Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | Teekay LNG Partners L.P. |
Entity Central Index Key | 0001308106 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Voyage revenues (notes 6 and 10a) | $ 146,577 | $ 148,935 | $ 448,148 | $ 437,027 |
Voyage expenses | (7,221) | (3,950) | (20,764) | (11,596) |
Vessel operating expenses | (30,426) | (30,642) | (93,051) | (85,153) |
Time-charter hire expenses | (5,665) | (5,980) | (17,382) | (17,270) |
Depreciation and amortization | (33,002) | (32,601) | (97,253) | (96,869) |
General and administrative expenses | (12,619) | (6,165) | (26,707) | (20,215) |
Asset Impairment Charges | 0 | 0 | 0 | (45,000) |
Income (loss) from vessel operations | 57,644 | 69,597 | 192,991 | 160,924 |
Equity income (notes 7 and 10a) | 39,238 | 24,346 | 105,694 | 56,874 |
Interest expense | (29,513) | (30,528) | (89,249) | (102,375) |
Interest income (note 7) | 1,315 | 1,406 | 4,623 | 5,473 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | 101 | (1,327) | 3,849 | (30,314) |
Foreign currency exchange gain (loss) (notes 8 and 11) | 2,767 | (7,853) | 6,884 | (14,738) |
Other income (expense) (note 3b) | 1,000 | (14,149) | (3,857) | (15,189) |
Net income before income tax expense | 72,552 | 41,492 | 220,935 | 60,655 |
Income tax expense (note 9) | (2,226) | (1,420) | (3,264) | (2,128) |
Net income | 70,326 | 40,072 | 217,671 | 58,527 |
Preferred unitholders' interest in comprehensive income | 6,425 | 6,425 | 19,275 | 19,275 |
General partner's interest in net income | 1,062 | 595 | 3,311 | 519 |
Limited partners’ interest in net income | $ 59,487 | $ 33,255 | $ 185,267 | $ 32,421 |
Limited partners’ interest in net income per common unit (note 13): | ||||
Basic (usd per unit) | $ 0.68 | $ 0.38 | $ 2.13 | $ 0.40 |
Diluted (usd per unit) | $ 0.68 | $ 0.38 | $ 2.12 | $ 0.39 |
Weighted-average number of common units outstanding (note 13): | ||||
Basic (units) | 87,120,897 | 86,951,234 | 87,081,753 | 82,010,753 |
Diluted (units) | 87,232,991 | 87,041,046 | 87,218,410 | 82,109,826 |
Non- controlling Interest | ||||
Income Statement [Abstract] | ||||
Net income | $ 3,352 | $ (203) | ||
Non-controlling interest in net income (loss) | 3,352 | (203) | $ 9,818 | $ 6,312 |
Non-controlling interest in net income (loss) | $ (3,352) | $ 203 | $ (9,818) | $ (6,312) |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income | $ 70,326 | $ 40,072 | $ 217,671 | $ 58,527 |
Other comprehensive income (loss) before reclassifications | ||||
Unrealized loss on qualifying cash flow hedging instruments, net of tax | 2,942 | (959) | 24,001 | (69,593) |
Other comprehensive income (loss) | 8,878 | 4,531 | 41,655 | (57,538) |
Comprehensive income | 79,204 | 44,603 | 259,326 | 989 |
Non-controlling interest in comprehensive income (loss) | 3,664 | (18) | 11,343 | 3,429 |
Preferred unitholders' interest in comprehensive income | 6,425 | 6,425 | 19,275 | 19,275 |
General and Limited partners' interest in comprehensive income (loss) | 69,115 | 38,196 | 228,708 | (21,715) |
Equity income | ||||
Other comprehensive income (loss) before reclassifications | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 5,096 | 4,655 | 15,174 | 10,586 |
Interest expense | ||||
Other comprehensive income (loss) before reclassifications | ||||
Unrealized loss on qualifying cash flow hedging instruments, net of tax | 1,040 | 616 | 5,080 | (9,610) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 840 | $ 835 | $ 2,480 | $ 1,469 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current | ||
Cash and cash equivalents | $ 109,596 | $ 206,762 |
Restricted cash – current (note 15) | 8,840 | 8,358 |
Accounts Receivable, after Allowance for Credit Loss, Current | 16,135 | 7,631 |
Prepaid expenses | 13,056 | 9,259 |
Current portion of derivative assets (note 11) | 465 | 0 |
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss, Current | 14,632 | 13,969 |
Due from Joint Ventures, Current | 8,162 | 10,991 |
Advances to affiliates (note 10b) | 14,664 | 4,924 |
Other current assets | 5,972 | 237 |
Total current assets | 191,522 | 262,131 |
Restricted cash – long-term (note 15) | 37,191 | 42,823 |
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 1,194,238 | 1,220,355 |
Property, Plant and Equipment, Other, Accumulated Depreciation | 798,438 | 744,258 |
Accumulated Depreciation on Finance Leases | 193,624 | 157,386 |
Vessels and equipment | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | 1,642,436 | 1,654,814 |
Operating lease right-of-use asset (note 5b) | 10,338 | 20,750 |
Total vessels and equipment | 2,847,012 | 2,895,919 |
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | 1,154,202 | 1,056,792 |
Other assets | 31,564 | 22,382 |
Derivative assets (note 11) | 5,253 | 4,505 |
Intangible assets, net | 27,868 | 34,510 |
Goodwill | 34,841 | 34,841 |
Total assets | 4,813,960 | 4,854,004 |
Current | ||
Accounts payable | 9,170 | 4,883 |
Accrued liabilities (note 11) | 66,414 | 81,706 |
Unearned revenue (note 6) | 19,488 | 30,254 |
Current portion of long-term debt (note 8) | 350,372 | 250,508 |
Current obligations related to finance leases (note 5a) | 73,437 | 71,932 |
Current portion of operating lease liabilities (note 5b) | 10,338 | 14,003 |
Current portion of derivative liabilities (note 11) | 27,023 | 56,925 |
Advances from affiliates (note 10b) | 13,802 | 11,047 |
Total current liabilities | 570,044 | 521,258 |
Long-term debt (note 8) | 1,035,320 | 1,221,705 |
Long-term obligations related to finance leases (note 5a) | 1,213,607 | 1,268,990 |
Long-term operating lease liabilities (note 5b) | 0 | 6,747 |
Derivative liabilities (note 11) | 25,910 | 32,971 |
Other long-term liabilities (note 12b) | 57,585 | 56,063 |
Total liabilities | 2,902,466 | 3,107,734 |
Commitments and contingencies (notes 5, 7, 8, 11 and 12) | ||
Limited Partners' Capital Account, Units Issued | 87,000 | 87,000 |
Preferred Units, Authorized | 11,900 | 11,900 |
Equity | ||
Limited Partners' Capital Account | $ 1,580,034 | $ 1,465,408 |
Preferred Units, Preferred Partners' Capital Accounts | 285,159 | 285,159 |
General partner | 48,230 | 46,182 |
Accumulated other comprehensive loss | (63,706) | (103,836) |
Partners' equity | 1,849,717 | 1,692,913 |
Non-controlling interest | 61,777 | 53,357 |
Total equity | 1,911,494 | 1,746,270 |
Total liabilities and total equity | 4,813,960 | 4,854,004 |
Accounts receivable, non-trade | 10,519 | 5,411 |
Net investments in direct financing leases, net (notes 3b and 6) | $ 484,507 | $ 500,101 |
Limited Partners - preferred units issued (in shares) | 11,800 | 11,800 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net income | $ 217,671 | $ 58,527 |
Non-cash and non-operating items: | ||
Unrealized (gain) loss on non-designated derivative instruments (note 11) | (34,178) | 18,553 |
Depreciation and amortization | 97,253 | 96,869 |
Write-down of vessels (note 14) | 0 | 45,000 |
Unrealized foreign currency exchange (gain) loss including the effect of the settlement of cross currency swaps (note 11) | (13,125) | 10,697 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (66,605) | (24,577) |
Amortization of deferred financing issuance costs included in interest expense | 4,134 | 4,401 |
Provision for Loan, Lease, and Other Losses | 3,117 | 14,557 |
Other Non-cash items | 3,823 | 3,595 |
Receipts from direct financing and sales-type leases | 11,108 | 270,973 |
Expenditures for dry docking | (10,818) | (1,984) |
Other non-cash operating assets and liabilities | (74,683) | 15,960 |
Net operating cash flow | 137,697 | 512,571 |
FINANCING ACTIVITIES | ||
Proceeds from issuance of long-term debt | 237,691 | 561,127 |
Scheduled repayments of long-term debt and settlement of related swaps (note 11) | (174,415) | (220,875) |
Prepayments of long-term debt | (136,543) | (687,061) |
Financing issuance costs | (2,631) | (5,111) |
Scheduled repayments of obligations related to finance leases | (53,878) | (52,419) |
Repurchase of common units (note 13) | 0 | (15,635) |
Payments of Ordinary Dividends | 92,306 | 75,845 |
Payments of Ordinary Dividends, Noncontrolling Interest | (2,923) | (3,390) |
Payments to Noncontrolling Interests | 0 | 2,219 |
Net financing cash flow | (225,005) | (501,428) |
INVESTING ACTIVITIES | ||
Expenditures for vessels and equipment | (25,338) | (9,597) |
Repayment of Notes Receivable from Related Parties | 10,330 | 0 |
Net investing cash flow | (15,008) | (9,597) |
(Decrease) increase in cash, cash equivalents and restricted cash | (102,316) | 1,546 |
Cash, cash equivalents and restricted cash, beginning of the period | 155,627 | 254,837 |
Cash, cash equivalents and restricted cash, end of the period | 155,627 | 254,837 |
Proceeds from Equity Method Investment, Distribution | $ 39,089 | $ 32,297 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from Equity Method Investment, Distribution | $ 39,089 | $ 32,297 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statement 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 | Preferred units Series A ($0.5625 per unit) | Preferred units Series A ($0.5625 per unit)Preferred UnitsLimited Partners | Preferred units Series B ($0.5313 per unit) | Preferred units Series B ($0.5313 per unit)Preferred UnitsLimited Partners |
Beginning balance, units at Dec. 31, 2019 | 77,510 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 1,876,975 | $ 50,241 | $ 1,543,598 | $ 285,159 | $ (57,312) | $ 55,289 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | (30,828) | (789) | (38,630) | $ 6,425 | 2,166 | |||||
Other Comprehensive Income (Loss), Net of Tax | (53,897) | (51,145) | (2,752) | |||||||
Partners' Capital Account, Distributions | 15,013 | 300 | $ 14,713 | $ 2,812 | $ 2,812 | $ 3,613 | $ 3,613 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 35 | |||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 212 | 4 | $ 208 | |||||||
Other (note 10d) | 462 | 12 | $ 629 | (179) | ||||||
Repurchase of common units (note 13), units | (1,373) | |||||||||
Partners' Capital Account, Treasury Units, Purchased | 15,635 | 313 | $ 15,322 | |||||||
Ending balance, units at Mar. 31, 2020 | 76,172 | 11,800 | ||||||||
Ending balance at Mar. 31, 2020 | 1,702,551 | 47,839 | $ 1,425,960 | $ 285,159 | (108,457) | 52,050 | ||||
Beginning balance, units at Dec. 31, 2019 | 77,510 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2019 | 1,876,975 | 50,241 | $ 1,543,598 | $ 285,159 | (57,312) | 55,289 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 58,527 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (57,538) | |||||||||
Ending balance, units at Sep. 30, 2020 | 86,951 | 11,800 | ||||||||
Ending balance at Sep. 30, 2020 | 1,731,547 | 46,081 | $ 1,459,599 | $ 285,159 | (111,967) | 52,675 | ||||
Beginning balance, units at Mar. 31, 2020 | 76,172 | 11,800 | ||||||||
Beginning balance at Mar. 31, 2020 | 1,702,551 | 47,839 | $ 1,425,960 | $ 285,159 | (108,457) | 52,050 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 49,283 | 713 | 37,796 | $ 6,425 | 4,349 | |||||
Other Comprehensive Income (Loss), Net of Tax | (8,172) | (7,856) | (316) | |||||||
Partners' Capital Account, Distributions | 19,432 | 389 | $ 19,043 | $ 2,812 | 2,812 | $ 3,613 | 3,613 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 6 | |||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 682 | 13 | $ 669 | |||||||
Issuance of common units (notes 10e and 13), units | 10,750 | |||||||||
Issuance of common units (notes 10e and 13) | 0 | (2,308) | $ 2,308 | |||||||
Ending balance, units at Jun. 30, 2020 | 86,928 | 11,800 | ||||||||
Ending balance at Jun. 30, 2020 | $ 1,718,487 | 45,868 | $ 1,447,690 | $ 285,159 | (116,313) | 56,083 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | |||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.5625 | $ 0.5313 | ||||||||
Net (loss) income | $ 40,072 | 595 | 33,255 | $ 6,425 | (203) | |||||
Other Comprehensive Income (Loss), Net of Tax | 4,531 | 4,346 | 185 | |||||||
Partners' Capital Account, Distributions | 22,125 | 389 | 21,736 | $ 2,812 | 2,812 | $ 3,613 | 3,613 | |||
Partners' Capital Account, Sale of Units | 397 | 7 | $ 390 | |||||||
Repurchase of common units (note 13), units | 23 | |||||||||
Ending balance, units at Sep. 30, 2020 | 86,951 | 11,800 | ||||||||
Ending balance at Sep. 30, 2020 | $ 1,731,547 | 46,081 | $ 1,459,599 | $ 285,159 | (111,967) | 52,675 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.5625 | $ 0.5313 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (3,390) | |||||||||
Beginning balance, units at Dec. 31, 2020 | 86,951 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2020 | 1,746,270 | 46,182 | $ 1,465,408 | $ 285,159 | (103,836) | 53,357 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 91,067 | 1,426 | 79,740 | $ 6,425 | 3,476 | |||||
Other Comprehensive Income (Loss), Net of Tax | 43,804 | 42,461 | 1,343 | |||||||
Partners' Capital Account, Distributions | 22,127 | 389 | $ 21,738 | $ 2,812 | 2,812 | $ 3,613 | 3,613 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 13 | |||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 342 | 6 | $ 336 | |||||||
Ending balance, units at Mar. 31, 2021 | 86,964 | 11,800 | ||||||||
Ending balance at Mar. 31, 2021 | 1,852,931 | 47,225 | $ 1,523,746 | $ 285,159 | (61,375) | 58,176 | ||||
Beginning balance, units at Dec. 31, 2020 | 86,951 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2020 | 1,746,270 | 46,182 | $ 1,465,408 | $ 285,159 | (103,836) | 53,357 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 217,671 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 41,655 | |||||||||
Ending balance, units at Sep. 30, 2021 | 87,010 | 11,800 | ||||||||
Ending balance at Sep. 30, 2021 | 1,911,494 | 48,230 | $ 1,580,034 | $ 285,159 | (63,706) | 61,777 | ||||
Beginning balance, units at Mar. 31, 2021 | 86,964 | 11,800 | ||||||||
Beginning balance at Mar. 31, 2021 | 1,852,931 | 47,225 | $ 1,523,746 | $ 285,159 | (61,375) | 58,176 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net (loss) income | 56,278 | 823 | 46,040 | $ 6,425 | 2,990 | |||||
Other Comprehensive Income (Loss), Net of Tax | (11,027) | (10,897) | (130) | |||||||
Partners' Capital Account, Distributions | 25,449 | 447 | $ 25,002 | $ 2,812 | 2,812 | $ 3,613 | 3,613 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 20 | |||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 676 | 12 | $ 664 | |||||||
Ending balance, units at Jun. 30, 2021 | 86,984 | 11,800 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,864,314 | 47,613 | $ 1,545,448 | $ 285,159 | (72,272) | 58,366 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.5625 | $ 0.5313 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (2,670) | |||||||||
Net (loss) income | 70,326 | 1,062 | 59,487 | $ 6,425 | 3,352 | |||||
Other Comprehensive Income (Loss), Net of Tax | 8,878 | 8,566 | 312 | |||||||
Partners' Capital Account, Distributions | 25,455 | 447 | $ 25,008 | $ 2,812 | $ 2,812 | $ 3,613 | $ 3,613 | |||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 26 | |||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 109 | 2 | $ 107 | |||||||
Ending balance, units at Sep. 30, 2021 | 87,010 | 11,800 | ||||||||
Ending balance at Sep. 30, 2021 | $ 1,911,494 | $ 48,230 | $ 1,580,034 | $ 285,159 | $ (63,706) | $ 61,777 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.2875 | |||||||||
Preferred Stock, Dividends Per Share, Declared | $ 0.5625 | $ 0.5313 | ||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ (253) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information 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. September 30, 2021 December 31, 2020 September 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 109,596 206,762 201,036 160,221 Restricted cash – current 8,840 8,358 11,224 53,689 Restricted cash – long-term 37,191 42,823 42,577 39,381 155,627 257,943 254,837 253,291 The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 11), performance bond collateral and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Schedule | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Cash Equivalents | 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. September 30, 2021 December 31, 2020 September 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 109,596 206,762 201,036 160,221 Restricted cash – current 8,840 8,358 11,224 53,689 Restricted cash – long-term 37,191 42,823 42,577 39,381 155,627 257,943 254,837 253,291 The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 11), performance bond collateral and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 109,596 | $ 206,762 | $ 201,036 | $ 160,221 |
Restricted cash – current | 8,840 | 8,358 | 11,224 | 53,689 |
Restricted cash – long-term | 37,191 | 42,823 | 42,577 | 39,381 |
Total | $ 155,627 | $ 257,943 | $ 254,837 | $ 253,291 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | The unaudited interim consolidated financial statements (or unaudited consolidated financial statements ) have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These unaudited consolidated financial statements include the accounts of Teekay LNG Partners L.P. (or the Partnership ), which is a limited partnership formed under the laws of the Republic of the Marshall Islands, its wholly-owned and controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited consolidated financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2020, which were included in the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (or SEC ) on April 1, 2021. In the opinion of management of Teekay GP L.L.C., the general partner of the Partnership (or the General Partner ), these unaudited consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that the amounts recorded as derivative liabilities and derivative assets could vary by material amounts prior to their settlement. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) as a pandemic. While the Partnership has experienced some logistical challenges across its fleet due to COVID-19, the Partnership has not yet experienced any material negative financial impacts to its results of operations or financial position for the periods covered by these consolidated financial statements as a result of COVID-19, other than the COVID-19 global pandemic being a contributing factor to the write-down of six of the Partnership's multi-gas vessels during the nine months ended September 30, 2020 as described in Note 14. Given the dynamic nature of the COVID-19 global pandemic, the full extent to which the COVID-19 global pandemic may have material direct or indirect impact on the Partnership's business and the related financial reporting implications cannot be reasonably estimated at this time, although it could materially affect the business, results of operations and financial condition in the future. |
Accounting Pronouncements
Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements 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 Partnership adopted this update on January 1, 2021. The adoption did not have an impact on the Partnership's consolidated financial statements and related disclosures. 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 . 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. In July 2021, the FASB issued ASU 2021-05 - Leases (Topic 842) Lessors — Certain Leases with Variable Lease Payments (or ASU 2021-05 ). Pursuant to ASU 2021-05, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if, without reference to ASU 2012-05, the lease would have been classified as a sales-type lease or a direct financing lease and a day-one loss would have been recognized. The Partnership expects to adopt ASU 2021-05 on January 1, 2022, although earlier application is permitted. This ASU can be adopted either (1) retrospectively to leases that commenced or were modified on or after January 1, 2019 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Partnership is currently evaluating the effect of adopting this new guidance. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements 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 Partnership adopted this update on January 1, 2021. The adoption did not have an impact on the Partnership's consolidated financial statements and related disclosures. 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 . 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. In July 2021, the FASB issued ASU 2021-05 - Leases (Topic 842) Lessors — Certain Leases with Variable Lease Payments (or ASU 2021-05 ). Pursuant to ASU 2021-05, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if, without reference to ASU 2012-05, the lease would have been classified as a sales-type lease or a direct financing lease and a day-one loss would have been recognized. The Partnership expects to adopt ASU 2021-05 on January 1, 2022, although earlier application is permitted. This ASU can be adopted either (1) retrospectively to leases that commenced or were modified on or after January 1, 2019 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Item 18 – Financial Statements: Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. 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 fair value on a recurring basis. September 30, 2021 December 31, 2020 Fair Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15) Level 1 155,627 155,627 257,943 257,943 Derivative instruments (note 11) Interest rate swap agreements – assets Level 2 1,823 1,823 — — Interest rate swap agreements – liabilities Level 2 (35,401) (35,401) (75,468) (75,468) Cross currency swap agreements – assets Level 2 3,895 3,895 4,505 4,505 Cross currency swap agreements – liabilities Level 2 (20,537) (20,537) (20,022) (20,022) Non-recurring: Vessels and equipment Level 2 — — 40,717 40,717 Other: Loans to equity-accounted joint ventures (note 7) (i) 106,301 (i) 116,632 (i) Long-term debt – public (note 8) Level 1 (346,246) (354,519) (352,260) (359,581) Long-term debt – non-public (note 8) Level 2 (1,039,446) (1,061,418) (1,119,953) (1,137,050) Obligations related to finance leases (note 5a) Level 2 (1,287,044) (1,363,615) (1,340,922) (1,456,927) (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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. b) Credit Losses For a description of the Partnership's exposure to potential credit losses under ASC 326, see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. 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 as at September 30, 2021 and December 31, 2020. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 and prior Total As at September 30, 2021 $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — 322,949 322,949 Bahrain Spirit Performing — 210,190 — 210,190 — 210,190 322,949 533,139 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 32,266 32,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 660 — — 660 660 — 105,641 106,301 660 210,190 428,590 639,440 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 — 115,641 116,632 991 211,939 447,949 660,879 (1) For a description of how the Partnership's credit quality grades are determined see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. As at September 30, 2021 and 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 the three and nine months ended September 30, 2021 and 2020 are as follows: Direct Financing Leases (1) (2) $ Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1) (2) $ Loans to Equity-Accounted Joint Ventures (1) $ Guarantees of Debt (1) $ Total Three and Nine Months Ended September 30, 2021 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 Provision for (reversal of) potential credit losses 4,436 6,677 (981) 218 10,350 As at March 31, 2021 34,613 61,614 3,745 2,298 102,270 Provision for (reversal of) potential credit losses 787 722 255 (298) 1,466 As at June 30, 2021 35,400 62,336 4,000 2,000 103,736 (Reversal of) provision for potential credit losses (1,400) (1,736) 300 (200) (3,036) As at September 30, 2021 34,000 60,600 4,300 1,800 100,700 Three and Nine Months Ended September 30, 2020 As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 (Reversal of) provision for potential credit losses (100) 8,980 — — 8,880 As at March 31, 2020 11,055 45,272 3,714 2,139 62,180 Provision for (reversal of) potential credit losses 465 (423) 83 (288) (163) As at June 30, 2020 11,520 44,849 3,797 1,851 62,017 Provision for (reversal of) potential credit losses 13,805 7,099 877 (285) 21,496 As at September 30, 2020 25,325 51,948 4,674 1,566 83,513 (1) For a description of how the credit loss provision for direct financing leases, direct financing and sales-type leases and other within equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three and nine months ended September 30, 2021 and 2020, see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. (2) The change in credit loss provision of $(1.4) million and $3.8 million for the Partnership's consolidated vessels for the three and nine months ended September 30, 2021, respectively ($13.8 million and $14.2 million for the three and nine months ended September 30, 2020, respectively), was included in other expense in the Partnership's consolidated statements of income. The change in the credit loss provision for the nine months ended September 30, 2021 primarily reflects a decline in the estimated charter-free valuations for certain types of its liquefied natural gas (or 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 based on the underlying LNG shipping market fundamentals and it is possible that these estimates could vary by material amounts in future periods. The change in credit loss provision of $(1.7) million and $5.7 million for the three and nine months ended September 30, 2021, respectively ($7.1 million and $15.7 million for the three and nine months ended September 30, 2020, respectively), relating to the direct financing and sales-type leases and other within the Partnership's equity-accounted joint ventures was included in equity income in the Partnership's consolidated statements of income. The change in credit loss provision for the nine months ended September 30, 2021 primarily 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. |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring | a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Item 18 – Financial Statements: Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. 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 fair value on a recurring basis. September 30, 2021 December 31, 2020 Fair Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15) Level 1 155,627 155,627 257,943 257,943 Derivative instruments (note 11) Interest rate swap agreements – assets Level 2 1,823 1,823 — — Interest rate swap agreements – liabilities Level 2 (35,401) (35,401) (75,468) (75,468) Cross currency swap agreements – assets Level 2 3,895 3,895 4,505 4,505 Cross currency swap agreements – liabilities Level 2 (20,537) (20,537) (20,022) (20,022) Non-recurring: Vessels and equipment Level 2 — — 40,717 40,717 Other: Loans to equity-accounted joint ventures (note 7) (i) 106,301 (i) 116,632 (i) Long-term debt – public (note 8) Level 1 (346,246) (354,519) (352,260) (359,581) Long-term debt – non-public (note 8) Level 2 (1,039,446) (1,061,418) (1,119,953) (1,137,050) Obligations related to finance leases (note 5a) Level 2 (1,287,044) (1,363,615) (1,340,922) (1,456,927) (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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Credit Loss, Financial Instrument | b) Credit Losses For a description of the Partnership's exposure to potential credit losses under ASC 326, see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. 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 as at September 30, 2021 and December 31, 2020. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 and prior Total As at September 30, 2021 $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — 322,949 322,949 Bahrain Spirit Performing — 210,190 — 210,190 — 210,190 322,949 533,139 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 32,266 32,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 660 — — 660 660 — 105,641 106,301 660 210,190 428,590 639,440 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 — 115,641 116,632 991 211,939 447,949 660,879 (1) For a description of how the Partnership's credit quality grades are determined see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. As at September 30, 2021 and 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 the three and nine months ended September 30, 2021 and 2020 are as follows: Direct Financing Leases (1) (2) $ Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1) (2) $ Loans to Equity-Accounted Joint Ventures (1) $ Guarantees of Debt (1) $ Total Three and Nine Months Ended September 30, 2021 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 Provision for (reversal of) potential credit losses 4,436 6,677 (981) 218 10,350 As at March 31, 2021 34,613 61,614 3,745 2,298 102,270 Provision for (reversal of) potential credit losses 787 722 255 (298) 1,466 As at June 30, 2021 35,400 62,336 4,000 2,000 103,736 (Reversal of) provision for potential credit losses (1,400) (1,736) 300 (200) (3,036) As at September 30, 2021 34,000 60,600 4,300 1,800 100,700 Three and Nine Months Ended September 30, 2020 As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 (Reversal of) provision for potential credit losses (100) 8,980 — — 8,880 As at March 31, 2020 11,055 45,272 3,714 2,139 62,180 Provision for (reversal of) potential credit losses 465 (423) 83 (288) (163) As at June 30, 2020 11,520 44,849 3,797 1,851 62,017 Provision for (reversal of) potential credit losses 13,805 7,099 877 (285) 21,496 As at September 30, 2020 25,325 51,948 4,674 1,566 83,513 (1) For a description of how the credit loss provision for direct financing leases, direct financing and sales-type leases and other within equity-accounted joint ventures, loans to equity-accounted joint ventures and guarantees of debt was determined for the three and nine months ended September 30, 2021 and 2020, see Item 18 – Financial Statements: Note 3b to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. (2) The change in credit loss provision of $(1.4) million and $3.8 million for the Partnership's consolidated vessels for the three and nine months ended September 30, 2021, respectively ($13.8 million and $14.2 million for the three and nine months ended September 30, 2020, respectively), was included in other expense in the Partnership's consolidated statements of income. The change in the credit loss provision for the nine months ended September 30, 2021 primarily reflects a decline in the estimated charter-free valuations for certain types of its liquefied natural gas (or 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 based on the underlying LNG shipping market fundamentals and it is possible that these estimates could vary by material amounts in future periods. The change in credit loss provision of $(1.7) million and $5.7 million for the three and nine months ended September 30, 2021, respectively ($7.1 million and $15.7 million for the three and nine months ended September 30, 2020, respectively), relating to the direct financing and sales-type leases and other within the Partnership's equity-accounted joint ventures was included in equity income in the Partnership's consolidated statements of income. The change in credit loss provision for the nine months ended September 30, 2021 primarily 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. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The following tables include results for the Partnership’s segments for the periods presented in these unaudited consolidated financial statements. Three Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Voyage revenues 133,754 12,823 146,577 138,953 9,982 148,935 Voyage expenses (1,778) (5,443) (7,221) (427) (3,523) (3,950) Vessel operating expenses (25,326) (5,100) (30,426) (25,871) (4,771) (30,642) Time-charter hire expenses (5,665) — (5,665) (5,980) — (5,980) Depreciation and amortization (31,294) (1,708) (33,002) (30,658) (1,943) (32,601) General and administrative expenses (i) (11,691) (928) (12,619) (5,704) (461) (6,165) Income (loss) from vessel operations 58,000 (356) 57,644 70,313 (716) 69,597 Equity income 35,241 3,997 39,238 22,674 1,672 24,346 Nine Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Voyage revenues 411,934 36,214 448,148 409,345 27,682 437,027 Voyage expenses (4,748) (16,016) (20,764) (2,262) (9,334) (11,596) Vessel operating expenses (78,169) (14,882) (93,051) (72,562) (12,591) (85,153) Time-charter hire expenses (17,382) — (17,382) (17,270) — (17,270) Depreciation and amortization (92,186) (5,067) (97,253) (91,816) (5,053) (96,869) General and administrative expenses (i) (24,562) (2,145) (26,707) (18,708) (1,507) (20,215) Write-down of vessels — — — — (45,000) (45,000) Income (loss) from vessel operations 194,887 (1,896) 192,991 206,727 (45,803) 160,924 Equity income 94,180 11,514 105,694 50,651 6,223 56,874 (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to consolidated total assets presented in the Partnership's consolidated balance sheets is as follows: September 30, 2021 December 31, $ $ Total assets of the LNG segment 4,441,653 4,395,336 Total assets of the LPG segment 248,047 246,982 Unallocated: Cash and cash equivalents 109,596 206,762 Advances to affiliates 14,664 4,924 Consolidated total assets 4,813,960 4,854,004 |
Chartered-in Vessels
Chartered-in Vessels | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
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 (see Note 10a). As at September 30, 2021, minimum commitments to be incurred by the Partnership relating to its time-charter-in contract with the MALT Joint Venture were approximately $6.0 million (remainder of 2021) and $11.1 million (2022). These amounts do not include commitments relating to two vessels owned by Teekay BLT Corporation (or the Tangguh Joint Venture ) which are described in Note 12b. |
Lessee, Finance Leases [Text Block] | Obligations related to Finance Leases September 30, 2021 December 31, 2020 $ $ Total obligations related to finance leases 1,287,044 1,340,922 Less current portion (73,437) (71,932) Long-term obligations related to finance leases 1,213,607 1,268,990 As at September 30, 2021 and December 31, 2020, 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 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 obligations of the Partnership under the bareboat charter contracts for the nine LNG carriers are guaranteed by the Partnership. 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 September 30, 2021, the Partnership was in compliance with all covenants in respect of the obligations related to its finance leases. As at September 30, 2021, 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 $1.6 billion, including imputed interest of $350.2 million, repayable for the remainder of 2021 through 2034, as indicated below: Commitments as at Year $ Remainder of 2021 34,420 2022 136,959 2023 135,459 2024 132,011 2025 129,725 Thereafter 1,068,641 |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | RevenueThe Partnership’s primary source of revenue is from chartering its vessels to its customers. The Partnership primarily utilizes two forms of contracts consisting of time-charter contracts and voyage charter contracts. For a description of these contracts, see Item 18 – Financial Statements: Note 6 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. Revenue Table The following tables contain the Partnership’s revenue for the three and nine months ended September 30, 2021 and 2020, by contract type and by segment. Three Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Time charters 131,366 3,084 134,450 136,203 — 136,203 Voyage charters — 9,739 9,739 — 9,982 9,982 Management fees and other income 2,388 — 2,388 2,750 — 2,750 133,754 12,823 146,577 138,953 9,982 148,935 Nine Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Time charters 404,792 6,890 411,682 402,509 — 402,509 Voyage charters — 29,324 29,324 — 27,682 27,682 Management fees and other income 7,142 — 7,142 6,836 — 6,836 411,934 36,214 448,148 409,345 27,682 437,027 The following table contains the Partnership’s revenue for the three and nine months ended September 30, 2021 and 2020, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 124,312 126,678 382,615 373,566 Interest income on lease receivables 12,348 12,659 36,877 37,920 Variable lease payments - cost reimbursements (1) 1,541 1,475 4,686 3,795 138,201 140,812 424,178 415,281 Non-lease revenue Non-lease revenue - related to direct financing leases 5,988 5,373 16,828 14,910 Management fees and other income 2,388 2,750 7,142 6,836 8,376 8,123 23,970 21,746 Total 146,577 148,935 448,148 437,027 (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. Net Investments in Direct Financing Leases As at September 30, 2021 and December 31, 2020, the Partnership had three LNG carriers, excluding the vessels in its equity-accounted joint ventures, that are accounted for as direct financing leases. For a description of the Partnership's LNG carriers accounted for as direct financing leases, see Item 18 – Financial Statements: Note 6 to the Partnership's audited consolidated financial statements included in its Annual Report on Form 20-F for the year ended December 31, 2020. In January 2020, Awilco purchased two LNG carriers classified as sales-type leases, the WilForce and the WilPride , from the Partnership and paid the Partnership the associated purchase obligation amounts, deferred hire amounts and interest on deferred hire amounts, totaling $260.4 million relating to these two vessels. As at September 30, 2021, estimated lease payments to be received by the Partnership related to its direct financing leases in each of the next five years were approximately $16.1 million (remainder of 2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024), $64.2 million (2025) and an aggregate of $446.5 million thereafter. Two leases are expected to end in 2028 and the remaining lease is scheduled to end in 2039. Operating Leases As at September 30, 2021, 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 $124.9 million (remainder of 2021), $389.0 million (2022), $309.9 million (2023), $252.9 million (2024), and $197.4 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 September 30, 2021, variable or contingent rentals, or rentals from contracts which were entered into or commenced after September 30, 2021. 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. Contract Liabilities As at September 30, 2021, the Partnership had $15.7 million of advanced payments recognized as contract liabilities included in unearned revenue (December 31, 2020 – $26.5 million, September 30, 2020 – $28.9 million and December 31, 2019 – $24.9 million). The Partnership recognized $14.0 million and $26.4 million of revenue for the three months ended September 30, 2021 and 2020, respectively, that was recognized as a contract liability at the beginning of such three-month periods. The Partnership recognized $26.5 million and $24.9 million of revenue for the nine months ended September 30, 2021 and 2020, respectively, that was recognized as a contract liability at the beginning of such nine-month periods. |
Equity-Accounted Joint Ventures
Equity-Accounted Joint Ventures | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-Accounted Investments | Equity-Accounted Joint Ventures For a description of the Partnership's equity-accounted joint ventures, see Item 18 - Financial Statements: Note 7a in the Partnership's audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. The Partnership's potential credit losses associated with its equity-accounted joint ventures are described in Note 3b and are excluded from the amounts in this note. a) As of September 30, 2021, the Partnership had advanced $32.3 million to the Exmar LPG Joint Venture (December 31, 2020 – $42.3 million), in which the Partnership has a 50% ownership interest. These advances bear interest at LIBOR plus 0.50% and have no fixed repayment terms. For the three and nine months ended September 30, 2021, interest earned on these loans amounted to $0.1 million and $0.3 million, respectively (three and nine months ended September 30, 2020 – $0.1 million and $0.7 million, respectively), and is included in interest income in the Partnership's consolidated statements of income. As of September 30, 2021 and December 31, 2020, the interest receivable on these advances was $nil. These advances were included in current portion of advances to equity-accounted joint ventures, net and in investments in and advances to equity-accounted joint ventures, net in the Partnership’s consolidated balance sheets. b) As of September 30, 2021 and December 31, 2020, the Partnership had advanced $73.4 million to the Bahrain LNG Joint Venture, in which the Partnership has a 30% ownership interest. These advances bear interest at 6.0%. For the three and nine months ended September 30, 2021, interest earned on these advances amounted to $1.2 million and $3.6 million, respectively (three and nine months ended September 30, 2020 – $1.1 million and $3.4 million, respectively), and is included in interest income in the Partnership's consolidated statements of income. As of September 30, 2021 and December 31, 2020, the interest receivable on these advances was $8.7 million and $5.1 million, respectively. Both the advances and the accrued interest on these advances were included in investments in and advances to equity-accounted joint ventures, net in the Partnership’s consolidated balance sheets. c) As of September 30, 2021, the Partnership had advanced $0.7 million to the Angola Joint Venture (December 31, 2020 – $1.0 million), in which the Partnership has a 33% ownership interest. These advances bear interest at LIBOR plus 1.0%. The advances were included in current portion of advances to equity-accounted joint ventures, net in the Partnership’s consolidated balance sheets. d) The Partnership guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for certain of its equity-accounted joint ventures for which the aggregate principal amount of the loan facilities and fair value of the interest rate swaps as at September 30, 2021 was $1.3 billion. As at September 30, 2021, with the exception of debt service coverage ratio breaches for three 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 October 2021, the Angola Joint Venture obtained a waiver from its lenders for the covenant requirement that was not met, with such waiver being valid until the next covenant test at December 31, 2021. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt September 30, 2021 December 31, 2020 $ $ U.S. Dollar-denominated Revolving Credit Facilities due in 2022 105,000 100,000 U.S. Dollar-denominated Term Loans and Bonds due from 2021 to 2030 812,304 873,712 Norwegian Krone-denominated Bonds due from 2021 to 2025 348,630 355,514 Euro-denominated Term Loans due in 2023 and 2024 128,439 152,710 Total principal 1,394,373 1,481,936 Unamortized discount and debt issuance costs (8,681) (9,723) Total debt 1,385,692 1,472,213 Less current portion (350,372) (250,508) Long-term debt 1,035,320 1,221,705 As at September 30, 2021, the Partnership had two revolving credit facilities available, which, as at such date, provided for borrowings of up to $330.4 million (December 31, 2020 – $354.8 million), of which $225.4 million (December 31, 2020 – $254.8 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 $330.4 million in 2022, which is when both revolving credit facilities mature. The revolving credit facilities may be used by the Partnership for 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 September 30, 2021, the Partnership had six U.S. Dollar-denominated term loans and bonds outstanding which totaled $812.3 million in aggregate principal amount (December 31, 2020 – $873.7 million). Interest payments on the term loans are based on LIBOR plus a margin, where margins ranged from 1.85% to 3.25% and fixed interest payments on the bonds ranging from 4.11% to 4.41%. The six combined term loans and bonds require quarterly interest and principal payments and five have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on the 16 Partnership vessels to which the loans relate, together with certain other related security. In addition, as at September 30, 2021, all of the outstanding term loans were guaranteed by either the Partnership or the ship-owning entities within the RasGas II Joint Venture, in which the Partnership has a 70% ownership interest. As at September 30, 2021, and December 31, 2020, the Partnership had Norwegian Krone (or NOK ) 3.1 billion of senior unsecured bonds in the Norwegian bond market that mature through 2025. As at September 30, 2021, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $348.6 million (December 31, 2020 – $355.5 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 11 ). On October 28, 2021, the Partnership repaid NOK 1.2 billion of senior unsecured bonds that trade in the Norwegian bond market upon maturity, as well as certain related cross currency swaps (see Note 11). The Partnership had two Euro-denominated term loans outstanding, which as at September 30, 2021, totaled 110.9 million Euros ($128.4 million) (December 31, 2020 – 125.0 million Euros ($152.7 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 on the term loans ranged from 0.60% to 1.95%. The term 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 September 30, 2021 and December 31, 2020 were 3.25% and 3.04%, 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 11). All Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Partnership’s NOK-denominated bonds, the Partnership’s Euro-denominated term loans and restricted cash, and the change in the valuation of the Partnership’s cross currency swaps, the Partnership incurred foreign exchange gains (losses) of $2.8 million and $(7.9) million for the three months ended September 30, 2021 and 2020, respectively, and $6.9 million and $(14.7) million for the nine months ended September 30, 2021 and 2020, respectively. The aggregate annual long-term debt principal repayments required under the Partnership's revolving credit facilities, loans and bonds subsequent to September 30, 2021 are $169.1 million (remainder of 2021), $212.3 million (2022), $233.3 million (2023), $124.4 million (2024), $185.5 million (2025) and $469.8 million (thereafter). |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax Expense The components of the provision for income tax expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Current (1,285) (1,927) (3,935) (3,308) Deferred (941) 507 671 1,180 Income tax expense (2,226) (1,420) (3,264) (2,128) 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
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: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Voyage revenues (i) 9,869 9,704 29,285 27,881 Vessel operating expenses (ii) (451) (1,877) (5,609) (4,610) Time-charter hire expenses (iii) (5,665) (5,980) (17,382) (17,270) General and administrative expenses (iv) (9,382) (3,998) (18,374) (11,583) Equity income (v) 609 609 1,808 1,815 (i) In 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 three and nine months ended September 30, 2021 amounted to $7.5 million and $22.1 million, respectively ($7.3 million and $21.4 million for the three and nine months ended September 30, 2020, respectively). In addition, the Partnership has an operation and maintenance contract with the Bahrain LNG Joint Venture relating to the LNG regasification terminal in Bahrain. Fees received in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture for the three and nine months ended September 30, 2021 were $2.4 million and $7.2 million, respectively ($2.4 million and $6.5 million for the three and nine months ended September 30, 2020, respectively), and are included in voyage revenues in the Partnership's consolidated statements of income. (ii) 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. 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. (iii) 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 three and nine months ended September 30, 2021 were $5.7 million and $17.4 million, respectively ($6.0 million and $17.3 million for the three and nine months ended September 30, 2020, respectively). (iv) 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. (v) During the three and nine months ended September 30, 2021, the Partnership charged fees of $0.6 million and $1.8 million, respectively ($0.6 million and $1.8 million for the three and nine months ended September 30, 2020, respectively) 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 September 30, 2021 and December 31, 2020, non-interest-bearing advances to affiliates totaled $14.7 million and $4.9 million, respectively, and non-interest-bearing advances from affiliates totaled $13.8 million and $11.0 million, respectively. These advances are unsecured and have no fixed repayment terms. Affiliates are entities that are under common control with the Partnership. c) 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 10.75 million newly-issued common units of the Partnership. This was treated as a non-cash transaction in the Partnership's consolidated statements of cash flows. d) 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. e) 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 | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021, 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 8), 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 September 30, 2021. Floating Rate Receivable Principal Principal Reference Rate Margin Fixed Rate Fair Value / Weighted- 1,200,000 146,500 NIBOR 6.00% 7.72% (9,932) 0.1 850,000 102,000 NIBOR 4.60% 7.89% (10,601) 1.9 1,000,000 112,000 NIBOR 5.15% 5.74% 3,891 3.9 (16,642) Interest Rate Risk The Partnership enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Partnership’s exposure to interest rate variability on certain of its outstanding floating-rate debt. As at September 30, 2021, the Partnership was committed to the following interest rate swap agreements: Interest Principal Fair Weighted- Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii) LIBOR 181,906 816 4.4 0.7% U.S. Dollar-denominated interest rate swaps (ii)(iii) LIBOR 139,169 (1,963) 3.0 1.4% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 283,729 (20,757) 2.3 3.6% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 150,761 (7,773) 5.2 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps (iv) EURIBOR 58,613 (3,901) 1.9 3.9% (33,578) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at September 30, 2021, ranged from 0.60% to 3.25%. (ii) Principal amount reduces quarterly. (iii) These interest rate swaps are subject to mandatory early termination in 2024 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces monthly. As at September 30, 2021, 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 provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Partnership’s consolidated balance sheets. As at September 30, 2021, these interest rate swaps and cross currency swaps had an aggregate fair value asset of $4.7 million (December 31, 2020 – $4.5 million) and an aggregate fair value liability of $54.9 million (December 31, 2020 – $73.7 million). As at September 30, 2021, the Partnership had $nil (December 31, 2020 – $3.8 million) on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current and restricted cash – 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. Current portion of derivative Derivative Accrued Current portion of derivative Derivative As at September 30, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (62) (3,036) (4,673) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — 1,823 (2,203) (12,079) (13,348) Cross currency swap agreements 465 3,430 (740) (11,908) (7,889) 465 5,253 (3,005) (27,023) (25,910) 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) Realized and unrealized gains (losses) relating to non-designated interest rate swap agreements and foreign currency forward contracts are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivative instruments in the Partnership’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Partnership’s consolidated statements of income is as follows: Three Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (3,919) 4,020 101 (4,947) 3,620 (1,327) Nine Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (12,317) 34,178 21,861 (11,520) (18,755) (30,275) Interest rate swap agreement (18,012) — (18,012) — — — Foreign currency forward contracts — — — (241) 202 (39) (30,329) 34,178 3,849 (11,761) (18,553) (30,314) Realized and unrealized gains (losses) relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange gain (loss) in the Partnership’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Partnership's consolidated statements of income is as follows: Three Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Cross currency swap agreements (1,595) (3,952) (5,547) (1,669) 1,490 (179) Nine Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Cross currency swap agreements (4,233) (1,085) (5,318) (4,916) (2,169) (7,085) Cross currency swap agreements — — — (33,844) — (33,844) (4,233) (1,085) (5,318) (38,760) (2,169) (40,929) 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 income (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. Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense 1,040 (840) 616 (835) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense 5,080 (2,480) (9,610) (1,469) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 is as follows: Total Remainder of 2022 Certain consolidated LNG carriers (i) 20,557 5,843 14,714 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 31,896 5,843 26,053 (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 $53.5 million. As at September 30, 2021, the estimated remaining cost of these installations was $20.6 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 at September 30, 2021, 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 undrawn debt financing of $23.5 million, of which $7.1 million relates to the Partnership's proportionate share of the construction commitments included in the table above. b) The Partnership owns 70% of the Tangguh Joint Venture, which is a party to operating leases whereby the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers ) to a third party, which is in turn leasing the vessels back to the joint venture. The amounts referenced in Note 5b do not include the Partnership’s minimum charter hire payments to be paid and received under these leases, which are described in more detail in Item 18 – Financial Statements: Note 14d to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. As at September 30, 2021, the carrying amount of this estimated tax indemnification obligation relating to the leasing arrangement through the Tangguh Joint Venture was $5.3 million (December 31, 2020 – $5.7 million) and was included as part of other long-term liabilities in the consolidated balance sheets of the Partnership. c) 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 $378.5 million as at September 30, 2021. This working capital deficit includes $350.4 million related to scheduled maturities and repayments of long-term debt in the 12 months following September 30, 2021. Based on the Partnership’s liquidity at the date these unaudited 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 two expected debt refinancings which the Partnership considers probable based on its history of refinancing similar debt, 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 unaudited consolidated financial statements. |
Total Capital and Net Income Pe
Total Capital and Net Income Per Unit | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Total Capital and Net (Loss) Income Per Unit | and Net Income Per Common Unit As at September 30, 2021, approximately 58.7% 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. 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. 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 three and nine months ended September 30, 2021 and 2020 were $6.4 million and $19.3 million, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Limited partners' interest in net income for basic and diluted net income per common unit 59,487 33,255 185,267 32,421 Weighted average number of common units (i) 87,120,897 86,951,234 87,081,753 82,010,753 Dilutive effect of unit-based compensation 112,094 89,812 136,657 99,073 Weighted average number of common units and common unit equivalents 87,232,991 87,041,046 87,218,410 82,109,826 Limited partners' interest in net income per common unit: Basic 0.68 0.38 2.13 0.40 Diluted 0.68 0.38 2.12 0.39 (i) Includes common units related to non-forfeitable unit-based compensation. |
Write-down of Vessels
Write-down of Vessels | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Write-down and Sale of Vessels | Write-down of Vessels In March 2020, the carrying values for six of the Partnership's seven wholly-owned multi-gas carriers (the Unikum Spirit , Vision Spirit , Pan Spirit, Cathinka Spirit , Camilla Spirit and Sonoma Spirit ), were written down to their estimated fair values at that time, 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 economic impact of the COVID-19 global pandemic), as well as the Partnership receiving notification that the Partnership's then-existing commercial management agreement with a third-party commercial manager would be terminated and replaced by a new commercial management agreement in September 2020. The total impairment charge of $45.0 million was included in write-down of vessels for the nine months ended September 30, 2020 in the Partnership's consolidated statements of income. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On October 4, 2021, the Partnership, Teekay GP L.L.C. (or Teekay GP ), an investment vehicle (or Acquiror ) managed by Stonepeak Partners L.P., and a wholly-owned subsidiary of Acquiror (or Merger Sub ) entered into an agreement and plan of merger (or the Merger Agreement ). At the effective time of the merger (or the Merger ) under the Merger Agreement, (a) each issued and outstanding common unit of the Partnership, including approximately 36.0 million common units owned by Teekay Corporation (or Teekay |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New accounting pronouncements | Accounting Pronouncements 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 Partnership adopted this update on January 1, 2021. The adoption did not have an impact on the Partnership's consolidated financial statements and related disclosures. 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 . 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. In July 2021, the FASB issued ASU 2021-05 - Leases (Topic 842) Lessors — Certain Leases with Variable Lease Payments (or ASU 2021-05 ). Pursuant to ASU 2021-05, lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if, without reference to ASU 2012-05, the lease would have been classified as a sales-type lease or a direct financing lease and a day-one loss would have been recognized. The Partnership expects to adopt ASU 2021-05 on January 1, 2022, although earlier application is permitted. This ASU can be adopted either (1) retrospectively to leases that commenced or were modified on or after January 1, 2019 or (2) prospectively to leases that commence or are modified on or after the date that an entity first applies the amendments. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Partnership's Financing receivables and Direct financing leases | 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 as at September 30, 2021 and December 31, 2020. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 and prior Total As at September 30, 2021 $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — 322,949 322,949 Bahrain Spirit Performing — 210,190 — 210,190 — 210,190 322,949 533,139 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 32,266 32,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 660 — — 660 660 — 105,641 106,301 660 210,190 428,590 639,440 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 — 115,641 116,632 991 211,939 447,949 660,879 |
Financing Receivable, Allowance for Credit Loss | Changes in the Partnership's allowance for credit losses for the three and nine months ended September 30, 2021 and 2020 are as follows: Direct Financing Leases (1) (2) $ Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1) (2) $ Loans to Equity-Accounted Joint Ventures (1) $ Guarantees of Debt (1) $ Total Three and Nine Months Ended September 30, 2021 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 Provision for (reversal of) potential credit losses 4,436 6,677 (981) 218 10,350 As at March 31, 2021 34,613 61,614 3,745 2,298 102,270 Provision for (reversal of) potential credit losses 787 722 255 (298) 1,466 As at June 30, 2021 35,400 62,336 4,000 2,000 103,736 (Reversal of) provision for potential credit losses (1,400) (1,736) 300 (200) (3,036) As at September 30, 2021 34,000 60,600 4,300 1,800 100,700 Three and Nine Months Ended September 30, 2020 As at January 1, 2020 11,155 36,292 3,714 2,139 53,300 (Reversal of) provision for potential credit losses (100) 8,980 — — 8,880 As at March 31, 2020 11,055 45,272 3,714 2,139 62,180 Provision for (reversal of) potential credit losses 465 (423) 83 (288) (163) As at June 30, 2020 11,520 44,849 3,797 1,851 62,017 Provision for (reversal of) potential credit losses 13,805 7,099 877 (285) 21,496 As at September 30, 2020 25,325 51,948 4,674 1,566 83,513 |
Fair Value Measurements, Recurring and Nonrecurring | 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 fair value on a recurring basis. September 30, 2021 December 31, 2020 Fair Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15) Level 1 155,627 155,627 257,943 257,943 Derivative instruments (note 11) Interest rate swap agreements – assets Level 2 1,823 1,823 — — Interest rate swap agreements – liabilities Level 2 (35,401) (35,401) (75,468) (75,468) Cross currency swap agreements – assets Level 2 3,895 3,895 4,505 4,505 Cross currency swap agreements – liabilities Level 2 (20,537) (20,537) (20,022) (20,022) Non-recurring: Vessels and equipment Level 2 — — 40,717 40,717 Other: Loans to equity-accounted joint ventures (note 7) (i) 106,301 (i) 116,632 (i) Long-term debt – public (note 8) Level 1 (346,246) (354,519) (352,260) (359,581) Long-term debt – non-public (note 8) Level 2 (1,039,446) (1,061,418) (1,119,953) (1,137,050) Obligations related to finance leases (note 5a) Level 2 (1,287,044) (1,363,615) (1,340,922) (1,456,927) (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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | The following tables include results for the Partnership’s segments for the periods presented in these unaudited consolidated financial statements. Three Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Voyage revenues 133,754 12,823 146,577 138,953 9,982 148,935 Voyage expenses (1,778) (5,443) (7,221) (427) (3,523) (3,950) Vessel operating expenses (25,326) (5,100) (30,426) (25,871) (4,771) (30,642) Time-charter hire expenses (5,665) — (5,665) (5,980) — (5,980) Depreciation and amortization (31,294) (1,708) (33,002) (30,658) (1,943) (32,601) General and administrative expenses (i) (11,691) (928) (12,619) (5,704) (461) (6,165) Income (loss) from vessel operations 58,000 (356) 57,644 70,313 (716) 69,597 Equity income 35,241 3,997 39,238 22,674 1,672 24,346 Nine Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Voyage revenues 411,934 36,214 448,148 409,345 27,682 437,027 Voyage expenses (4,748) (16,016) (20,764) (2,262) (9,334) (11,596) Vessel operating expenses (78,169) (14,882) (93,051) (72,562) (12,591) (85,153) Time-charter hire expenses (17,382) — (17,382) (17,270) — (17,270) Depreciation and amortization (92,186) (5,067) (97,253) (91,816) (5,053) (96,869) General and administrative expenses (i) (24,562) (2,145) (26,707) (18,708) (1,507) (20,215) Write-down of vessels — — — — (45,000) (45,000) Income (loss) from vessel operations 194,887 (1,896) 192,991 206,727 (45,803) 160,924 Equity income 94,180 11,514 105,694 50,651 6,223 56,874 (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). |
Reconciliation of Total Segment Assets | September 30, 2021 December 31, $ $ Total assets of the LNG segment 4,441,653 4,395,336 Total assets of the LPG segment 248,047 246,982 Unallocated: Cash and cash equivalents 109,596 206,762 Advances to affiliates 14,664 4,924 Consolidated total assets 4,813,960 4,854,004 |
Chartered-in Vessels (Tables)
Chartered-in Vessels (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Obligations related to Finance Leases | Obligations related to Finance Leases September 30, 2021 December 31, 2020 $ $ Total obligations related to finance leases 1,287,044 1,340,922 Less current portion (73,437) (71,932) Long-term obligations related to finance leases 1,213,607 1,268,990 |
Commitments related to Finance Leases | s at September 30, 2021, 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 $1.6 billion, including imputed interest of $350.2 million, repayable for the remainder of 2021 through 2034, as indicated below: Commitments as at Year $ Remainder of 2021 34,420 2022 136,959 2023 135,459 2024 132,011 2025 129,725 Thereafter 1,068,641 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables contain the Partnership’s revenue for the three and nine months ended September 30, 2021 and 2020, by contract type and by segment. Three Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Time charters 131,366 3,084 134,450 136,203 — 136,203 Voyage charters — 9,739 9,739 — 9,982 9,982 Management fees and other income 2,388 — 2,388 2,750 — 2,750 133,754 12,823 146,577 138,953 9,982 148,935 Nine Months Ended September 30, 2021 2020 LNG LPG Total LNG LPG Total Time charters 404,792 6,890 411,682 402,509 — 402,509 Voyage charters — 29,324 29,324 — 27,682 27,682 Management fees and other income 7,142 — 7,142 6,836 — 6,836 411,934 36,214 448,148 409,345 27,682 437,027 The following table contains the Partnership’s revenue for the three and nine months ended September 30, 2021 and 2020, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 124,312 126,678 382,615 373,566 Interest income on lease receivables 12,348 12,659 36,877 37,920 Variable lease payments - cost reimbursements (1) 1,541 1,475 4,686 3,795 138,201 140,812 424,178 415,281 Non-lease revenue Non-lease revenue - related to direct financing leases 5,988 5,373 16,828 14,910 Management fees and other income 2,388 2,750 7,142 6,836 8,376 8,123 23,970 21,746 Total 146,577 148,935 448,148 437,027 (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. |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | September 30, 2021 December 31, 2020 $ $ U.S. Dollar-denominated Revolving Credit Facilities due in 2022 105,000 100,000 U.S. Dollar-denominated Term Loans and Bonds due from 2021 to 2030 812,304 873,712 Norwegian Krone-denominated Bonds due from 2021 to 2025 348,630 355,514 Euro-denominated Term Loans due in 2023 and 2024 128,439 152,710 Total principal 1,394,373 1,481,936 Unamortized discount and debt issuance costs (8,681) (9,723) Total debt 1,385,692 1,472,213 Less current portion (350,372) (250,508) Long-term debt 1,035,320 1,221,705 |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income tax expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Current (1,285) (1,927) (3,935) (3,308) Deferred (941) 507 671 1,180 Income tax expense (2,226) (1,420) (3,264) (2,128) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Voyage revenues (i) 9,869 9,704 29,285 27,881 Vessel operating expenses (ii) (451) (1,877) (5,609) (4,610) Time-charter hire expenses (iii) (5,665) (5,980) (17,382) (17,270) General and administrative expenses (iv) (9,382) (3,998) (18,374) (11,583) Equity income (v) 609 609 1,808 1,815 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Cross Currency Swap Agreements | 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 September 30, 2021, 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 8), 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 September 30, 2021. Floating Rate Receivable Principal Principal Reference Rate Margin Fixed Rate Fair Value / Weighted- 1,200,000 146,500 NIBOR 6.00% 7.72% (9,932) 0.1 850,000 102,000 NIBOR 4.60% 7.89% (10,601) 1.9 1,000,000 112,000 NIBOR 5.15% 5.74% 3,891 3.9 (16,642) |
Interest Rate Swap Agreements | As at September 30, 2021, the Partnership was committed to the following interest rate swap agreements: Interest Principal Fair Weighted- Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii) LIBOR 181,906 816 4.4 0.7% U.S. Dollar-denominated interest rate swaps (ii)(iii) LIBOR 139,169 (1,963) 3.0 1.4% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 283,729 (20,757) 2.3 3.6% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 150,761 (7,773) 5.2 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps (iv) EURIBOR 58,613 (3,901) 1.9 3.9% (33,578) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at September 30, 2021, ranged from 0.60% to 3.25%. (ii) Principal amount reduces quarterly. (iii) These interest rate swaps are subject to mandatory early termination in 2024 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces monthly. |
Classification and Fair Value Amounts of Derivative Instruments | The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Current portion of derivative Derivative Accrued Current portion of derivative Derivative As at September 30, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (62) (3,036) (4,673) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — 1,823 (2,203) (12,079) (13,348) Cross currency swap agreements 465 3,430 (740) (11,908) (7,889) 465 5,253 (3,005) (27,023) (25,910) 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) |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | Three Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (3,919) 4,020 101 (4,947) 3,620 (1,327) Nine Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Interest rate swap agreements (12,317) 34,178 21,861 (11,520) (18,755) (30,275) Interest rate swap agreement (18,012) — (18,012) — — — Foreign currency forward contracts — — — (241) 202 (39) (30,329) 34,178 3,849 (11,761) (18,553) (30,314) Three Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Cross currency swap agreements (1,595) (3,952) (5,547) (1,669) 1,490 (179) Nine Months Ended September 30, 2021 2020 Realized Unrealized Total Realized Unrealized Total $ $ $ $ $ $ Cross currency swap agreements (4,233) (1,085) (5,318) (4,916) (2,169) (7,085) Cross currency swap agreements — — — (33,844) — (33,844) (4,233) (1,085) (5,318) (38,760) (2,169) (40,929) |
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. Three Months Ended September 30, 2021 Three Months Ended September 30, 2020 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense 1,040 (840) 616 (835) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Amount of Gain Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense Amount of Loss Recognized in OCI Amount of Loss Reclassified from Accumulated OCI to Interest Expense 5,080 (2,480) (9,610) (1,469) |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The Partnership’s share of commitments to fund equipment installation and other construction contract costs as at September 30, 2021 is as follows: Total Remainder of 2022 Certain consolidated LNG carriers (i) 20,557 5,843 14,714 Bahrain LNG Joint Venture (ii) 11,339 — 11,339 31,896 5,843 26,053 (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 $53.5 million. As at September 30, 2021, the estimated remaining cost of these installations was $20.6 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 at September 30, 2021, 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 undrawn debt financing of $23.5 million, of which $7.1 million relates to the Partnership's proportionate share of the construction commitments included in the table above. |
Total Capital and Net Income _2
Total Capital and Net Income Per Unit Total Capital and Net Income Per Unit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 $ $ $ $ Limited partners' interest in net income for basic and diluted net income per common unit 59,487 33,255 185,267 32,421 Weighted average number of common units (i) 87,120,897 86,951,234 87,081,753 82,010,753 Dilutive effect of unit-based compensation 112,094 89,812 136,657 99,073 Weighted average number of common units and common unit equivalents 87,232,991 87,041,046 87,218,410 82,109,826 Limited partners' interest in net income per common unit: Basic 0.68 0.38 2.13 0.40 Diluted 0.68 0.38 2.12 0.39 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - vessel | Sep. 30, 2020 | Mar. 31, 2020 |
LPG Carriers [Member] | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Number Of Vessels | 6 | 6 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value and Carrying Value of Partnership's Financial Instruments on Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 15) | $ 155,627 | $ 257,943 | $ 254,837 | $ 253,291 |
Long-term debt | (1,385,692) | (1,472,213) | ||
Obligations related to finance leases (note 5a) | 1,287,044 | 1,340,922 | ||
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 1,194,238 | 1,220,355 | ||
Carrying Amount Asset (Liability) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans to equity-accounted joint ventures (note 7) | 106,301 | 116,632 | ||
Carrying Amount Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (346,246) | (352,260) | ||
Carrying Amount Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 15) | 155,627 | 257,943 | ||
Carrying Amount Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Obligations related to finance leases (note 5a) | 1,287,044 | 1,340,922 | ||
Carrying Amount Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (1,039,446) | (1,119,953) | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 0 | 40,717 | ||
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 | 1,823 | 0 | ||
Interest rate swap agreements – liabilities | (35,401) | (75,468) | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Cross-currency swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 3,895 | 4,505 | ||
Cross currency swap agreements – liabilities | (20,537) | (20,022) | ||
Fair Value Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (354,519) | (359,581) | ||
Fair Value Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 15) | 155,627 | 257,943 | ||
Fair Value Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Obligations related to finance leases (note 5a) | 1,363,615 | 1,456,927 | ||
Fair Value Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (1,061,418) | (1,137,050) | ||
Fair Value Asset (Liability) | Level 2 | Recurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Property, Plant and Equipment, Net, Excluding Capital Leased Assets | 0 | 40,717 | ||
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 | 1,823 | 0 | ||
Interest rate swap agreements – liabilities | (35,401) | (75,468) | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Cross-currency swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 3,895 | 4,505 | ||
Cross currency swap agreements – liabilities | $ (20,537) | $ (20,022) |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Financing receivables and Direct financing leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Lease and Financing Lease Receivable Originated three years prior to the latest fiscal year | $ 210,190 | |
Total Lease and Financing Lease Receivable Originated one year prior to the latest fiscal year | 660 | |
Total Lease and Financing Lease Receivable | 639,440 | $ 660,879 |
Total Lease and Financing Lease Receivable Originated five or more years prior to the latest fiscal year | 428,590 | |
Total Lease and Financing Lease Receivable Originated four years prior to the latest fiscal year | 447,949 | |
Total Lease and Financing Lease Receivable Originated two years prior to the latest fiscal year | 211,939 | |
Total Lease and Financing Lease Receivable Current year | 991 | |
Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 332,308 | |
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 322,949 | |
Net Investment in Lease | 533,139 | 544,247 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 | |
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 210,190 | |
Performing Financial Instruments [Member] | Corporate Joint Venture [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 332,308 | |
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 322,949 | |
Net Investment in Lease | 322,949 | 332,308 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Performing Financial Instruments [Member] | Subsidiaries | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 0 | |
Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 0 | |
Net Investment in Lease | 210,190 | 211,939 |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 | |
Direct Financing Lease, Net Investment in Lease, Year One, Originated, Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 210,190 | |
Loans Receivable [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 115,641 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 105,641 | |
Financing Receivable, before Allowance for Credit Loss | 106,301 | 116,632 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 660 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 991 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Loans Receivable [Member] | Exmar Lpg Bvba [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 42,266 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 32,266 | |
Financing Receivable, before Allowance for Credit Loss | 32,266 | 42,266 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Loans Receivable [Member] | Bahrain LNG Joint Venture [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
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 | 73,375 | |
Financing Receivable, before Allowance for Credit Loss | 73,375 | 73,375 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Loans Receivable [Member] | Angola LNG Joint Venture | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
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 | 660 | 991 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 660 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 991 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | $ 0 |
Financial Instruments Financial
Financial Instruments Financial Instruments - Financing Receivables, allowance for credit losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss | $ 34,000 | $ 35,400 | $ 34,613 | $ 25,325 | $ 11,520 | $ 11,055 | $ 34,000 | $ 25,325 | $ 30,177 | $ 11,155 |
Total credit loss provision | 100,700 | 103,736 | 102,270 | 83,513 | 62,017 | 62,180 | 100,700 | 83,513 | 91,920 | 53,300 |
Net Investment in Lease, Allowance for Credit Loss | 7,099 | |||||||||
Direct Financing Lease, Net Investment in Lease, Credit Loss Expense (Reversal) | (1,400) | 787 | 4,436 | 13,805 | 465 | (100) | 3,800 | 14,200 | ||
Total credit loss expense (reversal) | (3,036) | 1,466 | 10,350 | 21,496 | (163) | 8,880 | ||||
LNG Segment [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Direct Financing Lease, Net Investment in Lease, Credit Loss Expense (Reversal) | (1,400) | 13,800 | ||||||||
Financial Guarantee [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Off-Balance Sheet, Credit Loss, Liability | 1,800 | 2,000 | 2,298 | 1,566 | 1,851 | 2,139 | 1,800 | 1,566 | 2,080 | 2,139 |
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | (200) | (298) | 218 | (285) | (288) | 0 | ||||
Loans Receivable [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Loans to equity-accounted joint ventures | 4,300 | 4,000 | 3,745 | 4,674 | 3,797 | 3,714 | 4,300 | 4,674 | 4,726 | 3,714 |
Financing Receivable, Credit Loss, Expense (Reversal) | 300 | 255 | (981) | 877 | 83 | 0 | ||||
Equity Method Investments [Member] | ||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||
Net Investment in Lease, Allowance for Credit Loss | 60,600 | 62,336 | 61,614 | 51,948 | 44,849 | 45,272 | 60,600 | 51,948 | $ 54,937 | $ 36,292 |
Net Investment in Lease, Allowance for Credit Loss | $ (1,736) | $ 722 | $ 6,677 | $ 7,100 | $ (423) | $ 8,980 | $ 5,700 | $ 15,700 |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Voyage revenues | $ 146,577 | $ 148,935 | $ 448,148 | $ 437,027 |
Voyage expenses | (7,221) | (3,950) | (20,764) | (11,596) |
Vessel operating expenses | (30,426) | (30,642) | (93,051) | (85,153) |
Time-charter hire expenses | (5,665) | (5,980) | (17,382) | (17,270) |
Depreciation and amortization | (33,002) | (32,601) | (97,253) | (96,869) |
General and administrative expenses | (12,619) | (6,165) | (26,707) | (20,215) |
Income (loss) from vessel operations | 57,644 | 69,597 | 192,991 | 160,924 |
Equity income (loss) | 39,238 | 24,346 | 105,694 | 56,874 |
Asset Impairment Charges | 0 | 0 | 0 | (45,000) |
LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 133,754 | 138,953 | 411,934 | 409,345 |
Voyage expenses | (1,778) | (427) | (4,748) | (2,262) |
Vessel operating expenses | (25,326) | (25,871) | (78,169) | (72,562) |
Time-charter hire expenses | (5,665) | (5,980) | (17,382) | (17,270) |
Depreciation and amortization | (31,294) | (30,658) | (92,186) | (91,816) |
General and administrative expenses | (11,691) | (5,704) | (24,562) | (18,708) |
Income (loss) from vessel operations | 58,000 | 70,313 | 194,887 | 206,727 |
Equity income (loss) | 35,241 | 22,674 | 94,180 | 50,651 |
Asset Impairment Charges | 0 | 0 | ||
LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 12,823 | 9,982 | 36,214 | 27,682 |
Voyage expenses | (5,443) | (3,523) | (16,016) | (9,334) |
Vessel operating expenses | (5,100) | (4,771) | (14,882) | (12,591) |
Time-charter hire expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | (1,708) | (1,943) | (5,067) | (5,053) |
General and administrative expenses | (928) | (461) | (2,145) | (1,507) |
Income (loss) from vessel operations | (356) | (716) | (1,896) | (45,803) |
Equity income (loss) | 3,997 | 1,672 | 11,514 | 6,223 |
Asset Impairment Charges | 0 | (45,000) | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 146,577 | 148,935 | 448,148 | 437,027 |
Voyage expenses | (7,221) | (3,950) | (20,764) | (11,596) |
Vessel operating expenses | (30,426) | (30,642) | (93,051) | (85,153) |
Time-charter hire expenses | (5,665) | (5,980) | (17,382) | (17,270) |
Depreciation and amortization | (33,002) | (32,601) | (97,253) | (96,869) |
General and administrative expenses | (12,619) | (6,165) | (26,707) | (20,215) |
Income (loss) from vessel operations | 57,644 | 69,597 | 192,991 | 160,924 |
Equity income (loss) | $ 39,238 | $ 24,346 | 105,694 | 56,874 |
Asset Impairment Charges | $ 0 | $ (45,000) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 4,813,960 | $ 4,854,004 | ||
Unallocated: | ||||
Cash and cash equivalents | 109,596 | 206,762 | $ 201,036 | $ 160,221 |
Advances to affiliates | 14,664 | 4,924 | ||
LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,441,653 | 4,395,336 | ||
LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 248,047 | 246,982 | ||
Cash and Cash Equivalents [Member] | ||||
Unallocated: | ||||
Cash and cash equivalents | 109,596 | 206,762 | ||
Affiliated Entity [Member] | ||||
Unallocated: | ||||
Advances to affiliates | $ 14,664 | $ 4,924 |
Chartered-in Vessels - Obligati
Chartered-in Vessels - Obligations related to Finance Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Obligations relating to Finance Leases [Line Items] | ||
Finance lease liability | $ 1,287,044 | $ 1,340,922 |
Current obligations related to finance leases (note 5a) | 73,437 | 71,932 |
Long-term obligations related to finance leases (note 5a) | $ 1,213,607 | $ 1,268,990 |
Chartered-in Vessels Chartered-
Chartered-in Vessels Chartered-in Vessels - Commitments Related to Finance Leases (Details) - Sep. 30, 2021 - LNG Carriers [Member] $ in Thousands | vessel | lease | USD ($) |
Obligations relating to Finance Leases [Line Items] | |||
Number Of Vessels | 9 | 9 | |
Finance Lease, Liability, Payment, Due | $ 1,600,000 | ||
Finance Lease, Interest Payment on Liability | 350,200 | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 34,420 | ||
Finance Lease, Liability, Payments, Due Year Two | 136,959 | ||
Finance Lease, Liability, Payments, Due Year Three | 135,459 | ||
Finance Lease, Liability, Payments, Due Year Four | 132,011 | ||
Finance Lease, Liability, Payments, Due Year Five | 129,725 | ||
Finance Lease, Liability, Payments, Due after Year Five | $ 1,068,641 |
Chartered-in Vessels - Operatin
Chartered-in Vessels - Operating Leases (Details) $ in Millions | Sep. 30, 2021USD ($)vessel |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 6 |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 11.1 |
Teekay Tangguh Joint Venture [Member] | |
Lessee, Lease, Description [Line Items] | |
Number Of Vessels | vessel | 2 |
Teekay Lng Marubeni Joint Venture [Member] | |
Lessee, Lease, Description [Line Items] | |
Equity Method Investment, Ownership Percentage | 52.00% |
Chartered-in Vessels Obligation
Chartered-in Vessels Obligations related to Finance Leases - Additional Information (Details) - LNG Carriers [Member] | 36 Months Ended | ||
Jan. 31, 2019 | Sep. 30, 2021vessel | Sep. 30, 2021lease | |
Obligations relating to Finance Leases [Line Items] | |||
Number Of Vessels | 9 | 9 | |
Sale Leaseback Transaction, Imputed Interest Rate | 5.10% | ||
Minimum [Member] | |||
Obligations relating to Finance Leases [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | 7.5 | ||
Maximum [Member] | |||
Obligations relating to Finance Leases [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | 15 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Voyage revenues | $ 146,577 | $ 148,935 | $ 448,148 | $ 437,027 |
LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 133,754 | 138,953 | 411,934 | 409,345 |
LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 12,823 | 9,982 | 36,214 | 27,682 |
Time charters | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 134,450 | 136,203 | 411,682 | 402,509 |
Time charters | LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 131,366 | 136,203 | 404,792 | 402,509 |
Time charters | LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 3,084 | 0 | 6,890 | 0 |
Voyage charters | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 9,739 | 9,982 | 29,324 | 27,682 |
Voyage charters | LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Voyage charters | LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 9,739 | 9,982 | 29,324 | 27,682 |
Management fees and other | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,388 | 2,750 | 7,142 | 6,836 |
Management fees and other | LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,388 | 2,750 | 7,142 | 6,836 |
Management fees and other | LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Non-lease revenue | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 5,988 | 5,373 | 16,828 | 14,910 |
Lease revenue | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 138,201 | 140,812 | 424,178 | 415,281 |
Operating Lease, Variable Lease Income | 1,541 | 1,475 | 4,686 | 3,795 |
Operating Lease, Lease Income | 124,312 | 126,678 | 382,615 | 373,566 |
Direct Financing Lease, Interest Income | 12,348 | 12,659 | 36,877 | 37,920 |
Non Lease Component [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | $ 8,376 | $ 8,123 | $ 23,970 | $ 21,746 |
Revenue - Net Investments in Di
Revenue - Net Investments in Direct Financing Leases (Details) $ in Millions | Sep. 30, 2021vessel | Sep. 30, 2021lease | Sep. 30, 2021USD ($) | Dec. 31, 2020lease | Jan. 07, 2020vessel | Jan. 07, 2020lease | Jan. 07, 2020USD ($) |
Lessor, Lease, Description [Line Items] | |||||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | $ 16.1 | ||||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 64 | ||||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 64.3 | ||||||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64.2 | ||||||
Purchase Obligation And Deferred Hire Amounts | $ 260.4 | ||||||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One | 64.2 | ||||||
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Four | $ 446.5 | ||||||
LNG Carriers [Member] | |||||||
Lessor, Lease, Description [Line Items] | |||||||
Number Of Vessels | 9 | 9 | |||||
LNG Carriers [Member] | Direct Financing Lease [Member] | |||||||
Lessor, Lease, Description [Line Items] | |||||||
Number Of Vessels | lease | 3 | 3 | |||||
Awilco Lng Carrier | |||||||
Lessor, Lease, Description [Line Items] | |||||||
Number Of Vessels | 2 | 2 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021contract | |
Leases [Abstract] | |
Number of Forms of Contracts | 2 |
Revenue - Operating leases (Det
Revenue - Operating leases (Details) $ in Millions | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 124.9 |
Lessor, Operating Lease, Payments to be Received, Two Years | 309.9 |
Lessor, Operating Lease, Payments to be Received, Three Years | 252.9 |
Lessor, Operating Lease, Payment to be Received, Year One | 389 |
Lessor, Operating Lease, Payment to be Received, after Year Four | $ 197.4 |
Revenue - Contract costs (Detai
Revenue - Contract costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||||||
Contract with Customer, Liability | $ 15.7 | $ 28.9 | $ 15.7 | $ 28.9 | $ 26.5 | $ 24.9 |
Contract with Customer, Liability, Revenue Recognized | $ 14 | $ 26.4 | $ 26.5 | $ 24.9 |
Equity-Accounted Joint Ventur_2
Equity-Accounted Joint Ventures Equity-Accounted Joint Ventures (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 1,300,000 | $ 1,300,000 | |||
Due from Joint Ventures, Current | $ 8,162 | $ 8,162 | $ 10,991 | ||
Teekay Tangguh Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number Of Vessels | vessel | 2 | 2 | |||
Angola LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number Of Vessels | vessel | 3 | 3 | |||
Bahrain LNG Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Advances to equity-accounted joint ventures, current and long-term (note 7) | $ 73,400 | $ 73,400 | 73,400 | ||
Ownership percentage | 30.00% | 30.00% | |||
Debt Instrument, Interest Rate During Period | 6.00% | ||||
Interest receivable on advances to equity accounted joint ventures | $ 8,700 | $ 8,700 | 5,100 | ||
Interest Income, Related Party | $ 1,200 | $ 1,100 | $ 3,600 | $ 3,400 | |
Exmar LPG Joint Venture [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | 50.00% | |||
Interest receivable on advances to equity accounted joint ventures | $ 0 | $ 0 | 0 | ||
Interest Income, Related Party | 100 | $ 100 | 300 | $ 700 | |
Due from Joint Ventures | $ 32,300 | $ 32,300 | 42,300 | ||
Exmar LPG Joint Venture [Member] | LIBOR | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable interest rate on debt | 0.50% | ||||
Angola LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 33.00% | 33.00% | |||
Due from Joint Ventures, Current | $ 700 | $ 700 | $ 1,000 | ||
Angola LNG Joint Venture | LIBOR | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Variable interest rate on debt | 1.00% |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) $ in Thousands, € in Millions | Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||
Total principal | $ 1,394,373 | $ 1,481,936 | ||
Unamortized discount and debt issuance costs | (8,681) | (9,723) | ||
Total debt | 1,385,692 | 1,472,213 | ||
Less current portion | (350,372) | (250,508) | ||
Long-term debt | 1,035,320 | 1,221,705 | ||
U.S. Dollar-denominated Revolving Credit Facilities due in 2022 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 105,000 | 100,000 | ||
Norwegian Krone-denominated Bonds due from 2021 to 2025 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 348,630 | 355,514 | ||
Euro-denominated Term Loans due in 2023 and 2024 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 128,400 | € 110.9 | 152,700 | € 125 |
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total principal | 873,712 | |||
US Dollar Denominated Term Loans Due through Two Thousand Thirty | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 812,304 | $ 873,700 |
Long-Term Debt - Revolvers - Ad
Long-Term Debt - Revolvers - Additional Information (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)vesselcredit_facility | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Line of credit facility, borrowing capacity, reduction for remainder of year | $ 169.1 | |
Line of credit facility, borrowing capacity, reduction in year two | 233.3 | |
Line of credit facility, borrowing capacity, reduction in year three | $ 124.4 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 0.60% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 3.25% | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Number Of Vessels | vessel | 2 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 1 | |
Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Line Of Credit Reduction Of Available Borrowing Capacity in Year One | $ 330.4 | |
Revolving Credit Facilities | Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 2 | |
Line of credit facility, maximum borrowing capacity | $ 330.4 | $ 354.8 |
Undrawn amount of revolving credit facilities | $ 225.4 | $ 254.8 |
Revolving Credit Facilities | Line of Credit | LIBOR | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 1.40% | |
Revolving Credit Facilities | Line of Credit | LIBOR | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 2.25% |
Long-Term Debt - USD Term Loans
Long-Term Debt - USD Term Loans - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)term_loanvessel | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Number of Term Loans | term_loan | 6 | |
Aggregate principal amount | $ 1,394,373 | $ 1,481,936 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 0.60% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 3.25% | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Number Of Vessels | vessel | 2 | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | 873,712 | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 812,304 | $ 873,700 |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | Asset Pledged as Collateral [Member] | ||
Debt Instrument [Line Items] | ||
Number Of Vessels | vessel | 16 | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate on debt | 4.11% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate on debt | 4.41% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | LIBOR | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 1.85% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | LIBOR | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 3.25% | |
Teekay Nakilat Joint Venture | Teekay Lng [Member] | ||
Debt Instrument [Line Items] | ||
Percentage of ownership interest | 70.00% |
Long-Term Debt - NOK Bonds - Ad
Long-Term Debt - NOK Bonds - Additional Information (Details) kr in Thousands, $ in Thousands | Oct. 28, 2021NOK (kr) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021NOK (kr) | Dec. 31, 2020USD ($) | Dec. 31, 2020NOK (kr) |
Debt Instrument [Line Items] | ||||||||
Carrying amount of debt | $ 1,394,373 | $ 1,394,373 | $ 1,481,936 | |||||
Foreign exchange gains (losses) | $ 2,767 | $ (7,853) | $ 6,884 | $ (14,738) | ||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate on debt | 0.60% | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate on debt | 3.25% | |||||||
NIBOR | Cross-currency swap agreements | 6.00% | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed Rate Payable | 7.72% | 7.72% | 7.72% | |||||
Derivative, Notional Amount | $ 146,500 | $ 146,500 | kr 1,200,000 | |||||
Repayments of Unsecured Debt | kr | kr 1,200,000 | |||||||
Unsecured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior unsecured bonds issued | kr | kr 3,100,000 | kr 3,100,000 | ||||||
Carrying amount of debt | 348,630 | 348,630 | $ 355,514 | |||||
Unsecured Debt | Cross-currency swap agreements | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, Notional Amount | $ 360,500 | $ 360,500 | ||||||
Unsecured Debt | Minimum [Member] | Cross-currency swap agreements | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed Rate Payable | 5.74% | 5.74% | 5.74% | |||||
Unsecured Debt | Maximum [Member] | Cross-currency swap agreements | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed Rate Payable | 7.89% | 7.89% | 7.89% | |||||
Unsecured Debt | NIBOR | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate on debt | 4.60% | |||||||
Unsecured Debt | NIBOR | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate on debt | 6.00% |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated Term Loans- Additional Information (Details) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)vesselterm_loansubsidiary | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)vesselterm_loansubsidiary | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€)vesselterm_loansubsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | |
Debt Instrument [Line Items] | |||||||
Number of Term Loans | 6 | 6 | 6 | ||||
Carrying amount of debt | $ | $ 1,394,373 | $ 1,394,373 | $ 1,481,936 | ||||
Foreign currency exchange gain (loss) (notes 8 and 11) | $ | $ 2,767 | $ (7,853) | $ 6,884 | $ (14,738) | |||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate on debt | 0.60% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate on debt | 3.25% | ||||||
Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Number Of Vessels | vessel | 2 | 2 | 2 | ||||
Line of Credit | Financial Guarantee [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of subsidiaries that guaranteed the term loans | subsidiary | 2 | 2 | 2 | ||||
Euro-denominated Term Loans due in 2023 and 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Number of Term Loans | 2 | 2 | 2 | ||||
Carrying amount of debt | $ 128,400 | $ 128,400 | € 110.9 | $ 152,700 | € 125 | ||
Euro-denominated Term Loans due in 2023 and 2024 | Asset Pledged as Collateral [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number Of Vessels | vessel | 2 | 2 | 2 | ||||
Euro-denominated Term Loans due in 2023 and 2024 | Financial Guarantee [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of subsidiaries that guaranteed the term loans | subsidiary | 1 | 1 | 1 | ||||
Euro-denominated Term Loans due in 2023 and 2024 | EURIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Number of Term Loans | 1 | 1 | 1 | ||||
Euro-denominated Term Loans due in 2023 and 2024 | EURIBOR | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate on debt | 0.60% | ||||||
Euro-denominated Term Loans due in 2023 and 2024 | EURIBOR | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable interest rate on debt | 1.95% |
Long-Term Debt - Other - Additi
Long-Term Debt - Other - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)term_loancredit_facility | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)term_loancredit_facility | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Carrying amount of debt | $ 1,394,373 | $ 1,394,373 | $ 1,481,936 | ||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 3.25% | 3.25% | 3.04% | ||
Foreign exchange gains (losses) | $ 2,767 | $ (7,853) | $ 6,884 | $ (14,738) | |
Aggregate annual long-term debt principal repayments, for remainder of year | 169,100 | 169,100 | |||
Aggregate annual long-term debt principal repayments, year two | 233,300 | 233,300 | |||
Aggregate annual long-term debt principal repayments, year three | 124,400 | 124,400 | |||
Aggregate annual long-term debt principal repayments, year four | $ 185,500 | $ 185,500 | |||
Number of loan facilities | term_loan | 6 | 6 | |||
Long-term debt | $ 1,385,692 | $ 1,385,692 | $ 1,472,213 | ||
Long-Term Debt, Maturity, Year One | 212,300 | 212,300 | |||
Long-Term Debt, Maturity, after Year Four | $ 469,800 | $ 469,800 | |||
Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of loan facilities | credit_facility | 5 | 5 | |||
Long-term debt | $ 510,800 | $ 510,800 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 0.60% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 3.25% | ||||
Long Term Debt1 [Member] | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 115.00% | 115.00% | |||
Long Term Debt1 [Member] | Vessel | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 686.00% | 686.00% | |||
Long Term Debt2 [Member] | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 120.00% | 120.00% | |||
Long Term Debt2 [Member] | Vessel | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 149.00% | 149.00% | |||
Long Term Debt3 [Member] | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 135.00% | 135.00% | |||
Long Term Debt3 [Member] | Vessel | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 227.00% | 227.00% | |||
Long Term Debt4 | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 110.00% | 110.00% | |||
Long Term Debt4 | Vessel | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 142.00% | 142.00% | |||
Long Term Debt5 Member | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 120.00% | 120.00% | |||
Long Term Debt5 Member | Vessel | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 163.00% | 163.00% | |||
Teekay Nakilat Joint Venture | Fair Value Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of loan facilities | term_loan | 1 | 1 |
Income Tax Income Tax (Details)
Income Tax Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (1,285) | $ (1,927) | $ (3,935) | $ (3,308) |
Deferred | (941) | 507 | 671 | 1,180 |
Income tax expense | $ (2,226) | $ (1,420) | $ (3,264) | $ (2,128) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Sep. 30, 2021lease | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||||
Voyage revenues | $ 146,577 | $ 148,935 | $ 448,148 | $ 437,027 | ||
Vessel operating expenses | (30,426) | (30,642) | (93,051) | (85,153) | ||
Time-charter hire expenses | 5,665 | 5,980 | 17,382 | 17,270 | ||
General and administrative expenses | (12,619) | (6,165) | (26,707) | (20,215) | ||
Equity income (loss) | 39,238 | 24,346 | 105,694 | 56,874 | ||
Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | 9,869 | 9,704 | 29,285 | 27,881 | ||
Vessel operating expenses | (451) | (1,877) | (5,609) | (4,610) | ||
Time-charter hire expenses | 5,665 | 5,980 | 17,382 | 17,270 | ||
General and administrative expenses | (9,382) | (3,998) | (18,374) | (11,583) | ||
Equity income (loss) | $ 609 | 609 | $ 1,808 | 1,815 | ||
LNG Carriers [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number Of Vessels | 9 | 9 | 9 | |||
LNG Carriers [Member] | Affiliated Entity [Member] | Yamal Lng Joint Venture [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number Of Vessels | vessel | 6 | 6 | ||||
Bahrain LNG Joint Venture [Member] | Affiliated Entity [Member] | Management Service [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | $ 2,400 | 2,400 | $ 7,200 | 6,500 | ||
Bahrain LNG Joint Venture [Member] | Affiliated Entity [Member] | Cargo and Freight [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | $ 7,500 | $ 7,300 | $ 22,100 | $ 21,400 | ||
Bahrain Spirit [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Lessor, Direct financing lease, Term of contract | 21 years |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Advances to affiliates | $ 14,664 | $ 4,924 |
Advances from affiliates | 13,802 | 11,047 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Advances to affiliates | 14,700 | 4,900 |
Advances from affiliates | $ 13,800 | $ 11,000 |
Related Party Transactions Rela
Related Party Transactions Related Party Transactions - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Apr. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | May 11, 2020 | |
Related Party Transaction [Line Items] | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 2,200 | $ 2,700 | $ (462) | |||
Limited Partners' Capital Account, Units Issued | 87,000 | 87,000 | 10,750 | |||
Subsidiaries of Teekay LNG [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 1.00% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swap Agreements (Details) - Cross-currency swap agreements kr in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2021NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) $ | $ (16,642) | |
NIBOR | 6.00% | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 146,500 | kr 1,200,000 |
Derivative, Basis Spread on Variable Rate | 6.00% | 6.00% |
Fixed Rate Payable | 7.72% | 7.72% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (9,932) | |
Weighted- Average Remaining Term (Years) | 1 month 6 days | |
NIBOR | 4.60% | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 102,000 | kr 850,000 |
Derivative, Basis Spread on Variable Rate | 4.60% | 4.60% |
Fixed Rate Payable | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (10,601) | |
Weighted- Average Remaining Term (Years) | 1 year 10 months 24 days | |
NIBOR | 5.15% | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 112,000 | kr 1,000,000 |
Derivative, Basis Spread on Variable Rate | 5.15% | 5.15% |
Fixed Rate Payable | 5.74% | 5.74% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ 3,891 | |
Weighted- Average Remaining Term (Years) | 3 years 10 months 24 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Minimum [Member] | |
Derivative [Line Items] | |
Variable interest rate on debt | 0.60% |
Maximum [Member] | |
Derivative [Line Items] | |
Variable interest rate on debt | 3.25% |
Interest rate swap agreements | |
Derivative [Line Items] | |
Interest Rate Derivative Liabilities, at Fair Value | $ (33,578) |
U.S. Dollar-denominated interest rate swaps 1 | LIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | 181,906 |
Fair Value / Carrying Amount of (Liability) | $ 816 |
Weighted- Average Remaining Term (Years) | 4 years 4 months 24 days |
Fixed Rate Payable | 0.70% |
U.S. Dollar-denominated interest rate swaps 3 | LIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 139,169 |
Fair Value / Carrying Amount of (Liability) | $ (1,963) |
Weighted- Average Remaining Term (Years) | 3 years |
Fixed Rate Payable | 1.40% |
U.S. Dollar-denominated interest rate swaps 4 | LIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 283,729 |
Fair Value / Carrying Amount of (Liability) | $ (20,757) |
Weighted- Average Remaining Term (Years) | 2 years 3 months 18 days |
Fixed Rate Payable | 3.60% |
U.S. Dollar-denominated interest rate swaps 5 | LIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 150,761 |
Interest Rate Fair Value Hedge Derivative at Fair Value, Net | $ (7,773) |
Weighted- Average Remaining Term (Years) | 5 years 2 months 12 days |
Fixed Rate Payable | 2.30% |
Euro-denominated interest rate swaps | EURIBOR | |
Derivative [Line Items] | |
Derivative, Notional Amount | $ 58,613 |
Fair Value / Carrying Amount of (Liability) | $ (3,901) |
Weighted- Average Remaining Term (Years) | 1 year 10 months 24 days |
Fixed Rate Payable | 3.90% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps and cross currency swaps agreement | ||
Derivative [Line Items] | ||
Fair value of derivative asset | $ 4.7 | $ 4.5 |
Derivative Liability, Fair Value, Gross Liability | 54.9 | 73.7 |
Derivative | ||
Derivative [Line Items] | ||
Deposit as security for swap liabilities | $ 0 | $ 3.8 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities -Classification and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | $ 465 | $ 0 |
Derivative assets | 5,253 | 4,505 |
Accrued liabilities | (66,414) | (81,706) |
Current portion of derivative liabilities | (27,023) | (56,925) |
Derivative liabilities (note 11) | 25,910 | 32,971 |
Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 465 | 0 |
Derivative assets | 3,430 | 4,505 |
Accrued liabilities | (740) | (701) |
Current portion of derivative liabilities | (11,908) | (11,434) |
Derivative liabilities (note 11) | 7,889 | 7,887 |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 465 | 0 |
Derivative assets | 5,253 | 4,505 |
Accrued liabilities | (3,005) | (5,594) |
Current portion of derivative liabilities | (27,023) | (56,925) |
Derivative liabilities (note 11) | 25,910 | 32,971 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 0 | 0 |
Derivative assets | 1,823 | 0 |
Accrued liabilities | (2,203) | (4,823) |
Current portion of derivative liabilities | (12,079) | (42,329) |
Derivative liabilities (note 11) | 13,348 | 15,453 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued liabilities | (62) | (70) |
Current portion of derivative liabilities | (3,036) | (3,162) |
Derivative liabilities (note 11) | $ 4,673 | $ 9,631 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized gains (losses) | $ 34,178 | $ (18,553) | ||
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | $ 101 | $ (1,327) | 3,849 | (30,314) |
Foreign currency exchange gain (loss) (notes 8 and 11) | 2,767 | (7,853) | 6,884 | (14,738) |
Unrealized gains (losses) | 13,125 | (10,697) | ||
Foreign Currency Gain (Loss) [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (38,760) | |||
Gain (Loss) on Derivative Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (30,329) | (11,761) | ||
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | 3,849 | (30,314) | ||
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 34,178 | (18,553) | ||
Interest rate swap agreements | Gain (Loss) on Derivative Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (3,919) | (4,947) | (12,317) | (11,520) |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | 101 | (1,327) | 21,861 | (30,275) |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 4,020 | 3,620 | 34,178 | (18,755) |
Foreign Exchange Forward [Member] | Gain (Loss) on Derivative Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | 0 | (241) | ||
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | 0 | (39) | ||
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 0 | 202 | ||
Cross currency swap agreements | Foreign Currency Gain (Loss) [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (1,595) | (1,669) | ||
Unrealized gains (losses) | (3,952) | 1,490 | ||
Cross-currency swap agreements termination | Foreign Currency Gain (Loss) [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Foreign currency exchange gain (loss) (notes 8 and 11) | 0 | (33,844) | ||
Realized gains (losses) | 0 | (33,844) | ||
Unrealized gains (losses) | 0 | 0 | ||
Cross-currency swap agreements | Foreign Currency Gain (Loss) [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | (5,318) | (40,929) | ||
Foreign currency exchange gain (loss) (notes 8 and 11) | $ (5,547) | $ (179) | (5,318) | (7,085) |
Realized gains (losses) | (4,233) | (4,916) | ||
Unrealized gains (losses) | (1,085) | (2,169) | ||
Interest rate swaps terminated | Gain (Loss) on Derivative Instruments | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (18,012) | 0 | ||
Realized and unrealized gain (loss) on non-designated derivative instruments (note 11) | (18,012) | 0 | ||
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | $ 0 | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Amount of Loss Recognized in OCI | $ 2,942 | $ (959) | $ 24,001 | $ (69,593) |
Interest expense | ||||
Derivative [Line Items] | ||||
Amount of Loss Recognized in OCI | 1,040 | 616 | 5,080 | (9,610) |
Amount of Loss Reclassified from Accumulated OCI to Interest Expense | $ (840) | $ (835) | $ (2,480) | $ (1,469) |
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 | Sep. 30, 2021 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total estimated remaining costs | $ 31,896 | |
Estimated Costs Remainder of 2020 | 5,843 | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 26,053 | |
Equity Method Investments [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total estimated remaining costs | 11,339 | |
Estimated Costs Remainder of 2020 | 0 | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | 11,339 | |
Consolidated Entities [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total estimated remaining costs | 20,557 | |
Estimated Costs Remainder of 2020 | 5,843 | |
Long-term Purchase Commitment, Amount | $ 53,500 | |
Unrecorded Unconditional Purchase Obligation, to be Paid, Year One | $ 14,714 | |
Bahrain LNG Joint Venture [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Equity Method Investment, Ownership Percentage | 30.00% | |
Bahrain LNG Joint Venture [Member] | Building | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 23,500 | |
Line of Credit Facility, Remaining Borrowing Capacity | 7,100 | |
Bahrain LNG Joint Venture [Member] | Construction [Member] | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Total estimated remaining costs | $ 11,300 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Working Capital Surplus (Deficit) | $ (378,500) | |
Long-term Debt, Current Maturities | 350,372 | $ 250,508 |
Teekay Tangguh Joint Venture [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated Tax Indemnification | $ 5,300 | $ 5,700 |
Teekay Lng [Member] | Teekay Tangguh Joint Venture [Member] | ||
Loss Contingencies [Line Items] | ||
Percentage of ownership interest | 70.00% |
Total Capital and Net Income _3
Total Capital and Net Income Per Unit Partnership Units and Net Income Per Common Unit (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | May 11, 2020 | |
Capital Unit [Line Items] | ||||
Limited Partners' Capital Account, Units Issued | 87,000 | 87,000 | 10,750 | |
Common Unit, Issuance Value | $ 122,600 | |||
General partner | $ (48,230) | $ (46,182) | (2,300) | |
Limited Partners' Capital Account | $ 1,580,034 | $ 1,465,408 | $ 2,300 | |
Public | Teekay Lng [Member] | ||||
Capital Unit [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 58.70% | |||
Limited Partners | Teekay Lng [Member] | ||||
Capital Unit [Line Items] | ||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 98.20% | |||
Parent Company [Member] | Teekay Lng [Member] | ||||
Capital Unit [Line Items] | ||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.80% | 1.80% |
Total Capital and Net Income _4
Total Capital and Net Income Per Unit Net Income (Loss) Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Class of Stock [Line Items] | ||||
Limited partners’ interest in net income | $ 59,487 | $ 33,255 | $ 185,267 | $ 32,421 |
Weighted average number of common units | 87,120,897 | 86,951,234 | 87,081,753 | 82,010,753 |
Dilutive effect of unit-based compensation | 112,094 | 89,812 | 136,657 | 99,073 |
Weighted average number of common units and common unit equivalents (in units) | 87,232,991 | 87,041,046 | 87,218,410 | 82,109,826 |
Basic (usd per unit) | $ 0.68 | $ 0.38 | $ 2.13 | $ 0.40 |
Diluted (usd per unit) | $ 0.68 | $ 0.38 | $ 2.12 | $ 0.39 |
Limited Partners | Preferred Units | ||||
Class of Stock [Line Items] | ||||
Dividends, Preferred Stock, Cash | $ 6,400 | $ 6,400 | $ 19,300 | $ 19,300 |
Total Capital and Net Income _5
Total Capital and Net Income Per Unit Common Unit Repurchases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 34 Months Ended | |
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2021 | |
Accelerated Share Repurchases [Line Items] | ||||
Partners' Capital Account, Treasury Units, Purchased | $ 15,635,000 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 55,800,000 | |||
Repurchase Agreements [Member] | Common Units | ||||
Accelerated Share Repurchases [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | |||
Partners' Capital Account, Units, Treasury Units Purchased | 1,400,000 | |||
General Partner | ||||
Accelerated Share Repurchases [Line Items] | ||||
Partners' Capital Account, Treasury Units, Purchased | $ 313,000 | |||
General Partner | Repurchase Agreements [Member] | Common Units | ||||
Accelerated Share Repurchases [Line Items] | ||||
Partners' Capital Account, Treasury Units, Purchased | $ 300,000 | |||
Limited Partners | Common Units | ||||
Accelerated Share Repurchases [Line Items] | ||||
Partners' Capital Account, Units, Treasury Units Purchased | 23,000 | (1,373,000) | ||
Partners' Capital Account, Treasury Units, Purchased | $ 15,322,000 | |||
Limited Partners | Repurchase Agreements [Member] | Common Units | ||||
Accelerated Share Repurchases [Line Items] | ||||
Partners' Capital Account, Units, Treasury Units Purchased | 3,600,000 | |||
Partners' Capital Account, Treasury Units, Purchased | $ 15,300,000 | $ 44,200,000 |
Write-down of Vessels Write-Dow
Write-down of Vessels Write-Down of Vessels (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)vessel | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($)vessel | Mar. 31, 2020vessel | |
Property, Plant and Equipment [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 45,000 | |
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | $ 45,000 | |
Write-down and Sale of Vessels | Write-down of Vessels In March 2020, the carrying values for six of the Partnership's seven wholly-owned multi-gas carriers (the Unikum Spirit , Vision Spirit , Pan Spirit, Cathinka Spirit , Camilla Spirit and Sonoma Spirit ), were written down to their estimated fair values at that time, 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 economic impact of the COVID-19 global pandemic), as well as the Partnership receiving notification that the Partnership's then-existing commercial management agreement with a third-party commercial manager would be terminated and replaced by a new commercial management agreement in September 2020. The total impairment charge of $45.0 million was included in write-down of vessels for the nine months ended September 30, 2020 in the Partnership's consolidated statements of income. | ||||
LPG Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number Of Vessels | vessel | 7 | ||||
LPG Carriers [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number Of Vessels | vessel | 6 | 6 | 6 | ||
Asset Impairment Charges | $ 45,000 | ||||
Asset Impairment Charges | $ 45,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] shares in Millions | Oct. 04, 2021USD ($)shares |
Gas management operations | |
Subsequent Event [Line Items] | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 3,340,000 |
Teekay Lng [Member] | |
Subsequent Event [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Parent | 41.00% |
Teekay Lng [Member] | General Partner | |
Subsequent Event [Line Items] | |
Proceeds from Sale of Interest in Partnership Unit | $ 26,400,000 |
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | shares | 1.6 |
Per share proceeds from Sale of Interest in Partnership Unit | $ 17 |
Common Class A | Teekay Corp [Domain] | |
Subsequent Event [Line Items] | |
Partners' Capital Account, Number of Units Owned by Controlling Interest | 36,000,000 |
Capital Unit, Class A | Teekay Lng [Member] | |
Subsequent Event [Line Items] | |
Per share proceeds from Sale of Interest in Partnership Unit | $ 17 |
Uncategorized Items - tgp-20210
Label | Element | Value |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ (53,300,000) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (1,016,000) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Limited Partner [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (49,810,000) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ (2,474,000) |