Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Transition Report | false | |
Entity Shell Company Report | false | |
Entity File Number | 1-32479 | |
Entity Registrant Name | TEEKAY LNG PARTNERS L.P. | |
Entity Incorporation, State or Country Code | 1T | |
Entity Address, Address Line One | 4th Floor | |
Entity Address, Address Line Two | Belvedere Building | |
Entity Address, Address Line Three | 69 Pitts Bay Road | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 08 | |
Entity Address, Country | BM | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | U.S. GAAP | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001308106 | |
Current Fiscal Year End Date | --12-31 | |
Entity Shell Company | false | |
Limited Partners - common units outstanding | 77,500,000 | |
Limited Partners - preferred units outstanding | 11,800,000 | 11,800,000 |
Common Units | ||
Class of Stock [Line Items] | ||
Title of 12(b) Security | Common Units | |
Trading Symbol | TGP | |
Security Exchange Name | NYSE | |
Series A Preferred Units | ||
Class of Stock [Line Items] | ||
Title of 12(b) Security | Series A Preferred Units | |
Trading Symbol | TGP PR A | |
Security Exchange Name | NYSE | |
Limited Partners - preferred units outstanding | 5,000,000 | |
Series B Preferred Units | ||
Class of Stock [Line Items] | ||
Title of 12(b) Security | Series B Preferred Units | |
Trading Symbol | TGP PR B | |
Security Exchange Name | NYSE | |
Limited Partners - preferred units outstanding | 6,800,000 | |
Common Units | ||
Class of Stock [Line Items] | ||
Limited Partners - common units outstanding | 86,951,234 | |
Business contact | ||
Class of Stock [Line Items] | ||
Entity Address, Address Line One | 4th Floor | |
Entity Address, Address Line Two | Belvedere Building | |
Entity Address, Address Line Three | 69 Pitts Bay Road | |
Entity Address, City or Town | Hamilton | |
Entity Address, Postal Zip Code | HM 08 | |
Entity Address, Country | BM | |
City Area Code | 441 | |
Local Phone Number | 298-2530 | |
Contact Personnel Name | N. Angelique Burgess | |
Contact Personnel Fax Number | (441) 292-3931 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Voyage revenues (notes 6 and 12a) | $ 591,103 | $ 601,256 | $ 510,762 |
Voyage expenses | 17,394 | 21,387 | 28,237 |
Vessel operating expenses (note 12a) | (116,396) | (111,585) | (117,658) |
Time-charter hire expenses | 23,564 | 19,994 | 7,670 |
Depreciation and amortization | (129,752) | (136,765) | (124,378) |
General and administrative expenses (notes 12a and 17) | (26,904) | (22,521) | (28,512) |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (51,000) | 13,564 | (54,653) |
Restructuring charges (notes 12a and 18) | 0 | (3,315) | (1,845) |
Income from vessel operations | 226,093 | 299,253 | 147,809 |
Equity income (notes 7 and 12a) | 72,233 | 58,819 | 53,546 |
Interest expense | (132,806) | (164,521) | (128,303) |
Interest income (note 7a) | 6,884 | 3,985 | 3,760 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | (33,334) | (13,361) | 3,278 |
Foreign currency exchange (loss) gain (notes 10 and 13) | (21,356) | (9,640) | 1,371 |
Other expense (notes 3b, 5a and 14b) | (16,910) | (2,454) | (51,373) |
Net income before income tax expense | 100,804 | 172,081 | 30,088 |
Income tax expense (notes 11 and 14c) | (3,492) | (7,477) | (3,213) |
Net income | 97,312 | 164,604 | 26,875 |
Non-controlling interest in net income (loss) | 9,955 | 11,814 | (1,494) |
Preferred unitholders' interest in net income | 25,702 | 25,702 | 25,701 |
General partner's interest in net income | 1,023 | 2,542 | 53 |
Limited partners’ interest in net income | $ 60,632 | $ 124,546 | $ 2,615 |
Limited partners’ interest in net income per common unit (note 16): | |||
Basic (USD per unit) | $ 0.73 | $ 1.59 | $ 0.03 |
Diluted (USD per unit) | $ 0.73 | $ 1.59 | $ 0.03 |
Weighted-average number of common units outstanding (note 16): | |||
Basic (in units) | 83,313,097 | 78,177,189 | 79,672,435 |
Diluted (in units) | 83,419,004 | 78,268,412 | 79,842,328 |
Common Stock, Dividends, Per Share, Declared | $ 0.94 | $ 0.71 | $ 0.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 97,312 | $ 164,604 | $ 26,875 |
Unrealized loss on qualifying cash flow hedging instruments, net of tax | (893) | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (66,958) | (57,616) | |
Other comprehensive loss: | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | 2,320 | (376) | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | |||
Other comprehensive loss | (49,068) | (57,440) | (1,124) |
Comprehensive income | 48,244 | 107,164 | 25,751 |
Non-controlling interest in comprehensive income (loss) | 7,411 | 9,572 | (856) |
Preferred unitholders' interest in comprehensive income | 25,702 | 25,702 | 25,701 |
General and limited partners' interest in comprehensive income | 15,131 | 71,890 | 906 |
To equity income | |||
Other comprehensive loss: | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | 15,570 | 552 | |
Realized loss (gain) on qualifying cash flow hedging instruments | 383 | ||
To interest expense | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (8,481) | (7,458) | |
Other comprehensive loss: | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | $ 2,320 | $ (376) | |
Realized loss (gain) on qualifying cash flow hedging instruments | $ (152) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current | ||
Cash and cash equivalents | $ 206,762 | $ 160,221 |
Restricted cash – current (note 15a) | 8,358 | 53,689 |
Accounts receivable, including non-trade of $5,411 (2019 – $10,688) | 7,631 | 13,460 |
Prepaid expenses | 9,259 | 6,796 |
Current portion of derivative assets (note 13) | 0 | 355 |
Less current portion | 13,969 | 273,986 |
Current portion of advances to equity-accounted joint ventures, net (notes 3b and 7) | 10,991 | 0 |
Advances to affiliates (note 12b) | 4,924 | 5,143 |
Other current assets | 237 | 238 |
Total current assets | 262,131 | 513,888 |
Restricted cash – long-term (note 15a) | 42,823 | 39,381 |
Vessels and equipment | ||
Operating lease right-of-use assets (notes 2 and 5b) | 20,750 | 34,157 |
Property, Plant and Equipment [Roll Forward] | 2,895,919 | 3,061,499 |
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,220,355 | 1,335,397 |
Finance Lease, Right-of-Use Asset | 1,654,814 | 1,691,945 |
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | 1,056,792 | 1,155,316 |
Net investments in direct financing and sales-type leases, net | 500,101 | 544,823 |
Other assets | 22,382 | 14,738 |
Derivative assets (note 13) | 4,505 | 1,834 |
Intangible Assets, Net (Excluding Goodwill) | 34,510 | 43,366 |
Goodwill (note 8) | 34,841 | 34,841 |
Total assets | 4,854,004 | 5,409,686 |
Current | ||
Accounts payable | 4,883 | 5,094 |
Accrued liabilities (notes 9, 13 and 18) | 81,706 | 76,752 |
Unearned revenue (notes 6 and 14c) | 30,254 | 28,759 |
Current portion of long-term debt (note 10) | 250,508 | 393,065 |
Current obligations related to finance leases (note 5a) | 71,932 | 69,982 |
Current portion of operating lease liabilities (notes 2 and 5b) | 14,003 | 13,407 |
Current portion of derivative liabilities (note 13) | 56,925 | 38,458 |
Advances from affiliates (note 12b) | 11,047 | 7,003 |
Total current liabilities | 521,258 | 632,520 |
Long-term debt (note 10) | 1,221,705 | 1,438,331 |
Long-term obligations related to finance leases (note 5a) | 1,268,990 | 1,340,922 |
Long-term operating lease liabilities (notes 2 and 5b) | 6,747 | 20,750 |
Other long-term liabilities (notes 3b, 7a and 14c) | 56,063 | 49,182 |
Derivative liabilities (note 13) | 32,971 | 51,006 |
Total liabilities | 3,107,734 | 3,532,711 |
Equity | ||
Limited partners - common units (Unlimited units authorized; 87.0 million units and 77.5 million units issued and outstanding at December 31, 2020 and 2019, respectively) | 1,465,408 | 1,543,598 |
Limited partners - preferred units (11.9 million units authorized; 11.8 million units issued and outstanding at December 31, 2020 and 2019) | 285,159 | 285,159 |
General partner | 46,182 | 50,241 |
Accumulated other comprehensive loss | (103,836) | (57,312) |
Partners' equity | 1,692,913 | 1,821,686 |
Non-controlling interest | 53,357 | 55,289 |
Total equity | 1,746,270 | 1,876,975 |
Total liabilities and total equity | $ 4,854,004 | $ 5,409,686 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Non-trade accounts receivable | $ 5,411 | $ 10,688 |
Accumulated depreciation on vessel and equipment | 744,258 | 711,758 |
Sale Leaseback Transaction, Accumulated Depreciation | $ 157,386 | $ 109,853 |
Limited Partners - common units issued | 87 | 77.5 |
Limited Partners - common units outstanding | 77.5 | |
Limited Partners - preferred units issued | 11.8 | 11.8 |
Limited Partners - preferred units outstanding | 11.8 | 11.8 |
Preferred Units, Authorized | 11.9 | 11.9 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 97,312 | $ 164,604 | $ 26,875 |
Non-cash and non-operating items: | |||
Unrealized loss (gain) on non-designated derivative instruments (note 13) | 16,467 | 3,133 | (30,133) |
Depreciation and amortization | 129,752 | 136,765 | 124,378 |
Write-down of vessels and goodwill and (gain) loss on sales of vessels (notes 6, 8 and 19) | 51,000 | (13,564) | 54,653 |
Unrealized foreign currency exchange loss (gain) including the effect of settlement upon maturity or termination of cross currency swaps (note 13) | 16,194 | 2,805 | (7,525) |
Equity income, net of distributions received $71,758 (2019 – $40,303 and 2018 – $14,421) | (475) | (18,516) | (39,125) |
Amortization of deferred financing issuance costs included in interest expense | 5,788 | 8,135 | 8,720 |
Provision for Loan, Lease, and Other Losses | 16,075 | 0 | 0 |
Other Noncash Income (Expense) | 7,161 | 7,634 | (10,495) |
Increase (Decrease) in Operating Capital | (274,231) | (7,933) | (3,850) |
Net operating cash flow | 613,505 | 298,929 | 131,198 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 604,050 | 186,566 | 1,135,304 |
Scheduled repayments of long-term debt and settlement of related swaps (note 13) | (256,085) | (132,627) | (506,437) |
Increase (Decrease) in Proceeds from Collection of Lease Receivables | 752,061 | 188,787 | 465,122 |
Financing issuance costs | (5,111) | (1,149) | (11,932) |
Proceeds from financing related to sales and leaseback of vessels | 0 | 317,806 | 370,050 |
Finance Lease, Principal Payments | (69,982) | (71,726) | (59,722) |
Repayments of Long-term Capital Lease Obligations | 0 | (111,617) | 0 |
Repurchase of common units (note 16) | (15,635) | (25,728) | (3,786) |
Payments of Ordinary Dividends | 104,397 | 82,379 | 70,345 |
Payments of Ordinary Dividends, Noncontrolling Interest | (5,940) | (90) | (2,925) |
Payments to Noncontrolling Interests | (2,219) | 0 | 0 |
Net financing cash flow | (607,380) | (109,731) | 385,085 |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment, net of warranty settlement | (10,482) | (97,895) | (686,148) |
Capital contributions and advances to equity-accounted joint ventures | (991) | (72,391) | (40,544) |
Proceeds from sales of vessels (note 19) | 0 | 11,515 | 28,518 |
Receipts from direct financing leases | 0 | 0 | 10,882 |
Proceeds from sale of equity-accounted joint venture | 0 | 0 | 54,438 |
Proceeds from repayments of advances to equity-accounted joint ventures | 10,000 | 0 | 0 |
Net investing cash flow | (1,473) | (158,771) | (632,854) |
Increase (decrease) in cash, cash equivalents and restricted cash | 4,652 | 30,427 | (116,571) |
Cash, cash equivalents and restricted cash, beginning of the year | 253,291 | 222,864 | 339,435 |
Cash, cash equivalents and restricted cash, end of the year | $ 257,943 | $ 253,291 | $ 222,864 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Proceeds from Equity Method Investment, Distribution | $ 71,758 | $ 40,303 | $ 14,421 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Total Equity - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common UnitsLimited Partners | Preferred UnitsLimited Partners | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Series A preferred stock | Series A preferred stockPreferred UnitsLimited Partners | Series B Preferred Units | Series B Preferred UnitsPreferred UnitsLimited Partners |
Beginning balance, units at Dec. 31, 2017 | 79,627 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2017 | $ 1,931,423 | $ 50,152 | $ 1,539,248 | $ 285,159 | $ 4,479 | $ 52,385 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 26,875 | 53 | 2,615 | 25,701 | (1,494) | |||||
Other comprehensive loss | (1,124) | (1,762) | 638 | |||||||
Distributions declared: | (45,528) | (911) | (44,617) | $ (11,250) | $ (11,250) | $ (14,451) | ||||
Preferred units | $ (25,700) | $ (14,451) | ||||||||
Dividends paid to non-controlling interest | (2,925) | (2,925) | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 624 | 12 | $ 612 | |||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 61 | |||||||||
Number of common units repurchased (in shares) | (327) | |||||||||
Repurchase of common units (note 16) | (3,786) | (76) | $ (3,710) | |||||||
Ending balance, units at Dec. 31, 2018 | 79,361 | 11,800 | ||||||||
Ending balance at Dec. 31, 2018 | 1,882,597 | 49,271 | $ 1,496,107 | $ 285,159 | 2,717 | 49,343 | ||||
Beginning balance, units at Dec. 31, 2017 | 79,627 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2017 | 1,931,423 | 50,152 | $ 1,539,248 | $ 285,159 | 4,479 | 52,385 | ||||
Ending balance, units at Dec. 31, 2020 | 86,951 | 11,800 | ||||||||
Ending balance at Dec. 31, 2020 | 1,746,270 | 46,182 | $ 1,465,408 | $ 285,159 | (103,836) | 53,357 | ||||
Beginning balance, units at Dec. 31, 2018 | 79,361 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2018 | 1,882,597 | 49,271 | $ 1,496,107 | $ 285,159 | 2,717 | 49,343 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 164,604 | 2,542 | 124,546 | 25,702 | 11,814 | |||||
Other comprehensive loss | (57,440) | (55,198) | (2,242) | |||||||
Distributions declared: | (56,677) | (1,134) | (55,543) | (11,250) | (11,250) | (14,452) | ||||
Preferred units | $ (25,700) | (14,452) | ||||||||
Dividends paid to non-controlling interest | (90) | (90) | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 1,109 | 22 | $ 1,087 | |||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 83 | |||||||||
Acquisition of non-controlling interest in certain of the Partnership's subsidiaries (note 12e) | (2,681) | 17 | $ 838 | (3,536) | ||||||
Number of common units repurchased (in shares) | (1,934) | |||||||||
Repurchase of common units (note 16) | (25,728) | (514) | $ (25,214) | |||||||
Ending balance, units at Dec. 31, 2019 | 77,510 | 11,800 | ||||||||
Ending balance at Dec. 31, 2019 | 1,876,975 | 50,241 | $ 1,543,598 | $ 285,159 | (57,312) | 55,289 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 97,312 | 1,023 | 60,632 | 25,702 | 9,955 | |||||
Other comprehensive loss | (49,068) | (46,524) | (2,544) | |||||||
Distributions declared: | (78,695) | (1,467) | (77,228) | $ (11,249) | $ (11,249) | $ (14,453) | ||||
Preferred units | $ (25,700) | $ (14,453) | ||||||||
Dividends paid to non-controlling interest | (5,940) | (5,940) | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | $ 1,661 | 31 | $ 1,630 | |||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 64 | |||||||||
Partners' Capital Account, Units, Sale of Units | 10,750 | |||||||||
Proceeds from equity offerings (note 16) | (2,308) | $ 2,308 | ||||||||
Acquisition of non-controlling interest in certain of the Partnership's subsidiaries (note 12e) | $ 462 | 12 | $ 629 | (179) | ||||||
Number of common units repurchased (in shares) | (1,373) | |||||||||
Repurchase of common units (note 16) | (15,635) | (313) | $ (15,322) | |||||||
Ending balance, units at Dec. 31, 2020 | 86,951 | 11,800 | ||||||||
Ending balance at Dec. 31, 2020 | $ 1,746,270 | $ 46,182 | $ 1,465,408 | $ 285,159 | $ (103,836) | $ 53,357 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Total Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity based compensation, tax (in dollars per shares) | $ 0.4 | $ 0.5 | $ 0.7 |
Common stock, dividends, per share, declared (in dollars per shares) | $ 0.94 | $ 0.71 | $ 0.56 |
Series A preferred stock | |||
Preferred stock, dividends per share, declared (in dollars per shares) | 2.25 | 2.25 | 2.25 |
Series B Preferred Units | |||
Preferred stock, dividends per share, declared (in dollars per shares) | $ 2.13 | $ 2.13 | $ 2.13 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a) The following is a tabular reconciliation of the Partnership's cash, cash equivalents and restricted cash balances for the periods presented in the Partnership's consolidated statements of cash flows: December 31, 2020 $ December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents 206,762 160,221 149,014 244,241 Restricted cash – current 8,358 53,689 38,329 22,326 Restricted cash – long-term 42,823 39,381 35,521 72,868 Total 257,943 253,291 222,864 339,435 The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 13), performance bond collateral and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. b) The changes in operating assets and liabilities for years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended Year Ended Year Ended Accounts receivable 5,829 6,184 3,542 Prepaid expenses and other current assets (2,463) 3,348 (3,843) Accounts payable (211) 1,264 274 Accrued liabilities and other long-term liabilities (1,484) (252) 13,958 Unearned revenue and long-term unearned revenue (2,675) (197) 4,234 Advances to and from affiliates 9,368 (6,007) 2,183 Receipts from direct financing and sales-type leases (note 6) 274,562 17,073 — Expenditures for dry docking (5,259) (12,358) (15,368) Other operating assets and liabilities (3,436) (1,122) (1,130) Total 274,231 7,933 3,850 c) Cash interest paid (including realized losses on interest rate swaps) on long-term debt, advances from affiliates and obligations related to finance leases, net of amounts capitalized, during the years ended December 31, 2020, 2019 and 2018 totaled $170.0 million, $193.3 million and $167.8 million, respectively. d) During the years ended December 31, 2020, 2019 and 2018, cash paid for taxes was $3.5 million, $3.7 million and $6.0 million, respectively. e) The associated sales of the Toledo Spirit and Teide Spirit by its owner during the years ended December 31, 2019 and 2018, respectively, resulted in the vessels being returned to their owner with the obligations related to finance lease being concurrently extinguished. As a result, the sales of the vessels and the concurrent extinguishments of the corresponding obligations related to finance lease of $23.6 million and $23.1 million for the years ended December 31, 2019 and 2018, respectively, were treated as non-cash transactions in the Partnership's consolidated statements of cash flows. f) As at December 31, 2018, the Partnership had advanced $79.1 million to the Bahrain LNG Joint Venture and these advances were repayable on November 14, 2019. On the repayment date, the Partnership agreed to convert $7.9 million of advances into equity and agreed to convert the remaining advances of $71.2 million into a subordinated loan at an interest rate of 6% with no fixed repayment terms. Both of these transactions were treated as non-cash transactions in the Partnership's consolidated statements of cash flows for the year ended December 31, 2019. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Schedule | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following is a tabular reconciliation of the Partnership's cash, cash equivalents and restricted cash balances for the periods presented in the Partnership's consolidated statements of cash flows: December 31, 2020 $ December 31, 2019 December 31, 2018 December 31, 2017 Cash and cash equivalents 206,762 160,221 149,014 244,241 Restricted cash – current 8,358 53,689 38,329 22,326 Restricted cash – long-term 42,823 39,381 35,521 72,868 Total 257,943 253,291 222,864 339,435 |
Changes in Operating Assets and Liabilities | The changes in operating assets and liabilities for years ended December 31, 2020, 2019 and 2018 are as follows: Year Ended Year Ended Year Ended Accounts receivable 5,829 6,184 3,542 Prepaid expenses and other current assets (2,463) 3,348 (3,843) Accounts payable (211) 1,264 274 Accrued liabilities and other long-term liabilities (1,484) (252) 13,958 Unearned revenue and long-term unearned revenue (2,675) (197) 4,234 Advances to and from affiliates 9,368 (6,007) 2,183 Receipts from direct financing and sales-type leases (note 6) 274,562 17,073 — Expenditures for dry docking (5,259) (12,358) (15,368) Other operating assets and liabilities (3,436) (1,122) (1,130) Total 274,231 7,933 3,850 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 206,762 | $ 160,221 | $ 149,014 | $ 244,241 |
Restricted cash – current | 8,358 | 53,689 | 38,329 | 22,326 |
Restricted cash – long-term | 42,823 | 39,381 | 35,521 | 72,868 |
Total | $ 257,943 | $ 253,291 | $ 222,864 | $ 339,435 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Supplemental Cash Flow [Line Items] | |||
Accounts receivable | $ 5,829 | $ 6,184 | $ 3,542 |
Prepaid expenses and other current assets | (2,463) | 3,348 | (3,843) |
Accounts payable | (211) | 1,264 | 274 |
Accrued liabilities and other long-term liabilities | (1,484) | (252) | 13,958 |
Unearned revenue and long-term unearned revenue | (2,675) | (197) | 4,234 |
Advances to and from affiliates | 9,368 | (6,007) | 2,183 |
Increase (Decrease) in Leasing Receivables | 274,600 | 17,100 | 10,900 |
Increase (Decrease) in Deferred Charges | (5,259) | (12,358) | (15,368) |
Other operating assets and liabilities | (3,436) | (1,122) | (1,130) |
Increase (Decrease) in Operating Capital | (274,231) | (7,933) | (3,850) |
Liquefied natural gas segment | |||
Schedule Of Supplemental Cash Flow [Line Items] | |||
Increase (Decrease) in Leasing Receivables | $ (274,562) | $ (17,073) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay LNG Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary (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 may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) as a pandemic. The Partnership has experienced some logistical challenges across its fleet, however, at this time, the Partnership has not yet experienced any material negative financial impacts to its results of operations or financial position as a result of COVID-19, other than it being a contributing factor to the write-down of certain of the Partnership's seven multi-gas vessels during the year ended December 31, 2020 as described in Note 19a. Given the dynamic nature of the COVID-19 pandemic, it may have further direct or indirect impact on the Partnership's business and the related financial reporting implications and it could materially affect the Partnership's business, results of operations and financial condition in the future. Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign currency exchange (loss) gain in the accompanying consolidated statements of income. Revenues The Partnership’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Partnership has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. The Partnership’s time-charter contracts accounted for as direct financing leases and sales-type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. Time charters Revenues from time charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter. If collectability of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a time charter accounted for as a sales-type lease or a direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time-charter hire receipts is allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The non-lease element of time-charter hire receipts is recognized by the Partnership on a straight-line basis daily over the term of the charter. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled drydock and the next scheduled drydock. In addition, if collectability of non-lease receipts of charter payments from charterers is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the time-charter contract has been terminated or the Partnership has no remaining performance obligations. For time-charter contracts where the charterer is responsible for the operation of the vessel, the Partnership offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Partnership does not recognize revenues during days that the vessel is off-hire. When the time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases (see Note 2), or other variable consideration, the Partnership recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Partnership uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect, in other current assets, the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter. If collectability of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a bareboat charter accounted for as a sales-type lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, bareboat hire receipts are allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. Operating expenses Voyage expenses include all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Partnership, as shipowner, pays voyage expenses under voyage charters. The Partnership’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time-charter, in which case the Partnership pays voyage expenses. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred except when the Partnership incurs pre-operational costs related to the repositioning of a vessel (i) that relates directly to a specific customer contract, (ii) that generates or enhances resources of the Partnership that will be used in satisfying performance obligations in the future; and (iii) where such costs are expected to be recovered via the customer contract. In this case, such costs are deferred and amortized over the duration of the customer contract. Cash and cash equivalents The Partnership classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Partnership maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect amounts where the right to consideration is conditioned upon the passage of time as "accounts receivable," and reflect accrued revenue where the right to consideration is conditioned upon something other than the passage of time as "other current assets." The Partnership’s advances to equity-accounted joint ventures and any other investments in loan receivables are recorded at cost. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. Interest costs capitalized to vessels and equipment for the years ended December 31, 2020, 2019 and 2018 aggregated $nil, $0.3 million and $14.8 million, respectively. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for liquefied natural gas (or LNG ) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2020, 2019 and 2018 aggregated $107.1 million, $115.1 million and $115.5 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Partnership dry docks each of its vessels every two and a half years to five years. The Partnership capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking. The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2018 to December 31, 2020: Year Ended Year Ended Year Ended Balance at January 1, 38,764 40,365 39,144 Cost incurred for dry docking 6,968 11,000 15,259 Write-downs and sales of vessels (766) — (2,448) Dry-dock amortization (13,727) (12,601) (11,590) Balance at December 31, 31,239 38,764 40,365 Vessels and equipment that are intended to be held and used in the Partnership's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. Vessels and equipment that are "held for sale" are measured at the lower of their carrying value or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Equity-accounted joint ventures The Partnership’s investments in certain joint ventures, in which the Partnership does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of comprehensive earnings or losses and distributions. The Partnership evaluates its equity-accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted investment is impaired and if the estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. The Partnership’s maximum exposure to loss is the amount it has invested in and advanced to its equity-accounted joint ventures, and the Partnership's proportionate share of the long-term debt and interest rate swaps that it has guaranteed within its equity-accounted joint ventures. Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs that are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Partnership's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Partnership’s consolidated statements of income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Partnership that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Lease obligations and right-of-use assets As of the lease commencement date, the Partnership recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Partnership’s vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Partnership uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Partnership’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Partnership’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period when achievement of the target is considered probable. The Partnership recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Partnership has determined its time-charter-in contract contains both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Partnership’s incremental borrowing rate, which is based on the fixed interest rate the Partnership could obtain when entering into a secured loan facility with similar terms. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Partnership's impaired right-of-use assets from vessel in-charters is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Partnership, where the Partnership has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease, are accounted for as a failed sale of the vessel. The Partnership does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Partnership to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. In periods prior to the adoption of Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ) (see Note 2), the Partnership's accounting policy was to recognize the expense from vessels time-chartered from other owners, which was included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Credit losses The Partnership utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivables, contracts assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Partnership discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Partnership considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other expense in the Partnership's consolidated statements of income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Partnership recognized an allowance for doubtful accounts receivable consisting of the Partnership's best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. The Partnership reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectibility. Account balances were charged against the allowance when the Partnership believed that the receivable would not be recovered. In addition, the Partnership analyzed its loans for collectability during each reporting period. A loan loss provision was recognized, based on prevailing information and events, if it was probable that the Partnership would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Partnership considered in determining if a loan loss provision was required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding its ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision was recognized, the Partnership measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan's effective interest rate and recognizes the resulting loss in the consolidated statements of income. The carrying value of the loan was adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows. For charter contracts being accounted for as operating leases, if the remaining lease payments are no longer probable of being collected any unpaid accounts receivable and any accrued revenue will be reversed against revenue and any subsequent payments will be recognized as revenue when collected until such time that the remaining lease payments are probable of being collected. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive (loss) income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the Partnership’s consolidated statements of income. If a cash flow hedge is terminated or dedesignated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Partnership’s consolidated statements of income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the Partnership’s consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging, changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated interest rate swaps and the Partnership's agreement with Teekay Corporation for the Suezmax tanker the Toledo Spirit (which was sold in January 2019) are recorded in realized and unrealized loss on non-designated derivative instruments in the Partnership’s consolidated statements of income. Gains and losses from the Partnership’s cross currency swaps are recorded in foreign currency exchange gain (loss) in the Partnership’s consolidated statements of income. Unit-based compensation 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 and its subsidiaries. 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 |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements The Partnership adopted ASU 2016-02 on January 1, 2019. ASU 2016-02 established 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. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 was adopted using a transition approach whereby a cumulative effect adjustment was made as of the effective date, with no retrospective effect. ASU 2016-02 provides an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met. In addition, the Partnership early adopted ASU 2019-01, which provided an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset’s cost, instead of fair value. To determine the cumulative effect adjustment, the Partnership has not reassessed lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The Partnership identified the following differences: • The adoption of ASU 2016-02 resulted in a change in the accounting method for the lease portion of the daily charter hire accounted for as operating leases with firm periods of greater than one year for certain of the chartered-in vessels of the Partnership and the Partnership's equity-accounted joint ventures. Under ASU 2016-02, one of the Partnership's in-charter contracts previously accounted for as an operating lease is now treated as an operating lease right-of-use asset and an operating lease liability, which resulted in an increase of the Partnership's assets and liabilities. The right-of-use asset and lease liability recognized at December 31, 2019 was $34.2 million (January 1, 2019 – $22.8 million). In addition, certain equity-accounted joint ventures recognized a right-of-use asset and a lease liability on the balance sheet for certain in-charters based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This had the result of increasing the equity-accounted joint venture’s assets and liabilities. The pattern of expense recognition of chartered-in vessels has remained substantially unchanged from the prior policy and is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. • The adoption of ASU 2016-02 results in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investments in and advances to equity-accounted joint ventures by $0.1 million, and total equity by $0.1 million as at December 31, 2019. The cumulative decrease to investments in and advances to equity-accounted joint ventures and opening equity as at January 1, 2019 was $3.0 million. • The adoption of ASU 2016-02 results in direct financing and sales-type lease payments received being presented as an operating cash inflow in 2020 and 2019 instead of as an investing cash inflow, as presented in 2018 in the consolidated statements of cash flows. Direct financing and sales-type lease payments received during the years ended December 31, 2020, 2019 and 2018 were $274.6 million, $17.1 million and $10.9 million, respectively. • The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02 such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions the Partnership does not derecognize the vessel sold and continues to depreciate the vessel as if it were the legal owner. Proceeds received from the sale of the vessel are recognized as a financial liability and bareboat charter hire payments made by the Partnership to the lessor are allocated between interest expense and principal repayments on the financial liability. The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Yamal Spirit and the Torben Spirit during 2019, respectively, being accounted for as failed sales and unlike the eight sale-leaseback transactions entered into in prior years, the Partnership is not considered as holding a variable interest in the buyer lessor entity and thus, does not consolidate the buyer lessor entity (see Note 5a). In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12 ) . ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be recorded in other comprehensive (loss) income and reclassified to earnings in the same income statement line as the hedged item when the hedged item affects earnings. The guidance also modified the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modified certain disclosure requirements. ASU 2017-12 became effective for the Partnership as of January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million. In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 introduced a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaced multiple existing impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Partnership adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to reduce partner's equity on January 1, 2020 without any retroactive application to prior periods. The Partnership's net investments in direct financing and sales-type leases, advances to equity-accounted joint ventures, guarantees of indebtedness of equity-accounted joint ventures and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Partnership decreased the carrying value of partners' equity by $51.9 million, investments in and advances to equity-accounted joint ventures by $40.0 million, net investments in direct financing and sales-type leases by $15.1 million and non-controlling interest by $3.2 million, and increased its other assets and other long-term liabilities by $1.4 million and $1.4 million, respectively. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Partnership compared to previous periods presented. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12 ), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period. The Partnership is currently evaluating the effect of adopting this new guidance. In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or ASU 2020-04 ). This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or "LIBOR" ). This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. This ASU is effective through December 31, 2022. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring | a) Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash – The fair value of the Partnership’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Interest rate swap agreements, foreign currency forward contracts and cross currency swap agreements – The fair value of these derivative instruments of the Partnership is the estimated amount that the Partnership would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates and the current credit worthiness of both the Partnership and the derivative counterparties. The estimated amount is the present value of future cash flows. The Partnership transacts all of these derivative instruments through investment-grade rated financial institutions at the time of the transaction. The Partnership's interest rate swap agreements do not require the Partnership to provide cash collateral to these institutions; however, cash collateral may be required by certain institutions on some of the Partnership's cross currency swap agreements and as at December 31, 2020, the Partnership had pledged $3.8 million cash as collateral (December 31, 2019 – $14.3 million), which has been recorded as restricted cash – current and long-term on the Partnership's consolidated balance sheets. Given the current volatility in the credit markets, it is reasonably possible that the amount recorded as a derivative asset or liability could vary by a material amount in the near term. Minor changes to the forward interest curves and forward foreign exchange rates used as inputs to the valuations may have a significant effect on the fair value of these derivative instruments. Long-term debt – The fair values of the Partnership’s fixed-rate and variable-rate long-term debt are either based on quoted market prices or estimated by the Partnership using discounted cash flow analyses based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. Long-term obligations related to finance leases – The fair values of the Partnership's long-term obligations related to finance leases are estimated by the Partnership using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. The Partnership categorizes the fair value estimates by a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2020 December 31, 2019 Fair Value Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15a) Level 1 257,943 257,943 253,291 253,291 Derivative instruments (note 13) Interest rate swap agreements – assets Level 2 — — 2,210 2,210 Interest rate swap agreements – liabilities Level 2 (75,468) (75,468) (50,447) (50,447) Foreign currency contracts Level 2 — — (202) (202) Cross currency swap agreements – assets Level 2 4,505 4,505 — — Cross currency swap agreements – liabilities Level 2 (20,022) (20,022) (42,104) (42,104) Non-recurring: Vessels and equipment (note 19a) Level 2 40,717 40,717 — — Other: Loans to equity-accounted joint ventures (note 7) (i) 116,632 (i) 126,546 (i) Long-term debt – public (note 10) Level 1 (352,260) (359,581) (345,824) (358,005) Long-term debt – non-public (note 10) Level 2 (1,119,953) (1,137,050) (1,485,572) (1,474,208) Obligations related to finance leases (note 5a) Level 2 (1,340,922) (1,456,927) (1,410,904) (1,434,910) (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. |
Credit Loss, Financial Instrument | b) Credit Losses The Partnership's exposure to potential credit losses under ASC 326 includes its three direct financing leases, three of its loans to equity-accounted joint ventures and its guarantees of its proportionate share of secured loan facilities and finance leases of five of its equity-accounted joint ventures. In addition, the Partnership's exposure to potential credit losses within its equity-accounted joint ventures under ASC 326 primarily includes direct financing and sales-types leases for 18 liquefied natural gas (or LNG ) carriers within its 50/50 joint venture with China LNG Shipping (Holdings) Limited (or China LNG ) (or the Yamal LNG Joint Venture ); its joint venture with China LNG, CETS Investment Management (HK) Co. Ltd. and BW Investments Pte. Ltd (or the Pan Union Joint Venture ); its 40% ownership interest in Teekay Nakilat (III) Corporation (or the RasGas III Joint Venture ); its 33% ownership interest in a joint venture with NYK Energy Transport (or NYK ) and Mitsui & Co. Ltd. (or the Angola Joint Venture ); and one floating storage unit (or FSU ) and an LNG regasification terminal joint venture within Bahrain LNG W.L.L (or the Bahrain LNG Joint Venture ) (see Note 7a). The following table includes the amortized cost basis of the Partnership’s direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 Prior to 2016 Total As at December 31, 2020 $ $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — — 211,939 — 211,939 — 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 — 73,375 Other Performing 991 — — — 991 991 — 73,375 42,266 116,632 991 211,939 73,375 374,574 660,879 (1) The Partnership's credit quality grades are based on internal risk credit ratings whereby a credit quality grade of performing is consistent with a low likelihood of loss. The Partnership assesses the credit quality of its direct financing leases and loan to the Partnership's 50/50 LPG-related joint venture with Exmar NV (or Exmar ) (or the Exmar LPG Joint Venture ) on whether there are no past due payments (30 days late), no concessions granted to the counterparties and whether the Partnership is aware of any other information that would indicate that there is a material increase of likelihood of loss. The same policy is applied by the equity-accounted joint ventures. The Partnership assesses the credit quality of its loan to the Bahrain LNG Joint Venture based on whether there are any past due payments from the Bahrain LNG Joint Venture’s primary customer, whether the Bahrain LNG Joint Venture has granted any concessions to its primary customer and whether the Partnership is aware of any other information that would indicate that there is a material increase of likelihood of loss. As at December 31, 2020, all direct financing and sales-type leases held by the Partnership and the Partnership’s equity-accounted joint ventures had a credit quality grade of performing. Changes in the Partnership's allowance for credit losses for year ended December 31, 2020 are as follows: Direct financing leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total As at January 1, 2020 15,055 36,292 3,714 2,139 57,200 Provision for potential credit losses 15,122 18,645 1,012 (59) 34,720 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 (1) The credit loss provision related to the lease receivable component of the net investment in direct financing and sales-type leases is based on an internal historical loss rate, as adjusted when asset specific risk characteristics of the existing lease receivables at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. During the year ended December 31, 2020, two LNG project counterparties maintained investment grade credit ratings. As such, the internal historical loss rate used to determine the credit loss provision at both January 1, 2020 and December 31, 2020 was adjusted downwards to reflect a lower risk profile for these two LNG projects at such dates compared to the average LNG project used to determine the internal historical loss rate. In addition, the internal historical loss rate was adjusted upwards for (a) one LNG project to reflect a lower credit rating for the counterparty, including consideration of the critical infrastructure nature of LNG production, and (b) a second LNG project to reflect a larger potential risk of loss upon potential default as the vessels servicing this project have fewer opportunities for redeployment compared to the Partnership’s other LNG carriers. The credit loss provision for the residual value component is based on a reversion methodology whereby the current estimated fair value of the vessel as depreciated to the end of the charter contract is compared to the expected carrying value, with such potential gain or loss on maturity being included in the credit loss provision in increasing magnitude on a straight-line basis the closer the contract is to its maturity. Risks related to the net investments in direct financing and sales-type leases consist of risks related to the underlying LNG projects and demand for LNG carriers at the end of the time-charter contracts. The change in credit loss provision of $15.1 million for the Partnership's consolidated vessels for the year ended December 31, 2020 was included in other expense and primarily reflects a decline in the estimated charter-free valuations for certain types of its LNG carriers at the end of their time-charter contract which are accounted for as direct financing leases. These estimated future charter-free values are subject to change from year to year based on the underlying LNG shipping market fundamentals. The change in the credit loss provision for the Partnership's consolidated vessels for the year ended December 31, 2020 does not reflect any material change in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of the year. The change in credit loss provision of $18.6 million for the year ended December 31, 2020 relating to the direct financing and sales-type leases and other within the Partnership's equity-accounted joint ventures is included in equity income and reflects a decline in the estimated charter-free valuations for certain types of LNG carriers at the end of their time-charter contract which are accounted for as direct financing and sales-type leases for the year ended December 31, 2020, combined with the initial credit loss provision recognition upon commencement of the sales-type lease for the LNG regasification terminal and associated FSU in the Bahrain LNG Joint Venture in January 2020. (2) The determination of the credit loss provision for such loans is based on their expected duration and on an internal historical loss rate of the Partnership and its affiliates, as adjusted when asset specific risk characteristics of the existing loans at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. These two loans rank behind secured debt in each equity-accounted joint venture. As such, they are similar to equity in terms of risk. The Exmar LPG Joint Venture owns and charters-in liquefied petroleum gas (or LPG ) carriers with a primary focus on mid-size gas carriers. Their vessels trade on the spot market or short-term charters. Adverse changes in the spot market for mid-size LPG carriers, as well as operating costs for such vessels, may impact the ability of the Exmar LPG Joint Venture to repay its loan to the Partnership. The Bahrain LNG Joint Venture owns an LNG receiving and regasification terminal in Bahrain. The ability of Bahrain LNG Joint Venture to repay its loan to the Partnership is primarily dependent upon the Bahrain LNG Joint Venture’s customer, a company owned by the Kingdom of Bahrain, fulfilling its obligations under the 20-year agreement, as well as the Bahrain LNG Joint Venture’s ability to operate the terminal in accordance with the agreed upon operating criteria. (3) The determination of the credit loss provision for such guarantees was based on a probability of default and loss given default methodology. In determining the overall estimated loss from default as a percentage of the outstanding guaranteed share of secured loan facilities and finance leases, the Partnership considers current and future operational performance of the vessels securing the loan facilities and finance leases and current and future expectations of the proceeds that could be received from the sale of the vessels securing the loan facilities and finance leases in comparison to the outstanding principal amount of the loan facilities and finance leases if the Partnership was required to fulfill its obligations under the guarantees. See Note 7d relating to the guarantees the Partnership provides for its equity-accounted joint ventures. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As at December 31, 2020, the Partnership has two reportable segments, the LNG segment and the LPG segment. The Partnership’s LNG segment consists of LNG carriers which generally operate under long-term, fixed-rate charters to international energy companies. The Partnership's LPG segment consists of LPG and multi-gas carriers which generally operate under voyage charters or time-charters. As at December 31, 2020, the Partnership’s LNG segment consisted of 47 LNG carriers (including 25 LNG carriers included in joint ventures that are accounted for under the equity method) and one LNG receiving and regasification terminal in Bahrain. As at December 31, 2020, the Partnership's LPG segment consisted of 30 LPG/multi-gas carriers (including 23 LPG carriers included in a joint venture that is accounted for under the equity method). As at December 2019, the Partnership had the following reportable segments, the LNG segment, the LPG segment and the conventional tanker segment. The Partnership sold its two remaining conventional tankers, the Toledo Spirit and the Alexander Spirit, in January and October 2019, respectively. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Partnership’s consolidated financial statements. The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s customers who accounted for 10% or more of the Partnership's consolidated voyage revenues during any of the periods presented. (U.S. Dollars in millions) Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Royal Dutch Shell Plc. (i) (ii) $134.4 or 23% $126.9 or 21% $115.4 or 23% Ras Laffan Liquefied Natural Gas Company Ltd. (i) $71.5 or 12% $71.1 or 12% $70.6 or 14% Naturgy Energy Group S.A. (i) $65.3 or 11% $65.6 or 11% Less than 10% Cheniere Marketing International (i) $61.0 or 10% $60.6 or 11% $60.1 or 12% (i) LNG segment. (ii) Includes its subsidiaries Shell International Trading Middle East Ltd. and Shell Tankers (Singapore) Private Ltd. The following tables include results for these segments for the years presented in these consolidated financial statements. Year Ended December 31, 2020 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 552,416 38,687 — 591,103 Voyage expenses (3,009) (14,385) — (17,394) Vessel operating expenses (98,572) (17,824) — (116,396) Time-charter hire expenses (23,564) — — (23,564) Depreciation and amortization (122,523) (7,229) — (129,752) General and administrative expenses (i) (24,879) (2,025) — (26,904) Write-down of vessels — (51,000) — (51,000) Income (loss) from vessel operations 279,869 (53,776) — 226,093 Equity income (loss) 79,244 (7,011) — 72,233 Investment in and advances to equity-accounted joint ventures, net 934,059 133,724 — 1,067,783 Expenditures for vessels and equipment (12,382) (1,093) — (13,475) Expenditures for dry docking (4,862) (2,106) — (6,968) Year Ended December 31, 2019 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 555,303 39,211 6,742 601,256 Voyage expenses (4,493) (16,563) (331) (21,387) Vessel operating expenses (90,954) (17,888) (2,743) (111,585) Time-charter hire expenses (19,994) — — (19,994) Depreciation and amortization (128,138) (7,931) (696) (136,765) General and administrative expenses (i) (20,193) (1,789) (539) (22,521) Gain on sales of vessels and write-down of vessels 14,349 — (785) 13,564 Restructuring charges (400) — (2,915) (3,315) Income (loss) from vessel operations 305,480 (4,960) (1,267) 299,253 Equity income (loss) 59,600 (781) — 58,819 Investment in and advances to equity-accounted joint ventures, net 1,003,581 151,735 — 1,155,316 Expenditures for vessels and equipment (101,052) (1,538) — (102,590) Expenditures for dry docking (8,224) (2,776) — (11,000) Year Ended December 31, 2018 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 454,517 23,922 32,323 510,762 Voyage expenses (2,750) (15,907) (9,580) (28,237) Vessel operating expenses (82,952) (20,932) (13,774) (117,658) Time-charter hire expenses (7,670) — — (7,670) Depreciation and amortization (111,360) (7,748) (5,270) (124,378) General and administrative expenses (i) (23,270) (2,932) (2,310) (28,512) Write-down of goodwill and vessels — (33,790) (20,863) (54,653) Restructuring charges — — (1,845) (1,845) Income (loss) from vessel operations 226,515 (57,387) (21,319) 147,809 Equity income (loss) 60,228 (6,682) — 53,546 Expenditures for vessels and equipment (684,951) (1,230) (124) (686,305) Expenditures for dry docking (7,505) (5,059) (15) (12,579) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources (Note 12a)). A reconciliation of total segment assets presented in the Partnership's consolidated balance sheets is as follows: December 31, December 31, Total assets of the liquefied natural gas segment 4,395,336 4,924,627 Total assets of the liquefied petroleum gas segment 246,982 319,695 Unallocated: Cash and cash equivalents 206,762 160,221 Advances to affiliates 4,924 5,143 Consolidated total assets 4,854,004 5,409,686 |
Chartered-in Vessels
Chartered-in Vessels | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | Obligations related to Finance Leases December 31, December 31, Total obligations related to finance leases 1,340,922 1,410,904 Less current portion (71,932) (69,982) Long-term obligations related to finance leases 1,268,990 1,340,922 As at December 31, 2020 and 2019, the Partnership was a party to finance leases on nine LNG carriers. These nine LNG carriers were sold by the Partnership to third parties (or Lessors ) and leased back under 7.5 to 15-year bareboat charter contracts ending in 2026 through to 2034. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.1%. The bareboat charter contracts are presented as obligations related to finance leases on the Partnership's consolidated balance sheets and have purchase obligations at the end of the lease terms. The Partnership consolidates seven of the nine Lessors for financial reporting purposes as VIEs. The Partnership understands that these vessels and lease operations are the only assets and operations of the Lessors. The Partnership operates the vessels during the lease term and, as a result, is considered to be, under GAAP, the Lessor's primary beneficiary. The sale and leaseback of two vessels are accounted for as failed sales. The Partnership is not considered as holding a variable interest in these buyer Lessor entities and thus, does not consolidate these entities (see Note 2). The liabilities of the seven Lessors considered as VIEs are loans and are non-recourse to the Partnership. The amounts funded to the seven Lessors in order to purchase the vessels materially match the funding to be paid by the Partnership's subsidiaries under the sale-leaseback transactions. As a result, the amounts due by the Partnership's subsidiaries to the seven Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. During September 2019, the Partnership refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. The Partnership is required to purchase the vessel at the end of the lease term. As a result of this refinancing transaction, the Partnership recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease which was included in other expense in the Partnership's consolidated statements of income. The obligations of the Partnership under the bareboat charter contracts for the nine LNG carriers 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. As at December 31, 2020, the Partnership was in compliance with all covenants in respect of the obligations related to its finance leases. As at December 31, 2020, the remaining commitments related to the financial liabilities of these nine LNG carriers, including the amounts to be paid for the related purchase obligations, approximated $1.7 billion including imputed interest of $400.5 million repayable through 2034, as indicated below: Year Commitments as at December 31, 2020 2021 $ 138,601 2022 $ 136,959 2023 $ 135,459 2024 $ 132,011 2025 $ 129,725 Thereafter $ 1,068,641 |
Lessee, Operating Leases [Text Block] | b) Operating Leases The Partnership has chartered a vessel from its 52%-owned joint venture with Marubeni Corporation (or the MALT Joint Venture ) on a time-charter-in contract, whereby the MALT Joint Venture provides use of the vessel to the Partnership and operates the vessel for the Partnership. Under its time-charter-in contract with the MALT Joint Venture commencing in September 2018, which had an original term of two years and was further extended by 21 months to June 2022, the Partnership incurred time-charter hire expenses for the year ended December 31, 2020 of $23.6 million (2019 – $20.0 million, 2018 – $7.7 million), of which $14.6 million (2019 – $12.4 million, 2018 – $4.8 million) was allocable to the lease component and $9.0 million (2019 – $7.6 million, 2018 – $2.9 million) was allocable to the non-lease component. The lease component approximates the cash paid for the amounts included in operating lease liabilities and is reflected as a reduction in operating cash flows for the years ended December 31, 2020, 2019 and 2018. As at December 31, 2020, the weighted-average remaining lease term and weighted-average discount rate for the time-charter-in contract were 1.5 years and 4.6%, respectively. A maturity analysis of the Partnership’s operating lease liabilities from its time-charter-in contract with the MALT Joint Venture as at December 31, 2020 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: 2021 14,670 9,055 23,725 2022 6,832 4,218 11,050 Total payments 21,502 13,273 34,775 Less imputed interest (752) Carrying value of operating lease liabilities 20,750 Less current portion (14,003) Carrying value of long-term operating lease liabilities 6,747 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Partnership’s primary source of revenue is chartering its vessels to customers. The Partnership utilizes three primary forms of contracts, consisting of time-charter contracts, voyage charter contracts and bareboat charter contracts. Time Charters Pursuant to a time-charter contract, the Partnership charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations of a time-charter contract, which include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is based on a fixed daily hire amount and is typically invoiced monthly in advance for time-charter contracts. However, certain sources of variability exist, including penalties, such as those that relate to periods the vessels are off-hire and where minimum speed and performance metrics are not met. In addition, certain time-charter contracts contain provisions allowing the Partnership to be compensated for increases in the Partnership's costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or interest rates or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. Finally, in a small number of charters, the Partnership may earn a profit share consideration, which occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. The Partnership does not engage in any specific tactics to minimize residual value risk. As at December 31, 2020, a substantial majority of the Partnership’s consolidated vessels operated under time-charter contracts with the Partnership’s customers. Such contracts are scheduled to expire between 2021 and 2039. The time-charter contracts for many of the Partnership's LNG carriers have options whereby the charterer can extend the contract for periods up to a total extension between three and 15 years. In addition, each of the Partnership's time-charter contracts are subject to certain termination and purchase provisions. As at December 31, 2020, the Partnership had $26.5 million of advanced payments recognized as contract liabilities (December 31, 2019 – $24.9 million) which are expected to be recognized as voyage revenues in 2021 and are included in unearned revenue on the Partnership's consolidated balance sheets. The Partnership recognized $24.9 million and $26.4 million of revenue for the years ended December 31, 2020 and 2019, respectively, that was recognized as a contract liability at the beginning of those years. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or “spot” market rate. The performance obligations of a voyage charter contract, which typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Partnership’s voyage charters will normally contain a lease; however, judgment is necessary to determine this based upon the decision-making rights of the charterer under the contract. Consideration for such contracts is generally fixed, although certain sources of variability exist - for example, delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage is typically less than three months. The Partnership does not engage in any specific tactics to minimize residual value risk due to the short-term nature of the contracts. Bareboat Charters Pursuant to a bareboat charter, the Partnership charters a vessel to a customer for a fixed period of time, generally one year or more, at rates that are generally fixed. However, the customer is responsible for operation and maintenance of the vessel with its own crew as well as any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. If the vessel goes off-hire due to a mechanical issue or any other reason, the monthly hire received by the Partnership is normally not impacted. The performance obligations of a bareboat charter, which include the lease of the vessel to the charterer, are satisfied over the duration of such contract, as measured using the time elapsed from commencement of the lease. Hire is typically invoiced monthly in advance for bareboat charters, based on a fixed daily hire amount. Revenue Table The following tables contain the Partnership's revenue for the year ended December 31, 2020, 2019 and 2018, by contract type and by segment. Year Ended December 31, 2020 Liquefied Liquefied Conventional Total Time charters 543,408 — — 543,408 Voyage charters — 38,687 — 38,687 Management fees and other income 9,008 — — 9,008 552,416 38,687 — 591,103 Year Ended December 31, 2019 Liquefied Liquefied Conventional Total Time charters 530,434 2,860 6,742 540,036 Voyage charters — 36,351 — 36,351 Bareboat charters 18,387 — — 18,387 Management fees and other income 6,482 — — 6,482 555,303 39,211 6,742 601,256 Year Ended December 31, 2018 Liquefied Liquefied Conventional Total Time charters 420,262 — 17,405 437,667 Voyage charters — 23,922 14,591 38,513 Bareboat charters 23,820 — — 23,820 Management fees and other income 10,435 — 327 10,762 454,517 23,922 32,323 510,762 The following table contains the Partnership’s total revenue for the years ended December 31, 2020, 2019 and 2018, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Lease revenue Lease revenue from lease payments of operating leases 505,029 516,772 440,963 Interest income on lease receivables 50,504 51,676 41,963 Variable lease payments – cost reimbursements (1) 5,398 4,635 — Variable lease payments – other (2) — — (1,480) 560,931 573,083 481,446 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 21,164 21,691 18,554 Management fees and other income 9,008 6,482 10,762 30,172 28,173 29,316 Total 591,103 601,256 510,762 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Partnership's customers relating to such costs incurred by the Partnership to operate the vessel for the customer pursuant to charter contracts accounted for as operating leases. (2) Payments to charterer from time-charter contracts based on the base daily hire amount being in excess of spot market rates. Net Investments in Direct Financing and Sales-Type Leases The two LNG carriers owned by Teekay BLT Corporation (or the Tangguh Joint Venture ), in which the Partnership has a 70% ownership interest and which the Partnership consolidates, commenced their time-charter contracts with their charterers in 2009. Both time-charter contracts are accounted for as direct financing leases with 20-year terms. In addition, the 21-year charter contract for the Bahrain Spirit floating storage unit (or FSU ) commenced in September 2018 and is accounted for as a direct finance lease. In 2013, the Partnership acquired two LNG carriers, the WilPride and WilForce from Norway-based Awilco LNG ASA (or Awilco ) and chartered them back to Awilco on five four The following table lists the components of the net investments in direct financing and sales-type leases: December 31, December 31, Total lease payments to be received 767,202 1,115,968 Estimated unguaranteed residual value of leased properties 284,277 284,277 Initial direct costs 264 296 Less unearned revenue (507,496) (581,732) Total net investments in direct financing and sales-type leases 544,247 818,809 Less credit loss provision (30,177) — Total net investments in direct financing and sales-type leases, net 514,070 818,809 Less current portion (13,969) (273,986) Net investments in direct financing and sales-type leases, net 500,101 544,823 As at December 31, 2020, estimated lease payments to be received by the Partnership related to its direct financing leases in each of the next five succeeding fiscal years were approximately $64.2 million (2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024), $64.2 million (2025) and an aggregate of $446.3 million thereafter. The leases are scheduled to end between 2028 and 2039. Operating Leases As at December 31, 2020, the minimum scheduled future rentals to be received by the Partnership in each of the next five years for the lease and non-lease elements related to charters that were accounted for as operating leases are approximately $464.4 million (2021), $369.9 million (2022), $307.0 million (2023), $250.8 million (2024), and $196.3 million (2025). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Partnership's equity-accounted joint ventures, rentals from unexercised option periods of contracts that existed on December 31, 2020, variable or contingent rentals, or rentals from contracts which were entered into or commenced after December 31, 2020. Therefore, the minimum scheduled future rentals on operating leases should not be construed to reflect total charter hire revenues for any of these five years. The carrying amount of the Partnership's vessels which are employed on these charter contracts as at December 31, 2020, was $2.8 billion (December 31, 2019 – $2.9 billion). The cost and accumulated depreciation of these vessels employed on these charter contracts as at December 31, 2020 were $3.7 billion (December 31, 2019 – $3.6 billion) and $889.4 million (December 31, 2019 – $777.9 million), respectively. |
Equity-Accounted Joint Ventures
Equity-Accounted Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-Accounted Joint Ventures | Equity-Accounted Joint Ventures a) A summary of the Partnership's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2020 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2020 2019 Angola Joint Venture (i) 33% 4 - 90,659 88,465 Bahrain LNG Joint Venture (ii) 30% - 1 38,678 60,462 Excalibur Joint Venture (iii) 50% 1 - 35,871 32,691 Exmar LPG Joint Venture (iv) 50% 23 - 134,138 151,673 MALT Joint Venture (v) 52% 6 - 359,442 357,411 Pan Union Joint Venture (vi) 20%-30% 4 - 81,548 79,568 RasGas III Joint Venture (vii) 40% 4 - 97,721 120,920 Yamal LNG Joint Venture (viii) 50% 6 - 234,452 264,126 48 1 1,072,509 1,155,316 Less credit loss provision (4,726) — Total investments in and advances to 1,067,783 1,155,316 Less current portion of advances to equity- (10,991) — Investments in and advances to equity- 1,056,792 1,155,316 (i) Angola Joint Venture As at December 31, 2020, the Partnership has a 33% ownership interest in the Angola Joint Venture that owns four 160,400-cubic meter LNG carriers (or the Angola LNG Carriers ). The other partners of the Angola Joint Venture are NYK (33%) and Mitsui & Co. Ltd. (34%). As at December 31, 2020, the Partnership had advanced $1.0 million to the Angola Joint Venture (December 31, 2019 – $nil). These advances bear interest at LIBOR plus 1.0% and as at December 31, 2020, the interest receivable on this advance was nominal (December 31, 2019 – $nil). These amounts are included in the table above. The Partnership has guaranteed its 33% share of the secured loan facilities and interest rate swaps of the Angola Joint Venture for which the aggregate principal amount of the secured loan facilities and fair value of the interest rate swaps as at December 31, 2020 was $203.4 million. As a result, the Partnership has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2020 was $0.3 million (December 31, 2019 – $0.5 million) and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. (ii) Bahrain LNG Joint Venture In December 2015, the Partnership (30%) entered into a joint venture agreement with National Oil & Gas Authority (or NOGA ) (30%), Gulf Investment Corporation (or GIC ) (24%) and Samsung C&T (or Samsung ) (16%) to form the Bahrain LNG Joint Venture, for the development of an LNG receiving and regasification terminal in Bahrain. The LNG terminal includes an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility with a total LNG terminal capacity of 800 million standard cubic feet per day and is owned and operated under a 20-year customer contract. In addition, the Partnership has supplied an FSU in connection with this terminal commencing in September 2018 through a 21-year time-charter contract with the Bahrain LNG Joint Venture. As at December 31, 2020 and 2019, the Partnership had advanced $73.4 million to the Bahrain LNG Joint Venture. These advances bear interest at 6.0%. For the years ended December 31, 2020 and 2019, the interest earned on these loans amounted to $4.6 million and $2.8 million, respectively. For the year ended December 31, 2020, the interest earned was included in interest income in the Partnership’s consolidated statements of income. For the year ended December 31, 2019, the interest earned was capitalized as part of investments in and advances to equity-accounted joint ventures in the Partnership's consolidated balance sheets up until November 30, 2019, after which date, it was included in interest income in the Partnership’s consolidated statements of income. As at December 31, 2020 and 2019, the interest receivable on these advances was $5.1 million and $0.5 million, respectively. These amounts are included in the table above. (iii) Excalibur and Excelsior Joint Ventures As at December 31, 2020, the Partnership has a 50/50 LNG-related joint venture with Exmar (or the Excalibur Joint Venture ). On January 31, 2018, the Partnership sold its interest in another 50/50 LNG-related joint venture with Exmar relating to the Excelsior LNG carrier (or the Excelsior Joint Venture ) for gross proceeds of approximately $54 million. As a result of the sale, the Partnership recorded a gain of $5.6 million for the year ended December 31, 2018, which is included in equity income in the Partnership's consolidated statements of income. The Partnership has guaranteed its ownership share of the secured loan facility of the Excalibur Joint Venture for which the principal amount of the secured loan facility as at December 31, 2020 was $15.9 million. As a result, the Partnership has recorded a guarantee liability. As at December 31, 2020 and 2019, the carrying value of the guarantee liability was $0.1 million. On initial acquisition, the basis difference between the Partnership's investment and the carrying value of the Excalibur Joint Venture's net assets was substantially attributed to an increase to the carrying value of the vessel of the Excalibur Joint Venture in accordance with the finalized purchase price allocation. At December 31, 2020, the unamortized amount of the basis difference was $12.0 million (December 31, 2019 – $12.5 million). (iv) Exmar LPG Joint Venture As at December 31, 2020, the Partnership has a 50% ownership interest in the Exmar LPG Joint Venture. The Partnership has guaranteed its 50% share of secured loan facilities and four finance leases in the Exmar LPG Joint Venture for which the aggregate principal amount of the secured loan facilities and finance leases as at December 31, 2020 was $238.2 million. As a result, the Partnership has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2020 was $1.3 million (December 31, 2019 – $0.9 million) and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. As at December 31, 2020 and 2019, the Partnership had advanced $42.3 million (December 31, 2019 – $52.3 million) to the Exmar LPG Joint Venture, which bears interest at LIBOR plus 0.50% and has no fixed repayment terms. For the years ended December 31, 2020 and 2019, the interest earned on these loans amounted to $0.8 million and $1.6 million and is included in interest income in the Partnership's consolidated statements of income. As at December 31, 2020, the interest receivable on these advances was $nil (December 31, 2019 – $0.3 million). These amounts are included in the table above. On initial acquisition, the basis difference between the Partnership's investment and the carrying value of the Exmar LPG Joint Venture's net assets was substantially attributed to the value of the vessels and charter agreements of the Exmar LPG Joint Venture and goodwill in accordance with the finalized purchase price allocation. At December 31, 2020, the unamortized amount of the basis difference was $18.2 million (December 31, 2019 – $23.6 million). (v) MALT Joint Venture As at December 31, 2020, the Partnership has a 52% ownership interest in its LNG-related joint venture agreement with Marubeni Corporation (or the MALT Joint Ventur e). Since control of the MALT Joint Venture is shared jointly between Marubeni and the Partnership, the Partnership accounts for its investment in the MALT Joint Venture using the equity method. The Partnership has guaranteed its 52% share of certain of the MALT Joint Venture's secured loan facilities, for which the principal amount of the secured loan facilities as at December 31, 2020 was $134.6 million. As a result, the Partnership has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2020 was $0.2 million (December 31, 2019 – $0.3 million) and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. (vi) Pan Union Joint Venture As at December 31, 2020, the Partnership has a 30% ownership interest in two LNG carriers, the Pan Asia and the Pan Americas , and a 20% ownership interest in two LNG carriers, the Pan Europe and the Pan Africa , through its Pan Union Joint Venture. On initial acquisition, the basis difference between the Partnership's investment and the carrying value of the Pan Union Joint Venture's net assets was substantially attributed to ship construction support agreements and the time-charter contracts. At December 31, 2020, the unamortized amount of the basis difference was $10.0 million (December 31, 2019 – $10.5 million). (vii) RasGas III Joint Venture As at December 31, 2020, the Partnership has a 40% ownership interest in the RasGas III Joint Venture, and the remaining 60% is held by Qatar Gas Transport Company Ltd. (Nakilat) (viii) Yamal LNG Joint Venture As at December 31, 2020, the Yamal LNG Joint Venture has six icebreaker LNG carriers that carry out international transportation of LNG for a project located on the Yamal Peninsula in Northern Russia. The Partnership has guaranteed its 50% share of a secured loan facility and interest rate swaps in the Yamal LNG Joint Venture for which the aggregate principal amount of the loan facility and fair value of the interest rate swaps as at December 31, 2020 was $807.7 million. As a result, the Partnership has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2020 and 2019, was $2.2 million and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. b) The Angola Joint Venture, the Bahrain LNG Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture are considered variable interest entities; however, the Partnership is not the primary beneficiary and therefore, the Partnership has not consolidated these entities. The Partnership’s exposure to loss as a result of its investment in the Angola Joint Venture, the Bahrain LNG Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture is the amount it has invested in and advanced to these joint ventures, which are $90.7 million, $38.7 million, $97.7 million and $234.5 million, respectively, as at December 31, 2020. In addition, the Partnership provides an owner's guarantee in respect of the charters for the Angola Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture; and guarantees the credit facilities and interest rate swaps of the Angola Joint Venture and the Yamal LNG Joint Venture as described above. c) The following table presents aggregated summarized financial information reflecting a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG Joint Venture, the Excalibur Joint Venture and the Pan Union Joint Venture. The results include the Angola Joint Venture, the Bahrain LNG Joint Venture, the Excalibur Joint Venture, the Excelsior Joint Venture up to January 2018, the Exmar LPG Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture, the RasGas III Joint Venture and the Yamal LNG Joint Venture. December 31, December 31, Cash and restricted cash – current 400,816 375,800 Other assets – current 180,673 146,637 Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts 1,912,776 3,045,393 Net investments in direct financing and sales-type leases – non-current 5,237,791 4,469,861 Other assets – non-current 216,331 169,925 Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 582,767 557,685 Other liabilities – current 232,466 188,665 Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 4,853,791 5,130,656 Other liabilities – non-current 350,057 224,903 Year Ended Year Ended Year Ended Voyage revenues 1,008,112 766,618 612,471 Income from vessel operations 584,685 400,326 289,477 Realized and unrealized (loss) gain on non-designated derivative instruments: Bahrain LNG Joint Venture (68,563) (19,756) 131 Other equity-accounted joint ventures (26,197) (21,159) 8,694 Net income 152,144 130,314 142,252 d) As described in Note 7a, the Partnership guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for certain of its equity-accounted joint ventures. As at December 31, 2020, with the exception of a debt service coverage ratio breach for one of the vessels in the Angola Joint Venture, all of the Partnership's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that the Partnership guarantees. In March 2021, the Angola Joint Venture obtained a waiver for the covenant requirement that was not met at December 31, 2020. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill As at December 31, 2020 and 2019, intangible assets consisted of acquired time-charter contracts with a weighted-average amortization period of 20.7 years from the date of acquisition. The carrying amount of intangible assets for the Partnership’s liquefied natural gas segment is as follows: December 31, December 31, Gross carrying amount 179,813 179,813 Accumulated amortization (145,303) (136,447) Net carrying amount 34,510 43,366 Amortization expense associated with intangible assets was $8.9 million per year for each of the years ended December 31, 2020, 2019 and 2018. Amortization expense associated with intangible assets in each of the next five succeeding fiscal years is expected to be approximately $8.9 million (2021), $8.4 million (2022), $6.2 million (2023), $4.5 million (2024), and $1.5 million (2025). The Partnership's carrying amount of goodwill as at December 31, 2020 and 2019 is as follows: December 31, December 31, Liquefied natural gas segment 31,921 31,921 Liquefied petroleum gas segment 2,920 2,920 Total 34,841 34,841 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, December 31, Interest including interest rate swaps 21,528 23,787 Voyage and vessel expenses 44,349 36,880 Payroll and benefits 7,257 6,215 Other general expenses 1,019 775 Income and other tax payable 1,128 2,670 Distributions payable on preferred units 6,425 6,425 Total 81,706 76,752 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt December 31, 2020 December 31, 2019 $ $ U.S. Dollar-denominated Revolving Credit Facilities due in 2022 100,000 212,000 U.S. Dollar-denominated Term Loans and Bonds due from 2021 to 2030 873,712 1,114,707 Norwegian Krone-denominated Bonds due from 2021 to 2025 355,514 347,163 Euro-denominated Term Loans due from 2023 to 2024 152,710 165,376 Other U.S. Dollar-denominated Loans — 3,300 Total principal 1,481,936 1,842,546 Unamortized discount and debt issuance costs (9,723) (11,150) Total debt 1,472,213 1,831,396 Less current portion (250,508) (393,065) Long-term debt 1,221,705 1,438,331 As at December 31, 2020, the Partnership had two revolving credit facilities available, which as at such date, provided for borrowings of up to $354.8 million (December 31, 2019 – $378.2 million), of which $254.8 million (December 31, 2019 – $166.2 million) was undrawn. Interest payments are based on LIBOR plus a margin, where margins ranged from 1.40% to 2.25%. The amount available under the two revolving credit facilities will be reduced by $24.4 million in 2021 and $330.4 million in 2022, when both revolving credit facilities mature. The revolving credit facilities may be used by the Partnership to fund general partnership purposes. One of the revolving credit facilities is unsecured, while the other revolving credit facility is collateralized by first-priority mortgages granted on two of the Partnership’s vessels, together with other related security, and includes a guarantee from two of the Partnership's subsidiaries of all outstanding amounts. As at December 31, 2020, the Partnership had five U.S. Dollar-denominated term loans and bonds outstanding which totaled $873.7 million in aggregate principal amount (December 31, 2019 – $1.1 billion). Interest payments on the term loans are based on LIBOR plus a margin, where margins ranged from 0.30% to 3.25% and fixed interest payments on the bonds ranging from 4.11% to 4.41%. The five combined term loans and bonds require quarterly interest and principal payments and four have balloon or bullet repayments due at maturity. In February 2021, the Tangguh Joint Venture, of which the Partnership has a 70% ownership interest, refinanced its $191.5 million term loan which was scheduled to mature in 2021, by entering into a new $191.5 million term loan maturing in February 2026 (see Note 20a). Giving effect to the February 2021 refinancing, $177.0 million was reclassified to long-term debt in the Partnership's consolidated balance sheets as of December 31, 2020. The term loans and bonds are collateralized by first-priority mortgages on the 16 Partnership’s vessels to which the loans relate, together with certain other related security. In addition, as at December 31, 2020, all of the outstanding term loans were guaranteed by either the Partnership or the ship-owning entities within the Teekay Nakilat Corporation (or the RasGas II Joint Venture ), of which the Partnership has a 70% ownership interest. As at December 31, 2020, and 2019, the Partnership has Norwegian Krone (or NOK ) 3.1 billion of senior unsecured bonds in the Norwegian bond market that mature through 2025. As at December 31, 2020, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $355.5 million (December 31, 2019 – $347.2 million). The interest payments on the bonds are based on Norwegian Interbank Offered Rate (or NIBOR ) plus a margin, where margins ranged from 4.60% to 6.00%. 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 5.74% to 7.89% and the transfer of principal fixed at $360.5 million upon maturity in exchange for NOK 3.1 billion (see Note 13). The Partnership has two Euro-denominated term loans outstanding, which as at December 31, 2020, totaled 125.0 million Euros ($152.7 million) (December 31, 2019 – 147.5 million Euros ($165.4 million)). Interest payments for one of the term loans are based on the Euro Interbank Offered Rate (or EURIBOR ) plus a margin. Interest payments on the remaining term loan are based on EURIBOR where EURIBOR is limited to zero or above zero values, plus a margin. Margins ranged from 0.60% to 1.95% as at December 31, 2020. The terms loans require monthly and semi-annual interest and principal payments. The term loans have varying maturities through 2024. The term loans are collateralized by first-priority mortgages on two of the Partnership vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. The weighted-average interest rates for the Partnership’s long-term debt outstanding as at December 31, 2020, and 2019 were 3.04% and 4.12%, 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 13). 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 (losses) gains of $(21.4) million, $(9.6) million, and $1.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. The aggregate annual long-term debt principal repayments required under these revolving credit facilities, loans and bonds subsequent to December 31, 2020, after giving effect to the February 2021 term loan refinancing described above, are $251.0 million (2021), $208.9 million (2022), $238.5 million (2023), $125.9 million (2024), $187.8 million (2025) and $469.8 million (thereafter). 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 maintain restricted cash deposits. As at December 31, 2020, the Partnership has three credit facilities with an aggregate outstanding loan balance of $359.4 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 115%, 120% and 135%, which as at December 31, 2020 were 273%, 142% and 215%, respectively. The vessel values used in calculating these ratios are the appraised values provided by third parties, where available, or prepared by the Partnership based on second-hand sale and purchase market data. 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 and, in addition, the term loan in the RasGas II Joint Venture requires it to satisfy a minimum vessel value to outstanding loan principal balance ratio to pay dividends. As at December 31, 2020, the Partnership was in compliance with all covenants relating to the Partnership’s credit facilities and other long-term debt. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of the provision for income taxes were as follows: Year Ended Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Current (4,396) (6,824) (2,361) Deferred 904 (653) (852) Income tax expense (3,492) (7,477) (3,213) Included in the Partnership's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Partnership does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Partnership reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include additional legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Partnership may change accordingly. The Partnership operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Net income before income tax expenses 100,804 172,081 30,088 Net income not subject to taxes (135,010) (167,667) (68,675) Net (loss) income subject to taxes (34,206) 4,414 (38,587) At applicable statutory tax rates Amount computed using the standard rate of corporate tax 8,888 (1,821) 6,833 Adjustments to valuation allowance and uncertain tax positions (5,569) (6,767) (14,733) Permanent and currency differences (7,186) 4,592 3,257 Change in tax rates 375 (3,481) 1,430 Tax expense related to the current year (3,492) (7,477) (3,213) The significant components of the Partnership’s deferred tax assets were as follows: December 31, December 31, 2019 $ Derivative instruments 3,650 2,859 Taxation loss carryforwards and disallowed finance costs 58,310 47,610 Vessels and equipment (1,256) (4,197) Other items (2,636) 9,494 58,068 55,766 Valuation allowance (54,005) (54,707) Net deferred tax assets 4,063 1,059 December 31, 2020 $ December 31, 2019 $ Deferred income tax assets included in other assets 5,386 2,826 Deferred income tax liabilities included in other long-term liabilities (1,323) (1,767) Net deferred tax assets 4,063 1,059 The Partnership had tax losses in the United Kingdom (or UK ) of $26.5 million as at December 31, 2020 (December 31, 2019 – $64.5 million) that are available indefinitely for offset against future taxable income in the UK. The Partnership had tax losses and estimated disallowed finance costs in Spain of 110.3 million Euros or approximately $134.8 million (December 31, 2019 – 110.3 million Euros or approximately $123.7 million) and 7.5 million Euros or approximately $9.2 million (December 31, 2019 – 13.5 million Euros or approximately $15.1 million), respectively, at December 31, 2020 of which the tax losses and the disallowed finance costs are available indefinitely for offset against future taxable income in Spain. In addition, the Partnership had estimated tax losses in Luxembourg of 123.2 million Euros or approximately $150.5 million as at December 31, 2020 (December 31, 2019 – 114.1 million Euros or approximately $127.9 million) that are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax expense. The tax years 2010 through 2020 currently remain open to examination by the major tax jurisdictions to which the Partnership is subject. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a) The following table and related footnotes provide information about certain of the Partnership's related party transactions for the periods indicated: Year Ended Year Ended Year Ended Voyage revenues (i)(ii)(iv) 37,481 49,257 19,612 Vessel operating expenses (ii)(iii) (6,505) (6,629) (17,852) Time-charter hire expenses (iv) (23,564) (19,994) (7,670) General and administrative expenses (v) (15,779) (15,393) (15,395) Restructuring charges (vi) — (400) — Equity income (vii) 2,424 1,316 520 (i) Commencing in 2008, the Arctic Spirit and Polar Spirit LNG carriers were time-chartered to Teekay Corporation at fixed-rates for periods of 10 years. The contract periods for the Polar Spirit and for the Arctic Spirit expired in March 2018 and April 2018, respectively. (ii) I n September 2018, the Partnership’s FSU, the Bahrain Spirit , commenced its 21-year charter contract with the Bahrain LNG Joint Venture. Voyage revenues from the charter of the Bahrain Spirit to the Bahrain LNG Joint Venture for the year ended December 31, 2020 amounted to $28.8 million ($30.6 million during 2019 and $8.6 million during 2018). In addition, the Partnership has an operation and maintenance contract with the Bahrain LNG Joint Venture and had an operating and maintenance subcontract with Teekay Marine Solutions (Bermuda) Ltd. (or TMS ), an entity wholly-owned by Teekay Tankers Ltd., which is controlled by Teekay Corporation, relating to the LNG regasification terminal in Bahrain. The contract with TMS was terminated in August 2019 and such services are currently managed by the Partnership. The subcontractor fees paid to TMS for the years ended December 31, 2019 and 2018 were $2.0 million and $1.6 million, respectively, and are included in vessel operating expenses in the Partnership's consolidated statements of income. Fees received in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture for the year ended December 31, 2020 were $8.7 million ($6.5 million during 2019 and $1.6 million during 2018) and are included in voyage revenues in the Partnership's consolidated statements of income. (iii) 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 to the Partnership and its subsidiaries crew training and technical management services. In addition, as part of the Partnership's acquisition of its ownership interest in the Pan Union Joint Venture in 2014, the Partnership entered into an agreement with a subsidiary of Teekay Corporation whereby Teekay Corporation's subsidiary provided, on behalf of the Partnership, shipbuilding supervision and crew training services for four LNG carrier newbuildings in the Pan Union Joint Venture, up to their delivery dates from 2017 to 2019. All costs incurred by these Teekay Corporation subsidiaries related to these services are charged to the Partnership and recorded as part of vessel operating expenses. (iv) Commencing in September 2018, the Partnership entered into an agreement with the MALT Joint Venture to charter in one of the MALT Joint Venture's LNG carriers, the Magellan Spirit (see Note 5b). The time-charter hire expenses charged for the year ended December 31, 2020 were $23.6 million ($20.0 million during 2019 and $7.7 million during 2018). In addition, commencing in May 2019, the Partnership entered into an agreement with a subsidiary of Teekay Corporation to charter out the Magellan Spirit until October 31, 2019. The Partnership recognized revenue of $12.2 million for the year ended December 31, 2019 from this charter to Teekay Corporation. On October 31, 2019, the subsidiary of Teekay Corporation novated the charter contract to the Partnership and the Partnership is chartering the Magellan Spirit to an external customer until June 2022. (v) Includes administrative, advisory, business development, commercial and strategic consulting services charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's general partner for costs incurred on the Partnership's behalf for the conduct of the Partnership's business. (vi) The Partnership incurred restructuring charges of $0.4 million from subsidiaries of Teekay Corporation attributable to employees supporting the Partnership during the year ended December 31, 2019 (see Note 18b). (vii) During the year ended December 31, 2020, the Partnership charged fees of $2.4 million ($1.3 million during 2019 and $0.5 million during 2018) to the Yamal LNG Joint Venture relating to the successful bid process for the construction and chartering of six ARC7 LNG carriers. The fees are reflected in equity income in the Partnership’s consolidated statements of income. b) As at December 31, 2020 and 2019, non-interest-bearing advances to affiliates totaled $4.9 million and $5.1 million, respectively, and non-interest bearing advances from affiliates totaled $11.0 million and $7.0 million, respectively. These advances are unsecured and have no fixed repayment terms. Affiliates are entities that are under common control with the Partnership. c) The Partnership had an agreement with Teekay Corporation under which Teekay Corporation paid 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 paid 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 amounts receivable or payable to Teekay Corporation were settled annually (see Note 13). The time-charter contract was terminated in January 2019, upon which the charterer, which was also the owner, sold the vessel to a third party, which resulted in the agreement with Teekay Corporation ending concurrently. d) The Partnership entered into services agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provided the Partnership with shipbuilding and site supervision services related to certain LNG carrier newbuildings the Partnership had ordered, which services ended when the Partnership's last wholly-owned LNG newbuilding carrier delivered in January 2019. These costs were capitalized and included as part of vessels and equipment in the Partnership’s consolidated balance sheets. During the years ended December 31, 2019 and 2018, the Partnership incurred shipbuilding and site supervision costs with Teekay Corporation subsidiaries of $1.8 million and $15.3 million, respectively. e) In December 2019, as part of dissolving certain of the Partnership's controlled subsidiaries as a result of a simplification transaction, the Partnership acquired the General Partner's 1% non-controlling interest in certain of the Partnership's subsidiaries for an amount initially estimated at $2.7 million. In April 2020, the purchase price was finalized at $2.2 million. f) On May 11, 2020, Teekay Corporation and the Partnership eliminated all of the Partnership's incentive distribution rights, which were held by the General Partner, in exchange for the issuance to a subsidiary of Teekay Corporation of 10.75 million newly-issued common units of the Partnership. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. This transaction was treated as a non-cash transaction in the Partnership's consolidated statements of cash flows. This transaction was approved by the conflicts committee of the General Partner’s board of directors, which was assisted by independent financial and legal advisors. g) For other transactions with the Partnership's equity-accounted joint ventures not disclosed above, please refer to Note 7. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
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 time to time, the Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 2020, the Partnership was not committed to any foreign currency forward contracts. The Partnership entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 10), 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 2021, 2023 and 2025, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at December 31, 2020. Floating Rate Receivable Principal Principal Reference Margin Fixed Rate Fair Value / Weighted- 1,200,000 146,500 NIBOR 6.00% 7.72% (9,051) 0.8 850,000 102,000 NIBOR 4.60% 7.89% (10,971) 2.7 1,000,000 112,000 NIBOR 5.15% 5.74% 4,505 4.7 (15,517) 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 December 31, 2020, the Partnership was committed to the following interest rate swap agreements: Interest Principal Fair Value / Weighted- Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii) LIBOR 106,250 (21,810) 8.0 5.2% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 10,711 (205) 0.6 2.8% U.S. Dollar-denominated interest rate swaps (iii)(iv) LIBOR 145,821 (5,805) 3.7 1.4% U.S. Dollar-denominated interest rate swaps (iii)(iv) LIBOR 298,071 (28,626) 1.5 3.5% U.S. Dollar-denominated interest rate swaps (iv) LIBOR 160,313 (12,863) 6.0 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 70,708 (6,159) 2.7 3.9% (75,468) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2020, ranged from 0.30% to 3.25%. (ii) Principal amount reduces semi-annually. (iii) Certain of these interest rate swaps are subject to mandatory early termination in 2021 and 2024 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces monthly. As at December 31, 2020, the Partnership had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provide for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Partnership’s consolidated balance sheets. As at December 31, 2020, these interest rate swaps, cross currency swaps and foreign currency forward contracts had an aggregate fair value asset of $4.5 million (December 31, 2019 – $2.2 million) and an aggregate fair value liability of $73.7 million (December 31, 2019 – $74.6 million). As at December 31, 2020, the Partnership had $3.8 million (December 31, 2019 – $14.3 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. 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. Accounts receivable Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at December 31, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — — (70) (3,162) (9,631) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — — (4,823) (42,329) (15,453) Cross currency swap agreements — — 4,505 (701) (11,434) (7,887) — — 4,505 (5,594) (56,925) (32,971) As at December 31, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — — (12) (837) (3,475) Derivatives not designated as a cash flow hedge: Interest rate swap agreements 21 355 1,834 (2,821) (14,758) (28,544) Foreign currency forward contracts — — — — (202) — Cross currency swap agreements — — — (456) (22,661) (18,987) 21 355 1,834 (3,289) (38,458) (51,006) Realized and unrealized (losses) gains relating to non-designated interest rate swap agreements, foreign currency forward contracts, the Toledo Spirit time-charter derivative, and interest rate swaption agreements are recognized in earnings and reported in realized and unrealized (loss) gain on non-designated derivative instruments in the Partnership’s consolidated statements of income. The effect of the (loss) gain on these derivatives on the Partnership’s consolidated statements of income is as follows: Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) (14,654) 31,061 16,407 Interest rate swaption — — — — — — — 2 2 Interest rate swap — — — — — — (13,681) — (13,681) Foreign currency (241) 202 (39) (147) (202) (349) — — — Toledo Spirit time- — — — — (40) (40) 1,480 (930) 550 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) (26,855) 30,133 3,278 Realized and unrealized (losses) gains relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange (loss) gain in the Partnership’s consolidated statements of income. The effect of the (loss) gain on these derivatives on the Partnership's consolidated statements of income is as follows: Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (6,588) 26,832 20,244 (5,061) (13,239) (18,300) (6,533) 21,240 14,707 Cross currency swap (33,844) — (33,844) — — — (42,271) — (42,271) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) (48,804) 21,240 (27,564) For the periods indicated, the following table presents the gains or losses on interest rate swap agreements designated and qualifying as cash flow hedges and their impact on other comprehensive loss (or OCI ). The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity-accounted joint ventures. Year Ended December 31, 2020 Amount of Loss Recognized in OCI (i) $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ (8,481) (2,320) Year Ended December 31, 2019 Amount of Loss Recognized in OCI (i) $ Amount of Gain Reclassified from Accumulated OCI to Interest Expense (effective portion) $ (7,458) 376 Year Ended December 31, 2018 Amount of Gain Recognized in OCI (effective portion) $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense (effective portion) $ Amount of Gain Recognized in Interest Expense (ineffective portion) $ 2,128 (152) 740 (i) See Note 2 – adoption of ASU 2017-12. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) The Partnership’s share of commitments to fund equipment installation and other construction contract costs as at December 31, 2020 are as follows: Total 2021 2022 Certain consolidated LNG carriers (i) 40,312 24,760 15,552 Bahrain LNG Joint Venture (ii) 11,339 11,339 — 51,651 36,099 15,552 (i) In June 2019, the Partnership entered into an agreement with a contractor to supply reliquefaction equipment on certain of the Partnership's LNG carriers in 2021 and 2022, for an estimated installed cost of $59.5 million. As at December 31, 2020, the estimated remaining cost of these installations was $40.3 million. (ii) The Partnership has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain as described in Note 7a(ii). As at December 31, 2020, the Partnership's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $24 million, of which $7 million relates to the Partnership's proportionate share of the construction commitments included in the table above. b) Following the termination of the finance lease arrangements for the three LNG carriers in the RasGas II Joint Venture in 2014, the lessor made a determination in 2018 that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in 2018, the RasGas II Joint Venture recognized an additional liability of $53.0 million, which was included as part of other expense in the Partnership's consolidated statements of income, and settled this liability in 2018 by releasing a $7.0 million cash deposit it had made with the lessor and making a $56.0 million cash payment for the balance, which was based on the GBP/USD foreign currency exchange rates at the time the payments were made. c) The Tangguh Joint Venture is currently undergoing a tax audit related to its tax returns filed for the 2010 and subsequent fiscal years. The UK taxing authority has challenged the deductibility of certain transactions not directly related to the long funding lease and the Tangguh Joint Venture has recorded a provision of $1.6 million in 2017 (of which the Partnership's 70% share is $1.1 million) which is presented net of income tax receivable in accounts receivable in the Partnership’s consolidated balance sheets as at December 31, 2020 (December 31, 2019 – $1.6 million recorded in accrued liabilities). d) Tangguh Joint Venture Operating Leases As at December 31, 2020, the Tangguh Joint Venture was a party to operating leases (or Head Leases ) whereby it leases its two LNG carriers (or the Tangguh LNG Carriers ) to a third-party company. The Tangguh Joint Venture then leases back the LNG carriers from the same third-party company (or the Subleases ). Under the terms of these leases, the third-party company claims tax depreciation on the capital expenditures it incurred to lease the vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed and indemnified by the Tangguh Joint Venture. Lease payments under the Subleases are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lease payments are increased or decreased under the Sublease to maintain the agreed after-tax margin. The Tangguh Joint Venture’s carrying amounts of this estimated tax indemnification obligation as at December 31, 2020 and 2019 were $5.7 million and $6.1 million, respectively, and are included as part of other long-term liabilities in the consolidated balance sheets of the Partnership. The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred and ends in 2033. Although there is no maximum potential amount of future payments, the Tangguh Joint Venture may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Tangguh Joint Venture will be required to make termination payments to the third-party company sufficient to repay the third-party company’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. The Head Leases and the Subleases have 20-year terms and are classified as operating leases. The Head Leases and the Subleases for the two Tangguh LNG Carriers commenced in November 2008 and March 2009, respectively. As at December 31, 2020, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2021 $ 21,242 $ 23,934 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 Thereafter $ 69,127 $ 77,921 Total $ 175,337 $ 197,591 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2020, the Partnership had received $335.0 million of aggregate Head Lease receipts and had paid $285.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2020, $3.7 million (December 31, 2019 – $3.8 million) and $21.8 million (December 31, 2019 – $25.5 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. e) Management is required to assess whether the Partnership will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its consolidated financial statements. The Partnership had a working capital deficit of $259.1 million as at December 31, 2020. This working capital deficit includes $250.5 million related to scheduled maturities and repayments of long-term debt in the 12 months following December 31, 2020 (see Note 20a). Based on the Partnership’s liquidity at the date these consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, the cash distributions it expects to receive from its equity-accounted joint ventures, and expected debt refinancings, the Partnership estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. |
Total Capital and Net Income Pe
Total Capital and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Total Capital and Net Income Per Common Unit | Total Capital and Net Income Per Common Unit As at December 31, 2020, a total of 58.6% of the Partnership's common units outstanding were held by the public. The remaining common units, as well as the 1.8% general partner interest, were held by subsidiaries of Teekay Corporation. All of the Partnership's outstanding Series A Cumulative Redeemable Perpetual Preferred Units (or the Series A Preferred Units ) and Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (or the Series B Preferred Units ) are held by the public. Limited Partners’ Rights Significant rights of the Partnership’s limited partners include the following: • Right of common unitholders to receive distribution of Available Cash (as defined in the partnership agreement and which takes into account cash reserves for, among other things, future capital expenditures and future credit needs of the Partnership) within approximately 45 days after the end of each quarter. • No limited partner shall have any management power over the Partnership’s business and affairs; the General Partner is responsible for the conduct, directions and management of the Partnership’s activities. • The General Partner may be removed if such removal is approved by common unitholders holding at least 66-2/3% of the outstanding units voting as a single class, including units held by the General Partner and its affiliates. Incentive Distribution Rights On May 11, 2020, Teekay Corporation and the Partnership agreed to eliminate all of the Partnership's incentive distribution rights, which were held by the General Partner, in exchange for the issuance to a Teekay Corporation subsidiary of 10.75 million newly-issued common units of the Partnership. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. This transaction has decreased the General Partner’s equity by $2.3 million representing its 1.8% proportionate share of the cost to eliminate the incentive distribution rights. This transaction has increased the limited partners’ equity by $2.3 million, representing the excess value of the common units issued over its 98.2% share of the cost to eliminate the incentive distribution rights. Subsequent to the elimination of the Partnership’s incentive distribution rights, the amount of net income attributable to the limited partners and General Partner is based on the limited partners' and General Partner’s respective ownership percentages. During 2020, 2019, and 2018, the quarterly cash distributions were below $0.4625 per common unit (the minimum threshold for distributions in respect of the incentive distribution rights) 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. In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities and liquidation amounts on the Series A Preferred Units and Series B Preferred Units will be distributed to the common unitholders and the General Partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Partnership’s assets in liquidation in accordance with the partnership agreement. Net Income Per Common Unit Limited partners' interest in net income per common unit is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interests, the General Partner’s interest and the distributions on the Series A and Series B Preferred Units by the weighted-average number of common units outstanding during the period. The distributions payable on the Series A and Series B Preferred Units for the years ended December 31, 2020, 2019 and 2018 were $25.7 million. Year Ended Year Ended Year Ended Limited partners' interest in net income for basic net income 60,632 124,546 2,615 Weighted average number of common units 83,313,097 78,177,189 79,672,435 Dilutive effect of unit-based compensation 105,907 91,223 169,893 Common units and common unit equivalents 83,419,004 78,268,412 79,842,328 Limited partner's interest in net income per common unit: Basic 0.73 1.59 0.03 Diluted 0.73 1.59 0.03 The General Partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Partnership’s Board of Directors to provide for the proper conduct of the Partnership’s business, including reserves for maintenance and replacement capital expenditure and anticipated credit needs. 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. Pursuant to the Partnership agreement, allocations to partners are made on a quarterly basis. Common Unit Repurchases In December 2018, the Partnership announced that its Board of Directors had authorized a common unit repurchase program for the repurchase of up to $100 million of the Partnership's common units. The following table summarizes the common units repurchased during the years ended December 31, 2020, 2019 and 2018: Year ended December 31, Units repurchased Average price paid per unit Total cost (1) $ 2020 1,373,066 $11.16 15,322 2019 1,934,569 $13.03 25,214 2018 326,780 $11.35 3,710 Total 3,634,415 $12.17 44,246 (1) Excludes the repurchase cost of the associated general partner interest |
Unit-Based Compensation
Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation In June 2020, a total of 29,595 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 2020. These common units were fully vested upon grant. During 2019 and 2018, the Partnership awarded 35,419 and 17,498 common units, respectively, as compensation to non-management directors. The awards were fully vested in March 2019 and March 2018, respectively. The compensation to the non-management directors is included in general and administrative expenses on the Partnership’s consolidated statements of income. During 2020, 2019 and 2018, the Partnership granted 243,940, 80,100 and 62,283 restricted units awards, respectively, with grant date fair values of $3.1 million, $1.2 million and $1.2 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 common 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 awards 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, and in this case, the restricted unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted unit awards is paid to each recipient in the form of common units, net of withholding tax. During the years ended December 31, 2020, 2019 and 2018, the Partnership recorded an expense of $2.1 million, $1.6 million, and $1.3 million, respectively, related to the restricted units and common units. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges a) In January 2019 and February 2018, the charterer, who was also the owner of the Toledo Spirit and Teide Spirit conventional tankers, sold the vessels to third parties. As a result of these sales, the Partnership returned the vessels to the owner and incurred seafarer severance payments of $2.9 million for the year ended December 31, 2019 (2018 – $1.8 million), which were presented as restructuring charges in the Partnership's consolidated statements of income. As at December 31, 2020 and 2019, the remaining balance of unpaid restructuring charges of $0.6 million is included in accrued liabilities in the Partnership's consolidated balance sheets. |
Gain (Loss) on Sales and Write-
Gain (Loss) on Sales and Write-Down of Vessels - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Asset Impairment Charges | Write-Down of Vessels and Goodwill and Gain (Loss) on Sales of Vessels The following table provides information on the Partnership's write-down of vessels and goodwill and gain (loss) on sales of vessels for the years presented in these consolidated financial statements. Year Ended December 31, Segment Asset Type Completion of Sale Date 2020 2019 2018 Liquefied Petroleum Gas (note 19a) 7/4 Multi-gas Carriers N/A (51,000) — (33,000) Liquefied Natural Gas (note 6) 2 LNG Carriers Jan-2020 — 14,349 — Conventional Tanker (note 19d) 1 Handymax Oct-2019 — (785) (13,000) Conventional Tanker (notes 19b and 19c) 2 Suezmaxes Oct/Dec-2018 — — (7,863) Liquefied Petroleum Gas (note 8) Goodwill N/A — — (790) Write-down of vessels and goodwill and (51,000) 13,564 (54,653) a) During the year ended December 31, 2020, the carrying values of the Partnership's seven wholly-owned multi-gas carriers (the Unikum Spirit , Vision Spirit , Pan Spirit , Cathinka Spirit , Camilla Spirit, Sonoma Spirit and Napa Spirit ), were written down to their estimated fair values, using appraised values, primarily due to the lower near-term outlook for these types of vessels partly as a result of the economic environment at that time (including the COVID-19 pandemic), as well as the Partnership receiving notification during the year that the Partnership's then-existing commercial management agreement with a third-party commercial manager will be terminated and replaced by a new commercial management agreement in September 2020. The total impairment charge of $51.0 million was included in write-down of vessels and goodwill and gain (loss) on sales of vessels for the year ended December 31, 2020 in the Partnership's consolidated statements of income. In addition, in June 2018, the carrying values for four of the Partnership's seven wholly-owned multi-gas carriers (the Napa Spirit , Pan Spirit , Camilla Spirit and Cathinka Spirit ), were written down to their estimated fair values, using appraised values, as a result of the Partnership's evaluation of alternative strategies for these assets, the then-current charter rate environment and the outlook for charter rates for these vessels at that time. The total impairment charge of $33.0 million was included in write-down of vessels and goodwill and gain (loss) on sales of vessels for the year ended December 31, 2018 in the Partnership's consolidated statements of income. b) In December 2018, the Partnership sold the European Spirit Suezmax tanker and recorded a write-down on this vessel of $4.0 million for the year ended December 31, 2018 in the Partnership's consolidated statements of income. The Partnership used the net proceeds of $15.7 million from the sale to repay its existing term loan associated with the vessel. c) In October 2018, the Partnership sold the African Spirit Suezmax tanker and recorded a write-down on this vessel of $3.9 million for the year ended December 31, 2018 in the Partnership's consolidated statements of income. The Partnership used the net proceeds of $12.8 million from the sale primarily to repay its existing term loan associated with the vessel. d) In March 2018, the carrying value of the Alexander Spirit conventional tanker was written down to its estimated fair value, using an appraised value, as a result of changes in the Partnership's expectations of the vessel's future opportunities at that time. The impairment charge of $13.0 million is included in write-down of vessels and goodwill and gain (loss) on sales of vessels for the year ended December 31, 2018 in the Partnership's consolidated statements of income. The Partnership recorded a further write-down in respect of this vessel of $0.8 million for the year ended December 31, 2019 as the vessel was sold in October 2019 for net proceeds of $11.5 million. | ||
Write-down of vessels and goodwill and (gain) loss on sales of vessels (notes 6, 8 and 19) | $ 51,000 | $ (13,564) | $ 54,653 |
Proceeds from sale of vessels | $ 0 | $ 11,515 | $ 28,518 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a)On February 8, 2021, the Tangguh Joint Venture, of which the Partnership has a 70% ownership interest, refinanced its $191.5 million term loan which was scheduled to mature in 2021, by entering into a new $191.5 million term loan maturing in February 2026. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay LNG Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary (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 may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign currency exchange (loss) gain in the accompanying consolidated statements of income. |
Revenues | Revenues The Partnership’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Partnership has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. The Partnership’s time-charter contracts accounted for as direct financing leases and sales-type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. Time charters Revenues from time charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter. If collectability of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a time charter accounted for as a sales-type lease or a direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time-charter hire receipts is allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The non-lease element of time-charter hire receipts is recognized by the Partnership on a straight-line basis daily over the term of the charter. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled drydock and the next scheduled drydock. In addition, if collectability of non-lease receipts of charter payments from charterers is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the time-charter contract has been terminated or the Partnership has no remaining performance obligations. For time-charter contracts where the charterer is responsible for the operation of the vessel, the Partnership offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Partnership does not recognize revenues during days that the vessel is off-hire. When the time charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases (see Note 2), or other variable consideration, the Partnership recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Partnership uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect, in other current assets, the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Partnership on a straight-line basis daily over the term of the charter. If collectability of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. |
Operating expenses | Operating expenses Voyage expenses include all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Partnership, as shipowner, pays voyage expenses under voyage charters. The Partnership’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time-charter, in which case the Partnership pays voyage expenses. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. |
Cash and cash equivalents | Cash and cash equivalents The Partnership classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash | Restricted cash The Partnership maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect amounts where the right to consideration is conditioned upon the passage of time as "accounts receivable," and reflect accrued revenue where the right to consideration is conditioned upon something other than the passage of time as "other current assets." |
Other loan receivables | The Partnership’s advances to equity-accounted joint ventures and any other investments in loan receivables are recorded at cost. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. Interest costs capitalized to vessels and equipment for the years ended December 31, 2020, 2019 and 2018 aggregated $nil, $0.3 million and $14.8 million, respectively. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for liquefied natural gas (or LNG ) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Partnership from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2020, 2019 and 2018 aggregated $107.1 million, $115.1 million and $115.5 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Partnership dry docks each of its vessels every two and a half years to five years. The Partnership capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Partnership includes in capitalized dry docking those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking. The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2018 to December 31, 2020: Year Ended Year Ended Year Ended Balance at January 1, 38,764 40,365 39,144 Cost incurred for dry docking 6,968 11,000 15,259 Write-downs and sales of vessels (766) — (2,448) Dry-dock amortization (13,727) (12,601) (11,590) Balance at December 31, 31,239 38,764 40,365 Vessels and equipment that are intended to be held and used in the Partnership's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs that are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Partnership's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Partnership’s consolidated statements of income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Partnership that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Lease obligations and right-of-use assets | Lease obligations and right-of-use assets As of the lease commencement date, the Partnership recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Partnership’s vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Partnership uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Partnership’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Partnership’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period when achievement of the target is considered probable. The Partnership recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Partnership has determined its time-charter-in contract contains both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Partnership’s incremental borrowing rate, which is based on the fixed interest rate the Partnership could obtain when entering into a secured loan facility with similar terms. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Partnership's impaired right-of-use assets from vessel in-charters is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Partnership, where the Partnership has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease, are accounted for as a failed sale of the vessel. The Partnership does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Partnership to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. In periods prior to the adoption of Accounting Standards Update 2016-02, Leases (or ASU 2016-02 |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive (loss) income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the Partnership’s consolidated statements of income. If a cash flow hedge is terminated or dedesignated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Partnership’s consolidated statements of income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the Partnership’s consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging, changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated interest rate swaps and the Partnership's agreement with Teekay Corporation for the Suezmax tanker the Toledo Spirit (which was sold in January 2019) are recorded in realized and unrealized loss on non-designated derivative instruments in the Partnership’s consolidated statements of income. Gains and losses from the Partnership’s cross currency swaps are recorded in foreign currency exchange gain (loss) in the Partnership’s consolidated statements of income. |
Unit-based compensation | Unit-based compensation 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 and its subsidiaries. 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 of 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 is reflected in general and administrative expenses in the Partnership’s consolidated statements of income. |
Income taxes | Income taxes The Partnership accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Partnership’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more-likely-than not that some or all of the benefit from the deferred tax asset will not be realized. The Partnership recognizes the tax benefits of uncertain tax positions only if it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the taxing authorities, including resolution of any related appeals or litigation processes, |
Guarantees | Guarantees Guarantees issued by the Partnership, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Partnership’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income on the Partnership’s consolidated statements of income over the term of the guarantee. If it becomes probable that the Partnership will have to perform under a guarantee, the Partnership will recognize an additional liability if the amount of the loss can be reasonably estimated. |
Credit Loss, Financial Instrument | Credit losses The Partnership utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivables, contracts assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Partnership discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Partnership considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other expense in the Partnership's consolidated statements of income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Partnership recognized an allowance for doubtful accounts receivable consisting of the Partnership's best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. The Partnership reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectibility. Account balances were charged against the allowance when the Partnership believed that the receivable would not be recovered. In addition, the Partnership analyzed its loans for collectability during each reporting period. A loan loss provision was recognized, based on prevailing information and events, if it was probable that the Partnership would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Partnership considered in determining if a loan loss provision was required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding its ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision was recognized, the Partnership measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan's effective interest rate and recognizes the resulting loss in the consolidated statements of income. The carrying value of the loan was adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows. For charter contracts being accounted for as operating leases, if the remaining lease payments are no longer probable of being collected any unpaid accounts receivable and any accrued revenue will be reversed against revenue and any subsequent payments will be recognized as revenue when collected until such time that the remaining lease payments are probable of being collected. |
Equity Method Investments | Equity-accounted joint ventures The Partnership’s investments in certain joint ventures, in which the Partnership does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Partnership’s proportionate share of comprehensive earnings or losses and distributions. The Partnership evaluates its equity-accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted investment is impaired and if the estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. The Partnership’s maximum exposure to loss is the amount it has invested in and advanced to its equity-accounted joint ventures, and the Partnership's proportionate share of the long-term debt and interest rate swaps that it has guaranteed within its equity-accounted joint ventures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Changes in Partnership's Capitalized Dry Docking Costs | The following table summarizes the change in the Partnership’s capitalized dry docking costs, from January 1, 2018 to December 31, 2020: Year Ended Year Ended Year Ended Balance at January 1, 38,764 40,365 39,144 Cost incurred for dry docking 6,968 11,000 15,259 Write-downs and sales of vessels (766) — (2,448) Dry-dock amortization (13,727) (12,601) (11,590) Balance at December 31, 31,239 38,764 40,365 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2020 December 31, 2019 Fair Value Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15a) Level 1 257,943 257,943 253,291 253,291 Derivative instruments (note 13) Interest rate swap agreements – assets Level 2 — — 2,210 2,210 Interest rate swap agreements – liabilities Level 2 (75,468) (75,468) (50,447) (50,447) Foreign currency contracts Level 2 — — (202) (202) Cross currency swap agreements – assets Level 2 4,505 4,505 — — Cross currency swap agreements – liabilities Level 2 (20,022) (20,022) (42,104) (42,104) Non-recurring: Vessels and equipment (note 19a) Level 2 40,717 40,717 — — Other: Loans to equity-accounted joint ventures (note 7) (i) 116,632 (i) 126,546 (i) Long-term debt – public (note 10) Level 1 (352,260) (359,581) (345,824) (358,005) Long-term debt – non-public (note 10) Level 2 (1,119,953) (1,137,050) (1,485,572) (1,474,208) Obligations related to finance leases (note 5a) Level 2 (1,340,922) (1,456,927) (1,410,904) (1,434,910) (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. |
Summary of Partnership's Loan Receivables and Other Financing Receivables | The following table includes the amortized cost basis of the Partnership’s direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 Prior to 2016 Total As at December 31, 2020 $ $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — — 211,939 — 211,939 — 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 — 73,375 Other Performing 991 — — — 991 991 — 73,375 42,266 116,632 991 211,939 73,375 374,574 660,879 |
Financing Receivable, Allowance for Credit Loss | Changes in the Partnership's allowance for credit losses for year ended December 31, 2020 are as follows: Direct financing leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total As at January 1, 2020 15,055 36,292 3,714 2,139 57,200 Provision for potential credit losses 15,122 18,645 1,012 (59) 34,720 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenues and Percentage of Consolidated Voyage Revenues from Top Customers | The following table presents voyage revenues and percentage of consolidated voyage revenues for the Partnership’s customers who accounted for 10% or more of the Partnership's consolidated voyage revenues during any of the periods presented. (U.S. Dollars in millions) Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Royal Dutch Shell Plc. (i) (ii) $134.4 or 23% $126.9 or 21% $115.4 or 23% Ras Laffan Liquefied Natural Gas Company Ltd. (i) $71.5 or 12% $71.1 or 12% $70.6 or 14% Naturgy Energy Group S.A. (i) $65.3 or 11% $65.6 or 11% Less than 10% Cheniere Marketing International (i) $61.0 or 10% $60.6 or 11% $60.1 or 12% (i) LNG segment. (ii) Includes its subsidiaries Shell International Trading Middle East Ltd. and Shell Tankers (Singapore) Private Ltd. |
Segment Reporting Information | The following tables include results for these segments for the years presented in these consolidated financial statements. Year Ended December 31, 2020 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 552,416 38,687 — 591,103 Voyage expenses (3,009) (14,385) — (17,394) Vessel operating expenses (98,572) (17,824) — (116,396) Time-charter hire expenses (23,564) — — (23,564) Depreciation and amortization (122,523) (7,229) — (129,752) General and administrative expenses (i) (24,879) (2,025) — (26,904) Write-down of vessels — (51,000) — (51,000) Income (loss) from vessel operations 279,869 (53,776) — 226,093 Equity income (loss) 79,244 (7,011) — 72,233 Investment in and advances to equity-accounted joint ventures, net 934,059 133,724 — 1,067,783 Expenditures for vessels and equipment (12,382) (1,093) — (13,475) Expenditures for dry docking (4,862) (2,106) — (6,968) Year Ended December 31, 2019 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 555,303 39,211 6,742 601,256 Voyage expenses (4,493) (16,563) (331) (21,387) Vessel operating expenses (90,954) (17,888) (2,743) (111,585) Time-charter hire expenses (19,994) — — (19,994) Depreciation and amortization (128,138) (7,931) (696) (136,765) General and administrative expenses (i) (20,193) (1,789) (539) (22,521) Gain on sales of vessels and write-down of vessels 14,349 — (785) 13,564 Restructuring charges (400) — (2,915) (3,315) Income (loss) from vessel operations 305,480 (4,960) (1,267) 299,253 Equity income (loss) 59,600 (781) — 58,819 Investment in and advances to equity-accounted joint ventures, net 1,003,581 151,735 — 1,155,316 Expenditures for vessels and equipment (101,052) (1,538) — (102,590) Expenditures for dry docking (8,224) (2,776) — (11,000) Year Ended December 31, 2018 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 454,517 23,922 32,323 510,762 Voyage expenses (2,750) (15,907) (9,580) (28,237) Vessel operating expenses (82,952) (20,932) (13,774) (117,658) Time-charter hire expenses (7,670) — — (7,670) Depreciation and amortization (111,360) (7,748) (5,270) (124,378) General and administrative expenses (i) (23,270) (2,932) (2,310) (28,512) Write-down of goodwill and vessels — (33,790) (20,863) (54,653) Restructuring charges — — (1,845) (1,845) Income (loss) from vessel operations 226,515 (57,387) (21,319) 147,809 Equity income (loss) 60,228 (6,682) — 53,546 Expenditures for vessels and equipment (684,951) (1,230) (124) (686,305) Expenditures for dry docking (7,505) (5,059) (15) (12,579) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources (Note 12a)). |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets presented in the Partnership's consolidated balance sheets is as follows: December 31, December 31, Total assets of the liquefied natural gas segment 4,395,336 4,924,627 Total assets of the liquefied petroleum gas segment 246,982 319,695 Unallocated: Cash and cash equivalents 206,762 160,221 Advances to affiliates 4,924 5,143 Consolidated total assets 4,854,004 5,409,686 |
Chartered-in Vessels (Tables)
Chartered-in Vessels (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Capital Lease Obligations | Obligations related to Finance Leases December 31, December 31, Total obligations related to finance leases 1,340,922 1,410,904 Less current portion (71,932) (69,982) Long-term obligations related to finance leases 1,268,990 1,340,922 |
Commitment Under Capital Leases | As at December 31, 2020, the remaining commitments related to the financial liabilities of these nine LNG carriers, including the amounts to be paid for the related purchase obligations, approximated $1.7 billion including imputed interest of $400.5 million repayable through 2034, as indicated below: Year Commitments as at December 31, 2020 2021 $ 138,601 2022 $ 136,959 2023 $ 135,459 2024 $ 132,011 2025 $ 129,725 Thereafter $ 1,068,641 |
Schedule of Operating Leases | As at December 31, 2020, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2021 $ 21,242 $ 23,934 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 Thereafter $ 69,127 $ 77,921 Total $ 175,337 $ 197,591 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2020, the Partnership had received $335.0 million of aggregate Head Lease receipts and had paid $285.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2020, $3.7 million (December 31, 2019 – $3.8 million) and $21.8 million (December 31, 2019 – $25.5 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables contain the Partnership's revenue for the year ended December 31, 2020, 2019 and 2018, by contract type and by segment. Year Ended December 31, 2020 Liquefied Liquefied Conventional Total Time charters 543,408 — — 543,408 Voyage charters — 38,687 — 38,687 Management fees and other income 9,008 — — 9,008 552,416 38,687 — 591,103 Year Ended December 31, 2019 Liquefied Liquefied Conventional Total Time charters 530,434 2,860 6,742 540,036 Voyage charters — 36,351 — 36,351 Bareboat charters 18,387 — — 18,387 Management fees and other income 6,482 — — 6,482 555,303 39,211 6,742 601,256 Year Ended December 31, 2018 Liquefied Liquefied Conventional Total Time charters 420,262 — 17,405 437,667 Voyage charters — 23,922 14,591 38,513 Bareboat charters 23,820 — — 23,820 Management fees and other income 10,435 — 327 10,762 454,517 23,922 32,323 510,762 The following table contains the Partnership’s total revenue for the years ended December 31, 2020, 2019 and 2018, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Lease revenue Lease revenue from lease payments of operating leases 505,029 516,772 440,963 Interest income on lease receivables 50,504 51,676 41,963 Variable lease payments – cost reimbursements (1) 5,398 4,635 — Variable lease payments – other (2) — — (1,480) 560,931 573,083 481,446 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 21,164 21,691 18,554 Management fees and other income 9,008 6,482 10,762 30,172 28,173 29,316 Total 591,103 601,256 510,762 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Partnership's customers relating to such costs incurred by the Partnership to operate the vessel for the customer pursuant to charter contracts accounted for as operating leases. |
Schedule of Capital Leased Assets | The following table lists the components of the net investments in direct financing and sales-type leases: December 31, December 31, Total lease payments to be received 767,202 1,115,968 Estimated unguaranteed residual value of leased properties 284,277 284,277 Initial direct costs 264 296 Less unearned revenue (507,496) (581,732) Total net investments in direct financing and sales-type leases 544,247 818,809 Less credit loss provision (30,177) — Total net investments in direct financing and sales-type leases, net 514,070 818,809 Less current portion (13,969) (273,986) Net investments in direct financing and sales-type leases, net 500,101 544,823 |
Equity-Accounted Joint Ventur_2
Equity-Accounted Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Financial Information of Joint Ventures | A summary of the Partnership's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2020 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2020 2019 Angola Joint Venture (i) 33% 4 - 90,659 88,465 Bahrain LNG Joint Venture (ii) 30% - 1 38,678 60,462 Excalibur Joint Venture (iii) 50% 1 - 35,871 32,691 Exmar LPG Joint Venture (iv) 50% 23 - 134,138 151,673 MALT Joint Venture (v) 52% 6 - 359,442 357,411 Pan Union Joint Venture (vi) 20%-30% 4 - 81,548 79,568 RasGas III Joint Venture (vii) 40% 4 - 97,721 120,920 Yamal LNG Joint Venture (viii) 50% 6 - 234,452 264,126 48 1 1,072,509 1,155,316 Less credit loss provision (4,726) — Total investments in and advances to 1,067,783 1,155,316 Less current portion of advances to equity- (10,991) — Investments in and advances to equity- 1,056,792 1,155,316 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Intangible Assets for Partnership's Reportable Segments | The carrying amount of intangible assets for the Partnership’s liquefied natural gas segment is as follows: December 31, December 31, Gross carrying amount 179,813 179,813 Accumulated amortization (145,303) (136,447) Net carrying amount 34,510 43,366 |
Schedule of Goodwill | The Partnership's carrying amount of goodwill as at December 31, 2020 and 2019 is as follows: December 31, December 31, Liquefied natural gas segment 31,921 31,921 Liquefied petroleum gas segment 2,920 2,920 Total 34,841 34,841 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | December 31, December 31, Interest including interest rate swaps 21,528 23,787 Voyage and vessel expenses 44,349 36,880 Payroll and benefits 7,257 6,215 Other general expenses 1,019 775 Income and other tax payable 1,128 2,670 Distributions payable on preferred units 6,425 6,425 Total 81,706 76,752 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2020 December 31, 2019 $ $ U.S. Dollar-denominated Revolving Credit Facilities due in 2022 100,000 212,000 U.S. Dollar-denominated Term Loans and Bonds due from 2021 to 2030 873,712 1,114,707 Norwegian Krone-denominated Bonds due from 2021 to 2025 355,514 347,163 Euro-denominated Term Loans due from 2023 to 2024 152,710 165,376 Other U.S. Dollar-denominated Loans — 3,300 Total principal 1,481,936 1,842,546 Unamortized discount and debt issuance costs (9,723) (11,150) Total debt 1,472,213 1,831,396 Less current portion (250,508) (393,065) Long-term debt 1,221,705 1,438,331 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: Year Ended Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Current (4,396) (6,824) (2,361) Deferred 904 (653) (852) Income tax expense (3,492) (7,477) (3,213) |
Reconciliations of Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended December 31, 2019 $ Year Ended December 31, 2018 $ Net income before income tax expenses 100,804 172,081 30,088 Net income not subject to taxes (135,010) (167,667) (68,675) Net (loss) income subject to taxes (34,206) 4,414 (38,587) At applicable statutory tax rates Amount computed using the standard rate of corporate tax 8,888 (1,821) 6,833 Adjustments to valuation allowance and uncertain tax positions (5,569) (6,767) (14,733) Permanent and currency differences (7,186) 4,592 3,257 Change in tax rates 375 (3,481) 1,430 Tax expense related to the current year (3,492) (7,477) (3,213) |
Components of Partnership's Deferred Tax Assets (Liabilities) | The significant components of the Partnership’s deferred tax assets were as follows: December 31, December 31, 2019 $ Derivative instruments 3,650 2,859 Taxation loss carryforwards and disallowed finance costs 58,310 47,610 Vessels and equipment (1,256) (4,197) Other items (2,636) 9,494 58,068 55,766 Valuation allowance (54,005) (54,707) Net deferred tax assets 4,063 1,059 December 31, 2020 $ December 31, 2019 $ Deferred income tax assets included in other assets 5,386 2,826 Deferred income tax liabilities included in other long-term liabilities (1,323) (1,767) Net deferred tax assets 4,063 1,059 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table and related footnotes provide information about certain of the Partnership's related party transactions for the periods indicated: Year Ended Year Ended Year Ended Voyage revenues (i)(ii)(iv) 37,481 49,257 19,612 Vessel operating expenses (ii)(iii) (6,505) (6,629) (17,852) Time-charter hire expenses (iv) (23,564) (19,994) (7,670) General and administrative expenses (v) (15,779) (15,393) (15,395) Restructuring charges (vi) — (400) — Equity income (vii) 2,424 1,316 520 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Cross Currency Swap Agreements | Floating Rate Receivable Principal Principal Reference Margin Fixed Rate Fair Value / Weighted- 1,200,000 146,500 NIBOR 6.00% 7.72% (9,051) 0.8 850,000 102,000 NIBOR 4.60% 7.89% (10,971) 2.7 1,000,000 112,000 NIBOR 5.15% 5.74% 4,505 4.7 (15,517) |
Interest Rate Swap Agreements | As at December 31, 2020, the Partnership was committed to the following interest rate swap agreements: Interest Principal Fair Value / Weighted- Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii) LIBOR 106,250 (21,810) 8.0 5.2% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 10,711 (205) 0.6 2.8% U.S. Dollar-denominated interest rate swaps (iii)(iv) LIBOR 145,821 (5,805) 3.7 1.4% U.S. Dollar-denominated interest rate swaps (iii)(iv) LIBOR 298,071 (28,626) 1.5 3.5% U.S. Dollar-denominated interest rate swaps (iv) LIBOR 160,313 (12,863) 6.0 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 70,708 (6,159) 2.7 3.9% (75,468) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at December 31, 2020, ranged from 0.30% to 3.25%. (ii) Principal amount reduces semi-annually. (iii) Certain of these interest rate swaps are subject to mandatory early termination in 2021 and 2024 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. (v) Principal amount reduces monthly. |
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. Accounts receivable Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at December 31, 2020 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — — (70) (3,162) (9,631) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — — — (4,823) (42,329) (15,453) Cross currency swap agreements — — 4,505 (701) (11,434) (7,887) — — 4,505 (5,594) (56,925) (32,971) As at December 31, 2019 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — — (12) (837) (3,475) Derivatives not designated as a cash flow hedge: Interest rate swap agreements 21 355 1,834 (2,821) (14,758) (28,544) Foreign currency forward contracts — — — — (202) — Cross currency swap agreements — — — (456) (22,661) (18,987) 21 355 1,834 (3,289) (38,458) (51,006) |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | The effect of the (loss) gain on these derivatives on the Partnership’s consolidated statements of income is as follows: Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) (14,654) 31,061 16,407 Interest rate swaption — — — — — — — 2 2 Interest rate swap — — — — — — (13,681) — (13,681) Foreign currency (241) 202 (39) (147) (202) (349) — — — Toledo Spirit time- — — — — (40) (40) 1,480 (930) 550 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) (26,855) 30,133 3,278 Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (6,588) 26,832 20,244 (5,061) (13,239) (18,300) (6,533) 21,240 14,707 Cross currency swap (33,844) — (33,844) — — — (42,271) — (42,271) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) (48,804) 21,240 (27,564) |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity-accounted joint ventures. Year Ended December 31, 2020 Amount of Loss Recognized in OCI (i) $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ (8,481) (2,320) Year Ended December 31, 2019 Amount of Loss Recognized in OCI (i) $ Amount of Gain Reclassified from Accumulated OCI to Interest Expense (effective portion) $ (7,458) 376 Year Ended December 31, 2018 Amount of Gain Recognized in OCI (effective portion) $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense (effective portion) $ Amount of Gain Recognized in Interest Expense (ineffective portion) $ 2,128 (152) 740 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments to be Received | As at December 31, 2020, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2021 $ 21,242 $ 23,934 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 Thereafter $ 69,127 $ 77,921 Total $ 175,337 $ 197,591 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2020, the Partnership had received $335.0 million of aggregate Head Lease receipts and had paid $285.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2020, $3.7 million (December 31, 2019 – $3.8 million) and $21.8 million (December 31, 2019 – $25.5 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Unrecorded Unconditional Purchase Obligations Disclosure | The Partnership’s share of commitments to fund equipment installation and other construction contract costs as at December 31, 2020 are as follows: Total 2021 2022 Certain consolidated LNG carriers (i) 40,312 24,760 15,552 Bahrain LNG Joint Venture (ii) 11,339 11,339 — 51,651 36,099 15,552 (i) In June 2019, the Partnership entered into an agreement with a contractor to supply reliquefaction equipment on certain of the Partnership's LNG carriers in 2021 and 2022, for an estimated installed cost of $59.5 million. As at December 31, 2020, the estimated remaining cost of these installations was $40.3 million. (ii) The Partnership has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain as described in Note 7a(ii). As at December 31, 2020, the Partnership's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $24 million, of which $7 million relates to the Partnership's proportionate share of the construction commitments included in the table above. |
Schedule of Operating Leases | As at December 31, 2020, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2021 $ 21,242 $ 23,934 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 Thereafter $ 69,127 $ 77,921 Total $ 175,337 $ 197,591 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2020, the Partnership had received $335.0 million of aggregate Head Lease receipts and had paid $285.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2020, $3.7 million (December 31, 2019 – $3.8 million) and $21.8 million (December 31, 2019 – $25.5 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Total Capital and Net Income _2
Total Capital and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Net Income Per Common Unit | Year Ended Year Ended Year Ended Limited partners' interest in net income for basic net income 60,632 124,546 2,615 Weighted average number of common units 83,313,097 78,177,189 79,672,435 Dilutive effect of unit-based compensation 105,907 91,223 169,893 Common units and common unit equivalents 83,419,004 78,268,412 79,842,328 Limited partner's interest in net income per common unit: Basic 0.73 1.59 0.03 Diluted 0.73 1.59 0.03 |
Accelerated share repurchases | The following table summarizes the common units repurchased during the years ended December 31, 2020, 2019 and 2018: Year ended December 31, Units repurchased Average price paid per unit Total cost (1) $ 2020 1,373,066 $11.16 15,322 2019 1,934,569 $13.03 25,214 2018 326,780 $11.35 3,710 Total 3,634,415 $12.17 44,246 (1) Excludes the repurchase cost of the associated general partner interest |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | The following table provides information on the Partnership's write-down of vessels and goodwill and gain (loss) on sales of vessels for the years presented in these consolidated financial statements. Year Ended December 31, Segment Asset Type Completion of Sale Date 2020 2019 2018 Liquefied Petroleum Gas (note 19a) 7/4 Multi-gas Carriers N/A (51,000) — (33,000) Liquefied Natural Gas (note 6) 2 LNG Carriers Jan-2020 — 14,349 — Conventional Tanker (note 19d) 1 Handymax Oct-2019 — (785) (13,000) Conventional Tanker (notes 19b and 19c) 2 Suezmaxes Oct/Dec-2018 — — (7,863) Liquefied Petroleum Gas (note 8) Goodwill N/A — — (790) Write-down of vessels and goodwill and (51,000) 13,564 (54,653) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Vessels and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Interest costs capitalized to vessels and equipment | $ 0 | $ 0.3 | $ 14.8 |
Property, Plant and Equipment [Line Items] | |||
Depreciation of vessels and equipment | $ 107.1 | $ 115.1 | $ 115.5 |
Conventional Tankers Segment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 25 years | ||
Liquefied petroleum gas segment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 30 years | ||
Liquefied Natural Gas | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 35 years | ||
Minimum | Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 2 years 6 months | ||
Maximum | Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Partnership's Capitalized Dry Docking Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment [Roll Forward] | $ 2,895,919 | $ 3,061,499 | |
Beginning balance | 1,335,397 | ||
Ending balance | 1,220,355 | 1,335,397 | |
Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | 38,764 | 40,365 | $ 39,144 |
Write-downs and sales of vessels | (766) | 0 | (2,448) |
Dry-dock amortization | (13,727) | (12,601) | (11,590) |
Ending balance | 31,239 | 38,764 | 40,365 |
Property, Plant and Equipment, Additions | $ 6,968 | $ 11,000 | $ 15,259 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net income | $ 97,312 | $ 164,604 | $ 26,875 | ||||
Equity-accounted joint ventures | 1,067,783 | 1,155,316 | |||||
Partners' capital | 1,746,270 | 1,876,975 | 1,882,597 | $ 1,931,423 | |||
Other current assets | 237 | 238 | |||||
Operating lease right-of-use asset | 20,750 | 34,157 | |||||
Investment in and advances to equity-accounted joint ventures | (1,056,792) | (1,155,316) | |||||
Change in accounting policy | $ (55,100) | $ (3,017) | $ 2,739 | ||||
Receipts from direct financing and sales-type leases | (274,600) | (17,100) | (10,900) | ||||
Direct financing and sales type lease payments | 0 | 0 | $ 10,882 | ||||
Decreased accumulated other comprehensive (loss) income | 103,836 | 57,312 | |||||
Partners' equity | 1,692,913 | 1,821,686 | |||||
Non-controlling interest | 53,357 | 55,289 | |||||
Other liabilities – non-current | 56,063 | 49,182 | |||||
Net investments in direct financing and sales-type leases, net | $ 500,101 | 544,823 | |||||
Number of vessels chartered in | lease | 1 | ||||||
Partners' equity | $ 1,692,913 | 1,821,686 | |||||
Non-controlling interest | 53,357 | 55,289 | |||||
Other liabilities – non-current | $ 56,063 | 49,182 | |||||
LNG Carriers [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of vessels | lease | 8 | ||||||
ASU 2016-02 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right-of-use asset | 34,200 | 22,800 | |||||
Investment in and advances to equity-accounted joint ventures | 100 | 3,000 | |||||
Partners' equity | (100) | (3,000) | |||||
Partners' equity | $ (100) | (3,000) | |||||
ASU 2017-12 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Decreased accumulated other comprehensive (loss) income | 4,800 | ||||||
Partners' equity | 4,800 | ||||||
Partners' equity | $ 4,800 | ||||||
Accounting Standards Update 2016-13 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Other assets | 1,400 | ||||||
Investment in and advances to equity-accounted joint ventures | 40,000 | ||||||
Partners' equity | (51,900) | ||||||
Non-controlling interest | (3,200) | ||||||
Other liabilities – non-current | 1,400 | ||||||
Net investments in direct financing and sales-type leases, net | (15,100) | ||||||
Partners' equity | (51,900) | ||||||
Non-controlling interest | (3,200) | ||||||
Other liabilities – non-current | $ 1,400 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | $ 257,943 | $ 253,291 | $ 222,864 | $ 339,435 |
Long-term debt | 1,472,213 | 1,831,396 | ||
Finance lease, liability | $ 1,340,922 | 1,410,904 | ||
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2020 December 31, 2019 Fair Value Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15a) Level 1 257,943 257,943 253,291 253,291 Derivative instruments (note 13) Interest rate swap agreements – assets Level 2 — — 2,210 2,210 Interest rate swap agreements – liabilities Level 2 (75,468) (75,468) (50,447) (50,447) Foreign currency contracts Level 2 — — (202) (202) Cross currency swap agreements – assets Level 2 4,505 4,505 — — Cross currency swap agreements – liabilities Level 2 (20,022) (20,022) (42,104) (42,104) Non-recurring: Vessels and equipment (note 19a) Level 2 40,717 40,717 — — Other: Loans to equity-accounted joint ventures (note 7) (i) 116,632 (i) 126,546 (i) Long-term debt – public (note 10) Level 1 (352,260) (359,581) (345,824) (358,005) Long-term debt – non-public (note 10) Level 2 (1,119,953) (1,137,050) (1,485,572) (1,474,208) Obligations related to finance leases (note 5a) Level 2 (1,340,922) (1,456,927) (1,410,904) (1,434,910) (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. | |||
Derivative | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted cash - current and - long-term | $ 3,800 | 14,300 | ||
Carrying Amount Asset (Liability) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investment in and advances to equity-accounted joint ventures (note 7) | 116,632 | 126,546 | ||
Carrying Amount Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 352,260 | 345,824 | ||
Carrying Amount Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | 257,943 | 253,291 | ||
Carrying Amount Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Finance lease, liability | 1,340,922 | 1,410,904 | ||
Carrying Amount Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 1,119,953 | 1,485,572 | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
At cost, less accumulated depreciation of $744,258 (2019 – $711,758) | 40,717 | 0 | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements – assets | 0 | 2,210 | ||
Derivative Liability | 75,468 | 50,447 | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Foreign Exchange Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 202 | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Cross-Currency Interest Rate Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 4,505 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 20,022 | 42,104 | ||
Fair Value Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 359,581 | 358,005 | ||
Fair Value Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | 257,943 | 253,291 | ||
Fair Value Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Finance lease, liability | 1,456,927 | 1,434,910 | ||
Fair Value Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 1,137,050 | 1,474,208 | ||
Fair Value Asset (Liability) | Level 2 | Recurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
At cost, less accumulated depreciation of $744,258 (2019 – $711,758) | 40,717 | 0 | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements – assets | 0 | 2,210 | ||
Derivative Liability | 75,468 | 50,447 | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Foreign Exchange Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 202 | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Cross-Currency Interest Rate Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 4,505 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ 20,022 | $ 42,104 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)leaseprojectsequityaccountedjointventuresloan | Jan. 01, 2020projects | |
Fair Value Disclosures [Abstract] | ||
Number of direct financing and sales-type leases | lease | 3 | |
Number of loans to equity-accounted joint ventures | loan | 3 | |
Number of equity-accounted joint ventures | equityaccountedjointventures | 5 | |
Number of LNG project counterparties | 2 | |
Number of LNG projects | 2 | |
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ | $ 15,122 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Credit Quality Indicators [Table] | |
Total Lease and Financing Lease Receivable Originated current year | $ 991 |
Total Lease and Financing Lease Receivable Originated two years prior to the latest fiscal year | 211,939 |
Total Lease and Financing Lease Receivable Originated four years prior to the latest fiscal year | 73,375 |
Total Lease and Financing Lease Receivable Originated five or more years prior to the latest fiscal year | 374,574 |
Total Lease and Financing Lease Receivable | 660,879 |
Performing Financial Instruments | |
Financing Receivable, Credit Quality Indicators [Table] | |
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 332,308 |
Direct Financing Lease, Net Investment in Lease | 544,247 |
Performing Financial Instruments | Corporate Joint Venture | |
Financing Receivable, Credit Quality Indicators [Table] | |
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 332,308 |
Direct Financing Lease, Net Investment in Lease | 332,308 |
Performing Financial Instruments | Subsidiaries | |
Financing Receivable, Credit Quality Indicators [Table] | |
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 0 |
Direct Financing Lease, Net Investment in Lease | 211,939 |
Performing Financial Instruments | Loans Receivable | |
Financing Receivable, Credit Quality Indicators [Table] | |
Financing Receivable, Originated in Current Fiscal Year | 991 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73,375 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 42,266 |
Financing Receivable, before Allowance for Credit Loss | 116,632 |
Performing Financial Instruments | Exmar Lpg Bvba | Loans Receivable | |
Financing Receivable, Credit Quality Indicators [Table] | |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 42,266 |
Financing Receivable, before Allowance for Credit Loss | 42,266 |
Performing Financial Instruments | Bahrain LNG Joint Venture | Loans Receivable | |
Financing Receivable, Credit Quality Indicators [Table] | |
Financing Receivable, Originated in Current Fiscal Year | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73,375 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Financing Receivable, before Allowance for Credit Loss | 73,375 |
Performing Financial Instruments | Angola Joint Venture | Loans Receivable | |
Financing Receivable, Credit Quality Indicators [Table] | |
Financing Receivable, Originated in Current Fiscal Year | 991 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 |
Financing Receivable, before Allowance for Credit Loss | $ 991 |
Financial Instruments - Financi
Financial Instruments - Financing Receivables, allowance for credit losses (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)vesselloanleaseprojects | Jan. 01, 2020USD ($)projects | Dec. 31, 2019USD ($) | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss | $ 30,177 | $ 15,055 | ||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | 15,122 | |||
Net Investment in Lease, Allowance for Credit Loss | 30,177 | $ 0 | ||
Total credit loss provision | 91,920 | $ 57,200 | ||
Total allowance for credit loss period increase (decrease) | $ 34,720 | |||
Number of LNG projects | projects | 2 | |||
Number of loans to equity-accounted joint ventures | loan | 3 | |||
Ownership percentage (in percentage) | 100.00% | |||
Liquefied natural gas segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ 15,100 | |||
Number of vessels | vessel | 47 | |||
LNG Carriers [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | lease | 9 | |||
Sales-Type or Direct Financing | LNG Carriers [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 18 | |||
Angola Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Ownership percentage (in percentage) | 33.00% | |||
Excalibur Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 1 | |||
Ownership percentage (in percentage) | 50.00% | |||
Excalibur Joint Venture | Exmar NV [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% | |||
RasGas 3 Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Ownership percentage (in percentage) | 40.00% | |||
Yamal LNG Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of LNG projects | projects | 2 | |||
Number of vessels | vessel | 6 | |||
Ownership percentage (in percentage) | 50.00% | |||
Yamal LNG Joint Venture | China LNG | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% | |||
Yamal LNG Joint Venture | LNG Carriers [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 6 | |||
Bahrain LNG Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of LNG projects | projects | 1 | |||
Number of vessels | vessel | 0 | |||
Ownership percentage (in percentage) | 30.00% | 30.00% | ||
Exmar LPG Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 23 | |||
Ownership percentage (in percentage) | 50.00% | |||
Exmar LPG Joint Venture | Exmar Lpg Bvba | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% | |||
Bahrain LNG Joint Venture | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Term of charter contract (in years) | 20 years | |||
Financial Guarantee | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Off-Balance Sheet, Credit Loss, Liability | $ 2,080 | $ 2,139 | ||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (59) | |||
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accounts and Financing Receivable, Allowance for Credit Loss | 4,726 | 3,714 | ||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 1,012 | |||
Number of loans to equity-accounted joint ventures | loan | 2 | |||
Equity Method Investments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ 18,645 | |||
Net Investment in Lease, Allowance for Credit Loss | 54,937 | $ 36,292 | ||
Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ 18,600 | |||
Equity Method Investments | LNG Carriers [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of vessels | vessel | 48 |
Significant Customers
Significant Customers - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 591,103 | $ 601,256 | $ 510,762 |
Royal Dutch Shell Plc. | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 134,400 | $ 126,900 | $ 115,400 |
Percentage of voyage revenues from major customers (less than) | 23.00% | 21.00% | 23.00% |
Ras Laffan Liquefied Natural Gas Company Ltd. | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 71,500 | $ 71,100 | $ 70,600 |
Percentage of voyage revenues from major customers (less than) | 12.00% | 12.00% | 14.00% |
Natural Energy Group S.A | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 65,300 | $ 65,600 | |
Percentage of voyage revenues from major customers (less than) | 11.00% | 11.00% | 10.00% |
Cheniere Marketing International LLP | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 61,000 | $ 60,600 | $ 60,100 |
Percentage of voyage revenues from major customers (less than) | 10.00% | 11.00% | 12.00% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 591,103 | $ 601,256 | $ 510,762 |
Voyage expenses | (17,394) | (21,387) | (28,237) |
Operating Costs and Expenses | 116,396 | 111,585 | 117,658 |
Time-charter hire expenses | (23,564) | (19,994) | (7,670) |
Depreciation and amortization | (129,752) | (136,765) | (124,378) |
General and administrative expenses | (26,904) | (22,521) | (28,512) |
write-down of vessels | (51,000) | 13,564 | (54,653) |
Restructuring Charges | 0 | (3,315) | (1,845) |
Income from vessel operations | 226,093 | 299,253 | 147,809 |
Equity income (loss) | 72,233 | 58,819 | 53,546 |
Investment in and advances to equity-accounted joint ventures, net | $ 1,067,783 | 1,155,316 | |
Number of Reportable Segments | segment | 2 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 591,103 | 601,256 | 510,762 |
Voyage expenses | (17,394) | (21,387) | (28,237) |
Operating Costs and Expenses | 116,396 | 111,585 | 117,658 |
Time-charter hire expenses | (23,564) | (19,994) | (7,670) |
Depreciation and amortization | (129,752) | (136,765) | (124,378) |
General and administrative expenses | (26,904) | (22,521) | (28,512) |
write-down of vessels | (51,000) | 13,564 | (54,653) |
Restructuring Charges | (3,315) | (1,845) | |
Income from vessel operations | 226,093 | 299,253 | 147,809 |
Equity income (loss) | 72,233 | 58,819 | 53,546 |
Investment in and advances to equity-accounted joint ventures, net | 1,067,783 | 1,155,316 | |
Expenditures for vessels and equipment | (13,475) | (102,590) | (686,305) |
Expenditures for dry docking | (6,968) | (11,000) | (12,579) |
Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 552,416 | 555,303 | 454,517 |
Voyage expenses | (3,009) | (4,493) | (2,750) |
Operating Costs and Expenses | 98,572 | 90,954 | 82,952 |
Time-charter hire expenses | (23,564) | (19,994) | (7,670) |
Depreciation and amortization | (122,523) | (128,138) | (111,360) |
General and administrative expenses | (24,879) | (20,193) | (23,270) |
write-down of vessels | 0 | 14,349 | 0 |
Restructuring Charges | (400) | 0 | |
Income from vessel operations | 279,869 | 305,480 | 226,515 |
Equity income (loss) | 79,244 | 59,600 | 60,228 |
Investment in and advances to equity-accounted joint ventures, net | 934,059 | 1,003,581 | |
Expenditures for vessels and equipment | (12,382) | (101,052) | (684,951) |
Expenditures for dry docking | (4,862) | (8,224) | (7,505) |
Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 38,687 | 39,211 | 23,922 |
Voyage expenses | (14,385) | (16,563) | (15,907) |
Operating Costs and Expenses | 17,824 | 17,888 | 20,932 |
Time-charter hire expenses | 0 | 0 | 0 |
Depreciation and amortization | (7,229) | (7,931) | (7,748) |
General and administrative expenses | (2,025) | (1,789) | (2,932) |
write-down of vessels | (51,000) | 0 | (33,790) |
Restructuring Charges | 0 | 0 | |
Income from vessel operations | (53,776) | (4,960) | (57,387) |
Equity income (loss) | (7,011) | (781) | (6,682) |
Investment in and advances to equity-accounted joint ventures, net | 133,724 | 151,735 | |
Expenditures for vessels and equipment | (1,093) | (1,538) | (1,230) |
Expenditures for dry docking | (2,106) | (2,776) | (5,059) |
Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 6,742 | 32,323 |
Voyage expenses | 0 | (331) | (9,580) |
Operating Costs and Expenses | 0 | 2,743 | 13,774 |
Time-charter hire expenses | 0 | 0 | 0 |
Depreciation and amortization | 0 | (696) | (5,270) |
General and administrative expenses | 0 | (539) | (2,310) |
write-down of vessels | 0 | (785) | (20,863) |
Restructuring Charges | (2,915) | (1,845) | |
Income from vessel operations | 0 | (1,267) | (21,319) |
Equity income (loss) | 0 | 0 | 0 |
Investment in and advances to equity-accounted joint ventures, net | 0 | 0 | |
Expenditures for vessels and equipment | 0 | 0 | (124) |
Expenditures for dry docking | $ 0 | $ 0 | $ (15) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 4,854,004 | $ 5,409,686 | ||
Advances from affiliates | 4,924 | 5,143 | ||
Cash and cash equivalents | 206,762 | 160,221 | $ 149,014 | $ 244,241 |
Liquefied natural gas segment | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,395,336 | 4,924,627 | ||
Liquefied petroleum gas segment | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 246,982 | 319,695 | ||
Cash and cash equivalents | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 206,762 | 160,221 | ||
Advances to affiliates | ||||
Segment Reporting Information [Line Items] | ||||
Advances from affiliates | $ 4,924 | $ 5,143 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | Dec. 31, 2020vesselterminal |
Segment Reporting Information [Line Items] | |
Number of terminals | terminal | 1 |
Liquefied natural gas segment | |
Segment Reporting Information [Line Items] | |
Number of vessels | 47 |
Number of terminals | terminal | 1 |
Liquefied natural gas segment | Corporate Joint Venture | |
Segment Reporting Information [Line Items] | |
Number of vessels | 25 |
Liquefied Petroleum Gas Segment | |
Segment Reporting Information [Line Items] | |
Number of vessels | 30 |
Liquefied Petroleum Gas Segment | Corporate Joint Venture | |
Segment Reporting Information [Line Items] | |
Number of vessels | 23 |
Conventional Tankers Segment | |
Segment Reporting Information [Line Items] | |
Number of vessels | 2 |
Chartered-in Vessels - Capital
Chartered-in Vessels - Capital Lease Obligations (Details) $ in Thousands | Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) |
Capital Leased Assets [Line Items] | ||
Number of lessors | lease | 9 | |
Finance lease, liability | $ 1,340,922 | $ 1,410,904 |
Less current portion | (71,932) | (69,982) |
Long-term obligations related to finance leases | $ 1,268,990 | $ 1,340,922 |
Chartered-in Vessels - Capita_2
Chartered-in Vessels - Capital Lease Obligations - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 36 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2020USD ($)lease | Dec. 31, 2019USD ($) | Jan. 31, 2019 | |
Capital Leased Assets [Line Items] | ||||
Number of lessors | lease | 9 | |||
Other Nonoperating Income (Expense) [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Gain (Loss) on Contract Termination | $ | $ (1.4) | |||
LNG Carriers [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Weighted-average interest rate on lease | 5.10% | |||
Number of vessels | lease | 9 | |||
Lease liability payment | $ | $ 1,700 | |||
Interest payment on liability (in percentage) | $ | $ 400.5 | |||
Variable Interest Entity, Primary Beneficiary | ||||
Capital Leased Assets [Line Items] | ||||
Number of lessors | lease | 7 | |||
Minimum | LNG Carriers [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Lease terms | 7.5 | |||
Minimum | Torben Spirit [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Lease terms | 7.5 years | |||
Maximum | LNG Carriers [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Lease terms | 15 |
Chartered-in Vessels - Commitme
Chartered-in Vessels - Commitment Under Capital Leases (Details) - LNG Carriers [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)lease | |
Capital Leased Assets [Line Items] | |
Number of vessels | lease | 9 |
Commitment | |
2020 | $ 138,601 |
2021 | 136,959 |
2022 | 135,459 |
2023 | 132,011 |
2024 | 129,725 |
Thereafter | 1,068,641 |
Ownership percentage (in percentage) | 400,500 |
Lease liability payment | $ 1,700,000 |
Chartered-in Vessels - Operatin
Chartered-in Vessels - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | 21 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2019 | |
Operating Leased Assets [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | 100.00% | |||
Total payments | $ 34,775 | $ 34,775 | |||
Less current portion | (14,003) | $ (13,407) | (14,003) | ||
Carrying value of long-term operating lease liabilities | 6,747 | 20,750 | 6,747 | ||
Time-charter hire expenses | 23,564 | 19,994 | $ 7,670 | ||
2020 | 23,725 | 23,725 | |||
2021 | $ 11,050 | $ 11,050 | |||
Schedule of Operating Leases | As at December 31, 2020, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2021 $ 21,242 $ 23,934 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 Thereafter $ 69,127 $ 77,921 Total $ 175,337 $ 197,591 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2020, the Partnership had received $335.0 million of aggregate Head Lease receipts and had paid $285.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2020, $3.7 million (December 31, 2019 – $3.8 million) and $21.8 million (December 31, 2019 – $25.5 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||
Time-charter hire expenses | $ 23,564 | 19,994 | 7,670 | ||
Malt Joint Venture | |||||
Operating Leased Assets [Line Items] | |||||
Time charter in contract | 1 year 6 months | 1 year 6 months | 2 years | ||
Extension of term of contract | 21 months | ||||
Weighted average discount rate | 4.60% | 4.60% | |||
Schedule of Operating Leases | A maturity analysis of the Partnership’s operating lease liabilities from its time-charter-in contract with the MALT Joint Venture as at December 31, 2020 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: 2021 14,670 9,055 23,725 2022 6,832 4,218 11,050 Total payments 21,502 13,273 34,775 Less imputed interest (752) Carrying value of operating lease liabilities 20,750 Less current portion (14,003) Carrying value of long-term operating lease liabilities 6,747 | ||||
Malt Joint Venture | |||||
Operating Leased Assets [Line Items] | |||||
Ownership percentage (in percentage) | 52.00% | 52.00% | |||
Lease Component | |||||
Operating Leased Assets [Line Items] | |||||
Time-charter hire expense | $ 14,600 | 12,400 | 4,800 | ||
Total payments | 21,502 | $ 21,502 | |||
Less imputed interest | (752) | (752) | |||
Carrying value of operating lease liabilities | 20,750 | 20,750 | |||
Less current portion | (14,003) | (14,003) | |||
Carrying value of long-term operating lease liabilities | 6,747 | 6,747 | |||
Time-charter hire expenses | 23,600 | 20,000 | 7,700 | ||
2020 | 14,670 | 14,670 | |||
2021 | 6,832 | 6,832 | |||
Time-charter hire expenses | 23,600 | 20,000 | 7,700 | ||
Non Lease Component | |||||
Operating Leased Assets [Line Items] | |||||
Time-charter hire expense | 9,000 | $ 7,600 | $ 2,900 | ||
Total payments | 13,273 | 13,273 | |||
2020 | 9,055 | 9,055 | |||
2021 | $ 4,218 | $ 4,218 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Number of forms of contracts | contract | 3 | |
Contract with customer, liability, advance payments | $ 26.5 | $ 24.9 |
Contract with customer, liability, revenue recognized | $ 24.9 | $ 26.4 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 591,103 | $ 601,256 | $ 510,762 |
Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 552,416 | 555,303 | 454,517 |
Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 38,687 | 39,211 | 23,922 |
Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 6,742 | 32,323 |
Time charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 543,408 | 540,036 | 437,667 |
Time charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 543,408 | 530,434 | 420,262 |
Time charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 2,860 | 0 |
Time charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 6,742 | 17,405 |
Voyage charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 38,687 | 36,351 | 38,513 |
Voyage charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 0 |
Voyage charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 38,687 | 36,351 | 23,922 |
Voyage charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 14,591 |
Bareboat charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 18,387 | 23,820 | |
Bareboat charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 18,387 | 23,820 | |
Bareboat charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | |
Bareboat charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | |
Management fees and other | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 9,008 | 6,482 | 10,762 |
Management fees and other | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 9,008 | 6,482 | 10,435 |
Management fees and other | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 0 |
Management fees and other | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 327 |
Lease revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 560,931 | 573,083 | 481,446 |
Operating Lease, Variable Lease Income, Other | 0 | 0 | 1,480 |
Operating Lease, Variable Lease Income | 5,398 | 4,635 | 0 |
Operating Lease, Lease Income | 505,029 | 516,772 | 440,963 |
Direct Financing Lease, Interest Income | 50,504 | 51,676 | 41,963 |
Non-lease revenue - sales type or direct financing lease | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 21,164 | 21,691 | 18,554 |
Non-lease revenue | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 30,172 | $ 28,173 | $ 29,316 |
Revenue - Net Investments in Di
Revenue - Net Investments in Direct Financing Leases (Details) $ in Thousands | 12 Months Ended | 48 Months Ended | 60 Months Ended | |||
Dec. 31, 2020USD ($)vesselfloating_storage_unit | Dec. 31, 2019USD ($)vessel | Nov. 30, 2017 | Sep. 30, 2018 | Jan. 07, 2020USD ($)vessel | Dec. 31, 2013vessel | |
Capital Leased Assets [Line Items] | ||||||
Partnership recognized a loss | $ 14,300 | |||||
Purchase obligation and deferred hire amounts | $ 260,400 | |||||
Total lease payments to be received | $ 767,202 | 1,115,968 | ||||
Estimated unguaranteed residual value of leased properties | 284,277 | 284,277 | ||||
Initial direct costs | 264 | 296 | ||||
Less unearned revenue | 507,496 | 581,732 | ||||
Net Investment in Lease, Nonaccrual, No Allowance | 544,247 | 818,809 | ||||
Total net investments in direct financing and sales-type leases | 514,070 | 818,809 | ||||
Net Investment in Lease, Allowance for Credit Loss | (30,177) | 0 | ||||
Less current portion | (13,969) | (273,986) | ||||
Net investments in direct financing and sales-type leases, net | 500,101 | $ 544,823 | ||||
2020 | 64,200 | |||||
2021 | 64,200 | |||||
2022 | 64,000 | |||||
2023 | 64,300 | |||||
2024 | 64,200 | |||||
Thereafter | $ 446,300 | |||||
Bahrain LNG Joint Venture | ||||||
Capital Leased Assets [Line Items] | ||||||
Number of vessels | vessel | 0 | |||||
Awilco LNG Carriers | ||||||
Capital Leased Assets [Line Items] | ||||||
Number of vessels | vessel | 2 | 2 | 2 | |||
Teekay Tangguh Joint Venture | ||||||
Capital Leased Assets [Line Items] | ||||||
Number of vessels | vessel | 2 | |||||
Operating lease arrangement period, lessor (in years) | 20 years | |||||
Awilco LNG Carriers | ||||||
Capital Leased Assets [Line Items] | ||||||
Contract with customer duration [Line Items] | 4 years | 5 years | ||||
Bahrain Spirit | ||||||
Capital Leased Assets [Line Items] | ||||||
Number of vessels | floating_storage_unit | 1 | |||||
Term of charter contract (in years) | 21 years | 21 years | ||||
LNG Carriers [Member] | ||||||
Capital Leased Assets [Line Items] | ||||||
Term of charter contract (in years) | 20 years | |||||
Teekay Tangguh Joint Venture | Teekay LNG | ||||||
Capital Leased Assets [Line Items] | ||||||
Partnership interest owned (in percentage) | 70.00% |
Revenue - Operating leases (Det
Revenue - Operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Lessor, operating lease, payments to be received, next twelve months | $ 464,400 | |
Lessor, operating lease, payments to be received, two years | 369,900 | |
Lessor, operating lease, payments to be received, three years | 307,000 | |
Lessor, operating lease, payments to be received, four years | 250,800 | |
2024 | 196,300 | |
Property, plant and equipment, net | 1,220,355 | $ 1,335,397 |
Accumulated depreciation | 744,258 | 711,758 |
Assets leased to others | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property, plant and equipment, net | 2,800,000 | 2,900,000 |
Property, plant and equipment, gross | 3,700,000 | 3,600,000 |
Accumulated depreciation | $ 889,400 | $ 777,900 |
Equity-Accounted Joint Ventur_3
Equity-Accounted Joint Ventures - Investments in and Advances to Equity Accounted Investees (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)leasevesselterminal | Dec. 31, 2019USD ($) | Nov. 14, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
Number of terminals | terminal | 1 | ||||
Equity method investments | $ 1,067,783 | $ 1,155,316 | |||
Less current portion of advances to equity- accounted joint ventures, net | (10,991) | 0 | |||
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | 1,056,792 | 1,155,316 | |||
Finance lease, liability | $ 1,340,922 | 1,410,904 | |||
Number of lessors | lease | 9 | ||||
Financial Information of Joint Ventures | A summary of the Partnership's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2020 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2020 2019 Angola Joint Venture (i) 33% 4 - 90,659 88,465 Bahrain LNG Joint Venture (ii) 30% - 1 38,678 60,462 Excalibur Joint Venture (iii) 50% 1 - 35,871 32,691 Exmar LPG Joint Venture (iv) 50% 23 - 134,138 151,673 MALT Joint Venture (v) 52% 6 - 359,442 357,411 Pan Union Joint Venture (vi) 20%-30% 4 - 81,548 79,568 RasGas III Joint Venture (vii) 40% 4 - 97,721 120,920 Yamal LNG Joint Venture (viii) 50% 6 - 234,452 264,126 48 1 1,072,509 1,155,316 Less credit loss provision (4,726) — Total investments in and advances to 1,067,783 1,155,316 Less current portion of advances to equity- (10,991) — Investments in and advances to equity- 1,056,792 1,155,316 | ||||
Angola Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 33.00% | ||||
Number of vessels | vessel | 4 | ||||
Equity method investments | $ 90,659 | 88,465 | |||
Less current portion of advances to equity- accounted joint ventures, net | (1,000) | 0 | |||
Interest accrued on advances | 0 | ||||
Carrying value of guarantee liability | $ 300 | 500 | |||
Angola Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 33.00% | ||||
Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||
Number of vessels | vessel | 0 | ||||
Equity method investments | $ 38,678 | 60,462 | |||
Less current portion of advances to equity- accounted joint ventures, net | $ (79,100) | ||||
Investment in and advances to equity-accounted joint ventures (note 7) | 73,400 | $ 71,200 | |||
Interest accrued on advances | $ 5,100 | 500 | |||
Excalibur Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 50.00% | ||||
Number of vessels | vessel | 1 | ||||
Equity method investments | $ 35,871 | 32,691 | |||
Carrying value of guarantee liability | $ 100 | 100 | |||
Exmar LPG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 50.00% | ||||
Number of vessels | vessel | 23 | ||||
Equity method investments | $ 134,138 | 151,673 | |||
Investment in and advances to equity-accounted joint ventures (note 7) | 42,300 | 52,300 | |||
Interest accrued on advances | 0 | 300 | |||
Carrying value of guarantee liability | $ 1,300 | 900 | |||
Number of lessors | lease | 4 | ||||
MALT Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 52.00% | ||||
Number of vessels | vessel | 6 | ||||
Equity method investments | $ 359,442 | 357,411 | |||
Carrying value of guarantee liability | $ 200 | 300 | |||
Pan Union Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | vessel | 4 | ||||
Equity method investments | $ 81,548 | 79,568 | |||
RasGas 3 Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 40.00% | ||||
Number of vessels | vessel | 4 | ||||
Equity method investments | $ 97,721 | 120,920 | |||
Yamal LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 50.00% | ||||
Number of vessels | vessel | 6 | ||||
Equity method investments | $ 234,452 | 264,126 | |||
Carrying value of guarantee liability | $ 2,200 | 2,200 | |||
Building | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 1 | ||||
Building | Angola Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 1 | ||||
Building | Excalibur Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | Exmar LPG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | MALT Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | Pan Union Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | RasGas 3 Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
Building | Yamal LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 0 | ||||
LNG Carriers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | lease | 9 | ||||
LNG Carriers [Member] | Yamal LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | vessel | 6 | ||||
Minimum | Pan Union Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 20.00% | ||||
Maximum | Pan Union Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | ||||
Equity Method Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 1,072,509 | 1,155,316 | |||
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | $ 1,056,792 | ||||
Financial Information of Joint Ventures | The following table presents aggregated summarized financial information reflecting a 100% ownership interest in the Partnership’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG Joint Venture, the Excalibur Joint Venture and the Pan Union Joint Venture. The results include the Angola Joint Venture, the Bahrain LNG Joint Venture, the Excalibur Joint Venture, the Excelsior Joint Venture up to January 2018, the Exmar LPG Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture, the RasGas III Joint Venture and the Yamal LNG Joint Venture. December 31, December 31, Cash and restricted cash – current 400,816 375,800 Other assets – current 180,673 146,637 Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts 1,912,776 3,045,393 Net investments in direct financing and sales-type leases – non-current 5,237,791 4,469,861 Other assets – non-current 216,331 169,925 Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 582,767 557,685 Other liabilities – current 232,466 188,665 Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 4,853,791 5,130,656 Other liabilities – non-current 350,057 224,903 Year Ended Year Ended Year Ended Voyage revenues 1,008,112 766,618 612,471 Income from vessel operations 584,685 400,326 289,477 Realized and unrealized (loss) gain on non-designated derivative instruments: Bahrain LNG Joint Venture (68,563) (19,756) 131 Other equity-accounted joint ventures (26,197) (21,159) 8,694 Net income 152,144 130,314 142,252 | ||||
Loans Receivable | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | $ (4,726) | $ 0 |
Equity-Accounted Joint Ventur_4
Equity-Accounted Joint Ventures - Angola Joint Venture - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)vesselm³ | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 100.00% | |
Due from joint ventures | $ 10,991 | $ 0 |
Angola Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% | |
Principal amount outstanding on secured loan facilities and finance leases | $ 203,400 | |
Number of vessels | vessel | 4 | |
Volume of vessels (in cubic meter) | m³ | 160,400 | |
Carrying value of guarantee liability | $ 300 | 500 |
Interest accrued on advances | 0 | |
Due from joint ventures | $ 1,000 | $ 0 |
Angola Joint Venture | NYK Energy Transport | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% | |
Angola Joint Venture | Mitsui & Co. Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 34.00% | |
Angola Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% |
Equity-Accounted Joint Ventur_5
Equity-Accounted Joint Ventures - Bahrain LNG Joint Venture - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015ft³ | Dec. 31, 2020USD ($)terminal | Dec. 31, 2019USD ($) | Nov. 14, 2019USD ($) | Sep. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
Number of terminals | terminal | 1 | ||||
Bahrain Spirit | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Term of charter contract (in years) | 21 years | 21 years | |||
Building | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of terminals | terminal | 1 | ||||
Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||
Subordinated debt | $ | $ 73.4 | $ 71.2 | |||
Interest rate (in percentage) | 6.00% | ||||
Interest accrued on advances | $ | $ 5.1 | $ 0.5 | |||
Interest Income, Related Party | $ | $ 4.6 | $ 2.8 | |||
Bahrain LNG Joint Venture | Building | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Length of charter contract (in years) | 20 years | ||||
Number of terminals | terminal | 1 | ||||
Bahrain LNG Joint Venture | Building | Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Capacity of production facility, per day (in cubic feet) | ft³ | 800,000,000 | ||||
Bahrain LNG Joint Venture | Nogaholding | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | ||||
Bahrain LNG Joint Venture | GIC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 24.00% | ||||
Bahrain LNG Joint Venture | Samsung C&T | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 16.00% |
Equity-Accounted Joint Ventur_6
Equity-Accounted Joint Ventures - Excalibur and Excelsior Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sales of vessels (note 19) | $ 0 | $ 11,515 | $ 28,518 | |
Ownership percentage (in percentage) | 100.00% | |||
Proceeds from sale of equity-accounted joint venture | $ 0 | 0 | 54,438 | |
Excalibur Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | 15,900 | |||
Carrying value of guarantee liability | 100 | 100 | ||
Difference between carrying amount and book value | $ 12,000 | $ 12,500 | ||
Ownership percentage (in percentage) | 50.00% | |||
Gain on sale of joint venture | 5,600 | |||
Excalibur Joint Venture | Exmar NV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% | |||
Excelsior Joint Venture [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% | |||
Proceeds from sale of equity-accounted joint venture | $ 54,000 | |||
Excelsior Joint Venture [Member] | Exmar NV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% |
Equity-Accounted Joint Ventur_7
Equity-Accounted Joint Ventures - Exmar LPG Joint Venture - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 100.00% | |
Exmar LPG Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 50.00% | |
Principal amount outstanding on secured loan facilities and finance leases | $ 238.2 | |
Carrying value of guarantee liability | 1.3 | $ 0.9 |
Investment in and advances to equity-accounted joint ventures (note 7) | 42.3 | 52.3 |
Interest accrued on advances | 0 | 0.3 |
Difference between carrying amount and book value | 18.2 | 23.6 |
Interest Income, Related Party | $ 0.8 | $ 1.6 |
Exmar LPG Joint Venture | LIBOR | ||
Schedule of Equity Method Investments [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.50% |
Equity-Accounted Joint Ventur_8
Equity-Accounted Joint Ventures - MALT Joint Venture - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 100.00% | |
MALT Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 52.00% | |
Principal amount outstanding on secured loan facilities and finance leases | $ 134.6 | |
Carrying value of guarantee liability | $ 0.2 | $ 0.3 |
Equity-Accounted Joint Ventur_9
Equity-Accounted Joint Ventures - Pan Union Joint Venture - Additional Information (Details) $ in Millions | Dec. 31, 2020USD ($)vessellease | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 100.00% | |
LNG Carriers [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | lease | 9 | |
Pan Union Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | 4 | |
Difference between carrying amount and book value | $ | $ 10 | $ 10.5 |
Pan Union Joint Venture | LNG Carriers [Member] | 30% Ownership | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 30.00% | |
Number of vessels | 2 | |
Pan Union Joint Venture | LNG Carriers [Member] | 20% Ownership | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 20.00% | |
Number of vessels | 2 |
Equity-Accounted Joint Ventu_10
Equity-Accounted Joint Ventures - RasGas 3 Joint Venture - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 100.00% | ||
Equity method investments | $ 1,067,783 | $ 1,155,316 | |
Bahrain LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 30.00% | 30.00% | |
Equity method investments | $ 38,678 | 60,462 | |
Yamal LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 50.00% | ||
Equity method investments | $ 234,452 | 264,126 | |
Angola Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 33.00% | ||
Equity method investments | $ 90,659 | 88,465 | |
RasGas 3 Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 40.00% | ||
Equity method investments | $ 97,721 | 120,920 | |
RasGas 3 Joint Venture | Qatar Gas Transport Company Ltd | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 60.00% | ||
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,072,509 | $ 1,155,316 |
Equity-Accounted Joint Ventu_11
Equity-Accounted Joint Ventures - Yamal LNG Joint Venture - Additional Information (Details) $ in Millions | Dec. 31, 2020USD ($)leasevessel | Dec. 31, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 100.00% | |
LNG carriers | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | lease | 9 | |
Yamal LNG Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 50.00% | |
Guarantor obligations, maximum exposure, undiscounted | $ | $ 807.7 | |
Number of vessels | vessel | 6 | |
Carrying value of guarantee liability | $ | $ 2.2 | $ 2.2 |
Yamal LNG Joint Venture | LNG carriers | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | vessel | 6 | |
Yamal LNG Joint Venture | China LNG | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 50.00% |
Equity-Accounted Joint Ventu_12
Equity-Accounted Joint Ventures - Other - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,067,783 | $ 1,155,316 | |
Ownership percentage (in percentage) | 100.00% | ||
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,072,509 | 1,155,316 | |
RasGas 3 Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 97,721 | 120,920 | |
Ownership percentage (in percentage) | 40.00% | ||
Angola LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 90,659 | 88,465 | |
Ownership percentage (in percentage) | 33.00% | ||
Yamal LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 234,452 | 264,126 | |
Ownership percentage (in percentage) | 50.00% | ||
Bahrain LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 38,678 | $ 60,462 | |
Ownership percentage (in percentage) | 30.00% | 30.00% |
Equity-Accounted Joint Ventu_13
Equity-Accounted Joint Ventures - Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
Cash and restricted cash – current | $ 257,943 | $ 253,291 | $ 222,864 | $ 339,435 | |
Other assets – current | 237 | 238 | |||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,220,355 | 1,335,397 | |||
Net investments in direct financing and sales-type leases – non-current | 500,101 | 544,823 | |||
Other assets – non-current | 22,382 | 14,738 | |||
Other liabilities – non-current | 56,063 | 49,182 | |||
Voyage revenues | 591,103 | 601,256 | 510,762 | ||
Income from vessel operations | 226,093 | 299,253 | 147,809 | ||
Bahrain LNG Joint Venture | (33,334) | (13,361) | 3,278 | ||
Net income | $ 97,312 | 164,604 | 26,875 | ||
Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||
Equity Method Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash and restricted cash – current | $ 400,816 | 375,800 | |||
Other assets – current | 180,673 | 146,637 | |||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,912,776 | 3,045,393 | |||
Net investments in direct financing and sales-type leases – non-current | 5,237,791 | 4,469,861 | |||
Other assets – non-current | 216,331 | 169,925 | |||
Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners | 582,767 | 557,685 | |||
Other liabilities – current | 232,466 | 188,665 | |||
Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners | 4,853,791 | 5,130,656 | |||
Other liabilities – non-current | 350,057 | 224,903 | |||
Voyage revenues | 1,008,112 | 766,618 | 612,471 | ||
Income from vessel operations | 584,685 | 400,326 | 289,477 | ||
Bahrain LNG Joint Venture | (26,197) | (21,159) | 8,694 | ||
Net income | 152,144 | 130,314 | 142,252 | ||
Equity Method Investments | Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Bahrain LNG Joint Venture | $ (68,563) | $ (19,756) | $ 131 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Weighted-average amortization period of intangible assets consisted of time-charter contracts | 20 years 8 months 12 days | ||
Amortization of intangible assets | $ 8.9 | $ 8.9 | $ 8.9 |
Amortization expense of intangible assets, 2020 | 8.9 | ||
Amortization expense of intangible assets, 2021 | 8.4 | ||
Amortization expense of intangible assets, 2022 | 6.2 | ||
Amortization expense of intangible assets, 2023 | 4.5 | ||
Amortization expense of intangible assets, 2024 | $ 1.5 | ||
Goodwill impairment | $ 0.8 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets for Partnership's Reportable Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | $ 34,510 | $ 43,366 |
Liquefied natural gas segment | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 179,813 | 179,813 |
Accumulated amortization | (145,303) | (136,447) |
Net carrying amount | $ 34,510 | $ 43,366 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||
Goodwill | $ 34,841 | $ 34,841 | |
Amortization of intangible assets | 8,900 | 8,900 | $ 8,900 |
Liquefied natural gas segment | |||
Goodwill [Line Items] | |||
Goodwill | 31,921 | 31,921 | |
Liquefied petroleum gas segment | |||
Goodwill [Line Items] | |||
Goodwill | 2,920 | 2,920 | |
Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | $ 34,841 | $ 34,841 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Interest including interest rate swaps | $ 21,528 | $ 23,787 |
Voyage and vessel expenses | 44,349 | 36,880 |
Payroll and benefits | 7,257 | 6,215 |
Other general expenses | 1,019 | 775 |
Income and other tax payable | 1,128 | 2,670 |
Distributions payable on preferred units | 6,425 | 6,425 |
Accrued liabilities (notes 9, 13 and 18) | $ 81,706 | $ 76,752 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) $ in Thousands, € in Millions | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Debt Instrument [Line Items] | ||||
Total principal | $ 1,481,936 | $ 1,842,546 | ||
Unamortized discount and debt issuance costs | (9,723) | (11,150) | ||
Total debt | 1,472,213 | 1,831,396 | ||
Less current portion | (250,508) | (393,065) | ||
Long-term debt | 1,221,705 | 1,438,331 | ||
U.S. Dollar-denominated Revolving Credit Facilities due in 2022 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 100,000 | 212,000 | ||
Norwegian Krone-denominated Bonds due from 2021 to 2025 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 355,514 | 347,163 | ||
Euro-denominated Term Loans due from 2023 to 2024 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 152,700 | € 125 | 165,376 | € 147.5 |
Other U.S. Dollar-denominated Loans | ||||
Debt Instrument [Line Items] | ||||
Total principal | 0 | 3,300 | ||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 873,712 | $ 1,114,707 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facilities - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)credit_facilitysubsidiaryvessel | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Reduction in 2020 | $ 251,000,000 | |
Reduction in 2021 | $ 208,900,000 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.30% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Reduction in 2020 | $ 24,400,000 | |
Reduction in 2021 | $ 330,400,000 | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of vessels | vessel | 2 | |
Line of Credit | Financial Guarantee | ||
Debt Instrument [Line Items] | ||
Number of subsidiaries | subsidiary | 2 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 2 | |
Borrowings provided under revolving credit facilities | $ 354,800,000 | $ 378,200,000 |
Undrawn amount of revolving credit facilities | $ 254,800,000 | $ 166,200,000 |
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.40% | |
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.25% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 1 |
Long-Term Debt - U.S. Dollar-de
Long-Term Debt - U.S. Dollar-denominated Term Loans - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)term_loanvessel | Feb. 08, 2021USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Number of term loans | term_loan | 5 | ||
Aggregate principal amount | $ 1,481,936 | $ 1,842,546 | |
Long-term debt | $ 1,221,705 | 1,438,331 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.30% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.25% | ||
Secured Debt | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 873,712 | $ 1,114,707 | |
Short-term Debt, Refinanced, Amount | $ 177,000 | ||
Secured Debt | Asset Pledged as Collateral [Member] | |||
Debt Instrument [Line Items] | |||
Number of vessels | vessel | 16 | ||
Secured Debt | Minimum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 4.11% | ||
Secured Debt | Maximum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 4.41% | ||
Secured Debt | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.30% | ||
Secured Debt | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.25% | ||
Teekay Nakilat Joint Venture | Teekay LNG | |||
Debt Instrument [Line Items] | |||
Partnership interest owned (in percentage) | 70.00% | ||
Teekay Tangguh Joint Venture | Secured Debt | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 191,500 | ||
Teekay Tangguh Joint Venture | Secured Debt | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 191,500 | ||
Teekay Tangguh Joint Venture | Teekay LNG | |||
Debt Instrument [Line Items] | |||
Partnership interest owned (in percentage) | 70.00% | ||
Teekay Tangguh Joint Venture | Teekay LNG | Long-term Debt | |||
Debt Instrument [Line Items] | |||
Partnership interest owned (in percentage) | 70.00% |
Long-Term Debt - NOK Senior Uns
Long-Term Debt - NOK Senior Unsecured Bonds - Additional Information (Details) $ in Thousands, kr in Billions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020NOK (kr) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Carrying amount of bonds | $ 1,481,936 | $ 1,842,546 | |
Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.30% | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 3.25% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Senior unsecured bonds issued | kr | kr 3.1 | ||
Carrying amount of bonds | $ 355,514 | $ 347,163 | |
Unsecured Debt | Cross-Currency Interest Rate Contract | |||
Debt Instrument [Line Items] | |||
Principal Amount $ | $ 360,500 | ||
Unsecured Debt | Minimum | Cross-Currency Interest Rate Contract | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 5.74% | 5.74% | |
Unsecured Debt | Maximum | Cross-Currency Interest Rate Contract | |||
Debt Instrument [Line Items] | |||
Fixed interest rate | 7.89% | 7.89% | |
Unsecured Debt | NIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 4.60% | ||
Unsecured Debt | NIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (as a percent) | 6.00% |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated term loans- Additional Information (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)vesselsubsidiaryterm_loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€)vesselsubsidiaryterm_loan | Dec. 31, 2019EUR (€) | |
Debt Instrument [Line Items] | |||||
Number of term loans | 5 | 5 | |||
Aggregate principal amount | $ | $ 1,481,936 | $ 1,842,546 | |||
Foreign currency exchange (loss) gain (notes 10 and 13) | $ | $ (21,356) | (9,640) | $ 1,371 | ||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.30% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 3.25% | ||||
Euro-denominated Term Loans | |||||
Debt Instrument [Line Items] | |||||
Number of term loans | 2 | 2 | |||
Aggregate principal amount | $ 152,700 | $ 165,376 | € 125 | € 147.5 | |
Euro-denominated Term Loans | Asset Pledged as Collateral [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of vessels | vessel | 2 | 2 | |||
Euro-denominated Term Loans | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Number of subsidiaries | subsidiary | 1 | 1 | |||
Euro-denominated Term Loans | EURIBOR | |||||
Debt Instrument [Line Items] | |||||
Number of term loans | 1 | 1 | |||
Euro-denominated Term Loans | EURIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.60% | ||||
Euro-denominated Term Loans | EURIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.95% |
Long-Term Debt - Other - Additi
Long-Term Debt - Other - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)credit_facilityterm_loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 3.04% | 4.12% | |
Foreign exchange (losses) gains | $ (21,356) | $ (9,640) | $ 1,371 |
Aggregate annual long-term debt principal repayments, 2020 | 251,000 | ||
Aggregate annual long-term debt principal repayments, 2021 | 208,900 | ||
Aggregate annual long-term debt principal repayments, 2022 | 238,500 | ||
Aggregate annual long-term debt principal repayments, 2023 | 125,900 | ||
Aggregate annual long-term debt principal repayments, 2024 | 187,800 | ||
Aggregate annual long-term debt principal repayments, thereafter | $ 469,800 | ||
Number of term loans | term_loan | 5 | ||
Long-term debt | $ 1,472,213 | $ 1,831,396 | |
Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Number of term loans | credit_facility | 3 | ||
Long-term debt | $ 359,400 | ||
Long Term Debt1 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 115.00% | ||
Long Term Debt2 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 120.00% | ||
Long Term Debt3 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 135.00% | ||
Transportation equipment | Long Term Debt1 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 273.00% | ||
Transportation equipment | Long Term Debt2 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 142.00% | ||
Transportation equipment | Long Term Debt3 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 215.00% |
Income Tax - Components of Prov
Income Tax - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (4,396) | $ (6,824) | $ (2,361) |
Deferred | 904 | (653) | (852) |
Tax expense related to the current year | $ (3,492) | $ (7,477) | $ (3,213) |
Income Tax - Reconciliations of
Income Tax - Reconciliations of Tax Charge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net income before income tax expense | $ 100,804 | $ 172,081 | $ 30,088 |
Net income not subject to taxes | (135,010) | (167,667) | (68,675) |
Net (loss) income subject to taxes | (34,206) | 4,414 | (38,587) |
At applicable statutory tax rates | |||
Amount computed using the standard rate of corporate tax | 8,888 | (1,821) | 6,833 |
Adjustments to valuation allowance and uncertain tax positions | (5,569) | (6,767) | (14,733) |
Permanent and currency differences | (7,186) | 4,592 | 3,257 |
Change in tax rates | 375 | (3,481) | 1,430 |
Tax expense related to the current year | $ (3,492) | $ (7,477) | $ (3,213) |
Income Tax - Components of Part
Income Tax - Components of Partnership's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Loss Carryforwards [Line Items] | ||
Derivative instruments | $ 3,650 | $ 2,859 |
Taxation loss carryforwards and disallowed finance costs | 58,310 | 47,610 |
Vessels and equipment | (1,256) | (4,197) |
Other items | (2,636) | 9,494 |
Gross deferred tax assets | 58,068 | 55,766 |
Valuation allowance | (54,005) | (54,707) |
Other assets | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income Tax Assets, Net | 4,063 | 1,059 |
Deferred Tax Assets, Net of Valuation Allowance | (5,386) | (2,826) |
Other Liabilities | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income Tax Liabilities, Net | $ 1,323 | $ 1,767 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) € in Millions, $ in Millions | 36 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€) | |
United Kingdom | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | $ 64.5 | $ 26.5 | ||
Spain | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | 123.7 | 134.8 | € 110.3 | € 110.3 |
Disallowed costs carried forward | 15.1 | 9.2 | 7.5 | 13.5 |
Luxembourg | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | $ 127.9 | $ 150.5 | € 123.2 | € 114.1 |
Carryforward limitation (in years) | 17 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)vesselfloating_storage_unitlease | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Voyage revenues | $ 591,103 | $ 601,256 | $ 510,762 | |
Operating Costs and Expenses | 116,396 | 111,585 | 117,658 | |
Time-charter hire expenses | 23,564 | 19,994 | 7,670 | |
General and administrative expenses | (26,904) | (22,521) | (28,512) | |
Restructuring charges (notes 12a and 18) | 0 | (3,315) | (1,845) | |
Equity income (loss) | $ 72,233 | 58,819 | 53,546 | |
LNG Carriers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | lease | 9 | |||
Yamal LNG Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | vessel | 6 | |||
Yamal LNG Joint Venture | LNG Carriers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | vessel | 6 | |||
Pan Union Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Bahrain Spirit | ||||
Related Party Transaction [Line Items] | ||||
Term of charter contract (in years) | 21 years | 21 years | ||
Number of vessels | floating_storage_unit | 1 | |||
Advances to affiliates | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | $ 37,481 | 49,257 | 19,612 | |
Operating Costs and Expenses | 6,505 | 6,629 | 17,852 | |
Time-charter hire expenses | 23,564 | 19,994 | 7,670 | |
General and administrative expenses | (15,779) | (15,393) | (15,395) | |
Restructuring charges (notes 12a and 18) | 0 | (400) | 0 | |
Equity income (loss) | 2,424 | 1,316 | 520 | |
Advances to affiliates | Yamal LNG Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Equity income (loss) | $ 2,400 | $ 1,300 | 500 | |
Advances to affiliates | Yamal LNG Joint Venture | LNG Carriers [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | vessel | 6 | |||
Advances to affiliates | Pan Union Joint Venture | Newbuildings | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | vessel | 4 | |||
Advances to affiliates | Teekay Corporation | ||||
Related Party Transaction [Line Items] | ||||
Length of charter contract (in years) | 10 years | |||
Advances to affiliates | Bahrain LNG Joint Venture | Management Service [Member] | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | $ 6,500 | 1,600 | ||
Revenue Not from Contract with Customer | $ 8,700 | |||
Advances to affiliates | Bahrain LNG Joint Venture | Cargo and Freight [Member] | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | $ 28,800 | 30,600 | 8,600 | |
Advances to affiliates | Teekay Marine Solutions (Bermuda) Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | 2,000 | 1,600 | ||
Advances to affiliates | Teekay corporation | Cargo and Freight [Member] | ||||
Related Party Transaction [Line Items] | ||||
Voyage revenues | 12,200 | |||
Employee severance | ||||
Related Party Transaction [Line Items] | ||||
Restructuring charges (notes 12a and 18) | (2,900) | $ (1,800) | ||
Employee severance | Advances to affiliates | ||||
Related Party Transaction [Line Items] | ||||
Restructuring charges (notes 12a and 18) | $ (400) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Apr. 01, 2020USD ($) | Dec. 31, 2020USD ($)vesselfloating_storage_unitleaseshares | Dec. 31, 2019USD ($)vesselshares | Dec. 31, 2018USD ($) | May 11, 2020shares | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||||
Operating Costs and Expenses | $ 116,396 | $ 111,585 | $ 117,658 | |||
Restructuring charges | 0 | 3,315 | 1,845 | |||
Decrease from purchase of interests | $ 2,200 | $ (462) | $ 2,681 | |||
Limited Partners - common units issued | shares | 87,000 | 77,500 | ||||
Voyage revenues | $ 591,103 | $ 601,256 | 510,762 | |||
Time-charter hire expenses | 23,564 | 19,994 | 7,670 | |||
Equity income (loss) | $ 72,233 | $ 58,819 | 53,546 | |||
Limited Partners - common units issued | shares | 87,000 | 77,500 | ||||
Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Operating Costs and Expenses | $ 6,505 | $ 6,629 | 17,852 | |||
Restructuring charges | 0 | 400 | 0 | |||
Voyage revenues | 37,481 | 49,257 | 19,612 | |||
Time-charter hire expenses | 23,564 | 19,994 | 7,670 | |||
Equity income (loss) | $ 2,424 | 1,316 | 520 | |||
Bahrain Spirit | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | floating_storage_unit | 1 | |||||
Term of charter contract (in years) | 21 years | 21 years | ||||
Teekay LNG | ||||||
Related Party Transaction [Line Items] | ||||||
Limited Partners - common units issued | shares | 10,750 | |||||
Limited Partners - common units issued | shares | 10,750 | |||||
Pan Union Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 4 | |||||
Bahrain LNG Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 0 | |||||
Yamal LNG Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 6 | |||||
Yamal LNG Joint Venture | Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Equity income (loss) | $ 2,400 | 1,300 | 500 | |||
Teekay Corporation | Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Operating lease arrangement period, lessor (in years) | 10 years | |||||
Teekay Marine Solutions (Bermuda) Ltd. | Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | 2,000 | 1,600 | ||||
Bahrain LNG Joint Venture | Advances to affiliates | Management Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue Not from Contract with Customer | $ 8,700 | |||||
Voyage revenues | $ 6,500 | $ 1,600 | ||||
Newbuildings | Pan Union Joint Venture | Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 4 | |||||
LNG Carriers [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | lease | 9 | |||||
LNG Carriers [Member] | Yamal LNG Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 6 | |||||
LNG Carriers [Member] | Yamal LNG Joint Venture | Advances to affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels | vessel | 6 |
Related Party Transactions - Pa
Related Party Transactions - Partnership Subsidiaries (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Advances from affiliates | $ 5,143 | $ 4,924 | $ 5,143 | ||
Advances from affiliates (note 12b) | 7,003 | 11,047 | 7,003 | ||
Acquisition of non-controlling interest in certain of the Partnership's subsidiaries (note 12e) | $ 2,200 | (462) | 2,681 | ||
Advances to affiliates | |||||
Related Party Transaction [Line Items] | |||||
Advances from affiliates | 5,100 | 4,900 | 5,100 | ||
Advances from affiliates (note 12b) | $ 7,000 | $ 11,000 | 7,000 | ||
Subsidiaries of Teekay LNG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 1.00% | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 1.00% | ||||
Newbuildings | Advances to affiliates | |||||
Related Party Transaction [Line Items] | |||||
Property, Plant and Equipment, Additions | $ 1,800 | $ 15,300 |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Advances from affiliates | $ 4,924 | $ 5,143 |
Due to Affiliate, Current | $ 11,047 | $ 7,003 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swap Agreements (Details) - Cross-Currency Interest Rate Contract kr in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2020NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) $ | $ (15,517) | |
NIBOR | 6.00% Margin | ||
Derivative [Line Items] | ||
Principal Amount $ | $ 146,500 | kr 1,200,000 |
Margin | 6.00% | 6.00% |
Fixed Rate Payable | 7.72% | 7.72% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (9,051) | |
Derivative, Average Remaining Maturity | 9 months 18 days | |
NIBOR | 4.60% Margin | ||
Derivative [Line Items] | ||
Principal Amount $ | $ 102,000 | kr 850,000 |
Margin | 4.60% | 4.60% |
Fixed Rate Payable | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (10,971) | |
Derivative, Average Remaining Maturity | 2 years 8 months 12 days | |
NIBOR | 5.15% Margin | ||
Derivative [Line Items] | ||
Principal Amount $ | $ 112,000 | kr 1,000,000 |
Margin | 5.15% | 5.15% |
Fixed Rate Payable | 5.74% | 5.74% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ 4,505 | |
Derivative, Average Remaining Maturity | 4 years 8 months 12 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Minimum | |
Derivative [Line Items] | |
Basis spread on variable rate (as a percent) | 0.30% |
Maximum | |
Derivative [Line Items] | |
Basis spread on variable rate (as a percent) | 3.25% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 106,250 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (21,810) |
Weighted- Average Remaining Term (years) | 8 years |
Fixed Interest Rate (%) | 5.20% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 10,711 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (205) |
Weighted- Average Remaining Term (years) | 7 months 6 days |
Fixed Interest Rate (%) | 2.80% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 145,821 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (5,805) |
Weighted- Average Remaining Term (years) | 3 years 8 months 12 days |
Fixed Interest Rate (%) | 1.40% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 298,071 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (28,626) |
Weighted- Average Remaining Term (years) | 1 year 6 months |
Fixed Interest Rate (%) | 3.50% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 160,313 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (12,863) |
Weighted- Average Remaining Term (years) | 6 years |
Fixed Interest Rate (%) | 2.30% |
Euro-denominated interest rate swaps | EURIBOR | |
Derivative [Line Items] | |
Principal Amount $ | $ 70,708 |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (6,159) |
Weighted- Average Remaining Term (years) | 2 years 8 months 12 days |
Fixed Interest Rate (%) | 3.90% |
Interest rate swap agreements | |
Derivative [Line Items] | |
Fair Value / Carrying Amount of Assets (Liability) $ | $ (75,468) |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative | ||
Derivative [Line Items] | ||
Restricted cash - current and - long-term | $ 3.8 | $ 14.3 |
Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | ||
Derivative [Line Items] | ||
Fair value, asset | 4.5 | 2.2 |
Fair value, liability | $ 73.7 | $ 74.6 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | $ 0 | $ 355 |
Derivative assets $ | 4,505 | 1,834 |
Accrued liabilities $ | (81,706) | (76,752) |
Current portion of derivative liabilities $ | (56,925) | (38,458) |
Foreign currency forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable $ | 0 | |
Current portion of derivative assets $ | 0 | |
Derivative assets $ | 0 | |
Accrued liabilities $ | 0 | |
Current portion of derivative liabilities $ | (202) | |
Derivative liabilities $ | 0 | |
Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable $ | 0 | 0 |
Current portion of derivative assets $ | 0 | 0 |
Derivative assets $ | 4,505 | 0 |
Accrued liabilities $ | (701) | (456) |
Current portion of derivative liabilities $ | (11,434) | (22,661) |
Derivative liabilities $ | (7,887) | (18,987) |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable $ | 0 | 21 |
Current portion of derivative assets $ | 0 | 355 |
Derivative assets $ | 4,505 | 1,834 |
Accrued liabilities $ | (5,594) | (3,289) |
Current portion of derivative liabilities $ | (56,925) | (38,458) |
Derivative liabilities $ | (32,971) | (51,006) |
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable $ | 0 | 21 |
Current portion of derivative assets $ | 0 | 355 |
Derivative assets $ | 0 | 1,834 |
Accrued liabilities $ | (4,823) | (2,821) |
Current portion of derivative liabilities $ | (42,329) | (14,758) |
Derivative liabilities $ | (15,453) | (28,544) |
Cash flow hedging | Designated as hedging instrument | Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable $ | 0 | 0 |
Current portion of derivative assets $ | 0 | 0 |
Derivative assets $ | 0 | 0 |
Accrued liabilities $ | (70) | (12) |
Current portion of derivative liabilities $ | (3,162) | (837) |
Derivative liabilities $ | $ (9,631) | $ (3,475) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) | $ (16,194) | $ (2,805) | $ 7,525 |
Unrealized gains (losses) | (16,467) | (3,133) | 30,133 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | (33,334) | (13,361) | 3,278 |
Foreign currency exchange (loss) gain (notes 10 and 13) | $ (21,356) | (9,640) | 1,371 |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | The effect of the (loss) gain on these derivatives on the Partnership’s consolidated statements of income is as follows: Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) (14,654) 31,061 16,407 Interest rate swaption — — — — — — — 2 2 Interest rate swap — — — — — — (13,681) — (13,681) Foreign currency (241) 202 (39) (147) (202) (349) — — — Toledo Spirit time- — — — — (40) (40) 1,480 (930) 550 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) (26,855) 30,133 3,278 Year Ended December 31, 2020 $ 2019 $ 2018 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (6,588) 26,832 20,244 (5,061) (13,239) (18,300) (6,533) 21,240 14,707 Cross currency swap (33,844) — (33,844) — — — (42,271) — (42,271) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) (48,804) 21,240 (27,564) | ||
Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | $ (16,867) | (10,228) | (26,855) |
Unrealized gains (losses) | (16,467) | (3,133) | 30,133 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | (33,334) | (13,361) | 3,278 |
Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (40,432) | (5,061) | (48,804) |
Unrealized gains (losses) | 26,832 | (13,239) | 21,240 |
Foreign currency exchange (loss) gain (notes 10 and 13) | (13,600) | (18,300) | (27,564) |
Interest rate swap agreements | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (16,626) | (10,081) | (14,654) |
Unrealized gains (losses) | (16,669) | (2,891) | 31,061 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | (33,295) | (12,972) | 16,407 |
Interest rate swap agreements termination | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | 0 | 0 | (13,681) |
Unrealized gains (losses) | 0 | 0 | 0 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | 0 | 0 | (13,681) |
Interest rate swaption agreements | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | 0 | 2 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | 0 | 0 | 2 |
Foreign currency forward contracts | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (241) | (147) | 0 |
Unrealized gains (losses) | 202 | (202) | 0 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | (39) | (349) | 0 |
Cross currency swap agreements | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | 0 | 0 | 1,480 |
Unrealized gains (losses) | 0 | (40) | (930) |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13) | 0 | (40) | 550 |
Cross-Currency Interest Rate Contract | Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (6,588) | (5,061) | (6,533) |
Unrealized gains (losses) | 26,832 | (13,239) | 21,240 |
Foreign currency exchange (loss) gain (notes 10 and 13) | 20,244 | (18,300) | 14,707 |
Cross Currency Swap Agreement Terminaton | Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (33,844) | 0 | (42,271) |
Unrealized gains (losses) | 0 | 0 | 0 |
Foreign currency exchange (loss) gain (notes 10 and 13) | $ (33,844) | $ 0 | $ (42,271) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |
Amount of Gain Reclassified from Accumulated OCI to Interest Expense (effective portion) $ | $ 152 |
Interest Expense | |
Derivative [Line Items] | |
Amount of Loss Recognized in OCI (i) $ | 2,128 |
Ineffective portion | $ 740 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments to Fund Newbuilding and Other Construction Contract Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2015 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | $ 51,651 | ||
2020 | 36,099 | ||
2021 | $ 15,552 | ||
Ownership percentage (in percentage) | 100.00% | ||
Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Ownership percentage (in percentage) | 30.00% | 30.00% | |
Consolidated Entities | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | $ 40,312 | ||
2020 | 24,760 | ||
2021 | 15,552 | ||
Long-term purchase commitment, amount | $ 59,500 | ||
Equity Method Investments | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | 11,339 | ||
2020 | 11,339 | ||
2021 | 0 | ||
Construction [Member] | Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | 11,300 | ||
Building | Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Borrowings provided under revolving credit facilities | 24,000 | ||
Building | Bahrain LNG Joint Venture | Teekay LNG | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Borrowings provided under revolving credit facilities | $ 7,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Other (expense) income | $ (16,910) | $ (2,454) | $ (51,373) | |
Restricted cash – current | 8,358 | 53,689 | 38,329 | $ 22,326 |
Working capital surplus (deficit) | 259,100 | |||
Long-term debt, current maturities | $ 250,508 | 393,065 | ||
Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 2 | |||
Time charter in contract | 20 years | |||
Length of charter contract (in years) | 20 years | |||
Carrying value of guarantee liability | $ 5,700 | 6,100 | ||
Unasserted Claim | Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated tax indemnification | 1,600 | $ 1,600 | ||
Teekay Nakilat Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Other (expense) income | 53,000 | |||
Restricted cash – current | 7,000 | |||
Lessor cash payments | $ 56,000 | |||
Teekay Nakilat Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 3 | |||
Teekay LNG | Unasserted Claim | Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated tax indemnification | $ 1,100 | |||
Teekay Tangguh Joint Venture | Teekay LNG | ||||
Property, Plant and Equipment [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% | |||
Teekay Tangguh Joint Venture | Teekay LNG | Unasserted Claim | ||||
Property, Plant and Equipment [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Rental Payments to be Received (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leased Assets [Line Items] | ||
Lease Income | $ 335,000 | |
2020 | 464,400 | |
2020 | 23,725 | |
2021 | 369,900 | |
2021 | 11,050 | |
2022 | 307,000 | |
2023 | 250,800 | |
2024 | 196,300 | |
Total payments | 34,775 | |
Deferred revenue | 30,254 | $ 28,759 |
Other liabilities – non-current | 56,063 | 49,182 |
Head Lease Receipts | ||
Operating Leased Assets [Line Items] | ||
2020 | 21,242 | |
2021 | 21,242 | |
2022 | 21,242 | |
2023 | 21,242 | |
2024 | 21,242 | |
Thereafter | 69,127 | |
Total | 175,337 | |
Deferred revenue | 3,700 | 3,800 |
Other liabilities – non-current | 21,800 | $ 25,500 |
Sublease payments | ||
Operating Leased Assets [Line Items] | ||
2020 | 23,934 | |
2021 | 23,934 | |
2022 | 23,934 | |
2023 | 23,934 | |
2024 | 23,934 | |
Thereafter | 77,921 | |
Total payments | 197,591 | |
Operating lease, payments | $ 285,100 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information - USD ($) $ in Thousands | Nov. 14, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Cash interest paid on long-term debt, advances from affiliates and capital lease obligations | $ 170,000 | $ 193,300 | $ 167,800 | |
Income taxes paid | 3,500 | 3,700 | 6,000 | |
Due from joint ventures | 10,991 | 0 | ||
Partners' equity | 1,692,913 | 1,821,686 | ||
Toledo Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Property, Plant and Equipment, Disposals | 23,600 | |||
Teide Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Property, Plant and Equipment, Disposals | 23,100 | |||
Obligations | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of debt | 1,155,316 | |||
Obligations | Toledo Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of debt | $ 23,600 | |||
Obligations | Teide Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of debt | 23,100 | |||
Bahrain LNG Joint Venture | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Due from joint ventures | $ 79,100 | |||
Partners' equity | $ 7,900 | |||
Subordinated debt | $ 71,200 | $ 73,400 | ||
Subordinated borrowing, interest rate (in percentage) | 6.00% |
Total Capital and Net Income _3
Total Capital and Net Income Per Common Unit - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Capital Unit [Line Items] | |
Days after year-end where limited partner's have right to receive cash distribution | 45 days |
Common Units | |
Capital Unit [Line Items] | |
General partner's proportionate contribution | 66.67% |
Teekay LNG | Teekay Corporation | |
Capital Unit [Line Items] | |
General partner interest percentage | 1.80% |
Teekay LNG | Public | |
Capital Unit [Line Items] | |
General partner's proportionate contribution | 58.60% |
Total Capital and Net Income _4
Total Capital and Net Income Per Common Unit - Incentive Distributions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 11, 2020 | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Limited Partners - common units issued | 87,000 | 77,500 | ||
Common Stock, Value, Issued | $ 122,600 | |||
General partner | $ 46,182 | $ 50,241 | 2,300 | |
Limited partners - common units (Unlimited units authorized; 87.0 million units and 77.5 million units issued and outstanding at December 31, 2020 and 2019, respectively) | $ 1,465,408 | $ 1,543,598 | $ 2,300 | |
Teekay LNG | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Limited Partners - common units issued | 10,750 | |||
Common Stock, Value, Issued | $ 122,600 | |||
Limited Partner [Member] | Teekay LNG | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
General partner's proportionate contribution | 98.20% | |||
Common Units | ||||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ||||
Distribution made to limited partner, distributions paid (in USD per share) | $ 0.4625 | $ 0.4625 | $ 0.4625 |
Total Capital and Net Income _5
Total Capital and Net Income Per Common Unit - Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||
Limited partners' interest in net income for basic net income per common unit | $ 60,632 | $ 124,546 | $ 2,615 |
Weighted average number of common units | 83,313,097 | 78,177,189 | 79,672,435 |
Dilutive effect of unit-based compensation | 105,907 | 91,223 | 169,893 |
Diluted (in units) | 83,419,004 | 78,268,412 | 79,842,328 |
Limited partner's interest in net income per common unit: | |||
Basic (USD per unit) | $ 0.73 | $ 1.59 | $ 0.03 |
Diluted (USD per unit) | $ 0.73 | $ 1.59 | $ 0.03 |
Limited Partners | Preferred Units | |||
Class of Stock [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 25,700 | $ 25,700 | $ 25,700 |
Total Capital and Net Income _6
Total Capital and Net Income Per Common Unit - Repurchase of Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Accelerated Share Repurchases [Line Items] | ||||
Total cost | $ 15,635 | $ 25,728 | $ 3,786 | |
Common Units | Limited Partners | ||||
Accelerated Share Repurchases [Line Items] | ||||
Units repurchased (in shares) | (1,373,000) | (1,934,000) | (327,000) | |
Total cost | $ 15,322 | $ 25,214 | $ 3,710 | |
Common Units | Repurchase agreements | ||||
Accelerated Share Repurchases [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 100,000 | ||
Units repurchased (in shares) | 1,373,066 | 1,934,569 | 326,780 | 3,634,415 |
Common Units | Repurchase agreements | Limited Partners | ||||
Accelerated Share Repurchases [Line Items] | ||||
Average price paid per unit (in USD per share) | $ 11.16 | $ 13.03 | $ 11.35 | $ 12.17 |
Total cost | $ 15,322 | $ 25,214 | $ 3,710 | $ 44,246 |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted unit-based compensation granted to Partnership's employee (in units) | 243,940 | 80,100 | 62,283 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 3.1 | $ 1.2 | $ 1.2 |
Restricted units, vesting period (in years) | 3 years | ||
Restricted units expense | $ 2.1 | $ 1.6 | $ 1.3 |
Non-management Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common units granted | 29,595 | 35,419 | 17,498 |
Aggregate value of units issued | $ 0.4 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | $ 3,315 | $ 1,845 |
Unpaid restructuring charges | 600 | 600 | |
Advances to affiliates | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 0 | 400 | 0 |
Employee severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,900 | $ 1,800 | |
Employee severance | Advances to affiliates | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 400 |
Gain (Loss) on Sales and Writ_2
Gain (Loss) on Sales and Write-Down of Vessels (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2019USD ($) | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Mar. 31, 2020vessel | |
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sales of vessels (note 19) | $ 0 | $ 11,515 | $ 28,518 | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (51,000) | 13,564 | $ (54,653) | ||
Partnership recognized a loss | (14,300) | ||||
LPG Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 7 | 4 | |||
Asset Impairment Charges | $ (51,000) | $ 0 | $ (33,000) | ||
Alexander Spirit [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sales of vessels (note 19) | $ 11,500 | ||||
Number of vessels | vessel | 1 | 1 | |||
Asset Impairment Charges | $ 0 | $ (785) | $ (13,000) | ||
African Spirit | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sales of vessels (note 19) | 12,800 | ||||
Asset Impairment Charges | (3,900) | ||||
European Spirit | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sales of vessels (note 19) | 15,700 | ||||
Asset Impairment Charges | (4,000) | ||||
Liquefied Petroleum Gas Segment | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 30 | ||||
Asset Impairment Charges | $ 0 | 0 | (790) | ||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (51,000) | 0 | (33,790) | ||
Liquefied natural gas segment | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 47 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 0 | 14,349 | 0 | ||
Partnership recognized a loss | 0 | (14,349) | $ 0 | ||
Conventional Tankers Segment | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
Asset Impairment Charges | $ 0 | 0 | $ (7,863) | ||
Conventional Tankers Segment | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 0 | $ (785) | $ (20,863) | ||
LNG Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 2 | ||||
LPG Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 7 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | Dec. 31, 2018USD ($) | Feb. 08, 2021USD ($) | Jan. 07, 2020USD ($)vessel | Dec. 31, 2015 | Dec. 31, 2013vessel | |
Subsequent Event [Line Items] | |||||||
Purchase obligation and deferred hire amounts | $ 260,400 | ||||||
Ownership percentage (in percentage) | 100.00% | ||||||
Repurchase of common units | $ 15,635 | $ 25,728 | $ 3,786 | ||||
Long-term debt | 1,472,213 | 1,831,396 | |||||
Carrying amount of bonds | $ 1,481,936 | 1,842,546 | |||||
Subsequent Events | Subsequent Events a)On February 8, 2021, the Tangguh Joint Venture, of which the Partnership has a 70% ownership interest, refinanced its $191.5 million term loan which was scheduled to mature in 2021, by entering into a new $191.5 million term loan maturing in February 2026. | ||||||
Teekay Tangguh Joint Venture | Teekay LNG | |||||||
Subsequent Event [Line Items] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% | ||||||
U.S. Dollar-denominated Term Loans and Bonds due from 2021 to 2030 | Teekay Tangguh Joint Venture | Teekay LNG | |||||||
Subsequent Event [Line Items] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% | ||||||
Secured Debt | |||||||
Subsequent Event [Line Items] | |||||||
Carrying amount of bonds | $ 873,712 | $ 1,114,707 | |||||
Secured Debt | Teekay Tangguh Joint Venture | |||||||
Subsequent Event [Line Items] | |||||||
Carrying amount of bonds | $ 191,500 | ||||||
Bahrain LNG Joint Venture | |||||||
Subsequent Event [Line Items] | |||||||
Number of vessels | vessel | 0 | ||||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||||
Subsequent Event | Secured Debt | Teekay Tangguh Joint Venture | |||||||
Subsequent Event [Line Items] | |||||||
Carrying amount of bonds | $ 191,500 | ||||||
Awilco LNG Carriers | |||||||
Subsequent Event [Line Items] | |||||||
Number of vessels | vessel | 2 | 2 | 2 |
Uncategorized Items - tk-202012
Label | Element | Value |
General Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 41,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 37,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (1,037,000) |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (3,224,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 739,000 |
Common Stock [Member] | Limited Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,959,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 1,777,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (50,839,000) |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (4,831,000) |