroner-denominated Bond due in 2017 [Member] | Norwegian Kroner-denominated Bond due in 2017 [Member] | Norwegian Kroner-denominated Bond due in 2018 [Member] | Norwegian Kroner-denominated Bond due in 2018 [Member] |
USD ($) | NOK | USD ($) | NOK | ||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Principal Amount | ' | $125,000 | 700,000 | $150,000 | 900,000 |
Interest Rate Index | ' | 'NIBOR | 'NIBOR | 'NIBOR | 'NIBOR |
Floating Rate Receivable, Margin | ' | 5.25% | 5.25% | 4.35% | 4.35% |
Fixed Interest Payment on Cross Currency Rate Swap | ' | 6.88% | 6.88% | 6.43% | 6.43% |
Fair Value / Carrying Amount of (Liability) | ($18,236) | ($13,246) | ' | ($4,990) | ' |
Weighted-Average Remaining Term (Years) | ' | '3 years 3 months 18 days | '3 years 3 months 18 days | '4 years 8 months 12 days | '4 years 8 months 12 days |
Derivative_Instruments_Interes
Derivative Instruments - Interest Rate Swap Agreements (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
United States Dollar-denominated interest rate swaps 1 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | $404,464 |
Fair Value /Carrying Amount of Assets (Liability) | -66,829 |
Weighted-Average Remaining Term (Years) | '23 years 1 month 6 days |
Fixed Interest Rate | 4.90% |
United States Dollar-denominated interest rate swaps 2 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 196,574 |
Fair Value /Carrying Amount of Assets (Liability) | -40,463 |
Weighted-Average Remaining Term (Years) | '5 years 2 months 12 days |
Fixed Interest Rate | 6.20% |
United States Dollar-denominated interest rate swaps 3 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 90,000 |
Fair Value /Carrying Amount of Assets (Liability) | -13,581 |
Weighted-Average Remaining Term (Years) | '4 years 8 months 12 days |
Fixed Interest Rate | 4.90% |
United States Dollar-denominated interest rate swaps 4 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 100,000 |
Fair Value /Carrying Amount of Assets (Liability) | -14,624 |
Weighted-Average Remaining Term (Years) | '3 years |
Fixed Interest Rate | 5.30% |
United States Dollar-denominated interest rate swaps 5 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 193,750 |
Fair Value /Carrying Amount of Assets (Liability) | -33,614 |
Weighted-Average Remaining Term (Years) | '15 years |
Fixed Interest Rate | 5.20% |
United States Dollar-denominated interest rate swaps 6 [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'LIBOR |
Principal Amount | 469,011 |
Fair Value /Carrying Amount of Assets (Liability) | 81,119 |
Weighted-Average Remaining Term (Years) | '23 years 1 month 6 days |
Fixed Interest Rate | 4.80% |
Euro-denominated interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest Rate Index | 'EURIBOR |
Principal Amount | 340,221 |
Fair Value /Carrying Amount of Assets (Liability) | -31,651 |
Weighted-Average Remaining Term (Years) | '7 years |
Fixed Interest Rate | 3.10% |
Interest rate swap agreements [Member] | ' |
Derivative [Line Items] | ' |
Fair Value /Carrying Amount of Assets (Liability) | ($119,643) |
Derivative_Instruments_Interes1
Derivative Instruments - Interest Rate Swap Agreements (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | USD ($) | EUR (€) |
Derivative Instrument Detail [Abstract] | ' | ' |
Minimum variable interest rate on Debt | 0.30% | 0.30% |
Maximum variable interest rate on Debt | 3.20% | 3.20% |
Reduced Principal amount denominated Interest rate swaps | $96.30 | € 70.10 |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts receivable/Advances to affiliates | $6,152 | $4,567 |
Current portion of derivative assets | 18,444 | 17,212 |
Derivative assets | 62,867 | 145,347 |
Accrued liabilities | -11,115 | -10,887 |
Current portion of derivative liabilities | -76,980 | -48,046 |
Derivative liabilities | -130,903 | -248,249 |
Interest rate swap agreements [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts receivable/Advances to affiliates | 4,608 | 4,513 |
Current portion of derivative assets | 17,044 | 16,927 |
Derivative assets | 59,467 | 144,247 |
Accrued liabilities | -10,960 | -10,887 |
Current portion of derivative liabilities | -75,615 | -48,046 |
Derivative liabilities | -114,187 | -245,287 |
Currency swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts receivable/Advances to affiliates | ' | 54 |
Current portion of derivative assets | ' | 285 |
Derivative assets | ' | ' |
Accrued liabilities | -155 | ' |
Current portion of derivative liabilities | -1,365 | ' |
Derivative liabilities | -16,716 | -2,962 |
Toledo Spirit time-charter derivative [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Accounts receivable/Advances to affiliates | 1,544 | ' |
Current portion of derivative assets | 1,400 | ' |
Derivative assets | 3,400 | 1,100 |
Accrued liabilities | ' | ' |
Current portion of derivative liabilities | ' | ' |
Derivative liabilities | ' | ' |
Derivative_Instruments_Gains_L
Derivative Instruments - Gains (Losses) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Realized gains (losses) on derivative instruments | ($36,568) | ($36,520) | ($62,753) |
Unrealized gains (losses) on derivative instruments | 22,568 | 6,900 | -277 |
Gain (loss) on derivative instruments, net | -14,000 | -29,620 | -63,030 |
Interest rate swap agreements [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Realized gains (losses) on derivative instruments | -38,089 | -37,427 | -62,660 |
Unrealized gains (losses) on derivative instruments | 18,868 | 5,200 | -9,677 |
Gain (loss) on derivative instruments, net | -19,221 | -32,227 | -72,337 |
Toledo Spirit time-charter derivative [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Realized gains (losses) on derivative instruments | 1,521 | 907 | -93 |
Unrealized gains (losses) on derivative instruments | 3,700 | 1,700 | 9,400 |
Gain (loss) on derivative instruments, net | $5,221 | $2,607 | $9,307 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 17, 2011 |
HMRC [Member] | Teekay Nakilat Corporation [Member] | Teekay Nakilat Corporation [Member] | Daewoo Shipbuilding [Member] | Daewoo Shipbuilding [Member] | Daewoo Shipbuilding [Member] | Skaugen Multigas Subsidiaries [Member] | |||
Partnership Share [Member] | Liquefied Natural Gas [Member] | Liquefied Natural Gas [Member] | 2017 [Member] | Subsidiary | |||||
Vessel | Vessel | Liquefied Natural Gas [Member] | |||||||
m3 | Vessel | ||||||||
Commitments Contingencies And Litigation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | ' | ' | 70.00% | ' | ' | ' | ' | 100.00% |
Skaugen Multigas Subsidiaries acquired | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Number of vessels | ' | ' | ' | ' | ' | 5 | 2 | 3 | ' |
Volume of vessels | ' | ' | ' | ' | ' | 173,400 | ' | ' | ' |
Cost of construction | ' | ' | ' | ' | ' | $1,050,000,000 | ' | ' | ' |
Payments made to commitments by the joint ventures companies | 97,207,000 | 38,624,000 | ' | ' | ' | 97,207,000 | ' | ' | ' |
Remaining payments required to be made under newbuilding contracts in 2014 | ' | ' | ' | ' | ' | 89,700,000 | ' | ' | ' |
Remaining payments required to be made under newbuilding contracts in 2015 | ' | ' | ' | ' | ' | 137,700,000 | ' | ' | ' |
Remaining payments required to be made under newbuilding contracts in 2016 | ' | ' | ' | ' | ' | 296,900,000 | ' | ' | ' |
Remaining payments required to be made under newbuilding contracts in 2017 | ' | ' | ' | ' | ' | 428,500,000 | ' | ' | ' |
Operating lease arrangement period, lessor | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Description of capital lease, lessee | ' | ' | ' | 'The Teekay Nakilat Joint Venture is the lessee under 30-year capital lease arrangements with a third party for the three RasGas II LNG Carriers (or the RasGas II Leases). The UK taxing authority (or HMRC) has been urging the lessor as well as other lessors under capital lease arrangements that have tax benefits similar to the ones provided by the RasGas II Leases, to terminate such finance lease arrangements and has in other circumstances challenged the use of similar structures. | ' | ' | ' | ' | ' |
Present value of the lease rental increase claim | ' | ' | $34,000,000 | $12,300,000 | $8,600,000 | ' | ' | ' | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Accounts receivable | ($6,436) | $513 | $5,441 |
Prepaid expenses | 80 | -920 | 995 |
Accounts payable | -437 | -1,124 | -1,053 |
Accrued liabilities | 7,662 | -8,606 | 8,068 |
Unearned revenue and long-term unearned revenue | -6,956 | 7,996 | -5,809 |
Restricted cash | 4,258 | -1,464 | -2,747 |
Advances to and from affiliates and joint venture partners | 14,417 | -7,259 | -42,551 |
Other operating assets and liabilities | -2,510 | 3,557 | 4,198 |
Total | $10,078 | ($7,307) | ($33,458) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Supplemental Cash Flow [Line Items] | ' | ' | ' |
Cash interest paid on long-term debt, advances from affiliates and capital lease obligations | $133,700,000 | $131,100,000 | $154,300,000 |
Termination fee | ' | ' | 22,600,000 |
Income taxes paid | 5,600,000 | 1,500,000 | 1,500,000 |
Purchase price of vessels | 470,213,000 | 39,894,000 | 64,685,000 |
Tenerife Spirit [Member] | ' | ' | ' |
Schedule Of Supplemental Cash Flow [Line Items] | ' | ' | ' |
Sale of vessel | 29,700,000 | ' | ' |
Tenerife Spirit [Member] | Capital Lease Obligations [Member] | ' | ' | ' |
Schedule Of Supplemental Cash Flow [Line Items] | ' | ' | ' |
Extinguishment of debt | 29,700,000 | ' | ' |
Awilco LNG Carrier [Member] | ' | ' | ' |
Schedule Of Supplemental Cash Flow [Line Items] | ' | ' | ' |
Number of vessels | 2 | ' | ' |
Purchase price of vessels | 205,000,000 | ' | ' |
Upfront fee | 1,000,000 | ' | ' |
Upfront prepayment of charter for hire | $51,000,000 | ' | ' |
Total_Capital_and_Net_Income_P2
Total Capital and Net Income Per Unit - Issuance of Common Units (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Nov. 30, 2011 | Apr. 30, 2011 | Jul. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2013 |
Prepayment of Revolving Credit Facilities [Member] | Prepayment of Revolving Credit Facilities [Member] | Prepayment of Revolving Credit Facilities [Member] | Funding of LNG Carrier Newbuilding [Member] | General Partnership Purposes [Member] | General Partnership Purposes [Member] | ||||
Prepayment of Revolving Credit Facilities, Funding of LNG Carrier Acquisition and for General Partnership Purposes [Member] | |||||||||
Prepayment of Revolving Credit Facilities [Member] | |||||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common Stock Units Issued, Sold in public and continuing offering program | ' | ' | ' | 4,825,863 | 5,500,000 | 4,251,800 | ' | 124,071 | 3,450,000 |
Number of Common Stock Units Issued, Private placement | ' | ' | ' | ' | ' | ' | 931,098 | ' | ' |
Gross Proceeds, Sold in public and continuing offering program | ' | ' | ' | $189,243 | $187,449 | $168,684 | ' | $5,383 | $150,040 |
Gross Proceeds, Private placement | ' | ' | ' | ' | ' | ' | 40,816 | ' | ' |
Net proceeds from equity offerings | $190,520 | $182,316 | $341,178 | $182,316 | $179,523 | $161,655 | $40,776 | $4,926 | $144,818 |
Offering Price | ' | ' | ' | $38.43 | $33.40 | $38.88 | $42.96 | ' | $42.62 |
Teekay Corporation's Ownership After the Offering | ' | ' | ' | 37.45% | 40.09% | 43.62% | 36.92% | ' | 35.30% |
Total_Capital_and_Net_Income_P3
Total Capital and Net Income Per Unit - Issuance of Common Units (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | 31-May-13 |
Capital Unit [Line Items] | ' | ' |
General Partner's proportionate contribution | 2.00% | ' |
Issuance of new common units, maximum aggregate amount | ' | $100 |
General Partner [Member] | ' | ' |
Capital Unit [Line Items] | ' | ' |
General Partner's proportionate contribution | 2.00% | ' |
Total_Capital_and_Net_Income_P4
Total Capital and Net Income Per Unit - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Days after year-end where limited partner's have right to receive cash distribution | '45 days |
Minimum percentage of holding by unitholders to remove general partner | 66.67% |
Exceeded cash distribution per unit | '0.4625 |
Total_Capital_and_Net_Income_P5
Total Capital and Net Income Per Unit - Incentive Distributions (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Limited Partners [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Minimum quarterly distribution of $0.4125 | 98.00% |
Up to $0.4625 | 98.00% |
Above $0.4625 up to $0.5375 | 85.00% |
Above $0.5375 up to $0.6500 | 75.00% |
Above $0.6500 | 50.00% |
General Partner [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Minimum quarterly distribution of $0.4125 | 2.00% |
Up to $0.4625 | 2.00% |
Above $0.4625 up to $0.5375 | 15.00% |
Above $0.5375 up to $0.6500 | 25.00% |
Above $0.6500 | 50.00% |
Total_Capital_and_Net_Income_P6
Total Capital and Net Income Per Unit - Incentive Distributions (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Level One [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.41 |
Minimum [Member] | Levels Two [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.46 |
Minimum [Member] | Level Three [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.54 |
Minimum [Member] | Level Four [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.65 |
Maximum [Member] | Level One [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.46 |
Maximum [Member] | Levels Two [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.54 |
Maximum [Member] | Level Three [Member] | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' |
Exceeded cash distribution per unit | $0.65 |
UnitBased_compensation_Additio
Unit-Based compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non-management directors [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Common units granted | 7,362 | ' | 1,263 | 1,267 |
Aggregate value of units issued | $0.30 | ' | ' | ' |
Number of non-employee directors received Partnership awards | ' | ' | 4 | 4 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Aggregate value of units issued | 1.5 | ' | ' | ' |
Restricted units granted to Partnership's employee | 36,878 | ' | ' | ' |
Restricted units, vesting period | ' | '3 years | ' | ' |
Restricted units expense | ' | $1 | ' | ' |
Restructuring_Charge_Additiona
Restructuring Charge - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring And Related Activities [Abstract] | ' | ' | ' |
Restructuring charge | $1,786 | $0 | $0 |
Write_Down_of_Vessels_Addition
Write Down of Vessels - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Write-down of vessels | $0 | $29,367 | $0 |
Suezmax Tankers [Member] | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Number of vessels | 3 | 3 | ' |