Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Class of Stock [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Entity Shell Company Report | false |
Entity File Number | 1-32479 |
Entity Registrant Name | SEAPEAK LLC |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 2000 |
Entity Address, Address Line Two | 550 Burrard Street |
Entity Address, Address Line Three | Vancouver |
Entity Address, City or Town | BC |
Entity Address, Postal Zip Code | V6C 2K2 |
Entity Address, Country | CA |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001308106 |
Entity Shell Company | false |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver BC, Canada |
Auditor Firm ID | 85 |
Entity Well-known Seasoned Issuer | No |
ICFR Auditor Attestation Flag | true |
Series A Preferred Units | |
Class of Stock [Line Items] | |
Title of 12(b) Security | Series A Preferred Units |
Trading Symbol | SEAL PRA |
Security Exchange Name | NYSE |
Limited Partners - preferred units outstanding | 5,000,000 |
Series B Preferred Units | |
Class of Stock [Line Items] | |
Title of 12(b) Security | Series B Preferred Units |
Trading Symbol | SEAL PRB |
Security Exchange Name | NYSE |
Limited Partners - preferred units outstanding | 6,800,000 |
Business contact | |
Class of Stock [Line Items] | |
Entity Address, Address Line One | 2000 |
Entity Address, Address Line Two | 550 Burrard Street |
Entity Address, Address Line Three | Vancouver |
Entity Address, City or Town | BC |
Entity Address, Postal Zip Code | V6C 2K2 |
Entity Address, Country | CA |
City Area Code | 604 |
Local Phone Number | 844-6609 |
Contact Personnel Name | Scott Gayton |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Voyage revenues (notes 6 and 12a) | $ 597,831 | $ 591,103 | $ 601,256 |
Voyage expenses | 28,190 | 17,394 | 21,387 |
Vessel operating expenses (note 12a) | (124,626) | (116,396) | (111,585) |
Time-charter hire expenses | 23,487 | 23,564 | 19,994 |
Depreciation and amortization | (130,810) | (129,752) | (136,765) |
General and administrative expenses (notes 12a and 17) | (41,040) | (26,904) | (22,521) |
Restructuring charges (notes 12a and 18) | (3,223) | 0 | (3,315) |
Income from vessel operations | 246,455 | 226,093 | 299,253 |
Equity income (notes 7 and 12a) | 115,399 | 72,233 | 58,819 |
Interest expense | (118,618) | (132,806) | (164,521) |
Interest income (note 7a) | 5,945 | 6,884 | 3,985 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 8,523 | (33,334) | (13,361) |
Foreign currency exchange gain (loss) (notes 10 and 13) | 8,612 | (21,356) | (9,640) |
Other expense (notes 3b and 5a) | (3,882) | (16,910) | (2,454) |
Net income before income tax expense | 262,434 | 100,804 | 172,081 |
Income tax expense (notes 11 and 14c) | (6,886) | (3,492) | (7,477) |
Net income | 255,548 | 97,312 | 164,604 |
Preferred unitholders' interest in net income | 25,702 | 25,702 | 25,702 |
General partner's interest in net income | 3,808 | 1,023 | 2,542 |
Limited partners’ interest in net income | $ 213,138 | $ 60,632 | $ 124,546 |
Limited partners’ interest in net income per common unit (note 16): | |||
Basic (USD per unit) | $ 2.45 | $ 0.73 | $ 1.59 |
Diluted (USD per unit) | $ 2.44 | $ 0.73 | $ 1.59 |
Weighted-average number of common units outstanding (note 16): | |||
Basic (in units) | 87,091,647 | 83,313,097 | 78,177,189 |
Diluted (in units) | 87,216,312 | 83,419,004 | 78,268,412 |
Common Stock, Dividends, Per Share, Declared | $ 1.11 | $ 0.94 | $ 0.71 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 0 | $ (51,000) | $ 13,564 |
Non- controlling Interest | |||
Income Statement [Abstract] | |||
Net income | 12,900 | 9,955 | 11,814 |
Non-controlling interest in net income | 12,900 | 9,955 | 11,814 |
Non-controlling interest in net income | $ (12,900) | $ (9,955) | $ (11,814) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 255,548 | $ 97,312 | $ 164,604 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 29,292 | (66,958) | (57,616) |
Other comprehensive income (loss): | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | 3,304 | 2,320 | |
Amounts reclassified from accumulated other comprehensive loss, net of tax | |||
Other comprehensive income (loss) | 52,851 | (49,068) | (57,440) |
Comprehensive income | 308,399 | 48,244 | 107,164 |
Non-controlling interest in comprehensive income | 15,078 | 7,411 | 9,572 |
Preferred unitholders' interest in comprehensive income | 25,702 | 25,702 | 25,702 |
General and limited partners' interest in comprehensive income | 267,619 | 15,131 | 71,890 |
To equity income | |||
Other comprehensive income (loss): | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | 20,255 | 15,570 | |
Realized loss on qualifying cash flow hedging instruments | (552) | ||
To interest expense | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 7,257 | (8,481) | |
Other comprehensive income (loss): | |||
Amount of Gain Reclassified from Accumulated OCI to Interest Expense | $ 3,304 | $ 2,320 | |
Realized loss on qualifying cash flow hedging instruments | $ 376 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands, shares in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current | ||
Cash and cash equivalents | $ 92,069 | $ 206,762 |
Restricted cash – current (note 15a) | 11,888 | 8,358 |
Prepaid expenses | 14,950 | 9,259 |
Assets Held-for-sale, Not Part of Disposal Group | 9,813 | 0 |
Current portion of derivative assets (note 13) | 672 | 0 |
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss, Current | 14,860 | 13,969 |
Current portion of advances to equity-accounted joint ventures, net (notes 3b and 7) | 17,500 | 10,991 |
Advances to affiliates (note 12b) | 4,153 | 4,924 |
Other current assets | 6,033 | 237 |
Total current assets | 217,443 | 262,131 |
Restricted cash – long-term (note 15a) | 38,100 | 42,823 |
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,186,968 | 1,220,355 |
Property, Plant and Equipment, Other, Accumulated Depreciation | 801,725 | 744,258 |
Sale Leaseback Transaction, Accumulated Depreciation | 206,161 | 157,386 |
Vessels and equipment | ||
Operating lease right-of-use assets (note 5b) | 6,747 | 20,750 |
Property, Plant and Equipment [Roll Forward] | 2,831,530 | 2,895,919 |
Finance Lease, Right-of-Use Asset | 1,637,815 | 1,654,814 |
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | 1,136,374 | 1,056,792 |
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss | 480,508 | 500,101 |
Other assets | 26,710 | 22,382 |
Derivative assets (note 13) | 7,425 | 4,505 |
Intangible Assets, Net (Excluding Goodwill) | 25,654 | 34,510 |
Goodwill (note 8) | 34,841 | 34,841 |
Total assets | 4,798,585 | 4,854,004 |
Current | ||
Accounts payable | 10,197 | 4,883 |
Accrued liabilities (notes 9, 13 and 18) | 71,864 | 81,706 |
Unearned revenue (note 6) | 19,973 | 30,254 |
Current portion of long-term debt (note 10) | 156,064 | 250,508 |
Current obligations related to finance leases (note 5a) | 73,953 | 71,932 |
Current portion of operating lease liabilities (note 5b) | 6,747 | 14,003 |
Current portion of derivative liabilities (note 13) | 15,581 | 56,925 |
Advances from affiliates (note 12b) | 12,426 | 11,047 |
Total current liabilities | 366,805 | 521,258 |
Long-term debt (note 10) | 1,223,578 | 1,221,705 |
Long-term obligations related to finance leases (note 5a) | 1,195,037 | 1,268,990 |
Long-term operating lease liabilities (note 5b) | 0 | 6,747 |
Other long-term liabilities (notes 3b, 7a and 14c) | 60,853 | 56,063 |
Derivative liabilities (note 13) | 23,289 | 32,971 |
Total liabilities | $ 2,869,562 | $ 3,107,734 |
Limited Partners - common units issued | 87 | 87 |
Limited Partners - preferred units issued | 11.8 | |
Preferred Units, Authorized | 11.9 | |
Equity | ||
Limited Partners' Capital Account | $ 1,583,229 | $ 1,465,408 |
Preferred Units, Preferred Partners' Capital Accounts | 285,159 | 285,159 |
General partner | 48,286 | 46,182 |
Accumulated other comprehensive loss | (53,163) | (103,836) |
Partners' equity | 1,863,511 | 1,692,913 |
Non-controlling interest | 65,512 | 53,357 |
Total equity | 1,929,023 | 1,746,270 |
Total liabilities and total equity | 4,798,585 | 4,854,004 |
Accounts Receivable, after Allowance for Credit Loss, Current | 45,505 | 7,631 |
Non-trade accounts receivable | $ 25,247 | $ 5,411 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 255,548 | $ 97,312 | $ 164,604 |
Non-cash and non-operating items: | |||
Unrealized (gain) loss on non-designated derivative instruments (note 13) | (42,652) | 16,467 | 3,133 |
Depreciation and amortization | 130,810 | 129,752 | 136,765 |
Write-down and (gain) on sales of vessels (notes 6, 8 and 19) | 0 | 51,000 | (13,564) |
Unrealized foreign currency exchange (gain) loss including the effect of settlement upon maturity or termination of cross currency swaps (note 13) | (16,656) | 16,194 | 2,805 |
Amortization of deferred financing issuance costs included in interest expense | 5,245 | 5,788 | 8,135 |
Provision for Loan, Lease, and Other Losses | 2,817 | 16,075 | 0 |
Other Noncash Income (Expense) | 6,578 | 7,161 | 7,634 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 65,277 | 475 | 18,516 |
Proceeds from Equity Method Investment, Distribution | 50,122 | 71,758 | 40,303 |
Increase (Decrease) in Operating Capital | 77,555 | (274,231) | (7,933) |
Net operating cash flow | 198,858 | 613,505 | 298,929 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of long-term debt | 669,691 | 604,050 | 186,566 |
Scheduled repayments of long-term debt and settlement of related swaps (note 13) | (353,141) | (256,085) | (132,627) |
early repayment of long-term debt | 391,543 | 752,061 | 188,787 |
Financing issuance costs | (9,728) | (5,111) | (1,149) |
Gross Proceeds from lease payments, Sales-Type Leases, Financing Activity | 0 | 0 | |
Proceeds from financing related to sales and leaseback of vessels | 317,806 | ||
Finance Lease, Principal Payments | (71,932) | (69,982) | (71,726) |
Repayments of Long-term Capital Lease Obligations | 0 | 0 | (111,617) |
Repurchase of common units (note 16) | 0 | (15,635) | (25,728) |
Payments of Ordinary Dividends | 124,195 | 104,397 | 82,379 |
Payments of Ordinary Dividends, Noncontrolling Interest | (2,923) | (5,940) | (90) |
Payments to Noncontrolling Interests | 0 | (2,219) | 0 |
Net financing cash flow | (283,771) | (607,380) | (109,731) |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment, net of warranty settlement | (41,973) | (10,482) | (97,895) |
Capital contributions and advances to equity-accounted joint ventures | 0 | (991) | (72,391) |
Repayment of Notes Receivable from Related Parties | 11,000 | 10,000 | 0 |
Proceeds from sales of vessels (note 19b) | 0 | 0 | 11,515 |
Net investing cash flow | (30,973) | (1,473) | (158,771) |
Increase in cash, cash equivalents and restricted cash | (115,886) | 4,652 | 30,427 |
Cash, cash equivalents and restricted cash, beginning of the year | 257,943 | 253,291 | 222,864 |
Cash, cash equivalents and restricted cash, end of the year | $ 142,057 | $ 257,943 | $ 253,291 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Total Equity - USD ($) shares in Thousands, $ in Thousands | Total | Series A preferred stock | Series B Preferred Units | General Partner | General PartnerCumulative Effect, Period of Adoption, Adjustment | Common UnitsLimited Partners | Preferred UnitsLimited Partners | Preferred UnitsLimited PartnersSeries A preferred stock | Preferred UnitsLimited PartnersSeries B Preferred Units | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest |
Beginning balance, units at Dec. 31, 2018 | 79,361 | 11,800 | |||||||||
Beginning balance at Dec. 31, 2018 | $ 1,882,597 | $ 49,271 | $ 1,496,107 | $ 285,159 | $ 2,717 | $ 49,343 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 164,604 | 2,542 | 124,546 | 25,702 | 11,814 | ||||||
Other comprehensive income (loss) | (57,440) | (55,198) | (2,242) | ||||||||
Distributions declared: | (56,677) | $ (11,250) | $ (14,452) | (1,134) | (55,543) | $ (11,250) | $ (14,452) | ||||
Preferred units | $ (25,700) | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (90) | ||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 1,109 | 22 | $ 1,087 | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 83 | ||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (2,681) | 17 | $ 838 | (3,536) | |||||||
Number of common units repurchased (in shares) | (1,934) | ||||||||||
Repurchase of common units (note 16) | (25,728) | (514) | $ (25,214) | ||||||||
Ending balance, units at Dec. 31, 2019 | 77,510 | 11,800 | |||||||||
Ending balance at Dec. 31, 2019 | 1,876,975 | 50,241 | $ 1,543,598 | $ 285,159 | (57,312) | 55,289 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Retained Earnings (Accumulated Deficit) | ASU 2016-02 | $ 37 | ||||||||||
Net income | 97,312 | 1,023 | 60,632 | 25,702 | 9,955 | ||||||
Other comprehensive income (loss) | (49,068) | (46,524) | (2,544) | ||||||||
Distributions declared: | (78,695) | (11,249) | (14,453) | (1,467) | (77,228) | (11,249) | (14,453) | ||||
Preferred units | $ (25,700) | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (5,940) | ||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 1,661 | 31 | $ 1,630 | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 64 | ||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 462 | 12 | $ 629 | (179) | |||||||
Stock Issued During Period, Value, New Issues | (2,308) | $ 2,308 | |||||||||
Stock Issued During Period, Shares, New Issues | 10,750 | ||||||||||
Number of common units repurchased (in shares) | (1,373) | ||||||||||
Repurchase of common units (note 16) | (15,635) | (313) | $ (15,322) | ||||||||
Ending balance, units at Dec. 31, 2020 | 86,951 | 11,800 | |||||||||
Ending balance at Dec. 31, 2020 | 1,746,270 | 46,182 | $ 1,465,408 | $ 285,159 | (103,836) | 53,357 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Partners' equity | 1,692,913 | ||||||||||
Net income | 255,548 | 3,808 | 213,138 | 25,702 | 12,900 | ||||||
Other comprehensive income (loss) | 52,851 | 50,673 | 2,178 | ||||||||
Distributions declared: | (98,493) | $ (11,249) | $ (14,453) | (1,730) | (96,763) | $ (11,249) | $ (14,453) | ||||
Preferred units | $ (25,700) | ||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (2,923) | ||||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Amount | 1,472 | 26 | $ 1,446 | ||||||||
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 59 | ||||||||||
Ending balance, units at Dec. 31, 2021 | 87,010 | 11,800 | |||||||||
Ending balance at Dec. 31, 2021 | 1,929,023 | $ 48,286 | $ 1,583,229 | $ 285,159 | $ (53,163) | $ 65,512 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Partners' equity | $ 1,863,511 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a) The following is a tabular reconciliation of the Company's cash, cash equivalents and restricted cash balances for the periods presented in the Company's consolidated statements of cash flows: December 31, 2021 $ December 31, 2020 $ December 31, 2019 December 31, 2018 Cash and cash equivalents 92,069 206,762 160,221 149,014 Restricted cash – current 11,888 8,358 53,689 38,329 Restricted cash – long-term 38,100 42,823 39,381 35,521 Total 142,057 257,943 253,291 222,864 The Company maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 13), performance bond collateral and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. b) The changes in operating assets and liabilities for years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended Year Ended Year Ended Accounts receivable (21,874) 5,829 6,184 Prepaid expenses and other current assets (10,082) (2,463) 3,348 Accounts payable 5,315 (211) 1,264 Accrued liabilities and other long-term liabilities (15,912) (1,484) (252) Unearned revenue and long-term unearned revenue (14,419) (2,675) (197) Advances to and from affiliates 4,567 9,368 (6,007) Receipts from direct financing and sales-type leases (note 6) 15,013 274,562 17,073 Expenditures for dry docking (32,808) (5,259) (12,358) Other operating assets and liabilities (7,355) (3,436) (1,122) Total (77,555) 274,231 7,933 c) Cash interest paid (including realized losses on interest rate swaps) on long-term debt, advances from affiliates and obligations related to finance leases, net of amounts capitalized, during the years ended December 31, 2021, 2020 and 2019 totaled $171.5 million, $170.0 million and $193.3 million, respectively. d) During the years ended December 31, 2021, 2020 and 2019, cash paid for taxes was $6.9 million, $3.5 million and $3.7 million, respectively. e) The sales of the Toledo Spirit by its owner during the year ended December 31, 2019 resulted in the vessel being returned to its owner with the obligation related to finance lease being concurrently extinguished. As a result, the sale of the vessel and the concurrent extinguishment of the corresponding obligation related to finance lease of $23.6 million for the year ended December 31, 2019, was treated as a non-cash transaction in the Company's consolidated statements of cash flows. f) As at December 31, 2018, the Company had advanced $79.1 million to the Bahrain LNG Joint Venture and these advances were repayable on November 14, 2019. On the repayment date, the Company agreed to convert $7.9 million of advances into equity and agreed to convert the remaining advances of $71.2 million into a subordinated loan at an interest rate of 6% with no fixed repayment terms. Both of these transactions were treated as non-cash transactions in the Company's consolidated statements of cash flows for the year ended December 31, 2019. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Schedule | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following is a tabular reconciliation of the Company's cash, cash equivalents and restricted cash balances for the periods presented in the Company's consolidated statements of cash flows: December 31, 2021 $ December 31, 2020 $ December 31, 2019 December 31, 2018 Cash and cash equivalents 92,069 206,762 160,221 149,014 Restricted cash – current 11,888 8,358 53,689 38,329 Restricted cash – long-term 38,100 42,823 39,381 35,521 Total 142,057 257,943 253,291 222,864 |
Changes in Operating Assets and Liabilities | The changes in operating assets and liabilities for years ended December 31, 2021, 2020 and 2019 are as follows: Year Ended Year Ended Year Ended Accounts receivable (21,874) 5,829 6,184 Prepaid expenses and other current assets (10,082) (2,463) 3,348 Accounts payable 5,315 (211) 1,264 Accrued liabilities and other long-term liabilities (15,912) (1,484) (252) Unearned revenue and long-term unearned revenue (14,419) (2,675) (197) Advances to and from affiliates 4,567 9,368 (6,007) Receipts from direct financing and sales-type leases (note 6) 15,013 274,562 17,073 Expenditures for dry docking (32,808) (5,259) (12,358) Other operating assets and liabilities (7,355) (3,436) (1,122) Total (77,555) 274,231 7,933 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 92,069 | $ 206,762 | $ 160,221 | $ 149,014 |
Restricted cash – current | 11,888 | 8,358 | 53,689 | 38,329 |
Restricted cash – long-term | 38,100 | 42,823 | 39,381 | 35,521 |
Total | $ 142,057 | $ 257,943 | $ 253,291 | $ 222,864 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Changes in Operating Assets and Liabilities - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Supplemental Cash Flow [Line Items] | |||
Accounts receivable | $ (21,874) | $ 5,829 | $ 6,184 |
Prepaid expenses and other current assets | (10,082) | (2,463) | 3,348 |
Accounts payable | 5,315 | (211) | 1,264 |
Accrued liabilities and other long-term liabilities | (15,912) | (1,484) | (252) |
Unearned revenue and long-term unearned revenue | (14,419) | (2,675) | (197) |
Advances to and from affiliates | 4,567 | 9,368 | (6,007) |
Increase (Decrease) in Deferred Charges | (32,808) | (5,259) | (12,358) |
Other operating assets and liabilities | (7,355) | (3,436) | (1,122) |
Increase (Decrease) in Operating Capital, Total | 77,555 | (274,231) | (7,933) |
Liquefied natural gas segment | |||
Schedule Of Supplemental Cash Flow [Line Items] | |||
Increase (Decrease) in Leasing Receivables | $ (15,013) | $ (274,562) | $ (17,073) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation Effective February 25, 2022, Teekay LNG Partners L.P. (or the Partnership ) legally changed its name to Seapeak LLC and converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands (or the Conversion ). The Conversion is deemed a continuation of the existence of the Partnership in the form of Seapeak LLC, as a Marshall Islands limited liability company, with the existence of Seapeak LLC deemed to have commenced on the date the Partnership commenced its existence. Upon the Conversion, all of the rights, privileges and powers of the Partnership, and all property of and all property and debts due to the Partnership, became vested in Seapeak LLC and the property of Seapeak LLC (as described in Note 20b). These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Seapeak LLC, which is a limited liability company formed under the laws of the Republic of The Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary (see Note 5a) (collectively, the Company , which also refers to Seapeak LLC when it was previously Teekay LNG Partners L.P.). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) as a pandemic. While the Company has experienced some logistical challenges across its fleet due to COVID-19, the Company 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 the Company's seven multi-gas vessels during the year ended December 31, 2020 as described in Note 19a. Given the dynamic nature of the COVID-19 global pandemic, the full extent to which the COVID-19 global pandemic may have material direct or indirect impact on the Company'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. Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign currency exchange gain (loss) in the accompanying consolidated statements of income. Revenues The Company’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. The Company’s time-charter contracts accounted for as direct financing leases and sales-type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. Time charters Revenues from time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectibility of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a time charter accounted for as a sales-type lease or a direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time-charter hire receipts is allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The non-lease element of time-charter hire receipts is recognized by the Company on a straight-line basis daily over the term of the charter. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled drydock and the next scheduled drydock. In addition, if collectibility of non-lease receipts of charter payments from charterers is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the time-charter contract has been terminated or the Company has no remaining performance obligations. For time-charter contracts where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Company does not recognize revenues during days that the vessel is off-hire. When the time-charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases (see Note 2), or other variable consideration, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect, in other current assets, the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectibility of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a bareboat charter accounted for as a sales-type lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, bareboat hire receipts are allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. Operating expenses Voyage expenses include all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time-charter, in which case the Company pays voyage expenses. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred except when the Company incurs pre-operational costs related to the repositioning of a vessel (i) that relates directly to a specific customer contract, (ii) that generates or enhances resources of the Company that will be used in satisfying performance obligations in the future; and (iii) where such costs are expected to be recovered via the customer contract. In this case, such costs are deferred and amortized over the duration of the customer contract. Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect amounts where the right to consideration is conditioned upon the passage of time as "accounts receivable," and reflect accrued revenue where the right to consideration is conditioned upon something other than the passage of time as "other current assets." The Company’s advances to equity-accounted joint ventures and any other investments in loan receivables are recorded at cost. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standards required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for liquefied natural gas (or LNG ) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2021, 2020 and 2019 aggregated to $106.4 million, $107.1 million and $115.1 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Company dry docks each of its vessels every 2.5 years to 5 years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended Year Ended Year Ended Balance at January 1, 31,239 38,764 40,365 Cost incurred for dry docking 36,060 6,968 11,000 Transfer to vessel held for sale and write-down of (896) (766) — Dry-dock amortization (15,383) (13,727) (12,601) Balance at December 31, 51,020 31,239 38,764 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. Vessels and equipment that are "held for sale" are measured at the lower of their carrying value or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Equity-accounted joint ventures The Company’s investments in certain joint ventures, in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of comprehensive earnings or losses and distributions. The Company evaluates its equity-accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted investment is impaired and if the estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of income. The Company’s maximum exposure to loss is the amount it has invested in and advanced to its equity-accounted joint ventures, and the Company's proportionate share of the long-term debt and interest rate swaps that it has guaranteed within its equity-accounted joint ventures. Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs that are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Lease obligations and right-of-use assets As of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company’s vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period when achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined its time-charter-in contract contains both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Company’s incremental borrowing rate, which is based on the fixed interest rate the Company could obtain when entering into a secured loan facility with similar terms. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from vessel in-charters is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease, are accounted for as a failed sale of the vessel. The Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivables, contracts assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other expense in the Company's consolidated statements of income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Company recognized an allowance for doubtful accounts receivable consisting of the Company's best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. The Company reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectibility. Account balances were charged against the allowance when the Company believed that the receivable would not be recovered. In addition, the Company analyzed its loans for collectibility during each reporting period. A loan loss provision was recognized, based on prevailing information and events, if it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considered in determining if a loan loss provision was required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding its ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision was recognized, the Company measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan's effective interest rate and recognized the resulting loss in the consolidated statements of income. The carrying value of the loan was adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows. For charter contracts being accounted for as operating leases, if the remaining lease payments are no longer probable of being collected any unpaid accounts receivable and any accrued revenue will be reversed against revenue and any subsequent payments will be recognized as revenue when collected until such time that the remaining lease payments are probable of being collected. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income (loss) in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the Company’s consolidated statements of income. If a cash flow hedge is terminated or dedesignated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company’s consolidated statements of income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings line item in the Company’s consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging, changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated interest rate swaps and the Company's agreement with Teekay Corporation (or Teekay ) for the Suezmax tanker the Toledo Spirit (which was sold in January 2019) are recorded in realized and unrealized gain (loss) on non-designated derivative instruments in the Company’s consolidated statements of income. Gains and losses from the Company’s cross currency swaps are recorded in foreign currency exchange gain (loss) in the Company’s consolidated statements of income. Unit-based compensation Prior to the effective time of the Merger (as defined in Note 20a) on January 13, 2022, the Company granted restricted unit awards as incentive-based compensation under the Teekay LNG Partners L.P. 2005 Long-Term Incenti |
Accounting Pronouncements
Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 introduced a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaced multiple existing impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to reduce partner's equity on January 1, 2020 without any retroactive application to prior periods. The Company's net investments in direct financing and sales-type leases, advances to equity-accounted joint ventures, guarantees of indebtedness of equity-accounted joint ventures, contracts assets and other receivables, and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of partners' equity by $51.9 million, investments in and advances to equity-accounted joint ventures by $40.0 million, net investments in direct financing and sales-type leases by $15.1 million and non-controlling interest by $3.2 million, and increased its other assets and other long-term liabilities by $1.4 million and $1.4 million, respectively. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12 ), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The Company adopted this update on January 1, 2021. The adoption did not have an impact on the Company'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 (or ASU 2020-04 ). This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. This ASU is effective through December 31, 2022. The Company does not expect that adoption of ASU 2020-04 will have a material impact on the Company. 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. On January 1, 2022, the Company adopted ASU 2021-05 prospectively to leases that commence or are modified on or after January 1, 2022. The Company does not expect that adoption of ASU 2021-05 will impact its accounting of leases that commence or are modified on or after January 1, 2022. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring | a) Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Interest rate swap agreements and cross currency swap agreements – The fair value of these derivative instruments of the Company is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates and the current credit worthiness of both the Company and the derivative counterparties. The estimated amount is the present value of future cash flows. The Company transacts all of these derivative instruments through investment-grade rated financial institutions at the time of the transaction. The Company's interest rate swap agreements do not require the Company to provide cash collateral to these institutions; however, cash collateral may be required by certain institutions on some of the Company's cross currency swap agreements and as at December 31, 2021, the Company had pledged $2.9 million cash as collateral (December 31, 2020 – $3.8 million), which has been recorded as restricted cash – current and long-term on the Company's consolidated balance sheets. Given the current volatility in the credit markets, it is reasonably possible that the amount recorded as a derivative asset or liability could vary by a material amount in the near term. Minor changes to the forward interest curves and forward foreign exchange rates used as inputs to the valuations may have a significant effect on the fair value of these derivative instruments. Long-term debt – The fair values of the Company’s fixed-rate and variable-rate long-term debt are either based on quoted market prices or estimated by the Company using discounted cash flow analyses based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term obligations related to finance leases – The fair values of the Company's long-term obligations related to finance leases are estimated by the Company using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. The Company categorizes the fair value estimates by a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15a) Level 1 142,057 142,057 257,943 257,943 Derivative instruments (note 13) Interest rate swap agreements – assets Level 2 3,896 3,896 — — Interest rate swap agreements – liabilities Level 2 (26,802) (26,802) (75,468) (75,468) Cross currency swap agreements – assets Level 2 4,201 4,201 — — Cross currency swap agreements – liabilities Level 2 (14,654) (14,654) (20,022) (20,022) Non-recurring: Vessel held for sale (note 19a) Level 2 9,813 9,813 — — Equity-accounted joint ventures (note 7a) Level 2 10,418 10,418 — — Vessels and equipment (note 19a) Level 2 — — 40,717 40,717 Other: Loans to equity-accounted joint ventures (note 7) (i) 105,641 (i) 116,632 (i) Long-term debt – public (note 10) Level 1 (317,860) (325,873) (352,260) (359,581) Long-term debt – non-public (note 10) Level 2 (1,061,782) (1,093,400) (1,119,953) (1,137,050) Obligations related to finance leases (note 5a) Level 2 (1,268,990) (1,332,044) (1,340,922) (1,456,927) (i) The advances to equity-accounted joint ventures together with the Company’s equity investments in the joint ventures form the net aggregate carrying value of the Company’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Credit Loss, Financial Instrument | b) Credit Losses The Company's exposure to potential credit losses under ASC 326 includes its three direct financing leases, two of its loans to equity-accounted joint ventures and its guarantees of its proportionate share of secured loan facilities and finance leases of five of its equity-accounted joint ventures. In addition, the Company's exposure to potential credit losses within its equity-accounted joint ventures under ASC 326 primarily includes direct financing and sales-types leases for 18 LNG carriers within its 50/50 joint venture with China LNG Shipping (Holdings) Limited (or China LNG ) (or the Yamal LNG Joint Venture ); its joint venture with China LNG, CETS Investment Management (HK) Co. Ltd. and BW Investments Pte. Ltd (or the Pan Union Joint Venture ); its 40% ownership interest in Teekay Nakilat (III) Corporation (or the RasGas III Joint Venture ); its 33% ownership interest in a joint venture with NYK Energy Transport (or NYK ) and Mitsui & Co. Ltd. (or the Angola Joint Venture ); and one floating storage unit (or FSU ) and an LNG regasification terminal joint venture within Bahrain LNG W.L.L (or the Bahrain LNG Joint Venture ) (see Note 7a). The following table includes the amortized cost basis of the Company’s direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2018 2016 and prior Total As at December 31, 2021 $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — 319,799 319,799 Bahrain Spirit Performing 209,569 — 209,569 209,569 319,799 529,368 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — 32,266 32,266 Bahrain LNG Joint Venture Performing — 73,375 73,375 — 105,641 105,641 209,569 425,440 635,009 Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 and prior Total As at December 31, 2020 $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — 211,939 — 211,939 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 991 — — 991 991 — 115,641 116,632 991 211,939 447,949 660,879 (1) The Company's credit quality grades are based on internal risk credit ratings whereby a credit quality grade of performing is consistent with a low likelihood of loss. The Company assesses the credit quality of its direct financing leases and loan to the Company's 50/50 LPG-related joint venture with Exmar NV (or Exmar ) (or the Exmar LPG Joint Venture ) on whether there are no past due payments (30 days late), no concessions granted to the counterparties and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. The same policy is applied by the equity-accounted joint ventures. The Company assesses the credit quality of its loan to the Bahrain LNG Joint Venture based on whether there are any past due payments from the Bahrain LNG Joint Venture’s primary customer, whether the Bahrain LNG Joint Venture has granted any concessions to its primary customer and whether the Company is aware of any other information that would indicate that there is a material increase of likelihood of loss. As at December 31, 2021 and 2020, all direct financing and sales-type leases held by the Company and the Company’s equity-accounted joint ventures had a credit quality grade of performing. Changes in the Company's allowance for credit losses for the years ended December 31, 2021 and 2020 are as follows: Direct financing leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total As at January 1, 2020 15,055 36,292 3,714 2,139 57,200 Provision for (reversal of) potential credit losses 15,122 18,645 1,012 (59) 34,720 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 Provision for (reversal of) potential credit losses 3,823 3,363 (626) (380) 6,180 As at December 31, 2021 34,000 58,300 4,100 1,700 98,100 (1) The credit loss provision related to the lease receivable component of the net investment in direct financing and sales-type leases is based on an internal historical loss rate, as adjusted when asset specific risk characteristics of the existing lease receivables at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. During the years ended December 31, 2021 and 2020, two LNG project counterparties maintained investment grade credit ratings. As such, the internal historical loss rate used to determine the credit loss provision at January 1, 2020, December 31, 2020 and December 31, 2021 was adjusted downwards to reflect a lower risk profile for these two LNG projects at such dates compared to the average LNG project used to determine the internal historical loss rate. In addition, the internal historical loss rate was adjusted upwards for (a) one LNG project to reflect a lower credit rating for the counterparty, including consideration of the critical infrastructure nature of LNG production, and (b) a second LNG project to reflect a larger potential risk of loss upon potential default as the vessels servicing this project have fewer opportunities for redeployment compared to the Company’s other LNG carriers. The credit loss provision for the residual value component is based on a reversion methodology whereby the current estimated fair value of the vessel as depreciated to the end of the charter contract is compared to the expected carrying value, with such potential gain or loss on maturity being included in the credit loss provision in increasing magnitude on a straight-line basis the closer the contract is to its maturity. Risks related to the net investments in direct financing and sales-type leases consist of risks related to the underlying LNG projects and demand for LNG carriers at the end of the time-charter contracts. The change in credit loss provision of $3.8 million for the Company's consolidated vessels for the year ended December 31, 2021 (2020 - $15.1 million) was included in other expense in the Company's consolidated statements of income. The change in credit loss provision for the year ended December 31, 2021 primarily reflects a decline in the estimated charter-free valuations for certain types of its LNG carriers at the end of their time-charter contract which are accounted for as direct financing leases. These estimated future charter-free values are subject to change based on the underlying LNG shipping market fundamentals. The change in credit loss provision of $3.4 million for the year ended December 31, 2021 (2020 - $18.6 million) relating to the direct financing and sales-type leases and other within the Company's equity-accounted joint ventures was included in equity income in the Company's consolidated statements of income. The change in credit loss provision for the year ended December 31, 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. The changes in the credit loss provision for the Company's consolidated vessels and the vessels within the Company's equity-accounted joint ventures for the year ended December 31, 2021 do not reflect any material change in expectations of the charterers' ability to make their time-charter hire payments as they come due compared to the beginning of the year. (2) The determination of the credit loss provision for such loans is based on their expected duration and on an internal historical loss rate of the Company and its affiliates, as adjusted when asset specific risk characteristics of the existing loans at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. These two loans rank behind secured debt in each equity-accounted joint venture. As such, they are similar to equity in terms of risk. The Exmar LPG Joint Venture owns and charters-in LPG carriers with a primary focus on mid-size gas carriers. Their vessels trade on the spot market or short-term charters. Adverse changes in the spot market for mid-size LPG carriers, as well as operating costs for such vessels, may impact the ability of the Exmar LPG Joint Venture to repay its loan to the Company. The Bahrain LNG Joint Venture owns an LNG receiving and regasification terminal in Bahrain. The ability of Bahrain LNG Joint Venture to repay its loan to the Company is primarily dependent upon the Bahrain LNG Joint Venture’s customer, a company owned by the Kingdom of Bahrain, fulfilling its obligations under the 20-year agreement, as well as the Bahrain LNG Joint Venture’s ability to operate the terminal in accordance with the agreed upon operating criteria. (3) The determination of the credit loss provision for such guarantees was based on a probability of default and loss given default methodology. In determining the overall estimated loss from default as a percentage of the outstanding guaranteed share of secured loan facilities and finance leases, the Company considers current and future operational performance of the vessels securing the loan facilities and finance leases and current and future expectations of the proceeds that could be received from the sale of the vessels securing the loan facilities and finance leases in comparison to the outstanding principal amount of the loan facilities and finance leases if the Company was required to fulfill its obligations under the guarantees. See Note 7d relating to the guarantees the Company provides for its equity-accounted joint ventures. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting As at December 31, 2021 and 2020, the Company has two reportable segments, the LNG segment and the LPG segment. The Company’s LNG segment consists of LNG carriers which generally operate under long-term, fixed-rate charters to international energy companies. The Company's LPG segment consists of LPG and multi-gas carriers which generally operate under voyage charters or time-charters. As at December 31, 2021, the Company’s LNG segment consisted of 47 LNG carriers (including 25 LNG carriers included in joint ventures that are accounted for under the equity method) and one LNG receiving and regasification terminal in Bahrain. As at December 31, 2021, the Company's LPG segment consisted of 28 LPG/multi-gas carriers (including 21 LPG carriers included in a joint venture that is accounted for under the equity method). As at December 31, 2019, the Company had the following reportable segments: the LNG segment, the LPG segment and the conventional tanker segment. The Company sold its two remaining conventional tankers, the Toledo Spirit and the Alexander Spirit, in January and October 2019, respectively. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table presents voyage revenues and percentage of consolidated voyage revenues for the Company’s customers who accounted for 10% or more of the Company's consolidated voyage revenues during any of the periods presented. (U.S. Dollars in millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Royal Dutch Shell Plc. (i) (ii) $136.3 or 23% $134.4 or 23% $126.9 or 21% Ras Laffan Liquefied Natural Gas Company Ltd. (i) $69.9 or 12% $71.5 or 12% $71.1 or 12% Naturgy Energy Group S.A. (i) $64.9 or 11% $65.3 or 11% $65.6 or 11% Cheniere Marketing International (i) Less than 10% $61.0 or 10% $60.6 or 11% (i) LNG segment. (ii) Includes its subsidiaries Shell International Trading Middle East Ltd. and Shell Tankers (Singapore) Private Ltd. The following tables include results for these segments for the years presented in these consolidated financial statements. Year Ended December 31, 2021 Liquefied Natural Gas Liquefied Petroleum Gas Total Voyage revenues 550,496 47,335 597,831 Voyage expenses (7,183) (21,007) (28,190) Vessel operating expenses (105,038) (19,588) (124,626) Time-charter hire expenses (23,487) — (23,487) Depreciation and amortization (123,786) (7,024) (130,810) General and administrative expenses (i) (37,668) (3,372) (41,040) Restructuring charges (2,958) (265) (3,223) Income (loss) from vessel operations 250,376 (3,921) 246,455 Equity income 100,925 14,474 115,399 Investment in and advances to equity-accounted joint ventures, net 1,015,370 138,504 1,153,874 Expenditures for vessels and equipment (44,011) (1,161) (45,172) Expenditures for dry docking (31,808) (4,252) (36,060) Year Ended December 31, 2020 Liquefied Natural Gas Liquefied Petroleum Gas Total Voyage revenues 552,416 38,687 591,103 Voyage expenses (3,009) (14,385) (17,394) Vessel operating expenses (98,572) (17,824) (116,396) Time-charter hire expenses (23,564) — (23,564) Depreciation and amortization (122,523) (7,229) (129,752) General and administrative expenses (i) (24,879) (2,025) (26,904) Write-down of vessels — (51,000) (51,000) Income (loss) from vessel operations 279,869 (53,776) 226,093 Equity income (loss) 79,244 (7,011) 72,233 Investment in and advances to equity-accounted joint ventures, net 934,059 133,724 1,067,783 Expenditures for vessels and equipment (12,382) (1,093) (13,475) Expenditures for dry docking (4,862) (2,106) (6,968) Year Ended December 31, 2019 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 555,303 39,211 6,742 601,256 Voyage expenses (4,493) (16,563) (331) (21,387) Vessel operating expenses (90,954) (17,888) (2,743) (111,585) Time-charter hire expenses (19,994) — — (19,994) Depreciation and amortization (128,138) (7,931) (696) (136,765) General and administrative expenses (i) (20,193) (1,789) (539) (22,521) Gain on sales and (write-down) of vessels 14,349 — (785) 13,564 Restructuring charges (400) — (2,915) (3,315) Income (loss) from vessel operations 305,480 (4,960) (1,267) 299,253 Equity income (loss) 59,600 (781) — 58,819 Expenditures for vessels and equipment (101,052) (1,538) — (102,590) Expenditures for dry docking (8,224) (2,776) — (11,000) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources (Note 12a)). A reconciliation of total segment assets presented in the Company's consolidated balance sheets is as follows: December 31, December 31, Total assets of the liquefied natural gas segment 4,449,598 4,395,336 Total assets of the liquefied petroleum gas segment 252,765 246,982 Unallocated: Cash and cash equivalents 92,069 206,762 Advances to affiliates 4,153 4,924 Consolidated total assets 4,798,585 4,854,004 |
Chartered-in Vessels
Chartered-in Vessels | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | Obligations related to Finance Leases December 31, December 31, Total obligations related to finance leases 1,268,990 1,340,922 Less current portion (73,953) (71,932) Long-term obligations related to finance leases 1,195,037 1,268,990 As at December 31, 2021 and 2020, the Company was a party to finance leases on nine LNG carriers. These nine LNG carriers were sold by the Company to third parties (or Lessors ) and leased back under 7.5 to 15-year bareboat charter contracts ending in 2026 through to 2034. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.1%. The bareboat charter contracts are presented as obligations related to finance leases on the Company's consolidated balance sheets and have purchase obligations at the end of the lease terms. The Company consolidates seven of the nine Lessors for financial reporting purposes as VIEs. The Company understands that these vessels and lease operations are the only assets and operations of the Lessors. The Company operates the vessels during the lease term and, as a result, is considered to be, under GAAP, the Lessor's primary beneficiary. The sale and leaseback of two vessels are accounted for as failed sales. The Company is not considered as holding a variable interest in these buyer Lessor entities and thus, does not consolidate these entities. The liabilities of the seven Lessors considered as VIEs are loans and are non-recourse to the Company. The amounts funded to the seven Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under the sale-leaseback transactions. As a result, the amounts due by the Company's subsidiaries to the seven Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. During September 2019, the Company refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. The Company is required to purchase the vessel at the end of the lease term. As a result of this refinancing transaction, the Company recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease which was included in other expense in the Company's consolidated statements of income. The obligations of the Company under the bareboat charter contracts for the nine LNG carriers are guaranteed by the Company. In addition, the guarantee agreements require the Company to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at December 31, 2021, the Company was in compliance with all covenants in respect of the obligations related to its finance leases. As at December 31, 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 $333.8 million repayable through 2034, as indicated below: Year Commitments as at December 31, 2021 2022 $ 136,959 2023 $ 135,459 2024 $ 132,011 2025 $ 129,725 2026 $ 305,457 Thereafter $ 763,184 |
Lessee, Operating Leases [Text Block] | b) Operating Leases The Company has chartered a vessel from its 52% owned LNG-related 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 Company and operates the vessel for the Company. Under its time-charter-in contract with the MALT Joint Venture commencing in September 2018, which had an original term of two years and was further extended by 21 months to June 2022, the Company incurred time-charter hire expenses for the year ended December 31, 2021 of $23.5 million (2020 – $23.6 million, 2019 – $20.0 million), of which $14.5 million (2020 – $14.6 million, 2019 – $12.4 million) was allocable to the lease component and $9.0 million (2020 – $9.0 million, 2019 – $7.6 million) was allocable to the non-lease component. The lease component approximates the cash paid for the amounts included in operating lease liabilities and is reflected as a reduction in operating cash flows for the years ended December 31, 2021, 2020 and 2019. As at December 31, 2021, the remaining lease term and discount rate for the time-charter-in contract were 0.5 years and 4.6%, respectively. A maturity analysis of the Company’s operating lease liabilities from its time-charter-in contract with the MALT Joint Venture as at December 31, 2021 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: 2022 6,832 4,218 11,050 Less imputed interest (85) Carrying value of current portion of operating 6,747 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s primary source of revenue is chartering its vessels to customers. The Company utilizes three primary forms of contracts, consisting of time-charter contracts, voyage charter contracts and bareboat charter contracts. Time Charters Pursuant to a time-charter contract, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations of a time-charter contract, which include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is based on a fixed daily hire amount and is typically invoiced monthly in advance for time-charter contracts. However, certain sources of variability exist, including penalties, such as those that relate to periods the vessels are off-hire and where minimum speed and performance metrics are not met. In addition, certain time-charter contracts contain provisions allowing the Company to be compensated for increases in the Company's costs during the term of the charter. Such provisions may be in the form of annual hire rate adjustments for changes in inflation indices or interest rates or in the form of cost reimbursements for vessel operating expenditures or dry-docking expenditures. Finally, in a small number of charters, the Company may earn a profit share consideration, which occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. The Company does not engage in any specific tactics to minimize residual value risk. As at December 31, 2021, a substantial majority of the Company’s consolidated vessels operated under time-charter contracts with the Company’s customers. Such contracts are scheduled to expire between 2022 and 2039. Certain of these contracts result in situations whereby the customer will pay consideration up front for performance to be provided at a later date. The time-charter contracts for many of the Company's LNG carriers have options that permit the charterer to extend the contract for periods up to a total extension between three and 15 years. In addition, each of the Company's time-charter contracts are subject to certain termination and purchase provisions. As at December 31, 2021, the Company had $22.2 million of advanced payments recognized as contract liabilities (December 31, 2020 – $28.4 million) which are expected to be recognized as voyage revenues and are included in unearned revenue and other long-term liabilities on the Company's consolidated balance sheets. The Company recognized $26.5 million and $24.9 million of revenue for the years ended December 31, 2021 and 2020, respectively, that was recognized as a contract liability at the beginning of those years. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or “spot” market rate. The performance obligations of a voyage charter contract, which typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine this based upon the decision-making rights of the charterer under the contract. Consideration for such contracts is generally fixed, although certain sources of variability exist - for example, delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage is typically less than three months. The Company does not engage in any specific tactics to minimize residual value risk due to the short-term nature of the contracts. Bareboat Charters Pursuant to a bareboat charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more, at rates that are generally fixed. However, the customer is responsible for operation and maintenance of the vessel with its own crew as well as any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. If the vessel goes off-hire due to a mechanical issue or any other reason, the monthly hire received by the Company is normally not impacted. The performance obligations of a bareboat charter, which include the lease of the vessel to the charterer, are satisfied over the duration of such contract, as measured using the time elapsed from commencement of the lease. Hire is typically invoiced monthly in advance for bareboat charters, based on a fixed daily hire amount. Revenue Table The following tables contain the Company's revenue for the year ended December 31, 2021, 2020 and 2019, by contract type and by segment. Year Ended December 31, 2021 Liquefied Liquefied Total Time charters 540,379 11,356 551,735 Voyage charters — 35,979 35,979 Management fees and other income 10,117 — 10,117 550,496 47,335 597,831 Year Ended December 31, 2020 Liquefied Liquefied Total Time charters 543,408 — 543,408 Voyage charters — 38,687 38,687 Management fees and other income 9,008 — 9,008 552,416 38,687 591,103 Year Ended December 31, 2019 Liquefied Liquefied Conventional Total Time charters 530,434 2,860 6,742 540,036 Voyage charters — 36,351 — 36,351 Bareboat charters 18,387 — — 18,387 Management fees and other income 6,482 — — 6,482 555,303 39,211 6,742 601,256 The following table contains the Company’s total revenue for the years ended December 31, 2021, 2020 and 2019, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Year Ended December 31, 2021 $ Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Lease revenue Lease revenue from lease payments of operating leases 508,932 505,029 516,772 Interest income on lease receivables 49,142 50,504 51,676 Variable lease payments – cost reimbursements (1) 5,755 5,398 4,635 563,829 560,931 573,083 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 23,885 21,164 21,691 Management fees and other income 10,117 9,008 6,482 34,002 30,172 28,173 Total 597,831 591,103 601,256 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer pursuant to charter contracts accounted for as operating leases. Net Investments in Direct Financing and Sales-Type Leases The two LNG carriers owned by Teekay BLT Corporation (or the Tangguh Joint Venture ), in which the Company has a 70% ownership interest and which the Company consolidates, commenced their time-charter contracts with their charterers in 2009. Both time-charter contracts are accounted for as direct financing leases with 20-year terms. In addition, the 21-year charter contract for the Bahrain Spirit FSU commenced in September 2018 and is accounted for as a direct finance lease. In 2013, the Company acquired two LNG carriers, the WilPride and WilForce from Norway-based Awilco LNG ASA (or Awilco ) and chartered them back to Awilco on five four The following table lists the components of the net investments in direct financing leases: December 31, December 31, Total lease payments to be received 703,214 767,202 Estimated unguaranteed residual value of leased properties 284,277 284,277 Initial direct costs 230 264 Less unearned revenue (458,353) (507,496) Total net investments in direct financing leases 529,368 544,247 Less credit loss provision (34,000) (30,177) Total net investments in direct financing leases, net 495,368 514,070 Less current portion (14,860) (13,969) Net investments in direct financing leases, net 480,508 500,101 As at December 31, 2021, estimated lease payments to be received by the Company related to its direct financing leases in each of the next five succeeding fiscal years are approximately $64.2 million (2022), $64.0 million (2023), $64.3 million (2024), $64.2 million (2025), $64.2 million (2026) and an aggregate of $382.3 million thereafter. Two leases are expected to end in 2028 and the remaining lease is scheduled to end in 2039. Operating Leases As at December 31, 2021, the minimum scheduled future rentals to be received by the Company 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 $393.0 million (2022), $310.0 million (2023), $252.9 million (2024), $197.4 million (2025), and $135.4 million (2026). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Company's equity-accounted joint ventures, rentals from unexercised option periods of contracts that existed on December 31, 2021, variable or contingent rentals, or rentals from contracts which were entered into or commenced after December 31, 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. The carrying amount of the Company's vessels which are employed on these charter contracts as at December 31, 2021, was $2.6 billion (December 31, 2020 – $2.8 billion). The cost and accumulated depreciation of these vessels employed on these charter contracts as at December 31, 2021 were $3.5 billion (December 31, 2020 – $3.7 billion) and $958.9 million (December 31, 2020 – $889.4 million), respectively. |
Equity-Accounted Joint Ventures
Equity-Accounted Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity-Accounted Joint Ventures | Equity-Accounted Joint Ventures a) A summary of the Company's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2021 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2021 2020 Angola Joint Venture (i) 33% 4 - 102,477 90,659 Bahrain LNG Joint Venture (ii) 30% - 1 57,277 38,678 Excalibur Joint Venture (iii) 50% 1 - 10,418 35,871 Exmar LPG Joint Venture (iv) 50% 21 - 138,751 134,138 MALT Joint Venture (v) 52% 6 - 361,550 359,442 Pan Union Joint Venture (vi) 20%-30% 4 - 81,570 81,548 RasGas III Joint Venture (vii) 40% 4 - 109,866 97,721 Yamal LNG Joint Venture (viii) 50% 6 - 296,065 234,452 46 1 1,157,974 1,072,509 Less credit loss provision (4,100) (4,726) Total investments in and advances to 1,153,874 1,067,783 Less current portion of advances to equity- (17,500) (10,991) Investments in and advances to equity- 1,136,374 1,056,792 (i) Angola Joint Venture As at December 31, 2021, the Company has a 33% ownership interest in the Angola Joint Venture that owns four 160,400-cubic meter LNG carriers (or the Angola LNG Carriers ). The other partners of the Angola Joint Venture are NYK (33%) and Mitsui & Co. Ltd. (34%). As at December 31, 2020, the Company had advanced $1.0 million to the Angola Joint Venture. These advances bore interest at LIBOR plus 1.0%. These amounts are included in the table above. These advances were repaid in full during the year ended December 31, 2021. The Company has guaranteed its 33% share of the secured loan facilities and interest rate swaps of the Angola Joint Venture for which the aggregate principal amount of the secured loan facilities and fair value of the interest rate swaps as at December 31, 2021 was $181.6 million (December 31, 2020 – $203.4 million). As a result, the Company has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2021 was $0.2 million (December 31, 2020 – $0.3 million) and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. (ii) Bahrain LNG Joint Venture In December 2015, the Company (30%) entered into a joint venture agreement with National Oil & Gas Authority (30%), Gulf Investment Corporation (24%) and Samsung C&T (16%) to form the Bahrain LNG Joint Venture, for the development of an LNG receiving and regasification terminal in Bahrain. The LNG terminal includes an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility with a total LNG terminal capacity of 800 million standard cubic feet per day and is owned and operated under a 20-year customer contract. In addition, the Company has supplied an FSU in connection with this terminal commencing in September 2018 through a 21-year time-charter contract with the Bahrain LNG Joint Venture. As at December 31, 2021 and 2020, the Company had advanced $73.4 million to the Bahrain LNG Joint Venture. These advances bear interest at 6.0%. For the years ended December 31, 2021, 2020 and 2019, the interest earned on these loans amounted to $4.8 million, $4.6 million, and $2.8 million, respectively. For the years ended December 31, 2021 and 2020, the interest earned was included in interest income in the Company’s consolidated statements of income. For the year ended December 31, 2019, the interest earned was capitalized as part of investments in and advances to equity-accounted joint ventures in the Company's consolidated balance sheets up until November 30, 2019, after which date, it was included in interest income in the Company’s consolidated statements of income. As at December 31, 2021 and 2020, the interest receivable on these advances was $10.0 million and $5.1 million, respectively. These amounts are included in the table above. (iii) Excalibur Joint Venture As at December 31, 2021, the Company has a 50% ownership interest in an LNG-related joint venture with Exmar (or the Excalibur Joint Venture ). The Company has guaranteed its ownership share of the secured loan facility of the Excalibur Joint Venture for which the principal amount of the secured loan facility as at December 31, 2021 was $8.8 million (December 31, 2020 – $15.9 million). As a result, the Company has recorded a guarantee liability. As at December 31, 2021, the carrying value of the guarantee liability was $nil (December 31, 2020 – $0.1 million). During the year ended December 31, 2021, the Company recognized a $30.0 million write-down on its investment in the Excalibur Joint Venture. The write-down was recorded in equity income on the Company‘s consolidated statement of income for the year ended December 31, 2021. The Company‘s investment in the Excalibur Joint Venture is part of the Company‘s LNG segment and was written down to its estimated fair value. The recognition of this other-than-temporary impairment was the result of a change in expectation as to the possible sale of the Excalibur Joint Venture's only vessel. The estimated fair value of the Company’s investment in the Excalibur Joint Venture was primarily based upon the expected sales price of the Excalibur LNG carrier, combined with the Excalibur Joint Venture’s working capital and floating-rate debt, whose fair values approximated their carrying values. On initial acquisition, the basis difference between the Company's investment and the carrying value of the Excalibur Joint Venture's net assets was substantially attributed to an increase to the carrying value of the vessel of the Excalibur Joint Venture in accordance with the finalized purchase price allocation and was subsequently reduced by the amount of the other-than-temporary impairment in 2021. At December 31, 2021, the unamortized amount of the basis difference was $(18.5) million (December 31, 2020 – $12.0 million). (iv) Exmar LPG Joint Venture As at December 31, 2021, the Company has a 50% ownership interest in the Exmar LPG Joint Venture. The Company has guaranteed its 50% share of secured loan facilities and four finance leases in the Exmar LPG Joint Venture for which the aggregate principal amount of the secured loan facilities and finance leases as at December 31, 2021 was $228.2 million (December 31, 2020 – $238.2 million). As a result, the Company has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2021 was $1.0 million (December 31, 2020 – $1.3 million) and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. As at December 31, 2021, the Company had advanced $32.3 million (December 31, 2020 – $42.3 million) to the Exmar LPG Joint Venture, which bears interest at LIBOR plus 0.5% and has no fixed repayment terms. For the years ended December 31, 2021, 2020 and 2019, the interest earned on these loans amounted to $0.2 million, $0.8 million and $1.6 million and is included in interest income in the Company's consolidated statements of income. As at December 31, 2021 and 2020, the interest receivable on these advances was $nil . On initial acquisition, the basis difference between the Company's investment and the carrying value of the Exmar LPG Joint Venture's net assets was substantially attributed to the value of the vessels and charter agreements of the Exmar LPG Joint Venture and goodwill in accordance with the finalized purchase price allocation. At December 31, 2021, the unamortized amount of the basis difference was $17.4 million (December 31, 2020 – $18.2 million). (v) MALT Joint Venture As at December 31, 2021, the Company has a 52% ownership in the MALT Joint Venture. Since control of the MALT Joint Venture is shared jointly between Marubeni and the Company, the Company accounts for its investment in the MALT Joint Venture using the equity method. The Company has guaranteed its 52% share of certain of the MALT Joint Venture's secured loan facilities and interest rate swaps, for which the principal amount of the secured loan facilities and fair value of the interest rate swaps as at December 31, 2021 was $123.1 million (December 31, 2020 – $134.6 million). As a result, the Company has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2021 and 2020 was $0.2 million and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. (vi) Pan Union Joint Venture As at December 31, 2021, the Company has a 30% ownership interest in two LNG carriers, the Pan Asia and the Pan Americas , and a 20% ownership interest in two LNG carriers, the Pan Europe and the Pan Africa , through its Pan Union Joint Venture. On initial acquisition, the basis difference between the Company's investment and the carrying value of the Pan Union Joint Venture's net assets was substantially attributed to ship construction support agreements and the time-charter contracts. At December 31, 2021, the unamortized amount of the basis difference was $9.4 million (December 31, 2020 – $10.0 million). (vii) RasGas III Joint Venture As at December 31, 2021, the Company has a 40% ownership interest in the RasGas III Joint Venture, and the remaining 60% is held by Qatar Gas Transport Company Ltd. (viii) Yamal LNG Joint Venture As at December 31, 2021, the Company has a 50% ownership interest in the Yamal LNG Joint Venture, which has six icebreaker LNG carriers that carry out international transportation of LNG for a project located on the Yamal Peninsula in Northern Russia. The Company has guaranteed its 50% share of a secured loan facility and interest rate swaps in the Yamal LNG Joint Venture for which the aggregate principal amount of the loan facility and fair value of the interest rate swaps as at December 31, 2021 was $736.7 million (December 31, 2020 – $807.7 million). As a result, the Company has recorded a guarantee liability. The carrying value of the guarantee liability as at December 31, 2021 was $1.5 million (December 31, 2020 – $2.2 million) and is included as part of other long-term liabilities in the Company’s consolidated balance sheets. b) The Angola Joint Venture, the Bahrain LNG Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture are considered VIEs; however, the Company is not the primary beneficiary and therefore, the Company has not consolidated these entities. The Company’s exposure to loss as a result of its investment in the Angola Joint Venture, the Bahrain LNG Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture is the amount it has invested in and advanced to these joint ventures, which are $102.5 million, $57.3 million, $109.9 million and $296.1 million, respectively, as at December 31, 2021. In addition, the Company provides an owner's guarantee in respect of the charters for the Angola Joint Venture, the RasGas III Joint Venture, and the Yamal LNG Joint Venture; and guarantees the credit facilities and interest rate swaps of the Angola Joint Venture and the Yamal LNG Joint Venture as described above. c) The following table presents aggregated summarized financial information reflecting a 100% ownership interest in the Company’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG Joint Venture, the Excalibur Joint Venture and the Pan Union Joint Venture. The results include the Angola Joint Venture, the Bahrain LNG Joint Venture, the Excalibur Joint Venture, the Exmar LPG Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture, the RasGas III Joint Venture and the Yamal LNG Joint Venture and the recognition of the 2021 other-than-temporary impairment of the Company's investment of the Excalibur Joint Venture. December 31, December 31, Cash and restricted cash – current 460,342 400,816 Other assets – current 208,029 180,673 Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts 1,825,562 1,912,776 Net investments in direct financing and sales-type leases – non-current 5,103,376 5,237,791 Other assets – non-current 255,270 216,331 Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 611,180 582,767 Other liabilities – current 250,753 232,466 Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 4,551,612 4,853,791 Other liabilities – non-current 220,454 350,057 Year Ended Year Ended Year Ended Voyage revenues 990,703 1,008,112 766,618 Income from vessel operations 572,985 584,685 400,326 Realized and unrealized gain (loss) on non-designated derivative instruments: Bahrain LNG Joint Venture 22,376 (68,563) (19,756) Other equity-accounted joint ventures 4,367 (26,197) (21,159) Net income 342,068 152,144 130,314 d) As described in Note 7a, the Company guarantees its proportionate share of certain loan facilities and obligations on interest rate swaps for certain of its equity-accounted joint ventures. As at December 31, 2021, with the exception of debt service coverage ratio breaches for three of the vessels in the Angola Joint Venture, all of the Company's equity-accounted joint ventures were in compliance with all covenants relating to these loan facilities that the Company guarantees. The Angola Joint Venture expects to obtain a waiver for the covenant requirements that were not met at December 31, 2021, with such waiver being valid until the next compliance test at June 30, 2022, similar to the waivers obtained in March 2021 and October 2021. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill As at December 31, 2021 and 2020, intangible assets consisted of acquired time-charter contracts with a weighted-average amortization period of 20.7 years from the date of acquisition. The carrying amount of intangible assets for the Company’s liquefied natural gas segment is as follows: December 31, December 31, Gross carrying amount 179,813 179,813 Accumulated amortization (154,159) (145,303) Net carrying amount 25,654 34,510 Amortization expense associated with intangible assets was $8.9 million per year for each of the years ended December 31, 2021, 2020 and 2019. Amortization expense associated with intangible assets in each of the next five succeeding fiscal years is expected to be approximately $8.4 million (2022), $6.2 million (2023), $4.5 million (2024), $1.5 million (2025), and $1.5 million (2026). The Company's carrying amount of goodwill as at December 31, 2021 and 2020 is as follows: December 31, December 31, Liquefied natural gas segment 31,921 31,921 Liquefied petroleum gas segment 2,920 2,920 Total 34,841 34,841 The Company conducts an impairment review annually or more frequently if facts and circumstances suggest goodwill may be impaired. No impairment charge was recorded for the years ended December 31, 2021, 2020 and 2019. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, December 31, Interest including interest rate swaps 17,013 21,528 Voyage and vessel expenses 40,899 44,349 Payroll and benefits 4,053 7,257 Other general expenses 1,145 1,019 Income and other tax payable 791 1,128 Distributions payable on preferred units 6,425 6,425 Deposit received for vessel held for sale (note 19a) 1,538 — Total 71,864 81,706 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt December 31, 2021 December 31, 2020 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2022 to 2023 165,000 100,000 U.S. Dollar-denominated Term Loans and Bonds due from 2022 to 2030 791,271 873,712 Norwegian Krone-denominated Bonds due from 2023 to 2026 323,193 355,514 Euro-denominated Term Loans due from 2023 to 2024 115,392 152,710 Total principal 1,394,856 1,481,936 Unamortized discount and debt issuance costs (15,214) (9,723) Total debt 1,379,642 1,472,213 Less current portion (156,064) (250,508) Long-term debt 1,223,578 1,221,705 As at December 31, 2021, the Company had two revolving credit facilities available, which provided for borrowings of up to $400.4 million (December 31, 2020 – $354.8 million), of which $235.4 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 $105.4 million in 2022 and $295.0 million in 2023, when the revolving credit facilities mature. The revolving credit facilities may be used by the Company to fund general company 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 Company’s vessels, together with other related security, and includes a guarantee from two of the Company's subsidiaries of all outstanding amounts. As at December 31, 2021, the Company had six U.S. Dollar-denominated term loans and bonds outstanding, which totaled $791.3 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 Company vessels to which the loans relate, together with certain other related security. In addition, as at December 31, 2021, all of the outstanding term loans were guaranteed by either the Company or the ship-owning entities within Teekay Nakilat Corporation (or the RasGas II Joint Venture ), of which the Company has a 70% ownership interest. As at December 31, 2021, the Company had Norwegian Krone (or NOK ) 2.9 billion (December 31, 2020 – NOK 3.1 billion) of senior unsecured bonds in the Norwegian bond market that mature through 2026. As at December 31, 2021, the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $323.2 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 5.15%. The Company 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 $331.0 million upon maturity in exchange for NOK 2.9 billion (see Note 13). As at December 31, 2021, the Company had two Euro-denominated term loans outstanding, which totaled 101.5 million Euros ($115.4 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 ranged from 0.60% to 1.95% as at December 31, 2021. The terms loans require monthly and semi-annual interest and principal payments. The term loans have varying maturities through 2024. The term loans are collateralized by first-priority mortgages on two of the Company vessels to which the loans relate, together with certain other related security and are guaranteed by the Company and one of its subsidiaries. The weighted-average interest rates for the Company’s long-term debt outstanding as at December 31, 2021, and 2020 were 3.22% and 3.04%, respectively. These rates do not reflect the effect of related interest rate swaps that the Company has used to economically hedge certain of its floating-rate debt (see Note 13). All Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Company’s NOK-denominated bonds, the Company’s Euro-denominated term loans and restricted cash, and the change in the valuation of the Company’s cross currency swaps, the Company incurred foreign exchange gains (losses) of $8.6 million, $(21.4) million, and $(9.6) million for the years ended December 31, 2021, 2020 and 2019, respectively. The aggregate annual long-term debt principal repayments required under these revolving credit facilities, loans and bonds subsequent to December 31, 2021, are $156.8 million (2022), $346.4 million (2023), $123.8 million (2024), $184.6 million (2025), $404.3 million (2026) and $179.0 million (thereafter). Certain loan agreements require that (a) the Company maintains minimum levels of tangible net worth and aggregate liquidity, (b) the Company maintain certain ratios of vessel values related to the relevant outstanding loan principal balance, (c) the Company not exceed a maximum amount of leverage, and (d) certain of the Company’s subsidiaries maintain restricted cash deposits. As at December 31, 2021, the Company had five credit facilities with an aggregate outstanding loan balance of $496.1 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 110%, 115%, 120%, 120% and 135%, which as at December 31, 2021 were 146%, 1,030%, 151%, 166%, and 241%, respectively. The vessel values used in calculating these ratios are the appraised values provided by third parties, where available, or prepared by the Company based on second-hand sale and purchase market data. Since vessel values can be volatile, the Company’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Company sold any of the vessels. The Company’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Company's subsidiaries are in default under their term loans and, in addition, one of the term loans in the RasGas II Joint Venture requires it to satisfy a minimum vessel value to outstanding loan principal balance ratio to pay dividends. As at December 31, 2021, the Company was in compliance with all covenants relating to the Company’s credit facilities and other long-term debt. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of the provision for income taxes were as follows: Year Ended Year Ended Year Ended December 31, 2019 $ Current (6,257) (4,396) (6,824) Deferred (629) 904 (653) Income tax expense (6,886) (3,492) (7,477) Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company 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 Company 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 Company may change accordingly. The Company operates in countries that have differing tax laws and rates. Consequently, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Net income before income tax expenses 262,434 100,804 172,081 Net income not subject to taxes (217,184) (135,010) (167,667) Net income (loss) income subject to taxes 45,250 (34,206) 4,414 At applicable statutory tax rates Amount computed using the standard rate of corporate tax (7,555) 8,888 (1,821) Adjustments to valuation allowance and uncertain tax positions (24,629) (5,569) (6,767) Permanent and currency differences 25,065 (7,186) 4,592 Change in tax rates 233 375 (3,481) Tax expense related to the current year (6,886) (3,492) (7,477) The significant components of the Company’s deferred tax assets were as follows: December 31, December 31, Derivative instruments (703) 3,650 Taxation loss carryforwards and disallowed finance costs 78,031 58,310 Vessels and equipment (277) (1,256) Other items (276) (2,636) 76,775 58,068 Valuation allowance (73,341) (54,005) Net deferred tax assets 3,434 4,063 December 31, 2021 $ December 31, Deferred income tax assets included in other assets 4,142 5,386 Deferred income tax liabilities included in other long-term liabilities (708) (1,323) Net deferred tax assets 3,434 4,063 The Company had tax losses in the United Kingdom (or UK ) of $28.9 million as at December 31, 2021 (December 31, 2020 – $26.5 million) that are available indefinitely for offset against future taxable income in the UK. The Company had tax losses and estimated disallowed finance costs in Spain of 110.3 million Euros or approximately $125.2 million (December 31, 2020 – 110.3 million Euros or approximately $134.8 million) and 14.8 million Euros or approximately $16.9 million (December 31, 2020 – 7.5 million Euros or approximately $9.2 million), respectively, at December 31, 2021 of which the tax losses and the disallowed finance costs are available indefinitely for offset against future taxable income in Spain. In addition, the Company had estimated tax losses in Luxembourg of 197.8 million Euros or approximately $224.9 million as at December 31, 2021 (December 31, 2020 – 123.2 million Euros or approximately $150.5 million) that are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The tax years 2010 through 2021 currently remain open to examination by the major tax jurisdictions to which the Company is subject. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a) The following table and related footnotes provide information about certain of the Company's related party transactions for the periods indicated: Year Ended Year Ended Year Ended Voyage revenues (i)(iii) 40,225 37,481 49,257 Vessel operating expenses (i)(ii) (7,011) (6,505) (6,629) Time-charter hire expenses (iii) (23,487) (23,564) (19,994) General and administrative expenses (iv) (27,098) (15,779) (15,393) Restructuring charges (v) (3,223) — (400) Equity income (vi) 2,417 2,424 1,316 (i) In September 2018, the Company’s FSU, the Bahrain Spirit , commenced its 21-year charter contract with the Bahrain LNG Joint Venture. Voyage revenues from the charter of the Bahrain Spirit to the Bahrain LNG Joint Venture for the year ended December 31, 2021 amounted to $30.1 million ($28.8 million during 2020 and $30.6 million during 2019). In addition, the Company has an operation and maintenance contract with the Bahrain LNG Joint Venture and had an operating and maintenance subcontract with Teekay Marine Solutions (Bermuda) Ltd. (or TMS ), an entity wholly-owned by Teekay Tankers Ltd., which is controlled by Teekay, relating to the LNG regasification terminal in Bahrain. The contract with TMS was terminated in August 2019 and such services are currently managed by the Company. The subcontractor fees paid to TMS for the year ended December 31, 2019 were $2.0 million, and are included in vessel operating expenses in the Company's consolidated statements of income. Fees received in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture for the year ended December 31, 2021 were $10.1 million ($8.7 million during 2020 and $6.5 million during 2019) and are included in voyage revenues in the Company's consolidated statements of income. (ii) The Company and certain of its operating subsidiaries have entered into service agreements with certain subsidiaries of Teekay pursuant to which the Teekay subsidiaries provide to the Company and its subsidiaries crew training and technical management services. In addition, as part of the Company's acquisition of its ownership interest in the Pan Union Joint Venture in 2014, the Company entered into an agreement with a subsidiary of Teekay whereby Teekay's subsidiary provided, on behalf of the Company, shipbuilding supervision and crew training services for four LNG carrier newbuildings in the Pan Union Joint Venture, up to their delivery dates from 2017 to 2019. All costs incurred by these Teekay subsidiaries related to these services were charged to the Company and recorded as part of vessel operating expenses. On January 13, 2022, as part of the Stonepeak Transaction (as defined in Note 20a), the Company acquired the subsidiaries of Teekay that provide crew training and technical management services. (iii) Commencing in September 2018, the Company entered into an agreement with the MALT Joint Venture to charter in one of the MALT Joint Venture's LNG carriers, the Magellan Spirit (see Note 5b). The time-charter hire expenses charged for the year ended December 31, 2021 were $23.5 million ($23.6 million during 2020 and $20.0 million during 2019). In addition, commencing in May 2019, the Company entered into an agreement with a subsidiary of Teekay to charter out the Magellan Spirit until October 31, 2019. The Company recognized revenue of $12.2 million for the year ended December 31, 2019 from this charter to Teekay. On October 31, 2019, the subsidiary of Teekay novated the charter contract to the Company and the Company is chartering the Magellan Spirit to an external customer until June 2022. (iv) Includes administrative, advisory, business development, commercial and strategic consulting services charged by Teekay and reimbursements to Teekay and Teekay GP L.L.C. (or the Company's General Partner ) for costs incurred on the Company's behalf for the conduct of the Company's business. (v) The Company incurred restructuring charges of $3.2 million from subsidiaries of Teekay related to severance costs resulting from the reorganization and realignment of employees supporting the Company as a result of the Stonepeak Transaction in January 2022 during the year ended December 31, 2021 (see Notes 18a and 20a). The Company incurred restructuring charges of $0.4 million from subsidiaries of Teekay attributable to employees supporting the Company during the year ended December 31, 2019 (see Note 18c). (vi) During the year ended December 31, 2021, the Company charged fees of $2.4 million ($2.4 million during 2020 and $1.3 million during 2019) 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 Company’s consolidated statements of income. b) As at December 31, 2021 and 2020, non-interest-bearing advances to affiliates totaled $4.2 million and $4.9 million, respectively, and non-interest-bearing advances from affiliates totaled $12.4 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 Company. c) The Company had an agreement with Teekay under which Teekay paid the Company any amounts payable to the charterer of the Toledo Spirit as a result of spot rates being below the fixed rate, and the Company paid Teekay any amounts payable to the Company by the charterer of the Toledo Spirit as a result of spot rates being in excess of the fixed rate. The amounts receivable or payable to Teekay were settled annually (see Note 13). The time-charter contract was terminated in January 2019, upon which the charterer, which was also the owner, sold the vessel to a third party, which resulted in the agreement with Teekay ending concurrently. d) In December 2019, as part of dissolving certain of the Company's controlled subsidiaries as a result of a simplification transaction, the Company acquired the General Partner's 1% non-controlling interest in certain of the Company's subsidiaries for an amount initially estimated at $2.7 million. In April 2020, the purchase price was finalized at $2.2 million. e) On May 11, 2020, Teekay and the Company eliminated all of the Company's incentive distribution rights, which were held by the General Partner, in exchange for the issuance to a subsidiary of Teekay of 10.75 million newly-issued common units of the Company. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. This transaction was treated as a non-cash transaction in the Company's consolidated statements of cash flows. f) For other transactions with the Company's equity-accounted joint ventures not disclosed above, please refer to Note 7. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company uses derivative instruments in accordance with its overall risk management policy. Foreign Exchange Risk From time to time, the Company economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at December 31, 2021, the Company was not committed to any foreign currency forward contracts. The Company entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 10), and pursuant to these swaps, the Company 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 Company’s NOK-denominated bonds due in 2023, 2025 and 2026, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at December 31, 2021. Floating Rate Receivable Principal Principal Reference Margin Fixed Rate Fair Value / Weighted- 850,000 102,000 NIBOR 4.60% 7.89% (10,000) 1.7 1,000,000 112,000 NIBOR 5.15% 5.74% 4,230 3.7 1,000,000 117,000 NIBOR 4.90% 6.37% (4,683) 4.9 (10,453) Interest Rate Risk The Company enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on certain of its outstanding floating-rate debt. As at December 31, 2021, the Company was committed to the following interest rate swap agreements: Interest Principal Fair Weighted- Weighted- Average Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii)(iii) LIBOR 740,503 (19,428) 3.3 2.2% U.S. Dollar-denominated interest rate swaps (ii)(iv) LIBOR 235,202 (290) 4.0 1.7% EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 54,695 (3,188) 1.7 3.9% (22,906) (i) Excludes the margins the Company pays on its floating-rate term loans, which, at December 31, 2021, ranged from 0.60% to 3.25%. (ii) Principal amount reduces quarterly. (iii) Two 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) Forward-starting interest rate swaps with inception dates ranging from October 2023 to April 2024. (v) Principal amount reduces monthly. As at December 31, 2021, the Company had multiple interest rate swaps and cross currency swaps with the same counterparty that are subject to the same master agreement. Each of these master agreements provide for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Company’s consolidated balance sheets. As at December 31, 2021, these interest rate swaps and cross currency swaps had an aggregate fair value asset of $7.1 million (December 31, 2020 – $4.5 million) and an aggregate fair value liability of $36.9 million (December 31, 2020 – $73.7 million). As at December 31, 2021, the Company had $2.9 million (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 long-term on the Company’s consolidated balance sheets. Credit Risk The Company 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 Company 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 Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at December 31, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (67) (2,451) (3,081) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — 3,896 (2,177) (10,327) (8,699) Cross currency swap agreements 672 3,529 (342) (2,803) (11,509) 672 7,425 (2,586) (15,581) (23,289) 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, foreign currency forward contracts and the Toledo Spirit time-charter derivative are recognized in earnings and reported in realized and unrealized gain (loss) on non-designated derivative instruments in the Company’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of income is as follows: Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,117) 42,652 26,535 (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) Interest rate swap (18,012) — (18,012) — — — — — — Foreign currency — — — (241) 202 (39) (147) (202) (349) Toledo Spirit time- — — — — — — — (40) (40) (34,129) 42,652 8,523 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) 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 Company’s consolidated statements of income. The effect of the gain (loss) on these derivatives on the Company's consolidated statements of income is as follows: Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (5,294) 4,705 (589) (6,588) 26,832 20,244 (5,061) (13,239) (18,300) Cross currency swap (2,470) — (2,470) (33,844) — (33,844) — — — (7,764) 4,705 (3,059) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) For the periods indicated, the following table presents the gains or losses on interest rate swap agreements designated and qualifying as cash flow hedges and their impact on other comprehensive loss (or OCI ). The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Company’s equity-accounted joint ventures. Year Ended December 31, 2021 Amount of Gain Recognized in OCI $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ 7,257 (3,304) Year Ended December 31, 2020 Amount of Loss Recognized in OCI $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ (8,481) (2,320) Year Ended December 31, 2019 Amount of Loss Recognized in OCI $ Amount of Gain Reclassified from Accumulated OCI to Interest Expense (effective portion) $ (7,458) 376 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) As at December 31, 2021, the Company’s share of commitments to fund equipment installation and other construction contract costs, which are expected to be incurred in 2022, is as follows: 2022 Certain consolidated LNG carriers (i) 12,853 Bahrain LNG Joint Venture (ii) 11,339 24,192 (i) In June 2019, the Company entered into an agreement with a contractor to supply reliquefaction equipment on certain of the Company's LNG carriers in 2021 and 2022, for an estimated installed cost of $52.8 million. As at December 31, 2021, the estimated remaining cost of these installations was $12.9 million. (ii) The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain as described in Note 7a(ii). As at December 31, 2021, the Company's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $23.5 million, of which $7.1 million relates to the Company's proportionate share of the construction commitments included in the table above. b) The Tangguh Joint Venture is currently undergoing a tax audit related to its tax returns filed for the 2010 and subsequent fiscal years. The UK taxing authority has challenged the deductibility of certain transactions not directly related to the long funding lease and the Tangguh Joint Venture has recorded a provision of $1.6 million in 2017 (of which the Company's 70% share is $1.1 million) which is recorded in accrued liabilities in the Company’s consolidated balance sheets as at December 31, 2021 (December 31, 2020 – $1.6 million presented net of income tax receivable in accounts receivable). c) Tangguh Joint Venture Operating Leases As at December 31, 2021, the Tangguh Joint Venture was a party to operating leases (or Head Leases ) whereby it leases its two LNG carriers (or the Tangguh LNG Carriers ) to a third-party company. The Tangguh Joint Venture then leases back the LNG carriers from the same third-party company (or the Subleases ). Under the terms of these leases, the third-party company claims tax depreciation on the capital expenditures it incurred to lease the vessels. As is typical in these leasing arrangements, tax and change of law risks are assumed and indemnified by the Tangguh Joint Venture. Lease payments under the Subleases are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lease payments are increased or decreased under the Sublease to maintain the agreed after-tax margin. The Tangguh Joint Venture’s carrying amounts of this estimated tax indemnification obligation as at December 31, 2021 and 2020 were $5.2 million and $5.7 million, respectively, and are included as part of other long-term liabilities in the consolidated balance sheets of the Company. The tax indemnification is for the duration of the lease contract with the third party plus the years it would take for the lease payments to be statute barred and ends in 2033. Although there is no maximum potential amount of future payments, the Tangguh Joint Venture may terminate the lease arrangements on a voluntary basis at any time. If the lease arrangements terminate, the Tangguh Joint Venture will be required to make termination payments to the third-party company sufficient to repay the third-party company’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. The Head Leases and the Subleases have 20-year terms and are classified as operating leases. The Head Leases and the Subleases for the two Tangguh LNG Carriers commenced in November 2008 and March 2009, respectively. As at December 31, 2021, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 2026 $ 21,242 $ 23,934 Thereafter $ 47,885 $ 53,988 Total $ 154,095 $ 173,658 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2021, the Company had received $356.3 million of aggregate Head Lease receipts and had paid $310.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2021, $3.7 million (December 31, 2020 – $3.7 million) and $18.1 million (December 31, 2020 – $21.8 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Total Capital and Net Income Pe
Total Capital and Net Income Per Common Unit | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Total Capital and Net Income Per Common Unit | Total Capital and Net Income Per Common Unit As at December 31, 2021, a total of 58.7% of the Company'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. All of the Company's outstanding Series A Cumulative Redeemable Perpetual Preferred Units (or the Series A Preferred Units ) and Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (or the Series B Preferred Units ) are held by the public. Limited Partners’ Rights Significant rights of the Company’s limited partners include the following: • Right of common unitholders to receive distribution of Available Cash (as defined in the partnership agreement and which takes into account cash reserves for, among other things, future capital expenditures and future credit needs of the Company) within approximately 45 days after the end of each quarter. • No limited partner shall have any management power over the Company’s business and affairs; the General Partner is responsible for the conduct, directions and management of the Company’s activities. • The General Partner may be removed if such removal is approved by common unitholders holding at least 66-2/3% of the outstanding units voting as a single class, including units held by the General Partner and its affiliates. Incentive Distribution Rights On May 11, 2020, Teekay and the Company agreed to eliminate all of the Company's incentive distribution rights, which were held by the General Partner, in exchange for the issuance to a Teekay subsidiary of 10.75 million newly-issued common units of the Company. The common units were valued at $122.6 million, based on the prevailing unit price at the time of issuance. This transaction 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 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 Company’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. In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities and liquidation amounts on the Series A Preferred Units and Series B Preferred Units will be distributed to the common unitholders and the General Partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Company’s assets in liquidation in accordance with the partnership agreement. Net Income Per Common Unit Limited partners' interest in net income per common unit is determined by dividing net income, after deducting the amount of net income attributable to the non-controlling interests, the General Partner’s interest and the distributions on the Series A and Series B Preferred Units by the weighted-average number of common units outstanding during the period. The distributions payable on the Series A and Series B Preferred Units for the years ended December 31, 2021, 2020 and 2019 were $25.7 million. Year Ended Year Ended Year Ended Limited partners' interest in net income for basic and diluted net income 213,138 60,632 124,546 Weighted average number of common units (i) 87,091,647 83,313,097 78,177,189 Dilutive effect of unit-based compensation 124,665 105,907 91,223 Weighted average number of common units and common unit equivalents 87,216,312 83,419,004 78,268,412 Limited partner's interest in net income per common unit: Basic 2.45 0.73 1.59 Diluted 2.44 0.73 1.59 (i) Includes common units related to non-forfeitable unit-based compensation The General Partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Company’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Company’s Board of Directors (or Board ) to provide for the proper conduct of the Company’s business, including reserves for maintenance and replacement capital expenditure and anticipated credit needs. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains or losses on non-designated derivative instruments and foreign currency translation gains or losses. Pursuant to the partnership agreement, allocations to partners are made on a quarterly basis. Common Unit Repurchases In December 2018, the Company announced that its Board had authorized a common unit repurchase program for the repurchase of up to $100 million of the Company's common units. The following table summarizes the common units repurchased during the years ended December 31, 2021, 2020 and 2019: Year ended December 31, Units repurchased Average price paid per unit Total cost (1) $ 2021 — — — 2020 1,373,066 $11.16 15,322 2019 1,934,569 $13.03 25,214 Total 3,307,635 $12.17 40,536 (1) Excludes the repurchase cost of the associated general partner interest |
Unit-Based Compensation
Unit-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation In June 2021, a total of 26,985 common units, with an aggregate value of $0.4 million, were granted to the non-management directors of the General Partner as part of their annual compensation for 2021. These common units were fully vested upon grant. During 2020 and 2019, the Company awarded 29,595 and 35,419 common units, respectively, as compensation to non-management directors. The awards were fully vested in June 2020 and March 2019, respectively. The compensation to the non-management directors is included in general and administrative expenses on the Company’s consolidated statements of income.During 2021, 2020 and 2019, the Company granted 67,102, 243,940 and 80,100 restricted units awards, respectively, with grant date fair values of $1.1 million, $3.1 million and $1.2 million, respectively, to certain of the Company’s employees and to certain employees of Teekay’s subsidiaries who provided services to the Company, based on the Company’s closing common unit price on the grant date. Each restricted unit was equal in value to one of the Company's common units plus reinvested distributions from the grant date to the vesting date. The restricted units awards vested equally over three years from the grant date. Any portion of a restricted unit award that was not vested on the date of a recipient’s termination of service was canceled, unless their termination arose as a result of the recipient’s retirement, and in this case, the restricted unit award would continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted unit awards was paid to each recipient in the form of common units, net of withholding tax. During the years ended December 31, 2021, 2020 and 2019, the Company recorded an expense of $2.0 million, $2.1 million, and $1.6 million, respectively, related to the restricted units and common units. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring Charges a) During the year ended December 31, 2021, the Company incurred restructuring charges of $3.2 million from subsidiaries of Teekay. The restructuring charges primarily relate to severance costs resulting from the reorganization and realignment of employees supporting the Company as a result of the Stonepeak Transaction in January 2022 (see Note 20a). b) In January 2019, the charterer, who was also the owner of the Toledo Spirit conventional tanker, sold the vessel to a third party. As a result of this sale, the Company returned the vessels to the owner and incurred seafarer severance payments of $2.9 million for the year ended December 31, 2019, which was presented as restructuring charges in the Company's consolidated statements of income. As at December 31, 2021 and 2020, the remaining balance of unpaid restructuring charges of $0.6 million is included in accrued liabilities in the Company's consolidated balance sheets. |
Gain (Loss) on Sales and Write-
Gain (Loss) on Sales and Write-Down of Vessels - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Asset Impairment Charges | Write-Down) and Gain on Sales of Vessels The following table provides information on the Company's (write-down) and gain on sales of vessels for the years presented in these consolidated financial statements: Year Ended December 31, Segment Asset Type Completion of Sale Date 2021 2020 2019 Liquefied Petroleum Gas (note 19a) 7 Multi-gas Carriers N/A — (51,000) — Liquefied Natural Gas (note 6) 2 LNG Carriers Jan-2020 — — 14,349 Conventional Tanker (note 19b) 1 Handymax Oct-2019 — — (785) (Write-down) and gain on sales of vessels — (51,000) 13,564 a) During the year ended December 31, 2020, the carrying values of the Company's seven wholly-owned multi-gas carriers (the Unikum Spirit , Vision Spirit , Pan Spirit , Cathinka Spirit , Camilla Spirit, Sonoma Spirit and Napa Spirit ), were written down to their estimated fair values, using appraised values, primarily due to the lower near-term outlook for these types of vessels partly as a result of the economic environment at that time (including the COVID-19 pandemic), as well as the Company receiving notification during 2020 that the Company's then-existing commercial management agreement with a third-party commercial manager was to be terminated and replaced by a new commercial management agreement in September 2020. The total impairment charge of $51.0 million was included in (write-down) and gain on sales of vessels for the year ended December 31, 2020 in the Company's consolidated statements of income. In November 2021, the Company signed a memorandum of agreement for the sale of its wholly-owned multi-gas carrier, the Sonoma Spirit, for net proceeds of $10.0 million. The vessel is expected to be delivered between May and July 2022. The vessel is classified as held for sale at its net book value of $9.8 million on the Company's consolidated balance sheet as at December 31, 2021. b) As a result of the sale of the Alexander Spirit in October 2019 for net proceeds of $11.5 million, the Company recorded a write-down in respect of this vessel of $0.8 million for the year ended December 31, 2019, which is included in (write-down) and gain on sales of vessels in the Company's consolidated statements of income. | |||
Write-down and (gain) on sales of vessels (notes 6, 8 and 19) | $ 0 | $ 51,000 | $ (13,564) | |
Proceeds from sale of vessels | $ 11,500 | $ 0 | $ 0 | $ 11,515 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a) Stonepeak Transaction On October 4, 2021, the Company (as Teekay LNG Partners L.P.), entered into an agreement and plan of merger with the General Partner, an investment vehicle (or Acquiror ) managed by Stonepeak Partners L.P. (or Stonepeak ), and a wholly-owned subsidiary of Acquiror (or Merger Sub ). On January 13, 2022, Stonepeak completed its acquisition of the Company, with Merger Sub merging with and into the Company, and with the Company surviving the merger as a subsidiary of Stonepeak (or the Merger ). Pursuant to the Merger and related transactions collectively constituting the Stonepeak Transaction, (a) each issued and outstanding common unit of the Company, including approximately 36.0 million common units owned by Teekay (but excluding any common units owned by the Company, Acquiror or the Company’s or Acquiror’s respective wholly-owned subsidiaries), was converted into the right to receive cash in an amount of $17.00 per common unit, (b) Teekay sold to Acquiror all of the outstanding ownership interests in the General Partner for $26.4 million, which price consists of $17.00 for each of the approximately 1.6 million common unit equivalents represented by the economic interest of the General Partner's general partner interest in the Company and (c) the Company acquired certain restructured subsidiaries of Teekay that provide, through services agreements, comprehensive managerial, operational and administrative services to the Company and its subsidiaries and joint ventures. On January 24, 2022, the Company's common units were delisted from the New York Stock Exchange. The Company's Series A and Series B Preferred Units remained outstanding and continued to trade on the New York Stock Exchange following the Merger. Additionally, at the effective time of the Merger on January 13, 2022, each restricted unit award granted pursuant to the Teekay LNG Partners L.P. 2005 Long-Term Incentive Plan that was outstanding immediately prior to the effective time, whether or not vested, was automatically vested, cancelled and converted into the right to receive an amount in cash equal to the product of (a) $17.00 multiplied by (b) the number of common units subject to such restricted unit award held by the holder thereof, less applicable withholding taxes. b) Conversion and Name Change On February 25, 2022, Teekay LNG Partners L.P. converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands. The Conversion is deemed a continuation of the existence of the Partnership in the form of the Company, as a Marshall Islands limited liability company, with the existence of the Company deemed to have commenced on the date the Partnership commenced its existence. Upon the Conversion, all of the rights, privileges and powers of the Partnership, and all property of and all property and debts due to the Partnership, became vested in the Company and the property of the Company. In addition, all rights of creditors and all liens upon any property of the Partnership were preserved unimpaired and all debts, liabilities and duties of the Partnership automatically attached to the Company. Concurrently with the Conversion, the Company changed its name to Seapeak LLC and changed the ticker symbols for its Series A Preferred Units and Series B Preferred Units from “TGP PRA” and “TGP PRB” to “SEAL PRA” and “SEAL PRB,” respectively. Pursuant to the Conversion: • each outstanding common unit of the Partnership was converted into one issued and outstanding, fully paid and non-assessable common unit of the Company; • each outstanding Series A Preferred Unit and Series B Preferred Unit of the Partnership was converted into one issued and outstanding, fully paid and non-assessable Series A Preferred Unit or Series B Preferred Unit of the Company, as applicable; and |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation Effective February 25, 2022, Teekay LNG Partners L.P. (or the Partnership ) legally changed its name to Seapeak LLC and converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a limited liability company formed under the laws of the Republic of the Marshall Islands (or the Conversion ). The Conversion is deemed a continuation of the existence of the Partnership in the form of Seapeak LLC, as a Marshall Islands limited liability company, with the existence of Seapeak LLC deemed to have commenced on the date the Partnership commenced its existence. Upon the Conversion, all of the rights, privileges and powers of the Partnership, and all property of and all property and debts due to the Partnership, became vested in Seapeak LLC and the property of Seapeak LLC (as described in Note 20b). These consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). They include the accounts of Seapeak LLC, which is a limited liability company formed under the laws of the Republic of The Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary (see Note 5a) (collectively, the Company , which also refers to Seapeak LLC when it was previously Teekay LNG Partners L.P.). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) as a pandemic. While the Company has experienced some logistical challenges across its fleet due to COVID-19, the Company 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 the Company's seven multi-gas vessels during the year ended December 31, 2020 as described in Note 19a. Given the dynamic nature of the COVID-19 global pandemic, the full extent to which the COVID-19 global pandemic may have material direct or indirect impact on the Company'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. |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in foreign currency exchange gain (loss) in the accompanying consolidated statements of income. |
Revenues | Revenues The Company’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. The Company’s time-charter contracts accounted for as direct financing leases and sales-type leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. Time charters Revenues from time charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectibility of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Upon commencement of a time charter accounted for as a sales-type lease or a direct financing lease, the carrying value of the vessel is derecognized and the net investment in the lease is recognized, based on the fair value of the vessel. For direct financing leases and sales-type leases, the lease element of time-charter hire receipts is allocated to the lease receivable and voyage revenues over the term of the lease using the effective interest rate method. The non-lease element of time-charter hire receipts is recognized by the Company on a straight-line basis daily over the term of the charter. Drydock cost reimbursements allocable to the non-lease element of a time-charter are recognized on a straight-line basis over the period between the previous scheduled drydock and the next scheduled drydock. In addition, if collectibility of non-lease receipts of charter payments from charterers is not probable, any such receipts are recognized as a liability unless the receipts are non-refundable and either the time-charter contract has been terminated or the Company has no remaining performance obligations. For time-charter contracts where the charterer is responsible for the operation of the vessel, the Company offsets any vessel operating expenses it incurs against reimbursements from the charterer. The Company does not recognize revenues during days that the vessel is off-hire. When the time-charter contains a profit-sharing agreement, drydock cost reimbursements for time charters accounted for as operating leases (see Note 2), or other variable consideration, the Company recognizes this revenue in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect, in other current assets, the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Bareboat charters Revenues from bareboat charters accounted for as operating leases are recognized by the Company on a straight-line basis daily over the term of the charter. If collectibility of the bareboat hire receipts from bareboat charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. |
Operating expenses | Operating expenses Voyage expenses include all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time-charter, in which case the Company pays voyage expenses. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash | Restricted cash The Company maintains restricted cash deposits relating to certain term loans, collateral for derivatives, project tenders, leasing arrangements, amounts received from charterers to be used only for dry-docking expenditures and emergency repairs and other obligations. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect amounts where the right to consideration is conditioned upon the passage of time as "accounts receivable," and reflect accrued revenue where the right to consideration is conditioned upon something other than the passage of time as "other current assets." |
Other loan receivables | The Company’s advances to equity-accounted joint ventures and any other investments in loan receivables are recorded at cost. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest and supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standards required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs and maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years for conventional tankers, 30 years for liquefied petroleum gas (or LPG ) carriers and 35 years for liquefied natural gas (or LNG ) carriers, from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years, 30 years, or 35 years, respectively. Depreciation of vessels and equipment, excluding amortization of dry-docking expenditures, for the years ended December 31, 2021, 2020 and 2019 aggregated to $106.4 million, $107.1 million and $115.1 million, respectively. Depreciation and amortization includes depreciation on all owned vessels and amortization of vessels accounted for as finance leases. Generally, the Company dry docks each of its vessels every 2.5 years to 5 years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry docking to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended Year Ended Year Ended Balance at January 1, 31,239 38,764 40,365 Cost incurred for dry docking 36,060 6,968 11,000 Transfer to vessel held for sale and write-down of (896) (766) — Dry-dock amortization (15,383) (13,727) (12,601) Balance at December 31, 51,020 31,239 38,764 Vessels and equipment that are intended to be held and used in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is based on second-hand sale and purchase data, and other information provided by third parties. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to a recognized debt liability, including fees, commissions and legal expenses, are deferred and presented as a direct reduction from the carrying amount of that debt liability and amortized on an effective interest rate method over the term of the relevant loan. Debt issuance costs that are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument and included in determining the debt extinguishment gain or loss to be recognized. Other costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction from the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs associated with the old debt instrument are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount, based on the reduction in borrowing capacity, of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Lease obligations and right-of-use assets | Lease obligations and right-of-use assets As of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company’s vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income. For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income. Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period when achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined its time-charter-in contract contains both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Company’s incremental borrowing rate, which is based on the fixed interest rate the Company could obtain when entering into a secured loan facility with similar terms. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from vessel in-charters is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and whether the contract qualifies for hedge accounting. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness are recognized immediately in earnings. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income (loss) in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item (e.g. interest expense) in the Company’s consolidated statements of income. If a cash flow hedge is terminated or dedesignated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company’s consolidated statements of income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings line item in the Company’s consolidated statements of income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) Accounting Standards Codification (or ASC ) 815, Derivatives and Hedging, changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated interest rate swaps and the Company's agreement with Teekay Corporation (or Teekay ) for the Suezmax tanker the Toledo Spirit (which was sold in January 2019) are recorded in realized and unrealized gain (loss) on non-designated derivative instruments in the Company’s consolidated statements of income. Gains and losses from the Company’s cross currency swaps are recorded in foreign currency exchange gain (loss) in the Company’s consolidated statements of income. |
Unit-based compensation | Unit-based compensation Prior to the effective time of the Merger (as defined in Note 20a) on January 13, 2022, the Company granted restricted unit awards as incentive-based compensation under the Teekay LNG Partners L.P. 2005 Long-Term Incentive Plan to certain of the Company’s employees and to certain employees of Teekay’s subsidiaries that provided services to the Company and its subsidiaries. The Company measured the cost of such awards using the grant date fair value of the award and recognized that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consisted of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient became eligible for retirement. For unit-based compensation awards subject to graded vesting, the Company calculated the value of the award as if it was one single award with one expected life and amortized the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company’s unit-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income. |
Income taxes | Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that some or all of the benefit from the deferred tax asset will not be realized. |
Guarantees | Guarantees Guarantees issued by the Company, excluding those that are guaranteeing its own performance, are recognized at fair value at the time the guarantees are issued and are presented in the Company’s consolidated balance sheets as other long-term liabilities. The liability recognized on issuance is amortized to other income on the Company’s consolidated statements of income over the term of the guarantee. If it becomes probable that the Company will have to perform under a guarantee, the Company will recognize an additional liability if the amount of the loss can be reasonably estimated. |
Credit Loss, Financial Instrument | Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for net investments in direct financing and sales-type leases, loans to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivables, contracts assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other expense in the Company's consolidated statements of income. Prior to the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ) on January 1, 2020, the Company recognized an allowance for doubtful accounts receivable consisting of the Company's best estimate of the amount of probable credit losses in existing accounts receivable based on historical write-off experience and customer economic data. The Company reviewed the allowance for doubtful accounts regularly and past due balances were reviewed for collectibility. Account balances were charged against the allowance when the Company believed that the receivable would not be recovered. In addition, the Company analyzed its loans for collectibility during each reporting period. A loan loss provision was recognized, based on prevailing information and events, if it was probable that the Company would be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considered in determining if a loan loss provision was required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding its ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision was recognized, the Company measured the amount of the loss provision based on the present value of expected future cash flows discounted at the loan's effective interest rate and recognized the resulting loss in the consolidated statements of income. The carrying value of the loan was adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows. For charter contracts being accounted for as operating leases, if the remaining lease payments are no longer probable of being collected any unpaid accounts receivable and any accrued revenue will be reversed against revenue and any subsequent payments will be recognized as revenue when collected until such time that the remaining lease payments are probable of being collected. |
Equity Method Investments | Equity-accounted joint ventures The Company’s investments in certain joint ventures, in which the Company does not control the entity but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of comprehensive earnings or losses and distributions. The Company evaluates its equity-accounted joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted investment is impaired and if the estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of income. The Company’s maximum exposure to loss is the amount it has invested in and advanced to its equity-accounted joint ventures, and the Company's proportionate share of the long-term debt and interest rate swaps that it has guaranteed within its equity-accounted joint ventures. |
Accounting Changes and Error Co
Accounting Changes and Error Corrections (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13. ASU 2016-13 introduced a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaced multiple existing impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to reduce partner's equity on January 1, 2020 without any retroactive application to prior periods. The Company's net investments in direct financing and sales-type leases, advances to equity-accounted joint ventures, guarantees of indebtedness of equity-accounted joint ventures, contracts assets and other receivables, and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of partners' equity by $51.9 million, investments in and advances to equity-accounted joint ventures by $40.0 million, net investments in direct financing and sales-type leases by $15.1 million and non-controlling interest by $3.2 million, and increased its other assets and other long-term liabilities by $1.4 million and $1.4 million, respectively. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12 ), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The Company adopted this update on January 1, 2021. The adoption did not have an impact on the Company'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 (or ASU 2020-04 ). This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). This ASU applies only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. This ASU is effective through December 31, 2022. The Company does not expect that adoption of ASU 2020-04 will have a material impact on the Company. 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. On January 1, 2022, the Company adopted ASU 2021-05 prospectively to leases that commence or are modified on or after January 1, 2022. The Company does not expect that adoption of ASU 2021-05 will impact its accounting of leases that commence or are modified on or after January 1, 2022. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Changes in Partnership's Capitalized Dry Docking Costs | The following table summarizes the change in the Company’s capitalized dry-docking costs from January 1, 2019 to December 31, 2021: Year Ended Year Ended Year Ended Balance at January 1, 31,239 38,764 40,365 Cost incurred for dry docking 36,060 6,968 11,000 Transfer to vessel held for sale and write-down of (896) (766) — Dry-dock amortization (15,383) (13,727) (12,601) Balance at December 31, 51,020 31,239 38,764 |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Partnership's Loan Receivables and Other Financing Receivables | The following table includes the amortized cost basis of the Company’s direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality. Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2018 2016 and prior Total As at December 31, 2021 $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — 319,799 319,799 Bahrain Spirit Performing 209,569 — 209,569 209,569 319,799 529,368 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — 32,266 32,266 Bahrain LNG Joint Venture Performing — 73,375 73,375 — 105,641 105,641 209,569 425,440 635,009 Amortized Cost Basis by Origination Year Credit Quality Grade (1) 2020 2018 2016 and prior Total As at December 31, 2020 $ $ $ $ Direct financing leases Tangguh Hiri and Tangguh Sago Performing — — 332,308 332,308 Bahrain Spirit Performing — 211,939 — 211,939 — 211,939 332,308 544,247 Loans to equity-accounted joint ventures Exmar LPG Joint Venture Performing — — 42,266 42,266 Bahrain LNG Joint Venture Performing — — 73,375 73,375 Other Performing 991 — — 991 991 — 115,641 116,632 991 211,939 447,949 660,879 |
Financing Receivable, Allowance for Credit Loss | Changes in the Company's allowance for credit losses for the years ended December 31, 2021 and 2020 are as follows: Direct financing leases (1) $ Direct financing and sales-type leases and other within equity-accounted joint ventures (1) $ Loans to equity-accounted joint ventures (2) $ Guarantees of debt (3) $ Total As at January 1, 2020 15,055 36,292 3,714 2,139 57,200 Provision for (reversal of) potential credit losses 15,122 18,645 1,012 (59) 34,720 As at December 31, 2020 30,177 54,937 4,726 2,080 91,920 Provision for (reversal of) potential credit losses 3,823 3,363 (626) (380) 6,180 As at December 31, 2021 34,000 58,300 4,100 1,700 98,100 |
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 Company’s financial instruments that are not accounted for at a fair value on a recurring basis. December 31, 2021 December 31, 2020 Fair Value Carrying Fair Carrying Fair Recurring: Cash and cash equivalents and restricted cash (note 15a) Level 1 142,057 142,057 257,943 257,943 Derivative instruments (note 13) Interest rate swap agreements – assets Level 2 3,896 3,896 — — Interest rate swap agreements – liabilities Level 2 (26,802) (26,802) (75,468) (75,468) Cross currency swap agreements – assets Level 2 4,201 4,201 — — Cross currency swap agreements – liabilities Level 2 (14,654) (14,654) (20,022) (20,022) Non-recurring: Vessel held for sale (note 19a) Level 2 9,813 9,813 — — Equity-accounted joint ventures (note 7a) Level 2 10,418 10,418 — — Vessels and equipment (note 19a) Level 2 — — 40,717 40,717 Other: Loans to equity-accounted joint ventures (note 7) (i) 105,641 (i) 116,632 (i) Long-term debt – public (note 10) Level 1 (317,860) (325,873) (352,260) (359,581) Long-term debt – non-public (note 10) Level 2 (1,061,782) (1,093,400) (1,119,953) (1,137,050) Obligations related to finance leases (note 5a) Level 2 (1,268,990) (1,332,044) (1,340,922) (1,456,927) (i) The advances to equity-accounted joint ventures together with the Company’s equity investments in the joint ventures form the net aggregate carrying value of the Company’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Revenues and Percentage of Consolidated Voyage Revenues from Top Customers | The following table presents voyage revenues and percentage of consolidated voyage revenues for the Company’s customers who accounted for 10% or more of the Company's consolidated voyage revenues during any of the periods presented. (U.S. Dollars in millions) Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 Royal Dutch Shell Plc. (i) (ii) $136.3 or 23% $134.4 or 23% $126.9 or 21% Ras Laffan Liquefied Natural Gas Company Ltd. (i) $69.9 or 12% $71.5 or 12% $71.1 or 12% Naturgy Energy Group S.A. (i) $64.9 or 11% $65.3 or 11% $65.6 or 11% Cheniere Marketing International (i) Less than 10% $61.0 or 10% $60.6 or 11% (i) LNG segment. (ii) Includes its subsidiaries Shell International Trading Middle East Ltd. and Shell Tankers (Singapore) Private Ltd. |
Segment Reporting Information | The following tables include results for these segments for the years presented in these consolidated financial statements. Year Ended December 31, 2021 Liquefied Natural Gas Liquefied Petroleum Gas Total Voyage revenues 550,496 47,335 597,831 Voyage expenses (7,183) (21,007) (28,190) Vessel operating expenses (105,038) (19,588) (124,626) Time-charter hire expenses (23,487) — (23,487) Depreciation and amortization (123,786) (7,024) (130,810) General and administrative expenses (i) (37,668) (3,372) (41,040) Restructuring charges (2,958) (265) (3,223) Income (loss) from vessel operations 250,376 (3,921) 246,455 Equity income 100,925 14,474 115,399 Investment in and advances to equity-accounted joint ventures, net 1,015,370 138,504 1,153,874 Expenditures for vessels and equipment (44,011) (1,161) (45,172) Expenditures for dry docking (31,808) (4,252) (36,060) Year Ended December 31, 2020 Liquefied Natural Gas Liquefied Petroleum Gas Total Voyage revenues 552,416 38,687 591,103 Voyage expenses (3,009) (14,385) (17,394) Vessel operating expenses (98,572) (17,824) (116,396) Time-charter hire expenses (23,564) — (23,564) Depreciation and amortization (122,523) (7,229) (129,752) General and administrative expenses (i) (24,879) (2,025) (26,904) Write-down of vessels — (51,000) (51,000) Income (loss) from vessel operations 279,869 (53,776) 226,093 Equity income (loss) 79,244 (7,011) 72,233 Investment in and advances to equity-accounted joint ventures, net 934,059 133,724 1,067,783 Expenditures for vessels and equipment (12,382) (1,093) (13,475) Expenditures for dry docking (4,862) (2,106) (6,968) Year Ended December 31, 2019 Liquefied Natural Gas Liquefied Petroleum Gas Conventional Total Voyage revenues 555,303 39,211 6,742 601,256 Voyage expenses (4,493) (16,563) (331) (21,387) Vessel operating expenses (90,954) (17,888) (2,743) (111,585) Time-charter hire expenses (19,994) — — (19,994) Depreciation and amortization (128,138) (7,931) (696) (136,765) General and administrative expenses (i) (20,193) (1,789) (539) (22,521) Gain on sales and (write-down) of vessels 14,349 — (785) 13,564 Restructuring charges (400) — (2,915) (3,315) Income (loss) from vessel operations 305,480 (4,960) (1,267) 299,253 Equity income (loss) 59,600 (781) — 58,819 Expenditures for vessels and equipment (101,052) (1,538) — (102,590) Expenditures for dry docking (8,224) (2,776) — (11,000) (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources (Note 12a)). |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets presented in the Company's consolidated balance sheets is as follows: December 31, December 31, Total assets of the liquefied natural gas segment 4,449,598 4,395,336 Total assets of the liquefied petroleum gas segment 252,765 246,982 Unallocated: Cash and cash equivalents 92,069 206,762 Advances to affiliates 4,153 4,924 Consolidated total assets 4,798,585 4,854,004 |
Chartered-in Vessels (Tables)
Chartered-in Vessels (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Capital Lease Obligations | Obligations related to Finance Leases December 31, December 31, Total obligations related to finance leases 1,268,990 1,340,922 Less current portion (73,953) (71,932) Long-term obligations related to finance leases 1,195,037 1,268,990 |
Commitment Under Capital Leases | As at December 31, 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 $333.8 million repayable through 2034, as indicated below: Year Commitments as at December 31, 2021 2022 $ 136,959 2023 $ 135,459 2024 $ 132,011 2025 $ 129,725 2026 $ 305,457 Thereafter $ 763,184 |
Schedule of Operating Leases | As at December 31, 2021, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 2026 $ 21,242 $ 23,934 Thereafter $ 47,885 $ 53,988 Total $ 154,095 $ 173,658 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2021, the Company had received $356.3 million of aggregate Head Lease receipts and had paid $310.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2021, $3.7 million (December 31, 2020 – $3.7 million) and $18.1 million (December 31, 2020 – $21.8 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables contain the Company's revenue for the year ended December 31, 2021, 2020 and 2019, by contract type and by segment. Year Ended December 31, 2021 Liquefied Liquefied Total Time charters 540,379 11,356 551,735 Voyage charters — 35,979 35,979 Management fees and other income 10,117 — 10,117 550,496 47,335 597,831 Year Ended December 31, 2020 Liquefied Liquefied Total Time charters 543,408 — 543,408 Voyage charters — 38,687 38,687 Management fees and other income 9,008 — 9,008 552,416 38,687 591,103 Year Ended December 31, 2019 Liquefied Liquefied Conventional Total Time charters 530,434 2,860 6,742 540,036 Voyage charters — 36,351 — 36,351 Bareboat charters 18,387 — — 18,387 Management fees and other income 6,482 — — 6,482 555,303 39,211 6,742 601,256 The following table contains the Company’s total revenue for the years ended December 31, 2021, 2020 and 2019, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Year Ended December 31, 2021 $ Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Lease revenue Lease revenue from lease payments of operating leases 508,932 505,029 516,772 Interest income on lease receivables 49,142 50,504 51,676 Variable lease payments – cost reimbursements (1) 5,755 5,398 4,635 563,829 560,931 573,083 Non-lease revenue Non-lease revenue – related to sales-type or direct financing leases 23,885 21,164 21,691 Management fees and other income 10,117 9,008 6,482 34,002 30,172 28,173 Total 597,831 591,103 601,256 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Company's customers relating to such costs incurred by the Company to operate the vessel for the customer pursuant to charter contracts accounted for as operating leases. |
Schedule of Capital Leased Assets | The following table lists the components of the net investments in direct financing leases: December 31, December 31, Total lease payments to be received 703,214 767,202 Estimated unguaranteed residual value of leased properties 284,277 284,277 Initial direct costs 230 264 Less unearned revenue (458,353) (507,496) Total net investments in direct financing leases 529,368 544,247 Less credit loss provision (34,000) (30,177) Total net investments in direct financing leases, net 495,368 514,070 Less current portion (14,860) (13,969) Net investments in direct financing leases, net 480,508 500,101 |
Equity-Accounted Joint Ventur_2
Equity-Accounted Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Financial Information of Joint Ventures | A summary of the Company's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2021 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2021 2020 Angola Joint Venture (i) 33% 4 - 102,477 90,659 Bahrain LNG Joint Venture (ii) 30% - 1 57,277 38,678 Excalibur Joint Venture (iii) 50% 1 - 10,418 35,871 Exmar LPG Joint Venture (iv) 50% 21 - 138,751 134,138 MALT Joint Venture (v) 52% 6 - 361,550 359,442 Pan Union Joint Venture (vi) 20%-30% 4 - 81,570 81,548 RasGas III Joint Venture (vii) 40% 4 - 109,866 97,721 Yamal LNG Joint Venture (viii) 50% 6 - 296,065 234,452 46 1 1,157,974 1,072,509 Less credit loss provision (4,100) (4,726) Total investments in and advances to 1,153,874 1,067,783 Less current portion of advances to equity- (17,500) (10,991) Investments in and advances to equity- 1,136,374 1,056,792 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Intangible Assets for Partnership's Reportable Segments | The carrying amount of intangible assets for the Company’s liquefied natural gas segment is as follows: December 31, December 31, Gross carrying amount 179,813 179,813 Accumulated amortization (154,159) (145,303) Net carrying amount 25,654 34,510 |
Schedule of Goodwill | The Company's carrying amount of goodwill as at December 31, 2021 and 2020 is as follows: December 31, December 31, Liquefied natural gas segment 31,921 31,921 Liquefied petroleum gas segment 2,920 2,920 Total 34,841 34,841 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | December 31, December 31, Interest including interest rate swaps 17,013 21,528 Voyage and vessel expenses 40,899 44,349 Payroll and benefits 4,053 7,257 Other general expenses 1,145 1,019 Income and other tax payable 791 1,128 Distributions payable on preferred units 6,425 6,425 Deposit received for vessel held for sale (note 19a) 1,538 — Total 71,864 81,706 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | December 31, 2021 December 31, 2020 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2022 to 2023 165,000 100,000 U.S. Dollar-denominated Term Loans and Bonds due from 2022 to 2030 791,271 873,712 Norwegian Krone-denominated Bonds due from 2023 to 2026 323,193 355,514 Euro-denominated Term Loans due from 2023 to 2024 115,392 152,710 Total principal 1,394,856 1,481,936 Unamortized discount and debt issuance costs (15,214) (9,723) Total debt 1,379,642 1,472,213 Less current portion (156,064) (250,508) Long-term debt 1,223,578 1,221,705 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: Year Ended Year Ended Year Ended December 31, 2019 $ Current (6,257) (4,396) (6,824) Deferred (629) 904 (653) Income tax expense (6,886) (3,492) (7,477) |
Reconciliations of Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows: Year Ended Year Ended December 31, 2020 $ Year Ended December 31, 2019 $ Net income before income tax expenses 262,434 100,804 172,081 Net income not subject to taxes (217,184) (135,010) (167,667) Net income (loss) income subject to taxes 45,250 (34,206) 4,414 At applicable statutory tax rates Amount computed using the standard rate of corporate tax (7,555) 8,888 (1,821) Adjustments to valuation allowance and uncertain tax positions (24,629) (5,569) (6,767) Permanent and currency differences 25,065 (7,186) 4,592 Change in tax rates 233 375 (3,481) Tax expense related to the current year (6,886) (3,492) (7,477) |
Components of Partnership's Deferred Tax Assets (Liabilities) | The significant components of the Company’s deferred tax assets were as follows: December 31, December 31, Derivative instruments (703) 3,650 Taxation loss carryforwards and disallowed finance costs 78,031 58,310 Vessels and equipment (277) (1,256) Other items (276) (2,636) 76,775 58,068 Valuation allowance (73,341) (54,005) Net deferred tax assets 3,434 4,063 December 31, 2021 $ December 31, Deferred income tax assets included in other assets 4,142 5,386 Deferred income tax liabilities included in other long-term liabilities (708) (1,323) Net deferred tax assets 3,434 4,063 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following table and related footnotes provide information about certain of the Company's related party transactions for the periods indicated: Year Ended Year Ended Year Ended Voyage revenues (i)(iii) 40,225 37,481 49,257 Vessel operating expenses (i)(ii) (7,011) (6,505) (6,629) Time-charter hire expenses (iii) (23,487) (23,564) (19,994) General and administrative expenses (iv) (27,098) (15,779) (15,393) Restructuring charges (v) (3,223) — (400) Equity income (vi) 2,417 2,424 1,316 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Cross Currency Swap Agreements | Floating Rate Receivable Principal Principal Reference Margin Fixed Rate Fair Value / Weighted- 850,000 102,000 NIBOR 4.60% 7.89% (10,000) 1.7 1,000,000 112,000 NIBOR 5.15% 5.74% 4,230 3.7 1,000,000 117,000 NIBOR 4.90% 6.37% (4,683) 4.9 (10,453) |
Interest Rate Swap Agreements | As at December 31, 2021, the Company was committed to the following interest rate swap agreements: Interest Principal Fair Weighted- Weighted- Average Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (ii)(iii) LIBOR 740,503 (19,428) 3.3 2.2% U.S. Dollar-denominated interest rate swaps (ii)(iv) LIBOR 235,202 (290) 4.0 1.7% EURIBOR-Based Debt: Euro-denominated interest rate swaps (v) EURIBOR 54,695 (3,188) 1.7 3.9% (22,906) (i) Excludes the margins the Company pays on its floating-rate term loans, which, at December 31, 2021, ranged from 0.60% to 3.25%. (ii) Principal amount reduces quarterly. (iii) Two 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) Forward-starting interest rate swaps with inception dates ranging from October 2023 to April 2024. (v) Principal amount reduces monthly. |
Location and Fair Value Amounts of Derivative Instruments | The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at December 31, 2021 Derivatives designated as a cash flow hedge: Interest rate swap agreements — — (67) (2,451) (3,081) Derivatives not designated as a cash flow hedge: Interest rate swap agreements — 3,896 (2,177) (10,327) (8,699) Cross currency swap agreements 672 3,529 (342) (2,803) (11,509) 672 7,425 (2,586) (15,581) (23,289) 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 | The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of income is as follows: Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,117) 42,652 26,535 (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) Interest rate swap (18,012) — (18,012) — — — — — — Foreign currency — — — (241) 202 (39) (147) (202) (349) Toledo Spirit time- — — — — — — — (40) (40) (34,129) 42,652 8,523 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (5,294) 4,705 (589) (6,588) 26,832 20,244 (5,061) (13,239) (18,300) Cross currency swap (2,470) — (2,470) (33,844) — (33,844) — — — (7,764) 4,705 (3,059) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) |
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 Company’s equity-accounted joint ventures. Year Ended December 31, 2021 Amount of Gain Recognized in OCI $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ 7,257 (3,304) Year Ended December 31, 2020 Amount of Loss Recognized in OCI $ Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ (8,481) (2,320) Year Ended December 31, 2019 Amount of Loss Recognized in OCI $ Amount of Gain Reclassified from Accumulated OCI to Interest Expense (effective portion) $ (7,458) 376 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments to be Received | As at December 31, 2021, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 2026 $ 21,242 $ 23,934 Thereafter $ 47,885 $ 53,988 Total $ 154,095 $ 173,658 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2021, the Company had received $356.3 million of aggregate Head Lease receipts and had paid $310.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2021, $3.7 million (December 31, 2020 – $3.7 million) and $18.1 million (December 31, 2020 – $21.8 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Unrecorded Unconditional Purchase Obligations Disclosure | he Company’s share of commitments to fund equipment installation and other construction contract costs, which are expected to be incurred in 2022, is as follows: 2022 Certain consolidated LNG carriers (i) 12,853 Bahrain LNG Joint Venture (ii) 11,339 24,192 (i) In June 2019, the Company entered into an agreement with a contractor to supply reliquefaction equipment on certain of the Company's LNG carriers in 2021 and 2022, for an estimated installed cost of $52.8 million. As at December 31, 2021, the estimated remaining cost of these installations was $12.9 million. (ii) The Company has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain as described in Note 7a(ii). As at December 31, 2021, the Company's proportionate share of the estimated remaining cost of $11.3 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $23.5 million, of which $7.1 million relates to the Company's proportionate share of the construction commitments included in the table above. |
Schedule of Operating Leases | As at December 31, 2021, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 2026 $ 21,242 $ 23,934 Thereafter $ 47,885 $ 53,988 Total $ 154,095 $ 173,658 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2021, the Company had received $356.3 million of aggregate Head Lease receipts and had paid $310.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2021, $3.7 million (December 31, 2020 – $3.7 million) and $18.1 million (December 31, 2020 – $21.8 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. |
Total Capital and Net Income _2
Total Capital and Net Income Per Common Unit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Net Income Per Common Unit | Year Ended Year Ended Year Ended Limited partners' interest in net income for basic and diluted net income 213,138 60,632 124,546 Weighted average number of common units (i) 87,091,647 83,313,097 78,177,189 Dilutive effect of unit-based compensation 124,665 105,907 91,223 Weighted average number of common units and common unit equivalents 87,216,312 83,419,004 78,268,412 Limited partner's interest in net income per common unit: Basic 2.45 0.73 1.59 Diluted 2.44 0.73 1.59 (i) Includes common units related to non-forfeitable unit-based compensation |
Accelerated share repurchases | The following table summarizes the common units repurchased during the years ended December 31, 2021, 2020 and 2019: Year ended December 31, Units repurchased Average price paid per unit Total cost (1) $ 2021 — — — 2020 1,373,066 $11.16 15,322 2019 1,934,569 $13.03 25,214 Total 3,307,635 $12.17 40,536 (1) Excludes the repurchase cost of the associated general partner interest |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | The following table provides information on the Company's (write-down) and gain on sales of vessels for the years presented in these consolidated financial statements: Year Ended December 31, Segment Asset Type Completion of Sale Date 2021 2020 2019 Liquefied Petroleum Gas (note 19a) 7 Multi-gas Carriers N/A — (51,000) — Liquefied Natural Gas (note 6) 2 LNG Carriers Jan-2020 — — 14,349 Conventional Tanker (note 19b) 1 Handymax Oct-2019 — — (785) (Write-down) and gain on sales of vessels — (51,000) 13,564 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Vessels and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation of vessels and equipment | $ 106.4 | $ 107.1 | $ 115.1 |
Conventional Tankers Segment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 25 years | ||
Liquefied petroleum gas segment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 30 years | ||
Liquefied Natural Gas | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 35 years | ||
Minimum | Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 2 years 6 months | ||
Maximum | Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life in years | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Changes in Partnership's Capitalized Dry Docking Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment [Roll Forward] | $ 2,831,530 | $ 2,895,919 | |
Beginning balance | 1,220,355 | ||
Ending balance | 1,186,968 | 1,220,355 | |
Dry-docking Activity | |||
Property, Plant and Equipment [Line Items] | |||
Beginning balance | 31,239 | 38,764 | $ 40,365 |
Transfer to vessel held for sale and write-down of vessels | (896) | (766) | 0 |
Dry-dock amortization | (15,383) | (13,727) | (12,601) |
Ending balance | 51,020 | 31,239 | 38,764 |
Property, Plant and Equipment, Additions | $ 36,060 | $ 6,968 | $ 11,000 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income | $ 255,548 | $ 97,312 | $ 164,604 | |
Other current assets | 6,033 | 237 | ||
Operating lease right-of-use asset | 6,747 | 20,750 | ||
Investment in and advances to equity-accounted joint ventures | (1,136,374) | (1,056,792) | ||
Decreased accumulated other comprehensive (loss) income | 53,163 | 103,836 | ||
Partners' equity | 1,863,511 | 1,692,913 | ||
Non-controlling interest | 65,512 | 53,357 | ||
Other liabilities – non-current | 60,853 | 56,063 | ||
Net investments in direct financing leases, net | 480,508 | 500,101 | ||
Partners' equity | 1,863,511 | 1,692,913 | ||
Non-controlling interest | 65,512 | 53,357 | ||
Other liabilities – non-current | 60,853 | 56,063 | ||
Common Units | Limited Partners | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income | $ 213,138 | $ 60,632 | $ 124,546 | |
Accounting Standards Update 2016-13 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Investment in and advances to equity-accounted joint ventures | $ 40,000 | |||
Non-controlling interest | (3,200) | |||
Other liabilities – non-current | 1,400 | |||
Net investments in direct financing leases, net | (15,100) | |||
Other assets | 1,400 | |||
Non-controlling interest | (3,200) | |||
Other liabilities – non-current | 1,400 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | (55,100) | |||
Accounting Standards Update 2016-13 [Member] | Common Units | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | (51,900) | |||
Accounting Standards Update 2016-13 [Member] | Common Units | Cumulative Effect, Period of Adoption, Adjustment | Limited Partners | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained Earnings (Accumulated Deficit) | $ (50,839) |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | $ 142,057 | $ 257,943 | $ 253,291 | $ 222,864 |
Equity method investments | 1,153,874 | 1,067,783 | ||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,186,968 | 1,220,355 | ||
Long-term debt | 1,379,642 | 1,472,213 | ||
Finance lease, liability | 1,268,990 | 1,340,922 | ||
Excalibur Joint Venture | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity method investments | 10,418 | 35,871 | ||
Derivative | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted cash - current and - long-term | 2,900 | 3,800 | ||
Carrying Amount Asset (Liability) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investment in and advances to equity-accounted joint ventures (note 7) | 105,641 | 116,632 | ||
Carrying Amount Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 317,860 | 352,260 | ||
Carrying Amount Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | 142,057 | 257,943 | ||
Carrying Amount Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Finance lease, liability | 1,268,990 | 1,340,922 | ||
Carrying Amount Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 1,061,782 | 1,119,953 | ||
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 | 3,896 | 0 | ||
Derivative Liability | 26,802 | 75,468 | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Cross-Currency Interest Rate Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 4,201 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 14,654 | 20,022 | ||
Carrying Amount Asset (Liability) | Level 2 | Fair Value, Nonrecurring | Excalibur Joint Venture | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity method investments | 10,418 | |||
Carrying Amount Asset (Liability) | Level 2 | Fair Value, Nonrecurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 9,813 | 0 | ||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 0 | 40,717 | ||
Fair Value Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 325,873 | 359,581 | ||
Fair Value Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and restricted cash – current | 142,057 | 257,943 | ||
Fair Value Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Finance lease, liability | 1,332,044 | 1,456,927 | ||
Fair Value Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 1,093,400 | 1,137,050 | ||
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 | 3,896 | 0 | ||
Derivative Liability | 26,802 | 75,468 | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Cross-Currency Interest Rate Contract | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 4,201 | 0 | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 14,654 | 20,022 | ||
Fair Value Asset (Liability) | Level 2 | Fair Value, Nonrecurring | Excalibur Joint Venture | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity method investments | 10,418 | |||
Fair Value Asset (Liability) | Level 2 | Fair Value, Nonrecurring | LPG Carriers [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current | 9,813 | 0 | ||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | $ 0 | $ 40,717 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021leaseprojectsequityaccountedjointventuresloan | Jan. 01, 2020projects | |
Fair Value Disclosures [Abstract] | ||
Number of direct financing and sales-type leases | lease | 3 | |
Number of loans to equity-accounted joint ventures | loan | 2 | |
Number of equity-accounted joint ventures | equityaccountedjointventures | 5 | |
Number of LNG project counterparties | 2 | |
Number of LNG projects | 2 |
Fair Value Measurements and F_4
Fair Value Measurements and Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicators [Table] | ||
Total Lease and Financing Lease Receivable Originated current year | $ 991 | |
Total Lease and Financing Lease Receivable Originated two years prior to the latest fiscal year | 211,939 | |
Total Lease and Financing Lease Receivable Originated four years prior to the latest fiscal year | 447,949 | |
Total lease and Financing Lease Receivable | $ 635,009 | 660,879 |
Total Lease and Financing Lease Receivable Originated five or more years prior to the latest fiscal year | 425,440 | |
Total Lease and Financing Lease Receivable | 209,569 | |
Performing Financial Instruments | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 | |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 332,308 | |
Direct Financing Lease, Net Investment in Lease | 529,368 | 544,247 |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 209,569 | |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 319,799 | |
Performing Financial Instruments | Corporate Joint Venture | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 332,308 | |
Direct Financing Lease, Net Investment in Lease | 319,799 | 332,308 |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 319,799 | |
Performing Financial Instruments | Subsidiaries | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Direct Financing Lease, Net Investment in Lease, Originated in Current Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease, Originated Two Years before Latest Fiscal Year | 211,939 | |
Direct Financing Lease, Net Investment in Lease, Originated Four Years before Latest Fiscal Year | 0 | |
Direct Financing Lease, Net Investment in Lease | 209,569 | 211,939 |
Direct Financing Lease, Net Investment in Lease, Year Four, Originated, Three Years before Current Fiscal Year | 209,569 | |
Direct Financing Lease, Net Investment in Lease, Originated Five or More Years before Latest Fiscal Year | 0 | |
Performing Financial Instruments | Loans Receivable | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Financing Receivable, Originated in Current Fiscal Year | 991 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 115,641 | |
Financing Receivable, before Allowance for Credit Loss | 105,641 | 116,632 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 105,641 | |
Performing Financial Instruments | Exmar Lpg Bvba | Loans Receivable | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 42,266 | |
Financing Receivable, before Allowance for Credit Loss | 32,266 | 42,266 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 32,266 | |
Performing Financial Instruments | Bahrain LNG Joint Venture | Loans Receivable | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 73,375 | |
Financing Receivable, before Allowance for Credit Loss | 73,375 | 73,375 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 73,375 | |
Performing Financial Instruments | Angola Joint Venture | Loans Receivable | ||
Financing Receivable, Credit Quality Indicators [Table] | ||
Financing Receivable, Originated in Current Fiscal Year | 991 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, before Allowance for Credit Loss | $ 991 |
Financial Instruments - Financi
Financial Instruments - Financing Receivables, allowance for credit losses (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021vessel | Dec. 31, 2021loan | Dec. 31, 2021 | Dec. 31, 2021USD ($) | Dec. 31, 2021lease | Jan. 01, 2020USD ($)projects | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss | $ 30,177 | $ 34,000 | $ 15,055 | ||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ 3,400 | 18,600 | |||||||
Net Investment in Lease, Allowance for Credit Loss | 30,177 | 34,000 | |||||||
Total credit loss provision | 91,920 | 98,100 | $ 57,200 | ||||||
Direct Financing Lease, Net Investment in Lease, Credit Loss Expense (Reversal) | 3,800 | 15,100 | |||||||
Total allowance for credit loss period increase (decrease) | 6,180 | 34,720 | |||||||
Number of LNG projects | projects | 2 | ||||||||
Number of loans to equity-accounted joint ventures | loan | 2 | ||||||||
Ownership percentage (in percentage) | 100.00% | ||||||||
Liquefied natural gas segment | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Direct Financing Lease, Net Investment in Lease, Credit Loss Expense (Reversal) | $ 3,823 | 15,122 | |||||||
Number of vessels | vessel | 47 | ||||||||
LNG Carriers [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | 2 | 9 | |||||||
Sales-Type or Direct Financing | LNG Carriers [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 18 | ||||||||
Angola Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Ownership percentage (in percentage) | 33.00% | ||||||||
Excalibur Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 1 | ||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Excalibur Joint Venture | Exmar NV [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
RasGas 3 Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 4 | ||||||||
Ownership percentage (in percentage) | 40.00% | ||||||||
Yamal LNG Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 6 | ||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Yamal LNG Joint Venture | China LNG | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Yamal LNG Joint Venture | LNG Carriers [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 6 | ||||||||
Bahrain LNG Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of LNG projects | projects | 1 | ||||||||
Number of vessels | vessel | 0 | ||||||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||||||
Exmar LPG Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 21 | ||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Exmar LPG Joint Venture | Exmar Lpg Bvba | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Bahrain LNG Joint Venture | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Term of charter contract (in years) | 20 years | ||||||||
Financial Guarantee | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Off-Balance Sheet, Credit Loss, Liability | 2,080 | 1,700 | $ 2,139 | ||||||
Off-Balance Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | $ (380) | (59) | |||||||
Loans Receivable | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Accounts and Financing Receivable, Allowance for Credit Loss | 4,726 | 4,100 | 3,714 | ||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | (626) | 1,012 | |||||||
Number of loans to equity-accounted joint ventures | loan | 2 | ||||||||
Equity Method Investments | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Direct Financing Lease, Net Investment in Lease, Allowance for Credit Loss, Period Increase (Decrease) | $ 3,363 | 18,645 | |||||||
Net Investment in Lease, Allowance for Credit Loss | $ 54,937 | $ 58,300 | $ 36,292 | ||||||
Equity Method Investments | LNG Carriers [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Number of vessels | vessel | 46 |
Significant Customers
Significant Customers - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 597,831 | $ 591,103 | $ 601,256 |
Royal Dutch Shell Plc. | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 136,300 | $ 134,400 | $ 126,900 |
Percentage of voyage revenues from major customers (less than) | 23.00% | 23.00% | 21.00% |
Ras Laffan Liquefied Natural Gas Company Ltd. | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 69,900 | $ 71,500 | $ 71,100 |
Percentage of voyage revenues from major customers (less than) | 12.00% | 12.00% | 12.00% |
Natural Energy Group S.A | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 64,900 | $ 65,300 | $ 65,600 |
Percentage of voyage revenues from major customers (less than) | 11.00% | 11.00% | 11.00% |
Cheniere Marketing International LLP | Sales Revenue, Net | Customer Concentration Risk | |||
Revenue from External Customer [Line Items] | |||
Voyage revenues | $ 61,000 | $ 60,600 | |
Percentage of voyage revenues from major customers (less than) | 1000.00% | 10.00% | 11.00% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)vesselsegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)vessel | |
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 597,831 | $ 591,103 | $ 601,256 |
Voyage expenses | (28,190) | (17,394) | (21,387) |
Operating Costs and Expenses | 124,626 | 116,396 | 111,585 |
Time-charter hire expenses | (23,487) | (23,564) | (19,994) |
Depreciation and amortization | (130,810) | (129,752) | (136,765) |
General and administrative expenses | (41,040) | (26,904) | (22,521) |
write-down of vessels | 0 | (51,000) | 13,564 |
Restructuring Charges | (3,223) | 0 | (3,315) |
Income from vessel operations | 246,455 | 226,093 | 299,253 |
Equity income | 115,399 | 72,233 | 58,819 |
Investment in and advances to equity-accounted joint ventures, net | $ 1,153,874 | 1,067,783 | |
Number of Reportable Segments | segment | 2 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 597,831 | 591,103 | 601,256 |
Voyage expenses | (28,190) | (17,394) | (21,387) |
Operating Costs and Expenses | 124,626 | 116,396 | 111,585 |
Time-charter hire expenses | (23,487) | (23,564) | (19,994) |
Depreciation and amortization | (130,810) | (129,752) | (136,765) |
General and administrative expenses | (41,040) | (26,904) | (22,521) |
write-down of vessels | (51,000) | 13,564 | |
Restructuring Charges | (3,223) | (3,315) | |
Income from vessel operations | 246,455 | 226,093 | 299,253 |
Equity income | 115,399 | 72,233 | 58,819 |
Investment in and advances to equity-accounted joint ventures, net | 1,153,874 | 1,067,783 | |
Expenditures for vessels and equipment | (45,172) | (13,475) | (102,590) |
Expenditures for dry docking | (36,060) | (6,968) | (11,000) |
Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 550,496 | 552,416 | 555,303 |
Voyage expenses | (7,183) | (3,009) | (4,493) |
Operating Costs and Expenses | 105,038 | 98,572 | 90,954 |
Time-charter hire expenses | (23,487) | (23,564) | (19,994) |
Depreciation and amortization | (123,786) | (122,523) | (128,138) |
General and administrative expenses | (37,668) | (24,879) | (20,193) |
write-down of vessels | 0 | 14,349 | |
Restructuring Charges | (2,958) | (400) | |
Income from vessel operations | 250,376 | 279,869 | 305,480 |
Equity income | 100,925 | 79,244 | 59,600 |
Investment in and advances to equity-accounted joint ventures, net | 1,015,370 | 934,059 | |
Expenditures for vessels and equipment | (44,011) | (12,382) | (101,052) |
Expenditures for dry docking | $ (31,808) | (4,862) | (8,224) |
Number of vessels | vessel | 47 | ||
Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 47,335 | 38,687 | 39,211 |
Voyage expenses | (21,007) | (14,385) | (16,563) |
Operating Costs and Expenses | 19,588 | 17,824 | 17,888 |
Time-charter hire expenses | 0 | 0 | 0 |
Depreciation and amortization | (7,024) | (7,229) | (7,931) |
General and administrative expenses | (3,372) | (2,025) | (1,789) |
write-down of vessels | (51,000) | 0 | |
Restructuring Charges | (265) | 0 | |
Income from vessel operations | (3,921) | (53,776) | (4,960) |
Equity income | 14,474 | (7,011) | (781) |
Investment in and advances to equity-accounted joint ventures, net | 138,504 | 133,724 | |
Expenditures for vessels and equipment | (1,161) | (1,093) | (1,538) |
Expenditures for dry docking | $ (4,252) | $ (2,106) | (2,776) |
Number of vessels | vessel | 28 | ||
Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 6,742 | ||
Voyage expenses | (331) | ||
Operating Costs and Expenses | 2,743 | ||
Time-charter hire expenses | 0 | ||
Depreciation and amortization | (696) | ||
General and administrative expenses | (539) | ||
write-down of vessels | (785) | ||
Restructuring Charges | (2,915) | ||
Income from vessel operations | (1,267) | ||
Equity income | 0 | ||
Expenditures for vessels and equipment | 0 | ||
Expenditures for dry docking | $ 0 | ||
Number of vessels | vessel | 2 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 4,798,585 | $ 4,854,004 | ||
Advances from affiliates | 4,153 | 4,924 | ||
Cash and cash equivalents | 92,069 | 206,762 | $ 160,221 | $ 149,014 |
Liquefied natural gas segment | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,449,598 | 4,395,336 | ||
Liquefied petroleum gas segment | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 252,765 | 246,982 | ||
Cash and cash equivalents | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 92,069 | 206,762 | ||
Advances to affiliates | ||||
Segment Reporting Information [Line Items] | ||||
Advances from affiliates | $ 4,153 | $ 4,924 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | Dec. 31, 2021terminalvessel | Dec. 31, 2019vessel |
Segment Reporting Information [Line Items] | ||
Number of terminals | terminal | 1 | |
Liquefied natural gas segment | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 47 | |
Number of terminals | terminal | 1 | |
Liquefied natural gas segment | Corporate Joint Venture | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 25 | |
Liquefied Petroleum Gas Segment | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 28 | |
Liquefied Petroleum Gas Segment | Corporate Joint Venture | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 21 | |
Conventional Tankers Segment | ||
Segment Reporting Information [Line Items] | ||
Number of vessels | 2 |
Chartered-in Vessels - Capital
Chartered-in Vessels - Capital Lease Obligations (Details) $ in Thousands | Dec. 31, 2021USD ($)lease | Dec. 31, 2020USD ($) |
Capital Leased Assets [Line Items] | ||
Number of lessors | lease | 9 | |
Finance lease, liability | $ 1,268,990 | $ 1,340,922 |
Less current portion | (73,953) | (71,932) |
Long-term obligations related to finance leases | $ 1,195,037 | $ 1,268,990 |
Chartered-in Vessels - Capita_2
Chartered-in Vessels - Capital Lease Obligations - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||||
Sep. 30, 2019 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 31, 2019 | Dec. 31, 2021vessel | Dec. 31, 2021lease | Dec. 31, 2021 | |
Capital Leased Assets [Line Items] | ||||||||
Number of lessors | lease | 9 | |||||||
Time-charter hire expenses | $ 23,487 | $ 23,564 | $ 19,994 | |||||
Other Nonoperating Income (Expense) [Member] | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Gain (Loss) on Contract Termination | $ (1,400) | |||||||
LNG Carriers [Member] | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 2 | 9 | ||||||
Lease liability payment | 1,600,000 | |||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ 333,800 | |||||||
Finance Lease, Weighted Average Discount Rate, Percent | 5.10% | |||||||
Variable Interest Entity, Primary Beneficiary | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of lessors | lease | 7 | |||||||
Minimum | LNG Carriers [Member] | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Lease terms | 7.5 | |||||||
Minimum | Torben Spirit [Member] | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Lease terms | 7.5 years | |||||||
Maximum | LNG Carriers [Member] | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Lease terms | 15 |
Chartered-in Vessels - Commitme
Chartered-in Vessels - Commitment Under Capital Leases (Details) - Dec. 31, 2021 - LNG Carriers [Member] $ in Thousands | vessel | lease | USD ($) |
Capital Leased Assets [Line Items] | |||
Number of vessels | 2 | 9 | |
Commitment | |||
2020 | $ 136,959 | ||
2021 | 135,459 | ||
2022 | 132,011 | ||
2023 | 129,725 | ||
2024 | 305,457 | ||
Thereafter | 763,184 | ||
Lease liability payment | $ 1,600,000 |
Chartered-in Vessels - Operatin
Chartered-in Vessels - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | 21 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | |
Operating Leased Assets [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
Time-charter hire expenses | $ 23,487 | $ 23,564 | $ 19,994 | ||
2022 | $ 11,050 | ||||
Schedule of Operating Leases | As at December 31, 2021, the total estimated future minimum rental payments to be received and paid by the Tangguh Joint Venture related to the lease contracts are as follows: Year Head Lease Receipts (i) Sublease Payments (i) (ii) 2022 $ 21,242 $ 23,934 2023 $ 21,242 $ 23,934 2024 $ 21,242 $ 23,934 2025 $ 21,242 $ 23,934 2026 $ 21,242 $ 23,934 Thereafter $ 47,885 $ 53,988 Total $ 154,095 $ 173,658 (i) The Head Leases are fixed-rate operating leases while the Subleases have a variable-rate component. As at December 31, 2021, the Company had received $356.3 million of aggregate Head Lease receipts and had paid $310.1 million of aggregate Sublease payments. The portion of the Head Lease receipts that has not been recognized into earnings is deferred and amortized on a straight-line basis over the lease terms and, as at December 31, 2021, $3.7 million (December 31, 2020 – $3.7 million) and $18.1 million (December 31, 2020 – $21.8 million) of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Company’s consolidated balance sheets. (ii) The amount of payments related to the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law. | ||||
Time-charter hire expenses | $ 23,487 | 23,564 | 19,994 | ||
Malt Joint Venture | |||||
Operating Leased Assets [Line Items] | |||||
Time charter in contract | 6 months | 2 years | |||
Extension of term of contract | 21 months | ||||
Weighted average discount rate | 4.60% | ||||
Schedule of Operating Leases | A maturity analysis of the Company’s operating lease liabilities from its time-charter-in contract with the MALT Joint Venture as at December 31, 2021 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: 2022 6,832 4,218 11,050 Less imputed interest (85) Carrying value of current portion of operating 6,747 | ||||
Malt Joint Venture | |||||
Operating Leased Assets [Line Items] | |||||
Ownership percentage (in percentage) | 52.00% | ||||
Lease Component | |||||
Operating Leased Assets [Line Items] | |||||
Less imputed interest | $ (85) | ||||
Operating lease, liability | 6,747 | ||||
Time-charter hire expenses | 14,500 | 14,600 | 12,400 | ||
2022 | 6,832 | ||||
Time-charter hire expenses | 14,500 | 14,600 | 12,400 | ||
Non Lease Component | |||||
Operating Leased Assets [Line Items] | |||||
Time-charter hire expenses | 9,000 | 9,000 | 7,600 | ||
2022 | 4,218 | ||||
Time-charter hire expenses | $ 9,000 | $ 9,000 | $ 7,600 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)contract | Dec. 31, 2020USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Number of forms of contracts | contract | 3 | |
Contract with customer, liability, advance payments | $ 22.2 | $ 28.4 |
Contract with customer, liability, revenue recognized | $ 26.5 | $ 24.9 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 597,831 | $ 591,103 | $ 601,256 |
Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 550,496 | 552,416 | 555,303 |
Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 47,335 | 38,687 | 39,211 |
Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 6,742 | ||
Time charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 551,735 | 543,408 | 540,036 |
Time charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 540,379 | 543,408 | 530,434 |
Time charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 11,356 | 0 | 2,860 |
Time charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 6,742 | ||
Voyage charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 35,979 | 38,687 | 36,351 |
Voyage charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 0 |
Voyage charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 35,979 | 38,687 | 36,351 |
Voyage charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | ||
Bareboat charters | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 18,387 | ||
Bareboat charters | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 18,387 | ||
Bareboat charters | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | ||
Bareboat charters | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | ||
Management fees and other | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 10,117 | 9,008 | 6,482 |
Management fees and other | Liquefied natural gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 10,117 | 9,008 | 6,482 |
Management fees and other | Liquefied petroleum gas segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | 0 | 0 |
Management fees and other | Conventional Tankers Segment | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 0 | ||
Lease revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 563,829 | 560,931 | 573,083 |
Operating Lease, Variable Lease Income | 5,755 | 5,398 | 4,635 |
Operating Lease, Lease Income | 508,932 | 505,029 | 516,772 |
Direct Financing Lease, Interest Income | 49,142 | 50,504 | 51,676 |
Non-lease revenue | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | 23,885 | 21,164 | 21,691 |
Non Lease Component | |||
Segment Reporting Information [Line Items] | |||
Voyage revenues | $ 34,002 | $ 30,172 | $ 28,173 |
Revenue - Net Investments in Di
Revenue - Net Investments in Direct Financing Leases (Details) $ in Thousands | 12 Months Ended | 48 Months Ended | 60 Months Ended | |||||||||
Dec. 31, 2021 | Dec. 31, 2019USD ($) | Nov. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2021vessel | Dec. 31, 2021USD ($) | Dec. 31, 2021floating_storage_unit | Dec. 31, 2021lease | Dec. 31, 2020USD ($)vessel | Jan. 07, 2020USD ($)vessel | Dec. 31, 2014vessel | Dec. 31, 2013vessel | |
Capital Leased Assets [Line Items] | ||||||||||||
Partnership recognized a loss | $ 14,300 | |||||||||||
Purchase obligation and deferred hire amounts | $ 260,400 | |||||||||||
Estimated unguaranteed residual value of leased properties | $ 284,277 | $ 284,277 | ||||||||||
Initial direct costs | 230 | 264 | ||||||||||
Direct Financing Lease, Deferred Selling Profit | 458,353 | 507,496 | ||||||||||
Net Investment in Lease, Nonaccrual, No Allowance | 529,368 | 544,247 | ||||||||||
Net Investment in Lease, Allowance for Credit Loss | (34,000) | (30,177) | ||||||||||
Total net investments in direct financing leases | 495,368 | 514,070 | ||||||||||
Less current portion | (14,860) | (13,969) | ||||||||||
Net investments in direct financing leases, net | 480,508 | 500,101 | ||||||||||
2020 | 64,200 | |||||||||||
2021 | 64,000 | |||||||||||
2022 | 64,300 | |||||||||||
2023 | 64,200 | |||||||||||
2024 | 64,200 | |||||||||||
Thereafter | 382,300 | |||||||||||
Total lease payments to be received | $ 703,214 | $ 767,202 | ||||||||||
Bahrain LNG Joint Venture | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | vessel | 0 | |||||||||||
Awilco LNG Carriers | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | vessel | 2 | 2 | 2 | 2 | ||||||||
LNG Carriers [Member] | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | 2 | 9 | ||||||||||
LNG Carriers [Member] | Direct Financing Lease | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | vessel | 2 | |||||||||||
Teekay Tangguh Joint Venture | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | vessel | 2 | |||||||||||
Operating lease arrangement period, lessor (in years) | 20 years | |||||||||||
Awilco LNG Carriers | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Contract with customer duration [Line Items] | 4 years | 5 years | ||||||||||
Bahrain Spirit | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Number of vessels | floating_storage_unit | 1 | |||||||||||
Term of charter contract (in years) | 21 years | 21 years | ||||||||||
LNG Carriers [Member] | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Term of charter contract (in years) | 20 years | |||||||||||
Teekay Tangguh Joint Venture | Seapeak LLC | ||||||||||||
Capital Leased Assets [Line Items] | ||||||||||||
Partnership interest owned (in percentage) | 70.00% |
Revenue - Operating leases (Det
Revenue - Operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Lessor, operating lease, payments to be received, next twelve months | $ 393,000 | |
Lessor, operating lease, payments to be received, two years | 310,000 | |
Lessor, operating lease, payments to be received, three years | 252,900 | |
Lessor, operating lease, payments to be received, four years | 197,400 | |
2026 | 135,400 | |
Property, plant and equipment, net | 1,186,968 | $ 1,220,355 |
Assets | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property, plant and equipment, net | 2,600,000 | 2,800,000 |
Property, plant and equipment, gross | 3,500,000 | 3,700,000 |
Accumulated depreciation | $ 958,900 | $ 889,400 |
Equity-Accounted Joint Ventur_3
Equity-Accounted Joint Ventures - Investments in and Advances to Equity Accounted Investees (Details) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2021USD ($) | Dec. 31, 2021vessel | Dec. 31, 2021 | Dec. 31, 2021terminal | Dec. 31, 2021lease | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 14, 2019USD ($) | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 100.00% | ||||||||
Number of terminals | terminal | 1 | ||||||||
Equity method investments | $ 1,153,874 | $ 1,067,783 | |||||||
Less current portion of advances to equity- accounted joint ventures, net | (17,500) | (10,991) | |||||||
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | 1,136,374 | 1,056,792 | |||||||
Finance lease, liability | $ 1,268,990 | 1,340,922 | |||||||
Number of lessors | lease | 9 | ||||||||
Financial Information of Joint Ventures | A summary of the Company's investments in and advances to equity-accounted joint ventures are as follows: As at December 31, 2021 As at December 31, Name Ownership Percentage # of Delivered Vessels LNG Terminal 2021 2020 Angola Joint Venture (i) 33% 4 - 102,477 90,659 Bahrain LNG Joint Venture (ii) 30% - 1 57,277 38,678 Excalibur Joint Venture (iii) 50% 1 - 10,418 35,871 Exmar LPG Joint Venture (iv) 50% 21 - 138,751 134,138 MALT Joint Venture (v) 52% 6 - 361,550 359,442 Pan Union Joint Venture (vi) 20%-30% 4 - 81,570 81,548 RasGas III Joint Venture (vii) 40% 4 - 109,866 97,721 Yamal LNG Joint Venture (viii) 50% 6 - 296,065 234,452 46 1 1,157,974 1,072,509 Less credit loss provision (4,100) (4,726) Total investments in and advances to 1,153,874 1,067,783 Less current portion of advances to equity- (17,500) (10,991) Investments in and advances to equity- 1,136,374 1,056,792 | ||||||||
Angola Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 33.00% | ||||||||
Number of vessels | vessel | 4 | ||||||||
Equity method investments | $ 102,477 | 90,659 | |||||||
Less current portion of advances to equity- accounted joint ventures, net | (1,000) | ||||||||
Carrying value of guarantee liability | 200 | ||||||||
Angola Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 33.00% | ||||||||
Bahrain LNG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||||||
Number of vessels | vessel | 0 | ||||||||
Equity method investments | 57,277 | 38,678 | |||||||
Less current portion of advances to equity- accounted joint ventures, net | $ (79,100) | ||||||||
Investment in and advances to equity-accounted joint ventures (note 7) | 73,400 | $ 71,200 | |||||||
Interest accrued on advances | 10,000 | 5,100 | |||||||
Excalibur Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Number of vessels | vessel | 1 | ||||||||
Equity method investments | 10,418 | 35,871 | |||||||
Carrying value of guarantee liability | 0 | 100 | |||||||
Exmar LPG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Number of vessels | vessel | 21 | ||||||||
Equity method investments | 138,751 | 134,138 | |||||||
Investment in and advances to equity-accounted joint ventures (note 7) | 32,300 | 42,300 | |||||||
Interest accrued on advances | 0 | 0 | |||||||
Carrying value of guarantee liability | 1,000 | 1,300 | |||||||
Number of lessors | lease | 4 | ||||||||
MALT Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 52.00% | ||||||||
Number of vessels | vessel | 6 | ||||||||
Equity method investments | 361,550 | 359,442 | |||||||
Carrying value of guarantee liability | 200 | 200 | |||||||
Pan Union Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of vessels | vessel | 4 | ||||||||
Equity method investments | 81,570 | 81,548 | |||||||
RasGas 3 Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 40.00% | ||||||||
Number of vessels | vessel | 4 | ||||||||
Equity method investments | 109,866 | 97,721 | |||||||
Yamal LNG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 50.00% | ||||||||
Number of vessels | vessel | 6 | ||||||||
Equity method investments | 296,065 | 234,452 | |||||||
Carrying value of guarantee liability | 1,500 | 2,200 | |||||||
Building | Angola Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | Bahrain LNG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 1 | ||||||||
Building | Excalibur Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | Exmar LPG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | MALT Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | Pan Union Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | RasGas 3 Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
Building | Yamal LNG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of terminals | terminal | 0 | ||||||||
LNG Carriers [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of vessels | 2 | 9 | |||||||
LNG Carriers [Member] | Yamal LNG Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of vessels | vessel | 6 | ||||||||
Minimum | Pan Union Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 20.00% | ||||||||
Maximum | Pan Union Joint Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership percentage (in percentage) | 30.00% | ||||||||
Equity Method Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investments | 1,157,974 | 1,072,509 | |||||||
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7) | $ 1,136,374 | ||||||||
Financial Information of Joint Ventures | The following table presents aggregated summarized financial information reflecting a 100% ownership interest in the Company’s equity method investments and excluding the impact from purchase price adjustments arising from the acquisition of Exmar LPG Joint Venture, the Excalibur Joint Venture and the Pan Union Joint Venture. The results include the Angola Joint Venture, the Bahrain LNG Joint Venture, the Excalibur Joint Venture, the Exmar LPG Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture, the RasGas III Joint Venture and the Yamal LNG Joint Venture and the recognition of the 2021 other-than-temporary impairment of the Company's investment of the Excalibur Joint Venture. December 31, December 31, Cash and restricted cash – current 460,342 400,816 Other assets – current 208,029 180,673 Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts 1,825,562 1,912,776 Net investments in direct financing and sales-type leases – non-current 5,103,376 5,237,791 Other assets – non-current 255,270 216,331 Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 611,180 582,767 Other liabilities – current 250,753 232,466 Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners 4,551,612 4,853,791 Other liabilities – non-current 220,454 350,057 Year Ended Year Ended Year Ended Voyage revenues 990,703 1,008,112 766,618 Income from vessel operations 572,985 584,685 400,326 Realized and unrealized gain (loss) on non-designated derivative instruments: Bahrain LNG Joint Venture 22,376 (68,563) (19,756) Other equity-accounted joint ventures 4,367 (26,197) (21,159) Net income 342,068 152,144 130,314 | ||||||||
Loans Receivable | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Financing Receivable, Allowance for Credit Loss | $ (4,100) | $ (4,726) |
Equity-Accounted Joint Ventur_4
Equity-Accounted Joint Ventures - Angola Joint Venture - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)vesselm³ | Dec. 31, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 100.00% | |
Due from joint ventures | $ 17,500 | $ 10,991 |
Angola Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% | |
Principal amount outstanding on secured loan facilities and finance leases | $ 181,600 | 203,400 |
Number of vessels | vessel | 4 | |
Volume of vessels (in cubic meter) | m³ | 160,400 | |
Carrying value of guarantee liability | $ 200 | |
Due from joint ventures | $ 1,000 | |
Angola Joint Venture | Fair Value Guarantee [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of vessels | vessel | 3 | |
Angola Joint Venture | NYK Energy Transport | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% | |
Angola Joint Venture | Mitsui & Co. Ltd | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 34.00% | |
Angola Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of ownership in joint venture | 33.00% |
Equity-Accounted Joint Ventur_5
Equity-Accounted Joint Ventures - Bahrain LNG Joint Venture - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015ft³ | Dec. 31, 2021USD ($)terminal | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 14, 2019USD ($) | Sep. 30, 2018 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (in percentage) | 100.00% | ||||||
Number of terminals | terminal | 1 | ||||||
Bahrain Spirit | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Term of charter contract (in years) | 21 years | 21 years | |||||
Bahrain LNG Joint Venture | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||||
Subordinated debt | $ 73.4 | $ 71.2 | |||||
Interest rate (in percentage) | 6.00% | ||||||
Interest accrued on advances | $ 10 | $ 5.1 | |||||
Interest Income, Related Party | $ 4.8 | $ 4.6 | $ 2.8 | ||||
Bahrain LNG Joint Venture | Building | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Length of charter contract (in years) | 20 years | ||||||
Number of terminals | terminal | 1 | ||||||
Bahrain LNG Joint Venture | Building | Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Capacity of production facility, per day (in cubic feet) | ft³ | 800,000,000 | ||||||
Bahrain LNG Joint Venture | Nogaholding | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (in percentage) | 30.00% | ||||||
Bahrain LNG Joint Venture | GIC | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (in percentage) | 24.00% | ||||||
Bahrain LNG Joint Venture | Samsung C&T | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (in percentage) | 16.00% |
Equity-Accounted Joint Ventur_6
Equity-Accounted Joint Ventures - Excalibur and Excelsior Joint Ventures - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||
Proceeds from sales of vessels (note 19b) | $ 11,500 | $ 0 | $ 0 | $ 11,515 |
Ownership percentage (in percentage) | 100.00% | |||
Excalibur Joint Venture | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 8,800 | 15,900 | ||
Carrying value of guarantee liability | 0 | 100 | ||
Difference between carrying amount and book value | $ (18,500) | $ 12,000 | ||
Ownership percentage (in percentage) | 50.00% | |||
Asset Impairment Charges | $ 30,000 | |||
Excalibur Joint Venture | Exmar NV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership percentage (in percentage) | 50.00% |
Equity-Accounted Joint Ventur_7
Equity-Accounted Joint Ventures - Exmar LPG Joint Venture - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 100.00% | ||
Exmar LPG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 50.00% | ||
Principal amount outstanding on secured loan facilities and finance leases | $ 228.2 | $ 238.2 | |
Carrying value of guarantee liability | 1 | 1.3 | |
Investment in and advances to equity-accounted joint ventures (note 7) | 32.3 | 42.3 | |
Interest accrued on advances | 0 | 0 | |
Difference between carrying amount and book value | 17.4 | 18.2 | |
Interest Income, Related Party | $ 0.2 | $ 0.8 | $ 1.6 |
Exmar LPG Joint Venture | LIBOR | |||
Schedule of Equity Method Investments [Line Items] | |||
Basis spread on variable rate (as a percent) | 0.50% |
Equity-Accounted Joint Ventur_8
Equity-Accounted Joint Ventures - MALT Joint Venture - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 100.00% | |
MALT Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage (in percentage) | 52.00% | |
Principal amount outstanding on secured loan facilities and finance leases | $ 123.1 | $ 134.6 |
Carrying value of guarantee liability | $ 0.2 | $ 0.2 |
Equity-Accounted Joint Ventur_9
Equity-Accounted Joint Ventures - Pan Union Joint Venture - Additional Information (Details) $ in Millions | Dec. 31, 2021vessel | Dec. 31, 2021 | Dec. 31, 2021lease | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
LNG Carriers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | 2 | 9 | |||
Pan Union Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | 4 | ||||
Difference between carrying amount and book value | $ | $ 9.4 | $ 10 | |||
Pan Union Joint Venture | LNG Carriers [Member] | 30% Ownership | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | ||||
Number of vessels | 2 | ||||
Pan Union Joint Venture | LNG Carriers [Member] | 20% Ownership | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 20.00% | ||||
Number of vessels | 2 |
Equity-Accounted Joint Ventu_10
Equity-Accounted Joint Ventures - RasGas 3 Joint Venture - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 100.00% | ||
Equity method investments | $ 1,153,874 | $ 1,067,783 | |
Bahrain LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 30.00% | 30.00% | |
Equity method investments | $ 57,277 | 38,678 | |
Yamal LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 50.00% | ||
Equity method investments | $ 296,065 | 234,452 | |
Angola Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 33.00% | ||
Equity method investments | $ 102,477 | 90,659 | |
RasGas 3 Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 40.00% | ||
Equity method investments | $ 109,866 | 97,721 | |
RasGas 3 Joint Venture | Qatar Gas Transport Company Ltd | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage (in percentage) | 60.00% | ||
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,157,974 | $ 1,072,509 |
Equity-Accounted Joint Ventu_11
Equity-Accounted Joint Ventures - Yamal LNG Joint Venture - Additional Information (Details) $ in Millions | Dec. 31, 2021vessel | Dec. 31, 2021 | Dec. 31, 2021lease | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
LNG carriers | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | 2 | 9 | |||
Yamal LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 50.00% | ||||
Guarantor obligations, maximum exposure, undiscounted | $ | $ 736.7 | $ 807.7 | |||
Number of vessels | vessel | 6 | ||||
Carrying value of guarantee liability | $ | $ 1.5 | $ 2.2 | |||
Yamal LNG Joint Venture | LNG carriers | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of vessels | vessel | 6 | ||||
Yamal LNG Joint Venture | China LNG | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 50.00% |
Equity-Accounted Joint Ventu_12
Equity-Accounted Joint Ventures - Other - Additional Information (Details) $ in Thousands | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($) | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,153,874 | $ 1,067,783 | |
Ownership percentage (in percentage) | 100.00% | ||
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 1,157,974 | 1,072,509 | |
RasGas 3 Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 109,866 | 97,721 | |
Ownership percentage (in percentage) | 40.00% | ||
Number of vessels | vessel | 4 | ||
Angola LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 102,477 | 90,659 | |
Ownership percentage (in percentage) | 33.00% | ||
Number of vessels | vessel | 4 | ||
Yamal LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 296,065 | 234,452 | |
Ownership percentage (in percentage) | 50.00% | ||
Number of vessels | vessel | 6 | ||
Bahrain LNG Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 57,277 | $ 38,678 | |
Ownership percentage (in percentage) | 30.00% | 30.00% | |
Number of vessels | vessel | 0 |
Equity-Accounted Joint Ventu_13
Equity-Accounted Joint Ventures - Financial Information of Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 100.00% | ||||
Cash and restricted cash – current | $ 142,057 | $ 257,943 | $ 253,291 | $ 222,864 | |
Other assets – current | 6,033 | 237 | |||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,186,968 | 1,220,355 | |||
Net investments in direct financing and sales-type leases – non-current | 480,508 | 500,101 | |||
Other assets – non-current | 26,710 | 22,382 | |||
Other liabilities – non-current | 60,853 | 56,063 | |||
Voyage revenues | 597,831 | 591,103 | 601,256 | ||
Income from vessel operations | 246,455 | 226,093 | 299,253 | ||
Bahrain LNG Joint Venture | 8,523 | (33,334) | (13,361) | ||
Net income | $ 255,548 | 97,312 | 164,604 | ||
Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (in percentage) | 30.00% | 30.00% | |||
Equity Method Investments | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cash and restricted cash – current | $ 460,342 | 400,816 | |||
Other assets – current | 208,029 | 180,673 | |||
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts | 1,825,562 | 1,912,776 | |||
Net investments in direct financing and sales-type leases – non-current | 5,103,376 | 5,237,791 | |||
Other assets – non-current | 255,270 | 216,331 | |||
Current portion of long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners | 611,180 | 582,767 | |||
Other liabilities – current | 250,753 | 232,466 | |||
Long-term debt, obligations related to finance leases, operating lease liabilities and advances from joint venture partners | 4,551,612 | 4,853,791 | |||
Other liabilities – non-current | 220,454 | 350,057 | |||
Voyage revenues | 990,703 | 1,008,112 | 766,618 | ||
Income from vessel operations | 572,985 | 584,685 | 400,326 | ||
Bahrain LNG Joint Venture | 4,367 | (26,197) | (21,159) | ||
Net income | 342,068 | 152,144 | 130,314 | ||
Equity Method Investments | Bahrain LNG Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Bahrain LNG Joint Venture | $ 22,376 | $ (68,563) | $ (19,756) |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Weighted-average amortization period of intangible assets consisted of time-charter contracts | 20 years 8 months 12 days | ||
Amortization of intangible assets | $ 8.9 | $ 8.9 | $ 8.9 |
Amortization expense of intangible assets, 2020 | 8.4 | ||
Amortization expense of intangible assets, 2021 | 6.2 | ||
Amortization expense of intangible assets, 2022 | 4.5 | ||
Amortization expense of intangible assets, 2023 | 1.5 | ||
Amortization expense of intangible assets, 2024 | $ 1.5 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Carrying Amount of Intangible Assets for Partnership's Reportable Segments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Net carrying amount | $ 25,654 | $ 34,510 |
Liquefied natural gas segment | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 179,813 | 179,813 |
Accumulated amortization | (154,159) | (145,303) |
Net carrying amount | $ 25,654 | $ 34,510 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill | $ 34,841 | $ 34,841 | |
Amortization of intangible assets | 8,900 | 8,900 | $ 8,900 |
Liquefied natural gas segment | |||
Goodwill [Line Items] | |||
Goodwill | 31,921 | 31,921 | |
Liquefied petroleum gas segment | |||
Goodwill [Line Items] | |||
Goodwill | 2,920 | 2,920 | |
Operating Segments | |||
Goodwill [Line Items] | |||
Goodwill | $ 34,841 | $ 34,841 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Voyage and vessel expenses | $ 40,899 | $ 44,349 |
Payroll and benefits | 4,053 | 7,257 |
Other general expenses | 1,145 | 1,019 |
Income and other tax payable | 791 | 1,128 |
Distributions payable on preferred units | 6,425 | 6,425 |
Noninterest-bearing Deposit Liabilities, Domestic | 1,538 | 0 |
Accrued liabilities (notes 9, 13 and 18) | 71,864 | 81,706 |
Interest Payable | $ 17,013 | $ 21,528 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) $ in Thousands, € in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Debt Instrument [Line Items] | ||||
Total principal | $ 1,394,856 | $ 1,481,936 | ||
Unamortized discount and debt issuance costs | (15,214) | (9,723) | ||
Total debt | 1,379,642 | 1,472,213 | ||
Less current portion | (156,064) | (250,508) | ||
Long-term debt | 1,223,578 | 1,221,705 | ||
U.S. Dollar-denominated Revolving Credit Facilities due from 2022 to 2023 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 165,000 | 100,000 | ||
Norwegian Krone-denominated Bonds due from 2023 to 2026 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 323,193 | 355,514 | ||
Euro-denominated Term Loans due from 2023 to 2024 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 115,400 | € 101.5 | 152,700 | € 125 |
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total principal | 873,700 | |||
US Dollar Denominated Term Loans Due through Two Thousand Thirty | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 791,271 | $ 873,712 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Facilities - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)credit_facilitysubsidiaryvessel | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Reduction in 2020 | $ 156.8 | |
Reduction in 2021 | $ 346.4 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.60% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Reduction in 2021 | $ 105.4 | |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Number of vessels | vessel | 2 | |
Line of Credit | Financial Guarantee | ||
Debt Instrument [Line Items] | ||
Number of subsidiaries | subsidiary | 2 | |
Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 2 | |
Borrowings provided under revolving credit facilities | $ 400.4 | $ 354.8 |
Undrawn amount of revolving credit facilities | $ 235.4 | $ 254.8 |
Line of Credit | Revolving Credit Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.40% | |
Line of Credit | Revolving Credit Facility | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.25% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Number of credit facilities | credit_facility | 1 |
Long-Term Debt - U.S. Dollar-de
Long-Term Debt - U.S. Dollar-denominated Term Loans - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)term_loanvessel | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Number of term loans | term_loan | 5 | |
Aggregate principal amount | $ 1,394,856 | $ 1,481,936 |
Long-term debt | $ 1,223,578 | 1,221,705 |
Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 0.60% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | 873,700 | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | ||
Debt Instrument [Line Items] | ||
Number of term loans | term_loan | 6 | |
Aggregate principal amount | $ 791,271 | $ 873,712 |
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 | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.11% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | Maximum | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 4.41% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 1.85% | |
US Dollar Denominated Term Loans Due through Two Thousand Thirty | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 3.25% | |
Teekay Nakilat Joint Venture | Seapeak LLC | ||
Debt Instrument [Line Items] | ||
Partnership interest owned (in percentage) | 70.00% | |
Teekay Tangguh Joint Venture | Seapeak LLC | ||
Debt Instrument [Line Items] | ||
Partnership interest owned (in percentage) | 70.00% |
Long-Term Debt - NOK Senior Uns
Long-Term Debt - NOK Senior Unsecured Bonds - Additional Information (Details) $ in Thousands, kr in Billions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2021NOK (kr) | Dec. 31, 2020USD ($) | Dec. 31, 2020NOK (kr) | |
Debt Instrument [Line Items] | ||||
Carrying amount of bonds | $ 1,394,856 | $ 1,481,936 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.60% | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 3.25% | |||
Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured bonds issued | kr | kr 2.9 | kr 3.1 | ||
Carrying amount of bonds | $ 323,193 | $ 355,514 | ||
Unsecured Debt | Cross-Currency Interest Rate Contract | ||||
Debt Instrument [Line Items] | ||||
Derivative, Notional Amount | $ 331,000 | |||
Unsecured Debt | Minimum | Cross-Currency Interest Rate Contract | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 5.74% | 5.74% | ||
Unsecured Debt | Maximum | Cross-Currency Interest Rate Contract | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 7.89% | 7.89% | ||
Unsecured Debt | NIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 4.60% |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated term loans- Additional Information (Details) $ in Thousands, € in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($)term_loanvesselsubsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€)term_loanvesselsubsidiary | Dec. 31, 2020EUR (€) | |
Debt Instrument [Line Items] | |||||
Number of term loans | 5 | 5 | |||
Aggregate principal amount | $ | $ 1,394,856 | $ 1,481,936 | |||
Foreign currency exchange gain (loss) (notes 10 and 13) | $ | $ 8,612 | (21,356) | $ (9,640) | ||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.60% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 3.25% | ||||
Euro-denominated Term Loans | |||||
Debt Instrument [Line Items] | |||||
Number of term loans | 2 | 2 | |||
Aggregate principal amount | $ 115,400 | $ 152,700 | € 101.5 | € 125 | |
Euro-denominated Term Loans | Asset Pledged as Collateral [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of vessels | vessel | 2 | 2 | |||
Euro-denominated Term Loans | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Number of subsidiaries | subsidiary | 1 | 1 | |||
Euro-denominated Term Loans | EURIBOR | |||||
Debt Instrument [Line Items] | |||||
Number of term loans | 1 | 1 | |||
Euro-denominated Term Loans | EURIBOR | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.60% | ||||
Euro-denominated Term Loans | EURIBOR | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.95% |
Long-Term Debt - Other - Additi
Long-Term Debt - Other - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)term_loancredit_facility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 3.22% | 3.04% | |
Foreign exchange (losses) gains | $ 8,612 | $ (21,356) | $ (9,640) |
Aggregate annual long-term debt principal repayments, 2020 | 156,800 | ||
Aggregate annual long-term debt principal repayments, 2021 | 346,400 | ||
Aggregate annual long-term debt principal repayments, 2022 | 123,800 | ||
Aggregate annual long-term debt principal repayments, 2023 | 184,600 | ||
Aggregate annual long-term debt principal repayments, 2024 | 404,300 | ||
Aggregate annual long-term debt principal repayments, thereafter | $ 179,000 | ||
Number of term loans | term_loan | 5 | ||
Long-term debt | $ 1,379,642 | $ 1,472,213 | |
Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Number of term loans | credit_facility | 5 | ||
Long-term debt | $ 496,100 | ||
Long Term Debt1 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 115.00% | ||
Long Term Debt2 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 120.00% | ||
Long Term Debt3 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 135.00% | ||
Long Term Debt4 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 110.00% | ||
Long Term Debt5 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 120.00% | ||
Transportation equipment | Long Term Debt1 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 1030.00% | ||
Transportation equipment | Long Term Debt2 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 151.00% | ||
Transportation equipment | Long Term Debt3 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 241.00% | ||
Transportation equipment | Long Term Debt4 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 146.00% | ||
Transportation equipment | Long Term Debt5 | Fair Value Guarantee [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of vessel value to outstanding loan principal balance | 166.00% |
Income Tax - Components of Prov
Income Tax - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Current | $ (6,257) | $ (4,396) | $ (6,824) |
Deferred | (629) | 904 | (653) |
Tax expense related to the current year | $ (6,886) | $ (3,492) | $ (7,477) |
Income Tax - Reconciliations of
Income Tax - Reconciliations of Tax Charge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Net income before income tax expense | $ 262,434 | $ 100,804 | $ 172,081 |
Net income not subject to taxes | (217,184) | (135,010) | (167,667) |
Net income (loss) income subject to taxes | 45,250 | (34,206) | 4,414 |
At applicable statutory tax rates | |||
Amount computed using the standard rate of corporate tax | (7,555) | 8,888 | (1,821) |
Adjustments to valuation allowance and uncertain tax positions | (24,629) | (5,569) | (6,767) |
Permanent and currency differences | 25,065 | (7,186) | 4,592 |
Change in tax rates | 233 | 375 | (3,481) |
Tax expense related to the current year | $ (6,886) | $ (3,492) | $ (7,477) |
Income Tax - Components of Part
Income Tax - Components of Partnership's Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Derivative instruments | $ (703) | $ 3,650 |
Taxation loss carryforwards and disallowed finance costs | 78,031 | 58,310 |
Vessels and equipment | (277) | (1,256) |
Other items | (276) | (2,636) |
Gross deferred tax assets | 76,775 | 58,068 |
Valuation allowance | (73,341) | (54,005) |
Other assets | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income Tax Assets, Net, Total | 3,434 | 4,063 |
Deferred Tax Assets, Net of Valuation Allowance | (4,142) | (5,386) |
Other Liabilities | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Income Tax Liabilities, Net | $ 708 | $ 1,323 |
Income Tax - Additional Informa
Income Tax - Additional Information (Details) € in Millions, $ in Millions | 60 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | |
United Kingdom | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | $ 28.9 | $ 26.5 | ||
Spain | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | 125.2 | € 110.3 | 134.8 | € 110.3 |
Disallowed costs carried forward | 16.9 | 14.8 | 9.2 | 7.5 |
Luxembourg | ||||
Operating Loss Carryforwards [Line Items] | ||||
Taxation loss carryforwards | $ 224.9 | € 197.8 | $ 150.5 | € 123.2 |
Carryforward limitation (in years) | 17 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)vessel | Dec. 31, 2021vessel | Dec. 31, 2021floating_storage_unit | Dec. 31, 2021lease | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |||||||
Voyage revenues | $ 597,831 | $ 591,103 | $ 601,256 | ||||
Operating Costs and Expenses | 124,626 | 116,396 | 111,585 | ||||
Time-charter hire expenses | 23,487 | 23,564 | 19,994 | ||||
General and administrative expenses | (41,040) | (26,904) | (22,521) | ||||
Restructuring charges (notes 12a and 18) | (3,223) | 0 | (3,315) | ||||
Equity income | $ 115,399 | 72,233 | 58,819 | ||||
LNG Carriers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | 2 | 9 | |||||
Yamal LNG Joint Venture | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
Yamal LNG Joint Venture | LNG Carriers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
Pan Union Joint Venture | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | vessel | 4 | ||||||
Bahrain Spirit | |||||||
Related Party Transaction [Line Items] | |||||||
Term of charter contract (in years) | 21 years | 21 years | |||||
Number of vessels | floating_storage_unit | 1 | ||||||
Advances to affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Voyage revenues | $ 40,225 | 37,481 | 49,257 | ||||
Operating Costs and Expenses | 7,011 | 6,505 | 6,629 | ||||
Time-charter hire expenses | 23,487 | 23,564 | 19,994 | ||||
General and administrative expenses | (27,098) | (15,779) | (15,393) | ||||
Restructuring charges (notes 12a and 18) | (3,223) | 0 | (400) | ||||
Equity income | 2,417 | 2,424 | 1,316 | ||||
Advances to affiliates | Yamal LNG Joint Venture | |||||||
Related Party Transaction [Line Items] | |||||||
Equity income | 2,400 | 2,400 | $ 1,300 | ||||
Advances to affiliates | Yamal LNG Joint Venture | LNG Carriers [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
Advances to affiliates | Pan Union Joint Venture | Newbuildings | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels | vessel | 4 | ||||||
Advances to affiliates | Bahrain LNG Joint Venture | Management Service [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Voyage revenues | 8,700 | $ 6,500 | |||||
Revenue Not from Contract with Customer | 10,100 | ||||||
Advances to affiliates | Bahrain LNG Joint Venture | Cargo and Freight [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Voyage revenues | $ 30,100 | 28,800 | 30,600 | ||||
Advances to affiliates | Teekay Marine Solutions (Bermuda) Ltd. | |||||||
Related Party Transaction [Line Items] | |||||||
Voyage revenues | 2,000 | ||||||
Advances to affiliates | Teekay corporation | Cargo and Freight [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Voyage revenues | $ 12,200 | ||||||
Employee severance | |||||||
Related Party Transaction [Line Items] | |||||||
Restructuring charges (notes 12a and 18) | (2,900) | ||||||
Employee severance | Advances to affiliates | |||||||
Related Party Transaction [Line Items] | |||||||
Restructuring charges (notes 12a and 18) | $ (400) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 01, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)vessel | Dec. 31, 2021shares | Dec. 31, 2021vessel | Dec. 31, 2021floating_storage_unit | Dec. 31, 2021lease | May 11, 2020shares | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||||||||
Operating Costs and Expenses | $ 124,626 | $ 116,396 | $ 111,585 | |||||||
Restructuring charges | 3,223 | 0 | 3,315 | |||||||
Decrease from purchase of interests | $ 2,200 | $ (462) | 2,681 | |||||||
Limited Partners - common units issued | shares | 87,000 | 87,000 | ||||||||
Voyage revenues | 597,831 | $ 591,103 | 601,256 | |||||||
Time-charter hire expenses | 23,487 | 23,564 | 19,994 | |||||||
Equity income | 115,399 | $ 72,233 | 58,819 | |||||||
Limited Partners - common units issued | shares | 87,000 | 87,000 | ||||||||
Advances to affiliates | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Operating Costs and Expenses | 7,011 | $ 6,505 | 6,629 | |||||||
Restructuring charges | 3,223 | 0 | 400 | |||||||
Voyage revenues | 40,225 | 37,481 | 49,257 | |||||||
Time-charter hire expenses | 23,487 | 23,564 | 19,994 | |||||||
Equity income | $ 2,417 | 2,424 | 1,316 | |||||||
Bahrain Spirit | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | floating_storage_unit | 1 | |||||||||
Term of charter contract (in years) | 21 years | 21 years | ||||||||
Seapeak LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Limited Partners - common units issued | shares | 10,750 | |||||||||
Limited Partners - common units issued | shares | 10,750 | |||||||||
Pan Union Joint Venture | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 4 | |||||||||
Bahrain LNG Joint Venture | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 0 | |||||||||
Yamal LNG Joint Venture | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 6 | |||||||||
Yamal LNG Joint Venture | Advances to affiliates | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Equity income | $ 2,400 | 2,400 | 1,300 | |||||||
Teekay Marine Solutions (Bermuda) Ltd. | Advances to affiliates | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Voyage revenues | 2,000 | |||||||||
Bahrain LNG Joint Venture | Advances to affiliates | Management Service [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue Not from Contract with Customer | $ 10,100 | |||||||||
Voyage revenues | $ 8,700 | $ 6,500 | ||||||||
Newbuildings | Pan Union Joint Venture | Advances to affiliates | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 4 | |||||||||
LNG Carriers [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | 2 | 9 | ||||||||
LNG Carriers [Member] | Yamal LNG Joint Venture | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 6 | |||||||||
LNG Carriers [Member] | Yamal LNG Joint Venture | Advances to affiliates | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of vessels | vessel | 6 |
Related Party Transactions - Pa
Related Party Transactions - Partnership Subsidiaries (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||
Advances from affiliates | $ 4,924 | $ 4,153 | |||
Advances from affiliates (note 12b) | 11,047 | 12,426 | |||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | $ 2,200 | (462) | $ 2,681 | ||
Advances to affiliates | |||||
Related Party Transaction [Line Items] | |||||
Advances from affiliates | 4,900 | 4,200 | |||
Advances from affiliates (note 12b) | $ 11,000 | $ 12,400 | |||
Subsidiaries of Teekay LNG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 1.00% | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 1.00% |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Advances from affiliates | $ 4,153 | $ 4,924 |
Due to Affiliate, Current | $ 12,426 | $ 11,047 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swap Agreements (Details) - Cross-Currency Interest Rate Contract kr in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2021NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) $ | $ (10,453) | |
NIBOR | 4.60% Margin | ||
Derivative [Line Items] | ||
Margin | 4.60% | 4.60% |
Fixed Rate Payable | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (10,000) | |
Derivative, Average Remaining Maturity | 1 year 8 months 12 days | |
Derivative, Notional Amount | $ 102,000 | kr 850,000 |
NIBOR | 5.15% Margin | ||
Derivative [Line Items] | ||
Margin | 5.15% | 5.15% |
Fixed Rate Payable | 5.74% | 5.74% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ 4,230 | |
Derivative, Average Remaining Maturity | 3 years 8 months 12 days | |
Derivative, Notional Amount | $ 112,000 | kr 1,000,000 |
NIBOR | Four point ninety percent | ||
Derivative [Line Items] | ||
Margin | 4.90% | 4.90% |
Fixed Rate Payable | 6.37% | 6.37% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (4,683) | |
Derivative, Average Remaining Maturity | 4 years 10 months 24 days | |
Derivative, Notional Amount | $ 117,000 | kr 1,000,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Minimum | |
Derivative [Line Items] | |
Basis spread on variable rate (as a percent) | 0.60% |
Maximum | |
Derivative [Line Items] | |
Basis spread on variable rate (as a percent) | 3.25% |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Weighted- Average Remaining Term (years) | 3 years 3 months 18 days |
Fixed Interest Rate (%) | 2.20% |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (19,428) |
Derivative, Notional Amount | $ 740,503 |
Euro-denominated interest rate swaps | EURIBOR | |
Derivative [Line Items] | |
Weighted- Average Remaining Term (years) | 1 year 8 months 12 days |
Fixed Interest Rate (%) | 3.90% |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (3,188) |
Derivative, Notional Amount | 54,695 |
Interest rate swap agreements | |
Derivative [Line Items] | |
Interest Rate Derivative Liabilities, at Fair Value | $ (22,906) |
U.S. Dollar-denominated interest rate swaps | LIBOR | |
Derivative [Line Items] | |
Weighted- Average Remaining Term (years) | 4 years |
Fixed Interest Rate (%) | 1.70% |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | $ (290) |
Derivative, Notional Amount | $ 235,202 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Millions | Dec. 31, 2021USD ($)interest_rate_swap | Dec. 31, 2020USD ($) |
Derivative [Line Items] | ||
Number of Derivatives | interest_rate_swap | 2 | |
Derivative | ||
Derivative [Line Items] | ||
Restricted cash - current and - long-term | $ 2.9 | $ 3.8 |
Interest Rate Swaps And Cross Currency Swaps Agreement [Member] | ||
Derivative [Line Items] | ||
Fair value, asset | 7.1 | 4.5 |
Fair value, liability | $ 36.9 | $ 73.7 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | $ 672 | $ 0 |
Derivative assets $ | 7,425 | 4,505 |
Accrued liabilities $ | (71,864) | (81,706) |
Current portion of derivative liabilities $ | (15,581) | (56,925) |
Derivative liabilities (note 13) | 23,289 | 32,971 |
Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 672 | 0 |
Derivative assets $ | 3,529 | 4,505 |
Accrued liabilities $ | (342) | (701) |
Current portion of derivative liabilities $ | (2,803) | (11,434) |
Derivative liabilities (note 13) | 11,509 | 7,887 |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 672 | 0 |
Derivative assets $ | 7,425 | 4,505 |
Accrued liabilities $ | (2,586) | (5,594) |
Current portion of derivative liabilities $ | (15,581) | (56,925) |
Derivative liabilities $ | (23,289) | |
Derivative liabilities (note 13) | 32,971 | |
Not Designated as Hedging Instrument [Member] | Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 0 | 0 |
Derivative assets $ | 3,896 | 0 |
Accrued liabilities $ | (2,177) | (4,823) |
Current portion of derivative liabilities $ | (10,327) | (42,329) |
Derivative liabilities (note 13) | 8,699 | 15,453 |
Cash flow hedging | Designated as hedging instrument | Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets $ | 0 | 0 |
Derivative assets $ | 0 | 0 |
Accrued liabilities $ | (67) | (70) |
Current portion of derivative liabilities $ | (2,451) | (3,162) |
Derivative liabilities (note 13) | $ 3,081 | $ 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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Unrealized | $ 16,656 | $ (16,194) | $ (2,805) |
Unrealized gains (losses) | 42,652 | (16,467) | (3,133) |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 8,523 | (33,334) | (13,361) |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 8,612 | (21,356) | (9,640) |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | The effect of the gain (loss) on these derivatives on the Company’s consolidated statements of income is as follows: Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swap (16,117) 42,652 26,535 (16,626) (16,669) (33,295) (10,081) (2,891) (12,972) Interest rate swap (18,012) — (18,012) — — — — — — Foreign currency — — — (241) 202 (39) (147) (202) (349) Toledo Spirit time- — — — — — — — (40) (40) (34,129) 42,652 8,523 (16,867) (16,467) (33,334) (10,228) (3,133) (13,361) Year Ended December 31, 2021 $ 2020 $ 2019 $ Realized Unrealized Total Realized Unrealized Total Realized Unrealized Total Cross currency swap (5,294) 4,705 (589) (6,588) 26,832 20,244 (5,061) (13,239) (18,300) Cross currency swap (2,470) — (2,470) (33,844) — (33,844) — — — (7,764) 4,705 (3,059) (40,432) 26,832 (13,600) (5,061) (13,239) (18,300) | ||
Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | $ (34,129) | (16,867) | (10,228) |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 8,523 | (33,334) | (13,361) |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 42,652 | (16,467) | (3,133) |
Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (7,764) | (40,432) | (5,061) |
Foreign Currency Transaction Gain (Loss), Unrealized | 4,705 | 26,832 | (13,239) |
Foreign Currency Transaction Gain (Loss), before Tax, Total | (3,059) | (13,600) | (18,300) |
Interest rate swap agreements | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (16,117) | (16,626) | (10,081) |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 26,535 | (33,295) | (12,972) |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 42,652 | (16,669) | (2,891) |
Interest rate swap agreements termination | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | (18,012) | 0 | 0 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | (18,012) | 0 | 0 |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 0 | 0 | 0 |
Foreign currency forward contracts | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | 0 | (241) | (147) |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 0 | (39) | (349) |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 0 | 202 | (202) |
Cross currency swap agreements | Gain (Loss) on Derivative Instruments | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Realized gains (losses) | 0 | 0 | 0 |
Realized and unrealized gain (loss) on non-designated derivative instruments (note 13) | 0 | 0 | (40) |
Derivative Instruments Not Designated As Hedging Instruments Unrealized Gain (Loss) Net | 0 | 0 | (40) |
Cross-Currency Interest Rate Contract | Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (5,294) | (6,588) | (5,061) |
Foreign Currency Transaction Gain (Loss), Unrealized | 4,705 | 26,832 | (13,239) |
Foreign Currency Transaction Gain (Loss), before Tax, Total | (589) | 20,244 | (18,300) |
Cross Currency Swap Agreement Terminaton | Foreign currency gain (loss) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign Currency Transaction Gain (Loss), Realized | (2,470) | (33,844) | 0 |
Foreign Currency Transaction Gain (Loss), Unrealized | 0 | 0 | 0 |
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ (2,470) | $ (33,844) | $ 0 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |
Amount of Loss Reclassified from Accumulated OCI to Interest Expense $ | $ (376) |
Interest Expense | |
Derivative [Line Items] | |
Amount of Loss Recognized in OCI $ | $ (7,458) |
Commitments and Contingencies -
Commitments and Contingencies - Commitments to Fund Newbuilding and Other Construction Contract Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2016 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | $ 24,192 | ||
Ownership percentage (in percentage) | 100.00% | ||
Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Ownership percentage (in percentage) | 30.00% | 30.00% | |
Consolidated Entities | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | $ 12,853 | ||
Long-term purchase commitment, amount | $ 52,800 | ||
Equity Method Investments | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | 11,339 | ||
Construction [Member] | Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Total $ | 11,300 | ||
Building | Bahrain LNG Joint Venture | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Borrowings provided under revolving credit facilities | 23,500 | ||
Building | Bahrain LNG Joint Venture | Seapeak LLC | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Borrowings provided under revolving credit facilities | $ 7,100 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Other (expense) income | $ (3,882) | $ (16,910) | $ (2,454) | |
Restricted cash – current | 11,888 | 8,358 | $ 53,689 | $ 38,329 |
Long-term debt, current maturities | $ 156,064 | 250,508 | ||
Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 2 | |||
Time charter in contract | 20 years | |||
Length of charter contract (in years) | 20 years | |||
Carrying value of guarantee liability | $ 5,200 | 5,700 | ||
Unasserted Claim | Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated tax indemnification | 1,600 | $ 1,600 | ||
Seapeak LLC | Unasserted Claim | Teekay Tangguh Joint Venture | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated tax indemnification | $ 1,100 | |||
Teekay Tangguh Joint Venture | Seapeak LLC | ||||
Property, Plant and Equipment [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% | |||
Teekay Tangguh Joint Venture | Seapeak LLC | Unasserted Claim | ||||
Property, Plant and Equipment [Line Items] | ||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 70.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Future Minimum Rental Payments to be Received (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leased Assets [Line Items] | ||
Lease Income | $ 356,300 | |
2022 | 393,000 | |
2022 | 11,050 | |
2023 | 310,000 | |
2024 | 252,900 | |
2025 | 197,400 | |
2026 | 135,400 | |
Deferred revenue | 19,973 | $ 30,254 |
Other liabilities – non-current | 60,853 | 56,063 |
Head Lease Receipts | ||
Operating Leased Assets [Line Items] | ||
2022 | 21,242 | |
2023 | 21,242 | |
2024 | 21,242 | |
2025 | 21,242 | |
2026 | 21,242 | |
Thereafter | 47,885 | |
Total | 154,095 | |
Deferred revenue | 3,700 | 3,700 |
Other liabilities – non-current | 18,100 | $ 21,800 |
Sublease payments | ||
Operating Leased Assets [Line Items] | ||
2022 | 23,934 | |
2023 | 23,934 | |
2024 | 23,934 | |
2025 | 23,934 | |
2026 | 23,934 | |
Thereafter | 53,988 | |
Lessee, Operating Lease, Liability, to be Paid, Total | 173,658 | |
Operating lease, payments | $ 310,100 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Additional Information - USD ($) $ in Thousands | Nov. 14, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Cash interest paid on long-term debt, advances from affiliates and capital lease obligations | $ 171,500 | $ 170,000 | $ 193,300 | |
Income taxes paid | 6,900 | 3,500 | 3,700 | |
Due from joint ventures | 17,500 | 10,991 | ||
Partners' equity | 1,863,511 | 1,692,913 | ||
Toledo Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Property, Plant and Equipment, Disposals | 23,600 | |||
Obligations | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of debt | 1,056,792 | |||
Obligations | Toledo Spirit | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Extinguishment of debt | $ 23,600 | |||
Bahrain LNG Joint Venture | ||||
Schedule Of Supplemental Cash Flow [Line Items] | ||||
Due from joint ventures | $ 79,100 | |||
Partners' equity | $ 7,900 | |||
Subordinated debt | $ 71,200 | $ 73,400 | ||
Subordinated borrowing, interest rate (in percentage) | 6.00% |
Total Capital and Net Income _3
Total Capital and Net Income Per Common Unit - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Capital Unit [Line Items] | ||
Days after year-end where limited partner's have right to receive cash distribution | 45 days | |
Common Units | ||
Capital Unit [Line Items] | ||
General partner's proportionate contribution | 66.67% | |
Seapeak LLC | Teekay Corporation | ||
Capital Unit [Line Items] | ||
General partner interest percentage | 1.80% | 1.80% |
Seapeak LLC | Public | ||
Capital Unit [Line Items] | ||
General partner's proportionate contribution | 58.70% |
Total Capital and Net Income _4
Total Capital and Net Income Per Common Unit - Incentive Distributions (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | May 11, 2020 | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Limited Partners - common units issued | 87,000 | 87,000 | |
Common Stock, Value, Issued | $ 122,600 | ||
General partner | $ 46,182 | $ 48,286 | 2,300 |
Limited Partners' Capital Account | $ 1,465,408 | $ 1,583,229 | $ 2,300 |
Seapeak LLC | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
Limited Partners - common units issued | 10,750 | ||
Common Stock, Value, Issued | $ 122,600 | ||
Limited Partner [Member] | Seapeak LLC | |||
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |||
General partner's proportionate contribution | 98.20% |
Total Capital and Net Income _5
Total Capital and Net Income Per Common Unit - Net Income Per Common Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Limited partners' interest in net income for basic and diluted net income per common unit | $ 213,138 | $ 60,632 | $ 124,546 |
Weighted average number of common units (i) | 87,091,647 | 83,313,097 | 78,177,189 |
Dilutive effect of unit-based compensation | 124,665 | 105,907 | 91,223 |
Diluted (in units) | 87,216,312 | 83,419,004 | 78,268,412 |
Limited partner's interest in net income per common unit: | |||
Basic (USD per unit) | $ 2.45 | $ 0.73 | $ 1.59 |
Diluted (USD per unit) | $ 2.44 | $ 0.73 | $ 1.59 |
Limited Partners | Preferred Units | |||
Class of Stock [Line Items] | |||
Dividends, Preferred Stock, Cash | $ 25,700 | $ 25,700 | $ 25,700 |
Total Capital and Net Income _6
Total Capital and Net Income Per Common Unit - Repurchase of Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 36 Months Ended | 48 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | |
Accelerated Share Repurchases [Line Items] | |||||
Total cost | $ 15,635 | $ 25,728 | |||
Common Units | Limited Partners | |||||
Accelerated Share Repurchases [Line Items] | |||||
Units repurchased (in shares) | (1,373,000) | (1,934,000) | |||
Total cost | $ 15,322 | $ 25,214 | |||
Common Units | Repurchase agreements | |||||
Accelerated Share Repurchases [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 100,000 | |||
Units repurchased (in shares) | 0 | 1,373,066 | 1,934,569 | 3,307,635 | |
Common Units | Repurchase agreements | Limited Partners | |||||
Accelerated Share Repurchases [Line Items] | |||||
Average price paid per unit (in USD per share) | $ 0 | $ 11.16 | $ 13.03 | $ 12.17 | |
Total cost | $ 0 | $ 15,322 | $ 25,214 | $ 40,536 |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted unit-based compensation granted to Partnership's employee (in units) | 67,102 | 243,940 | 80,100 |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1.1 | $ 3.1 | $ 1.2 |
Restricted units, vesting period (in years) | 3 years | ||
Restricted units expense | $ 2 | $ 2.1 | $ 1.6 |
Non-management Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common units granted | 26,985 | 29,595 | 35,419 |
Aggregate value of units issued | $ 0.4 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,223 | $ 0 | $ 3,315 |
Unpaid restructuring charges | 600 | 600 | |
Advances to affiliates | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 3,223 | 0 | $ 400 |
Employee severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 2,900 | ||
Employee severance | Advances to affiliates | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 400 |
Gain (Loss) on Sales and Writ_2
Gain (Loss) on Sales and Write-Down of Vessels (Details) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019USD ($) | Dec. 31, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | |
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sales of vessels (note 19b) | $ 11,500,000 | $ 0 | $ 0 | $ 11,515,000 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | (51,000,000) | 13,564,000 | |
Partnership recognized a loss | (14,300,000) | |||
Assets Held-for-sale, Not Part of Disposal Group | 9,813,000 | $ 0 | ||
LPG Carriers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 7 | |||
Asset Impairment Charges | 0 | $ (51,000,000) | $ 0 | |
Alexander Spirit [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 1 | |||
Asset Impairment Charges | $ 0 | 0 | $ (785,000) | |
Liquefied Petroleum Gas Segment | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 28 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (51,000,000) | 0 | ||
Liquefied natural gas segment | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 47 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | 14,349,000 | ||
Partnership recognized a loss | $ 0 | $ 0 | $ (14,349,000) | |
Conventional Tankers Segment | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 2 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (785,000) | |||
LNG Carriers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 2 | |||
LPG Carriers [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds from sales of vessels (note 19b) | $ 10,000,000 | |||
Number of vessels | vessel | 7 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | Jan. 13, 2022 | Feb. 25, 2022 |
General Partner | Common Units | ||
Subsequent Event [Line Items] | ||
Partners' Capital Account, Units | 1,555,061 | |
Common Class A [Member] | Teekay corporation | ||
Subsequent Event [Line Items] | ||
Partners' Capital Account, Number of Units Owned by Controlling Interest | 36,000,000 | |
Seapeak LLC | General Partner | ||
Subsequent Event [Line Items] | ||
Per share proceeds from Sale of Interest in Partnership Unit | $ 17 | |
Proceeds from Sale of Interest in Partnership Unit | $ 26.4 | |
Partners' Capital Account, Unit-based Payment Arrangement, Number of Units | 1,600,000 | |
Seapeak LLC | Capital Unit, Class A | ||
Subsequent Event [Line Items] | ||
Per share proceeds from Sale of Interest in Partnership Unit | $ 17 |
Uncategorized Items - tk-202112
Label | Element | Value |
Accounting Standards Update 2017-12 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI Attributable to Parent [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ (4,831,000) |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (3,017,000) |
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Limited Partner [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | 1,777,000 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | (1,037,000) |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling Interest [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ (3,224,000) |