Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | TGP |
Entity Registrant Name | Teekay LNG Partners L.P. |
Entity Central Index Key | 1,308,106 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Voyage revenues (note 9a) | $ 100,658 | $ 98,415 | $ 295,670 | $ 294,349 |
Voyage expenses | (355) | (240) | (1,354) | (931) |
Vessel operating expenses (note 9a) | (22,055) | (24,319) | (66,320) | (70,055) |
Depreciation and amortization | (24,041) | (22,473) | (70,521) | (69,251) |
General and administrative expenses (notes 9a and 13) | (3,573) | (5,676) | (14,865) | (19,452) |
Restructuring charges (note 14) | 0 | (3,510) | 0 | (3,510) |
Loss on sale of vessels (note 5b) | 0 | 0 | (27,439) | 0 |
Income from vessel operations | 50,634 | 42,197 | 115,171 | 131,150 |
Equity income (note 11c) | 13,514 | 13,523 | 52,579 | 60,583 |
Interest expense (notes 7 and 10) | (15,644) | (11,175) | (42,910) | (32,432) |
Interest income | 653 | 617 | 1,800 | 1,962 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 10) | 5,004 | (26,835) | (50,406) | (29,979) |
Foreign currency exchange gain (loss) (notes 7 and 10) | 504 | (8,153) | (10,139) | 8,231 |
Other income | 397 | 393 | 1,223 | 1,171 |
Net income before income tax expense | 55,062 | 10,567 | 67,318 | 140,686 |
Income tax expense (note 8) | (209) | (258) | (722) | (291) |
Net income | 54,853 | 10,309 | 66,596 | 140,395 |
Non-controlling interest in net income | 4,746 | 2,811 | 10,556 | 11,736 |
General Partner’s interest in net income | 1,002 | 7,622 | 1,121 | 24,832 |
Limited partners’ interest in net income | $ 49,105 | $ (124) | $ 54,919 | $ 103,827 |
Limited partners’ interest in net income per common unit: (note 12) | ||||
• Basic (usd per unit) | $ 0.62 | $ 0 | $ 0.69 | $ 1.32 |
• Diluted (usd per unit) | $ 0.62 | $ 0 | $ 0.69 | $ 1.32 |
Weighted-average number of common units outstanding: | ||||
• Basic (units) | 79,571,820 | 78,941,689 | 79,567,188 | 78,679,813 |
• Diluted (units) | 79,697,417 | 79,009,078 | 79,659,822 | 78,741,533 |
Cash distributions declared per common unit | $ 0.14 | $ 0.7 | $ 0.42 | $ 2.1 |
Unaudited Consolidated Stateme3
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net income | $ 54,853 | $ 10,309 | $ 66,596 | $ 140,395 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on qualifying cash flow hedging instruments, net of tax (note 10) | 2,517 | (4,829) | (15,689) | (5,474) |
Realized loss on qualifying cash flow hedging instruments | 868 | 585 | 2,591 | 1,538 |
Other comprehensive income (loss) | 3,385 | (4,244) | (13,098) | (3,936) |
Comprehensive income | 58,238 | 6,065 | 53,498 | 136,459 |
Non-controlling interest in comprehensive income | 4,999 | 2,811 | 7,954 | 11,736 |
General and limited partners' interest in comprehensive income | $ 53,239 | $ 3,254 | $ 45,544 | $ 124,723 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current | ||
Cash and cash equivalents | $ 268,395 | $ 102,481 |
Restricted cash – current (notes 7 and 10) | 5,296 | 6,600 |
Accounts receivable, including non-trade of $11,915 (2015 – $7,058) | 16,175 | 22,081 |
Prepaid expenses | 4,501 | 4,469 |
Current portion of derivative assets (note 10) | 21 | 0 |
Current portion of net investments in direct financing leases (note 5) | 18,788 | 20,606 |
Advances to affiliates (note 9b) | 15,568 | 13,026 |
Total current assets | 328,744 | 169,263 |
Restricted cash – long-term (notes 7, 10 and 11b) | 94,931 | 104,919 |
Vessels and equipment | ||
At cost, less accumulated depreciation of $678,728 (2015 – $666,710) | 1,417,825 | 1,595,077 |
Vessels under capital leases, at cost, less accumulated depreciation of $64,971 (2015 – $56,316) (note 5) | 488,245 | 88,215 |
Advances on newbuilding contracts (note 9d) | 314,766 | 424,868 |
Total vessels and equipment | 2,220,836 | 2,108,160 |
Investments in and advances to equity accounted joint ventures (notes 6 and 9a) | 935,246 | 883,731 |
Net investments in direct financing leases (note 5) | 629,608 | 646,052 |
Other assets | 6,954 | 20,811 |
Derivative assets (note 10) | 2,397 | 5,623 |
Intangible assets – net | 72,148 | 78,790 |
Goodwill – liquefied gas segment | 35,631 | 35,631 |
Total assets | 4,326,495 | 4,052,980 |
Current | ||
Accounts payable | 2,934 | 2,770 |
Accrued liabilities (note 10) | 31,431 | 37,456 |
Unearned revenue | 16,613 | 19,608 |
Current portion of long-term debt (note 7) | 168,927 | 197,197 |
Current obligations under capital lease (note 5) | 67,669 | 4,546 |
Current portion of in-process contracts | 15,384 | 12,173 |
Current portion of derivative liabilities (note 10) | 87,381 | 52,083 |
Advances from affiliates (notes 9b and 10) | 13,053 | 22,987 |
Total current liabilities | 403,392 | 348,820 |
Long-term debt (note 7) | 1,797,270 | 1,802,012 |
Long-term obligations under capital lease (note 5) | 329,287 | 54,581 |
Long-term unearned revenue | 10,657 | 30,333 |
Other long-term liabilities (note 5) | 62,166 | 71,152 |
In-process contracts | 10,903 | 20,065 |
Derivative liabilities (note 10) | 149,871 | 182,338 |
Total liabilities | 2,763,546 | 2,509,301 |
Commitments and contingencies (notes 5, 7, 10, and 11) | ||
Equity | ||
Limited Partners | 1,494,846 | 1,472,327 |
General Partner | 49,246 | 48,786 |
Accumulated other comprehensive loss | (12,547) | (2,051) |
Partners' equity | 1,531,545 | 1,519,062 |
Non-controlling interest | 31,404 | 24,617 |
Total equity | 1,562,949 | 1,543,679 |
Total liabilities and total equity | $ 4,326,495 | $ 4,052,980 |
Unaudited Consolidated Balance5
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Non-trade accounts receivable | $ 11,915 | $ 7,058 |
Accumulated depreciation on vessel and equipment | 678,728 | 666,710 |
Accumulated depreciation on vessels under capital leases | $ 64,971 | $ 56,316 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 66,596 | $ 140,395 |
Non-cash items: | ||
Unrealized loss on non-designated derivative instruments (note 10) | 31,276 | 7,879 |
Depreciation and amortization | 70,521 | 69,251 |
Loss on sale of vessels | 27,439 | 0 |
Unrealized foreign currency exchange gain (loss) and other (notes 7 and 10) | (4,476) | (10,837) |
Equity income, net of dividends received of $32,851 (2015 – $89,041) | (19,728) | 28,458 |
Ineffective portion on qualifying cash flow hedging instruments included in interest expense | 1,044 | 0 |
Change in operating assets and liabilities | (15,177) | (26,766) |
Expenditures for dry docking | (6,574) | (4,182) |
Net operating cash flow | 150,921 | 204,198 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 259,922 | 314,412 |
Debt issuance costs | (562) | (1,796) |
Scheduled repayments of long-term debt | (141,505) | (88,562) |
Prepayments of long-term debt | (195,789) | (90,000) |
Scheduled repayments of capital lease obligations | (17,477) | (3,305) |
Decrease (increase) in restricted cash | 13,086 | (24,616) |
Proceeds from equity offerings, net of offering costs | 0 | 34,548 |
Cash distributions paid | (34,099) | (191,094) |
Dividends paid to non-controlling interest | (1,167) | (1,612) |
Net financing cash flow | (117,591) | (52,025) |
INVESTING ACTIVITIES | ||
Capital contributions to equity accounted joint ventures | (32,994) | (25,719) |
Loan repayments from equity accounted joint ventures | 0 | 23,744 |
Receipts from direct financing leases | 18,262 | 10,877 |
Proceeds from sale of vessels | 94,311 | 0 |
Proceeds from sale-leaseback of vessels | 355,306 | 0 |
Expenditures for vessels and equipment | (302,301) | (166,541) |
Net investing cash flow | 132,584 | (157,639) |
Increase (decrease) in cash and cash equivalents | 165,914 | (5,466) |
Cash and cash equivalents, beginning of the period | 102,481 | 159,639 |
Cash and cash equivalents, end of the period | $ 268,395 | $ 154,173 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Dividends received | $ 32,851 | $ 89,041 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statement of Changes in Total Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | General Partner [Member] | Common Stock [Member]Limited Partners [Member] | Accumulated Other Comprehensive Loss [Member] | Non-controlling Interest [Member] |
Beginning balance at Dec. 31, 2015 | $ 1,543,679 | $ 48,786 | $ 1,472,327 | $ (2,051) | $ 24,617 |
Beginning balance, units at Dec. 31, 2015 | 79,551 | ||||
Net income | 66,596 | 1,121 | $ 54,919 | 10,556 | |
Other comprehensive loss | (13,098) | (10,496) | (2,602) | ||
Cash distributions | (34,099) | (682) | (33,417) | ||
Dividends paid to non-controlling interest | (1,167) | (1,167) | |||
Equity based compensation, net of tax of $210 (note 13) | 1,038 | 21 | $ 1,017 | ||
Equity based compensation, net of tax of $210 (note 13), units | 21 | ||||
Ending balance at Sep. 30, 2016 | $ 1,562,949 | $ 49,246 | $ 1,494,846 | $ (12,547) | $ 31,404 |
Ending balance, units at Sep. 30, 2016 | 79,572 |
Unaudited Consolidated Stateme9
Unaudited Consolidated Statement of Changes in Total Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Statement of Partners' Capital [Abstract] | |
Equity based compensation, tax (note 13) | $ 210 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim 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., which is a limited partnership formed under the laws of the Republic of The Marshall Islands, and its wholly-owned or controlled subsidiaries (collectively, the Partnership ). 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 could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2015 , which are included in the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2015 filed with the U.S. Securities and Exchange Commission (or SEC ) on April 27, 2016. In the opinion of management of Teekay GP L.L.C., the general partner of the Partnership (or the General Partner ), these interim unaudited consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Partnership January 1, 2018 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Partnership is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02) . ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Partnership January 1, 2019, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is evaluating the effect of adopting this new accounting guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Partnership January 1, 2017 with early adoption permitted. The Partnership expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to a financing cash outflow on the Partnership's statement of cash flows. The Partnership is planning to adopt this new accounting guidance effective January 1, 2017 and expects the impact of adopting this new accounting guidance to be insignificant. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Partnership January 1, 2020, with a modified-retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Partnership January 1, 2018, with a retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 . 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. September 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 368,622 368,622 214,000 214,000 Derivative instruments (note 10) Interest rate swap agreements Level 2 (129,148 ) (129,148 ) (104,137 ) (104,137 ) Interest rate swaption agreements – assets Level 2 1,398 1,398 5,623 5,623 Interest rate swaption agreements – liabilities Level 2 (18,946 ) (18,946 ) (6,406 ) (6,406 ) Cross-currency swap agreements Level 2 (93,607 ) (93,607 ) (128,782 ) (128,782 ) Other derivative (note 9c) Level 3 810 810 (6,296 ) (6,296 ) Other: Advances to equity accounted joint ventures (note 6) (i) 185,280 (i) 159,870 (i) Long-term receivable included in accounts receivable and other assets (ii) Level 3 12,259 12,244 16,453 16,427 Long-term debt – public (note 7) Level 1 (323,904 ) (318,503 ) (291,247 ) (288,333 ) Long-term debt – non-public (note 7) Level 2 (1,642,293 ) (1,589,801 ) (1,707,962 ) (1,677,139 ) (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) As described in Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 , the estimated fair value of the non-interest bearing receivable from BG International Limited (or BG ) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of September 30, 2016 was $12.2 million ( December 31, 2015 – $16.4 million ) using a discount rate of 8.0% . As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset. Changes in fair value during the nine months ended September 30, 2016 and 2015 for the Partnership’s other derivative instrument, 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), is as follows: Nine Months Ended September 30, 2016 2015 $ $ Fair value at beginning of period (6,296 ) (2,137 ) Realized and unrealized gains (losses) included in earnings 4,550 (3,624 ) Settlement payments 2,556 1,207 Fair value at end of period 810 (4,554 ) 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 contract in July 2018. 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 September 30, 2016 is based upon an average daily tanker rate of $22,875 ( September 30, 2015 – $33,500 ) over the remaining duration of the charter contract and a discount rate of 8.0% ( September 30, 2015 – 7.4% ). 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. September 30, 2016 December 31, 2015 Class of Financing Receivable Credit Indicator Grade $ $ Direct financing leases Payment activity Performing 648,396 666,658 Other receivables: Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 13,351 28,256 Advances to equity accounted joint ventures (note 6) Other internal metrics Performing 185,280 159,870 847,027 854,784 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The following table includes results for the Partnership’s segments for the periods presented in these financial statements. Three Months Ended September 30, 2016 2015 Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 87,260 13,398 100,658 75,142 23,273 98,415 Voyage expenses (175 ) (180 ) (355 ) — (240 ) (240 ) Vessel operating expenses (16,751 ) (5,304 ) (22,055 ) (16,260 ) (8,059 ) (24,319 ) Depreciation and amortization (19,317 ) (4,724 ) (24,041 ) (17,268 ) (5,205 ) (22,473 ) General and administrative expenses (i) (3,008 ) (565 ) (3,573 ) (3,916 ) (1,760 ) (5,676 ) Restructuring charges — — — — (3,510 ) (3,510 ) Income from vessel operations 48,009 2,625 50,634 37,698 4,499 42,197 Equity income 13,514 — 13,514 13,523 — 13,523 Nine Months Ended September 30, 2016 2015 Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 250,342 45,328 295,670 228,542 65,807 294,349 Voyage expenses (418 ) (936 ) (1,354 ) — (931 ) (931 ) Vessel operating expenses (48,717 ) (17,603 ) (66,320 ) (46,693 ) (23,362 ) (70,055 ) Depreciation and amortization (58,476 ) (12,045 ) (70,521 ) (53,578 ) (15,673 ) (69,251 ) General and administrative expenses (i) (12,049 ) (2,816 ) (14,865 ) (14,755 ) (4,697 ) (19,452 ) Loss on sale of vessels — (27,439 ) (27,439 ) — — — Restructuring charges — — — — (3,510 ) (3,510 ) Income (loss) from vessel operations 130,682 (15,511 ) 115,171 113,516 17,634 131,150 Equity income 52,579 — 52,579 60,583 — 60,583 (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 to total assets presented in the consolidated balance sheets is as follows: September 30, 2016 December 31, 2015 $ $ Total assets of the liquefied gas segment 3,813,347 3,550,396 Total assets of the conventional tanker segment 208,509 360,527 Unallocated: Cash and cash equivalents 268,395 102,481 Accounts receivable and prepaid expenses 20,676 26,550 Advances to affiliates 15,568 13,026 Consolidated total assets 4,326,495 4,052,980 |
Vessel Charters
Vessel Charters | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Vessel Charters | Vessel Charters a) The minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at September 30, 2016 , for the Partnership’s vessels chartered-in and vessels chartered-out are as follows: Remainder of 2016 2017 2018 2019 2020 Vessel Charters (i) $ $ $ $ $ Charters-in – capital leases (ii) 9,485 61,019 57,361 30,065 30,147 Charters-out – operating leases (iii) 109,164 337,105 372,902 404,480 393,827 Charters-out – direct financing leases (iv) 19,435 218,386 187,977 53,341 53,487 128,599 555,491 560,879 457,821 447,314 (i) The Partnership owns 69% of Teekay BLT Corporation (or Teekay Tangguh Joint Venture ) and the Teekay Tangguh Joint Venture is a party to operating leases whereby it is leasing the Tangguh Hiri and Tangguh Sago liquefied natural gas (or LNG ) carriers (or the Tangguh LNG Carriers ) to a third party, which is in turn leasing the vessels back to the joint venture. The table does not include the Partnership’s minimum charter hire payments to be paid and received under these leases, which are described in more detail in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 . Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Teekay Tangguh Joint Venture is the lessee, the lessors claim tax depreciation on its lease of these vessels. As is typical in these types of 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 the lease payments to maintain its agreed after-tax margin. The carrying amount of tax indemnification guarantees of the Partnership relating to the leasing arrangement through the Teekay Tangguh Joint Venture as at September 30, 2016 was $7.6 million ( December 31, 2015 – $8.0 million ) 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 contracts with the third parties plus the years it would take for the lease payments to be statute barred, which will end in 2033 for the vessels. Although there is no maximum potential amount of future payments, the Teekay Tangguh Joint Venture may terminate the lease arrangement on a voluntary basis at any time. If the lease arrangement terminates, the Teekay Tangguh 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. (ii) As at September 30, 2016 , the Partnership was a party, as lessee, to capital leases on two Suezmax tankers, the Teide Spirit and Toledo Spirit . Under these capital leases, the owner has the option to require the Partnership to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. The amounts in the table assume the owner will not exercise its options to require the Partnership to purchase either of the vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable, which is the thirteenth anniversary of each respective contract in 2017 and 2018 . The Partnership was also a party to capital leases on two of its LNG carriers, the Creole Spirit and Oak Spirit. Upon delivery of the Creole Spirit in February 2016 and the Oak Spirit in July 2016, the Partnership sold these vessels to a third party and leased them back under 10 -year bareboat charter contracts ending in 2026. The bareboat charter contracts are accounted for as capital leases. The obligations of the Partnership under the bareboat charter contracts are guaranteed by the Partnership. In addition, the guarantee agreements require the Partnership to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. (iii) Minimum scheduled future operating lease revenues do not include revenue generated from new contracts entered into after September 30, 2016 , revenue from unexercised option periods of contracts that existed on September 30, 2016 , revenues from vessels in the Partnership's equity accounted investments, or variable or contingent revenues. Therefore, the minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues that may be recognized for any of the years. (iv) As described in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 , the Tangguh LNG Carriers’ time-charter contracts and the two bareboat charter contracts to Awilco LNG ASA are accounted for as direct financing leases. b) During February and March 2016, Centrofin Management Inc. (or Centrofin ), the charterer for both the Bermuda Spirit and Hamilton Spirit Suezmax tankers, exercised its option under the charter contracts to purchase both vessels. As a result of Centrofin exercising its purchase options, the Partnership recorded an accounting loss of $27.4 million for the nine months ended September 30, 2016 . The vessels were delivered to Centrofin during April and May 2016 on the closing of the purchase options. |
Advances to Equity Accounted Jo
Advances to Equity Accounted Joint Ventures | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Advances to Equity Accounted Joint Ventures | Advances to Equity Accounted Joint Ventures a) As of September 30, 2016 , the Partnership had advanced $57.8 million to Exmar LPG BVBA (December 31, 2015 – $57.8 million ), which bears interest at LIBOR plus 0.50% and has no fixed repayment terms. As at September 30, 2016 , the interest receivable on the advances was $0.9 million ( December 31, 2015 – $0.4 million ). Both the advances and the interest receivable on these advances are included in investments and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. b) As of September 30, 2016 , the Partnership had advanced $114.9 million to TC LNG Shipping L.L.C., the Partnership's 50/50 joint venture with China LNG Shipping (Holdings) Limited (or the Yamal LNG Joint Venture ) ( December 31, 2015 – $96.9 million ). The advances bear interest at LIBOR plus 3.00% compounded semi-annually. As of September 30, 2016 , the interest accrued on these advances was $8.1 million ( December 31, 2015 – $4.8 million ). Both the advances and the accrued interest on these advances are included in investments and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. c) As of September 30, 2016 , the Partnership had advanced $3.6 million to Bahrain LNG W.L.L., the Partnership's joint venture with National Oil and Gas Authority (or Nogaholding) , Samsung C&T and Gulf Investment Corporation (or the Bahrain LNG Joint Venture ) ( December 31, 2015 – nil ). The advances are non-interest bearing and are included in investments and advances to equity accounted joint ventures in the Partnership’s consolidated balance sheets. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt September 30, 2016 December 31, 2015 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2016 to 2018 390,583 329,222 U.S. Dollar-denominated Term Loans due from 2018 to 2026 1,023,153 1,150,436 Norwegian Kroner-denominated Bonds due from 2017 to 2020 325,627 294,016 Euro-denominated Term Loans due from 2018 to 2023 238,652 241,798 Total principal 1,978,015 2,015,472 Unamortized discount and debt issuance costs (11,818 ) (16,263 ) Total debt 1,966,197 1,999,209 Less current portion (168,927 ) (197,197 ) Long-term debt 1,797,270 1,802,012 As at September 30, 2016 , the Partnership had three revolving credit facilities available of which two credit facilities are long-term and one is current. The three credit facilities, as at such date, provided for borrowings of up to $438.0 million , of which $47.4 million was undrawn. Interest payments are based on LIBOR plus margins, which ranged from 0.55% to 1.50% . In November 2016, the Partnership refinanced its $150.0 million revolving credit facility maturing in 2016 with a new $170.0 million revolving credit facility maturing in November 2017. The amount available under the three revolving credit facilities, including the impact of the refinancing completed in November 2016, reduces by $6.1 million (remainder of 2016 ), $178.2 million ( 2017 ) and $253.7 million ( 2018 ). 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. One of the revolving credit facilities is unsecured while the other two revolving credit facilities are collateralized by first-priority mortgages granted on four of the Partnership’s vessels, together with other related securities, and include a guarantee from the Partnership or its subsidiaries of all outstanding amounts. As at September 30, 2016 , the Partnership had six U.S. Dollar-denominated term loans outstanding which totaled $1.0 billion in aggregate principal amount. Interest payments on the term loans are based on LIBOR plus a margin, which ranged from 0.30% to 2.80% The six term loans require quarterly interest and principal payments and have balloon or bullet repayments due at maturity. The term loans are collateralized by first-priority mortgages on 15 of the Partnership’s vessels to which the loans relate, together with certain other related securities. In addition, at September 30, 2016 , all of the outstanding term loans were guaranteed by either the Partnership or Teekay Nakilat Corporation (or the Teekay Nakilat Joint Venture ). The Partnership previously issued in the Norwegian bond market a total of Norwegian Kroner (or NOK ) 2.6 billion of senior unsecured bonds that mature through 2020. As at September 30, 2016 , the total amount of the bonds was $325.6 million and the bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin, which ranges from 3.70% to 5.25% . The Partnership entered into cross-currency rate swaps, to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.92% to 6.88% (see Note 10) and the transfer of principal fixed at $409.0 million upon maturity in exchange for NOK 2.6 billion . In October 2016, the Partnership issued NOK 900 million unsecured bonds that mature in October 2021 and is equivalent to approximately $110 million . In connection with the new bond issuance, the Partnership repurchased a portion of the Partnership's NOK bonds maturing in May 2017, at a price equal to 101.50% of the principal amount of the repurchased bond of NOK 292 million ( $36.5 million ) for a total purchase price of NOK 296 million (see Note 15c). The Partnership has two Euro-denominated term loans outstanding, which as at September 30, 2016 , totaled 212.4 million Euros ( $238.7 million ). Interest payments are based on EURIBOR plus margins, which ranged from 0.60% to 2.25% as at September 30, 2016 , 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 securities 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 September 30, 2016 and December 31, 2015 were 2.64% and 2.33% , respectively. These rates do 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 10). At September 30, 2016 , the margins on the Partnership’s outstanding revolving credit facilities and term loans ranged from 0.30% to 2.80% . 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 and restricted cash, and the change in the valuation of the Partnership’s cross-currency swaps, the Partnership incurred foreign exchange gains (losses) of $0.5 million and $(8.2) million for the three months ended September 30, 2016 and 2015, respectively, and foreign exchange(losses) gains $(10.1) million and $8.2 million for the nine months ended September 30, 2016 and 2015, respectively, of which these amounts were primarily unrealized. The aggregate annual long-term debt principal repayments required subsequent to September 30, 2016 , including the impact of the NOK bond refinancing completed in October 2016 and the revolving credit facility refinancing completed in November 2016, are $25.1 million (remainder of 2016 ), $319.8 million ( 2017 ), $781.5 million ( 2018 ), $95.9 million ( 2019 ), $188.2 million ( 2020 ) and $567.5 million ( thereafter ). The Partnership and a subsidiary of Teekay Corporation are borrowers under a loan arrangement and are jointly and severally liable for the obligations to the lender. Obligations resulting from long-term debt joint and several liability arrangements are measured at the sum of the amount the Partnership agreed to pay, on the basis of its arrangement with the co-obligor, and any additional amount the Partnership expects to pay on behalf of the co-obligor. This loan arrangement matures in 2021, and as of September 30, 2016 had an outstanding balance of $79.9 million , of which the Partnership’s share was nil as the Partnership repaid its share of the loan balance during 2016. Teekay Corporation has agreed to indemnify the Partnership in respect of any losses and expenses arising from any breach by the co-obligor of the terms and conditions of the loan facility. Certain loan agreements require that (a) the Partnership maintains minimum levels of tangible net worth and aggregate liquidity, (b) the Partnership maintain certain ratios of vessel values related to the relevant outstanding loan principal balance, (c) the Partnership not exceed a maximum amount of leverage, and (d) certain of the Partnership’s subsidiaries maintains restricted cash deposits. As at September 30, 2016 , the Partnership had two facilities with an aggregate outstanding loan balance of $133.0 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios ranging from 110% to 115% , which as at September 30, 2016 ranged from 128% to 209% . The vessel values were determined using second-hand market comparables or using a depreciated replacement cost approach. Since vessel values can be volatile, the Partnership’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Partnership sold any of the vessels. The Partnership’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Partnership's subsidiaries are in default under their term loans or revolving credit facilities. As at September 30, 2016 , the Partnership was in compliance with all covenants relating to the Partnership’s credit facilities and term loans. The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross-currency swaps, project tenders, leasing arrangements (see Note 11b) and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs, which cash totaled $100.2 million and $111.5 million as at September 30, 2016 and December 31, 2015 , respectively. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of the provision for income taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ $ $ $ Current (209 ) (258 ) (722 ) (517 ) Deferred — — — 226 Income tax expense (209 ) (258 ) (722 ) (291 ) |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 service 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. The Partnership also has an agreement with a subsidiary of Teekay Corporation whereby Teekay Corporation’s subsidiary will, on behalf of the Partnership, provide shipbuilding supervision and crew training services for the four LNG carrier newbuildings in the Partnership’s joint venture with China LNG, CETS Investment Management (HK) Co. Ltd. and BW LNG Investments Pte. Ltd. (or the BG Joint Venture ), up to their delivery dates. All costs incurred by these Teekay Corporation’s subsidiaries related to these services are charged to the Partnership and recorded as part of vessel operating expenses and general and administrative expenses. 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: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Revenues (i) 9,429 7,727 28,075 27,735 Vessel operating expenses (5,107 ) (4,714 ) (15,023 ) (14,337 ) General and administrative expenses (ii) (3,437 ) (3,658 ) (8,666 ) (11,326 ) General and administrative expenses (iii) (116 ) — (442 ) — (i) Commencing in 2008, the Arctic Spirit and Polar Spirit were time-chartered to Teekay Corporation at a fixed-rate for a period of 10 years (plus options exercisable by Teekay Corporation to extend up to an additional 15 years). (ii) Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's General Partner for costs incurred on the Partnership’s behalf. (iii) Includes the Partnership's proportionate costs associated with the Bahrain LNG Joint Venture including pre-operation, engineering and financing-related expenses, which are recorded as part of investments in and advances to equity accounted joint ventures in the Partnership's consolidated balance sheets. b) As at September 30, 2016 and December 31, 2015 , non-interest bearing advances to affiliates totaled $15.6 million and $13.0 million , respectively, and non-interest bearing advances from affiliates totaled $13.1 million and $23.0 million , respectively. These advances are unsecured and have no fixed repayment terms. Affiliates are entities that are under common control. 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 annually (see Notes 3 and 10). d) 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 nine LNG carrier newbuildings the Partnership has ordered (December 31, 2015 – 11 LNG carrier newbuildings). These costs are capitalized and included as part of advances on newbuilding contracts in the Partnership’s consolidated balance sheets. For the three and nine months ended September 30, 2016 and 2015 , the Partnership incurred shipbuilding and site supervision costs of $2.1 million , $7.0 million , $1.1 million and $2.6 million , respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership uses derivative instruments in accordance with its overall risk management policy. Foreign Exchange Risk From 2012 through 2015, concurrently with the issuance of NOK 700 million , NOK 900 million and NOK 1,000 million of senior unsecured bonds (see Note 7), 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 , 2018 and 2020 , and to economically hedge the interest rate exposure. The following table reflects information relating to the cross-currency swaps as at September 30, 2016 . Floating Rate Receivable Principal Amount NOK Principal Amount $ Reference Rate Margin Fixed Rate Payable Fair Value / Carrying Amount of (Liability) $ Weighted- Average Remaining Term (Years) 700,000 125,000 NIBOR 5.25 % 6.88 % (39,059 ) 0.6 900,000 150,000 NIBOR 4.35 % 6.43 % (41,722 ) 1.9 1,000,000 134,000 NIBOR 3.70 % 5.92 % (12,826 ) 3.6 (93,607 ) In connection with the Partnership’s NOK 900 million bond issuance in October 2016, the Partnership entered into cross-currency swaps to economically hedge the foreign currency exposure on the payment of interest and principal of the Partnership’s NOK-denominated bonds maturing in 2021 (see Note 15c). Interest Rate Risk The Partnership enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Partnership’s exposure to interest rate variability on certain of its outstanding floating-rate debt. As at September 30, 2016 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Principal Amount $ Fair Value / Carrying Amount of (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 90,000 (7,151 ) 1.9 4.9 U.S. Dollar-denominated interest rate swaps LIBOR 100,000 (2,356 ) 0.3 5.3 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 156,250 (34,865 ) 12.3 5.2 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 53,557 (2,079 ) 4.8 2.8 U.S. Dollar-denominated interest rate swaps (iii) LIBOR 320,000 (30,358 ) 1.3 3.4 U.S. Dollar-denominated interest rate swaps (iv) LIBOR 110,500 (1,708 ) 2.3 1.7 U.S. Dollar-denominated interest rate swaps (v) LIBOR 197,629 (9,718 ) 9.2 2.3 EURIBOR-Based Debt: Euro-denominated interest rate swaps (vi) EURIBOR 238,652 (40,913 ) 4.2 3.1 (129,148 ) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at September 30, 2016 , ranged from 0.30% to 2.80% . (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are being used to economically hedge expected interest payments on future debt that is planned to be outstanding from 2017 to 2024 . These interest rate swaps are subject to mandatory early termination in 2017 and 2018 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces quarterly commencing December 2017. (vi) Principal amount reduces monthly to 70.1 million Euros ( $78.8 million ) by the maturity dates of the swap agreements. During 2015 , as part of its economic hedging program, the Partnership entered into three interest rate swaption agreements. Pursuant to each swaption, the Partnership has a one-time option (or Call Option ) to enter into an interest rate swap with a third party, and the third party has a one-time option (or Put Option ) to require the Partnership to enter into an interest swap. If the Partnership or the third party exercises its option, there will be a cash settlement for the fair value of the interest rate swap, in lieu of taking delivery of the actual interest rate swap. At September 30, 2016 , the terms of the interest rate swaps underlying the interest rate swaptions were as follows: Interest Rate Index Principal Amount $ Start Date Carrying Amount of Assets (Liability) $ Remaining Term (Years) Fixed Interest Rate (%) Interest rate swaption - Call Option LIBOR 155,000 (i) April 28, 2017 21 7.5 3.3 Interest rate swaption - Put Option LIBOR 155,000 (i) April 28, 2017 (7,268 ) 7.5 2.2 Interest rate swaption - Call Option LIBOR 160,000 (ii) January 31, 2018 458 8.0 3.1 Interest rate swaption - Put Option LIBOR 160,000 (ii) January 31, 2018 (6,291 ) 8.0 2.0 Interest rate swaption - Call Option LIBOR 160,000 (iii) July 16, 2018 919 8.0 2.9 Interest rate swaption - Put Option LIBOR 160,000 (iii) July 16, 2018 (5,387 ) 8.0 1.8 (i) Amortizing every three months from $155.0 million in April 2017 to $85.4 million in October 2024. (ii) Amortizing every three months from $160.0 million in January 2018 to $82.5 million in January 2026. (iii) Amortizing every three months from $160.0 million in July 2018 to $82.5 million in July 2026. As at September 30, 2016 , the Partnership had multiple interest rate swaps, interest rate swaptions, and cross-currency swaps with the same counterparty that are subject to the same master agreements. Each of these master agreements provides 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 derivative instruments are presented on a gross basis in the Partnership’s consolidated balance sheets. As at September 30, 2016 , these interest rate swaps, interest rate swaptions, and cross-currency swaps had an aggregate fair value asset of $1.4 million and an aggregate fair value liability of $216.2 million . As at September 30, 2016 , the Partnership had $30.3 million on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current and – long-term on the Partnership’s consolidated balance sheets. 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 Derivative 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 September 30, 2016 was $0.8 million ( December 31, 2015 – a liability of $6.3 million ). The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Current portion of derivative assets $ Derivative assets $ Accrued liabilities/ Advances from affiliates $ Current portion of derivative liabilities $ Derivative liabilities $ As at September 30, 2016 Interest rate swap agreements — — (3,686 ) (36,096 ) (89,366 ) Interest rate swaption agreements 21 1,377 — (7,268 ) (11,678 ) Cross-currency swap agreements — — (963 ) (43,817 ) (48,827 ) Toledo Spirit time-charter derivative — 1,020 (10 ) (200 ) — 21 2,397 (4,659 ) (87,381 ) (149,871 ) As at December 31, 2015 Interest rate swap agreements — — (6,833 ) (41,028 ) (56,276 ) Interest rate swaption agreements — 5,623 — — (6,406 ) Cross-currency swap agreements — — (1,181 ) (9,755 ) (117,846 ) Toledo Spirit time-charter derivative — — (3,186 ) (1,300 ) (1,810 ) — 5,623 (11,200 ) (52,083 ) (182,338 ) Realized and unrealized gains (losses) relating to non-designated interest rate swap agreements, interest rate swaption agreements, and the Toledo Spirit time-charter derivative are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivative instruments in the Partnership’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income is as follows: Three Months Ended September 30, 2016 2015 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (6,494 ) 8,436 1,942 (7,232 ) (12,232 ) (19,464 ) Interest rate swaption agreements — 1,992 1,992 — (5,927 ) (5,927 ) Toledo Spirit time-charter derivative (10 ) 1,080 1,070 326 (1,770 ) (1,444 ) (6,504 ) 11,508 5,004 (6,906 ) (19,929 ) (26,835 ) Nine Months Ended September 30, 2016 2015 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (19,750 ) (18,441 ) (38,191 ) (21,856 ) 835 (21,021 ) Interest rate swaption agreements — (16,765 ) (16,765 ) — (5,334 ) (5,334 ) Toledo Spirit time-charter derivative 620 3,930 4,550 (244 ) (3,380 ) (3,624 ) (19,130 ) (31,276 ) (50,406 ) (22,100 ) (7,879 ) (29,979 ) Unrealized and realized gains (losses) relating to cross-currency swap agreements are recognized in earnings and reported in foreign currency exchange gain (loss) in the Partnership’s consolidated statements of income. For the three and nine months ended September 30, 2016 , unrealized gains relating to the cross-currency swap agreements of $20.2 million and $35.0 million , respectively, and realized losses of $(2.3) million and $(6.9) million , respectively, were recognized in earnings. For the three and nine months ended September 30, 2015 , unrealized losses of $(31.0) million and $(49.8) million , respectively, and realized losses of $(2.3) million and $(5.2) million , respectively, were recognized in earnings. For the periods indicated, the following table presents the effective and ineffective portion of losses on interest rate swap agreements designated and qualifying as cash flow hedges. The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity accounted joint ventures. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ 842 — (130 ) Interest expense — — — 842 — (130 ) — — — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (8,673) — (1,044 ) Interest expense — — — (8,673) — (1,044 ) — — — (i) Effective portion of designated and qualifying cash flow hedges recognized in other comprehensive income (loss). (ii) Effective portion of designated and qualifying cash flow hedges recorded in accumulated other comprehensive loss (or AOCI ) during the term of the hedging relationship and reclassified to earnings. (iii) Ineffective portion of designated and qualifying cash flow hedges. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) The Partnership’s share of commitments to fund newbuilding and other construction contract costs as at September 30, 2016 are as follows: Total Remainder of 2016 2017 2018 2019 2020 Consolidated LNG carrier newbuildings (i) 1,537,362 39,129 708,539 540,580 249,114 — Equity accounted joint ventures (ii) 1,507,206 119,277 346,095 532,209 309,720 199,905 3,044,568 158,406 1,054,634 1,072,789 558,834 199,905 (i) As at September 30, 2016 , the Partnership had nine LNG carrier newbuildings on order which are scheduled for delivery between 2017 and 2019. These commitment amounts are described in more detail in Note 14 of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 . (ii) The commitment amounts relating to the Partnership’s share of costs for newbuilding and other construction contracts in the Partnership’s equity accounted joint ventures are based on the Partnership’s ownership percentage in each respective joint venture as of September 30, 2016 . These commitments are described in more detail in Note 14 of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 . As of September 30, 2016 , based on the Partnership's ownership percentage in each respective joint venture, the Partnership's equity accounted joint ventures has secured $269 million of financing related to $236 million of LNG and LPG carrier newbuilding commitments included in the table above. b) Teekay Nakilat Joint Venture was the lessee under three separate 30-year capital lease arrangements with a third party for three LNG carriers (or the RasGas II LNG Carriers ). Under the terms of the leasing arrangements for the RasGas II LNG Carriers, the lessor claimed 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 were assumed by the lessee, in this case the Teekay Nakilat Joint Venture. Lease payments under the lease arrangements were based on certain tax and financial assumptions at the commencement of the leases and subsequently adjusted to maintain the lessor’s agreed after-tax margin. On December 22, 2014, the Teekay Nakilat Joint Venture terminated the leasing of the RasGas II LNG Carriers. However, the Teekay Nakilat Joint Venture remains obligated to the lessor to maintain the lessor’s agreed after-tax margin from the commencement of the lease to the lease termination date and placed $6.8 million on deposit with the lessor as security against any future claims and recorded as part of restricted cash - long-term in the Partnership’s consolidated balance sheets. The UK taxing authority (or HMRC ) has been challenging the use of similar lease structures in the UK courts. One of those challenges was eventually decided in favor of HMRC (Lloyds Bank Equipment Leasing No. 1), with the lessor and lessee choosing not to appeal further. That case concluded that capital allowances were not available to the lessor. On the basis of this conclusion, HMRC is now asking lessees on other leases, including the Teekay Nakilat Joint Venture, to accept that capital allowances are not available to their lessor. The Teekay Nakilat Joint Venture does not accept this contention and has informed HMRC of this position. It is uncertain at this time whether the Teekay Nakilat Joint Venture would eventually prevail in court. If the former lessor of the RasGas II LNG Carriers were to lose on a similar claim from HMRC, the Partnership’s 70% share of the potential exposure in the Teekay Nakilat Joint Venture is estimated to be approximately $60 million . Such estimate is primarily based on information received from the lessor. c) In May 2016, the joint venture between the Partnership and Marubeni Corporation (the Teekay LNG-Marubeni Joint Venture ) reached a settlement agreement with a charterer relating to a disputed charter contract termination for the Magellan Spirit that occurred in 2015. The charterer paid $39.0 million to the Teekay LNG-Marubeni Joint Venture in June 2016 for lost revenues, of which the Partnership’s share of $20.3 million was recorded in equity income for the nine months ended September 30, 2016 . |
Total Capital and Net Income Pe
Total Capital and Net Income Per Unit | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Total Capital and Net Income Per Unit | Total Capital and Net Income Per Unit At September 30, 2016 , approximately 68.3% of the Partnership’s common units outstanding were held by the public. The remaining common units, as well as the 2% general partner interest, were held by a subsidiary of Teekay Corporation. In October 2016, the Partnership issued 5 million 9.0% series A Cumulative Redeemable Perpetual Preferred Units (or Series A Preferred Units ) for net proceeds of approximately $120.7 million (see Note 15b). Net Income Per Unit Net income per common unit is determined by dividing net income, after deducting the non-controlling interest and the General Partner’s interest, by the weighted-average number of units outstanding during the period. The computation of limited partners’ interest in net income per common unit - diluted assumes the exercise of all dilutive restricted units using the treasury stock method. The computation of limited partners’ interest in net loss per common unit - diluted does not assume such exercises as the effect would be anti-dilutive. 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 expenditures 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 gains or losses. During the three and nine months ended September 30, 2016 , cash distributions were below $0.4625 per common unit and, consequently, the assumed distribution of net income was based on the limited partners' and General Partner’s ownership percentage for the purposes of the net income per common unit calculation. During the three and nine months ended September 30, 2015, 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 common unit calculation. For more information on the increasing percentages to calculate the General Partner’s interest in net income, please refer to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2015 . Pursuant to the Partnership's partnership agreement, allocations to partners are made on a quarterly basis. |
Unit-Based Compensation
Unit-Based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation In March 2016, a total of 32,723 common units, with an aggregate value of $0.4 million , were granted to the non-management directors of the General Partner as part of their annual compensation for 2016 . 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 expenses in the Partnership’s consolidated statements of income. During March 2016 and 2015, the Partnership granted 132,582 and 32,054 restricted units, respectively, with grant date fair values of $1.5 million and $1.1 million , respectively, to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries who provide services to the Partnership, based on the Partnership’s closing unit price on the grant date. Each restricted unit is equal in value to one 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 canceled, unless their termination arises as a result of the recipient’s retirement, in which 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, net of withholding tax. During the three and nine months ended September 30, 2016 , a total of nil and 20,808 restricted units, respectively (three and nine months ended September 30, 2015 nil and 13,783 , respectively), with fair values of nil and $0.8 million , respectively (three and nine months ended September 30, 2015 nil and $0.6 million , respectively), vested. During the three and nine months ended September 30, 2016 , the Partnership recognized expenses of $0.1 million and $1.2 million , respectively, relating to the restricted units (three and nine months ended September 30, 2015, $0.1 million and $1.1 million , respectively). |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges In July 2015, pursuant to a request by the charterer of the Alexander Spirit , the Partnership changed the crew on the vessel which resulted in a restructuring charge of $3.5 million relating to seafarer severance payments. The Partnership recovered the full amount of the restructuring charge from the charterer and this amount is included in voyage revenues in the Partnership's consolidated statements of income for the three and nine months ended September 30, 2015 . |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a) On October 3, 2016, the Partnership entered into an agreement to acquire I.M. Skaugen SE’s (or Skaugen ) 35% ownership interest in Skaugen Gulf Petchem Carriers B.S.C.(c) (or the Skaugen LPG Joint Venture ) which owns the LPG carrier Norgas Sonoma . The Partnership entered into this transaction in exchange for a portion of past due amounts owed to the Partnership by Skaugen. The Skaugen LPG Joint Venture’s other shareholders include Nogaholding, which has a 35% ownership interest and Suffun Bahrain W.L.L., which has a 30% ownership interest. The purchase and sale is subject to consent from the two other shareholders. b) On October 5, 2016, the Partnership issued 5.0 million of its Series A Preferred Units at $25.00 per unit in a public offering for net proceeds of approximately $120.7 million . Distributions will be payable on the Series A Preferred Units at a rate of 9.0% per annum of the stated liquidation preference of $25.00 . At any time on or after October 5, 2021, the Partnership may redeem the Series A Preferred Units, in whole or in part, at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. The Partnership expects to use the net proceeds from the public offering for general partnership purposes, which may include debt repayments or funding installment payments on future newbuilding deliveries. The Series A Preferred Units are listed on the New York Stock Exchange. c) On October 28, 2016, the Partnership issued, in the Norwegian bond market, NOK 900 million in new senior unsecured bonds that mature in October 2021. The new bond issuance has an aggregate principal amount equivalent to approximately $110 million and all payments were swapped into a U.S. Dollar fixed-rate coupon of approximately 7.72% . In connection with the new bond issuance, the Partnership repurchased a portion of the Partnership’s NOK bonds maturing in May 2017, at a price equal to 101.50% of the principal amount of the repurchased bonds of NOK 292 million for a total purchase price of NOK 296 million . The Partnership intends to use the remaining proceeds of the new bond issuance for general partnership purposes, which may include funding of newbuilding installments. The Partnership will apply for listing of the new bonds on the Oslo Stock Exchange. d) On November 16, 2016, the Partnership refinanced its $150 million revolving credit facility, which was scheduled to mature in 2016, with a new $170 million revolving credit facility maturing in November 2017. |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Partnership January 1, 2018 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Partnership is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02) . ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Partnership January 1, 2019, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Partnership is evaluating the effect of adopting this new accounting guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Partnership January 1, 2017 with early adoption permitted. The Partnership expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to a financing cash outflow on the Partnership's statement of cash flows. The Partnership is planning to adopt this new accounting guidance effective January 1, 2017 and expects the impact of adopting this new accounting guidance to be insignificant. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Partnership January 1, 2020, with a modified-retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Partnership January 1, 2018, with a retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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. September 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 368,622 368,622 214,000 214,000 Derivative instruments (note 10) Interest rate swap agreements Level 2 (129,148 ) (129,148 ) (104,137 ) (104,137 ) Interest rate swaption agreements – assets Level 2 1,398 1,398 5,623 5,623 Interest rate swaption agreements – liabilities Level 2 (18,946 ) (18,946 ) (6,406 ) (6,406 ) Cross-currency swap agreements Level 2 (93,607 ) (93,607 ) (128,782 ) (128,782 ) Other derivative (note 9c) Level 3 810 810 (6,296 ) (6,296 ) Other: Advances to equity accounted joint ventures (note 6) (i) 185,280 (i) 159,870 (i) Long-term receivable included in accounts receivable and other assets (ii) Level 3 12,259 12,244 16,453 16,427 Long-term debt – public (note 7) Level 1 (323,904 ) (318,503 ) (291,247 ) (288,333 ) Long-term debt – non-public (note 7) Level 2 (1,642,293 ) (1,589,801 ) (1,707,962 ) (1,677,139 ) (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) As described in Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 , the estimated fair value of the non-interest bearing receivable from BG International Limited (or BG ) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of September 30, 2016 was $12.2 million ( December 31, 2015 – $16.4 million ) using a discount rate of 8.0% . As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset. |
Changes in Fair Value of Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the nine months ended September 30, 2016 and 2015 for the Partnership’s other derivative instrument, 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), is as follows: Nine Months Ended September 30, 2016 2015 $ $ Fair value at beginning of period (6,296 ) (2,137 ) Realized and unrealized gains (losses) included in earnings 4,550 (3,624 ) Settlement payments 2,556 1,207 Fair value at end of period 810 (4,554 ) |
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. September 30, 2016 December 31, 2015 Class of Financing Receivable Credit Indicator Grade $ $ Direct financing leases Payment activity Performing 648,396 666,658 Other receivables: Long-term receivable and accrued revenue included in accounts receivable and other assets Payment activity Performing 13,351 28,256 Advances to equity accounted joint ventures (note 6) Other internal metrics Performing 185,280 159,870 847,027 854,784 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | The following table includes results for the Partnership’s segments for the periods presented in these financial statements. Three Months Ended September 30, 2016 2015 Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 87,260 13,398 100,658 75,142 23,273 98,415 Voyage expenses (175 ) (180 ) (355 ) — (240 ) (240 ) Vessel operating expenses (16,751 ) (5,304 ) (22,055 ) (16,260 ) (8,059 ) (24,319 ) Depreciation and amortization (19,317 ) (4,724 ) (24,041 ) (17,268 ) (5,205 ) (22,473 ) General and administrative expenses (i) (3,008 ) (565 ) (3,573 ) (3,916 ) (1,760 ) (5,676 ) Restructuring charges — — — — (3,510 ) (3,510 ) Income from vessel operations 48,009 2,625 50,634 37,698 4,499 42,197 Equity income 13,514 — 13,514 13,523 — 13,523 Nine Months Ended September 30, 2016 2015 Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Liquefied Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 250,342 45,328 295,670 228,542 65,807 294,349 Voyage expenses (418 ) (936 ) (1,354 ) — (931 ) (931 ) Vessel operating expenses (48,717 ) (17,603 ) (66,320 ) (46,693 ) (23,362 ) (70,055 ) Depreciation and amortization (58,476 ) (12,045 ) (70,521 ) (53,578 ) (15,673 ) (69,251 ) General and administrative expenses (i) (12,049 ) (2,816 ) (14,865 ) (14,755 ) (4,697 ) (19,452 ) Loss on sale of vessels — (27,439 ) (27,439 ) — — — Restructuring charges — — — — (3,510 ) (3,510 ) Income (loss) from vessel operations 130,682 (15,511 ) 115,171 113,516 17,634 131,150 Equity income 52,579 — 52,579 60,583 — 60,583 (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 to total assets presented in the consolidated balance sheets is as follows: September 30, 2016 December 31, 2015 $ $ Total assets of the liquefied gas segment 3,813,347 3,550,396 Total assets of the conventional tanker segment 208,509 360,527 Unallocated: Cash and cash equivalents 268,395 102,481 Accounts receivable and prepaid expenses 20,676 26,550 Advances to affiliates 15,568 13,026 Consolidated total assets 4,326,495 4,052,980 |
Vessel Charters (Tables)
Vessel Charters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Leases [Abstract] | |
Minimum Estimated Charter Hire Payments for Remainder of Year and Next Four Fiscal Years for Partnership's Vessels Chartered-In and Vessels Chartered-Out | The minimum estimated charter hire payments for the remainder of the year and the next four fiscal years, as at September 30, 2016 , for the Partnership’s vessels chartered-in and vessels chartered-out are as follows: Remainder of 2016 2017 2018 2019 2020 Vessel Charters (i) $ $ $ $ $ Charters-in – capital leases (ii) 9,485 61,019 57,361 30,065 30,147 Charters-out – operating leases (iii) 109,164 337,105 372,902 404,480 393,827 Charters-out – direct financing leases (iv) 19,435 218,386 187,977 53,341 53,487 128,599 555,491 560,879 457,821 447,314 (i) The Partnership owns 69% of Teekay BLT Corporation (or Teekay Tangguh Joint Venture ) and the Teekay Tangguh Joint Venture is a party to operating leases whereby it is leasing the Tangguh Hiri and Tangguh Sago liquefied natural gas (or LNG ) carriers (or the Tangguh LNG Carriers ) to a third party, which is in turn leasing the vessels back to the joint venture. The table does not include the Partnership’s minimum charter hire payments to be paid and received under these leases, which are described in more detail in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 . Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Teekay Tangguh Joint Venture is the lessee, the lessors claim tax depreciation on its lease of these vessels. As is typical in these types of 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 the lease payments to maintain its agreed after-tax margin. The carrying amount of tax indemnification guarantees of the Partnership relating to the leasing arrangement through the Teekay Tangguh Joint Venture as at September 30, 2016 was $7.6 million ( December 31, 2015 – $8.0 million ) 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 contracts with the third parties plus the years it would take for the lease payments to be statute barred, which will end in 2033 for the vessels. Although there is no maximum potential amount of future payments, the Teekay Tangguh Joint Venture may terminate the lease arrangement on a voluntary basis at any time. If the lease arrangement terminates, the Teekay Tangguh 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. (ii) As at September 30, 2016 , the Partnership was a party, as lessee, to capital leases on two Suezmax tankers, the Teide Spirit and Toledo Spirit . Under these capital leases, the owner has the option to require the Partnership to purchase the two vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts. The amounts in the table assume the owner will not exercise its options to require the Partnership to purchase either of the vessels from the owner, but rather it assumes the owner will cancel the charter contracts when the cancellation right is first exercisable, which is the thirteenth anniversary of each respective contract in 2017 and 2018 . The Partnership was also a party to capital leases on two of its LNG carriers, the Creole Spirit and Oak Spirit. Upon delivery of the Creole Spirit in February 2016 and the Oak Spirit in July 2016, the Partnership sold these vessels to a third party and leased them back under 10 -year bareboat charter contracts ending in 2026. The bareboat charter contracts are accounted for as capital leases. The obligations of the Partnership under the bareboat charter contracts are guaranteed by the Partnership. In addition, the guarantee agreements require the Partnership to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. (iii) Minimum scheduled future operating lease revenues do not include revenue generated from new contracts entered into after September 30, 2016 , revenue from unexercised option periods of contracts that existed on September 30, 2016 , revenues from vessels in the Partnership's equity accounted investments, or variable or contingent revenues. Therefore, the minimum scheduled future operating lease revenues should not be construed to reflect total charter hire revenues that may be recognized for any of the years. (iv) As described in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2015 , the Tangguh LNG Carriers’ time-charter contracts and the two bareboat charter contracts to Awilco LNG ASA are accounted for as direct financing leases. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | September 30, 2016 December 31, 2015 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2016 to 2018 390,583 329,222 U.S. Dollar-denominated Term Loans due from 2018 to 2026 1,023,153 1,150,436 Norwegian Kroner-denominated Bonds due from 2017 to 2020 325,627 294,016 Euro-denominated Term Loans due from 2018 to 2023 238,652 241,798 Total principal 1,978,015 2,015,472 Unamortized discount and debt issuance costs (11,818 ) (16,263 ) Total debt 1,966,197 1,999,209 Less current portion (168,927 ) (197,197 ) Long-term debt 1,797,270 1,802,012 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ $ $ $ Current (209 ) (258 ) (722 ) (517 ) Deferred — — — 226 Income tax expense (209 ) (258 ) (722 ) (291 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Such related party transactions were as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Revenues (i) 9,429 7,727 28,075 27,735 Vessel operating expenses (5,107 ) (4,714 ) (15,023 ) (14,337 ) General and administrative expenses (ii) (3,437 ) (3,658 ) (8,666 ) (11,326 ) General and administrative expenses (iii) (116 ) — (442 ) — (i) Commencing in 2008, the Arctic Spirit and Polar Spirit were time-chartered to Teekay Corporation at a fixed-rate for a period of 10 years (plus options exercisable by Teekay Corporation to extend up to an additional 15 years). (ii) Includes commercial, strategic, advisory, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's General Partner for costs incurred on the Partnership’s behalf. (iii) Includes the Partnership's proportionate costs associated with the Bahrain LNG Joint Venture including pre-operation, engineering and financing-related expenses, which are recorded as part of investments in and advances to equity accounted joint ventures in the Partnership's consolidated balance sheets. |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Summary of Cross Currency Swap Agreements | The following table reflects information relating to the cross-currency swaps as at September 30, 2016 . Floating Rate Receivable Principal Amount NOK Principal Amount $ Reference Rate Margin Fixed Rate Payable Fair Value / Carrying Amount of (Liability) $ Weighted- Average Remaining Term (Years) 700,000 125,000 NIBOR 5.25 % 6.88 % (39,059 ) 0.6 900,000 150,000 NIBOR 4.35 % 6.43 % (41,722 ) 1.9 1,000,000 134,000 NIBOR 3.70 % 5.92 % (12,826 ) 3.6 (93,607 ) |
Interest Rate Swap Agreements | As at September 30, 2016 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Principal Amount $ Fair Value / Carrying Amount of (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 90,000 (7,151 ) 1.9 4.9 U.S. Dollar-denominated interest rate swaps LIBOR 100,000 (2,356 ) 0.3 5.3 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 156,250 (34,865 ) 12.3 5.2 U.S. Dollar-denominated interest rate swaps (ii) LIBOR 53,557 (2,079 ) 4.8 2.8 U.S. Dollar-denominated interest rate swaps (iii) LIBOR 320,000 (30,358 ) 1.3 3.4 U.S. Dollar-denominated interest rate swaps (iv) LIBOR 110,500 (1,708 ) 2.3 1.7 U.S. Dollar-denominated interest rate swaps (v) LIBOR 197,629 (9,718 ) 9.2 2.3 EURIBOR-Based Debt: Euro-denominated interest rate swaps (vi) EURIBOR 238,652 (40,913 ) 4.2 3.1 (129,148 ) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at September 30, 2016 , ranged from 0.30% to 2.80% . (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are being used to economically hedge expected interest payments on future debt that is planned to be outstanding from 2017 to 2024 . These interest rate swaps are subject to mandatory early termination in 2017 and 2018 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces quarterly commencing December 2017. (vi) Principal amount reduces monthly to 70.1 million Euros ( $78.8 million ) by the maturity dates of the swap agreements. |
Location and Fair Value Amounts of Derivative Instruments | The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Current portion of derivative assets $ Derivative assets $ Accrued liabilities/ Advances from affiliates $ Current portion of derivative liabilities $ Derivative liabilities $ As at September 30, 2016 Interest rate swap agreements — — (3,686 ) (36,096 ) (89,366 ) Interest rate swaption agreements 21 1,377 — (7,268 ) (11,678 ) Cross-currency swap agreements — — (963 ) (43,817 ) (48,827 ) Toledo Spirit time-charter derivative — 1,020 (10 ) (200 ) — 21 2,397 (4,659 ) (87,381 ) (149,871 ) As at December 31, 2015 Interest rate swap agreements — — (6,833 ) (41,028 ) (56,276 ) Interest rate swaption agreements — 5,623 — — (6,406 ) Cross-currency swap agreements — — (1,181 ) (9,755 ) (117,846 ) Toledo Spirit time-charter derivative — — (3,186 ) (1,300 ) (1,810 ) — 5,623 (11,200 ) (52,083 ) (182,338 ) |
Gain (Loss) 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 is as follows: Three Months Ended September 30, 2016 2015 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (6,494 ) 8,436 1,942 (7,232 ) (12,232 ) (19,464 ) Interest rate swaption agreements — 1,992 1,992 — (5,927 ) (5,927 ) Toledo Spirit time-charter derivative (10 ) 1,080 1,070 326 (1,770 ) (1,444 ) (6,504 ) 11,508 5,004 (6,906 ) (19,929 ) (26,835 ) Nine Months Ended September 30, 2016 2015 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (19,750 ) (18,441 ) (38,191 ) (21,856 ) 835 (21,021 ) Interest rate swaption agreements — (16,765 ) (16,765 ) — (5,334 ) (5,334 ) Toledo Spirit time-charter derivative 620 3,930 4,550 (244 ) (3,380 ) (3,624 ) (19,130 ) (31,276 ) (50,406 ) (22,100 ) (7,879 ) (29,979 ) |
Derivative Instruments, Gain (Loss) | For the periods indicated, the following table presents the effective and ineffective portion of losses on interest rate swap agreements designated and qualifying as cash flow hedges. The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity accounted joint ventures. Three Months Ended September 30, 2016 Three Months Ended September 30, 2015 Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ 842 — (130 ) Interest expense — — — 842 — (130 ) — — — Nine Months Ended September 30, 2016 Nine Months Ended September 30, 2015 Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (8,673) — (1,044 ) Interest expense — — — (8,673) — (1,044 ) — — — (i) Effective portion of designated and qualifying cash flow hedges recognized in other comprehensive income (loss). (ii) Effective portion of designated and qualifying cash flow hedges recorded in accumulated other comprehensive loss (or AOCI ) during the term of the hedging relationship and reclassified to earnings. (iii) Ineffective portion of designated and qualifying cash flow hedges. |
Interest Rate Swaption [Member] | |
Interest Rate Swap Agreements | At September 30, 2016 , the terms of the interest rate swaps underlying the interest rate swaptions were as follows: Interest Rate Index Principal Amount $ Start Date Carrying Amount of Assets (Liability) $ Remaining Term (Years) Fixed Interest Rate (%) Interest rate swaption - Call Option LIBOR 155,000 (i) April 28, 2017 21 7.5 3.3 Interest rate swaption - Put Option LIBOR 155,000 (i) April 28, 2017 (7,268 ) 7.5 2.2 Interest rate swaption - Call Option LIBOR 160,000 (ii) January 31, 2018 458 8.0 3.1 Interest rate swaption - Put Option LIBOR 160,000 (ii) January 31, 2018 (6,291 ) 8.0 2.0 Interest rate swaption - Call Option LIBOR 160,000 (iii) July 16, 2018 919 8.0 2.9 Interest rate swaption - Put Option LIBOR 160,000 (iii) July 16, 2018 (5,387 ) 8.0 1.8 (i) Amortizing every three months from $155.0 million in April 2017 to $85.4 million in October 2024. (ii) Amortizing every three months from $160.0 million in January 2018 to $82.5 million in January 2026. (iii) Amortizing every three months from $160.0 million in July 2018 to $82.5 million in July 2026. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The Partnership’s share of commitments to fund newbuilding and other construction contract costs as at September 30, 2016 are as follows: Total Remainder of 2016 2017 2018 2019 2020 Consolidated LNG carrier newbuildings (i) 1,537,362 39,129 708,539 540,580 249,114 — Equity accounted joint ventures (ii) 1,507,206 119,277 346,095 532,209 309,720 199,905 3,044,568 158,406 1,054,634 1,072,789 558,834 199,905 (i) As at September 30, 2016 , the Partnership had nine LNG carrier newbuildings on order which are scheduled for delivery between 2017 and 2019. These commitment amounts are described in more detail in Note 14 of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 . (ii) The commitment amounts relating to the Partnership’s share of costs for newbuilding and other construction contracts in the Partnership’s equity accounted joint ventures are based on the Partnership’s ownership percentage in each respective joint venture as of September 30, 2016 . These commitments are described in more detail in Note 14 of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2015 . As of September 30, 2016 , based on the Partnership's ownership percentage in each respective joint venture, the Partnership's equity accounted joint ventures has secured $269 million of financing related to $236 million of LNG and LPG carrier newbuilding commitments included in the table above. |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Shipbuilding supervision and crew training services [Member] | BG Joint Venture [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate over remaining duration of contract | 8.00% | |
Carrying Amount Asset (Liability) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Advances to equity accounted joint ventures (note 6) | $ 185,280 | $ 159,870 |
Carrying Amount Asset (Liability) [Member] | Level 1 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 368,622 | 214,000 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (129,148) | (104,137) |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Interest Rate Swaption [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (18,946) | (6,406) |
Interest rate derivative - assets | 1,398 | 5,623 |
Carrying Amount Asset (Liability) [Member] | Level 2 [Member] | Cross currency swap agreement [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency swap agreements | (93,607) | (128,782) |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets(ii) | 12,259 | 16,453 |
Carrying Amount Asset (Liability) [Member] | Level 3 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other derivative | 810 | (6,296) |
Carrying Amount Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (323,904) | (291,247) |
Carrying Amount Asset (Liability) [Member] | Non-public [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (1,642,293) | (1,707,962) |
Fair Value Asset (Liability) [Member] | Level 1 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents and restricted cash | 368,622 | 214,000 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Interest rate swap agreements [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (129,148) | (104,137) |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Interest Rate Swaption [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate derivative - liabilities | (18,946) | (6,406) |
Interest rate derivative - assets | 1,398 | 5,623 |
Fair Value Asset (Liability) [Member] | Level 2 [Member] | Cross currency swap agreement [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cross currency swap agreements | (93,607) | (128,782) |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets(ii) | 12,244 | 16,427 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | Shipbuilding supervision and crew training services [Member] | BG Joint Venture [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term receivable included in accounts receivable and other assets(ii) | 12,200 | 16,400 |
Fair Value Asset (Liability) [Member] | Level 3 [Member] | Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other derivative | 810 | (6,296) |
Fair Value Asset (Liability) [Member] | Public [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | (318,503) | (288,333) |
Fair Value Asset (Liability) [Member] | Non-public [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ (1,589,801) | $ (1,677,139) |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value of Asset Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | ||
Fair value at beginning of period | $ (6,296) | $ (2,137) |
Realized and unrealized gains (losses) included in earnings | 4,550 | (3,624) |
Settlement payments | 2,556 | 1,207 |
Fair value at end of period | $ 810 | $ (4,554) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Toledo Spirit time-charter derivative [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average daily tanker rate over remaining duration of charter contract | $ 22,875 | $ 33,500 |
Discount rate over remaining duration of contract | 8.00% | 7.40% |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other receivables: | ||
Total loans receivables and other financing receivables | $ 847,027 | $ 854,784 |
Payment activity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | 648,396 | 666,658 |
Other receivables: | ||
Long-term receivable and accrued revenue included in accounts receivable and other assets | 13,351 | 28,256 |
Other internal metrics [Member] | Performing [Member] | ||
Other receivables: | ||
Advances to equity accounted joint ventures (note 6) | $ 185,280 | $ 159,870 |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||
Voyage revenues | $ 100,658 | $ 98,415 | $ 295,670 | $ 294,349 | |
Voyage expenses | (355) | (240) | (1,354) | (931) | |
Vessel operating expenses | (22,055) | (24,319) | (66,320) | (70,055) | |
Depreciation and amortization | (24,041) | (22,473) | (70,521) | (69,251) | |
General and administrative expenses | (3,573) | (5,676) | (14,865) | (19,452) | |
Restructuring charges | $ (3,500) | 0 | (3,510) | 0 | (3,510) |
Loss on sale of vessels | 0 | 0 | (27,439) | 0 | |
Income from vessel operations | 50,634 | 42,197 | 115,171 | 131,150 | |
Equity income | 13,514 | 13,523 | 52,579 | 60,583 | |
Liquefied Gas Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Voyage revenues | 87,260 | 75,142 | 250,342 | 228,542 | |
Voyage expenses | (175) | 0 | (418) | 0 | |
Vessel operating expenses | (16,751) | (16,260) | (48,717) | (46,693) | |
Depreciation and amortization | (19,317) | (17,268) | (58,476) | (53,578) | |
General and administrative expenses | (3,008) | (3,916) | (12,049) | (14,755) | |
Restructuring charges | 0 | 0 | 0 | ||
Loss on sale of vessels | 0 | 0 | |||
Income from vessel operations | 48,009 | 37,698 | 130,682 | 113,516 | |
Equity income | 13,514 | 13,523 | 52,579 | 60,583 | |
Conventional Tanker Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Voyage revenues | 13,398 | 23,273 | 45,328 | 65,807 | |
Voyage expenses | (180) | (240) | (936) | (931) | |
Vessel operating expenses | (5,304) | (8,059) | (17,603) | (23,362) | |
Depreciation and amortization | (4,724) | (5,205) | (12,045) | (15,673) | |
General and administrative expenses | (565) | (1,760) | (2,816) | (4,697) | |
Restructuring charges | 0 | (3,510) | 0 | (3,510) | |
Loss on sale of vessels | (27,439) | 0 | |||
Income from vessel operations | 2,625 | 4,499 | (15,511) | 17,634 | |
Equity income | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 268,395 | $ 102,481 | $ 154,173 | $ 159,639 |
Accounts receivable and prepaid expenses | 20,676 | 26,550 | ||
Advances to affiliates | 15,568 | 13,026 | ||
Total assets | 4,326,495 | 4,052,980 | ||
Liquefied Gas Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 3,813,347 | 3,550,396 | ||
Conventional Tanker Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | $ 208,509 | $ 360,527 |
Vessel Charters - Minimum Estim
Vessel Charters - Minimum Estimated Charter Hire Payments for Remainder of Year and Next Four Fiscal Years for Partnership's Vessels Chartered-In and Vessels Chartered-Out (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Charters-in [Member] | |
Capital Leases and Operating and Direct Finance Leases [Line Items] | |
Capital leases remainder of 2016 | $ 9,485 |
Capital leases 2017 | 61,019 |
Capital leases 2018 | 57,361 |
Capital leases 2019 | 30,065 |
Capital leases 2020 | 30,147 |
Charters-out [Member] | |
Capital Leases and Operating and Direct Finance Leases [Line Items] | |
Operating leases remainder of 2016 | 109,164 |
Direct financing leases remainder of 2016 | 19,435 |
Leases remainder of 2016 | 128,599 |
Operating leases 2017 | 337,105 |
Direct financing leases 2017 | 218,386 |
Leases remainder of 2017 | 555,491 |
Operating leases 2018 | 372,902 |
Direct financing leases 2018 | 187,977 |
Leases remainder of 2018 | 560,879 |
Operating leases 2019 | 404,480 |
Direct financing leases 2019 | 53,341 |
Leases remainder of 2019 | 457,821 |
Operating leases 2020 | 393,827 |
Direct financing leases 2020 | 53,487 |
Leases remainder of 2020 | $ 447,314 |
Vessel Charters - Additional In
Vessel Charters - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 29, 2016 | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Vessel | |
Capital Leases and Operating and Direct Finance Leases [Line Items] | ||||||
Sale leaseback arrangement period, lessee | 10 years | |||||
Number of vessels | 9 | 9 | 11 | |||
Loss on sale of vessels | $ | $ 0 | $ 0 | $ (27,439) | $ 0 | ||
Awilco LNG Carriers [Member] | ||||||
Capital Leases and Operating and Direct Finance Leases [Line Items] | ||||||
Number of vessels | 2 | |||||
Suezmax Tankers [Member] | ||||||
Capital Leases and Operating and Direct Finance Leases [Line Items] | ||||||
Number of capital leased assets | 2 | 2 | ||||
Liquefied Natural Gas [Member] | ||||||
Capital Leases and Operating and Direct Finance Leases [Line Items] | ||||||
Number of capital leased assets | 2 | 2 | ||||
Teekay Tangguh Joint Venture [Member] | ||||||
Capital Leases and Operating and Direct Finance Leases [Line Items] | ||||||
Partnership owns percentage in joint venture | 69.00% | |||||
Tax indemnification | $ | $ 7,600 | $ 7,600 | $ 8,000 |
Advances to Equity Accounted 42
Advances to Equity Accounted Joint Ventures - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | $ 935,246 | $ 883,731 |
Yamal LNG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | 114,900 | 96,900 |
Interest receivable on advances to equity accounted joint ventures | $ 8,100 | 4,800 |
Yamal LNG Joint Venture [Member] | LIBOR [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Variable interest rate on Debt | 3.00% | |
Bahrain LNG Joint Venture [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | $ 3,600 | 0 |
Exmar LPG BVBA [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Advances to equity accounted joint venture partner | 57,800 | 57,800 |
Interest receivable on advances to equity accounted joint ventures | $ 900 | $ 400 |
Repayment term | No fixed repayment terms | |
Exmar LPG BVBA [Member] | LIBOR [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Variable interest rate on Debt | 0.50% |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal | $ 1,978,015 | $ 2,015,472 |
Unamortized discount and debt issuance costs | (11,818) | (16,263) |
Total debt | 1,966,197 | 1,999,209 |
Less current portion | (168,927) | (197,197) |
Long-term debt | 1,797,270 | 1,802,012 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 390,583 | 329,222 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 1,023,153 | 1,150,436 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 325,627 | 294,016 |
Euro Denominated Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 238,652 | $ 241,798 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers (Detail) | 9 Months Ended | ||
Sep. 30, 2016USD ($)Debt_InstrumentsCreditFacilityVessel | Nov. 16, 2016USD ($) | Nov. 15, 2016USD ($) | |
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate on Debt | 0.30% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate on Debt | 2.80% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Number of credit facilities | CreditFacility | 3 | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Number of credit facilities | CreditFacility | 1 | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings provided under revolving credit facilities | $ 170,000,000 | $ 150,000,000 | |
Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Reduction in the total amount available under revolvers, remainder of 2016 | $ 6,100,000 | ||
Reduction in the total amount available under revolvers, 2017 | 178,200,000 | ||
Reduction in the total amount available under revolvers, 2018 | $ 253,700,000 | ||
Months required to repay all borrowings | P12M | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Number of credit facilities | CreditFacility | 2 | ||
Borrowings provided under revolving credit facilities | $ 438,000,000 | ||
Undrawn amount of revolving credit facilities | $ 47,400,000 | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate on Debt | 0.55% | ||
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate on Debt | 1.50% | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Number of credit facilities | Debt_Instruments | 1 | ||
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Number of credit facilities | Debt_Instruments | 2 | ||
Collateral, number of vessels | Vessel | 4 |
Long-Term Debt - Additional I45
Long-Term Debt - Additional Information - USD Term Loans (Detail) $ in Billions | 9 Months Ended |
Sep. 30, 2016USD ($)Term_loanVessel | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate on Debt | 0.30% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate on Debt | 2.80% |
Term Loans [Member] | |
Debt Instrument [Line Items] | |
Number of term loans | Term_loan | 6 |
Long-term debt | $ | $ 1 |
Collateral, number of vessels | Vessel | 15 |
Term Loans [Member] | LIBOR [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate on Debt | 0.30% |
Term Loans [Member] | LIBOR [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Variable interest rate on Debt | 2.80% |
Long-Term Debt - Additional I46
Long-Term Debt - Additional Information - NOK Bonds (Detail) $ in Thousands, NOK in Millions | Oct. 28, 2016USD ($) | Sep. 30, 2016USD ($) | Oct. 28, 2016NOK | Sep. 30, 2016NOK | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Carrying amount of bonds | $ 1,978,015 | $ 2,015,472 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 0.30% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 2.80% | ||||
Unsecured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior unsecured bonds issued | NOK | NOK 2,600 | ||||
Carrying amount of bonds | $ 325,627 | $ 294,016 | |||
Reference rate for the variable rate of the debt instrument | NIBOR | ||||
Unsecured Debt [Member] | Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | |||||
Face amount of debt | $ 110,000 | NOK 900 | |||
Percentage of principal amount repurchased | 101.50% | ||||
Face amount of debt repurchased | $ 36,500 | 292 | |||
Total purchase price of debt repurchased | NOK | NOK 296 | ||||
Unsecured Debt [Member] | Foreign Exchange Contract [Member] | |||||
Debt Instrument [Line Items] | |||||
Transfer of principal amount | $ 409,000 | ||||
Unsecured Debt [Member] | Minimum [Member] | Foreign Exchange Contract [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest payment on cross currency rate swap | 5.92% | 5.92% | |||
Unsecured Debt [Member] | Maximum [Member] | Foreign Exchange Contract [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed interest payment on cross currency rate swap | 6.88% | 6.88% | |||
Unsecured Debt [Member] | NIBOR [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 3.70% | ||||
Unsecured Debt [Member] | NIBOR [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 5.25% |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated term loans- Additional Information (Detail) - 9 months ended Sep. 30, 2016 € in Millions, $ in Millions | USD ($)CreditFacilityVessel | EUR (€)CreditFacilityVessel |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on Debt | 0.30% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on Debt | 2.80% | |
Euro Denominated Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | CreditFacility | 2 | 2 |
Long-term debt | $ 238.7 | € 212.4 |
Reference rate for the variable rate of the debt instrument | EURIBOR | |
Collateral, number of vessels | Vessel | 2 | 2 |
Euro Denominated Term Loans [Member] | EURIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on Debt | 0.60% | |
Euro Denominated Term Loans [Member] | EURIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on Debt | 2.25% |
Long-Term Debt - Additional I48
Long-Term Debt - Additional Information - Other (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)CreditFacility | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)CreditFacility | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 2.64% | 2.64% | 2.33% | ||
Foreign exchange (losses) gains | $ 504 | $ (8,153) | $ (10,139) | $ 8,231 | |
Aggregate annual long-term debt principal repayments, remainder of 2016 | 25,100 | 25,100 | |||
Aggregate annual long-term debt principal repayments, 2017 | 319,800 | 319,800 | |||
Aggregate annual long-term debt principal repayments, 2018 | 781,500 | 781,500 | |||
Aggregate annual long-term debt principal repayments, 2019 | 95,900 | 95,900 | |||
Aggregate annual long-term debt principal repayments, 2020 | 188,200 | 188,200 | |||
Aggregate annual long-term debt principal repayments, thereafter | 567,500 | 567,500 | |||
Restricted cash on deposits relating to certain term loans, collateral cross currency swaps, leasing arrangements, dry-docking expenditures and emergency repairs | $ 100,200 | $ 100,200 | $ 111,500 | ||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 0.30% | ||||
Minimum [Member] | Vessel [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 128.00% | 128.00% | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on Debt | 2.80% | ||||
Maximum [Member] | Vessel [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 209.00% | 209.00% | |||
Loan Agreement Jointly Liable with Subsidiary [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 0 | $ 0 | |||
Loan Agreement Jointly Liable with Subsidiary [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 79,900 | 79,900 | |||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 133,000 | $ 133,000 | |||
Number of credit facilities | CreditFacility | 2 | 2 | |||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 110.00% | 110.00% | |||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 115.00% | 115.00% |
Income Tax - Components of Prov
Income Tax - Components of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (209) | $ (258) | $ (722) | $ (517) |
Deferred | 0 | 0 | 0 | 226 |
Income tax expense | $ (209) | $ (258) | $ (722) | $ (291) |
Related Party Transactions - Ar
Related Party Transactions - Arctic Spirit and Polar Spirit - Additional Information (Detail) - Vessel | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Number of vessels | 9 | 11 |
BG Joint Venture [Member] | Shipbuilding supervision and crew training services [Member] | Newbuildings [Member] | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 4 | |
Subsidiary of Common Parent [Member] | Liquefied Natural Gas [Member] | Charters-out [Member] | ||
Related Party Transaction [Line Items] | ||
Number of vessels | 2 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
Voyage revenues | $ 100,658 | $ 98,415 | $ 295,670 | $ 294,349 |
General and administrative expenses | (3,573) | (5,676) | $ (14,865) | (19,452) |
Teekay Corporation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating lease arrangement period, lessor | 10 years | |||
Teekay Corporation [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Additional time period for fixed-rate time-charters contract | 15 years | |||
Affiliated Entity [Member] | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | 9,429 | 7,727 | $ 28,075 | 27,735 |
Vessel operating expenses | (5,107) | (4,714) | (15,023) | (14,337) |
General and administrative expenses | (3,437) | (3,658) | (8,666) | (11,326) |
General and administrative expenses deferred and capitalized | $ (116) | $ 0 | $ (442) | $ 0 |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Advances to affiliates | $ 15,568 | $ 13,026 |
Advances from affiliates | $ 13,053 | $ 22,987 |
Related Party Transactions - Sh
Related Party Transactions - Shipbuilding and Site Supervision Services Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Dec. 31, 2015Vessel | |
Related Party Transaction [Line Items] | |||||
Number of vessels | Vessel | 9 | 9 | 11 | ||
Liquefied Natural Gas [Member] | Daewoo Shipbuilding [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shipbuilding and site supervision costs | $ | $ 2.1 | $ 1.1 | $ 7 | $ 2.6 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands, NOK in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Oct. 28, 2016USD ($) | Oct. 28, 2016NOK | Sep. 30, 2016NOK | Dec. 31, 2015USD ($)Agreement | Dec. 31, 2015NOKAgreement | |
Derivative [Line Items] | |||||||||
Restricted cash - current and - long-term | $ 100,200 | $ 100,200 | $ 111,500 | ||||||
Unrealized (losses) gains on derivatives | 4,476 | $ 10,837 | |||||||
Interest Rate Swaption [Member] | |||||||||
Derivative [Line Items] | |||||||||
Number of interest rate derivatives held | Agreement | 3 | 3 | |||||||
Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | |||||||||
Derivative [Line Items] | |||||||||
Fair value of derivative asset | 1,400 | 1,400 | |||||||
Fair value of derivative liability | 216,200 | 216,200 | |||||||
Restricted cash - current and - long-term | 30,300 | 30,300 | |||||||
Toledo Spirit time-charter derivative [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative fair value, net | 800 | 800 | $ (6,300) | ||||||
Cross currency swap agreement [Member] | |||||||||
Derivative [Line Items] | |||||||||
Unrealized (losses) gains on derivatives | 20,200 | $ (31,000) | 35,000 | (49,800) | |||||
Realized losses on derivatives | $ (2,300) | $ (2,300) | $ (6,900) | $ (5,200) | |||||
Norwegian Kroner denominated bonds due May 2017 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Face amount of debt | NOK | NOK 700 | ||||||||
Norwegian Kroner denominated bonds due September 2018 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Face amount of debt | NOK | 900 | ||||||||
Norwegian Kroner denominated bonds due May 2020 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Face amount of debt | NOK | NOK 1,000 | ||||||||
Unsecured Debt [Member] | |||||||||
Derivative [Line Items] | |||||||||
Senior unsecured bonds issued | NOK | NOK 2,600 | ||||||||
Unsecured Debt [Member] | Subsequent Event [Member] | |||||||||
Derivative [Line Items] | |||||||||
Face amount of debt | $ 110,000 | NOK 900 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swap Agreements (Detail) - Cross currency swap agreement [Member] NOK in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016NOK | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of (Liability) | $ (93,607) | |
Norwegian Kroner-denominated Bond due in 2017 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 125,000 | NOK 700,000 |
Floating Rate Receivable, Margin | 5.25% | 5.25% |
Fixed interest payment on cross currency rate swap | 6.88% | 6.88% |
Fair Value / Carrying Amount of (Liability) | $ (39,059) | |
Weighted-Average Remaining Term (Years) | 7 months 6 days | |
Norwegian Kroner-denominated Bond due in 2018 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 150,000 | NOK 900,000 |
Floating Rate Receivable, Margin | 4.35% | 4.35% |
Fixed interest payment on cross currency rate swap | 6.43% | 6.43% |
Fair Value / Carrying Amount of (Liability) | $ (41,722) | |
Weighted-Average Remaining Term (Years) | 1 year 10 months 24 days | |
Norwegian Kroner denominated bonds due May 2020 [Member] | NIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 134,000 | NOK 1,000,000 |
Floating Rate Receivable, Margin | 3.70% | 3.70% |
Fixed interest payment on cross currency rate swap | 5.92% | 5.92% |
Fair Value / Carrying Amount of (Liability) | $ (12,826) | |
Weighted-Average Remaining Term (Years) | 3 years 7 months 6 days |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Detail) $ in Thousands, € in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | |
Minimum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 0.30% | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 2.80% | |
Interest rate swap agreements [Member] | ||
Derivative [Line Items] | ||
Fair Value /Carrying Amount of Assets (Liability) | $ (129,148) | |
Interest rate swap agreements [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 0.30% | |
Interest rate swap agreements [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Variable interest rate on Debt | 2.80% | |
United States Dollar-denominated interest rate swaps 1 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 90,000 | |
Carrying Amount of Assets (Liability) | $ (7,151) | |
Weighted-Average Remaining Term (Years) | 1 year 10 months 24 days | |
Fixed Interest Rate | 4.90% | 4.90% |
United States Dollar-denominated interest rate swaps 2 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 100,000 | |
Carrying Amount of Assets (Liability) | $ (2,356) | |
Weighted-Average Remaining Term (Years) | 3 months 18 days | |
Fixed Interest Rate | 5.30% | 5.30% |
United States Dollar-denominated interest rate swaps 3 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 156,250 | |
Carrying Amount of Assets (Liability) | $ (34,865) | |
Weighted-Average Remaining Term (Years) | 12 years 3 months 18 days | |
Fixed Interest Rate | 5.20% | 5.20% |
United States Dollar-denominated interest rate swaps 4 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 53,557 | |
Carrying Amount of Assets (Liability) | $ (2,079) | |
Weighted-Average Remaining Term (Years) | 4 years 9 months 18 days | |
Fixed Interest Rate | 2.80% | 2.80% |
United States Dollar-denominated interest rate swaps 5 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 320,000 | |
Carrying Amount of Assets (Liability) | $ (30,358) | |
Weighted-Average Remaining Term (Years) | 1 year 3 months 18 days | |
Fixed Interest Rate | 3.40% | 3.40% |
United States Dollar-denominated interest rate swaps 6 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 110,500 | |
Carrying Amount of Assets (Liability) | $ (1,708) | |
Weighted-Average Remaining Term (Years) | 2 years 3 months 18 days | |
Fixed Interest Rate | 1.70% | 1.70% |
United States Dollar-denominated interest rate swaps 7 [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | $ 197,629 | |
Carrying Amount of Assets (Liability) | $ (9,718) | |
Weighted-Average Remaining Term (Years) | 9 years 2 months 12 days | |
Fixed Interest Rate | 2.30% | 2.30% |
Euro-denominated interest rate swaps [Member] | ||
Derivative [Line Items] | ||
Reduced principal amount denominated interest rate swaps | $ 78,800 | € 70.1 |
Euro-denominated interest rate swaps [Member] | EURIBOR [Member] | ||
Derivative [Line Items] | ||
Principal amount | 238,652 | |
Carrying Amount of Assets (Liability) | $ (40,913) | |
Weighted-Average Remaining Term (Years) | 4 years 2 months 12 days | |
Fixed Interest Rate | 3.10% | 3.10% |
Derivative Instruments and He57
Derivative Instruments and Hedging Activities - Terms of Interest Rate Swaps Underlying Swaption (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2016 | Jul. 31, 2026 | Jan. 31, 2026 | Oct. 31, 2024 | Jan. 31, 2018 | Apr. 30, 2017 | |
Interest Rate Swaption One [Member] | Scenario Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 85,400 | $ 155,000 | ||||
Interest Rate Swaption One [Member] | Call Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 155,000 | |||||
Start Date | Apr. 28, 2017 | |||||
Carrying Amount of Assets (Liability) | $ 21 | |||||
Remaining Term (Years) | 7 years 6 months | |||||
Fixed Interest Rate | 3.30% | |||||
Interest Rate Swaption One [Member] | Put Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 155,000 | |||||
Start Date | Apr. 28, 2017 | |||||
Carrying Amount of Assets (Liability) | $ (7,268) | |||||
Remaining Term (Years) | 7 years 6 months | |||||
Fixed Interest Rate | 2.20% | |||||
Interest Rate Swaption Two [Member] | Scenario Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 82,500 | $ 160,000 | ||||
Interest Rate Swaption Two [Member] | Call Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 160,000 | |||||
Start Date | Jan. 31, 2018 | |||||
Carrying Amount of Assets (Liability) | $ 458 | |||||
Remaining Term (Years) | 8 years | |||||
Fixed Interest Rate | 3.10% | |||||
Interest Rate Swaption Two [Member] | Put Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 160,000 | |||||
Start Date | Jan. 31, 2018 | |||||
Carrying Amount of Assets (Liability) | $ (6,291) | |||||
Remaining Term (Years) | 8 years | |||||
Fixed Interest Rate | 2.00% | |||||
Interest Rate Swaption Three [Member] | Scenario Forecast [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 82,500 | $ 160,000 | ||||
Interest Rate Swaption Three [Member] | Call Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 160,000 | |||||
Start Date | Jul. 16, 2018 | |||||
Carrying Amount of Assets (Liability) | $ 919 | |||||
Remaining Term (Years) | 8 years | |||||
Fixed Interest Rate | 2.90% | |||||
Interest Rate Swaption Three [Member] | Put Option [Member] | LIBOR [Member] | ||||||
Derivative [Line Items] | ||||||
Principal amount | $ 160,000 | |||||
Start Date | Jul. 16, 2018 | |||||
Carrying Amount of Assets (Liability) | $ (5,387) | |||||
Remaining Term (Years) | 8 years | |||||
Fixed Interest Rate | 1.80% |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | $ 21 | $ 0 |
Derivative assets | 2,397 | 5,623 |
Accrued liabilities/ Advances from affiliates | (4,659) | (11,200) |
Current portion of derivative liabilities | (87,381) | (52,083) |
Derivative liabilities | (149,871) | (182,338) |
Interest rate swap agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued liabilities/ Advances from affiliates | (3,686) | (6,833) |
Current portion of derivative liabilities | (36,096) | (41,028) |
Derivative liabilities | (89,366) | (56,276) |
Interest Rate Swaption [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 21 | 0 |
Derivative assets | 1,377 | 5,623 |
Accrued liabilities/ Advances from affiliates | 0 | 0 |
Current portion of derivative liabilities | (7,268) | 0 |
Derivative liabilities | (11,678) | (6,406) |
Currency swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued liabilities/ Advances from affiliates | (963) | (1,181) |
Current portion of derivative liabilities | (43,817) | (9,755) |
Derivative liabilities | (48,827) | (117,846) |
Toledo Spirit time-charter derivative [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 0 | 0 |
Derivative assets | 1,020 | 0 |
Accrued liabilities/ Advances from affiliates | (10) | (3,186) |
Current portion of derivative liabilities | (200) | (1,300) |
Derivative liabilities | $ 0 | $ (1,810) |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) on derivative instruments | $ (6,504) | $ (6,906) | $ (19,130) | $ (22,100) |
Unrealized gains (losses) on derivative instruments | 11,508 | (19,929) | (31,276) | (7,879) |
Gain (loss) on derivative instruments, net | 5,004 | (26,835) | (50,406) | (29,979) |
Interest rate swap agreements [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) on derivative instruments | (6,494) | (7,232) | (19,750) | (21,856) |
Unrealized gains (losses) on derivative instruments | 8,436 | (12,232) | (18,441) | 835 |
Gain (loss) on derivative instruments, net | 1,942 | (19,464) | (38,191) | (21,021) |
Interest Rate Swaption [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) on derivative instruments | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on derivative instruments | 1,992 | (5,927) | (16,765) | (5,334) |
Gain (loss) on derivative instruments, net | 1,992 | (5,927) | (16,765) | (5,334) |
Toledo Spirit time-charter derivative [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) on derivative instruments | (10) | 326 | 620 | (244) |
Unrealized gains (losses) on derivative instruments | 1,080 | (1,770) | 3,930 | (3,380) |
Gain (loss) on derivative instruments, net | $ 1,070 | $ (1,444) | $ 4,550 | $ (3,624) |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Effective Portion Recognized in AOCI | $ 842 | $ 0 | $ (8,673) | $ 0 |
Statement of Income | 0 | 0 | 0 | 0 |
Ineffective Portion | (130) | 0 | (1,044) | 0 |
Interest Expense [Member] | ||||
Derivative [Line Items] | ||||
Effective Portion Recognized in AOCI | 842 | 0 | (8,673) | 0 |
Statement of Income | 0 | 0 | 0 | 0 |
Ineffective Portion | $ (130) | $ 0 | $ (1,044) | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments to Fund Newbuilding and Other Construction Contract Costs (Details) $ in Thousands | Sep. 30, 2016USD ($)Vessel | Dec. 31, 2015Vessel |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total | $ 3,044,568 | |
Remainder of 2016 | 158,406 | |
2,017 | 1,054,634 | |
2,018 | 1,072,789 | |
2,019 | 558,834 | |
2,020 | $ 199,905 | |
Number of vessels | Vessel | 9 | 11 |
Capital Addition Purchase Commitments, Consolidated Entities [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total | $ 1,537,362 | |
Remainder of 2016 | 39,129 | |
2,017 | 708,539 | |
2,018 | 540,580 | |
2,019 | 249,114 | |
2,020 | 0 | |
Capital Addition Purchase Commitments, Equity Method Investee [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total | 1,507,206 | |
Remainder of 2016 | 119,277 | |
2,017 | 346,095 | |
2,018 | 532,209 | |
2,019 | 309,720 | |
2,020 | 199,905 | |
Debt facility used to finance a portion of estimated fully built-up cost | 269,000 | |
Unrecorded unconditional purchase obligation, funded by debt | $ 236,000 |
Commitments and Contingencies62
Commitments and Contingencies - RasGas II Leases (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)AgreementVessel | |
RasGas II LNG Carriers [Member] | |
Long-term Purchase Commitment [Line Items] | |
Percentage of ownership interest | 70.00% |
HMRC [Member] | RasGas II LNG Carriers [Member] | |
Long-term Purchase Commitment [Line Items] | |
Present value of the lease rental increase claim | $ 60 |
Teekay Nakilat Corporation [Member] | |
Long-term Purchase Commitment [Line Items] | |
Number of lease agreements | Agreement | 3 |
Capital lease arrangement period, lessor | 30 years |
Number of vessels leased | Vessel | 3 |
Security deposit against future claims | $ 6.8 |
Commitments and Contingencies63
Commitments and Contingencies - Teekay LNG-Marubeni Joint Venture (Detail) - Settled Litigation [Member] - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Jun. 30, 2016 | Sep. 30, 2016 | |
Equity Income [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount | $ 20.3 | |
Teekay LNG-Marubeni Joint Venture [Member] | ||
Loss Contingencies [Line Items] | ||
Litigation settlement, amount | $ 39 |
Total Capital and Net Income 64
Total Capital and Net Income Per Unit - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Oct. 05, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Capital Unit [Line Items] | ||||
Quarterly cash distribution per unit, threshold, below in 2016 and above in 2015 (usd per share) | $ 0.4625 | $ 0.4625 | ||
Teekay Corporation [Member] | ||||
Capital Unit [Line Items] | ||||
General Partner's proportionate contribution, percentage | 2.00% | |||
Public [Member] | ||||
Capital Unit [Line Items] | ||||
Unit held by public, percentage | 68.30% | |||
Series A Preferred Units [Member] | Subsequent Event [Member] | ||||
Capital Unit [Line Items] | ||||
Number of units issued in public offering (in units) | 5,000,000 | 5,000,000 | ||
Dividend rate on preferred stock, percentage | 9.00% | 9.00% | ||
Net proceeds from units issued in public offering (in units) | $ 120.7 | $ 120.7 |
Unit-Based Compensation - Addit
Unit-Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate value of units issued | $ 1,500,000 | $ 1,100,000 | ||||
Restricted unit-based compensation granted to Partnership's employee (in units) | 132,582 | 32,054 | ||||
Restricted units, vesting period | 3 years | |||||
Restricted units, vested (in units) | 0 | 0 | 20,808 | 13,783 | ||
Restricted units, vested in period, fair value | $ 0 | $ 0 | $ 800,000 | $ 600,000 | ||
Restricted units expense | $ 100,000 | $ 100,000 | $ 1,200,000 | $ 1,100,000 | ||
Non-management directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common units granted (in units) | 32,723 | |||||
Aggregate value of units issued | $ 400,000 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |||||
Restructuring charges | $ 3,500 | $ 0 | $ 3,510 | $ 0 | $ 3,510 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, NOK in Millions, $ in Millions | Oct. 28, 2016USD ($) | Oct. 05, 2016USD ($)$ / sharesshares | Oct. 31, 2016USD ($)shares | Oct. 05, 2021$ / shares | Nov. 16, 2016USD ($) | Nov. 15, 2016USD ($) | Oct. 28, 2016NOK | Oct. 03, 2016shareholder |
Subsequent Event [Line Items] | ||||||||
Number of shareholders the purchase and sale is subject to consent | shareholder | 2 | |||||||
Unsecured Debt [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Face amount of debt | $ 110 | NOK 900 | ||||||
Dollar fixed-rate coupon percentage | 7.72% | 7.72% | ||||||
Percentage of principal amount repurchased | 101.50% | |||||||
Face amount of debt repurchased | $ 36.5 | NOK 292 | ||||||
Total purchase price of debt repurchased | NOK | NOK 296 | |||||||
Series A Preferred Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of units issued in public offering (in units) | shares | 5,000,000 | 5,000,000 | ||||||
Price per share, shares issued in public offering (usd per share) | $ 25 | |||||||
Net proceeds from units issued in public offering (in units) | $ | $ 120.7 | $ 120.7 | ||||||
Dividend rate on preferred stock, percentage | 9.00% | 9.00% | ||||||
Liquidation preference price per share, preferred stock | $ 25 | |||||||
Redemption price per share, preferred stock (usd per share) | $ 25 | |||||||
Skaugen LPG Joint Venture [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of ownership in joint venture | 35.00% | |||||||
Skaugen LPG Joint Venture [Member] | Nogaholding [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of ownership in joint venture | 35.00% | |||||||
Skaugen LPG Joint Venture [Member] | Suffun Bahrain W.L.L. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of ownership in joint venture | 30.00% | |||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Borrowings provided under revolving credit facilities | $ | $ 170 | $ 150 |