Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ATLAS CORP. |
Entity Central Index Key | 0001794846 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity File Number | 333-229312 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Filer Category | Large Accelerated Filer |
Document Accounting Standard | U.S. GAAP |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 23 Berkeley Square |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | W1J 6HE |
Entity Common Stock, Shares Outstanding | 215,713,377 |
Entity Preferred Stock, Shares Outstanding | 0 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 23 Berkeley Square |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | W1J 6HE |
City Area Code | +44 |
Local Phone Number | 20 7788 7819 |
Contact Personnel Name | Ryan Courson |
Contact Personnel Fax Number | + 44 843 320 5270 |
Series D Preferred Shares [Member] | |
Document Information [Line Items] | |
Entity Preferred Stock, Shares Outstanding | 5,093,728 |
Title of 12(b) Security | Series D Preferred Shares, par value of $0.01 per share |
Trading Symbol | ATCO-PD |
Security Exchange Name | NYSE |
Series E Preferred Shares [Member] | |
Document Information [Line Items] | |
Entity Preferred Stock, Shares Outstanding | 5,415,937 |
Title of 12(b) Security | Series E Preferred Shares, par value of $0.01 per share |
Trading Symbol | ATCO-PE |
Security Exchange Name | NYSE |
Series G Preferred Shares [Member] | |
Document Information [Line Items] | |
Entity Preferred Stock, Shares Outstanding | 7,800,800 |
Title of 12(b) Security | Series G Preferred Shares, par value of $0.01 per share |
Trading Symbol | ATCO-PG |
Security Exchange Name | NYSE |
Series H Preferred Shares [Member] | |
Document Information [Line Items] | |
Entity Preferred Stock, Shares Outstanding | 9,025,105 |
Title of 12(b) Security | Series H Preferred Shares, par value of $0.01 per share |
Trading Symbol | ATCO-PH |
Security Exchange Name | NYSE |
Series I Preferred Stock [Member] | |
Document Information [Line Items] | |
Entity Preferred Stock, Shares Outstanding | 6,000,000 |
Title of 12(b) Security | Series I Preferred Shares, par value of $0.01 per share |
Trading Symbol | ATCO-PI |
Security Exchange Name | NYSE |
Common Shares [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Shares, par value of $0.01 per share |
Trading Symbol | ATCO |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current liabilities: | ||
Due to Seaspan Corporation (note 3) | $ 3,567 | |
Share capital: | ||
Preferred shares, Value | 0 | |
Common shares, Value | 0 | |
Deficit | (3,567) | |
Total shareholders' equity | (3,567) | |
Subsequent events | ||
Seaspan [Member] | ||
Current assets: | ||
Cash and cash equivalents | 195,000 | $ 357,300 |
Short-term investments | 0 | 2,500 |
Accounts receivable (note 4) | 18,700 | 13,000 |
Prepaid expenses and other | 31,700 | 36,500 |
Net investment in lease (note 5) | 35,200 | 9,800 |
Fair value of financial instruments (note 20(c)) | 100 | 100 |
Total current assets | 280,700 | 419,200 |
Vessels (note 6) | 5,707,100 | 5,926,300 |
Right-of-use asset (note 7) | 957,200 | 0 |
Net investment in lease (note 5) | 723,600 | 441,700 |
Goodwill | 75,300 | 75,300 |
Other assets (note 8) | 173,100 | 204,900 |
Total assets | 7,917,000 | 7,067,400 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 16(a)) | 83,400 | 70,200 |
Deferred revenue | 20,300 | 21,300 |
Current portion of long-term debt (note 9) | 363,700 | 722,600 |
Current portion of operating lease liabilities (note 10) | 159,700 | 0 |
Current portion of long-term obligations under other financing arrangements (note 11) | 134,600 | 48,400 |
Current portion of other long-term liabilities (note 12) | 7,800 | 32,200 |
Total current liabilities | 769,500 | 894,700 |
Long-term debt (note 9) | 2,696,900 | 2,764,900 |
Operating lease liabilities (note 10) | 782,600 | 0 |
Long-term obligations under other financing arrangements (note 11) | 373,900 | 591,400 |
Other long-term liabilities (note 12) | 11,200 | 181,100 |
Fair value of financial instruments (note 20(c)) | 50,200 | 127,200 |
Total liabilities | 4,684,300 | 4,559,300 |
Puttable preferred shares; $0.01 par value; nil issued and outstanding (2018 - 1,986,449) (note 3 and note 13) | 0 | 48,100 |
Share capital: | ||
Preferred shares, Value | 0 | 0 |
Common shares, Value | 2,500 | 2,100 |
Treasury shares | (400) | (400) |
Additional paid in capital | 3,452,900 | 3,126,500 |
Deficit | (200,700) | (645,600) |
Accumulated other comprehensive loss | (21,600) | (22,600) |
Total shareholders' equity | 3,232,700 | 2,460,000 |
Total liabilities and shareholders' equity | 7,917,000 | 7,067,400 |
Commitments and contingencies (note 16) | ||
Subsequent events |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred shares, par value | $ 0.01 | |
Preferred shares, authorized | 150,000,000 | |
Preferred shares, issued | 0 | |
Preferred shares, outstanding | 0 | |
Common shares, par value | $ 0.01 | |
Common shares, authorized | 400,000,000 | |
Common shares, issued | 1 | |
Common shares, outstanding | 1 | |
Seaspan [Member] | ||
Puttable preferred shares, par value | $ 0.01 | $ 0.01 |
Puttable preferred shares, issued | 0 | 1,986,449 |
Puttable preferred shares, outstanding | 0 | 1,986,449 |
Preferred shares, par value | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 150,000,000 | 150,000,000 |
Preferred shares, issued | 33,335,570 | 33,272,706 |
Preferred shares, outstanding | 33,335,570 | 33,272,706 |
Class A Common Shares [Member] | Seaspan [Member] | ||
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, authorized | 400,000,000 | 400,000,000 |
Common shares, issued | 215,675,599 | 176,835,837 |
Common shares, outstanding | 215,675,599 | 176,835,837 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses: | ||||
General and administrative | $ 3,567 | |||
Other expenses (income): | ||||
Net earnings (loss) | $ (3,567) | |||
Earnings (loss) per share | ||||
Common share, basic and diluted | (3,567,174) | |||
Seaspan [Member] | ||||
Revenue | $ 1,131,500 | $ 1,096,300 | $ 831,300 | |
Operating expenses: | ||||
Ship operating | 229,800 | 219,300 | 183,900 | |
Cost of services, supervision fees | 0 | 0 | 1,300 | |
Depreciation and amortization | 254,300 | 245,800 | 199,900 | |
General and administrative | 33,100 | 31,600 | 40,100 | |
Operating leases (note 10) | 154,300 | 129,700 | 115,500 | |
Income related to modification of time charters | (227,000) | 0 | 0 | |
Gain on disposals | 0 | 0 | 13,600 | |
Expenses related to customer bankruptcy | 0 | 0 | 1,000 | |
Total operating expenses | 444,500 | 626,400 | 528,100 | |
Operating earnings | 687,000 | 469,900 | 303,200 | |
Other expenses (income): | ||||
Interest expense and amortization of deferred financing fees | 194,200 | 204,800 | 116,400 | |
Interest expense related to amortization of debt discount | 17,300 | 7,300 | 0 | |
Interest income | (9,300) | (4,200) | (4,600) | |
Refinancing expenses | 7,400 | 0 | 0 | |
Acquisition related gain on contract settlement | 0 | (2,400) | 0 | |
Change in fair value of financial instruments (note 20(c)) | 35,100 | (15,500) | 12,600 | |
Equity income on investment | 0 | (1,200) | (5,800) | |
Other expense | 3,200 | 2,300 | 9,400 | |
Total other expenses (income) | 247,900 | 191,100 | 128,000 | |
Net earnings (loss) | $ 439,100 | $ 278,800 | $ 175,200 | |
Earnings (loss) per share | ||||
Class A common share, basic | $ 1.72 | $ 1.34 | $ 0.94 | |
Class A common share, diluted | $ 1.67 | $ 1.31 | $ 0.94 |
Consolidated Statements of Putt
Consolidated Statements of Puttable Preferred Shares and Shareholders' Equity - USD ($) $ in Thousands | Total | Seaspan [Member] | Seaspan [Member]Fairfax Financial Holdings Limited [Member] | Seaspan [Member]Series D Puttable Preferred Shares [Member] | Seaspan [Member]Class A Common Shares [Member] | Seaspan [Member]Series I Preferred Stock [Member] | Common Shares [Member] | Common Shares [Member]Seaspan [Member] | Common Shares [Member]Seaspan [Member]Class A Common Shares [Member] | Deficit [Member] | Deficit [Member]Seaspan [Member] | Non-puttable Preferred Shares [Member]Seaspan [Member] | Non-puttable Preferred Shares [Member]Seaspan [Member]Series I Preferred Stock [Member] | Treasury Shares [Member]Seaspan [Member] | Additional Paid-in Capital [Member]Seaspan [Member] | Additional Paid-in Capital [Member]Seaspan [Member]Fairfax Financial Holdings Limited [Member] | Additional Paid-in Capital [Member]Seaspan [Member]Class A Common Shares [Member] | Additional Paid-in Capital [Member]Seaspan [Member]Series I Preferred Stock [Member] | Accumulated Other Comprehensive Loss [Member]Seaspan [Member] |
Balance at Dec. 31, 2016 | $ 1,747,200 | $ 1,100 | $ (807,500) | $ 300 | $ (400) | $ 2,580,300 | $ (26,600) | ||||||||||||
Balance, shares at Dec. 31, 2016 | 105,722,646 | 32,751,629 | |||||||||||||||||
Net earnings (loss) | 175,200 | 175,200 | |||||||||||||||||
Other comprehensive income | 2,900 | 2,900 | |||||||||||||||||
Shares issued, value | 3,000 | $ 121,400 | $ 200 | 3,000 | $ 121,200 | ||||||||||||||
Shares issued, shares | 19,550,000 | 121,077 | |||||||||||||||||
Fees and expenses in connection with issuance of common and preferred shares | (2,600) | (2,600) | |||||||||||||||||
Dividends on Class A common shares | (83,600) | (83,600) | |||||||||||||||||
Dividends on preferred shares | (64,400) | (64,400) | |||||||||||||||||
Shares issued through dividend reinvestment program | 21,800 | 21,800 | |||||||||||||||||
Shares issued through dividend reinvestment program, shares | 3,300,537 | ||||||||||||||||||
Share-based compensation expense | 17,300 | 17,300 | |||||||||||||||||
Share-based compensation expense, shares | 1,246,604 | ||||||||||||||||||
Other share-based compensation | 11,200 | (800) | 12,000 | ||||||||||||||||
Other share-based compensation, shares | 1,846,892 | ||||||||||||||||||
Treasury shares | (2,578) | ||||||||||||||||||
Balance at Dec. 31, 2017 | 1,949,400 | $ 1,300 | (781,100) | $ 300 | (400) | 2,753,000 | (23,700) | ||||||||||||
Balance, shares at Dec. 31, 2017 | 131,664,101 | 32,872,706 | |||||||||||||||||
Net earnings (loss) | 278,800 | 278,800 | |||||||||||||||||
Other comprehensive income | 1,100 | 1,100 | |||||||||||||||||
Shares issued, value | $ 13,900 | $ 150,000 | $ 100 | $ 13,900 | $ 149,900 | ||||||||||||||
Shares issued, shares | 0 | 2,514,996 | 6,000,000 | ||||||||||||||||
Preferred shares issued | $ 46,700 | ||||||||||||||||||
Preferred shares issued, shares | 1,986,449 | ||||||||||||||||||
Warrants issued | 67,500 | 67,500 | |||||||||||||||||
Exercise of warrants | 328,700 | $ 500 | 328,200 | ||||||||||||||||
Exercise of warrants, shares | 38,461,539 | ||||||||||||||||||
Fees and expenses in connection with issuance of common and preferred shares | (74,300) | (74,300) | |||||||||||||||||
Dividends on Class A common shares | (72,700) | (72,700) | |||||||||||||||||
Dividends on preferred shares | (68,700) | (68,700) | |||||||||||||||||
Puttable preferred shares accretion of preferred shares with holder put option | $ 1,400 | ||||||||||||||||||
Accretion of preferred shares with holder put option | (1,500) | (1,500) | |||||||||||||||||
Redemption of Series F preferred shares | (140,000) | $ (100) | (139,900) | ||||||||||||||||
Redemption of Series F preferred shares, shares | (5,600,000) | ||||||||||||||||||
Shares issued through dividend reinvestment program | 22,800 | 22,800 | |||||||||||||||||
Shares issued through dividend reinvestment program, shares | 2,986,159 | ||||||||||||||||||
Share-based compensation expense | 3,100 | 3,100 | |||||||||||||||||
Share-based compensation expense, shares | 325,221 | ||||||||||||||||||
Other share-based compensation | 1,900 | (400) | 2,300 | ||||||||||||||||
Other share-based compensation, shares | 890,927 | ||||||||||||||||||
Treasury shares | (7,106) | ||||||||||||||||||
Puttable preferred shares, Balance at Dec. 31, 2018 | $ 48,100 | $ 48,100 | |||||||||||||||||
Puttable preferred shares Balance, shares at Dec. 31, 2018 | 1,986,449 | 1,986,449 | |||||||||||||||||
Balance at Dec. 31, 2018 | $ 2,460,000 | $ 1,800 | (645,600) | $ 300 | (400) | 3,126,500 | (22,600) | ||||||||||||
Balance, shares at Dec. 31, 2018 | 176,835,837 | 33,272,706 | |||||||||||||||||
Impact of accounting policy change | 181,100 | 181,100 | |||||||||||||||||
Adjusted balance, December 31, 2018 | 2,641,100 | $ 1,800 | (464,500) | $ 300 | (400) | 3,126,500 | (22,600) | ||||||||||||
Net earnings (loss) | 439,100 | 439,100 | |||||||||||||||||
Other comprehensive income | 1,000 | 1,000 | |||||||||||||||||
Exercise of puttable preferred shares | $ (47,700) | ||||||||||||||||||
Exercise of puttable preferred shares, shares | (1,923,585) | ||||||||||||||||||
Cancellation of put option on puttable preferred shares | $ (1,600) | ||||||||||||||||||
Cancellation of put option on puttable preferred shares | (62,864) | ||||||||||||||||||
Cancellation of put option on puttable preferred shares | 1,600 | 1,600 | |||||||||||||||||
Cancellation of put option on puttable preferred shares, shares | 62,864 | ||||||||||||||||||
Shares issued, shares | 0 | ||||||||||||||||||
Exercise of warrants | 321,600 | $ 38,461,539,000 | 321,200 | ||||||||||||||||
Exercise of warrants, shares | 400,000 | ||||||||||||||||||
Fees and expenses in connection with issuance of common and preferred shares | $ (200) | $ (200) | |||||||||||||||||
Dividends on Class A common shares | (103,000) | (103,000) | |||||||||||||||||
Dividends on preferred shares | (70,400) | (70,400) | |||||||||||||||||
Accretion of preferred shares with holder put option | (1,200) | (1,200) | |||||||||||||||||
Shares issued through dividend reinvestment program | 1,200 | 1,200 | |||||||||||||||||
Shares issued through dividend reinvestment program, shares | 122,148 | ||||||||||||||||||
Share-based compensation expense | 1,900 | (700) | 2,600 | ||||||||||||||||
Share-based compensation expense, shares | 257,799 | ||||||||||||||||||
Treasury shares | (1,724) | ||||||||||||||||||
Puttable preferred shares, Balance at Dec. 31, 2019 | $ 0 | ||||||||||||||||||
Puttable preferred shares Balance, shares at Dec. 31, 2019 | 0 | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ (3,567) | $ 3,232,700 | $ 2,200 | $ (3,567) | (200,700) | $ 300 | (400) | 3,452,900 | (21,600) | ||||||||||
Balance, shares at Dec. 31, 2019 | 1 | 215,675,599 | 33,335,570 | ||||||||||||||||
Balance at Sep. 30, 2019 | 0 | ||||||||||||||||||
Balance, shares at Sep. 30, 2019 | 1 | ||||||||||||||||||
Net earnings (loss) | (3,567) | (3,567) | |||||||||||||||||
Puttable preferred shares, Balance at Dec. 31, 2019 | $ 0 | ||||||||||||||||||
Puttable preferred shares Balance, shares at Dec. 31, 2019 | 0 | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ (3,567) | $ 3,232,700 | $ 2,200 | $ (3,567) | $ (200,700) | $ 300 | $ (400) | $ 3,452,900 | $ (21,600) | ||||||||||
Balance, shares at Dec. 31, 2019 | 1 | 215,675,599 | 33,335,570 |
Consolidated Statements of Pu_2
Consolidated Statements of Puttable Preferred Shares and Shareholders' Equity (Parenthetical) - Seaspan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class A Common Shares [Member] | |||
Dividends per common share | $ 0.50 | $ 0.50 | $ 0.75 |
Series D Preferred Shares [Member] | |||
Dividends per preferred share | 1.99 | 1.99 | 1.99 |
Series E Preferred Shares [Member] | |||
Dividends per preferred share | 2.06 | 2.06 | 2.06 |
Series F Preferred Shares [Member] | |||
Dividends per preferred share | 1.77 | 1.74 | |
Series G Preferred Shares [Member] | |||
Dividends per preferred share | 2.05 | 2.05 | 2.05 |
Series H Preferred Shares [Member] | |||
Dividends per preferred share | 1.97 | 1.97 | $ 1.97 |
Series I Preferred Stock [Member] | |||
Dividends per preferred share | $ 2 | $ 0.23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Atlas Corp) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Operating activities: | |
Net earnings (loss) | $ (3,567) |
Changes in assets and liabilities: | |
Cash (used in) from operating activities | (3,567) |
Financing activities: | |
Due to Seaspan Corporation | 3,567 |
Cash from (used in) financing activities | 3,567 |
Investing activities: | |
Increase (decrease) in cash and cash equivalents | 0 |
Cash and cash equivalents and restricted cash, beginning of year | 0 |
Cash and cash equivalents and restricted cash, end of year | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Seaspan [Member] | |||
Net earnings | $ 439,100 | $ 278,800 | $ 175,200 |
Other comprehensive income: | |||
Amounts reclassified to net earnings during the year relating to cash flow hedging instruments (note 20(c)) | 1,000 | 1,100 | 2,900 |
Comprehensive income | $ 440,100 | $ 279,900 | $ 178,100 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investing activities: | |||
Cash and cash equivalents and restricted cash, end of year | $ 0 | ||
Seaspan [Member] | |||
Operating activities: | |||
Net earnings (loss) | 439,100 | $ 278,800 | $ 175,200 |
Items not involving cash: | |||
Depreciation and amortization | 254,300 | 245,800 | 199,900 |
Change in right-of-use assets | 111,800 | 0 | 0 |
Share-based compensation | 3,300 | 3,100 | 17,500 |
Amortization of deferred financing fees, debt discount and fair value of long-term debt | 30,700 | 19,900 | 11,900 |
Amounts reclassified from other comprehensive loss to interest expense (note 20(c)) | 300 | 300 | 1,900 |
Unrealized change in fair value of financial instruments | (20,000) | (57,400) | (44,100) |
Acquisition related gain on contract settlement | 0 | (2,400) | 0 |
Equity income on investment | 0 | (1,200) | (5,800) |
Deferred gain on sales-leasebacks | 0 | (23,600) | (22,600) |
Amortization of acquired revenue contracts | 13,800 | 8,100 | 4,500 |
Refinancing expenses | 7,400 | 0 | 0 |
Gain on disposals | 0 | 0 | (13,600) |
Other | (1,800) | 0 | 6,700 |
Changes in assets and liabilities: | |||
Accounts receivable | (2,300) | 15,500 | 16,600 |
Net investment in lease | 9,300 | 44,300 | 8,100 |
Prepaid expenses and other | 5,400 | 17,500 | (11,300) |
Deferred dry-dock | (22,300) | (10,300) | (8,700) |
Accounts payable and accrued liabilities | 11,500 | (7,000) | 5,100 |
Deferred revenue | (600) | (46,800) | (7,400) |
Operating lease liabilities | (111,900) | 0 | 0 |
Other long-term liabilities | 0 | (1,500) | 0 |
Fair value of financial instruments | 55,000 | 42,000 | 56,700 |
Cash (used in) from operating activities | 783,000 | 525,100 | 390,600 |
Financing activities: | |||
Common shares issued, net of issuance costs | 0 | 0 | 119,000 |
Preferred shares issued, net of issuance costs | 0 | 144,400 | 2,700 |
Repayment of credit facilities | (1,507,600) | (469,700) | (455,000) |
Draws on credit facilities | 1,227,300 | 325,600 | 0 |
2025 Notes, 2026 Notes and Warrants issued | 250,000 | 250,000 | 0 |
Repayment of senior unsecured notes | (320,400) | (17,500) | 72,900 |
Draws on long-term obligations under other financing arrangements | 0 | 47,000 | 176,300 |
Repayments on long-term obligations under other financing arrangements | (133,900) | (48,100) | (26,200) |
Redemption of preferred shares | (47,700) | (143,400) | 0 |
Proceeds from exercise of warrants | 250,000 | 250,000 | 0 |
Financing fees | (27,000) | (16,100) | (8,400) |
Dividends on common shares | (101,800) | (49,900) | (61,800) |
Dividends on preferred shares | (70,400) | (65,800) | (64,400) |
Proceeds from sale-leaseback of vessels | 0 | 0 | 90,800 |
Cash from (used in) financing activities | (481,500) | 206,500 | (154,100) |
Investing activities: | |||
Expenditures for vessels | (331,600) | (318,700) | (338,500) |
Short-term investments | 2,500 | (2,400) | 300 |
Net proceeds from vessel disposals | 0 | 0 | 37,100 |
Prepayment on vessel purchase | (13,000) | 0 | 0 |
Other assets | (6,700) | (1,500) | (2,400) |
Loans to affiliate | 0 | 0 | (2,700) |
Repayment of loans to affiliate | 0 | 0 | 22,300 |
Payment on settlement of interest swap agreements | (126,800) | (41,300) | (67,400) |
Acquisition of GCI | 0 | (333,600) | 0 |
Cash acquired from GCI acquisition | 0 | 70,100 | 0 |
Cash used in investing activities | (475,600) | (627,400) | (351,300) |
Increase (decrease) in cash and cash equivalents | (174,100) | 104,200 | (114,800) |
Cash and cash equivalents and restricted cash, beginning of year | 371,400 | 267,200 | 382,000 |
Cash and cash equivalents and restricted cash, end of year | $ 197,300 | $ 371,400 | $ 267,200 |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
General | Atlas Corp. (“Atlas” or the “Company”) is a Republic of the Marshall Islands corporation incorporated on October 1, 2019 solely for the purpose of facilitating the holding company reorganization described below. Atlas was a direct, wholly owned subsidiary of Seaspan Corporation (“Seaspan”) for the period from the date of incorporation on October 1, 2019 to December 31, 2019. On November 20, 2019, Atlas entered into an Agreement and Plan of Merger with Seaspan Corporation (“Seaspan”), and Seaspan Holdco V Ltd. (“Merger Sub”), a wholly owned subsidiary of Atlas, in order to implement a reorganization of Seaspan’s corporate structure into a holding company structure, pursuant to which Seaspan will become a direct, wholly owned subsidiary of Atlas (the “Reorganization”). The Reorganization was completed subsequent to December 31, 2019 (note 4(a)). |
Seaspan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
General | Seaspan Corporation (“Seaspan” or the “Company”) was incorporated on May 3, 2005 in the Marshall Islands and owns and operates containerships pursuant to primarily long-term, fixed-rate time charters to major container liner companies. On November 20, 2019, Seaspan entered into an Agreement and Plan of Merger with Atlas Corp., a wholly owned subsidiary of Seaspan (“Atlas”), and Seaspan Holdco V Ltd., a wholly owned subsidiary of Atlas, in order to implement a reorganization of Seaspan’s corporate structure into a holding company structure, pursuant to which Seaspan will become a direct, wholly owned subsidiary of Atlas (the “Reorganization”). The Reorganization was completed subsequent to December 31, 2019 (note 21). |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
Significant accounting policies | 2. Significant accounting policies: (a) Basis of presentation: This financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the financial statements. (b) Principles of consolidation The accompanying consolidated financial statements include the accounts of Atlas and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated upon consolidation. (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States 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 United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Recent accounting pronouncements: Measurement of credit loss In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Measurement of Credit Loss on financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. The revised guidance is effective for fiscal years, excluding operating lease receivables, and interim periods within those years, beginning after December 15, 2019. Upon adoption, a cumulative effect adjustment to our deficit is made as part of the modified retrospective transition approach. The Company, reviewed its financial assets measured at amortized cost basis and net investment in lease balances to estimate CECL using historical loss, adjusted for specific factors applicable in each scenario, and concluded that the impact is immaterial. Discontinuation of LIBOR In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under its relevant US GAAP Topic. The election is available by Topic. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. |
Seaspan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Significant accounting policies | 2. Significant accounting policies: (a) Basis of presentation: These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 11. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States 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 United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. (e) Vessels: Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from the Company’s predecessor upon completion of the Company’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value. (f) Dry-dock activities: Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. (g) Business combinations: Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. (h ) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. 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. (i ) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on long-term obligations under other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation and amortization of deferred financing fees on operating leases is provided on a straight line basis over the lease term. Amortization of deferred financing fees is recorded as interest expense. (j ) Revenue: The Company derives its revenue primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term and fair value associated with the lease. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Time charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For financing leases that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs should be deferred and amortized to income over the term of the lease. (k ) Leases: The Company is the lessee in certain of its vessel sale-leaseback transactions. Leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of twelve months or less are expensed as incurred. Transactions are determined to be sale-leaseback transactions when control of the vessel is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer. (l ) Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. (m ) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. (n ) Share-based compensation: The Company has granted restricted shares, phantom share units, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: • Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s Class A common shares on the date of the grant. • Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur. (o ) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible preferred shares. Under the if-converted method, dividends applicable to the convertible preferred shares are added back to earnings attributable to common shareholders, and the convertible preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied to the computation of diluted EPS only if the effect is dilutive. The cumulative dividends applicable to the Series D, E, F, G, H and I preferred shares reduce the earnings available to common shareholders, even if not declared. (p ) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: • reported amounts of assets and liabilities, • disclosure of contingent assets and liabilities at the balance sheet dates and • reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include the: • assessment of going concern; • assessment of vessel useful lives; • expected vessel salvage values; • recoverability of the carrying value of vessels which are subject to future market events; • carrying value of goodwill; and • fair value of interest rate swaps, other derivative financial instruments and share-based awards. (q ) Comparative information: Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. (r) Previously adopted accounting pronouncement: Definition of a business Effective January 1, 2018, the Company adopted ASU 2017-01, “Clarifying the Definition of a Business”, which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company analyzed its March 13, 2018 acquisition of Greater China Intermodal Investments (“GCI”) under this standard (see note 3). ( s ) Recently adopted accounting pronouncements: Leases Effective January 1, 2019, the Company adopted ASU 2016-02, “Leases”, using the modified retrospective method, whereby a cumulative effect adjustment was made as of the date of initial application. The Company elected the practical expedient to use the effective date of adoption as the date of initial application. Accordingly, financial information and disclosures in the comparative period were not restated. The Company also elected to apply the package of practical expedients such that for any expired or existing leases, it did not reassess lease classification, initial direct costs or whether the relevant contracts are or contain leases. The Company did not use hindsight to reassess lease term for the determination of impairment of right-of-use assets. The impacts of the adoption of ASU 2016-02 are as follows: (in millions of US dollars) As reported at December 31, 2018 Adjustments Adjusted at January 1, 2019 Right-of-use assets (1) (2) $ — $ 1,068.3 $ 1,068.3 Other assets (2) 204.9 (17.3 ) 187.6 Accounts payable and accrued liabilities (1) 70.2 (2.5 ) 67.7 Current portion of operating lease liabilities (1) — 160.2 160.2 Current portion of other long-term liabilities (3) 32.2 (22.2 ) 10.0 Operating lease liabilities (1) — 893.3 893.3 Other long-term liabilities (3) 181.1 (158.9 ) 22.2 Deficit (3) (645.6 ) 181.1 (464.5 ) ______________________ (1) Upon adoption of ASU 2016-02, the Company recorded non-cash right-of-use assets and operating lease liabilities on the balance sheet for its vessel sale-leaseback transactions and office leases under operating lease arrangements. Prior to January 1, 2019, operating leases were not included on the balance sheet and were recorded as operating lease expenses when incurred. The amount recognized as operating lease liabilities was based on the present value of future minimum lease payments, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate if the lessor’s implicit rate is not readily determinable and includes any existing accrued payments related to lease liabilities. Minimum lease payments referenced to an indexed rate were determined based on the respective rates at the adoption date. (2) Initial direct costs related to the Company’s vessel sale-leaseback transactions under operating lease arrangements were reclassified from other assets to right-of-use assets. (3) Deferred gain related to the Company’s vessel sale-leaseback transactions was recognized through deficit on the initial date of application. The accounting for lessors is largely unchanged under ASU 2016-02. The Company evaluated its lessor arrangements and determined that the amounts recognized and the pattern of recognition remain substantially the same as existing guidance which was previously used by the Company. ( t ) Recent accounting pronouncements: Measurement of credit loss In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Measurement of Credit Loss on financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. The revised guidance is effective for fiscal years, excluding operating lease receivables, and interim periods within those years, beginning after December 15, 2019. Upon adoption, a cumulative effect adjustment to our deficit is made as part of the modified retrospective transition approach. The Company, reviewed its financial assets measured at amortized cost basis and net investment in lease balances to estimate CECL using historical loss, adjusted for specific factors applicable in each scenario, and concluded that the impact is immaterial. Discontinuation of LIBOR In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under its relevant US GAAP Topic. The election is available by Topic. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Related party transactions | 3. Related party transactions: The Company is a limited purpose entity with no sources of cash. Therefore, it relies on Seaspan and entities under common control to finance its corporate activities. Seaspan paid administrative expenses on behalf of Atlas. For Atlas, these are non-cash transactions. The amounts due to Seaspan Corporation may be repaid at any time at its carrying value, as no maturity date has been specified. To reflect this, it has been classified as a current liability, where the carrying value of the balance reflects its fair value. . |
Seaspan [Member] | |
Related Party Transaction [Line Items] | |
Related party transactions | 4. Related party transactions: (a) Prior to March 13, 2018, the Company had a 10.8% equity interest in GCI. The Company purchased the remaining 89.2% interest in GCI on March 13, 2018 (see note 3) and consolidated GCI from the date of acquisition. (b) The Company incurred the following income or expenses with related parties: 2019 2018 2017 Fees paid: Interest expense $ 26.9 $ 19.4 $ — Arrangement fees — — 1.8 Transaction fees — — 2.3 Income earned: Interest income — 0.4 2.7 Management fees — 0.9 4.4 Supervision fees — — 1.3 The income or expenses with related parties relate to amounts paid to or received from individuals or entities that are associated with the Company or with the Company’s directors or officers and these transactions are governed by pre-arranged contracts. In February 2018, the Company issued to Fairfax Financial Holdings Ltd. and its affiliates (“Fairfax”), in a private placement, $250,000,000 aggregate principal of 5.50% senior notes due in 2025 (“2025 Notes”) and warrants to purchase 38,461,539 of the Company’s Class A common shares for an aggregate purchase price of $250,000,000 (“2018 Warrants”) (note 9). On March 13, 2018, the Company and Fairfax entered into a subscription agreement pursuant to which the Company agreed to sell, and Fairfax agreed to purchase, $250,000,000 in aggregate principal amount of 5.50% senior notes due in 2026 (“2026 Notes”) and warrants to purchase 38,461,539 Class A common shares at an exercise price of $6.50 per share in January 2019 (“2019 Warrants”). On May 31, 2018, the Company entered into an agreement with Fairfax for the early exercise of the 2018 Warrants and 2019 Warrants, when issued. Pursuant to this agreement, the 2018 Warrants were exercise on July 16, 2018 for $250,000,000 in proceeds. In consideration for the early exercise of the 2018 and 2019 Warrants, on July 16, 2018, Fairfax was issued additional seven-year warrants to purchase 25,000,000 Class A common shares at an exercise price of $8.05 per share (“New Warrants”). Pursuant to the March 13, 2018 subscription agreement, on January 15, 2019, the Company issued to Fairfax the 2026 Notes and 2019 Warrants. The 2019 Warrants were immediately exercised for $250,000,000 in cash, resulting in total aggregate proceeds of $500,000,000 from this transaction. As of December 31, 2019, as a result of these transactions, Fairfax held approximately 36% of the Company’s outstanding common shares and have designated two members to the Company’s Board of Directors. Accordingly, Fairfax is a related party. Interest expense relates to notes issued to Fairfax. As of December 31, 2019, interest accrued on the 2025 Notes and 2026 Notes was $4,583,000 (2018 - $2,292,000). Arrangement and transaction fees were paid to the Company’s former directors and officers in connection with services such as financings, new builds and purchase or sale contracts. In addition, the Company paid a termination fee of $6,250,000 with 945,537 of its common shares which is included in Other Expenses in 2017. Prior to March 13, 2018, interest income earned on the balance due from GCI was included in loans to affiliate. Prior to March 13, 2018, management and supervision fees earned from GCI for the management of GCI’s vessels were included in revenue. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Line Items] | |
Subsequent events | 4. Subsequent events: (a) On February 27, 2020, the Reorganization was completed. In this Reorganization, common and preferred shareholders of Seaspan (the predecessor publicly held parent company) became common and preferred shareholders of Atlas, as applicable, on a one-for-one basis; maintaining the same number of shares, ownership percentage and associated rights and privileges as they held in Seaspan immediately prior to the Reorganization. In connection with the Reorganization, Atlas assumed all obligations under Seaspan’s common share purchase warrants and equity plans. The Reorganization was accounted for as a transaction among entities under common control and represents a change in reporting entity whereby the financial information in the consolidated annual financial statements have been assumed by Atlas on a carry-over basis. Upon completion of the reorganization, Atlas common shares are traded on the New York Stock Exchange under the ticker symbol “ATCO”. (b) On February 28, 2020, the Company completed the acquisition of 100% of the issued and outstanding common shares of Apple Bidco, which holds 100% of the shares of APR Energy Ltd. (collectively “APR Energy”) from Fairfax Financial Holdings Limited (“Fairfax”), which held 67.8% of the APR Energy common shares, and shares at a deemed value of $11.10 per share. Further in accordance with the Acquisition Agreement, 6,664,270 shares of the Company have been reserved for holdback in connection with post-closing purchase price adjustments and indemnification obligations of the sellers. Prior to the Reorganization and acquisition of APR Energy, Fairfax held approximately 36% of the outstanding common shares of Seaspan, had two members on the board of directors of Seaspan, and was considered a related party. Upon completion of the Reorganization and acquisition, Fairfax holds approximately 41% of the issued and outstanding shares of Atlas and maintains two members on the board of directors of Atlas. APR Energy owns and manages power generation equipment leased to large corporate and government customers. APR Energy offers both short-term and long-term turnkey solutions that provide its customers with comprehensive power-generation services. The results of operations of APR Energy from the date of acquisition until March 31, 2020 will be included in the Company’s interim financial statements for the period ended March 31, 2020. (c) On February 24, 2020, the Company entered into agreements to purchase four 12000 TEU vessels, with an aggregate purchase price of $367,100,000. To fund the acquisitions, the Company entered into financing arrangements, with an aggregate commitment of approximately $337,732,000, whereby the title of the vessels are transferred to a financial institution upon delivery and leased back for a period of 10 years. The financing arrangements are required to be closed concurrently with the respective vessel acquisitions, subject to vessel delivery and other customary closing conditions. In March 2020, two vessels were delivered and funded. (d) On February 28, 2020, the Company entered into a financing arrangement consisting of a $135,000,000 term loan credit facility and a $50,000,000 revolving loan and revolving letter of credit facility. (e) On February 28, 2020, the Company and Fairfax entered into a subscription agreement pursuant to which the Company sold, and the Fairfax purchased, $100,000,000 aggregate principal amount of 5.50% Senior Notes due 2027 at an issue price of 100% of their principal amount. (f) On March 6, 2020, the Company entered into a term loan agreement for aggregate proceeds of $100,000,000, to be used for refinancing and general corporate purposes. (g) In February 2020 and March 2020, the Company drew an additional $225,000,000 and $30,000,000 respectively on the Term Loan. The Term Loan matures on December 30, 2025 and is secured by the same portfolio of vessels as the Program, subject to composition requirements. (h) After the Reorganization, in March 2020, the Company declared quarterly dividends of $0.496875, $0.515625, $0.512500, $0.492188 and $0.500000 per Series D, Series E, Series G, Series H and Series I preferred share, respectively. (i) In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. To date, the Company has not yet experienced any material negative impacts to its business as a result of COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated at this time. |
Seaspan [Member] | |
Subsequent Event [Line Items] | |
Subsequent events | 21. Subsequent events: (a) On January 3, 2020, the Company declared quarterly dividends of $0.496875, $0.515625, $0.512500, $0.492188 and $0.500000 per Series D, Series E, Series G, Series H and Series I preferred share, respectively, representing a total distribution of $16,763,000. The dividends were paid on January 30, 2020 to all shareholders of record on January 29, 2020. (b) On January 3, 2020, the Company declared a quarterly dividend of $0.125 per common share. The dividends were paid on January 30, 2020 to all shareholders of record as of January 20, 2020. (c) On January 17, 2020, the Company announced its intention to delist its outstanding 7.125% senior unsecured notes due 2027 (the "2027 7.125% Notes") from the New York Stock Exchange and to deregister the 2027 7.125% Notes under the Exchange Act of 1934, as amended. At the same time, the Company announced its intention to exercise its option to redeem the 2027 7.125% Notes on October 10, 2020, the first date for early redemption, at par plus accrued and unpaid interest to, but not including, such redemption date. (d) On January 24, 2020, the sixth and last vessel of the previously announced purchase of a fleet of six containerships was delivered. (e) On February 27, 2020, the Reorganization was completed. In this Reorganization, common and preferred shareholders of Seaspan (the predecessor publicly held parent company) became common and preferred shareholders of Atlas Corp., as applicable, on a one-for-one basis; maintaining the same number of shares and ownership percentage as held in Seaspan immediately prior to the Reorganization. In connection with the Reorganization, Atlas assumed all of Seaspan’s common share purchase warrants equity plans and will perform all obligations of Seaspan under such common share purchase warrants equity plans. The Reorganization was accounted for as a transaction among entities under common control and represents a change in reporting entity whereby the financial information in the consolidated annual financial statements have been assumed by Atlas on a carry-over basis. Upon completion of the reorganization, Atlas common shares are traded on the New York Stock Exchange under the ticker symbol “ATCO”. (f) On February 28, 2020, after the Reorganization, Atlas completed the acquisition of all the issued and outstanding common shares of Apple Bidco Limited, which owns 100% of APR Energy Ltd. (collectively “APR Energy”) from Fairfax, which held 67.8% of the APR Energy common shares, and certain other minority shareholders. As consideration for the shares of APR Energy, Atlas issued 29,891,266 common shares at a deemed value of US$11.10 per share. Further in accordance with the Acquisition Agreement, 6,664,270 shares of Atlas Corp. have been reserved for holdback in connection with post-closing purchase price adjustments and indemnification obligations of the sellers. from the date of acquisition (g) On January 7, 2020, the Company made a prepayment of $48,316,000 on the remaining balance of the financing arrangement for a 13100 TEU vessel. (h) In February 2020 and March 2020, the Company drew an additional $225,000,000 and $30,000,000 respectively on the Term Loan. The Term Loan matures on December 30, 2025 and is secured by the same portfolio of vessels as the Program, subject to composition requirements. (i) On February 24, 2020, the Company entered into agreements to purchase four 12000 TEU vessels, with an aggregate purchase price of $367,100,000. To fund the acquisitions, the Company entered into financing arrangements, with an aggregate commitment of approximately $337,732,000, whereby the title of the vessels are transferred to a financial institution upon delivery and leased back for a period of 10 years. The financing arrangements are required to be closed concurrently with the respective vessel acquisitions, subject to vessel delivery and other customary closing conditions. In March 2020, two vessels were delivered and funded. (j) On February 28, 2020, the Company and Fairfax entered into a subscription agreement pursuant to which the Company sold, and the Fairfax purchased, $100,000,000 aggregate principal amount of 5.50% Senior Notes due 2027 at an issue price of 100% of their principal amount . (k) In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. To date, the Company has not yet experienced any material negative impacts to its business as a result of COVID-19. The future financial effects to the Company, if any, of COVID-19 cannot be reasonably estimated at this time. |
Acquisition of GCI
Acquisition of GCI | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Business Acquisition [Line Items] | |
Acquisition of GCI | 3. Acquisition of GCI: On March 13, 2018, the Company acquired the remaining 89.2% of equity interest in GCI from affiliates of The Carlyle Group and the minority owners of GCI. GCI’s fleet of 18 containerships, including two newbuilds, was comprised of 10000 TEU and 14000 TEU eco-class vessels. The aggregate purchase price was $498,050,000, comprised of: Cash $ 331.9 1,986,449 of the Company's Series D preferred shares 47.2 2,514,996 of the Company's Class A common shares 13.9 Settlement of intercompany balances 41.3 Carrying value of previously held equity interest 61.9 Acquisition related transaction fees 1.9 Aggregate purchase price $ 498.1 Under the Agreement and Plan of Merger, $10,000,000 was deposited in escrow for settlement of potential indemnifiable damages. In March 2019, the deposit was released from escrow. The value of the Company’s Series D preferred shares and Class A common shares was determined based on the closing market price of those shares on March 13, 2018, the date the acquisition closed. The initial holders of the 1,986,449 Series D preferred shares had a one-time right commencing on September 13, 2019 and ending on October 13, 2019 to put these Series D preferred shares to the Company for a price of $24.84 per share. As a result, these Series D preferred shares were recorded as temporary equity. In September 2019, the initial holders exercised the one-time put right related to 1,923,585 preferred shares in exchange for $47,782,000. Subsequent to the exercise, the remaining preferred shares were reclassified to permanent equity. The Company accounted for the transaction as an asset acquisition as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable group of similar identifiable assets. Accordingly, the consideration was allocated on a relative fair value basis to the assets acquired and liabilities assumed. The following table summarizes the value attributed to the identifiable assets acquired and liabilities assumed; Cash and cash equivalents $ 70.1 Current assets 5.3 Vessels 1,369.8 Vessels under construction 28.9 Other assets 107.4 Total assets acquired 1,581.5 Debt assumed 1,038.1 Current liabilities 31.1 Other long-term liabilities 14.2 Net assets acquired $ 498.1 As part of the acquisition, the Company purchased certain time charter contracts with a fair value of $100,750,000 which had an estimated useful life of 5.3 years. |
Net investment in lease
Net investment in lease | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Leases [Line Items] | |
Net investment in lease | 5. Net investment in lease: The investment in lease balances relate to sales-type and direct financing leases that were previously presented on a gross basis, with unearned interest income included in deferred revenue. As at December 31, 2019, the Company amended its presentation to a net basis and adjusted the prior year comparatives accordingly. The net investment in lease consists of the following components: 2019 2018 (Recast) Undiscounted lease receivable $ 1,224.2 $ 861.9 Unearned interest income (465.4 ) (410.4 ) Net investment in lease $ 758.8 $ 451.5 2019 2018 (Recast) Lease receivables $ 608.8 $ 451.5 Unguaranteed residual value 150.0 — Net investment in lease 758.8 451.5 Current portion of net investment in lease (35.2 ) (9.8 ) Long-term portion of net investment in lease $ 723.6 $ 441.7 In April 2015, the Company entered into an agreement with MSC to bareboat charter five 11000 TEU vessels for a 17-year term with a fixed daily rate, beginning from the vessel delivery dates. At the end of each 17-year bareboat charter term, MSC has agreed to purchase each vessel for $32,000,000. Each transaction is considered a direct financing lease and accounted for as a disposition of vessels upon delivery of each vessel. In 2017, four of the five 11000 TEU vessels delivered and commenced their 17-year bareboat charters. In January 2018, the fifth 11000 TEU vessel was delivered and commenced its 17-year bareboat charter. In November 2019, the Company entered into an agreement to acquire three 10700 TEU vessels and three 9200 TEU vessels including their existing fixed rate bareboat charters with CMA CGM, that have remaining terms of four years. At the end of each bareboat charter term, CMA CGM has the option to purchase each vessel at fair market value, limited by a maximum and minimum purchase price. Each transaction is considered a sales-type lease and is accounted for as a disposition of vessels upon delivery of each vessel. As at December 31, 2019, five vessels had delivered and the Company assumed the rights and obligations of the sellers under the existing bareboat charter agreements for the vessels for an aggregate purchase price of $316,666,000. The last vessel, which was required to be delivered by December 31, 2019, was delayed, pursuant to which the commitment to close the acquisition would be at the Company’s sole discretion (note 21). At December 31, 2019, the undiscounted minimum cash flow related to lease receivables from sales-type and direct financing leases are as follows: 2020 $ 95.7 2021 95.4 2022 95.4 2023 297.5 2024 44.5 Thereafter 595.7 $ 1,224.2 |
Vessels
Vessels | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Property Plant And Equipment [Line Items] | |
Vessels | 6. Vessels: December 31, 2019 Cost Accumulated depreciation Net book value Vessels $ 8,018.5 $ 2,311.4 $ 5,707.1 December 31, 2018 Cost Accumulated depreciation Net book value Vessels $ 8,004.0 $ 2,077.7 $ 5,926.3 In 2017, the Company sold four 4250 TEU vessels; the Seaspan Alps, Seaspan Kenya, Seaspan Mourne and Seaspan Grouse for net sale proceeds of $37,100,000, resulting in a gain on disposition of $13,604,000. During the years ended December 31, 2019 and December 31, 2018, the Company did not identify any events or changes in circumstances indicating that the carrying amount of the assets may not be recoverable and accordingly, no impairment was recorded. The Company performed an impairment test of its vessels as of December 31, 2017. As of December 31, 2017, the Company concluded that there were circumstances which could be considered indicators that the carrying amount of its vessels may not be recoverable. Although short-term charter rates and vessel market value for smaller vessels, which are at the highest risk of impairment, had generally shown improvement during 2017, time charter rates and vessel market values had remained volatile during 2017 and did not show indication of being stabilized in any meaningful manner. The Company believed the continued instability in the market during 2017 to be an indicator of possible impairment. As a result, the Company performed an impairment test of its vessels at December 31, 2017 and determined that the undiscounted future cash flows each particular vessel was expected to generate over its remaining useful life was greater than its carrying value, and concluded no impairment charge was required. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Operating Lease Right Of Use Assets [Line Items] | |
Right-of-use assets | 7. Right-of-use assets: December 31, 2019 Cost Accumulated amortization Net book value Vessel operating leases $ 1,060.9 $ (110.1 ) $ 950.8 Office operating leases 8.2 (1.8 ) 6.4 Right-of-use assets $ 1,069.1 $ (111.9 ) $ 957.2 |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |
Other assets | 8. Other assets: 2019 2018 Intangible assets (a) $ 94.0 $ 112.0 Deferred dry-dock (b) 41.3 36.7 Deferred financing fees (c) — 17.3 Restricted cash — 14.1 Other 37.8 24.8 Other assets $ 173.1 $ 204.9 (a) Intangible assets Intangible assets are primarily comprised of the acquisition date fair value of time charter contracts acquired. During the year ended December 31, 2019, the Company recorded $17,171,000 (2018 - $16,269,000) of amortization expense related to acquired contracts. Future amortization expense related to the acquired time charter contracts is as follows: 2020 $ 19.2 2021 17.7 2022 16.1 2023 12.4 2024 9.7 Thereafter 15.6 $ 90.7 (b) Deferred dry-dock During the years ended December 31, 2019 and 2018, changes in deferred dry-dock were as follows: Dry-docking December 31, 2017 $ 42.5 Costs incurred 10.8 Amortization expensed (1) (16.6 ) December 31, 2018 36.7 Costs incurred 23.5 Amortization expensed (1) (18.9 ) December 31, 2019 $ 41.3 (1) Amortization of dry-docking costs is included in depreciation and amortization. (c) Deferred financing fees Initial direct costs related to the Company’s vessel sale-leaseback transactions under operating lease arrangements were reclassified from other assets to right-of-use assets upon adoption of ASU 2016-02 (note 2(s)) as of January 1, 2019. During the year ended December 31, 2018, changes in deferred financing fees were due to amortization expense. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Debt Instrument [Line Items] | |
Long-term debt | 9. Long-term debt: 2019 2018 Revolving credit facilities (a) (c) (d) $ 867.0 788.2 Term loan credit facilities (b) (c) (d) 1,799.4 2,158.7 Senior unsecured notes (e) 80.0 400.4 2025 Notes and 2026 Notes (f) 500.0 250.0 3,246.4 3,597.3 Fair value adjustment on term loan credit facilities (b) (0.1 ) (2.3 ) Debt discount on 2025 Notes and 2026 Notes (f) (150.9 ) (83.4 ) Deferred financing fees (34.8 ) (24.1 ) Long-term debt 3,060.6 3,487.5 Current portion of long-term debt (363.7 ) (722.6 ) Long-term debt $ 2,696.9 2,764.9 (a) Revolving credit facilities As of December 31, 2019, the Company had four revolving credit facilities (“Revolvers”) available which provided for aggregate borrowings of up to $987,012,000 (2018 – $938,209,000), of which $120,000,000 (2018 - $150,011,000) was undrawn. During the year ended December 31, 2019, the Company made prepayments of $205,946,000, on the principal balances of two reducing revolving credit facilities. The Revolvers mature between August 2020 and May 2024. The following is a schedule of future minimum repayments of Revolvers as of December 31, 2019: 2020 $ 197.9 2021 50.7 2022 387.4 2023 72.6 2024 158.4 Thereafter - $ 867.0 Interest is calculated based on one month LIBOR plus a margin per annum. At December 31, 2019, the one month average LIBOR was 1.8% (2018 – 2.4%) and the margins ranged between 0.5% and 2.25% (2018 – 0.5% and 1.4%) for the Revolvers. The weighted average rate of interest, including the margin, for the Revolvers was 2.9% at December 31, 2019 (2018 – 3.0%). Interest payments are made monthly. The Company is subject to commitment fees ranging between 0.2% and 0.5% (2018 – 0.2% and 0.5%) calculated on the undrawn amounts under the various facilities. For secured facilities, Revolver payments are made in semi-annual payments commencing thirty-six months after delivery of the associated newbuilding containership for the secured facilities. One Revolver, with a principal outstanding of $58,240,000, is due in full at maturity on December 31, 2023. Another Revolver with a principal outstanding of $180,000,000, will be converted into a term loan facility on May 15, 2022 (note 9(c)). (b) Term loan credit facilities As of December 31, 2019, the Company had $1,954,375,000 (2018 - $2,158,743,000) of term loan credit facilities (“Term Loans”) available, of which $155,000,000 (2018 - nil) was undrawn. One of the Term Loans has a revolving loan component which has been included in the Revolvers. During the year ended December 31, 2019, the Company made prepayments of $259,401,000 on the remaining principal balance of six secured Term Loans. Further prepayments were made on 15 Term Loans totaling $1,101,037,000 as part of a refinancing program, using funds from a new credit facility (note 9(c)). Term Loans mature between March 2021 and June 2027. The following is a schedule of future minimum repayments of Term Loans as of December 31, 2019: 2020 $ 168.4 2021 252.5 2022 154.3 2023 243.4 2024 840.0 Thereafter 140.8 $ 1,799.4 Certain Term Loans, with a total principal outstanding of $1,746,632,000, have interest calculated as one month, three month or six month LIBOR plus a margin per annum, dependent on the interest period selected by the Company. At December 31, 2019, the one month, three month and six month average LIBOR was 1.9%, 2.0% and 2.1%, respectively (2018 – 2.4%, 2.6% and 2.5%, respectively) and the margins ranged between 0.4% and 4.3% (2018 – 0.4% and 4.8%) for Term Loans. One Term Loan, with a total principal outstanding of $52,743,000 (2018 – $65,515,000), has interest calculated based on the Export-Import Bank of Korea (KEXIM) rate plus 0.7% (2018 – 0.7%) per annum. The weighted average rate of interest, including the margin, was 4.0% at December 31, 2019 (2018 – 4.8%) for Term Loans. Interest payments are made in monthly, quarterly or semi-annual payments. Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership, utilization date or the inception date of the Term Loan. (c) Portfolio financing program: On May 15, 2019, the Company entered into a credit agreement, with a syndicate of lenders for a secured credit facility of up to $1,000,000,000, comprised of a Term Loan of $800,000,000 and a Revolver of $200,000,000 (the “Program”). The proceeds of the Program are intended to be used for refinancing of existing Term Loans and general corporate purposes. The Revolver is available until May 15, 2022, after which it converts to, and forms part of the Term Loan. The Term Loan matures on May 15, 2024 with payments made quarterly. The Program also provides the Company with the ability to request the issuance of letters of credit on behalf of itself or its subsidiaries, which will represent a draw down on the Revolver. The Program is secured by a portfolio of vessels, the composition of which can be changed, and is subject to borrowing base and portfolio concentration requirements, as well as compliance with financial covenants and certain negative covenants. The Program can be increased to an aggregate of $2.0 billion through additional commitments from lenders, execution of additional secured loan agreements or issuance of private placement notes, in each case with a corresponding expansion of collateral. On September 18, 2019, the Company increased the committed amount under the Program by $500,000,000, adding $400,000,000 to the Term Loan and $100,000,000 to the Revolver. The additional commitments are subject to the same terms and conditions as the initial tranche. On December 30, 2019, the Company entered into another credit agreement with a different syndicate of lenders for a Term Loan of $155,000,000 which may be increased by up to $100,000,000. The Term Loan matures on December 30, 2025 with payments made quarterly and is secured by the same portfolio of vessels as the Program, subject to composition requirements. (d) Credit facilities – other terms As of December 31, 2019, the Company’s credit facilities were secured by first-priority mortgages granted on 62 vessels, of which one is in the process of being released from security. The security for each of the Company’s current secured credit facilities includes: • A first priority mortgage on the collateral vessels funded by the related credit facility; • An assignment of the Company’s time charters and earnings related to the related collateral vessels; • An assignment of the insurance on each of the vessels that are subject to a related mortgage; • An assignment of the Company’s related shipbuilding contracts and the corresponding refund guarantees; • A pledge over shares of various subsidiaries; and • A pledge over the related retention accounts. The Company may prepay certain amounts outstanding without penalty, other than breakage costs in certain circumstances. A prepayment may be required as a result of certain events, including the sale or loss of a vessel, a termination or expiration of a charter (and the inability to enter into a charter suitable to lenders within a period of time). The amount that must be prepaid may be calculated based on the loan to market value. In these circumstances, valuations of the Company’s vessels are conducted on a “without charter” basis as required under the credit facility agreement. Each credit facility, other than the credit facilities of GCI’s subsidiaries, contains a mix of financial covenants requiring the Company to maintain minimum liquidity, tangible net worth, interest and principal coverage ratios and debt to assets ratios, as defined. Each GCI facility is guaranteed by GCI and as the guarantor, GCI must meet certain consolidated financial covenants under these term loan facilities including maintaining certain minimum tangle net worth, cash requirements and debt to asset ratios. Some of the facilities also have an interest and principal coverage ratio, debt service coverage and vessel value requirement for the subsidiary borrower. The Company was in compliance with these covenants at December 31, 2019. (e) Senior unsecured notes In December 2018, the Company entered into a repurchase plan for its 6.375% senior unsecured notes which matured in April 2019. During the year ended December 31, 2019, the Company repurchased (f) 2025 Notes and 2026 Notes On January 15, 2019, pursuant to a previous subscription agreement, the Company issued to Fairfax the 2026 Notes and the 2019 Warrants (note 4). The proceeds from the transaction were allocated to each security on a relative fair value basis. The difference between the relative fair value and principal of the 2026 Notes was accounted for as a debt discount amortized over the life of the 2026 Notes. The 2025 Notes and 2026 Notes allow Fairfax to call for early redemption on each respective anniversary date of issuance (the “Annual Put Right”) by providing written notice between 150 days and 120 days respectively prior to each applicable anniversary date. In February 2020, Fairfax waived its right to call for early redemption of the 2025 Notes and 2026 Notes on their respective 2021 anniversary dates. Therefore, the 2025 Notes and 2026 Notes are not puttable until their respective anniversary dates in 2022. The 2025 Notes and 2026 Notes are secured by the Company’s ownership interest in GCI. |
Operating Lease Liabilities
Operating Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Leases [Line Items] | |
Operating lease liabilities | 10. Operating lease liabilities: December 31, 2019 Operating lease commitments $ 1,107.6 Impact of discounting (184.4 ) Impact of changes in variable rates 19.1 Operating lease liabilities 942.3 Current portion of operating lease liabilities (159.7 ) Operating lease liabilities $ 782.6 Operating lease liabilities relate to vessel sale-leaseback transactions and office operating leases. Vessel sale-leaseback transactions under operating lease arrangements are, in part, indexed to 3-months LIBOR, reset on a quarterly basis. For one of the Company’s vessel operating leases, an option to repurchase the vessel exists at the end of its lease term. For all other arrangements, the lease may be terminated prior to the end of the lease term, at the option of the Company, by repurchasing the respective vessels on a specified repurchase date at a pre-determined fair value amount. For one of these arrangements, if the Company elects not to repurchase the vessel, the lessor may choose not to continue the lease until the end of its term. Each sale-leaseback transaction contains financial covenants requiring the Company to maintain certain tangible net worth, interest coverage ratios and debt-to-assets ratios, as defined. Upon implementation of ASU 2016-02 on January 1, 2019, the lease terms were not reassessed. The Company continues to include the full term of the lease, including periods covered by the purchase options, in the measurement of lease liability, for all vessel sale-leaseback transactions under operating lease arrangements existing at date of implementation. Operating lease costs related to vessel sale-leaseback transactions and office leases are summarized as follows: Year ended December 31, 2019 Lease costs: Operating lease costs $ 160.0 Variable lease adjustments (3.0 ) Other information: Operating cash outflow used for operating leases 153.2 Weighted average discount rate 4.8 % Weighted average remaining lease term 8 years |
Long-term Obligations under Oth
Long-term Obligations under Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Leases [Line Items] | |
Long-term Obligations under Other Financing Arrangements | 11. Long-term obligations under other financing arrangements: 2019 2018 Long-term obligations under other financing arrangements $ 513.8 $ 647.7 Deferred financing fees (5.3 ) (7.9 ) Long-term obligations under other financing arrangements 508.5 639.8 Current portion of long-term obligations under other financing arrangements (134.6 ) (48.4 ) Long-term obligations under other financing arrangements $ 373.9 $ 591.4 The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the construction of certain vessels under existing shipbuilding contracts. Under these arrangements, the Company has agreed to transfer the vessels to the counterparties and, commencing on the delivery date of the vessels by the shipyard, lease the vessels back from the counterparties over the applicable lease term as a financing lease. In the arrangements where the shipbuilding contracts are novated to the counterparties, the counterparties assume responsibility for the remaining payments under the shipbuilding contracts. In certain of the arrangements, the counterparties are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term, supervises the vessels’ construction before the lease term begins or is required to purchase the vessels from the counterparties at the end of the lease term. As a result, the Company is considered to be the primary beneficiary of the counterparties and consolidates the counterparties for financial reporting purposes. The vessels are recorded as an asset and the obligations under these arrangements are recorded as a liability. The terms of the leases are as follows: ( i ) Under this arrangement, the counterparty has provided financing of $144,185,000. The 12-year lease term began in June 2011, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 2.6% margin. At the end of the lease, the outstanding balance of up to $48,000,000 will be due and title of the vessel will transfer to the Company. On December 4, 2019, the Company made prepayment of $85,360,000 on the remaining balances of the arrangement. ( ii ) Under this arrangement, the counterparty has provided financing of $109,000,000. The 12-year lease term began in March 2012, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 3.0% margin. At the end of the lease, the Company will have the option to purchase the vessel from the lessor for $1. As at December 31, 2019, the carrying value of the vessel under this facility was $133,952,000 (2018 - $139,407,000). (iii) Leases for three 4500 TEU vessels: Under these arrangements, the counterparty has provided refinancing of $150,000,000. The five year lease terms began in March 2015. At delivery, the Company sold and leased the vessels back over the terms of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. As at December 31, 2019, the carrying value of the vessels under these facilities was $206,201,000 (2018 - $215,080,000). (iv) Leases for five 11000 TEU vessels: Under these arrangements, the counterparty has provided financing of $420,750,000. The 17-year lease terms began between August 2017 and January 2018, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 3.3% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company is subject to 0.8% commitment fees calculated on the undrawn amounts. Upon delivery, these vessels commenced 17-year bareboat charters with MSC. The weighted average rate of interest, including the margin, was 5.25% at December 31, 2019 (2018 – 5.64 %). Based on amounts funded, payments due to the counterparties are as follows: 2020 $ 134.6 2021 32.0 2022 32.6 2023 33.2 2024 26.2 Thereafter 255.2 $ 513.8 |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Other Long Term Liabilities [Line Items] | |
Other long-term liabilities | 12. Other long-term liabilities: 2019 2018 Deferred gain on sale-leasebacks (a) $ — $ 181.0 Other 19.0 32.3 Other long-term liabilities 19.0 213.3 Current portion of other long-term liabilities (7.8 ) (32.2 ) Other long-term liabilities $ 11.2 $ 181.1 _______________________________ (a) Upon adoption of ASU 2016-02, the Company recorded an adjustment through deficit to recognize the deferred gain related to sale-leaseback transactions under operating lease arrangements (note 2(s)). |
Preferred shares and share capi
Preferred shares and share capital | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Class Of Stock [Line Items] | |
Preferred shares and share capital | 13. Preferred shares and share capital: (a) Common shares: The Company has 400,000,000 Class A common shares, 25,000,000 Class B common shares and 100 Class C common shares authorized. At December 31, 2019, there are no Class B or Class C common shares outstanding (2018 – nil and nil, respectively). The Company has a dividend reinvestment program (“DRIP”) that allows interested shareholders to reinvest all or a portion of cash dividends received in the Company’s common shares. If new common shares are issued by the Company, the reinvestment price is equal to the average price of the Company’s common shares for the five days immediately prior to the reinvestment, less a discount. The discount rate is set by the Board of Directors and is currently 3.0%. If common shares are purchased in the open market, the reinvestment price is equal to the average price per share paid. In March 2017, the Company entered into an equity distribution agreement with sales agents under which the Company may, from time to time, issue Class A common shares in one or more at-the-market (“ATM”) offerings up to an aggregate of $75,000,000 in gross sales proceeds. In 2017, the Company issued 11,800,000 Class A common shares under the ATM offerings for gross proceeds of $74,953,000. The ATM offering completed the authorized issuances under the equity distribution agreement. In November 2017, the Company entered into a second equity distribution agreement under which the Company may, from time to time, issue Class A common shares in ATM offerings for up to an aggregate of $100,000,000. In 2017 the Company issued 6,750,000 Class A common shares under the ATM offerings for gross proceeds of $40,395,000. During the year ended December 31, 2019 and December 31, 2018, the Company did not issue any common shares under an ATM offering. In March 2018, the Company issued 2,514,996 Class A common shares for $13,908,000 as part of the consideration paid for the acquisition of GCI (note 3). (b) Preferred shares: At December 31, 2019, the Company had the following preferred shares outstanding: Liquidation preference Shares Dividend rate Redemption by Company December December Series Authorized Issued per annum permitted on or after 2019 2018 A 315,000 — ― ― $ — $ — B 260,000 — ― ― ― ― C 40,000,000 — ― ― ― ― D 20,000,000 5,093,728 (1) 7.95 % January 30, 2018 (2) 127.3 175.4 E 15,000,000 5,415,937 8.25 % February 13, 2019 (2) 135.4 135.4 F 20,000,000 ― ― ― ― ― G 15,000,000 7,800,800 8.20 % June 16, 2021 (2) 195.0 195.0 H 15,000,000 9,025,105 7.875 % August 11, 2021 (2) 225.6 225.6 I 6,000,000 6,000,000 8.00 % October 30, 2023 (2) 150.0 150.0 R 1,000,000 ― ― ― ― ― (1) The Company issued 1,986,449 Series D preferred shares as consideration for the acquisition of GCI on March 13, 2018, which are redeemable at the option of the holder for a period, beginning 18 months and ending 19 months after issuance. Upon issuance, these preferred shares were recorded outside of permanent equity at a fair value of $23.74 per share, accreted up to the holder’s redemption value of $24.84 per share until the earliest redemption date. In September 2019, the Company (2) Redeemable by the Company, in whole or in part, at a redemption price equal to its liquidation preference of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. In September 2018, the Company issued an aggregate of 6,000,000 Series I preferred share for gross proceeds of $150,000,000. Dividends are cumulative at a fixed rate of 8.00% until, but excluding October 30, 2023. From and including October 30, 2023, dividends are based on three-month LIBOR plus a margin of 5.008%. At-the-market offering of preferred shares In November 2016, the Company entered into an equity distribution agreement with a sales agent under which the Company may, from time to time, issue Series D, Series E, Series G and Series H preferred shares in one or more ATM offerings up to an aggregate of $150,000,000 in gross sales proceeds. During the year ended December 31, 2019 and December 31, 2018, the Company did not issue any preferred shares under an ATM offering. The preferred shares are subject to certain financial covenants and the Company is in compliance with these covenants at December 31, 2019. (c) Warrants: The 2018 Warrants entitle the holder to purchase one share of the Company’s Class A common shares at an exercise price of $6.50 per share, subject to customary anti-dilution adjustments. Each warrant is exercisable within seven years. The holder may pay the aggregate exercise price in cash, by redemption of a fixed amount of 2025 Notes or by any combination of the foregoing. The Company can elect to require early exercise of the 2018 Warrants, at any time after February 14, 2022, if the volume weighted average price of the Company’s Class A common shares, averaged over a 20-day period, equals or exceeds twice the exercise price of the 2018 Warrants at that time. On July 16, 2018, the Company closed an agreement such that Fairfax agreed to exercise the 2018 Warrants immediately to purchase 38,461,539 Class A common shares and to exercise the 2019 Warrants upon issuance in January 2019, both in cash. In consideration for Fairfax early exercising the 2018 Warrants and the 2019 Warrants, the Company issued New Warrants to purchase 25,000,000 Class A common shares at an exercise price of $8.05 per share, subject to customary anti-dilution adjustments. Each warrant is exercisable within seven years. The holder may pay the aggregate exercise price by cash, by cashless exercise or by any combination of the foregoing. The Company can elect to require early exercise of the New Warrants, at any time after July 16, 2022, if the volume weighted average price of the Company’s Class A common shares, averaged over a 20-day period, equals or exceeds twice the exercise price of the New Warrants three days prior to the exercise notice. If the 2019 Warrants were not exercised in January 2019, 12,500,000 of the New Warrants or the Class A common shares, would be cancelled if the New Warrants were exercised. The 2019 Warrants were issued on January 15, 2019 and immediately exercised for cash. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Earnings Per Share Basic [Line Items] | |
Earnings per share | 14. Earnings per share: Earnings Shares Per For the year ended December 31, 2019 (numerator) (denominator) amount Net earnings $ 439.1 Less preferred share dividends: Series D (14.1 ) Series E (11.2 ) Series G (16.0 ) Series H (17.8 ) Series I (12.0 ) Basic EPS: Earnings attributable to common shareholders $ 368.0 214,499,000 $ 1.72 Effect of dilutive securities: Share-based compensation — 471,000 New Warrants — 4,902,000 Diluted EPS: Earnings attributable to common shareholders $ 368.0 219,872,000 $ 1.67 Earnings Shares Per For the year ended December 31, 2018 (numerator) (denominator) amount Net earnings $ 278.8 Less preferred share dividends: Series D (14.6 ) Series E (11.2 ) Series F (8.3 ) Series G (16.0 ) Series H (17.8 ) Series I (3.4 ) Basic EPS: Earnings attributable to common shareholders $ 207.5 154,848,000 $ 1.34 Effect of dilutive securities: Share-based compensation 91,000 2018 Warrants and New Warrants — 3,129,000 Diluted EPS (1) Earnings attributable to common shareholders (1) $ 207.5 158,068,000 $ 1.31 Earnings Shares Per For the year ended December 31, 2017 (numerator) (denominator) amount Net earnings $ 175.2 Less preferred share dividends: Series D (9.9 ) Series E (11.1 ) Series F (9.7 ) Series G (16.0 ) Series H (17.7 ) Basic EPS: Loss attributable to common shareholders $ 110.8 117,524,000 $ 0.94 Effect of dilutive securities: Share-based compensation — 81,400 Diluted EPS (1) Earnings attributable to common shareholders (1) $ 110.8 117,605,400 $ 0.94 (1) The convertible Series F preferred shares are not included in the computation of diluted EPS when their effects are anti-dilutive. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share-based compensation | 15. Share-based compensation: In December 2005, the Company’s Board of Directors adopted its Stock Incentive Plan (the “Plan”), under which officers, employees and directors may be granted options, restricted shares, phantom shares, and other stock-based awards as may be determined by the Company’s Board of Directors. In December 2015, the Plan, which is administered by the Company’s Board of Directors, was amended to increase the total shares of common stock reserved for issuance under the Plan to 3,000,000. The Plan was also amended to an indefinite term from the date of its adoption. In December 2017, the Plan was further amended to increase the total shares of common stock reserved for issuance under the Plan to 5,000,000. At December 31, 2019, there are 1,291,076 (2018 – 2,187,420) remaining shares left for issuance under this Plan. A summary of the Company’s outstanding restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units as of and for the twelve months ended December 31, 2019, 2018, and 2017 are presented below: Restricted shares Phantom share units Stock appreciation rights Restricted stock units Stock options Number W.A. Number W.A. grant Number of W.A. grant Number W.A. grant Number W.A. grant of shares date FV of units date FV SARs date FV of units date FV of options date FV December 31, 2016 56,861 $ 15.48 $ 637,001 $ 14.55 $ 2,438,197 $ 2.29 $ 523,387 $ 16.71 — — Granted 107,270 8.97 90,000 6.85 — — 88,293 5.93 — — Vested (56,861 ) 15.48 — — — — (537,216 ) 16.16 — — Exchanged — — — — — — — — — — Expired — — — — (1,929,260 ) 2.00 — — — — Cancelled (12,737 ) 9.53 — — (22,963 ) 3.40 (3,280 ) 9.16 — — December 31, 2017 94,533 8.89 727,001 13.60 485,974 3.40 71,184 7.80 — — Granted 664,326 7.68 30,000 6.86 — — 109,248 9.73 500,000 2.45 Vested (119,509 ) 8.52 — — — — (83,220 ) 9.87 — — Exchanged — — (113,333 ) 18.80 — — — — — — Expired — — — — (485,974 ) 3.40 — — — — Cancelled (53,608 ) 7.10 (76,666 ) 7.90 — — (12,441 ) 7.28 — — December 31, 2018 585,742 7.76 567,002 12.97 — — 84,771 8.33 500,000 2.45 Granted 107,400 8.64 — — — — 209,732 8.80 — — Vested (185,742 ) 7.58 — — — — (124,073 ) 9.20 — — Exchanged — — (60,001 ) 16.68 — — — — — — Expired — — — — — — — — — — Cancelled — — — — — — (33,466 ) 9.05 — — December 31, 2019 507,400 $ 8.01 507,001 $ 12.53 $ — $ — 136,964 $ 8.09 500,000 $ 2.45 During the year ended December 31, 2019, the Company amortized $3,310,000 (2018 – $2,989,000; 2017 - $10,400,000) in share-based compensation expense related to the above share-based compensation awards. At December 31, 2019, there was $3,764,000 (2018 – $1,474,000) of total unamortized compensation costs relating to unvested share-based compensation awards, which are expected to be recognized over a weighted-average period of 22 months. In July 2017, 1,000,000 fully vested Class A common shares were granted to the Company’s chairman of the board (the “Chairman”). In addition, in August 2017, the Chairman purchased 1,000,000 Class A common shares for $6.00 per share. As a result of these transactions, the Company recognized $6,920,000 in share-based compensation expense for the year ended December 31, 2017. (a) Restricted shares and phantom share units: Class A common shares are issued on a one-for-one basis in exchange for the cancellation of vested restricted shares and phantom share units. The restricted shares generally vest over one year and the phantom share units generally vest over three years. In December 2018, the Company granted the CEO 500,000 restricted shares. These restricted shares vest over five years, up to maximum amount each year. As of December 31, 2019, 100,000 of these restricted shares are vested. (b) Restricted stock units: Under the Company’s Cash and Equity Bonus Plan, the Company grants restricted stock units to eligible participants. The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant. Upon vesting of the restricted stock units, the participant will receive Class A common shares. This plan was renewed on July 1, 2018. In March 2019, the Company cancelled 100,000 restricted shares previously issued to the former Chief Executive Officer (“former CEO”) of the Company. (c ) Stock options: In January 2018, the Company granted the CEO stock options to acquire 500,000 Class A common shares at an exercise price of $7.20 per share. The stock options vest equally on each of the first five anniversaries of the CEO’s start date in January 2018 and expire on January 8, 2028. As at December 31, 2019, 100,000 of these stock options are vested and exercisable. |
Other information
Other information | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Other Information [Line Items] | |
Other information | 16. Other information: (a) Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are: 2019 2018 Accrued interest $ 17.1 $ 20.3 Accounts payable and other accrued liabilities 66.3 49.9 $ 83.4 $ 70.2 (b) Supplemental cash flow information: 2019 2018 2017 Interest paid on debt $ 183.1 $ 194.3 $ 111.2 Interest received 8.9 3.7 6.8 Undrawn credit facility fee paid 1.7 0.6 2.4 Non-cash transactions: Dividend reinvestment 1.2 22.8 21.8 Arrangement and transaction fees settled in shares — 2.3 4.2 Capital contribution through settlement of loans to affiliate — — 6.7 Carrying value of previously held equity in GCI settled on acquisition — 61.9 — Issuance of Class A common shares on acquisition — 13.9 — Issuance of New Warrants — 67.5 — Issuance of Series D preferred shares on acquisition — 47.2 — Offset of swaption against swap liability termination — — 10.9 Repayment of debt from sale-leaseback transaction proceeds — — 53.2 Settlement of GCI transaction fees paid by the Company — 15.2 — Settlement of loans to affiliate, accrued interest and other intercompany balances on acquisition — 38.8 — Sale of leased assets in exchange for net investment in the lease (note 5) 316.7 — — Refinancing of existing Term Loans with draws made on the Program (note 9 (c)) 302.7 — — The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows: 2019 2018 2017 Cash and cash equivalents $ 195.0 357.3 253.2 Restricted cash 2.3 14.1 14.0 Total cash, cash equivalents and restricted cash $ 197.3 371.4 267.2 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Disaggregation Of Revenue [Line Items] | |
Revenue | 17. Revenue: For the year ended December 31, 2019, 2018, and 2017, revenue consists of: 2019 2018 2017 Time charter revenue $ 1,096.0 $ 1,061.1 $ 825.0 Interest income from leasing 35.5 35.2 6.3 $ 1,131.5 $ 1,096.3 $ 831.3 At December 31, 2019, the minimum future revenues to be received on committed time charters and interest income to be earned from sales-type and direct financing leases are as follows: Time charter revenue to be received from operating leases Interest income to be earned from sales-type and direct financing leases Total committed revenue 2020 $ 1,028.1 $ 63.8 $ 1,091.9 2021 857.9 60.8 918.7 2022 630.7 56.8 687.5 2023 425.7 49.5 475.2 2024 274.8 30.9 305.7 Thereafter 230.7 216.2 446.9 $ 3,447.9 $ 478.0 $ 3,925.9 Minimum future revenues to be received on committed time charters assume 100% utilization, extensions only at the Company’s unilateral option and sole discretion and no renewals. In March 2019, the Company entered into an agreement with a customer to modify seven of its time charters such that the existing time charters continued until March 31, 2019, subsequent to which the vessels were re-chartered to other customers. Pursuant to this agreement, the Company received a settlement payment of $227,000,000, which was recorded in income related to modification of time charters. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Commitments And Contingencies [Line Items] | |
Commitments and contingencies | 18. Commitments and contingencies: (a) Operating leases: At December 31, 2019, the commitment under operating leases for vessels is $1,100,225,000 for the years from 2020 to 2029 and for office space is $7,362,000 for the years from 2020 to 2024. Total commitments under these leases are as follows: 2020 $ 153.8 2021 154.0 2022 148.5 2023 148.7 2024 150.9 Thereafter 351.7 $ 1,107.6 For operating leases indexed to three-months LIBOR, commitment under these leases are calculated using the LIBOR in place as at December 31, 2019 for the Company. At December 31, 2018, the commitment under operating leases for vessels is $1,279,074,000 for the years from 2019 to 2029 and for office space is $8,401,000 for the years from 2019 to 2024. Total commitments under these leases are as follows: 2019 $ 160.0 2020 159.2 2021 158.3 2022 151.7 2023 150.8 Thereafter 507.5 $ 1,287.5 For operating leases indexed to three-months LIBOR, commitment under these leases are calculated using the LIBOR in place as at December 31, 2018 for the Company. (b) Vessel commitment: In September 2019, the Company entered into an agreement to purchase a 2010-built 9600 TEU vessel for an aggregate purchase price of $33,100,000, with expected delivery by April 2020. At December 31, 2019, the Company had made a payment of $6,620,000 which was included in Other Assets. The remaining balance is due upon delivery. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Entity Wide Revenue Major Customer [Line Items] | |
Concentrations | 19. Concentrations: The Company’s revenue is derived from the following customers: 2019 2018 2017 COSCO $ 407.4 $ 412.3 $ 387.7 Yang Ming Marine 257.5 235.6 141.5 ONE 199.4 241.6 199.7 Other 267.2 206.8 102.4 $ 1,131.5 $ 1,096.3 $ 831.3 __________________ (1) Revenue from ONE reflects a joint venture arrangement that was formed on April 1, 2018 under which MOL, K-Line and Nippon Yusen Kabushiki Kaisha integrated their container shipping businesses. This presentation is also reflected in the prior periods. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Financial Instruments [Line Items] | |
Financial instruments | 20. Financial instruments: (a) Fair value: The carrying values of cash and cash equivalents, short-term investments, restricted cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2019, the fair value of the Company’s Revolvers and Term Loans, excluding deferred financing fees is $2,624,711,000 (2018 - $2,875,691,000) and the carrying value is $2,666,274,000 (2018 - $2,944,602,000). As of December 31, 2019, the fair value of the Company’s operating lease liabilities is $940,034,000 and the carrying value is $942,308,000. As of December 31, 2019, the fair value of the Company’s long-term obligations under other financing arrangements, excluding deferred financing fees, is $533,754,000 (2018 - $660,919,000) and the carrying value is $513,771,000 (2018 - $647,664,000). The fair value of the Revolvers and Term Loans, operating lease liabilities and long-term obligations under other financing arrangements, excluding deferred financing fees, are estimated based on expected principal repayments and interest, discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company has categorized the fair value of these financial instruments as Level 2 in the fair value hierarchy. As of December 31, 2019, the fair value of the Company’s senior unsecured notes is $82,816,000 (2018 – $400,049,000) and the carrying value is $80,000,000 (2018 – $400,396,000). The fair value of senior unsecured notes is calculated based on a quoted price that is readily and regularly available in an active market. Therefore, the Company has categorized the fair value of these financial instruments as Level 1 in the fair value hierarchy. As of December 31, 2019, the fair value of the 2025 Notes and 2026 Notes is an aggregate $525,591,000 (2018 – $236,349,000) and the carrying value is an aggregate $349,106,000 (2018 – $166,608,000). The Annual Put Right features of the 2025 Notes and 2026 Notes are considered embedded derivatives that are separately accounted for and re-measured at fair value at the end of each reporting period. The fair value of the derivative put instruments at each reporting period is derived from the difference between the fair value of the 2025 Notes and 2026 Notes and the fair value of a similar debt without an Annual Put Right, which is calculated using a trinomial tree. The assumptions used include our estimate of the risk-free yield curve, interest volatility and the Company’s specific credit risk. The fair value of the Fairfax Notes and derivative put instruments is determined based on interest rate inputs that are unobservable. Therefore, the Company has categorized the fair value of these derivative financial instruments as Level 3 in the fair value hierarchy. The Company’s interest rate derivative financial instruments are re-measured to fair value at the end of each reporting period. The fair values of the interest rate derivative financial instruments have been calculated by discounting the future cash flow of both the fixed rate and variable rate interest rate payments. The discount rate was derived from a yield curve created by nationally recognized financial institutions adjusted for the associated credit risk. The fair values of the interest rate derivative financial instruments are determined based on inputs that are readily available in public markets or can be derived from information available in public markets. Therefore, the Company has categorized the fair value of these derivative financial instruments as Level 2 in the fair value hierarchy. (b) Interest rate derivative financial instruments: The Company uses interest rate derivative financial instruments, consisting of interest rate swaps and interest rate swaptions, to manage its interest rate risk associated with its variable rate debt. If interest rates remain at their current levels, the Company expects that $14,663,000 would be settled in cash in the next 12 months on instruments maturing after December 31, 2019. The amount of the actual settlement may be different depending on the interest rate in effect at the time settlements are made. On August 30, 2019, one of the Company’s interest rate swap counterparties exercised its termination right for early settlement. Upon termination, the Company made a payment of $97,955,000 (2018 - nil; 2017 – $8,107,000), equal to the fair value liability at the date of settlement, plus an additional amount in accrued interest. As of December 31, 2019, the Company had the following outstanding interest rate derivatives: Fixed per annum rate swapped for LIBOR Notional amount as of December 31, 2019 Maximum notional amount (1) Effective date Ending date 5.4200% $ 333.2 $ 333.2 September 6, 2007 May 31, 2024 1.6850% 110.0 110.0 November 14, 2019 May 15, 2024 1.6490% 160.0 160.0 September 27, 2019 May 14, 2024 5.6000% 108.0 108.0 June 23, 2010 December 23, 2021 (2) (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. (2) Prospectively de-designated as an accounting hedge in 2008. (c) Fair value of asset and liability derivatives: The following provides information about the Company’s derivatives: 2019 2018 Fair value of financial instruments asset Interest rate swaps $ 0.1 $ 0.1 Fair value of financial instruments liability Interest rate swaps 49.3 115.9 Derivative put instrument 0.9 11.3 There are no amounts subject to the master netting arrangements in 2019 or 2018. The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2019 2018 2017 Earnings (loss) on derivatives recognized in net earnings: Change in fair value of interest rate swaps (1) $ (58.8 ) $ 14.7 $ (12.6 ) Change in fair value of derivative put instrument 23.7 0.8 — Loss reclassified from AOCL to net earnings (2) Interest expense (0.3 ) (0.3 ) (1.9 ) Depreciation and amortization (0.7 ) (0.8 ) (1.0 ) (1) For the years ended December 31, 2019, 2018 and 2017, cash flows related to actual settlement of interest rate swaps were $126,782,000, $41,284,000 and $59,313,000. These are included in investing activities on the consolidated statements of cash flows. For the years ended December 31, 2018 and 2017, cash flows related to actual settlement of interest rate swaps of $41,284,000 and $59,313,000, respectively, were reclassified from operating activities to investing activities to conform with current financial statement presentation. (2) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings. The estimated amount of AOCL expected to be reclassified to net earnings within the next 12 months is approximately $974,000. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
Basis of presentation | (a) Basis of presentation: This financial statement has been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the financial statements. |
Principles of consolidation | (b) Principles of consolidation The accompanying consolidated financial statements include the accounts of Atlas and its wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated upon consolidation. |
Foreign currency translation | (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States 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 United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. |
Recent accounting pronouncements | (d) Recent accounting pronouncements: Measurement of credit loss In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Measurement of Credit Loss on financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. The revised guidance is effective for fiscal years, excluding operating lease receivables, and interim periods within those years, beginning after December 15, 2019. Upon adoption, a cumulative effect adjustment to our deficit is made as part of the modified retrospective transition approach. The Company, reviewed its financial assets measured at amortized cost basis and net investment in lease balances to estimate CECL using historical loss, adjusted for specific factors applicable in each scenario, and concluded that the impact is immaterial. Discontinuation of LIBOR In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under its relevant US GAAP Topic. The election is available by Topic. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. |
Seaspan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Basis of presentation | (a) Basis of presentation: These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. |
Principles of consolidation | (b) Principles of consolidation: The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 11. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. |
Foreign currency translation | (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States 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 United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. |
Recent accounting pronouncements | ( s ) Recently adopted accounting pronouncements: Leases Effective January 1, 2019, the Company adopted ASU 2016-02, “Leases”, using the modified retrospective method, whereby a cumulative effect adjustment was made as of the date of initial application. The Company elected the practical expedient to use the effective date of adoption as the date of initial application. Accordingly, financial information and disclosures in the comparative period were not restated. The Company also elected to apply the package of practical expedients such that for any expired or existing leases, it did not reassess lease classification, initial direct costs or whether the relevant contracts are or contain leases. The Company did not use hindsight to reassess lease term for the determination of impairment of right-of-use assets. The impacts of the adoption of ASU 2016-02 are as follows: (in millions of US dollars) As reported at December 31, 2018 Adjustments Adjusted at January 1, 2019 Right-of-use assets (1) (2) $ — $ 1,068.3 $ 1,068.3 Other assets (2) 204.9 (17.3 ) 187.6 Accounts payable and accrued liabilities (1) 70.2 (2.5 ) 67.7 Current portion of operating lease liabilities (1) — 160.2 160.2 Current portion of other long-term liabilities (3) 32.2 (22.2 ) 10.0 Operating lease liabilities (1) — 893.3 893.3 Other long-term liabilities (3) 181.1 (158.9 ) 22.2 Deficit (3) (645.6 ) 181.1 (464.5 ) ______________________ (1) Upon adoption of ASU 2016-02, the Company recorded non-cash right-of-use assets and operating lease liabilities on the balance sheet for its vessel sale-leaseback transactions and office leases under operating lease arrangements. Prior to January 1, 2019, operating leases were not included on the balance sheet and were recorded as operating lease expenses when incurred. The amount recognized as operating lease liabilities was based on the present value of future minimum lease payments, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate if the lessor’s implicit rate is not readily determinable and includes any existing accrued payments related to lease liabilities. Minimum lease payments referenced to an indexed rate were determined based on the respective rates at the adoption date. (2) Initial direct costs related to the Company’s vessel sale-leaseback transactions under operating lease arrangements were reclassified from other assets to right-of-use assets. (3) Deferred gain related to the Company’s vessel sale-leaseback transactions was recognized through deficit on the initial date of application. The accounting for lessors is largely unchanged under ASU 2016-02. The Company evaluated its lessor arrangements and determined that the amounts recognized and the pattern of recognition remain substantially the same as existing guidance which was previously used by the Company. ( t ) Recent accounting pronouncements: Measurement of credit loss In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Measurement of Credit Loss on financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. The revised guidance is effective for fiscal years, excluding operating lease receivables, and interim periods within those years, beginning after December 15, 2019. Upon adoption, a cumulative effect adjustment to our deficit is made as part of the modified retrospective transition approach. The Company, reviewed its financial assets measured at amortized cost basis and net investment in lease balances to estimate CECL using historical loss, adjusted for specific factors applicable in each scenario, and concluded that the impact is immaterial. Discontinuation of LIBOR In March 2020, FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848)”, which provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under its relevant US GAAP Topic. The election is available by Topic. This guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. |
Cash equivalents | (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. |
Vessels | (e) Vessels: Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from the Company’s predecessor upon completion of the Company’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the vessel exceeds the estimated net undiscounted future cash flows expected to be generated over the vessel’s remaining useful life, the carrying amount of the vessel is reduced to its estimated fair value. |
Dry-dock activities | (f) Dry-dock activities: Classification rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
Business combinations | (g) Business combinations: Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. |
Goodwill | (h ) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. 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. |
Deferred financing fees | (i ) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit and lease arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on long-term obligations under other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation and amortization of deferred financing fees on operating leases is provided on a straight line basis over the lease term. Amortization of deferred financing fees is recorded as interest expense. |
Revenue | (j ) Revenue: The Company derives its revenue primarily from the charter of its vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term and fair value associated with the lease. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Time charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For financing leases that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs should be deferred and amortized to income over the term of the lease. |
Leases | (k ) Leases: The Company is the lessee in certain of its vessel sale-leaseback transactions. Leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of twelve months or less are expensed as incurred. Transactions are determined to be sale-leaseback transactions when control of the vessel is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer. |
Derivative financial instruments | (l ) Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. While hedge accounting was applied, the effective portion of the unrealized gains or losses on those designated interest rate swaps was recorded in other comprehensive loss. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. |
Fair value measurement | (m ) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Share-based compensation | (n ) Share-based compensation: The Company has granted restricted shares, phantom share units, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: • Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s Class A common shares on the date of the grant. • Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur. |
Earnings per share | (o ) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible preferred shares. Under the if-converted method, dividends applicable to the convertible preferred shares are added back to earnings attributable to common shareholders, and the convertible preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied to the computation of diluted EPS only if the effect is dilutive. The cumulative dividends applicable to the Series D, E, F, G, H and I preferred shares reduce the earnings available to common shareholders, even if not declared. |
Use of estimates | (p ) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: • reported amounts of assets and liabilities, • disclosure of contingent assets and liabilities at the balance sheet dates and • reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include the: • assessment of going concern; • assessment of vessel useful lives; • expected vessel salvage values; • recoverability of the carrying value of vessels which are subject to future market events; • carrying value of goodwill; and • fair value of interest rate swaps, other derivative financial instruments and share-based awards. |
Comparative information | (q ) Comparative information: Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. |
Previously adopted accounting pronouncements | (r) Previously adopted accounting pronouncement: Definition of a business Effective January 1, 2018, the Company adopted ASU 2017-01, “Clarifying the Definition of a Business”, which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company analyzed its March 13, 2018 acquisition of Greater China Intermodal Investments (“GCI”) under this standard (see note 3). |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Schedule of recently adopted accounting pronouncements | The impacts of the adoption of ASU 2016-02 are as follows: (in millions of US dollars) As reported at December 31, 2018 Adjustments Adjusted at January 1, 2019 Right-of-use assets (1) (2) $ — $ 1,068.3 $ 1,068.3 Other assets (2) 204.9 (17.3 ) 187.6 Accounts payable and accrued liabilities (1) 70.2 (2.5 ) 67.7 Current portion of operating lease liabilities (1) — 160.2 160.2 Current portion of other long-term liabilities (3) 32.2 (22.2 ) 10.0 Operating lease liabilities (1) — 893.3 893.3 Other long-term liabilities (3) 181.1 (158.9 ) 22.2 Deficit (3) (645.6 ) 181.1 (464.5 ) ______________________ |
Acquisition of GCI (Tables)
Acquisition of GCI (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Aggregate Purchase Price | The aggregate purchase price was $498,050,000, comprised of: Cash $ 331.9 1,986,449 of the Company's Series D preferred shares 47.2 2,514,996 of the Company's Class A common shares 13.9 Settlement of intercompany balances 41.3 Carrying value of previously held equity interest 61.9 Acquisition related transaction fees 1.9 Aggregate purchase price $ 498.1 |
Summary of Value of Attributed to Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the value attributed to the identifiable assets acquired and liabilities assumed; Cash and cash equivalents $ 70.1 Current assets 5.3 Vessels 1,369.8 Vessels under construction 28.9 Other assets 107.4 Total assets acquired 1,581.5 Debt assumed 1,038.1 Current liabilities 31.1 Other long-term liabilities 14.2 Net assets acquired $ 498.1 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Income or Expenses with Related Parties | (b) The Company incurred the following income or expenses with related parties: 2019 2018 2017 Fees paid: Interest expense $ 26.9 $ 19.4 $ — Arrangement fees — — 1.8 Transaction fees — — 2.3 Income earned: Interest income — 0.4 2.7 Management fees — 0.9 4.4 Supervision fees — — 1.3 |
Net investment in lease (Tables
Net investment in lease (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Line Items] | |
Schedule of Net Investment In Lease | The net investment in lease consists of the following components: 2019 2018 (Recast) Undiscounted lease receivable $ 1,224.2 $ 861.9 Unearned interest income (465.4 ) (410.4 ) Net investment in lease $ 758.8 $ 451.5 2019 2018 (Recast) Lease receivables $ 608.8 $ 451.5 Unguaranteed residual value 150.0 — Net investment in lease 758.8 451.5 Current portion of net investment in lease (35.2 ) (9.8 ) Long-term portion of net investment in lease $ 723.6 $ 441.7 |
Schedule of Minimum Lease Receivable from Direct Financing Leases | At December 31, 2019, the undiscounted minimum cash flow related to lease receivables from sales-type and direct financing leases are as follows: 2020 $ 95.7 2021 95.4 2022 95.4 2023 297.5 2024 44.5 Thereafter 595.7 $ 1,224.2 |
Vessels (Tables)
Vessels (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Property Plant And Equipment [Line Items] | |
Schedule of Vessels | December 31, 2019 Cost Accumulated depreciation Net book value Vessels $ 8,018.5 $ 2,311.4 $ 5,707.1 December 31, 2018 Cost Accumulated depreciation Net book value Vessels $ 8,004.0 $ 2,077.7 $ 5,926.3 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Operating Lease Right Of Use Assets [Line Items] | |
Schedule of Right-of-Use Assets | December 31, 2019 Cost Accumulated amortization Net book value Vessel operating leases $ 1,060.9 $ (110.1 ) $ 950.8 Office operating leases 8.2 (1.8 ) 6.4 Right-of-use assets $ 1,069.1 $ (111.9 ) $ 957.2 |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |
Schedule of Other Assets | 2019 2018 Intangible assets (a) $ 94.0 $ 112.0 Deferred dry-dock (b) 41.3 36.7 Deferred financing fees (c) — 17.3 Restricted cash — 14.1 Other 37.8 24.8 Other assets $ 173.1 $ 204.9 (a) Intangible assets Intangible assets are primarily comprised of the acquisition date fair value of time charter contracts acquired. During the year ended December 31, 2019, the Company recorded $17,171,000 (2018 - $16,269,000) of amortization expense related to acquired contracts. Future amortization expense related to the acquired time charter contracts is as follows: 2020 $ 19.2 2021 17.7 2022 16.1 2023 12.4 2024 9.7 Thereafter 15.6 $ 90.7 (b) Deferred dry-dock During the years ended December 31, 2019 and 2018, changes in deferred dry-dock were as follows: Dry-docking December 31, 2017 $ 42.5 Costs incurred 10.8 Amortization expensed (1) (16.6 ) December 31, 2018 36.7 Costs incurred 23.5 Amortization expensed (1) (18.9 ) December 31, 2019 $ 41.3 (1) Amortization of dry-docking costs is included in depreciation and amortization. (c) Deferred financing fees Initial direct costs related to the Company’s vessel sale-leaseback transactions under operating lease arrangements were reclassified from other assets to right-of-use assets upon adoption of ASU 2016-02 (note 2(s)) as of January 1, 2019. During the year ended December 31, 2018, changes in deferred financing fees were due to amortization expense. |
Long-term debt (Tables)
Long-term debt (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-Term Debt | 2019 2018 Revolving credit facilities (a) (c) (d) $ 867.0 788.2 Term loan credit facilities (b) (c) (d) 1,799.4 2,158.7 Senior unsecured notes (e) 80.0 400.4 2025 Notes and 2026 Notes (f) 500.0 250.0 3,246.4 3,597.3 Fair value adjustment on term loan credit facilities (b) (0.1 ) (2.3 ) Debt discount on 2025 Notes and 2026 Notes (f) (150.9 ) (83.4 ) Deferred financing fees (34.8 ) (24.1 ) Long-term debt 3,060.6 3,487.5 Current portion of long-term debt (363.7 ) (722.6 ) Long-term debt $ 2,696.9 2,764.9 |
Schedule of Future Minimum Repayments of Revolving Credit Facilities and Term Loans | The following is a schedule of future minimum repayments of Revolvers as of December 31, 2019: 2020 $ 197.9 2021 50.7 2022 387.4 2023 72.6 2024 158.4 Thereafter - $ 867.0 The following is a schedule of future minimum repayments of Term Loans as of December 31, 2019: 2020 $ 168.4 2021 252.5 2022 154.3 2023 243.4 2024 840.0 Thereafter 140.8 $ 1,799.4 |
Operating Lease Liabilities (Ta
Operating Lease Liabilities (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Line Items] | |
Schedule of Operating Lease Liabilities | December 31, 2019 Operating lease commitments $ 1,107.6 Impact of discounting (184.4 ) Impact of changes in variable rates 19.1 Operating lease liabilities 942.3 Current portion of operating lease liabilities (159.7 ) Operating lease liabilities $ 782.6 |
Schedule of Operating Lease Costs Related To Vessel Sale-leaseback Transactions And Office Leases | Operating lease costs related to vessel sale-leaseback transactions and office leases are summarized as follows: Year ended December 31, 2019 Lease costs: Operating lease costs $ 160.0 Variable lease adjustments (3.0 ) Other information: Operating cash outflow used for operating leases 153.2 Weighted average discount rate 4.8 % Weighted average remaining lease term 8 years |
Long-term Obligations under O_2
Long-term Obligations under Other Financing Arrangements (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Line Items] | |
Schedule of Long-term Obligations under Other Financing Arrangements | 2019 2018 Long-term obligations under other financing arrangements $ 513.8 $ 647.7 Deferred financing fees (5.3 ) (7.9 ) Long-term obligations under other financing arrangements 508.5 639.8 Current portion of long-term obligations under other financing arrangements (134.6 ) (48.4 ) Long-term obligations under other financing arrangements $ 373.9 $ 591.4 |
Schedule of Repayments Due for Obligations under Other Financing Arrangements | Based on amounts funded, payments due to the counterparties are as follows: 2020 $ 134.6 2021 32.0 2022 32.6 2023 33.2 2024 26.2 Thereafter 255.2 $ 513.8 |
Other long-term liabilities (Ta
Other long-term liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Other Long Term Liabilities [Line Items] | |
Schedule of Other Long-Term Liabilities | 2019 2018 Deferred gain on sale-leasebacks (a) $ — $ 181.0 Other 19.0 32.3 Other long-term liabilities 19.0 213.3 Current portion of other long-term liabilities (7.8 ) (32.2 ) Other long-term liabilities $ 11.2 $ 181.1 _______________________________ (a) Upon adoption of ASU 2016-02, the Company recorded an adjustment through deficit to recognize the deferred gain related to sale-leaseback transactions under operating lease arrangements (note 2(s)). |
Preferred shares and share ca_2
Preferred shares and share capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Class Of Stock [Line Items] | |
Schedule of Preferred Shares Outstanding | At December 31, 2019, the Company had the following preferred shares outstanding: Liquidation preference Shares Dividend rate Redemption by Company December December Series Authorized Issued per annum permitted on or after 2019 2018 A 315,000 — ― ― $ — $ — B 260,000 — ― ― ― ― C 40,000,000 — ― ― ― ― D 20,000,000 5,093,728 (1) 7.95 % January 30, 2018 (2) 127.3 175.4 E 15,000,000 5,415,937 8.25 % February 13, 2019 (2) 135.4 135.4 F 20,000,000 ― ― ― ― ― G 15,000,000 7,800,800 8.20 % June 16, 2021 (2) 195.0 195.0 H 15,000,000 9,025,105 7.875 % August 11, 2021 (2) 225.6 225.6 I 6,000,000 6,000,000 8.00 % October 30, 2023 (2) 150.0 150.0 R 1,000,000 ― ― ― ― ― (1) The Company issued 1,986,449 Series D preferred shares as consideration for the acquisition of GCI on March 13, 2018, which are redeemable at the option of the holder for a period, beginning 18 months and ending 19 months after issuance. Upon issuance, these preferred shares were recorded outside of permanent equity at a fair value of $23.74 per share, accreted up to the holder’s redemption value of $24.84 per share until the earliest redemption date. In September 2019, the Company (2) Redeemable by the Company, in whole or in part, at a redemption price equal to its liquidation preference of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Earnings Per Share Basic [Line Items] | |
Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations | Earnings Shares Per For the year ended December 31, 2019 (numerator) (denominator) amount Net earnings $ 439.1 Less preferred share dividends: Series D (14.1 ) Series E (11.2 ) Series G (16.0 ) Series H (17.8 ) Series I (12.0 ) Basic EPS: Earnings attributable to common shareholders $ 368.0 214,499,000 $ 1.72 Effect of dilutive securities: Share-based compensation — 471,000 New Warrants — 4,902,000 Diluted EPS: Earnings attributable to common shareholders $ 368.0 219,872,000 $ 1.67 Earnings Shares Per For the year ended December 31, 2018 (numerator) (denominator) amount Net earnings $ 278.8 Less preferred share dividends: Series D (14.6 ) Series E (11.2 ) Series F (8.3 ) Series G (16.0 ) Series H (17.8 ) Series I (3.4 ) Basic EPS: Earnings attributable to common shareholders $ 207.5 154,848,000 $ 1.34 Effect of dilutive securities: Share-based compensation 91,000 2018 Warrants and New Warrants — 3,129,000 Diluted EPS (1) Earnings attributable to common shareholders (1) $ 207.5 158,068,000 $ 1.31 Earnings Shares Per For the year ended December 31, 2017 (numerator) (denominator) amount Net earnings $ 175.2 Less preferred share dividends: Series D (9.9 ) Series E (11.1 ) Series F (9.7 ) Series G (16.0 ) Series H (17.7 ) Basic EPS: Loss attributable to common shareholders $ 110.8 117,524,000 $ 0.94 Effect of dilutive securities: Share-based compensation — 81,400 Diluted EPS (1) Earnings attributable to common shareholders (1) $ 110.8 117,605,400 $ 0.94 (1) The convertible Series F preferred shares are not included in the computation of diluted EPS when their effects are anti-dilutive. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units | A summary of the Company’s outstanding restricted shares, phantom share units, stock appreciation rights (“SARs”) and restricted stock units as of and for the twelve months ended December 31, 2019, 2018, and 2017 are presented below: Restricted shares Phantom share units Stock appreciation rights Restricted stock units Stock options Number W.A. Number W.A. grant Number of W.A. grant Number W.A. grant Number W.A. grant of shares date FV of units date FV SARs date FV of units date FV of options date FV December 31, 2016 56,861 $ 15.48 $ 637,001 $ 14.55 $ 2,438,197 $ 2.29 $ 523,387 $ 16.71 — — Granted 107,270 8.97 90,000 6.85 — — 88,293 5.93 — — Vested (56,861 ) 15.48 — — — — (537,216 ) 16.16 — — Exchanged — — — — — — — — — — Expired — — — — (1,929,260 ) 2.00 — — — — Cancelled (12,737 ) 9.53 — — (22,963 ) 3.40 (3,280 ) 9.16 — — December 31, 2017 94,533 8.89 727,001 13.60 485,974 3.40 71,184 7.80 — — Granted 664,326 7.68 30,000 6.86 — — 109,248 9.73 500,000 2.45 Vested (119,509 ) 8.52 — — — — (83,220 ) 9.87 — — Exchanged — — (113,333 ) 18.80 — — — — — — Expired — — — — (485,974 ) 3.40 — — — — Cancelled (53,608 ) 7.10 (76,666 ) 7.90 — — (12,441 ) 7.28 — — December 31, 2018 585,742 7.76 567,002 12.97 — — 84,771 8.33 500,000 2.45 Granted 107,400 8.64 — — — — 209,732 8.80 — — Vested (185,742 ) 7.58 — — — — (124,073 ) 9.20 — — Exchanged — — (60,001 ) 16.68 — — — — — — Expired — — — — — — — — — — Cancelled — — — — — — (33,466 ) 9.05 — — December 31, 2019 507,400 $ 8.01 507,001 $ 12.53 $ — $ — 136,964 $ 8.09 500,000 $ 2.45 |
Other Information (Tables)
Other Information (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Other Information [Line Items] | |
Schedule of Accounts Payable and Accrued Liabilities | The principal components of accounts payable and accrued liabilities are: 2019 2018 Accrued interest $ 17.1 $ 20.3 Accounts payable and other accrued liabilities 66.3 49.9 $ 83.4 $ 70.2 |
Schedule of Supplemental Cash Flow Information | (b) Supplemental cash flow information: 2019 2018 2017 Interest paid on debt $ 183.1 $ 194.3 $ 111.2 Interest received 8.9 3.7 6.8 Undrawn credit facility fee paid 1.7 0.6 2.4 Non-cash transactions: Dividend reinvestment 1.2 22.8 21.8 Arrangement and transaction fees settled in shares — 2.3 4.2 Capital contribution through settlement of loans to affiliate — — 6.7 Carrying value of previously held equity in GCI settled on acquisition — 61.9 — Issuance of Class A common shares on acquisition — 13.9 — Issuance of New Warrants — 67.5 — Issuance of Series D preferred shares on acquisition — 47.2 — Offset of swaption against swap liability termination — — 10.9 Repayment of debt from sale-leaseback transaction proceeds — — 53.2 Settlement of GCI transaction fees paid by the Company — 15.2 — Settlement of loans to affiliate, accrued interest and other intercompany balances on acquisition — 38.8 — Sale of leased assets in exchange for net investment in the lease (note 5) 316.7 — — Refinancing of existing Term Loans with draws made on the Program (note 9 (c)) 302.7 — — |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows: 2019 2018 2017 Cash and cash equivalents $ 195.0 357.3 253.2 Restricted cash 2.3 14.1 14.0 Total cash, cash equivalents and restricted cash $ 197.3 371.4 267.2 |
Revenue (Tables)
Revenue (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |
Components of Revenue | For the year ended December 31, 2019, 2018, and 2017, revenue consists of: 2019 2018 2017 Time charter revenue $ 1,096.0 $ 1,061.1 $ 825.0 Interest income from leasing 35.5 35.2 6.3 $ 1,131.5 $ 1,096.3 $ 831.3 |
Schedule of Future Minimum Revenues Committed | At December 31, 2019, the minimum future revenues to be received on committed time charters and interest income to be earned from sales-type and direct financing leases are as follows: Time charter revenue to be received from operating leases Interest income to be earned from sales-type and direct financing leases Total committed revenue 2020 $ 1,028.1 $ 63.8 $ 1,091.9 2021 857.9 60.8 918.7 2022 630.7 56.8 687.5 2023 425.7 49.5 475.2 2024 274.8 30.9 305.7 Thereafter 230.7 216.2 446.9 $ 3,447.9 $ 478.0 $ 3,925.9 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Commitments And Contingencies [Line Items] | |
Schedule of Commitment Under Operating Leases | Total commitments under these leases are as follows: 2020 $ 153.8 2021 154.0 2022 148.5 2023 148.7 2024 150.9 Thereafter 351.7 $ 1,107.6 2019 $ 160.0 2020 159.2 2021 158.3 2022 151.7 2023 150.8 Thereafter 507.5 $ 1,287.5 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Seaspan [Member] | |
Entity Wide Revenue Major Customer [Line Items] | |
Schedule of Revenue Derived from Customers | The Company’s revenue is derived from the following customers: 2019 2018 2017 COSCO $ 407.4 $ 412.3 $ 387.7 Yang Ming Marine 257.5 235.6 141.5 ONE 199.4 241.6 199.7 Other 267.2 206.8 102.4 $ 1,131.5 $ 1,096.3 $ 831.3 __________________ (1) Revenue from ONE reflects a joint venture arrangement that was formed on April 1, 2018 under which MOL, K-Line and Nippon Yusen Kabushiki Kaisha integrated their container shipping businesses. This presentation is also reflected in the prior periods. |
Financial instruments (Tables)
Financial instruments (Tables) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Line Items] | |
Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2019, the Company had the following outstanding interest rate derivatives: Fixed per annum rate swapped for LIBOR Notional amount as of December 31, 2019 Maximum notional amount (1) Effective date Ending date 5.4200% $ 333.2 $ 333.2 September 6, 2007 May 31, 2024 1.6850% 110.0 110.0 November 14, 2019 May 15, 2024 1.6490% 160.0 160.0 September 27, 2019 May 14, 2024 5.6000% 108.0 108.0 June 23, 2010 December 23, 2021 (2) (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. (2) Prospectively de-designated as an accounting hedge in 2008. |
Schedule of Derivatives | The following provides information about the Company’s derivatives: 2019 2018 Fair value of financial instruments asset Interest rate swaps $ 0.1 $ 0.1 Fair value of financial instruments liability Interest rate swaps 49.3 115.9 Derivative put instrument 0.9 11.3 |
Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings | The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2019 2018 2017 Earnings (loss) on derivatives recognized in net earnings: Change in fair value of interest rate swaps (1) $ (58.8 ) $ 14.7 $ (12.6 ) Change in fair value of derivative put instrument 23.7 0.8 — Loss reclassified from AOCL to net earnings (2) Interest expense (0.3 ) (0.3 ) (1.9 ) Depreciation and amortization (0.7 ) (0.8 ) (1.0 ) (1) For the years ended December 31, 2019, 2018 and 2017, cash flows related to actual settlement of interest rate swaps were $126,782,000, $41,284,000 and $59,313,000. These are included in investing activities on the consolidated statements of cash flows. For the years ended December 31, 2018 and 2017, cash flows related to actual settlement of interest rate swaps of $41,284,000 and $59,313,000, respectively, were reclassified from operating activities to investing activities to conform with current financial statement presentation. (2) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings. |
General - Additional Informatio
General - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Company incorporation date | Oct. 1, 2019 | |
Seaspan [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Company incorporation date | May 3, 2005 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) | Mar. 31, 2020USD ($)Vessel$ / shares | Mar. 06, 2020USD ($) | Feb. 28, 2020USD ($)$ / sharesshares | Feb. 24, 2020USD ($)Vessel | Jan. 24, 2020Containership | Jan. 07, 2020USD ($) | Jan. 03, 2020USD ($)$ / shares | Dec. 30, 2019 | Feb. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 26, 2020 | Jan. 17, 2020 |
Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Aggregate purchase price of vessels | $ 316,666,000 | |||||||||||||
Dividends on preferred shares | 70,400,000 | $ 68,700,000 | $ 64,400,000 | |||||||||||
Term Loans [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Credit facilities, maximum aggregate borrowings | $ 1,954,375,000 | $ 2,158,743,000 | ||||||||||||
Maturity date | Dec. 30, 2025 | |||||||||||||
Subsequent Events [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Shares issued as consideration for acquisition | shares | 29,891,266 | |||||||||||||
Shares per share price | $ / shares | $ 11.10 | |||||||||||||
Business acquisition equity interests, shares reserved | shares | 6,664,270 | |||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 20, 2020 | |||||||||||||
Dividends on common share, per share | $ / shares | $ 0.125 | |||||||||||||
Aggregate commitment amount | $ 337,732,000 | |||||||||||||
Leased back for a period | 10 years | |||||||||||||
Subsequent Events [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 20, 2020 | |||||||||||||
Dividends on common share, per share | $ / shares | $ 0.125 | |||||||||||||
Aggregate commitment amount | $ 337,732,000 | |||||||||||||
Number of delivered and funded vessels | Vessel | 2 | |||||||||||||
Number of containerships delivered | Containership | 6 | |||||||||||||
Subsequent Events [Member] | Seaspan [Member] | 13100 TEU vessel [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Prepayment on remaining balance of financing arrangement | $ 48,316,000 | |||||||||||||
Subsequent Events [Member] | 12000 TEU Vessels [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels purchase | Vessel | 4 | |||||||||||||
Aggregate purchase price of vessels | $ 367,100,000 | |||||||||||||
Subsequent Events [Member] | 12000 TEU Vessels [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels purchase | Vessel | 4 | |||||||||||||
Aggregate purchase price of vessels | $ 367,100,000 | |||||||||||||
Subsequent Events [Member] | Vessels [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of delivered and funded vessels | Vessel | 2 | |||||||||||||
Subsequent Events [Member] | Vessels [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Leased back for a period | 10 years | |||||||||||||
Subsequent Events [Member] | Revolving Loan and Revolving Letter of Credit Facility [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Credit facilities, maximum aggregate borrowings | $ 50,000,000 | |||||||||||||
Subsequent Events [Member] | Term Loans [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Credit facilities, maximum aggregate borrowings | 135,000,000 | |||||||||||||
Additional amount borrowed | $ 30,000,000 | $ 225,000,000 | ||||||||||||
Maturity date | Dec. 30, 2025 | Dec. 30, 2025 | ||||||||||||
Subsequent Events [Member] | Term Loans [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Additional amount borrowed | $ 30,000,000 | $ 225,000,000 | ||||||||||||
Maturity date | Dec. 30, 2025 | Dec. 30, 2025 | ||||||||||||
Subsequent Events [Member] | 2027 7.125% Notes [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Debt instrument, interest rate | 7.125% | |||||||||||||
Subsequent Events [Member] | Term Loan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Proceeds from term loan agreement | $ 100,000,000 | |||||||||||||
Subsequent Events [Member] | Series D Preferred Shares [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.496875 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series D Preferred Shares [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.496875 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series E Preferred Shares [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.515625 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series E Preferred Shares [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.515625 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series G Preferred Shares [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.512500 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series G Preferred Shares [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.512500 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series H Preferred Shares [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.492188 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series H Preferred Shares [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.492188 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series I Preferred Stock [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Mar. 31, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.500000 | |||||||||||||
Dividends date paid | Apr. 30, 2020 | |||||||||||||
Dividends date of record | Apr. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series I Preferred Stock [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends declared date | Jan. 3, 2020 | |||||||||||||
Dividends on preferred shares, per share | $ / shares | $ 0.500000 | |||||||||||||
Dividends date paid | Jan. 30, 2020 | |||||||||||||
Dividends date of record | Jan. 29, 2020 | |||||||||||||
Subsequent Events [Member] | Series D, Series E, Series G and Series H Preferred Share [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends on preferred shares | $ 16,763,000 | |||||||||||||
Subsequent Events [Member] | Fairfax Financial Holdings Limited [Member] | Senior Notes Due 2027 [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Face value of debt | $ 100,000,000 | |||||||||||||
Debt instrument, interest rate | 5.50% | |||||||||||||
Percentage of issue price on principal amount | 100.00% | |||||||||||||
Subsequent Events [Member] | Fairfax Financial Holdings Limited [Member] | Senior Notes Due 2027 [Member] | Seaspan [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Face value of debt | $ 100,000,000 | |||||||||||||
Debt instrument, interest rate | 5.50% | |||||||||||||
Percentage of issue price on principal amount | 100.00% | |||||||||||||
Subsequent Events [Member] | APR Energy Ltd [Member] | Apple Bidco [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Equity method investment ownership percentage | 100.00% | |||||||||||||
Subsequent Events [Member] | APR Energy Ltd [Member] | Fairfax Financial Holdings Limited [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Acquired percentage | 67.80% | |||||||||||||
Subsequent Events [Member] | Seaspan [Member] | Fairfax Financial Holdings Limited [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Acquired percentage | 36.00% | |||||||||||||
Subsequent Events [Member] | Atlas Corp [Member] | Fairfax Financial Holdings Limited [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Acquired percentage | 41.00% | |||||||||||||
Subsequent Events [Member] | Apple Bidco [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Percentage of interest in acquired entity | 100.00% |
Significant accounting polici_4
Significant accounting policies - Additional Information (Detail) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
Lessee, operating lease, lease term | 12 months |
Vessels [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 30 years |
Number of years between dry-docking | 5 years |
Significant accounting polici_5
Significant accounting policies - Impacts of Adoption of ASU 2016-02 (Detail) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Deficit | $ (3,567,000) | ||
Seaspan [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | 957,200,000 | $ 1,068,300,000 | $ 0 |
Other assets | 173,100,000 | 187,600,000 | 204,900,000 |
Accounts payable and accrued liabilities | 83,400,000 | 67,700,000 | 70,200,000 |
Current portion of operating lease liabilities | 159,700,000 | 160,200,000 | 0 |
Current portion of other long-term liabilities | 7,800,000 | 10,000,000 | 32,200,000 |
Operating lease liabilities | 942,308,000 | 893,300,000 | |
Other long-term liabilities | 11,200,000 | 22,200,000 | 181,100,000 |
Deficit | $ (200,700,000) | (464,500,000) | $ (645,600,000) |
Seaspan [Member] | Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Right-of-use assets | 1,068,300,000 | ||
Other assets | (17,300,000) | ||
Accounts payable and accrued liabilities | (2,500,000) | ||
Current portion of operating lease liabilities | 160,200,000 | ||
Current portion of other long-term liabilities | (22,200,000) | ||
Operating lease liabilities | 893,300,000 | ||
Other long-term liabilities | (158,900,000) | ||
Deficit | $ 181,100,000 |
Acquisition of GCI - Additional
Acquisition of GCI - Additional Information (Detail) - Seaspan [Member] | Mar. 13, 2018USD ($)VesselContainership$ / sharesshares | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Business Acquisition [Line Items] | ||||
Shares issued | shares | 0 | 1,986,449 | ||
Exchange of shares amount | $ 0 | $ 48,100,000 | ||
GCI [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of interest in acquired entity | 89.20% | |||
Aggregate purchase price | $ 498,050,000 | |||
Escrow deposit | 10,000,000 | |||
GCI [Member] | Time Charter Contracts [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of contracts | $ 100,750,000 | |||
Identifiable contracts, estimated useful life | 5 years 3 months 18 days | |||
GCI [Member] | Series D Preferred Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued | shares | 1,986,449 | 1,923,585 | ||
Right to repurchase of temporary equity shares, commencing date | Sep. 13, 2019 | |||
Right to repurchase of temporary equity shares, ending date | Oct. 13, 2019 | |||
Price per share at that time of repurchase | $ / shares | $ 24.84 | |||
Exchange of shares amount | $ 47,782,000 | |||
GCI [Member] | 10000 TEU and 14000 TEU Newbuilding Vessels [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of vessels acquired | Vessel | 2 | |||
Number of containerships acquired | Containership | 18 |
Acquisition of GCI - Schedule o
Acquisition of GCI - Schedule of Aggregate Purchase Price (Detail) - Seaspan [Member] - USD ($) | Mar. 13, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Cash | $ 0 | $ 333,600,000 | $ 0 | |
GCI [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | $ 331,900,000 | |||
Settlement of intercompany balances | 41,300,000 | |||
Carrying value of previously held equity interest | 61,900,000 | |||
Acquisition related transaction fees | 1,900,000 | |||
Aggregate purchase price | 498,050,000 | |||
GCI [Member] | Series D Preferred Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares value | 47,200,000 | |||
GCI [Member] | Class A Common Shares [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares value | $ 13,900,000 |
Acquisition of GCI - Schedule_2
Acquisition of GCI - Schedule of Aggregate Purchase Price (Parenthetical) (Detail) - Seaspan [Member] - shares | Mar. 13, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | |||||
Shares issued | 0 | 1,986,449 | |||
GCI [Member] | Series D Preferred Shares [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares issued | 1,986,449 | 1,923,585 | |||
GCI [Member] | Class A Common Shares [Member] | |||||
Business Acquisition [Line Items] | |||||
Shares issued | 2,514,996 | 2,514,996 |
Acquisition of GCI - Summary of
Acquisition of GCI - Summary of Value of Attributed to Identifiable Assets Acquired and Liabilities Assumed (Detail) - Seaspan [Member] - GCI [Member] $ in Millions | Mar. 13, 2018USD ($) |
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 70.1 |
Current assets | 5.3 |
Vessels | 1,369.8 |
Vessels under construction | 28.9 |
Other assets | 107.4 |
Total assets acquired | 1,581.5 |
Debt assumed | 1,038.1 |
Current liabilities | 31.1 |
Other long-term liabilities | 14.2 |
Net assets acquired | $ 498.1 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) - Seaspan [Member] | Jan. 15, 2019USD ($) | Jul. 16, 2018USD ($)$ / sharesshares | Mar. 13, 2018USD ($)$ / sharesshares | Dec. 31, 2019USD ($)Director | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)shares | Mar. 12, 2018 | Feb. 14, 2018USD ($)shares |
Related Party Transaction [Line Items] | ||||||||
Proceeds from exercise of warrants | $ 250,000,000 | $ 250,000,000 | $ 0 | |||||
Class A Common Shares [Member] | Director [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Termination fee paid | $ 6,250,000 | |||||||
Termination fee paid, shares | shares | 945,537 | |||||||
GCI [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of equity method investment | 10.80% | |||||||
Percentage of interest in acquired entity | 89.20% | |||||||
Fairfax Financial Holdings Limited [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Warrants outstanding | shares | 25,000,000 | 38,461,539 | ||||||
Aggregate purchase price of warrants issued | $ 250,000,000 | |||||||
Warrants outstanding exercise price | $ / shares | $ 8.05 | |||||||
Proceeds from exercise of warrants | $ 250,000,000 | |||||||
Warrants outstanding term | 7 years | |||||||
Fairfax Financial Holdings Limited [Member] | 2019 Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from exercise of warrants | $ 500,000,000 | |||||||
Value of warrants exercised | $ 250,000,000 | |||||||
Fairfax Financial Holdings Limited [Member] | 2019 Warrants [Member] | Class A Common Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Warrants outstanding exercised | shares | 38,461,539 | |||||||
Warrants outstanding exercise price | $ / shares | $ 6.50 | |||||||
Fairfax Financial Holdings Limited [Member] | Senior Notes Due 2025 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Face value of debt | $ 250,000,000 | |||||||
Debt instrument, interest rate | 5.50% | |||||||
Fairfax Financial Holdings Limited [Member] | Senior Notes Due 2026 [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Face value of debt | $ 250,000,000 | |||||||
Debt instrument, interest rate | 5.50% | |||||||
Fairfax Financial Holdings Limited [Member] | 2019 Warrants [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage of outstanding common shares held by related party | 36.00% | |||||||
Number of director rights to designated by investors | Director | 2 | |||||||
Fairfax Financial Holdings Limited [Member] | 2025 Notes and 2026 Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transactions, interest accrued | $ 4,583,000 | $ 2,292,000 |
Related party transactions - Sc
Related party transactions - Schedule of Income or Expenses with Related Parties (Detail) - Seaspan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Arrangement Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | $ 0 | $ 0 | $ 1,800 |
Transaction Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | 0 | 0 | 2,300 |
Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Income earned from related parties | 0 | 900 | 4,400 |
Supervision Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Income earned from related parties | 0 | 0 | 1,300 |
Interest Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses incurred with related parties | 26,900 | 19,400 | 0 |
Interest Income [Member] | |||
Related Party Transaction [Line Items] | |||
Income earned from related parties | $ 0 | $ 400 | $ 2,700 |
Net investment in lease - Sched
Net investment in lease - Schedule of Net Investment in Lease (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
Undiscounted lease receivable | $ 1,224.2 | $ 861.9 |
Unearned interest income | (465.4) | (410.4) |
Net investment in lease | $ 758.8 | $ 451.5 |
Net investment in lease - Sch_2
Net investment in lease - Schedule of Net Investment in Lease (Detail 1) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
Lease receivables | $ 608.8 | $ 451.5 |
Unguaranteed residual value | 150 | |
Net investment in lease | 758.8 | 451.5 |
Current portion of net investment in lease | (35.2) | (9.8) |
Long-term portion of net investment in lease | $ 723.6 | $ 441.7 |
Net investment in lease - Addit
Net investment in lease - Additional Information (Detail) - Seaspan [Member] | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Nov. 30, 2019VesselTEU | Jan. 31, 2018Vessel | Apr. 30, 2015VesselTEU | Jun. 30, 2018USD ($) | Dec. 31, 2019USD ($)Vessel | Dec. 31, 2017Vessel | |
Leases [Line Items] | ||||||
Number of vessels | 5 | |||||
Capacity in TEUs | TEU | 11,000 | |||||
Term of agreement | 17 years | |||||
Number of vessels delivered | 5 | |||||
Aggregate purchase price of vessels | $ | $ 316,666,000 | |||||
TEU Vessels [Member] | ||||||
Leases [Line Items] | ||||||
Number of vessels delivered | 1 | 4 | ||||
10,700 TEU Vessels [Member] | ||||||
Leases [Line Items] | ||||||
Number of vessels | 3 | |||||
Capacity in TEUs | TEU | 10,700 | |||||
9,200 TEU Vessels [Member] | ||||||
Leases [Line Items] | ||||||
Number of vessels | 3 | |||||
Capacity in TEUs | TEU | 9,200 | |||||
MSC [Member] | ||||||
Leases [Line Items] | ||||||
Purchase price per vessel | $ | $ 32,000,000 | |||||
CMA [Member] | ||||||
Leases [Line Items] | ||||||
Remaining term of agreement | 4 years |
Net investment in lease - Sch_3
Net investment in lease - Schedule of Minimum Lease Receivable from Direct Financing Leases (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
2020 | $ 95.7 | |
2021 | 95.4 | |
2022 | 95.4 | |
2023 | 297.5 | |
2024 | 44.5 | |
Thereafter | 595.7 | |
Minimum lease receivable from direct financing leases | $ 1,224.2 | $ 861.9 |
Vessels - Schedule of Vessels (
Vessels - Schedule of Vessels (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Net book value | $ 5,707.1 | $ 5,926.3 |
Vessels [Member] | ||
Property Plant And Equipment [Line Items] | ||
Cost | 8,018.5 | 8,004 |
Accumulated depreciation | 2,311.4 | 2,077.7 |
Net book value | $ 5,707.1 | $ 5,926.3 |
Vessels - Additional Informatio
Vessels - Additional Information (Detail) - Seaspan [Member] | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Vessel | |
Property Plant And Equipment [Line Items] | |||
Vessel impairments | $ 0 | $ 0 | |
Net sale proceeds from vessel disposals | 0 | 0 | $ 37,100,000 |
Gain on disposals | $ 0 | $ 0 | 13,600,000 |
Seaspan Alps, Seaspan Kenya, Seaspan Mourne and Seaspan Grouse [Member] | |||
Property Plant And Equipment [Line Items] | |||
Net sale proceeds from vessel disposals | 37,100,000 | ||
Gain on disposals | $ 13,604,000 | ||
4250 TEU Vessels [Member] | |||
Property Plant And Equipment [Line Items] | |||
Number of vessels sold | Vessel | 4 |
Right-of-use assets - Schedule
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease Right Of Use Assets [Line Items] | |||
Cost | $ 1,069.1 | ||
Accumulated amortization | (111.9) | ||
Net book value | 957.2 | $ 1,068.3 | $ 0 |
Vessel Operating Leases [Member] | |||
Operating Lease Right Of Use Assets [Line Items] | |||
Cost | 1,060.9 | ||
Accumulated amortization | (110.1) | ||
Net book value | 950.8 | ||
Office Operating Leases [Member] | |||
Operating Lease Right Of Use Assets [Line Items] | |||
Cost | 8.2 | ||
Accumulated amortization | (1.8) | ||
Net book value | $ 6.4 |
Other assets - Schedule of Othe
Other assets - Schedule of Other Assets (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | |||||||
Intangible assets | [1] | $ 94 | $ 112 | ||||
Deferred dry-dock | 41.3 | [2] | 36.7 | [2] | $ 42.5 | ||
Deferred financing fees | [3] | 0 | 17.3 | ||||
Restricted cash | 0 | 14.1 | |||||
Other | 37.8 | 24.8 | |||||
Other assets | $ 173.1 | $ 187.6 | $ 204.9 | ||||
[1] | (a)Intangible assets Intangible assets are primarily comprised of the acquisition date fair value of time charter contracts acquired. During the year ended December 31, 2019, the Company recorded $17,171,000 (2018 - $16,269,000) of amortization expense related to acquired contracts. Future amortization expense related to the acquired time charter contracts is as follows: 2020 $19.2 2021 17.7 2022 16.1 2023 12.4 2024 9.7 Thereafter 15.6 $90.7 | ||||||
[2] | (b)Deferred dry-dock During the years ended December 31, 2019 and 2018, changes in deferred dry-dock were as follows: Dry-docking December 31, 2017 $42.5 Costs incurred 10.8 Amortization expensed (1) (16.6) December 31, 2018 36.7 Costs incurred 23.5 Amortization expensed (1) (18.9) December 31, 2019 $41.3 (1)Amortization of dry-docking costs is included in depreciation and amortization. | ||||||
[3] | (c)Deferred financing fees Initial direct costs related to the Company’s vessel sale-leaseback transactions under operating lease arrangements were reclassified from other assets to right-of-use assets upon adoption of ASU 2016-02 (note 2(s)) as of January 1, 2019. During the year ended December 31, 2018, changes in deferred financing fees were due to amortization expense. |
Other assets - Schedule of Ot_2
Other assets - Schedule of Other Assets (Parenthetical) (Detail) - Seaspan [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||||
2020 | $ 19,200,000 | |||
2021 | 17,700,000 | |||
2022 | 16,100,000 | |||
2023 | 12,400,000 | |||
2024 | 9,700,000 | |||
Thereafter | 15,600,000 | |||
Finite-lived intangible assets, net | 90,700,000 | |||
Beginning Balance, Dry-docking | 36,700,000 | [1] | $ 42,500,000 | |
Costs incurred, Dry-docking | 23,500,000 | 10,800,000 | ||
Amortization expensed, Dry-docking | (18,900,000) | (16,600,000) | ||
Ending Balance, Dry-docking | [1] | 41,300,000 | 36,700,000 | |
Time Charter Contracts | Acquired contracts [Member] | GCI [Member] | ||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||||
Amortization expense | $ 17,171,000 | $ 16,269,000 | ||
[1] | (b)Deferred dry-dock During the years ended December 31, 2019 and 2018, changes in deferred dry-dock were as follows: Dry-docking December 31, 2017 $42.5 Costs incurred 10.8 Amortization expensed (1) (16.6) December 31, 2018 36.7 Costs incurred 23.5 Amortization expensed (1) (18.9) December 31, 2019 $41.3 (1)Amortization of dry-docking costs is included in depreciation and amortization. |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-Term Debt (Detail) - Seaspan [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,246,400,000 | $ 3,597,300,000 |
Deferred financing fees | (34,800,000) | (24,100,000) |
Long-term debt | 3,060,600,000 | 3,487,500,000 |
Current portion of long-term debt | (363,700,000) | (722,600,000) |
Long-term debt Non Current | 2,696,900,000 | 2,764,900,000 |
Revolving Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 867,000,000 | 788,200,000 |
Long-term debt | 867,000,000 | |
Term Loan Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 1,799,400,000 | 2,158,700,000 |
Fair value adjustment on term loan credit facilities | (100,000) | (2,300,000) |
Long-term debt | 1,799,400,000 | |
Senior Unsecured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 80,000,000 | 400,400,000 |
Long-term debt | 80,000,000 | 400,396,000 |
2025 Notes and 2026 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000,000 | 250,000,000 |
Debt discount on 2025 Notes and 2026 Notes | (150,900,000) | (83,400,000) |
Long-term debt | $ 349,106,000 | $ 166,608,000 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - Seaspan [Member] | Dec. 30, 2019USD ($) | Sep. 18, 2019USD ($) | May 15, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)VesselCreditFacility | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||
Number of vessels secured by first-priority mortgages | Vessel | 62 | |||||
Number of vessels in process of being released from security | Vessel | 1 | |||||
Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facilities, maximum aggregate borrowings | $ 1,000,000,000 | |||||
Option to increase in amount of maximum aggregate borrowings | 2,000,000,000 | |||||
Credit facilities, increase in maximum aggregate borrowings | $ 500,000,000 | |||||
Senior Unsecured Notes Due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Apr. 30, 2019 | |||||
Debt instrument, interest rate | 6.375% | 6.375% | ||||
Repurchase of senior unsecured notes | $ 8,998,000 | |||||
Repayment of principal balance of term loan | 311,398,000 | |||||
Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facilities, maximum aggregate borrowings | $ 2,158,743,000 | 1,954,375,000 | $ 2,158,743,000 | |||
Credit facilities, aggregate borrowings undrawn | 155,000,000 | |||||
Prepayment of remaining balance of long-term debt | $ 1,101,037,000 | |||||
Weighted average rate of interest, including the margin | 4.80% | 4.00% | 4.80% | |||
Maturity date | Dec. 30, 2025 | |||||
Number of term loan credit facilities | CreditFacility | 15 | |||||
Term Loan Line Of Credit Facility Description | Term Loan payments are made in quarterly or semi-annual payments commencing three, six or thirty-six months after delivery of the associated newbuilding containership, utilization date or the inception date of the Term Loan. | |||||
Credit facilities, borrowing amount | $ 155,000,000 | |||||
Term Loans [Member] | Export-Import Bank Of Korea [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 0.70% | 0.70% | ||||
Principal outstanding amount | $ 65,515,000 | $ 52,743,000 | $ 65,515,000 | |||
Term Loans [Member] | Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facilities, maximum aggregate borrowings | $ 800,000,000 | |||||
Maturity date | May 15, 2024 | |||||
Credit facilities, increase in maximum aggregate borrowings | 400,000,000 | |||||
Secured Term Loans Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment of remaining balance of long-term debt | $ 259,401,000 | |||||
Number of term loan credit facilities | CreditFacility | 6 | |||||
Minimum [Member] | 2025 Notes and 2026 Notes [Member] | Fairfax Financial Holdings Limited [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notice period required for early redemption of notes | 120 days | |||||
Maximum [Member] | 2025 Notes and 2026 Notes [Member] | Fairfax Financial Holdings Limited [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notice period required for early redemption of notes | 150 days | |||||
Maximum [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facilities, increase in maximum aggregate borrowings | $ 100,000,000 | |||||
One Month LIBOR [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR interest rate | 2.40% | 1.90% | 2.40% | |||
LIBOR Plus Margin [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate description | interest calculated as one month, three month or six month LIBOR plus a margin per annum | |||||
Debt instrument description | At December 31, 2019, the one month, three month and six month average LIBOR was 1.9%, 2.0% and 2.1%, respectively (2018 – 2.4%, 2.6% and 2.5%, respectively) and the margins ranged between 0.4% and 4.3% (2018 – 0.4% and 4.8%) for Term Loans. | |||||
Principal outstanding amount | $ 1,746,632,000 | |||||
LIBOR Plus Margin [Member] | Minimum [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 0.40% | 0.40% | ||||
LIBOR Plus Margin [Member] | Maximum [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 4.30% | 4.80% | ||||
Three Month LIBOR [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR interest rate | 2.60% | 2.00% | 2.60% | |||
Six Month LIBOR [Member] | Term Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR interest rate | 2.50% | 2.10% | 2.50% | |||
Revolving Credit Facilities [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of long-term revolving credit facilities | CreditFacility | 4 | |||||
Credit facilities, maximum aggregate borrowings | $ 938,209,000 | $ 987,012,000 | $ 938,209,000 | |||
Credit facilities, aggregate borrowings undrawn | $ 150,011,000 | 120,000,000 | $ 150,011,000 | |||
Prepayment of remaining balance of long-term debt | $ 205,946,000 | |||||
Number of reducing revolving credit facilities | CreditFacility | 2 | |||||
Interest rate description | Interest is calculated based on one month LIBOR plus a margin per annum | |||||
Debt instrument description | At December 31, 2019, the one month average LIBOR was 1.8% (2018 – 2.4%) and the margins ranged between 0.5% and 2.25% (2018 – 0.5% and 1.4%) for the Revolvers. | |||||
Weighted average rate of interest, including the margin | 3.00% | 2.90% | 3.00% | |||
Description of the terms of a credit facility arrangement | For secured facilities, Revolver payments are made in semi-annual payments commencing thirty-six months after delivery of the associated newbuilding containership | |||||
Maturity date | Dec. 31, 2023 | |||||
Revolving Credit Facilities [Member] | Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facilities, maximum aggregate borrowings | $ 200,000,000 | |||||
Maturity date | May 15, 2022 | |||||
Credit facilities, increase in maximum aggregate borrowings | $ 100,000,000 | |||||
Revolving Credit Facilities [Member] | Term Loan Payment Due in Full Maturity [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding amount | $ 58,240,000 | |||||
Revolving Credit Facilities [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 0.50% | 0.50% | ||||
Commitment fee on undrawn amount | 0.20% | 0.20% | ||||
Revolving Credit Facilities [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate margin | 2.25% | 1.40% | ||||
Commitment fee on undrawn amount | 0.50% | 0.50% | ||||
Revolving Credit Facilities [Member] | One Month LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR interest rate | 2.40% | 1.80% | 2.40% | |||
Revolving Credit Facilities Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Description of the terms of a credit facility arrangement | Revolver with a principal outstanding of $180,000,000, will be converted into a term loan facility on May 15, 2022 (note 9(c)) | |||||
Principal outstanding amount | $ 180,000,000 | |||||
Maturity date | May 15, 2022 |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Minimum Repayments of Revolving Credit Facilities and Term Loans (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,060.6 | $ 3,487.5 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 168.4 | |
2021 | 252.5 | |
2022 | 154.3 | |
2023 | 243.4 | |
2024 | 840 | |
Thereafter | 140.8 | |
Long-term debt | 1,799.4 | |
Revolving Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
2020 | 197.9 | |
2021 | 50.7 | |
2022 | 387.4 | |
2023 | 72.6 | |
2024 | 158.4 | |
Thereafter | 0 | |
Long-term debt | $ 867 |
Operating lease liabilities - S
Operating lease liabilities - Schedule of Operating Lease Liabilities (Detail) - Seaspan [Member] - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Line Items] | |||
Operating lease commitments | $ 1,107,600,000 | ||
Impact of discounting | (184,400,000) | ||
Impact of changes in variable rates | 19,100,000 | ||
Operating lease liabilities | 942,308,000 | $ 893,300,000 | |
Current portion of operating lease liabilities | (159,700,000) | $ (160,200,000) | $ 0 |
Operating lease liabilities (note 10) | $ 782,600,000 | $ 0 |
Operating lease liabilities -_2
Operating lease liabilities - Schedule of Operating Lease Costs Related To Vessel Sale-leaseback Transactions And Office Leases (Detail) - Seaspan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease costs: | |
Operating lease costs | $ 160 |
Variable lease adjustments | (3) |
Other information: | |
Operating cash outflow used for operating leases | $ 153.2 |
Weighted average discount rate | 4.80% |
Weighted average remaining lease term | 8 years |
Long-term Obligations under O_3
Long-term Obligations under Other Financing Arrangements - Schedule of Long-term Obligations under Other Financing Arrangements (Detail) - Seaspan [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
Long-term obligations under other financing arrangements | $ 513,771,000 | $ 647,664,000 |
Deferred financing fees | (5,300,000) | (7,900,000) |
Long-term obligations under other financing arrangements | 508,500,000 | 639,800,000 |
Current portion of long-term obligations under other financing arrangements | (134,600,000) | (48,400,000) |
Long-term obligations under other financing arrangements | $ 373,900,000 | $ 591,400,000 |
Long-term Obligations under O_4
Long-term Obligations under Other Financing Arrangements - Additional Information (Detail) - Seaspan [Member] | Dec. 04, 2019USD ($) | Dec. 31, 2019USD ($)Vessel | Dec. 31, 2018USD ($) |
Sale Leaseback Transaction [Line Items] | |||
Weighted average rate of interest, including the margin | 5.25% | 5.64% | |
COSCO Pride - 13100 TEU vessel [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Financing from counterparty | $ 144,185,000 | ||
Terms of leases | 12 years | ||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.60% | ||
Prepayment on remaining balances of lease term | $ 85,360,000 | ||
COSCO Pride - 13100 TEU vessel [Member] | Maximum [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Outstanding balance at end of lease term | $ 48,000,000 | ||
COSCO Faith - 13100 TEU vessel [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Financing from counterparty | $ 109,000,000 | ||
Terms of leases | 12 years | ||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 3.00% | ||
Amount of option to purchase the vessel from the lessor | $ 1 | ||
Carrying value of vessels being funded | $ 133,952,000 | $ 139,407,000 | |
Leases for three 4500 TEU vessels [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Terms of leases | 5 years | ||
Carrying value of vessels being funded | $ 206,201,000 | $ 215,080,000 | |
Lease financing, number of vessels | Vessel | 3 | ||
Refinancing from counterparty | $ 150,000,000 | ||
11000 TEU Newbuilding Vessels [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Financing from counterparty | $ 420,750,000 | ||
Terms of leases | 17 years | ||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 3.30% | ||
Lease financing, number of vessels | Vessel | 5 | ||
Commitment fee on undrawn amount | 0.80% |
Long-term Obligations under O_5
Long-term Obligations under Other Financing Arrangements - Schedule of Repayments Due for Obligations under Other Financing Arrangements (Detail) - Seaspan [Member] $ in Millions | Dec. 31, 2019USD ($) |
Leases [Line Items] | |
2020 | $ 134.6 |
2021 | 32 |
2022 | 32.6 |
2023 | 33.2 |
2024 | 26.2 |
Thereafter | 255.2 |
Total | $ 513.8 |
Other long-term liabilities - S
Other long-term liabilities - Schedule of Other Long-Term Liabilities (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Other Long Term Liabilities [Line Items] | |||
Deferred gain on sale-leasebacks | $ 0 | $ 181 | |
Other | 19 | 32.3 | |
Other long-term liabilities | 19 | 213.3 | |
Current portion of other long-term liabilities | (7.8) | $ (10) | (32.2) |
Other long-term liabilities | $ 11.2 | $ 22.2 | $ 181.1 |
Preferred shares and share ca_3
Preferred shares and share capital - Additional Information (Detail) - USD ($) | Mar. 13, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 16, 2018 | Apr. 30, 2018 |
Class Of Stock [Line Items] | ||||||||||||
Common shares, authorized | 400,000,000 | |||||||||||
Common shares, outstanding | 1 | |||||||||||
Preferred shares, issued | 0 | |||||||||||
Seaspan [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Dividend reinvestment program discount rate percentage | 3.00% | |||||||||||
Proceeds from issuance of common shares, gross | $ 0 | $ 0 | $ 119,000,000 | |||||||||
Preferred shares, issued | 33,335,570 | 33,272,706 | ||||||||||
Preferred shares issued, net of issuance costs | $ 0 | $ 144,400,000 | $ 2,700,000 | |||||||||
Seaspan [Member] | At-the-Market [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred shares, issued | 0 | 0 | ||||||||||
Seaspan [Member] | Common Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued, shares | 0 | 0 | ||||||||||
Seaspan [Member] | Class A Common Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common shares, authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||
Common shares, outstanding | 215,675,599 | 176,835,837 | ||||||||||
Maximum sales proceeds from at the market offering | $ 75,000,000 | $ 100,000,000 | ||||||||||
Warrants cancelable upon non exercise of Second Fairfax warrants | 12,500,000 | |||||||||||
Seaspan [Member] | Class A Common Shares [Member] | GCI [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued | 2,514,996 | 2,514,996 | ||||||||||
Shares issued, value as a part of consideration paid for acquisition | $ 13,908,000 | |||||||||||
Seaspan [Member] | Class A Common Shares [Member] | At-the-Market [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued, shares | 11,800,000 | 6,750,000 | ||||||||||
Proceeds from issuance of common shares, gross | $ 74,953,000 | $ 40,395,000 | ||||||||||
Seaspan [Member] | Class A Common Shares [Member] | Common Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued, shares | 2,514,996 | 19,550,000 | ||||||||||
Seaspan [Member] | Class A Common Shares [Member] | Fairfax Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of shares purchased | 1 | |||||||||||
Warrants exercise price | $ 6.50 | |||||||||||
Warrant exercisable period | 7 years | |||||||||||
Warrants to purchase common shares | 38,461,539 | |||||||||||
Seaspan [Member] | Class A Common Shares [Member] | Second Fairfax Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Warrants exercise price | $ 8.05 | |||||||||||
Warrant exercisable period | 7 years | |||||||||||
Warrants to purchase common shares | 25,000,000 | |||||||||||
Seaspan [Member] | Common Class B [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common shares, authorized | 25,000,000 | |||||||||||
Common shares, outstanding | 0 | 0 | ||||||||||
Seaspan [Member] | Common Class C [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common shares, authorized | 100 | |||||||||||
Common shares, outstanding | 0 | 0 | ||||||||||
Seaspan [Member] | Series I Preferred Stock [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred shares, issued | 6,000,000 | 6,000,000 | ||||||||||
Preferred shares issued, net of issuance costs | $ 150,000,000 | |||||||||||
Dividend rate percentage | 8.00% | 8.00% | ||||||||||
Seaspan [Member] | Series I Preferred Stock [Member] | LIBOR [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Dividend payment terms | three-month | |||||||||||
Preferred stock margins for dividend payments | 5.008% | |||||||||||
Seaspan [Member] | Series D, Series E, Series F, Series G and Series H Preferred Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Maximum sales proceeds from at the market offering | $ 150,000,000 |
Preferred shares and share ca_4
Preferred shares and share capital - Schedule of Preferred Shares Outstanding (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 150,000,000 | ||
Shares Issued | 0 | ||
Seaspan [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 150,000,000 | 150,000,000 | |
Shares Issued | 33,335,570 | 33,272,706 | |
Seaspan [Member] | Series A Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 315,000 | ||
Shares Issued | 0 | ||
Dividend rate per annum | 0.00% | ||
Liquidation preference | $ 0 | ||
Seaspan [Member] | Series B Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 260,000 | ||
Shares Issued | 0 | ||
Dividend rate per annum | 0.00% | ||
Liquidation preference | 0 | ||
Seaspan [Member] | Series C Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 40,000,000 | ||
Shares Issued | 0 | ||
Dividend rate per annum | 0.00% | ||
Liquidation preference | 0 | ||
Seaspan [Member] | Series D Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 20,000,000 | ||
Shares Issued | 5,093,728 | ||
Dividend rate per annum | 7.95% | ||
Redemption by Company permitted on or after | Jan. 30, 2018 | ||
Liquidation preference | $ 127,300 | 175,400 | |
Seaspan [Member] | Series E Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 15,000,000 | ||
Shares Issued | 5,415,937 | ||
Dividend rate per annum | 8.25% | ||
Redemption by Company permitted on or after | Feb. 13, 2019 | ||
Liquidation preference | $ 135,400 | 135,400 | |
Seaspan [Member] | Series F Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 20,000,000 | ||
Seaspan [Member] | Series G Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 15,000,000 | ||
Shares Issued | 7,800,800 | ||
Dividend rate per annum | 8.20% | ||
Redemption by Company permitted on or after | Jun. 16, 2021 | ||
Liquidation preference | $ 195,000 | 195,000 | |
Seaspan [Member] | Series H Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 15,000,000 | ||
Shares Issued | 9,025,105 | ||
Dividend rate per annum | 7.875% | ||
Redemption by Company permitted on or after | Aug. 11, 2021 | ||
Liquidation preference | $ 225,600 | 225,600 | |
Seaspan [Member] | Series I Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 6,000,000 | ||
Shares Issued | 6,000,000 | 6,000,000 | |
Dividend rate per annum | 8.00% | 8.00% | |
Redemption by Company permitted on or after | Oct. 30, 2023 | ||
Liquidation preference | $ 150,000 | 150,000 | |
Seaspan [Member] | Series R Preferred Shares [Member] | |||
Class Of Stock [Line Items] | |||
Preferred shares, authorized | 1,000,000 | ||
Shares Issued | 0 | ||
Dividend rate per annum | 0.00% | ||
Liquidation preference | $ 0 |
Preferred shares and share ca_5
Preferred shares and share capital - Schedule of Preferred Shares Outstanding (Parenthetical) (Detail) - USD ($) | Mar. 13, 2018 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 0 | |||
Seaspan [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 33,335,570 | 33,272,706 | ||
Puttable preferred shares, par value | $ 0.01 | $ 0.01 | ||
Repurchase of preferred shares | 1,923,585 | |||
Repurchase of preferred stock amount | $ 47,782,000 | |||
Series D Preferred Shares [Member] | Seaspan [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 5,093,728 | |||
Redemption price per share | $ 25 | |||
Series D Preferred Shares [Member] | Seaspan [Member] | GCI [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 1,986,449 | |||
Preferred stock option redeemable period start | 18 months | |||
Preferred stock option redeemable period end | 19 months | |||
Puttable preferred shares, par value | $ 23.74 | |||
Preferred stock redemption value per share | $ 24.84 | |||
Series E Preferred Shares [Member] | Seaspan [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 5,415,937 | |||
Redemption price per share | $ 25 | |||
Series G Preferred Shares [Member] | Seaspan [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 7,800,800 | |||
Redemption price per share | $ 25 | |||
Series H Preferred Shares [Member] | Seaspan [Member] | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, issued | 9,025,105 | |||
Redemption price per share | $ 25 |
Earnings per share - Schedule o
Earnings per share - Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Basic [Line Items] | ||||
Net earnings | $ (3,567) | |||
Seaspan [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Net earnings | $ 439,100 | $ 278,800 | $ 175,200 | |
Earnings (loss) attributable to common shareholders | 368,000 | 207,500 | 110,800 | |
Share-based compensation | 0 | 0 | 0 | |
2018 Warrants and New Warrants | 0 | 0 | ||
Earnings (loss) attributable to common shareholders, diluted | $ 368,000 | $ 207,500 | $ 110,800 | |
Earnings (loss) attributable to common shareholders, shares | 214,499,000 | 154,848,000 | 117,524,000 | |
Share-based compensation, shares | 471,000 | 91,000 | 81,400 | |
2018 Warrants and New Warrants, shares | 4,902,000 | 3,129,000 | ||
Earnings (loss) attributable to common shareholders, diluted shares | 219,872,000 | 158,068,000 | 117,605,400 | |
Earnings (loss) attributable to common shareholders, per share amount | $ 1.72 | $ 1.34 | $ 0.94 | |
Earnings (loss) attributable to common shareholders, per share diluted amount | $ 1.67 | $ 1.31 | $ 0.94 | |
Seaspan [Member] | Series D Preferred Shares [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | $ (14,100) | $ (14,600) | $ (9,900) | |
Seaspan [Member] | Series E Preferred Shares [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | (11,200) | (11,200) | (11,100) | |
Seaspan [Member] | Series F Preferred Shares [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | 0 | (8,300) | (9,700) | |
Seaspan [Member] | Series G Preferred Shares [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | (16,000) | (16,000) | (16,000) | |
Seaspan [Member] | Series H Preferred Shares [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | (17,800) | (17,800) | $ (17,700) | |
Seaspan [Member] | Series I Preferred Stock [Member] | ||||
Earnings Per Share Basic [Line Items] | ||||
Preferred share dividends | $ (12,000) | $ (3,400) |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) - Seaspan [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2018 | Aug. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Total shares of common stock reserved for issuance under the plan | 5,000,000 | 3,000,000 | |||||||
Remaining shares left for issuance under this plan | 2,187,420 | 1,291,076 | 2,187,420 | ||||||
Share-based compensation expenses | $ 3,310,000 | $ 2,989,000 | $ 10,400,000 | ||||||
Total unrecognized compensation costs relating to unvested share-based compensation awards | $ 1,474,000 | $ 3,764,000 | $ 1,474,000 | ||||||
Expected to be recognized over a weighted average period | 22 months | 22 months | |||||||
Restricted shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Granted, stock units | 107,400 | 664,326 | 107,270 | ||||||
Vested, stock units | 185,742 | 119,509 | 56,861 | ||||||
Cancelled, stock units | 0 | 53,608 | 12,737 | ||||||
Phantom share units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Granted, stock units | 0 | 30,000 | 90,000 | ||||||
Vested, stock units | 0 | 0 | 0 | ||||||
Cancelled, stock units | 0 | 76,666 | 0 | ||||||
Restricted stock units [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Granted, stock units | 209,732 | 109,248 | 88,293 | ||||||
Vested, stock units | 124,073 | 83,220 | 537,216 | ||||||
Retention requirement description | The restricted stock units generally vest over three years, in equal one-third amounts on each anniversary date of the date of the grant. | ||||||||
Renewed date | Jul. 1, 2018 | ||||||||
Cancelled, stock units | 33,466 | 12,441 | 3,280 | ||||||
Stock options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Granted, stock units | 0 | 500,000 | 0 | ||||||
Vested, stock units | 0 | 0 | 0 | ||||||
Cancelled, stock units | 0 | 0 | 0 | ||||||
Chief Executive Officer [Member] | Restricted shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Granted, stock units | 500,000 | ||||||||
Vested, stock units | 100,000 | ||||||||
Cancelled, stock units | 100,000 | ||||||||
Chief Executive Officer [Member] | Stock options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Stock options, vesting description | The stock options vest equally on each of the first five anniversaries of the CEO’s start date in January 2018 and expire on January 8, 2028. As at December 31, 2019, 100,000 of these stock options are vested and exercisable. | ||||||||
Stock options, vesting start date | Jan. 31, 2018 | ||||||||
Expiration date | Jan. 8, 2028 | ||||||||
Stock options, vested and exercisable | 100,000 | ||||||||
Class A Common Shares [Member] | Chairman [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expenses | $ 6,920,000 | ||||||||
Common shares granted | 1,000,000 | ||||||||
Purchase of common shares by chairman | 1,000,000 | ||||||||
Common shares purchased, price per share | $ 6 | ||||||||
Class A Common Shares [Member] | Chief Executive Officer [Member] | Stock options [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares issuable upon exercise of options | 500,000 | ||||||||
Stock options, exercise price | $ 7.20 |
Share-based compensation - Summ
Share-based compensation - Summary of Outstanding Restricted Shares, Phantom Share Units, Stock Appreciation Rights and Restricted Stock Units (Detail) - Seaspan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, Beginning balance | 585,742 | 94,533 | 56,861 |
Number of shares, Granted | 107,400 | 664,326 | 107,270 |
Number of shares, Vested | (185,742) | (119,509) | (56,861) |
Number of shares, Exchanged | 0 | 0 | 0 |
Number of shares, Expired | 0 | 0 | 0 |
Number of shares, Cancelled | 0 | (53,608) | (12,737) |
Number of shares, Ending balance | 507,400 | 585,742 | 94,533 |
W.A. grant date FV, Beginning balance | $ 7.76 | $ 8.89 | $ 15.48 |
W.A. grant date FV, Granted | 8.64 | 7.68 | 8.97 |
W.A. grant date FV, Vested | 7.58 | 8.52 | 15.48 |
W.A. grant date FV, Exchanged | 0 | 0 | 0 |
W.A. grant date FV, Expired | 0 | 0 | 0 |
W.A. grant date FV, Cancelled | 0 | 7.10 | 9.53 |
W.A. grant date FV, Ending balance | $ 8.01 | $ 7.76 | $ 8.89 |
Phantom share units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, Beginning balance | 567,002 | 727,001 | 637,001 |
Number of shares, Granted | 0 | 30,000 | 90,000 |
Number of shares, Vested | 0 | 0 | 0 |
Number of shares, Exchanged | (60,001) | (113,333) | 0 |
Number of shares, Expired | 0 | 0 | 0 |
Number of shares, Cancelled | 0 | (76,666) | 0 |
Number of shares, Ending balance | 507,001 | 567,002 | 727,001 |
W.A. grant date FV, Beginning balance | $ 12.97 | $ 13.60 | $ 14.55 |
W.A. grant date FV, Granted | 0 | 6.86 | 6.85 |
W.A. grant date FV, Vested | 0 | 0 | 0 |
W.A. grant date FV, Exchanged | 16.68 | 18.80 | 0 |
W.A. grant date FV, Expired | 0 | 0 | 0 |
W.A. grant date FV, Cancelled | 0 | 7.90 | 0 |
W.A. grant date FV, Ending balance | $ 12.53 | $ 12.97 | $ 13.60 |
Stock appreciation rights (SARs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, Beginning balance | 0 | 485,974 | 2,438,197 |
Number of shares, Granted | 0 | 0 | 0 |
Number of shares, Vested | 0 | 0 | 0 |
Number of shares, Exchanged | 0 | 0 | 0 |
Number of shares, Expired | 0 | (485,974) | (1,929,260) |
Number of shares, Cancelled | 0 | 0 | (22,963) |
Number of shares, Ending balance | 0 | 0 | 485,974 |
W.A. grant date FV, Beginning balance | $ 0 | $ 3.40 | $ 2.29 |
W.A. grant date FV, Granted | 0 | 0 | 0 |
W.A. grant date FV, Vested | 0 | 0 | 0 |
W.A. grant date FV, Exchanged | 0 | 0 | 0 |
W.A. grant date FV, Expired | 0 | 3.40 | 2 |
W.A. grant date FV, Cancelled | 0 | 0 | 3.40 |
W.A. grant date FV, Ending balance | $ 0 | $ 0 | $ 3.40 |
Restricted stock units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, Beginning balance | 84,771 | 71,184 | 523,387 |
Number of shares, Granted | 209,732 | 109,248 | 88,293 |
Number of shares, Vested | (124,073) | (83,220) | (537,216) |
Number of shares, Exchanged | 0 | 0 | 0 |
Number of shares, Expired | 0 | 0 | 0 |
Number of shares, Cancelled | (33,466) | (12,441) | (3,280) |
Number of shares, Ending balance | 136,964 | 84,771 | 71,184 |
W.A. grant date FV, Beginning balance | $ 8.33 | $ 7.80 | $ 16.71 |
W.A. grant date FV, Granted | 8.80 | 9.73 | 5.93 |
W.A. grant date FV, Vested | 9.20 | 9.87 | 16.16 |
W.A. grant date FV, Exchanged | 0 | 0 | 0 |
W.A. grant date FV, Expired | 0 | 0 | 0 |
W.A. grant date FV, Cancelled | 9.05 | 7.28 | 9.16 |
W.A. grant date FV, Ending balance | $ 8.09 | $ 8.33 | $ 7.80 |
Stock options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares, Beginning balance | 500,000 | 0 | 0 |
Number of shares, Granted | 0 | 500,000 | 0 |
Number of shares, Vested | 0 | 0 | 0 |
Number of shares, Exchanged | 0 | 0 | 0 |
Number of shares, Expired | 0 | 0 | 0 |
Number of shares, Cancelled | 0 | 0 | 0 |
Number of shares, Ending balance | 500,000 | 500,000 | 0 |
W.A. grant date FV, Beginning balance | $ 2.45 | $ 0 | $ 0 |
W.A. grant date FV, Granted | 0 | 2.45 | 0 |
W.A. grant date FV, Vested | 0 | 0 | 0 |
W.A. grant date FV, Exchanged | 0 | 0 | 0 |
W.A. grant date FV, Expired | 0 | 0 | 0 |
W.A. grant date FV, Cancelled | 0 | 0 | 0 |
W.A. grant date FV, Ending balance | $ 2.45 | $ 2.45 | $ 0 |
Other information - Schedule of
Other information - Schedule of Accounts Payable and Accrued Liabilities (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Payables And Accruals [Line Items] | |||
Accrued interest | $ 17.1 | $ 20.3 | |
Accounts payable and other accrued liabilities | 66.3 | 49.9 | |
Accounts payable and accrued liabilities, Total | $ 83.4 | $ 67.7 | $ 70.2 |
Other information - Schedule _2
Other information - Schedule of Supplemental Cash Flow Information (Detail) - Seaspan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Line Items] | |||
Interest paid on debt | $ 183.1 | $ 194.3 | $ 111.2 |
Interest received | 8.9 | 3.7 | 6.8 |
Undrawn credit facility fee paid | 1.7 | 0.6 | 2.4 |
Non-cash transactions: | |||
Dividend reinvestment | 1.2 | 22.8 | 21.8 |
Capital contribution through settlement of loans to affiliate | 0 | 0 | 6.7 |
Issuance of New Warrants | 0 | 67.5 | 0 |
Offset of swaption against swap liability termination | 0 | 0 | 10.9 |
Repayment of debt from sale-leaseback transaction proceeds | 0 | 0 | 53.2 |
Settlement of loans to affiliate, accrued interest and other intercompany balances on acquisition | 0 | 38.8 | 0 |
Sale of leased assets in exchange for net investment in the lease (note 5) | 316.7 | 0 | 0 |
Refinancing of existing Term Loans with draws made on the Program (note 9 (c)) | 302.7 | 0 | 0 |
Arrangement and Transaction Fees Settled in Shares [Member] | |||
Non-cash transactions: | |||
Arrangement and transaction fees settled in shares | 0 | 2.3 | 4.2 |
GCI [Member] | |||
Non-cash transactions: | |||
Carrying value of previously held equity in GCI settled on acquisition | 0 | 61.9 | 0 |
Settlement of GCI transaction fees paid by the Company | 0 | 15.2 | 0 |
Class A Common Shares [Member] | |||
Non-cash transactions: | |||
Issuance of shares on acquisition | 0 | 13.9 | 0 |
Series D Preferred Shares [Member] | |||
Non-cash transactions: | |||
Issuance of shares on acquisition | $ 0 | $ 47.2 | $ 0 |
Other information - Schedule _3
Other information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Supplemental Cash Flow Information [Line Items] | |||
Cash and cash equivalents | $ 195 | $ 357.3 | $ 253.2 |
Restricted cash | 2.3 | 14.1 | 14 |
Total cash, cash equivalents and restricted cash | $ 197.3 | $ 371.4 | $ 267.2 |
Revenue - Components of Revenue
Revenue - Components of Revenue (Detail) - Seaspan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,131.5 | $ 1,096.3 | $ 831.3 |
Time Charter Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,096 | 1,061.1 | 825 |
Interest Income from Leasing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 35.5 | $ 35.2 | $ 6.3 |
Revenue - Schedule of Future Mi
Revenue - Schedule of Future Minimum Revenues Committed (Detail) - Seaspan [Member] $ in Millions | Dec. 31, 2019USD ($) |
Time charter revenue to be received from operating leases | |
2020 | $ 1,028.1 |
2021 | 857.9 |
2022 | 630.7 |
2023 | 425.7 |
2024 | 274.8 |
Thereafter | 230.7 |
Future minimum revenues to be received from operating leases | 3,447.9 |
Interest income to be earned from sales-type and direct financing leases | |
2020 | 63.8 |
2021 | 60.8 |
2022 | 56.8 |
2023 | 49.5 |
2024 | 30.9 |
Thereafter | 216.2 |
Future interest income to be earned from sales-type and direct financing leases | 478 |
Total committed revenue | |
2020 | 1,091.9 |
2021 | 918.7 |
2022 | 687.5 |
2023 | 475.2 |
2024 | 305.7 |
Thereafter | 446.9 |
Future minimum revenues receivable | $ 3,925.9 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - Seaspan [Member] - USD ($) | 1 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Percentage of future minimum revenues utilization to be received | 100.00% | |
Settlement payment received related to modification of time charters | $ 227,000,000 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - Seaspan [Member] - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Commitments [Line Items] | |||
Operating leases, future minimum payments due | $ 1,107,600,000 | $ 1,287,500,000 | |
Vessels [Member] | |||
Other Commitments [Line Items] | |||
Operating leases, future minimum payments due | $ 1,100,225,000 | $ 1,279,074,000 | |
Operating leases, start year | 2020 | 2019 | |
Operating leases, expiration year | 2029 | 2029 | |
Office Space [Member] | |||
Other Commitments [Line Items] | |||
Operating leases, future minimum payments due | $ 7,362,000 | $ 8,401,000 | |
Operating leases, start year | 2020 | 2019 | |
Operating leases, expiration year | 2024 | 2024 | |
2010-built 9600 TEU Vessel [Member] | |||
Other Commitments [Line Items] | |||
Purchase commitment for aggregate purchase price | $ 33,100,000 | ||
Purchase commitment delivery period | 2020-04 | ||
2010-built 9600 TEU Vessel [Member] | Other Assets [Member] | |||
Other Commitments [Line Items] | |||
Purchase commitment for initial payment | $ 6,620,000 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Commitment Under Operating Leases (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Line Items] | ||
2020 | $ 153.8 | $ 160 |
2021 | 154 | 159.2 |
2022 | 148.5 | 158.3 |
2023 | 148.7 | 151.7 |
2024 | 150.9 | 150.8 |
Thereafter | 351.7 | 507.5 |
Operating leases, future minimum payments due | $ 1,107.6 | $ 1,287.5 |
Concentrations - Schedule of Re
Concentrations - Schedule of Revenue Derived from Customers (Detail) - Seaspan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue | $ 1,131.5 | $ 1,096.3 | $ 831.3 |
COSCO [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue | 407.4 | 412.3 | 387.7 |
Yang Ming Marine [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue | 257.5 | 235.6 | 141.5 |
ONE [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue | 199.4 | 241.6 | 199.7 |
Other [Member] | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Revenue | $ 267.2 | $ 206.8 | $ 102.4 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) - Seaspan [Member] - USD ($) | Aug. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | |||||
Carrying value, long-term debt | $ 3,060,600,000 | $ 3,487,500,000 | |||
Operating lease liabilities, fair value | 940,034,000 | ||||
Operating lease liabilities | 942,308,000 | $ 893,300,000 | |||
Fair value of long-term obligations under other financing arrangements excluding deferred financing fees | 533,754,000 | 660,919,000 | |||
Carrying value of long-term obligations under other financing arrangements excluding deferred financing fees | 513,771,000 | 647,664,000 | |||
Amount that would be settled in cash in the next 12 months | 14,663,000 | ||||
Derivative asset liability subject to master netting arrangement | 0 | 0 | |||
Estimated accumulated other comprehensive loss expected to be reclassified to net earnings | 974,000 | ||||
Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Payment for interest rate swap contract termination | $ 97,955,000 | $ 8,107,000 | |||
Senior Unsecured Notes [Member] | |||||
Derivative [Line Items] | |||||
Carrying value, long-term debt | 80,000,000 | 400,396,000 | |||
Fair value, long-term debt | 82,816,000 | 400,049,000 | |||
2025 Notes and 2026 Notes [Member] | |||||
Derivative [Line Items] | |||||
Carrying value, long-term debt | 349,106,000 | 166,608,000 | |||
Fair value, long-term debt | 525,591,000 | 236,349,000 | |||
Revolvers and Term Loans [Member] | |||||
Derivative [Line Items] | |||||
Fair value, long-term debt excluding deferred financing fees | 2,624,711,000 | 2,875,691,000 | |||
Carrying value, long-term debt | $ 2,666,274,000 | $ 2,944,602,000 |
Financial instruments - Schedul
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Detail) - Seaspan [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
5.4200% [Member] | |
Derivative [Line Items] | |
Fixed per annum rate swapped for LIBOR | 5.42% |
Derivative, notional amount | $ 333,200,000 |
Effective date | Sep. 6, 2007 |
Ending date | May 31, 2024 |
5.4200% [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 333,200,000 |
1.6850% [Member] | |
Derivative [Line Items] | |
Fixed per annum rate swapped for LIBOR | 1.685% |
Derivative, notional amount | $ 110,000,000 |
Effective date | Nov. 14, 2019 |
Ending date | May 15, 2024 |
1.6850% [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 110,000,000 |
1.6490% [Member] | |
Derivative [Line Items] | |
Fixed per annum rate swapped for LIBOR | 1.649% |
Derivative, notional amount | $ 160,000,000 |
Effective date | Sep. 27, 2019 |
Ending date | May 14, 2024 |
1.6490% [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 160,000,000 |
5.6000% [Member] | |
Derivative [Line Items] | |
Fixed per annum rate swapped for LIBOR | 5.60% |
Derivative, notional amount | $ 108,000,000 |
Effective date | Jun. 23, 2010 |
Ending date | Dec. 23, 2021 |
5.6000% [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, notional amount | $ 108,000,000 |
Financial instruments - Sched_2
Financial instruments - Schedule of Derivatives (Detail) - Seaspan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Swaps [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value of financial instruments asset | $ 0.1 | $ 0.1 |
Fair value of financial instruments liability | 49.3 | 115.9 |
Derivative Put Instrument [Member] | ||
Offsetting Assets [Line Items] | ||
Fair value of financial instruments liability | $ 0.9 | $ 11.3 |
Financial instruments - Sched_3
Financial instruments - Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings (Detail) - Seaspan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings (loss) on derivatives recognized in net earnings: | |||
Change in fair value | $ (35.1) | $ 15.5 | $ (12.6) |
Interest Rate Swaps [Member] | |||
Earnings (loss) on derivatives recognized in net earnings: | |||
Change in fair value | (58.8) | 14.7 | (12.6) |
Derivative Put Instrument [Member] | |||
Earnings (loss) on derivatives recognized in net earnings: | |||
Change in fair value | 23.7 | 0.8 | 0 |
Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Loss reclassified from AOCL to net earnings | |||
Depreciation and amortization/Interest expense | (0.3) | (0.3) | (1.9) |
Depreciation and Amortization [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Loss reclassified from AOCL to net earnings | |||
Depreciation and amortization/Interest expense | $ (0.7) | $ (0.8) | $ (1) |
Financial instruments - Sched_4
Financial instruments - Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings (Parenthetical) (Detail) - Seaspan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Cash flows related to settlement of interest rate swaps | $ 126,800,000 | $ 41,300,000 | $ 67,400,000 |
Settlement of interest rate swaps, operating activities | 20,000,000 | 57,400,000 | 44,100,000 |
Interest Rate Swaps [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Cash flows related to settlement of interest rate swaps | $ 126,782,000 | 41,284,000 | 59,313,000 |
Interest Rate Swaps [Member] | Restatement Adjustment [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items] | |||
Settlement of interest rate swaps, operating activities | $ 41,284,000 | $ 59,313,000 |