Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | TGP |
Entity Registrant Name | Teekay LNG Partners L.P. |
Entity Central Index Key | 0001308106 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Voyage revenues (notes 6 and 10a) | $ 153,060 | $ 122,315 | $ 302,804 | $ 237,621 |
Voyage expenses | (6,023) | (7,951) | (11,798) | (13,752) |
Vessel operating expenses | (27,457) | (33,219) | (53,558) | (61,186) |
Time-charter hire expense (notes 5b and 10a) | (3,080) | 0 | (8,671) | 0 |
Depreciation and amortization | (35,338) | (29,794) | (69,464) | (59,061) |
General and administrative expenses | (5,667) | (7,846) | (12,299) | (14,917) |
Write-down of vessels (note 16) | 0 | (33,000) | 0 | (51,662) |
Restructuring charges (note 15) | (818) | 0 | (2,976) | (1,396) |
Income (loss) from vessel operations | 74,677 | 10,505 | 144,038 | 35,647 |
Equity income (loss) (note 6c) | 1,738 | 11,194 | 7,316 | 37,918 |
Interest expense | (41,018) | (28,171) | (83,235) | (52,877) |
Interest income | 960 | 902 | 2,038 | 1,816 |
Realized and unrealized (loss) gain on non-designated derivative instruments (note 11) | (7,826) | 4,302 | (14,443) | 12,303 |
Foreign currency exchange (loss) gain (notes 8 and 11) | (7,243) | 8,443 | (7,974) | 7,170 |
Other income (expense) (note 12b) | 236 | 350 | 487 | (52,232) |
Net income (loss) before income tax expense | 21,524 | 7,525 | 48,227 | (10,255) |
Income tax expense (note 9) | (2,472) | (843) | (5,050) | (1,622) |
Net income (loss) | 19,052 | 6,682 | 43,177 | (11,877) |
Non-controlling interest in net income (loss) | 2,617 | 3,948 | 5,125 | (7,717) |
Preferred unitholders' interest in net income (loss) | 6,425 | 6,426 | 12,850 | 12,851 |
General partner's interest in net income (loss) | 200 | (68) | 504 | (340) |
Limited partners’ interest in net income (loss) | $ 9,810 | $ (3,624) | $ 24,698 | $ (16,671) |
Limited partners’ interest in net income (loss) per common unit (note 13): | ||||
Basic (usd per unit) | $ 0.12 | $ (0.05) | $ 0.31 | $ (0.21) |
Diluted (usd per unit) | $ 0.12 | $ (0.05) | $ 0.31 | $ (0.21) |
Weighted-average number of common units outstanding (note 13): | ||||
Basic (units) | 78,603,636 | 79,687,499 | 78,600,342 | 79,667,384 |
Diluted (units) | 78,685,537 | 79,687,499 | 78,682,263 | 79,667,384 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 19,052 | $ 6,682 | $ 43,177 | $ (11,877) |
Other comprehensive (loss) income before reclassifications | ||||
Unrealized (loss) gain on qualifying cash flow hedging instruments, net of tax | 6,890 | 9,189 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (30,749) | (52,238) | ||
To interest expense: | ||||
Other comprehensive (loss) income | (31,103) | 6,362 | (53,343) | 8,820 |
Comprehensive (loss) income | (12,051) | 13,044 | (10,166) | (3,057) |
Non-controlling interest in comprehensive income (loss) | 1,242 | 4,408 | 2,900 | (6,190) |
Preferred unitholders' interest in comprehensive income | 6,425 | 6,426 | 12,850 | 12,851 |
General and limited partners' interest in comprehensive (loss) income | (19,718) | 2,210 | (25,916) | (9,718) |
Equity income | ||||
To equity income: | ||||
Realized gain on qualifying cash flow hedging instruments | (526) | (617) | ||
To interest expense: | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (197) | (697) | ||
Interest expense | ||||
Other comprehensive (loss) income before reclassifications | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (4,570) | (7,402) | ||
To interest expense: | ||||
Realized (gain) loss on qualifying cash flow hedging instruments (note 11) | $ (2) | $ 248 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 157 | $ 408 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current | ||
Cash and cash equivalents | $ 124,880 | $ 149,014 |
Restricted cash – current (note 17) | 48,869 | 38,329 |
Accounts receivable, including non-trade of $9,404 (2018 – $6,461) | 25,439 | 20,795 |
Prepaid expenses | 8,087 | 8,076 |
Vessel held for sale (note 16c) | 12,300 | 0 |
Current portion of derivative assets (note 11) | 0 | 835 |
Current portion of net investments in direct financing leases (note 6) | 13,082 | 12,635 |
Current portion of advances to equity-accounted joint ventures (note 7) | 79,108 | 79,108 |
Advances to affiliates (note 10b) | 8,229 | |
Other current assets | 238 | 2,306 |
Total current assets | 334,834 | 319,327 |
Restricted cash – long-term (note 17) | 31,439 | 35,521 |
Vessels and equipment | ||
At cost, less accumulated depreciation of $705,104 (2018 – $665,206) | 1,616,029 | 1,657,338 |
Operating lease right-of-use asset (notes 2 and 5b) | 40,666 | 0 |
Vessels related to finance leases, at cost, less accumulated depreciation of $86,156 (2018 – $66,878) (note 5a) | 1,704,908 | 1,585,243 |
Advances on newbuilding contracts (note 10d) | 0 | 86,942 |
Total vessels and equipment | 3,361,603 | 3,329,523 |
Investments in and advances to equity-accounted joint ventures (note 7) | 994,880 | 1,037,025 |
Net investments in direct financing leases (note 6) | 551,603 | 562,528 |
Other assets | 12,204 | 11,432 |
Derivative assets (note 11) | 0 | 2,362 |
Intangible assets – net | 47,794 | 52,222 |
Goodwill | 34,841 | 34,841 |
Total assets | 5,369,198 | 5,384,781 |
Current | ||
Accounts payable | 1,169 | 3,830 |
Accrued liabilities (notes 11 and 15) | 72,241 | 74,753 |
Unearned revenue (note 6) | 24,573 | 30,108 |
Current portion of long-term debt (note 8) | 402,513 | 135,901 |
Current obligations related to finance leases (note 5a) | 65,525 | 81,219 |
Current portion of operating lease liabilities (notes 2 and 5b) | 13,098 | 0 |
Current portion of derivative liabilities (note 11) | 27,805 | 11,604 |
Advances from affiliates (note 10b) | 15,655 | 14,731 |
Total current liabilities | 622,579 | 352,146 |
Long-term debt (note 8) | 1,465,155 | 1,833,875 |
Long-term obligations related to finance leases (note 5a) | 1,334,271 | 1,217,337 |
Long-term operating lease liabilities (notes 2 and 5b) | 27,568 | 0 |
Other long-term liabilities (note 12c) | 46,171 | 43,788 |
Derivative liabilities (note 11) | 54,767 | 55,038 |
Total liabilities | 3,550,511 | 3,502,184 |
Commitments and contingencies (notes 5, 8, 11 and 12) | ||
Equity | ||
Limited partners - common units (78.4 million units and 79.4 million units issued and outstanding at June 30, 2019 and December 31, 2018, respectively) | 1,485,516 | 1,496,107 |
Limited partners - preferred units (11.8 million units issued and outstanding at June 30, 2019 and December 31, 2018) | 285,159 | 285,159 |
General partner | 49,056 | 49,271 |
Accumulated other comprehensive (loss) income | (53,232) | 2,717 |
Partners' equity | 1,766,499 | 1,833,254 |
Non-controlling interest | 52,188 | 49,343 |
Total equity | 1,818,687 | 1,882,597 |
Total liabilities and total equity | $ 5,369,198 | $ 5,384,781 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, shares in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Non-trade accounts receivable | $ 9,404 | $ 6,461 |
Accumulated depreciation on vessel and equipment | 705,104 | 665,206 |
Sale Leaseback Transaction, Accumulated Depreciation | $ 86,156 | $ 66,878 |
Limited Partners - common units issued (in shares) | 78.4 | 79.4 |
Limited Partners - common units outstanding (in shares) | 78.4 | 79.4 |
Limited Partners - preferred units issued (in shares) | 11.8 | 11.8 |
Limited Partners - preferred units outstanding (in shares) | 11.8 | 11.8 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 43,177 | $ (11,877) |
Non-cash items: | ||
Unrealized loss (gain) on non-designated derivative instruments (note 11) | 9,666 | (20,632) |
Depreciation and amortization | 69,464 | 59,061 |
Write-down of vessels | 0 | 51,662 |
Unrealized foreign currency exchange loss (gain) | 4,727 | (11,703) |
Equity income, net of dividends received $17,274 (2018 – $11,583) | 9,958 | (26,335) |
Other non-cash items | 8,998 | (8,464) |
Change in non-cash operating assets and liabilities | (28,827) | 56,299 |
Receipts from direct financing leases | 6,050 | 0 |
Expenditures for dry docking | 6,335 | 4,423 |
Net operating cash flow | 116,878 | 83,588 |
Net operating cash flow | ||
Proceeds from issuance of long-term debt | 126,263 | 248,392 |
Scheduled repayments of long-term debt | (66,310) | (105,099) |
Prepayments of long-term debt | 168,787 | 205,765 |
Financing issuance costs | (989) | (4,971) |
Proceeds from financing related to sales and leaseback of vessels | 158,680 | 243,812 |
Scheduled repayments of obligations related to finance leases | (33,855) | (25,316) |
Repurchase of common units (note 13) | 12,056 | 0 |
Cash distributions paid | (39,315) | (34,727) |
Dividends paid to non-controlling interest | (55) | (157) |
Net financing cash flow | (36,424) | 116,169 |
Net financing cash flow | ||
Expenditures for vessels and equipment, net of warranty settlement $44,890 (2018 – $nil) (note 12a) | (82,575) | (311,308) |
Capital contributions to equity-accounted joint ventures | (15,555) | (27,071) |
Receipts from direct financing leases | 0 | 5,242 |
Proceeds from sale of equity-accounted joint venture | 0 | 54,438 |
Net investing cash flow | (98,130) | (278,699) |
Decrease in cash, cash equivalents and restricted cash | (17,676) | (78,942) |
Cash, cash equivalents and restricted cash, beginning of the period | 222,864 | 339,435 |
Cash, cash equivalents and restricted cash, end of the period | $ 205,188 | $ 260,493 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Dividends received | $ 17,274 | $ 11,583 |
Product Liability Contingency, Third Party Recovery | $ 44,890 | $ 0 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statement of Changes in Total Equity - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common UnitsLimited Partners | Preferred UnitsLimited Partners | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interest | Preferred units Series A ($0.5625 per unit) | Preferred units Series A ($0.5625 per unit)Preferred UnitsLimited Partners | Preferred units Series B ($0.5313 per unit) | Preferred units Series B ($0.5313 per unit)Preferred UnitsLimited Partners |
Beginning balance, units at Dec. 31, 2017 | 79,627 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2017 | $ 1,931,423 | $ 50,152 | $ 1,539,248 | $ 285,159 | $ 4,479 | $ 52,385 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | (18,559) | (272) | (13,047) | $ 6,425 | (11,665) | |||||
Other comprehensive loss | 2,458 | 1,391 | 1,067 | |||||||
Common units | (11,376) | (228) | (11,148) | |||||||
Preferred units | $ (2,812) | $ 2,812 | $ (3,613) | $ 3,613 | ||||||
Change in accounting policy (note 2) | 2,739 | 41 | $ 1,959 | 739 | ||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 61 | |||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 123 | 3 | $ 120 | |||||||
Ending balance, units at Mar. 31, 2018 | 79,688 | 11,800 | ||||||||
Ending balance at Mar. 31, 2018 | 1,900,383 | 49,696 | $ 1,517,132 | $ 285,159 | 5,870 | 42,526 | ||||
Beginning balance, units at Dec. 31, 2017 | 79,627 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2017 | 1,931,423 | 50,152 | $ 1,539,248 | $ 285,159 | 4,479 | 52,385 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | (11,877) | |||||||||
Other comprehensive loss | 8,820 | |||||||||
Ending balance, units at Jun. 30, 2018 | 79,688 | 11,800 | ||||||||
Ending balance at Jun. 30, 2018 | 1,895,603 | 49,403 | $ 1,502,492 | $ 285,159 | 11,772 | 46,777 | ||||
Beginning balance, units at Mar. 31, 2018 | 79,688 | 11,800 | ||||||||
Beginning balance at Mar. 31, 2018 | 1,900,383 | 49,696 | $ 1,517,132 | $ 285,159 | 5,870 | 42,526 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 6,682 | (68) | (3,624) | $ 6,426 | 3,948 | |||||
Other comprehensive loss | 6,362 | 5,902 | 460 | |||||||
Common units | (11,384) | (227) | $ (11,157) | |||||||
Preferred units | (2,813) | 2,813 | (3,613) | 3,613 | ||||||
Dividends paid to non-controlling interest | (157) | 157 | ||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 0 | |||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 143 | 2 | $ 141 | |||||||
Ending balance, units at Jun. 30, 2018 | 79,688 | 11,800 | ||||||||
Ending balance at Jun. 30, 2018 | 1,895,603 | 49,403 | $ 1,502,492 | $ 285,159 | 11,772 | 46,777 | ||||
Beginning balance, units at Dec. 31, 2018 | 79,361 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2018 | 1,882,597 | 49,271 | $ 1,496,107 | $ 285,159 | 2,717 | 49,343 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 24,125 | 304 | 14,888 | $ 6,425 | 2,508 | |||||
Other comprehensive loss | (22,240) | (21,390) | (850) | |||||||
Common units | (11,221) | (224) | (10,997) | |||||||
Preferred units | (2,812) | 2,812 | (3,613) | 3,613 | ||||||
Dividends paid to non-controlling interest | (20) | 20 | ||||||||
Change in accounting policy (note 2) | (3,017) | 37 | $ 1,777 | (4,831) | ||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 81 | |||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 827 | 17 | $ 810 | |||||||
Repurchase of common units (note 13) | (815) | |||||||||
Partners' Capital Account, Treasury Units, Purchased | (9,497) | (190) | $ (9,307) | |||||||
Ending balance, units at Mar. 31, 2019 | 78,627 | 11,800 | ||||||||
Ending balance at Mar. 31, 2019 | 1,855,129 | 49,215 | $ 1,493,278 | $ 285,159 | (23,504) | 50,981 | ||||
Beginning balance, units at Dec. 31, 2018 | 79,361 | 11,800 | ||||||||
Beginning balance at Dec. 31, 2018 | 1,882,597 | 49,271 | $ 1,496,107 | $ 285,159 | 2,717 | 49,343 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 43,177 | |||||||||
Other comprehensive loss | (53,343) | |||||||||
Ending balance, units at Jun. 30, 2019 | 78,441 | 11,800 | ||||||||
Ending balance at Jun. 30, 2019 | 1,818,687 | 49,056 | $ 1,485,516 | $ 285,159 | (53,232) | 52,188 | ||||
Beginning balance, units at Mar. 31, 2019 | 78,627 | 11,800 | ||||||||
Beginning balance at Mar. 31, 2019 | 1,855,129 | 49,215 | $ 1,493,278 | $ 285,159 | (23,504) | 50,981 | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 19,052 | 200 | 9,810 | $ 6,425 | 2,617 | |||||
Other comprehensive loss | (31,103) | (29,728) | (1,375) | |||||||
Common units | (15,244) | (305) | $ (14,939) | |||||||
Preferred units | $ (2,812) | $ 2,812 | $ (3,613) | $ 3,613 | ||||||
Dividends paid to non-controlling interest | (35) | 35 | ||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | 1 | |||||||||
Equity-based compensation, net of nominal withholding tax (note 14) | (128) | (3) | $ (125) | |||||||
Repurchase of common units (note 13) | (187) | |||||||||
Partners' Capital Account, Treasury Units, Purchased | (2,559) | (51) | $ (2,508) | |||||||
Ending balance, units at Jun. 30, 2019 | 78,441 | 11,800 | ||||||||
Ending balance at Jun. 30, 2019 | $ 1,818,687 | $ 49,056 | $ 1,485,516 | $ 285,159 | $ (53,232) | $ 52,188 |
Unaudited Consolidated Statem_6
Unaudited Consolidated Statement of Changes in Total Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Equity based compensation, tax | $ 0.5 | $ 0.1 | $ 0.6 | |
Common Stock, Dividends, Per Share, Declared | $ 190,000 | $ 140,000 | $ 140,000 | $ 140,000 |
Preferred units Series A ($0.5625 per unit) | ||||
Preferred Stock, Dividends Per Share, Declared | 562,500 | 562,500 | 562,500 | 562,500 |
Preferred units Series B ($0.5313 per unit) | ||||
Preferred Stock, Dividends Per Share, Declared | $ 531,300 | $ 531,300 | $ 531,300 | $ 531,300 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These financial statements include the accounts of Teekay LNG Partners L.P. (or the Partnership ), which is a limited partnership formed under the laws of the Republic of the Marshall Islands, its wholly-owned and controlled subsidiaries and any variable interest entities (or VIEs ) of which it is the primary beneficiary. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2018 , which are included in the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2018 filed with the U.S. Securities and Exchange Commission (or SEC ) on April 5, 2019. In the opinion of management of Teekay GP L.L.C., the general partner of the Partnership (or the General Partner ), these unaudited interim consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation. Certain comparative figures have been reclassified to conform to the presentation adopted in the fourth quarter of 2018 relating to a change in the Partnership's reportable segments (see Note 4) and to reclassifications of certain related party transactions between vessel operating expenses and general and administrative expenses in the Partnership's consolidated statements of income (loss) which resulted in a decrease in vessel operating expenses and an offsetting increase in general and administrative expenses of $0.8 million and $1.3 million |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Pronouncements | Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update (or ASU ) 2016-02, which establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. FASB issued an additional accounting standard update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect and providing an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met. The Partnership adopted ASU 2016-02 on January 1, 2019. In addition, the Partnership early adopted ASU 2019-01, which provides an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset’s cost, instead of fair value. To determine the cumulative effect adjustment, the Partnership has not reassessed lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The Partnership identified the following differences: • The adoption of ASU 2016-02 results in a change in the accounting method for the lease portion of the daily charter hire accounted for as operating leases with firm periods of greater than one year for certain of the chartered-in vessels of the Partnership and the Partnership's equity-accounted joint ventures. Under ASU 2016-02, one of the Partnership's in-charter contracts previously accounted for as an operating lease is now treated as an operating lease right-of-use asset and an operating lease liability, which resulted in an increase of the Partnership's assets and liabilities. The right-of-use asset and lease liability recognized on June 30, 2019 was $40.7 million (January 1, 2019 – $22.8 million ). In addition, certain equity-accounted joint ventures recognized a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This had the result of increasing the equity-accounted joint venture’s assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged from the prior policy, unless the right-of-use asset becomes impaired. • The adoption of ASU 2016-02 results in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investments in and advances to equity-accounted joint ventures by $3.0 million , and total equity by $3.0 million as at June 30, 2019. The cumulative decrease to opening equity as at January 1, 2019 was $3.0 million . The Partnership’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Partnership has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. • The adoption of ASU 2016-02 results in direct financing lease payments received being presented as an operating cash inflow instead of an investing cash inflow in the consolidated statements of cash flows. Direct financing lease payments received during the six months ended June 30, 2019 and 2018 were $6.1 million and $5.2 million , respectively. • The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02 such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions the Partnership does not derecognize the vessel sold and continues to depreciate the vessel as if it were the legal owner. Proceeds received from the sale of the vessel are recognized as a financial liability and bareboat charter hire payments made by the Partnership to the lessor are allocated between interest expense and principal repayments on the financial liability. The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Yamal Spirit during the first quarter of 2019 being accounted for as a failed sale and unlike the eight sale-leaseback transactions entered into in prior years, the Partnership is not considered as holding a variable interest in the buyer lessor entity and thus, does not consolidate the buyer lessor entity (see Note 5). In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ( or ASU 2017-12 ) . ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Partnership as of January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million . In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Partnership January 1, 2020, with a modified-retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | Financial Instruments a) Fair Value Measurements For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018 . The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis. June 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash (note 17a) Level 1 205,188 205,188 222,864 222,864 Derivative instruments (note 11) Interest rate swap agreements – assets Level 2 — — 3,341 3,341 Interest rate swap agreements – liabilities Level 2 (54,291 ) (54,291 ) (40,958 ) (40,958 ) Foreign currency contracts Level 2 (101 ) (101 ) — — Cross currency swap agreements – liabilities Level 2 (31,006 ) (31,006 ) (29,122 ) (29,122 ) Other derivative Level 3 — — 1,061 1,061 Other: Advances to equity-accounted joint ventures (note 7) (i) 131,374 (i) 131,386 (i) Long-term debt – public (note 8) Level 1 (355,663 ) (367,592 ) (350,813 ) (361,095 ) Long-term debt – non-public (note 8) Level 2 (1,512,005 ) (1,498,723 ) (1,618,963 ) (1,604,106 ) Obligations related to finance leases (note 5) Level 2 (1,399,796 ) (1,420,492 ) (1,298,556 ) (1,274,693 ) (i) The advances to equity-accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. The time-charter contract for the Toledo Spirit Suezmax tanker ended in January 2019, upon which the charterer, who was also the owner, sold the vessel, which resulted in the related agreement with Teekay Corporation described below ending concurrently. The time-charter contract for the vessel had increased or decreased the otherwise fixed-hire rate established in the charter depending on the spot charter rates that the Partnership would have earned had it traded the vessel in the spot tanker market. In order to reduce the variability of its revenue under the Toledo Spirit time-charter, the Partnership entered into an agreement with Teekay Corporation under which Teekay Corporation paid the Partnership any amounts payable to the charterer of the Toledo Spirit as a result of spot rates being below the fixed rate, and the Partnership paid Teekay Corporation any amounts payable to the Partnership by the charterer of the Toledo Spirit as a result of spot rates being in excess of the fixed rate. Changes in fair value during the six months ended June 30, 2019 and 2018 for the Partnership’s other derivative instrument, the Toledo Spirit time-charter derivative, which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3), were as follows: Six Months Ended June 30, 2019 2018 $ $ Fair value at beginning of period 1,061 1,648 Realized and unrealized gains included in earnings (40 ) 1,669 Settlements (1,021 ) (987 ) Fair value at end of period — 2,330 b) Financing Receivables The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. Credit Quality June 30, 2019 December 31, 2018 Class of Financing Receivable Indicator Grade $ $ Direct financing leases (note 6) Payment activity Performing 564,685 575,163 Other receivables: Long-term receivable and accrued revenue included in other assets Payment activity Performing 6,857 5,694 Advances to equity-accounted joint ventures, current and long-term (note 7) Other internal metrics Performing 131,374 131,386 702,916 712,243 |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Prior to the fourth quarter of 2018, the Partnership reported its financial results on the basis of two business segments: a liquefied gas segment and a conventional tanker segment. During 2018, the Partnership’s Teekay Multi-Gas Pool commenced operations. As part of this initiative, the Partnership completed an internal reorganization and revised its reportable segments, and such changes resulted in management viewing the gas fleet and its components differently. As a result, the Partnership’s liquefied petroleum gas (or LPG ) and multi-gas carriers are reported in a separate segment apart from its LNG carriers, resulting in a total of three business segments. All segment information for comparative periods has been retroactively adjusted to conform with the change in segment presentation adopted commencing in the fourth quarter of 2018. The following tables include results for the Partnership’s segments for the periods presented in these financial statements. Three Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 141,833 8,858 2,369 153,060 Voyage (expenses) recoveries (3,484 ) (2,542 ) 3 (6,023 ) Vessel operating expenses (23,146 ) (3,630 ) (681 ) (27,457 ) Time-charter hire expense (3,080 ) — — (3,080 ) Depreciation and amortization (33,139 ) (2,030 ) (169 ) (35,338 ) General and administrative expenses (i) (5,051 ) (345 ) (271 ) (5,667 ) Restructuring charges — — (818 ) (818 ) Income from vessel operations 73,933 311 433 74,677 Equity income (loss) 3,377 (1,639 ) — 1,738 Three Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 105,405 6,767 10,143 122,315 Voyage expenses (496 ) (3,949 ) (3,506 ) (7,951 ) Vessel operating expenses (22,021 ) (7,651 ) (3,547 ) (33,219 ) Depreciation and amortization (26,418 ) (2,243 ) (1,133 ) (29,794 ) General and administrative expenses (i) (5,839 ) (1,110 ) (897 ) (7,846 ) Write-down of vessels — (33,000 ) — (33,000 ) Income (loss) from vessel operations 50,631 (41,186 ) 1,060 10,505 Equity income (loss) 12,619 (1,425 ) — 11,194 Six Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 279,655 18,018 5,131 302,804 Voyage (expenses) recoveries (4,722 ) (7,212 ) 136 (11,798 ) Vessel operating expenses (43,701 ) (7,982 ) (1,875 ) (53,558 ) Time-charter hire expense (8,671 ) — — (8,671 ) Depreciation and amortization (64,825 ) (3,951 ) (688 ) (69,464 ) General and administrative expenses ( i) (11,014 ) (908 ) (377 ) (12,299 ) Restructuring charges — — (2,976 ) (2,976 ) Income (loss) from vessel operations 146,722 (2,035 ) (649 ) 144,038 Equity income (loss) 10,870 (3,554 ) — 7,316 Six Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 206,831 10,390 20,400 237,621 Voyage expenses (917 ) (6,336 ) (6,499 ) (13,752 ) Vessel operating expenses (42,184 ) (11,676 ) (7,326 ) (61,186 ) Depreciation and amortization (51,897 ) (3,985 ) (3,179 ) (59,061 ) General and administrative expenses (i) (10,993 ) (2,243 ) (1,681 ) (14,917 ) Write-down of vessels — (33,000 ) (18,662 ) (51,662 ) Restructuring charges — — (1,396 ) (1,396 ) Income (loss) from vessel operations 100,840 (46,850 ) (18,343 ) 35,647 Equity income (loss) 40,023 (2,105 ) — 37,918 (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to total assets presented in the consolidated balance sheets is as follows: June 30, 2019 December 31, 2018 $ $ Total assets of the liquefied natural gas segment 4,889,670 4,861,977 Total assets of the liquefied petroleum gas segment 318,069 326,111 Total assets of the conventional tanker segment 13,748 39,450 Unallocated: Cash and cash equivalents 124,880 149,014 Advances to affiliates 22,831 8,229 Consolidated total assets 5,369,198 5,384,781 |
Chartered-in Vessels
Chartered-in Vessels | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Chartered-in Vessels a) Obligations related to Finance Leases June 30, December 31, LNG Carriers 1,399,796 1,274,569 Suezmax Tanker — 23,987 Total obligations related to finance leases 1,399,796 1,298,556 Less current portion (65,525 ) (81,219 ) Long-term obligations related to finance leases 1,334,271 1,217,337 LNG Carriers. As at June 30, 2019, the Partnership was a party to finance leases on nine LNG carriers. Upon delivery of these nine LNG carriers between February 2016 and January 2019, the Partnership sold these vessels to third parties (or Lessors ) and leased them back under 10 to 15 -year bareboat charter contracts ending in 2026 through to 2034. At inception of these leases, the weighted-average interest rate implicit in these leases was 5.2% . The bareboat charter contracts are presented as obligations related to finance leases on the Partnership's consolidated balance sheets and have purchase obligations at the end of the lease terms. The Partnership consolidates eight of the nine Lessors for financial reporting purposes as VIEs. The Partnership understands that these vessels and lease operations are the only assets and operations of the Lessors. The Partnership operates the vessels during the lease term and, as a result, is considered to be, under GAAP, the Lessor's primary beneficiary. The liabilities of the eight Lessors are loans and are non-recourse to the Partnership. The amounts funded to the eight Lessors in order to purchase the vessels materially match the funding to be paid by the Partnership's subsidiaries under the sale-leaseback transactions. As a result, the amounts due by the Partnership's subsidiaries to the eight Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. During January 2019, the Partnership sold the Yamal Spirit and leased it back for a period of 15 years, with an option granted to the Partnership to extend the lease term by an additional five years . The Partnership is required to purchase the vessel at the end of the lease term. Subsequent to the adoption of ASU 2016-02 on January 1, 2019, sale-leaseback transactions where the lessee has a purchase obligation are treated as a failed sale. Consequently, the Partnership has not derecognized the vessel and continues to depreciate the asset as if it were the legal owner. Proceeds received from the sale are set up as a financial liability and bareboat charter hire payments made by the Partnership to the Lessor are allocated between interest expense and principal repayments on the financial liability. The obligations of the Partnership under the bareboat charter contracts for the nine LNG carriers are guaranteed by the Partnership. In addition, the guarantee agreements require the Partnership to maintain minimum levels of tangible net worth and aggregate liquidity, and not to exceed a maximum amount of leverage. As at June 30, 2019, the Partnership was in compliance with all covenants in respect of the obligations related to its finance leases. As at June 30, 2019 and December 31, 2018, the remaining commitments related to the financial liabilities of these nine LNG carriers (December 31, 2018 – eight LNG carriers) including the amounts to be paid for the related purchase obligations, approximated $1.9 billion (December 31, 2018 – $1.7 billion ), including imputed interest of $495.6 million (December 31, 2018 – $435.3 million ), repayable for the remainder of 2019 through 2034, as indicated below: Commitments Year June 30, 2019 December 31, 2018 Remainder of 2019 $ 67,962 $ 119,517 2020 $ 134,915 $ 118,685 2021 $ 133,542 $ 117,772 2022 $ 132,312 $ 116,978 2023 $ 131,237 $ 116,338 Thereafter $ 1,295,440 $ 1,120,670 Suezmax Tanker . As at December 31, 2018, the Partnership was a party, as lessee, to a finance lease on one Suezmax tanker, the Toledo Spirit . As at December 31, 2018, the remaining commitments related to the one finance lease for the Suezmax tanker, including the related purchase obligations, approximated $24.2 million including imputed interest of $0.2 million , repayable in 2019. In January 2019, the charterer, who is also the owner, sold the Toledo Spirit to a third party which resulted in the Partnership returning the vessel to its owner and the obligation related to finance lease concurrently being extinguished. b) Operating Leases A time-charter-in contract is typically for a fixed period of time, although in certain cases the Partnership may have the option to extend the charter. The Partnership will typically pay the owner a daily hire rate that is fixed over the duration of the charter-in contract. The Partnership is generally not required to pay the daily hire rate during periods the vessel is not able to operate. The Partnership has chartered a vessel from its 52% -owned joint venture with Marubeni Corporation (or the Teekay LNG-Marubeni Joint Venture ) on a time-charter-in contract, whereby the Teekay LNG-Marubeni Joint Venture provides use of the vessel to the Partnership and operates the vessel for the Partnership. The Partnership has determined its time-charter-in contract contains both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Partnership’s incremental borrowing rate, which is based on the fixed interest rate the Partnership could obtain when entering into a secured loan facility of similar term for an amount equal to the total minimum lease payments. Under its time-charter-in contract with the Teekay LNG-Marubeni Joint Venture, which had an original term of two years and was further extended by 21 months to June 2022, the Partnership incurred time-charter hire expense for the three and six months ended June 30, 2019 of $3.1 million and $8.7 million , respectively, of which $1.9 million and $5.4 million , respectively, was allocable to the lease component and $1.2 million and $3.3 million , respectively, was allocable to the non-lease component. The $1.9 million and $5.4 million allocable to the lease component approximates the cash paid for the amounts included in operating lease liabilities and is reflected as a reduction in operating cash flows for the three and six months ended June 30, 2019, respectively. As at June 30, 2019, the weighted-average remaining lease term and weighted-average discount rate for the time-charter-in contract were 3 years and 4.6% , respectively. The Partnership has elected to recognize the lease payments of short-term leases in profit or loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. The Partnership considers as short-term leases those with an original term of one year or less, excluding leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset where it is reasonably certain the lessee will exercise the applicable option. A maturity analysis of the Partnership’s operating lease liabilities from its time-charter-in contract as at June 30, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: Remainder of 2019 7,395 4,565 11,960 2020 14,710 9,080 23,790 2021 14,670 9,055 23,725 2022 6,832 4,218 11,050 Total payments 43,607 26,918 70,525 Less imputed interest (2,941 ) Carrying value of operating lease liabilities 40,666 Less current portion (13,098 ) Carrying value of long-term operating lease liabilities 27,568 As at December 31, 2018, minimum commitments incurred by the Partnership relating to its time-charter-in contract were approximately $23.7 million (2019) and $17.0 million (2020). |
Equity-Accounted Investments
Equity-Accounted Investments | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Equity-Accounted Investments | Equity-Accounted Investments a) As of June 30, 2019 , the Partnership had loans outstanding to Exmar LPG BVBA of $52.3 million ( December 31, 2018 – $52.3 million ), the Partnership's 50 / 50 joint venture (or the Exmar LPG Joint Venture ) with Exmar NV (or Exmar ). These advances bear interest at LIBOR plus 0.50% and have no fixed repayment terms. As of June 30, 2019 and December 31, 2018, the interest receivable on the advances was $ nil . These advances are included in investments and advances to equity-accounted joint ventures in the Partnership’s consolidated balance sheets. b) As of June 30, 2019 , the Partnership had loans outstanding to the Bahrain LNG Joint Venture, in which the Partnership has a 30% ownership interest, of $79.1 million ( December 31, 2018 – $79.1 million ). These advances bear interest at LIBOR plus 1.25% and are repayable the earlier of November 2019 or six months after the expected commercial start date, which is expected to occur during the second half of 2019. As of June 30, 2019 , the interest accrued on these advances was nominal ( December 31, 2018 – $ nil ). Both the advances and the accrued interest on these advances are included in current portion of advances to equity-accounted joint ventures in the Partnership’s consolidated balance sheets. c) On January 31, 2018, the Partnership sold its 50% ownership interest in its equity-accounted joint venture with Exmar (or the Excelsior Joint Venture) for gross proceeds of approximately $54 million . As a result of the sale, the Partnership recorded a gain of $5.6 million for the six months ended June 30, 2018, which is included in equity income in the Partnership's consolidated statements of income (loss). |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Partnership’s primary source of revenue is chartering its vessels to customers. The Partnership utilizes three primary forms of contracts consisting of time-charter contracts, voyage charter contracts and bareboat charter contracts. For a description of these contracts, see Item 18 - Financial Statements: Note 6 in the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018. In addition, the Partnership generated revenue from construction supervision and crew-training for the vessels under construction in its joint venture with China LNG Shipping (Holdings) Limited (or China LNG ), CETS Investment Management (HK) Co. Ltd. and BW Investments Pte. Ltd (or the Pan Union Joint Venture ), in which the Partnership's ownership interests range from 20% to 30% , and from the start-up of an LNG receiving and regasification terminal under construction related to its 30% -owned joint venture with National Oil and Gas Authority ( 30% ), Gulf Investment Corporation ( 24% ), and Samsung C&T ( 16% ) (or the Bahrain LNG Joint Venture ). Such services may include the procurement of third party goods and services for the asset’s owner. Revenue Table The following tables contain the Partnership’s total revenue for the three and six ended June 30, 2019 and 2018 , by contract type and by segment. Three Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 133,684 — 2,369 136,053 Voyage charters — 8,858 — 8,858 Bareboat charters 6,129 — — 6,129 Management fees and other income 2,020 — — 2,020 141,833 8,858 2,369 153,060 Three Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 96,857 — 4,316 101,173 Voyage charters — 6,767 5,719 12,486 Bareboat charters 5,734 — — 5,734 Management fees and other income 2,814 — 108 2,922 105,405 6,767 10,143 122,315 Six Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 264,459 — 5,131 269,590 Voyage charters — 18,018 — 18,018 Bareboat charters 12,191 — — 12,191 Management fees and other income 3,005 — — 3,005 279,655 18,018 5,131 302,804 Six Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 190,316 — 9,714 200,030 Voyage charters — 10,390 10,470 20,860 Bareboat charters 11,111 — — 11,111 Management fees and other income 5,404 — 216 5,620 206,831 10,390 20,400 237,621 The following table contains the Partnership’s total revenue for the three months and six months ended June 30, 2019 and 2018, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 131,062 105,465 260,822 204,282 Interest income on lease receivables 12,969 9,954 25,763 19,914 Variable lease payments - cost reimbursements (1) 1,295 — 1,975 — Variable lease payments - other (2) — (150 ) — (459 ) 145,326 115,269 288,560 223,737 Non-lease revenue Non-lease revenue - related to sales type or direct financing leases 5,714 4,124 11,239 8,264 Management fees and other income 2,020 2,922 3,005 5,620 7,734 7,046 14,244 13,884 Total 153,060 122,315 302,804 237,621 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Partnership's customers relating to such costs incurred by the Partnership to operate the vessel for the customer pursuant to charters accounted for as operating leases. (2) Payments to charterer from time-charter contracts based on the base daily hire amount in excess of spot market rates. Net Investments in Direct Financing Leases The Partnership’s time-charter contracts accounted for as direct financing leases contain both a lease component (lease of the vessel) and a non-lease component (operation of the vessel). The Partnership has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Partnership estimates the cost to operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Partnership calculates a rate excluding the operating component based on a market time-charter rate from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The Partnership has three LNG carriers, excluding the vessels in its equity-accounted joint ventures, that are accounted for as direct financing leases. For a description of the Partnership's LNG carriers accounted for as direct financing leases, see Note 6 to the Partnership's audited consolidated financial statements included in its Annual Report on Form 20-F for the year ended December 31, 2018. The following table lists the components of the Partnership's net investments in direct financing leases: June 30, December 31, Total minimum lease payments to be received 865,333 897,130 Estimated unguaranteed residual value of leased properties 291,098 291,098 Initial direct costs 312 329 Less unearned revenue (592,058 ) (613,394 ) Total net investments in direct financing leases 564,685 575,163 Less current portion (13,082 ) (12,635 ) Net investments in direct financing leases 551,603 562,528 As at June 30, 2019, estimated minimum lease payments to be received by the Partnership related to its direct financing leases in each of the next five years are approximately $ 32.3 million (remainder of 2019), $ 64.2 million (2020), $ 64.2 million (2021), $ 64.2 million (2022), $ 64.0 million (2023) and an aggregate of $ 576.4 million thereafter. The leases are scheduled to end between 2029 and 2039. As at December 31, 2018 , estimated minimum lease payments to be received by the Partnership related to its direct financing leases in each of the next five years are approximately $ 64.2 million (2019), $ 64.3 million (2020), $ 64.2 million (2021), $ 64.2 million (2022), $ 64.0 million (2023) and an aggregate of $ 576.2 million thereafter. Operating Leases As at June 30, 2019, the minimum scheduled future rentals to be received by the Partnership in each of the next five years for the lease and non-lease elements related to charters that were accounted for as operating leases are approximately $302.3 million (remainder of 2019), $513.9 million (2020), $474.8 million (2021), $370.5 million (2022), and $306.0 million (2023). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Partnership’s equity-accounted investments, rentals from unexercised option periods of contracts that existed on June 30, 2019, variable or contingent rentals, or rentals from contracts which were entered into or commenced after June 30, 2019. Therefore, the minimum scheduled future rentals on operating leases should not be construed to reflect total charter hire revenues for any of these five years. As at December 31, 2018 , the minimum scheduled future rentals to be received by the Partnership in each of the next five years for the lease and non-lease elements related to charters that were accounted for as operating leases are approximately $482.7 million (2019), $438.2 million (2020), $398.3 million (2021), $321.9 million (2022), and $278.1 million (2023). Minimum scheduled future rentals on operating lease contracts do not include rentals from vessels in the Partnership’s equity-accounted investments, rentals from unexercised option periods of contracts that existed on December 31, 2018 , variable or contingent rentals, or rentals from contracts which were entered into or commenced after December 31, 2018 . Therefore, the minimum scheduled future rentals on operating leases should not be construed to reflect total charter hire revenues for any of these five years. The carrying amount of the Partnership's vessels which are employed on these charter contracts as at June 30, 2019, was $3.2 billion (December 31, 2018 – $3.1 billion ). The cost and accumulated depreciation of these vessels employed on these charter contracts as at June 30, 2019 were $3.9 billion (December 31, 2018 – $3.8 billion ) and $753.5 million (December 31, 2018 – $698.5 million ), respectively. Contract Liabilities As at June 30, 2019, the Partnership had $20.8 million of advanced payments recognized as contract liabilities included in unearned revenue (December 31, 2018 – $26.4 million , June 30, 2018 – $21.5 million and January 1, 2018 – $22.2 million ). The Partnership recognized $20.3 million and $16.1 million of revenue for the three months ended June 30, 2019 and 2018, respectively, that was recognized as a contract liability at the beginning of such three-month periods. The Partnership recognized $26.4 million and $22.2 million |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt June 30, 2019 December 31, 2018 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2020 to 2022 177,000 225,000 U.S. Dollar-denominated Term Loans and Bonds due from 2020 to 2030 1,163,693 1,212,504 Norwegian Krone-denominated Bonds due from 2020 to 2023 357,454 352,973 Euro-denominated Term Loans due from 2023 to 2024 180,115 193,781 Other U.S. Dollar-denominated Loans 3,300 3,300 Total principal 1,881,562 1,987,558 Unamortized discount and debt issuance costs (13,894 ) (17,782 ) Total debt 1,867,668 1,969,776 Less current portion (402,513 ) (135,901 ) Long-term debt 1,465,155 1,833,875 As at June 30, 2019 , the Partnership had two long-term revolving credit facilities available, which, as at such date, provided for borrowings of up to $389.5 million ( December 31, 2018 – $400.6 million ), of which $212.5 million ( December 31, 2018 – $175.6 million ) was undrawn. Interest payments are based on LIBOR plus margins, which margins ranged from 1.40% to 2.25% . The amount available under the two revolving credit facilities will be reduced by $11.3 million during the remainder of 2019, $248.4 million in 2020, $24.4 million in 2021 and $105.4 million in 2022. The revolving credit facilities may be used by the Partnership to fund general partnership purposes. One of the revolving credit facilities is unsecured, while the other revolving credit facility is collateralized by first-priority mortgages granted on two of the Partnership’s vessels, together with other related security, and includes a guarantee from its two subsidiaries of all outstanding amounts. As at June 30, 2019 , the Partnership had seven U.S. Dollar-denominated term loans and bonds outstanding which totaled $1.2 billion in aggregate principal amount ( December 31, 2018 – $1.2 billion ). Interest payments on the term loans are based on LIBOR plus a margin, which margins ranged from 0.3% to 3.25% and interest payments on the bonds are fixed ranging from 4.11% to 4.41% . The seven combined term loans and bonds require quarterly interest and principal payments and six have balloon or bullet repayments due at maturity. The term loans and bonds are collateralized by first-priority mortgages on 18 of the Partnership’s vessels to which the loans relate, together with certain other related security. In addition, at June 30, 2019 , all of the outstanding term loans were guaranteed by either the Partnership or the Teekay Nakilat Corporation (or the Teekay Nakilat Joint Venture ), in which the Partnership has a 70% ownership interest. The Partnership has Norwegian Krone (or NOK ) 3.1 billion of senior unsecured bonds in the Norwegian bond market that mature through 2023. As at June 30, 2019 , the total amount of the bonds, which are listed on the Oslo Stock Exchange, was $357.5 million ( December 31, 2018 – $353.0 million ). The interest payments on the bonds are based on NIBOR plus a margin, which margins ranged from 3.70% to 6.00% . The Partnership has entered into cross currency rate swaps, to swap all interest and principal payments of the bonds into U.S. Dollars, with the interest payments fixed at rates ranging from 5.92% to 7.89% and the transfer of principal fixed at $382.5 million upon maturity in exchange for NOK 3.1 billion (see Note 11). The Partnership has two Euro-denominated term loans outstanding, which as at June 30, 2019 , totaled 158.4 million Euros ( $180.1 million ) ( December 31, 2018 – 169.0 million Euros ( $193.8 million )). Interest payments are based on EURIBOR plus margins, which margins ranged from 0.60% to 1.95% as at June 30, 2019 , and the loans require monthly and semi-annual interest and principal payments. The term loans have varying maturities through 2024. The term loans are collateralized by first-priority mortgages on two of the Partnership's vessels to which the loans relate, together with certain other related security and are guaranteed by the Partnership and one of its subsidiaries. As at June 30, 2019, the Teekay Nakilat Joint Venture had a $3.3 million loan payable to its 30% non-controlling interest owner. The interest on the loan is based on LIBOR plus 1.0% and is payable on demand. The weighted-average interest rates for the Partnership’s long-term debt outstanding at June 30, 2019 and December 31, 2018 were 4.40% and 4.44% , respectively. These rates do not reflect the effect of related interest rate swaps that the Partnership has used to economically hedge certain of its floating-rate debt (see Note 11). As of June 30, 2019 , the margins on the Partnership’s outstanding revolving credit facilities and term loans ranged from 0.30% to 3.25% . All Euro-denominated term loans and NOK-denominated bonds are revalued at the end of each period using the then-prevailing U.S. Dollar exchange rate. Due primarily to the revaluation of the Partnership’s NOK-denominated bonds, the Partnership’s Euro-denominated term loans and restricted cash, and the change in the valuation of the Partnership’s cross currency swaps, the Partnership incurred foreign exchange (losses) gains of $(7.2) million and $8.4 million for the three months ended June 30, 2019 and 2018, respectively, and $(8.0) million and $7.2 million for the six months ended June 30, 2019 and 2018, respectively. The aggregate annual long-term debt principal repayments required subsequent to June 30, 2019 are $70.0 million (remainder of 2019 ), $566.2 million ( 2020 ), $411.1 million ( 2021 ), $91.9 million ( 2022 ), $214.0 million ( 2023 ) and $528.4 million ( thereafter ). Certain loan agreements require that (a) the Partnership maintains minimum levels of tangible net worth and aggregate liquidity, (b) the Partnership maintain certain ratios of vessel values related to the relevant outstanding loan principal balance, (c) the Partnership not exceed a maximum amount of leverage, and (d) certain of the Partnership’s subsidiaries maintain restricted cash deposits. As at June 30, 2019, the Partnership has three facilities with an aggregate outstanding loan balance of $421.5 million that require it to maintain minimum vessel-value-to-outstanding-loan-principal-balance ratios of 115% , 120% and 135% which as at June 30, 2019 , were 197% , 135% and 177% , respectively. The vessel values used in calculating these ratios are the appraised values provided by third parties where available or prepared by the Partnership based on second-hand sale and purchase market data. Since vessel values can be volatile, the Partnership’s estimates of market value may not be indicative of either the current or future prices that could be obtained if the Partnership sold any of the vessels. The Partnership’s ship-owning subsidiaries may not, among other things, pay dividends or distributions if the Partnership's subsidiaries are in default under their term loans or revolving credit facilities and, in addition, one of the term loans in the Teekay Nakilat Joint Venture requires it to satisfy a minimum vessel value to outstanding loan principal balance ratio to pay dividends. As at June 30, 2019 |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The components of the provision for income taxes were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Current (2,326 ) (569 ) (4,758 ) (1,074 ) Deferred (146 ) (274 ) (292 ) (548 ) Income tax expense (2,472 ) (843 ) (5,050 ) (1,622 ) Included in the Partnership's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Partnership does not presently anticipate its uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Partnership reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Partnership may change accordingly. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a) The following table and related footnotes provide information about certain of the Partnership's related party transactions for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Voyage revenues (i)(iii)(vi) 4,507 1,523 5,531 9,667 Vessel operating expenses (ii)(vi) (2,452 ) (5,387 ) (5,267 ) (9,922 ) Time-charter hire expense (iii) (3,080 ) — (8,671 ) — General and administrative expenses (iv) (4,170 ) (4,291 ) (8,324 ) (8,255 ) General and administrative expenses deferred and capitalized (v) — (210 ) (245 ) (395 ) (i) Commencing in 2008, the Arctic Spirit and Polar Spirit LNG carriers were time-chartered to Teekay Corporation at fixed-rates for periods of 10 years. The contract periods for the Polar Spirit and for the Arctic Spirit expired in March 2018 and April 2018, respectively. (ii) The Partnership and certain of its operating subsidiaries have entered into service agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide to the Partnership and its subsidiaries crew training and technical management services. In addition, as part of the Partnership's acquisition of its ownership interest in the Pan Union Joint Venture in 2014, the Partnership entered into an agreement with a subsidiary of Teekay Corporation whereby Teekay Corporation's subsidiary provided, on behalf of the Partnership, shipbuilding supervision and crew training services for four LNG carrier newbuildings in the Pan Union Joint Venture, up to their delivery dates from 2017 to 2019. All costs incurred by these Teekay Corporation subsidiaries related to these services are charged to the Partnership and recorded as part of vessel operating expenses. (iii) In September 2018, the Partnership entered into an agreement with the Teekay LNG-Marubeni Joint Venture to charter in one of Teekay LNG-Marubeni Joint Venture's LNG carriers, the Magellan Spirit , for a period of two years at a fixed-rate. The time-charter hire expense charged for the three and six months ended June 30, 2019 were $3.1 million and $8.7 million , respectively. In April 2019, the Teekay LNG-Marubeni Joint Venture extended the charter contract with the Partnership for an additional 21 months at the same rate, which is set to expire in June 2022. In connection with this extension, the Magellan Spirit was chartered by the Partnership to Teekay Corporation for three years at a fixed rate. The Partnership recognized revenue of $2.5 million for the three and six months ended June 30, 2019 from this charter to Teekay Corporation. (iv) Includes administrative, advisory, business development, commercial and strategic consulting services charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's General Partner for costs incurred on the Partnership's behalf for the conduct of the Partnership's business. (v) Includes pre-operation, engineering and financing-related expenses charged by Teekay Corporation subsidiaries to the Partnership to support the start-up of the Bahrain LNG Joint Venture, which is expected to occur in the second half of 2019, of which $ nil and $0.2 million was reimbursed by the Bahrain LNG Joint Venture for the three and six months ended June 30, 2019 , respectively ( $0.6 million and $0.6 million for the three and six months ended June 30, 2018, respectively). The net costs are recorded as part of investments in and advances to equity-accounted joint ventures in the Partnership's consolidated balance sheets. (vi) The Partnership entered into an operation and maintenance contract with the Bahrain LNG Joint Venture and an operating and maintenance subcontract with Teekay Marine Solutions (Bermuda) Ltd. (or TMS ), an entity wholly-owned by Teekay Tankers Ltd., which is controlled by Teekay Corporation, relating to the LNG regasification terminal in Bahrain. The subcontractor fees from TMS for the three months and six months ended June 30, 2019 were $ 1.0 million and $2.0 million , respectively ( $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively), are included in vessel operating expenses in the Partnership's consolidated statements of income (loss). Cost recoveries from the Bahrain LNG Joint Venture of $2.0 million and $3.0 million for the three and six months ended June 30, 2019, respectively ( $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively), are included in voyage revenues in the Partnership's consolidated statements of income (loss). b) As at June 30, 2019 and December 31, 2018 , non-interest-bearing advances to affiliates totaled $22.8 million and $8.2 million , respectively, and non-interest-bearing advances from affiliates totaled $15.7 million and $14.7 million , respectively. These advances are unsecured and have no fixed repayment terms. Affiliates are entities that are under common control with the Partnership. c) The Partnership’s Suezmax tanker the Toledo Spirit operated pursuant to a time-charter contract that increased or decreased the otherwise fixed-hire rate established in the charter depending on the spot charter rates that the Partnership would have earned had it traded the vessel in the spot tanker market. The Partnership had entered into an agreement with Teekay Corporation under which Teekay Corporation paid the Partnership any amounts payable to the charterer as a result of spot rates being below the fixed rate, and the Partnership paid Teekay Corporation any amounts payable to the Partnership as a result of spot rates being in excess of the fixed rate. The amounts receivable or payable to Teekay Corporation were settled annually (see Notes 3 and 11). The time-charter contract was terminated in January 2019, upon which the charterer, which was also the owner, sold the vessel to a third party, which resulted in the agreement with Teekay Corporation ending concurrently. d) The Partnership entered into services agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide the Partnership with shipbuilding and site supervision services related to certain LNG carrier newbuildings the Partnership has ordered. These costs are capitalized and included as part of advances on newbuilding contracts in the Partnership’s consolidated balance sheets. For the three and six months ended June 30, 2019 , the Partnership incurred shipbuilding and site supervision costs of $1.8 million ( $3.5 million and $6.8 million for the three and six months ended June 30, 2018, respectively). |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership uses derivative instruments in accordance with its overall risk management policy. Foreign Exchange Risk The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at June 30, 2019, the Partnership was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Contract Rate (1) Fair Value / Carrying Amount of Asset (Liability) $ Expected Maturity 2019 $ Expected Maturity 2020 $ Euro 9,240 0.86 (101 ) 3,952 6,750 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. The Partnership entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 8), and pursuant to these swaps, the Partnership receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Partnership’s NOK-denominated bonds due in 2020, 2021 and 2023, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at June 30, 2019 . Floating Rate Receivable Principal Amount NOK (in thousands) Principal Amount $ Reference Rate Margin Fixed Rate Payable Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (Years) 1,000,000 134,000 NIBOR 3.70 % 5.92 % (17,133 ) 0.9 1,200,000 146,500 NIBOR 6.00 % 7.72 % (5,785 ) 2.3 850,000 102,000 NIBOR 4.60 % 7.89 % (8,088 ) 4.2 (31,006 ) Interest Rate Risk The Partnership enters into interest rate swaps which exchange a receipt of floating interest for a payment of fixed interest to reduce the Partnership’s exposure to interest rate variability on certain of its outstanding floating-rate debt. As at June 30, 2019 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Principal Amount $ Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 30,000 (177 ) 0.0 4.9% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 125,000 (19,243 ) 9.5 5.2% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 26,778 (239 ) 2.1 2.8% U.S. Dollar-denominated interest rate swaps (iii) (iv) LIBOR 326,755 (20,467 ) 1.6 3.4% U.S. Dollar-denominated interest rate swaps (iv) LIBOR 178,223 (4,253 ) 7.5 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 81,059 (9,912 ) 4.2 3.8% (54,291 ) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at June 30, 2019 , ranged from 0.30% to 3.25% . (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are subject to mandatory early termination in 2020 and 2021 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. As at June 30, 2019 , the Partnership had multiple interest rate swaps, cross currency swaps and foreign currency forward contracts with the same counterparty that are subject to the same master agreement. Each of these master agreements provides for the net settlement of all swaps subject to that master agreement through a single payment in the event of default or termination of any one swap. The fair value of these derivative instruments is presented on a gross basis in the Partnership’s consolidated balance sheets. As at June 30, 2019 , these interest rate swaps, cross currency swaps and foreign currency forward contracts had an aggregate fair value asset of $ nil ( December 31, 2018 – $3.2 million ) and an aggregate fair value liability of $66.2 million ( December 31, 2018 – $53.6 million ). As at June 30, 2019 , the Partnership had $5.2 million ( December 31, 2018 – $6.8 million ) on deposit as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash – current and long-term on the Partnership's consolidated balance sheets. Credit Risk The Partnership is exposed to credit loss in the event of non-performance by the counterparties to the interest rate swap agreements. In order to minimize counterparty risk, the Partnership only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transactions. In addition, to the extent practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. Other Derivatives The Partnership had an agreement with Teekay Corporation under which Teekay Corporation paid the Partnership any amounts payable to the charterer of the Toledo Spirit as a result of spot rates being below the fixed rate, and the Partnership paid Teekay Corporation any amounts payable to the Partnership by the charterer of the Toledo Spirit as a result of spot rates being in excess of the fixed rate. The fair value of the derivative asset at June 30, 2019 was $ nil ( December 31, 2018 – asset of $1.1 million ). This agreement ended in January 2019 concurrently with the termination of the Toledo Spirit time-charter contract (see Note 10c). The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Accounts receivable/Advances to affiliates $ Current portion of derivative assets $ Derivative assets $ Accrued liabilities $ Current portion of derivative liabilities $ Derivative liabilities $ As at June 30, 2019 Interest rate swap agreements 3 — — (2,291 ) (8,817 ) (43,186 ) Foreign currency forward contracts — — — — (101 ) — Cross currency swap agreements — — — (538 ) (18,887 ) (11,581 ) 3 — — (2,829 ) (27,805 ) (54,767 ) As at December 31, 2018 Interest rate swap agreements 188 795 2,362 (2,729 ) (6,875 ) (31,358 ) Cross currency swap agreements — — — (713 ) (4,729 ) (23,680 ) Toledo Spirit time-charter derivative 1,021 40 — — — — 1,209 835 2,362 (3,442 ) (11,604 ) (55,038 ) Realized and unrealized (losses) gains relating to non-designated interest rate swap agreements, interest rate swaption agreements, and the Toledo Spirit time-charter derivative are recognized in earnings and reported in realized and unrealized (loss) gain on non-designated derivative instruments in the Partnership’s consolidated statements of income (loss). The effect of the (loss) gain on these derivatives on the Partnership’s consolidated statements of income (loss) is as follows: Three Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements (2,392 ) (5,333 ) (7,725 ) (4,310 ) 7,522 3,212 Foreign currency forward contracts — (101 ) (101 ) — — — Toledo Spirit time-charter derivative — — — 150 940 1,090 (2,392 ) (5,434 ) (7,826 ) (4,160 ) 8,462 4,302 Six Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements (4,777 ) (9,525 ) (14,302 ) (8,788 ) 19,420 10,632 Interest rate swaption agreements — — — — 2 2 Foreign currency forward contracts — (101 ) (101 ) — — — Toledo Spirit time-charter derivative — (40 ) (40 ) 459 1,210 1,669 (4,777 ) (9,666 ) (14,443 ) (8,329 ) 20,632 12,303 Realized and unrealized (losses) gains relating to cross currency swap agreements are recognized in earnings and reported in foreign currency exchange (loss) gain in the Partnership’s consolidated statements of income (loss). The effect of the (loss) gain on these derivatives on the Partnership's consolidated statements of income (loss) is as follows: Three Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Cross currency swap agreements (1,087 ) (139 ) (1,226 ) (1,798 ) (16,566 ) (18,364 ) Six Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Cross currency swap agreements (2,521 ) (2,059 ) (4,580 ) (3,182 ) 5,768 2,586 For the periods indicated, the following table presents the effective and ineffective portions of gains or losses on interest rate swap agreements designated and qualifying as cash flow hedges. The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity-accounted joint ventures. Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Amount Recognized in AOCI $ Amount Reclassified from AOCI $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (4,570 ) 157 Interest expense 1,534 2 — Interest expense Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Amount Recognized in AOCI $ Amount Reclassified from AOCI $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (7,402 ) 408 Interest expense 5,090 (248 ) 740 Interest expense (i) Effective portion of designated and qualifying cash flow hedges recognized in other comprehensive (loss) income (or OCI ). (ii) Effective portion of designated and qualifying cash flow hedges recorded in accumulated other comprehensive (loss) income (or AOCI ) during the term of the hedging relationship and reclassified to earnings. (iii) Ineffective portion of designated and qualifying cash flow hedges recorded in interest expense. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies a) The Partnership’s share of commitments to fund newbuilding and other construction contract costs as at June 30, 2019 are as follows: Total Remainder of 2020 2021 2022 Consolidated LNG carriers (i) 60,586 9,984 9,733 27,191 13,678 Equity-accounted joint ventures (ii) 349,681 349,681 — — — 410,267 359,665 9,733 27,191 13,678 (i) In May 2019, the Partnership received approximately $45 million from a shipyard related to warranty claims on certain of the Partnership's LNG carriers and recognized the amounts as reductions to the carrying values of the applicable LNG carriers. In connection with the warranty settlement, the Partnership entered into an agreement in June 2019 with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022 for an estimated installed cost of approximately $61 million . (ii) The commitment amounts relating to the Partnership’s share of costs for newbuilding and other construction contracts in the Partnership’s equity-accounted joint ventures are based on the Partnership’s ownership percentage in each respective joint venture as of June 30, 2019 . These commitments are described in more detail in Note 14a of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2018 . Based on the Partnership's ownership percentage in each respective joint venture, the Partnership's equity-accounted joint ventures have secured $301 million of undrawn financing related to the Partnership's proportionate share of the remaining commitments included in the table above. b) Following the termination of the finance lease arrangements for the three LNG carriers in the Teekay Nakilat Joint Venture in 2014, the lessor made a determination in 2018 that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in the six months ended June 30, 2018, the Teekay Nakilat Joint Venture recognized an additional liability of $53.0 million , which was included as part of other income (expense) in the Partnership's consolidated statements of income (loss), and settled this liability in the third quarter of 2018 by releasing a $7.0 million cash deposit it had made with the lessor and making a $56.0 million cash payment for the balance, which was based on the GBP/USD foreign currency exchange rates at the time the payments were made. c) Tangguh Joint Venture Operating Leases The Partnership owns 69% of Teekay BLT Corporation (or the Tangguh Joint Venture ), which is a party to operating leases whereby the Tangguh Joint Venture is leasing the Tangguh Hiri and Tangguh Sago LNG carriers (or the Tangguh LNG Carriers ) to a third party, which is in turn leasing the vessels back to the joint venture. The table in Note 5b does not include the Partnership’s minimum charter hire payments to be paid and received under these leases, which are described in more detail in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin. The carrying amount of tax indemnification guarantees of the Partnership relating to the leasing arrangement through the Tangguh Joint Venture as at June 30, 2019 was $6.4 million (December 31, 2018 – $6.6 million ) and is included as part of other long-term liabilities in the Partnership’s consolidated balance sheets. The tax indemnification is for the duration of the lease contracts with the third party plus the years it would take for the lease payments to be statute barred, which will end in 2033 for the vessels. Although there is no maximum potential amount of future payments, the Tangguh Joint Venture may terminate the lease arrangement on a voluntary basis at any time. If the lease arrangement terminates, the Tangguh Joint Venture will be required to pay termination sums to the lessor sufficient to repay the lessor’s investment in the vessels and to compensate it for the tax effect of the terminations, including recapture of any tax depreciation. d) Management is required to assess whether the Partnership will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its consolidated financial statements. The Partnership had a working capital deficit of $287.7 million as at June 30, 2019. This working capital deficit includes $402.5 million related to scheduled maturities and repayments of long-term debt in the 12 months following June 30, 2019, which includes loan maturities related to assets which are subject to purchase obligations of the charterer. Based on the Partnership’s liquidity at the date these consolidated financial statements were issued and the liquidity it expects to generate from operations over the following year, the Partnership estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. |
Total Capital and Net Income (L
Total Capital and Net Income (Loss) Per Unit | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Total Capital and Net (Loss) Income Per Unit | and Net Income (Loss) Per Common Unit At June 30, 2019 , approximately 67.9% of the Partnership’s common units outstanding were held by the public. The remaining common units, as well as the 2% general partner interest, were held by subsidiaries of Teekay Corporation. All of the Partnership's outstanding Series A Cumulative Redeemable Perpetual Preferred Units (or the Series A Preferred Units ) and Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (or the Series B Preferred Units ) are held by the public. Net Income (Loss) Per Common Unit Limited partners' interest in net income (loss) per common unit is determined by dividing net income (loss), after deducting the amount of net income (loss) attributable to the non-controlling interests, the General Partner’s interest and the distributions on the Series A and Series B Preferred Units by the weighted-average number of common units outstanding during the period. The computation of limited partners’ interest in net income per common unit - diluted assumes the exercise of all dilutive restricted units using the treasury stock method. The computation of limited partners’ interest in net loss per common unit - diluted does not assume such exercises as the effect would be anti-dilutive. The distributions payable on the Series A and Series B Preferred Units for the three and six months ended June 30, 2019 were $6.4 million and $12.9 million , respectively (three and six months ended June 30, 2018 were $6.4 million and $12.9 million , respectively). Three Months Ended June 30, 2019 2018 $ $ Limited partners' interest in net income (loss) for basic net income (loss) per common unit 9,810 (3,624 ) Weighted average number of common units 78,603,636 79,687,499 Dilutive effect of unit-based compensation 81,901 — Weighted average number of common units and common unit equivalents 78,685,537 79,687,499 Limited partner's interest in net income (loss) per common unit: Basic 0.12 (0.05 ) Diluted 0.12 (0.05 ) Six Months Ended June 30, 2019 2018 $ $ Limited partners' interest in net income (loss) for basic net income (loss) per common unit 24,698 (16,671 ) Weighted average number of common units 78,600,342 79,667,384 Dilutive effect of unit-based compensation 81,921 — Weighted average number of common units and common unit equivalents 78,682,263 79,667,384 Limited partner's interest in net income (loss) per common unit: Basic 0.31 (0.21 ) Diluted 0.31 (0.21 ) The General Partner’s and common unitholders’ interests in net income are calculated as if all net income was distributed according to the terms of the Partnership’s partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the General Partner's Board of Directors to provide for the proper conduct of the Partnership’s business, including reserves for maintenance and replacement capital expenditure and anticipated credit needs. In addition, the General Partner is entitled to incentive distributions if the amount the Partnership distributes to common unitholders with respect to any quarter exceeds specified target levels. Unlike available cash, net income is affected by non-cash items, such as depreciation and amortization, unrealized gains or losses on non-designated derivative instruments and foreign currency translation gains (losses). During the three and six months ended June 30, 2019 and 2018 , quarterly cash distributions were below $0.4625 per common unit and, consequently, the assumed distribution of net income (loss) was based on the limited partners' and General Partner’s ownership percentage for purposes of the net income (loss) per common unit calculation. For more information on the increasing percentages used to calculate the General Partner’s interest in net income (loss), please refer to the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2018 . Pursuant to the partnership agreement, allocations to partners are made on a quarterly basis. Common Unit Repurchases In December 2018, the Partnership announced that the General Partner's Board of Directors had authorized a common unit repurchase program for the repurchase of up to $100 million of the Partnership's common units. During the three and six months ended June 30, 2019, the Partnership repurchased 0.2 million common units and 1.0 million common units, respectively, for $2.5 million and $11.8 million , respectively, and associated 2% general partnership interest of $0.1 million and $0.2 million , respectively. As at June 30, 2019 the maximum dollar value of units that may yet be purchased under the program is approximately $84.5 million |
Unit-Based Compensation
Unit-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Unit-Based Compensation | Unit-Based Compensation In March 2019 and 2018, a total of 35,419 common units and 17,498 common units, respectively, with an aggregate value of $0.5 million and $0.3 million , respectively, were granted to the non-management directors of the General Partner as part of their annual compensation for 2019 and 2018, respectively. These common units were fully vested upon grant. The compensation to the non-management directors is included in general and administrative expenses in the Partnership's consolidated statements of income (loss). During March 2019 and 2018 , the Partnership granted 80,100 and 62,283 restricted units, respectively, with grant date fair values of $1.2 million each, to certain of the Partnership’s employees and to certain employees of Teekay Corporation’s subsidiaries who provide services to the Partnership, based on the Partnership’s closing common unit price on the grant date. Each restricted unit is equal in value to one of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The restricted units vest equally over three years from the grant date. Any portion of a restricted unit award that is not vested on the date of a recipient’s termination of service is canceled, unless their termination arises as a result of the recipient’s retirement, in which case, the restricted unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted unit awards is paid to each recipient in the form of units, net of withholding tax. During the three and six months ended June 30, 2019 , a total of nil and 83,285 restricted units, respectively ( three and six months ended June 30, 2018 – nil and 60,680 restricted units, respectively), with a fair value of $ nil and $ 1.2 million , respectively ( three and six months ended June 30, 2018 – $ nil and $1.0 million , respectively), vested. During the three and six months ended June 30, 2019 , and 2018, the Partnership recognized expenses of $0.3 million and $1.1 million , respectively (three and six months ended June 30, 2018 – $0.2 million and $0.9 million , respectively) related to the restricted units and common units. |
Restructuring Charges (Notes)
Restructuring Charges (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring Charges In January 2019 and February 2018, the charterer, who was also the owner of the Toledo Spirit and Teide Spirit conventional tankers, sold the vessels to third parties. As a result of these sales, the Partnership returned the vessels to the owner and incurred seafarer severance payments of $0.8 million and $3.0 million for the three and six months ended June 30, 2019, respectively ($ nil and $1.4 million for the three and six months ended June 30, 2018), which were presented as restructuring charges in the Partnership's consolidated statements of income (loss). As at June 30, 2019, the remaining balance of unpaid restructuring charges of $1.3 million ( December 31, 2018 – $0.5 million ) is included in accrued liabilities in the Partnership's consolidated balance sheets. |
Write-down and Sale of Vessels
Write-down and Sale of Vessels | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Write-down and Sale of Vessels | Write-down of Vessels a) The Partnership recorded a write-down on the European Spirit Suezmax tanker of $3.0 million for the six months ended June 30, 2018 in the Partnership's consolidated statements of income (loss). On December 6, 2018 the European Spirit Suezmax tanker was sold for net proceeds of $15.7 million . The Partnership used the net proceeds from the sale primarily to repay its existing term loan associated with the vessel. b) The Partnership recorded a write-down on the African Spirit Suezmax tanker of $2.7 million for the six months ended June 30, 2018 in the Partnership's consolidated statements of income (loss). On October 9, 2018 the African Spirit Suezmax tanker was sold for net proceeds of $12.8 million . The Partnership used the net proceeds from the sale primarily to repay its existing term loan associated with the vessel. c) In March 2018, the carrying value of the Alexander Spirit conventional tanker was written down to its estimated fair value, using an appraised value, as a result of changes in the Partnership's expectations of the vessel's future opportunities once its current charter contract ends in 2019. The impairment charge of $13.0 million is included in write-down of vessels for the six months ended June 30, 2018 in the Partnership's consolidated statements of income (loss). The Partnership commenced marketing the vessel for sale in 2019 and it is presented as held for sale in the Partnership's consolidated balance sheets as at June 30, 2019. d) In June 2018, the carrying value for four of the Partnership's seven wholly-owned multi-gas carriers (the Napa Spirit , Pan Spirit , Camilla Spirit and Cathinka Spirit ), were written down to their estimated fair values, using appraised values, as a result of the Partnership's evaluation of alternative strategies for these assets, the current charter rate environment and the outlook for charter rates for these vessels at that time. The total impairment charge of $33.0 million is included in write-down of vessels for the three and six months ended June 30, 2018 in the Partnership's consolidated statements of income (loss). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a) The following is a tabular reconciliation of the Partnership's cash, cash equivalents and restricted cash balances for the periods presented in the Partnership's consolidated statements of cash flows. June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 124,880 149,014 177,071 244,241 Restricted cash – current 48,869 38,329 53,599 22,326 Restricted cash – long-term 31,439 35,521 29,823 72,868 205,188 222,864 260,493 339,435 The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 11), project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. b) The associated sales of the Toledo Spirit and Teide Spirit by its owner during the six months ended June 30, 2019 and 2018, respectively, resulted in the vessels being returned to their owner with the obligations related to finance lease being concurrently extinguished. As a result, the sales of the vessels and the concurrent extinguishments of the corresponding obligations related to finance lease of $23.6 million and $23.1 million for the six months ended June 30, 2019 and 2018, respectively, were treated as non-cash transactions in the Partnership's consolidated statements of cash flows. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a) Subsequent to June 30, 2019, the Partnership repurchased 0.2 million of its common units for $3.3 million . b) On August 13, 2019, the Partnership's 50 / 50 joint venture with China LNG Shipping (Holdings) Limited (or the Yamal LNG Joint Venture ), took delivery of its fourth ARC7 LNG carrier newbuilding, the Vladimir Voronin . The vessel concurrently commenced its 27 -year charter contract with Yamal Trade Pte. Ltd. |
Accounting Pronouncements (Poli
Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New accounting pronouncements | In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ( or ASU 2017-12 ) . ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Partnership as of January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million . In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13 ). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Partnership January 1, 2020, with a modified-retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis. June 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Carrying Amount Asset (Liability) $ Fair Value Asset (Liability) $ Recurring: Cash and cash equivalents and restricted cash (note 17a) Level 1 205,188 205,188 222,864 222,864 Derivative instruments (note 11) Interest rate swap agreements – assets Level 2 — — 3,341 3,341 Interest rate swap agreements – liabilities Level 2 (54,291 ) (54,291 ) (40,958 ) (40,958 ) Foreign currency contracts Level 2 (101 ) (101 ) — — Cross currency swap agreements – liabilities Level 2 (31,006 ) (31,006 ) (29,122 ) (29,122 ) Other derivative Level 3 — — 1,061 1,061 Other: Advances to equity-accounted joint ventures (note 7) (i) 131,374 (i) 131,386 (i) Long-term debt – public (note 8) Level 1 (355,663 ) (367,592 ) (350,813 ) (361,095 ) Long-term debt – non-public (note 8) Level 2 (1,512,005 ) (1,498,723 ) (1,618,963 ) (1,604,106 ) Obligations related to finance leases (note 5) Level 2 (1,399,796 ) (1,420,492 ) (1,298,556 ) (1,274,693 ) (i) The advances to equity-accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable. |
Changes in Fair Value of Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the six months ended June 30, 2019 and 2018 for the Partnership’s other derivative instrument, the Toledo Spirit time-charter derivative, which were measured at fair value on a recurring basis using significant unobservable inputs (Level 3), were as follows: Six Months Ended June 30, 2019 2018 $ $ Fair value at beginning of period 1,061 1,648 Realized and unrealized gains included in earnings (40 ) 1,669 Settlements (1,021 ) (987 ) Fair value at end of period — 2,330 |
Summary of Partnership's Loan Receivables and Other Financing Receivables | The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis. Credit Quality June 30, 2019 December 31, 2018 Class of Financing Receivable Indicator Grade $ $ Direct financing leases (note 6) Payment activity Performing 564,685 575,163 Other receivables: Long-term receivable and accrued revenue included in other assets Payment activity Performing 6,857 5,694 Advances to equity-accounted joint ventures, current and long-term (note 7) Other internal metrics Performing 131,374 131,386 702,916 712,243 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Information | The following tables include results for the Partnership’s segments for the periods presented in these financial statements. Three Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 141,833 8,858 2,369 153,060 Voyage (expenses) recoveries (3,484 ) (2,542 ) 3 (6,023 ) Vessel operating expenses (23,146 ) (3,630 ) (681 ) (27,457 ) Time-charter hire expense (3,080 ) — — (3,080 ) Depreciation and amortization (33,139 ) (2,030 ) (169 ) (35,338 ) General and administrative expenses (i) (5,051 ) (345 ) (271 ) (5,667 ) Restructuring charges — — (818 ) (818 ) Income from vessel operations 73,933 311 433 74,677 Equity income (loss) 3,377 (1,639 ) — 1,738 Three Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 105,405 6,767 10,143 122,315 Voyage expenses (496 ) (3,949 ) (3,506 ) (7,951 ) Vessel operating expenses (22,021 ) (7,651 ) (3,547 ) (33,219 ) Depreciation and amortization (26,418 ) (2,243 ) (1,133 ) (29,794 ) General and administrative expenses (i) (5,839 ) (1,110 ) (897 ) (7,846 ) Write-down of vessels — (33,000 ) — (33,000 ) Income (loss) from vessel operations 50,631 (41,186 ) 1,060 10,505 Equity income (loss) 12,619 (1,425 ) — 11,194 Six Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 279,655 18,018 5,131 302,804 Voyage (expenses) recoveries (4,722 ) (7,212 ) 136 (11,798 ) Vessel operating expenses (43,701 ) (7,982 ) (1,875 ) (53,558 ) Time-charter hire expense (8,671 ) — — (8,671 ) Depreciation and amortization (64,825 ) (3,951 ) (688 ) (69,464 ) General and administrative expenses ( i) (11,014 ) (908 ) (377 ) (12,299 ) Restructuring charges — — (2,976 ) (2,976 ) Income (loss) from vessel operations 146,722 (2,035 ) (649 ) 144,038 Equity income (loss) 10,870 (3,554 ) — 7,316 Six Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Voyage revenues 206,831 10,390 20,400 237,621 Voyage expenses (917 ) (6,336 ) (6,499 ) (13,752 ) Vessel operating expenses (42,184 ) (11,676 ) (7,326 ) (61,186 ) Depreciation and amortization (51,897 ) (3,985 ) (3,179 ) (59,061 ) General and administrative expenses (i) (10,993 ) (2,243 ) (1,681 ) (14,917 ) Write-down of vessels — (33,000 ) (18,662 ) (51,662 ) Restructuring charges — — (1,396 ) (1,396 ) Income (loss) from vessel operations 100,840 (46,850 ) (18,343 ) 35,647 Equity income (loss) 40,023 (2,105 ) — 37,918 (i) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). |
Reconciliation of Total Segment Assets | A reconciliation of total segment assets to total assets presented in the consolidated balance sheets is as follows: June 30, 2019 December 31, 2018 $ $ Total assets of the liquefied natural gas segment 4,889,670 4,861,977 Total assets of the liquefied petroleum gas segment 318,069 326,111 Total assets of the conventional tanker segment 13,748 39,450 Unallocated: Cash and cash equivalents 124,880 149,014 Advances to affiliates 22,831 8,229 Consolidated total assets 5,369,198 5,384,781 |
Chartered-in Vessels (Tables)
Chartered-in Vessels (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Sale Leaseback Transactions [Table Text Block] | a) Obligations related to Finance Leases June 30, December 31, LNG Carriers 1,399,796 1,274,569 Suezmax Tanker — 23,987 Total obligations related to finance leases 1,399,796 1,298,556 Less current portion (65,525 ) (81,219 ) Long-term obligations related to finance leases 1,334,271 1,217,337 |
Finance Lease, Liability, Maturity [Table Text Block] | As at June 30, 2019 and December 31, 2018, the remaining commitments related to the financial liabilities of these nine LNG carriers (December 31, 2018 – eight LNG carriers) including the amounts to be paid for the related purchase obligations, approximated $1.9 billion (December 31, 2018 – $1.7 billion ), including imputed interest of $495.6 million (December 31, 2018 – $435.3 million ), repayable for the remainder of 2019 through 2034, as indicated below: Commitments Year June 30, 2019 December 31, 2018 Remainder of 2019 $ 67,962 $ 119,517 2020 $ 134,915 $ 118,685 2021 $ 133,542 $ 117,772 2022 $ 132,312 $ 116,978 2023 $ 131,237 $ 116,338 Thereafter $ 1,295,440 $ 1,120,670 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | A maturity analysis of the Partnership’s operating lease liabilities from its time-charter-in contract as at June 30, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment Year $ $ $ Payments: Remainder of 2019 7,395 4,565 11,960 2020 14,710 9,080 23,790 2021 14,670 9,055 23,725 2022 6,832 4,218 11,050 Total payments 43,607 26,918 70,525 Less imputed interest (2,941 ) Carrying value of operating lease liabilities 40,666 Less current portion (13,098 ) Carrying value of long-term operating lease liabilities 27,568 As at December 31, 2018, minimum commitments incurred by the Partnership relating to its time-charter-in contract were approximately $23.7 million (2019) and $17.0 million (2020). |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables contain the Partnership’s total revenue for the three and six ended June 30, 2019 and 2018 , by contract type and by segment. Three Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 133,684 — 2,369 136,053 Voyage charters — 8,858 — 8,858 Bareboat charters 6,129 — — 6,129 Management fees and other income 2,020 — — 2,020 141,833 8,858 2,369 153,060 Three Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 96,857 — 4,316 101,173 Voyage charters — 6,767 5,719 12,486 Bareboat charters 5,734 — — 5,734 Management fees and other income 2,814 — 108 2,922 105,405 6,767 10,143 122,315 Six Months Ended June 30, 2019 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 264,459 — 5,131 269,590 Voyage charters — 18,018 — 18,018 Bareboat charters 12,191 — — 12,191 Management fees and other income 3,005 — — 3,005 279,655 18,018 5,131 302,804 Six Months Ended June 30, 2018 Liquefied Natural Gas Segment $ Liquefied Petroleum Gas Segment $ Conventional Tanker Segment $ Total $ Time charters 190,316 — 9,714 200,030 Voyage charters — 10,390 10,470 20,860 Bareboat charters 11,111 — — 11,111 Management fees and other income 5,404 — 216 5,620 206,831 10,390 20,400 237,621 The following table contains the Partnership’s total revenue for the three months and six months ended June 30, 2019 and 2018, by contracts or components of contracts accounted for as leases and those not accounted for as leases: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Lease revenue Lease revenue from lease payments of operating leases 131,062 105,465 260,822 204,282 Interest income on lease receivables 12,969 9,954 25,763 19,914 Variable lease payments - cost reimbursements (1) 1,295 — 1,975 — Variable lease payments - other (2) — (150 ) — (459 ) 145,326 115,269 288,560 223,737 Non-lease revenue Non-lease revenue - related to sales type or direct financing leases 5,714 4,124 11,239 8,264 Management fees and other income 2,020 2,922 3,005 5,620 7,734 7,046 14,244 13,884 Total 153,060 122,315 302,804 237,621 (1) Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Partnership's customers relating to such costs incurred by the Partnership to operate the vessel for the customer pursuant to charters accounted for as operating leases. (2) Payments to charterer from time-charter contracts based on the base daily hire amount in excess of spot market rates. |
Direct Financing Lease, Lease Income [Table Text Block] | The following table lists the components of the Partnership's net investments in direct financing leases: June 30, December 31, Total minimum lease payments to be received 865,333 897,130 Estimated unguaranteed residual value of leased properties 291,098 291,098 Initial direct costs 312 329 Less unearned revenue (592,058 ) (613,394 ) Total net investments in direct financing leases 564,685 575,163 Less current portion (13,082 ) (12,635 ) Net investments in direct financing leases 551,603 562,528 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | June 30, 2019 December 31, 2018 $ $ U.S. Dollar-denominated Revolving Credit Facilities due from 2020 to 2022 177,000 225,000 U.S. Dollar-denominated Term Loans and Bonds due from 2020 to 2030 1,163,693 1,212,504 Norwegian Krone-denominated Bonds due from 2020 to 2023 357,454 352,973 Euro-denominated Term Loans due from 2023 to 2024 180,115 193,781 Other U.S. Dollar-denominated Loans 3,300 3,300 Total principal 1,881,562 1,987,558 Unamortized discount and debt issuance costs (13,894 ) (17,782 ) Total debt 1,867,668 1,969,776 Less current portion (402,513 ) (135,901 ) Long-term debt 1,465,155 1,833,875 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Provision for Income Taxes | The components of the provision for income taxes were as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Current (2,326 ) (569 ) (4,758 ) (1,074 ) Deferred (146 ) (274 ) (292 ) (548 ) Income tax expense (2,472 ) (843 ) (5,050 ) (1,622 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | a) The following table and related footnotes provide information about certain of the Partnership's related party transactions for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 $ $ $ $ Voyage revenues (i)(iii)(vi) 4,507 1,523 5,531 9,667 Vessel operating expenses (ii)(vi) (2,452 ) (5,387 ) (5,267 ) (9,922 ) Time-charter hire expense (iii) (3,080 ) — (8,671 ) — General and administrative expenses (iv) (4,170 ) (4,291 ) (8,324 ) (8,255 ) General and administrative expenses deferred and capitalized (v) — (210 ) (245 ) (395 ) (i) Commencing in 2008, the Arctic Spirit and Polar Spirit LNG carriers were time-chartered to Teekay Corporation at fixed-rates for periods of 10 years. The contract periods for the Polar Spirit and for the Arctic Spirit expired in March 2018 and April 2018, respectively. (ii) The Partnership and certain of its operating subsidiaries have entered into service agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide to the Partnership and its subsidiaries crew training and technical management services. In addition, as part of the Partnership's acquisition of its ownership interest in the Pan Union Joint Venture in 2014, the Partnership entered into an agreement with a subsidiary of Teekay Corporation whereby Teekay Corporation's subsidiary provided, on behalf of the Partnership, shipbuilding supervision and crew training services for four LNG carrier newbuildings in the Pan Union Joint Venture, up to their delivery dates from 2017 to 2019. All costs incurred by these Teekay Corporation subsidiaries related to these services are charged to the Partnership and recorded as part of vessel operating expenses. (iii) In September 2018, the Partnership entered into an agreement with the Teekay LNG-Marubeni Joint Venture to charter in one of Teekay LNG-Marubeni Joint Venture's LNG carriers, the Magellan Spirit , for a period of two years at a fixed-rate. The time-charter hire expense charged for the three and six months ended June 30, 2019 were $3.1 million and $8.7 million , respectively. In April 2019, the Teekay LNG-Marubeni Joint Venture extended the charter contract with the Partnership for an additional 21 months at the same rate, which is set to expire in June 2022. In connection with this extension, the Magellan Spirit was chartered by the Partnership to Teekay Corporation for three years at a fixed rate. The Partnership recognized revenue of $2.5 million for the three and six months ended June 30, 2019 from this charter to Teekay Corporation. (iv) Includes administrative, advisory, business development, commercial and strategic consulting services charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's General Partner for costs incurred on the Partnership's behalf for the conduct of the Partnership's business. (v) Includes pre-operation, engineering and financing-related expenses charged by Teekay Corporation subsidiaries to the Partnership to support the start-up of the Bahrain LNG Joint Venture, which is expected to occur in the second half of 2019, of which $ nil and $0.2 million was reimbursed by the Bahrain LNG Joint Venture for the three and six months ended June 30, 2019 , respectively ( $0.6 million and $0.6 million for the three and six months ended June 30, 2018, respectively). The net costs are recorded as part of investments in and advances to equity-accounted joint ventures in the Partnership's consolidated balance sheets. (vi) The Partnership entered into an operation and maintenance contract with the Bahrain LNG Joint Venture and an operating and maintenance subcontract with Teekay Marine Solutions (Bermuda) Ltd. (or TMS ), an entity wholly-owned by Teekay Tankers Ltd., which is controlled by Teekay Corporation, relating to the LNG regasification terminal in Bahrain. The subcontractor fees from TMS for the three months and six months ended June 30, 2019 were $ 1.0 million and $2.0 million , respectively ( $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively), are included in vessel operating expenses in the Partnership's consolidated statements of income (loss). Cost recoveries from the Bahrain LNG Joint Venture of $2.0 million and $3.0 million for the three and six months ended June 30, 2019, respectively ( $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively), are included in voyage revenues in the Partnership's consolidated statements of income (loss). |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Cross Currency Swap Agreements | Foreign Exchange Risk The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. As at June 30, 2019, the Partnership was committed to the following foreign currency forward contracts: Contract Amount in Foreign Currency Average Contract Rate (1) Fair Value / Carrying Amount of Asset (Liability) $ Expected Maturity 2019 $ Expected Maturity 2020 $ Euro 9,240 0.86 (101 ) 3,952 6,750 (1) Average contractual exchange rate represents the contracted amount of foreign currency one U.S. Dollar will buy. The Partnership entered into cross currency swaps concurrently with the issuance of its NOK-denominated senior unsecured bonds (see Note 8), and pursuant to these swaps, the Partnership receives the principal amount in NOK on maturity dates of the swaps in exchange for payments of a fixed U.S. Dollar amount. In addition, the cross currency swaps exchange a receipt of floating interest in NOK based on NIBOR plus a margin for a payment of U.S. Dollar fixed interest. The purpose of the cross currency swaps is to economically hedge the foreign currency exposure on the payment of interest and principal of the Partnership’s NOK-denominated bonds due in 2020, 2021 and 2023, and to economically hedge the interest rate exposure. The following table reflects information relating to the cross currency swaps as at June 30, 2019 . Floating Rate Receivable Principal Amount NOK (in thousands) Principal Amount $ Reference Rate Margin Fixed Rate Payable Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (Years) 1,000,000 134,000 NIBOR 3.70 % 5.92 % (17,133 ) 0.9 1,200,000 146,500 NIBOR 6.00 % 7.72 % (5,785 ) 2.3 850,000 102,000 NIBOR 4.60 % 7.89 % (8,088 ) 4.2 (31,006 ) |
Interest Rate Swap Agreements | As at June 30, 2019 , the Partnership was committed to the following interest rate swap agreements: Interest Rate Index Principal Amount $ Fair Value / Carrying Amount of Asset (Liability) $ Weighted- Average Remaining Term (years) Fixed Interest Rate (i) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps LIBOR 30,000 (177 ) 0.0 4.9% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 125,000 (19,243 ) 9.5 5.2% U.S. Dollar-denominated interest rate swaps (ii) LIBOR 26,778 (239 ) 2.1 2.8% U.S. Dollar-denominated interest rate swaps (iii) (iv) LIBOR 326,755 (20,467 ) 1.6 3.4% U.S. Dollar-denominated interest rate swaps (iv) LIBOR 178,223 (4,253 ) 7.5 2.3% EURIBOR-Based Debt: Euro-denominated interest rate swaps EURIBOR 81,059 (9,912 ) 4.2 3.8% (54,291 ) (i) Excludes the margins the Partnership pays on its floating-rate term loans, which, at June 30, 2019 , ranged from 0.30% to 3.25% . (ii) Principal amount reduces semi-annually. (iii) These interest rate swaps are subject to mandatory early termination in 2020 and 2021 whereby the swaps will be settled based on their fair value at that time. (iv) Principal amount reduces quarterly. |
Location and Fair Value Amounts of Derivative Instruments | The following table presents the classification and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s consolidated balance sheets. Accounts receivable/Advances to affiliates $ Current portion of derivative assets $ Derivative assets $ Accrued liabilities $ Current portion of derivative liabilities $ Derivative liabilities $ As at June 30, 2019 Interest rate swap agreements 3 — — (2,291 ) (8,817 ) (43,186 ) Foreign currency forward contracts — — — — (101 ) — Cross currency swap agreements — — — (538 ) (18,887 ) (11,581 ) 3 — — (2,829 ) (27,805 ) (54,767 ) As at December 31, 2018 Interest rate swap agreements 188 795 2,362 (2,729 ) (6,875 ) (31,358 ) Cross currency swap agreements — — — (713 ) (4,729 ) (23,680 ) Toledo Spirit time-charter derivative 1,021 40 — — — — 1,209 835 2,362 (3,442 ) (11,604 ) (55,038 ) |
Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments | The effect of the (loss) gain on these derivatives on the Partnership’s consolidated statements of income (loss) is as follows: Three Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements (2,392 ) (5,333 ) (7,725 ) (4,310 ) 7,522 3,212 Foreign currency forward contracts — (101 ) (101 ) — — — Toledo Spirit time-charter derivative — — — 150 940 1,090 (2,392 ) (5,434 ) (7,826 ) (4,160 ) 8,462 4,302 Six Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements (4,777 ) (9,525 ) (14,302 ) (8,788 ) 19,420 10,632 Interest rate swaption agreements — — — — 2 2 Foreign currency forward contracts — (101 ) (101 ) — — — Toledo Spirit time-charter derivative — (40 ) (40 ) 459 1,210 1,669 (4,777 ) (9,666 ) (14,443 ) (8,329 ) 20,632 12,303 Three Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Cross currency swap agreements (1,087 ) (139 ) (1,226 ) (1,798 ) (16,566 ) (18,364 ) Six Months Ended June 30, 2019 2018 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Cross currency swap agreements (2,521 ) (2,059 ) (4,580 ) (3,182 ) 5,768 2,586 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table excludes any interest rate swap agreements designated and qualifying as cash flow hedges in the Partnership’s equity-accounted joint ventures. Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Amount Recognized in AOCI $ Amount Reclassified from AOCI $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (4,570 ) 157 Interest expense 1,534 2 — Interest expense Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Amount Recognized in AOCI $ Amount Reclassified from AOCI $ Effective Portion Recognized in AOCI (i) $ Effective Portion Reclassified from AOCI (ii) $ Ineffective Portion (iii) $ (7,402 ) 408 Interest expense 5,090 (248 ) 740 Interest expense (i) Effective portion of designated and qualifying cash flow hedges recognized in other comprehensive (loss) income (or OCI ). (ii) Effective portion of designated and qualifying cash flow hedges recorded in accumulated other comprehensive (loss) income (or AOCI ) during the term of the hedging relationship and reclassified to earnings. (iii) Ineffective portion of designated and qualifying cash flow hedges recorded in interest expense. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Unrecorded Unconditional Purchase Obligations Disclosure | The Partnership’s share of commitments to fund newbuilding and other construction contract costs as at June 30, 2019 are as follows: Total Remainder of 2020 2021 2022 Consolidated LNG carriers (i) 60,586 9,984 9,733 27,191 13,678 Equity-accounted joint ventures (ii) 349,681 349,681 — — — 410,267 359,665 9,733 27,191 13,678 (i) In May 2019, the Partnership received approximately $45 million from a shipyard related to warranty claims on certain of the Partnership's LNG carriers and recognized the amounts as reductions to the carrying values of the applicable LNG carriers. In connection with the warranty settlement, the Partnership entered into an agreement in June 2019 with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022 for an estimated installed cost of approximately $61 million . (ii) The commitment amounts relating to the Partnership’s share of costs for newbuilding and other construction contracts in the Partnership’s equity-accounted joint ventures are based on the Partnership’s ownership percentage in each respective joint venture as of June 30, 2019 . These commitments are described in more detail in Note 14a of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended December 31, 2018 . Based on the Partnership's ownership percentage in each respective joint venture, the Partnership's equity-accounted joint ventures have secured $301 million of undrawn financing related to the Partnership's proportionate share of the remaining commitments included in the table above. |
Total Capital and Net Income _2
Total Capital and Net Income (Loss) Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, 2019 2018 $ $ Limited partners' interest in net income (loss) for basic net income (loss) per common unit 9,810 (3,624 ) Weighted average number of common units 78,603,636 79,687,499 Dilutive effect of unit-based compensation 81,901 — Weighted average number of common units and common unit equivalents 78,685,537 79,687,499 Limited partner's interest in net income (loss) per common unit: Basic 0.12 (0.05 ) Diluted 0.12 (0.05 ) Six Months Ended June 30, 2019 2018 $ $ Limited partners' interest in net income (loss) for basic net income (loss) per common unit 24,698 (16,671 ) Weighted average number of common units 78,600,342 79,667,384 Dilutive effect of unit-based compensation 81,921 — Weighted average number of common units and common unit equivalents 78,682,263 79,667,384 Limited partner's interest in net income (loss) per common unit: Basic 0.31 (0.21 ) Diluted 0.31 (0.21 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information Schedule (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following is a tabular reconciliation of the Partnership's cash, cash equivalents and restricted cash balances for the periods presented in the Partnership's consolidated statements of cash flows. June 30, 2019 December 31, 2018 June 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 124,880 149,014 177,071 244,241 Restricted cash – current 48,869 38,329 53,599 22,326 Restricted cash – long-term 31,439 35,521 29,823 72,868 205,188 222,864 260,493 339,435 The Partnership maintains restricted cash deposits relating to certain term loans, collateral for cross currency swaps (see Note 11), project tenders and amounts received from charterers to be used only for dry-docking expenditures and emergency repairs. b) |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Direct Operating Costs | $ (27,457) | $ (33,219) | $ (53,558) | $ (61,186) |
General and Administrative Expenses | $ 5,667 | 7,846 | $ 12,299 | 14,917 |
Restatement Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Direct Operating Costs | 800 | 1,300 | ||
General and Administrative Expenses | $ 800 | $ 1,300 |
Accounting Pronouncements Narra
Accounting Pronouncements Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating lease right-of-use asset | $ 40,666 | $ 0 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 994,880 | 1,037,025 | ||
Increase (Decrease) in Leasing Receivables | 6,050 | $ 0 | ||
Proceeds from Collection of Lease Receivables | 0 | 5,242 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (53,232) | $ 2,717 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating lease right-of-use asset | 40,700 | $ 22,800 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,000 | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 3,000 | 3,000 | ||
Increase (Decrease) in Leasing Receivables | 6,100 | |||
Proceeds from Collection of Lease Receivables | $ 5,200 | |||
Operating Lease, Liability | $ 40,700 | 22,800 | ||
Accounting Standards Update 2017-12 [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 4,800 | |||
Other Comprehensive Income (Loss) [Member] | Accounting Standards Update 2017-12 [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 4,800 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17a) | $ 205,188 | $ 222,864 | $ 260,493 | $ 339,435 |
Vessel held for sale (note 16c) | 12,300 | 0 | ||
Long-term debt | (1,867,668) | (1,969,776) | ||
Obligations related to finance leases (note 5) | 1,399,796 | 1,298,556 | ||
Carrying Amount Asset (Liability) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Advances to equity-accounted joint ventures (note 7) | 131,374 | 131,386 | ||
Carrying Amount Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (355,663) | (350,813) | ||
Carrying Amount Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17a) | 205,188 | 222,864 | ||
Carrying Amount Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Obligations related to finance leases (note 5) | 1,399,796 | 1,298,556 | ||
Carrying Amount Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (1,512,005) | (1,618,963) | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements – assets | 0 | 3,341 | ||
Interest rate swap agreements – liabilities | (54,291) | (40,958) | ||
Carrying Amount Asset (Liability) | Level 2 | Recurring | Cross-currency swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cross currency swap agreements – liabilities | (31,006) | (29,122) | ||
Carrying Amount Asset (Liability) | Level 3 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other derivative | 0 | 1,061 | ||
Fair Value Asset (Liability) | Level 1 | Public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (367,592) | (361,095) | ||
Fair Value Asset (Liability) | Level 1 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17a) | 205,188 | 222,864 | ||
Fair Value Asset (Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Obligations related to finance leases (note 5) | 1,420,492 | 1,274,693 | ||
Fair Value Asset (Liability) | Level 2 | Non-public | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | (1,498,723) | (1,604,106) | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements – assets | 0 | 3,341 | ||
Interest rate swap agreements – liabilities | (54,291) | (40,958) | ||
Fair Value Asset (Liability) | Level 2 | Recurring | Cross-currency swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cross currency swap agreements – liabilities | (31,006) | (29,122) | ||
Fair Value Asset (Liability) | Level 3 | Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other derivative | $ 0 | $ 1,061 |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value of Asset Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Toledo Spirit time-charter derivative - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets Measured on Recurring Basis | ||
Fair value at beginning of period | $ 1,061 | $ 1,648 |
Realized and unrealized gains included in earnings | (40) | 1,669 |
Settlements | (1,021) | (987) |
Fair value at end of period | $ 0 | $ 2,330 |
Financial Instruments - Summary
Financial Instruments - Summary of Partnership's Loan Receivables and Other Financing Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases (note 6) | $ 564,685 | $ 575,163 |
Other receivables: | ||
Total loans receivables and other financing receivables | 702,916 | 712,243 |
Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases (note 6) | 564,685 | 575,163 |
Other receivables: | ||
Long-term receivable and accrued revenue included in other assets | 6,857 | 5,694 |
Internal Investment Grade [Member] | Performing Financial Instruments [Member] | ||
Other receivables: | ||
Advances to equity-accounted joint ventures (note 7) | $ 131,374 | $ 131,386 |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | segment | 3 | |||
Voyage revenues | $ 153,060 | $ 122,315 | $ 302,804 | $ 237,621 |
Voyage expenses | (6,023) | (7,951) | (11,798) | (13,752) |
Vessel operating expenses | (27,457) | (33,219) | (53,558) | (61,186) |
Time-charter hire expense (notes 5b and 10a) | (3,080) | 0 | (8,671) | 0 |
Depreciation and amortization | (35,338) | (29,794) | (69,464) | (59,061) |
General and administrative expenses | (5,667) | (7,846) | (12,299) | (14,917) |
Write-down of vessels | 0 | (33,000) | 0 | (51,662) |
Restructuring charges | (818) | 0 | (2,976) | (1,396) |
Income (loss) from vessel operations | 74,677 | 10,505 | 144,038 | 35,647 |
Equity income (loss) | 1,738 | 11,194 | 7,316 | 37,918 |
Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,369 | 10,143 | 5,131 | 20,400 |
Operating Segments | LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 141,833 | 105,405 | 279,655 | 206,831 |
Voyage expenses | (3,484) | 496 | (4,722) | 917 |
Vessel operating expenses | (23,146) | (22,021) | (43,701) | (42,184) |
Time-charter hire expense (notes 5b and 10a) | 3,080 | (8,671) | ||
Depreciation and amortization | (33,139) | 26,418 | (64,825) | 51,897 |
General and administrative expenses | (5,051) | 5,839 | (11,014) | 10,993 |
Write-down of vessels | 0 | 0 | ||
Restructuring charges | 0 | 0 | 0 | |
Income (loss) from vessel operations | 73,933 | 50,631 | 146,722 | 100,840 |
Equity income (loss) | 3,377 | 12,619 | 10,870 | 40,023 |
Operating Segments | LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 8,858 | 6,767 | 18,018 | 10,390 |
Voyage expenses | (2,542) | 3,949 | 7,212 | 6,336 |
Vessel operating expenses | (3,630) | (7,651) | (7,982) | (11,676) |
Time-charter hire expense (notes 5b and 10a) | 0 | 0 | ||
Depreciation and amortization | (2,030) | 2,243 | 3,951 | 3,985 |
General and administrative expenses | (345) | 1,110 | 908 | 2,243 |
Write-down of vessels | (33,000) | (33,000) | ||
Restructuring charges | 0 | 0 | 0 | |
Income (loss) from vessel operations | 311 | (41,186) | (2,035) | (46,850) |
Equity income (loss) | (1,639) | (1,425) | (3,554) | (2,105) |
Operating Segments | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,369 | 10,143 | 5,131 | 20,400 |
Voyage expenses | (3) | (3,506) | 136 | (6,499) |
Vessel operating expenses | (681) | (3,547) | (1,875) | (7,326) |
Time-charter hire expense (notes 5b and 10a) | 0 | 0 | ||
Depreciation and amortization | (169) | (1,133) | (688) | (3,179) |
General and administrative expenses | (271) | (897) | (377) | (1,681) |
Write-down of vessels | 0 | (18,662) | ||
Restructuring charges | (818) | (2,976) | (1,396) | |
Income (loss) from vessel operations | 433 | 1,060 | (649) | (18,343) |
Equity income (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 5,369,198 | $ 5,384,781 | ||
Unallocated: | ||||
Cash and cash equivalents | 124,880 | 149,014 | $ 177,071 | $ 244,241 |
Advances to affiliates | 8,229 | |||
Operating Segments | LNG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,889,670 | 4,861,977 | ||
Operating Segments | LPG Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 318,069 | 326,111 | ||
Operating Segments | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 13,748 | 39,450 | ||
Unallocated | ||||
Unallocated: | ||||
Cash and cash equivalents | 124,880 | 149,014 | ||
Advances to affiliates | $ 22,831 | $ 8,229 |
Chartered-in Vessels Chartered-
Chartered-in Vessels Chartered-in Vessels - Obligations Related to Finance Leases (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 36 Months Ended | ||||
Jan. 31, 2019 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jan. 31, 2019 | Jan. 31, 2019vessel | Jan. 31, 2019lease | Dec. 31, 2018USD ($) | |
Obligations relating to Finance Leases [Line Items] | |||||||
Finance Lease, Liability | $ 1,399,796 | $ 1,298,556 | |||||
Current obligations related to finance leases | 65,525 | 81,219 | |||||
Long-term obligations related to finance leases | 1,334,271 | 1,217,337 | |||||
Sale Leaseback Transaction, Lease Terms | P15Y | ||||||
Lessee, Finance Lease, Option to Extend | P5Y | ||||||
LNG Carriers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Finance Lease, Liability | 1,399,796 | 1,274,569 | |||||
Number Of Vessels | 8 | 9 | |||||
Number of Lessors | lease | 9 | ||||||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 67,962 | 119,517 | |||||
Finance Lease, Liability, Payments, Due Year Two | 134,915 | 118,685 | |||||
Finance Lease, Liability, Payments, Due Year Three | 133,542 | 117,772 | |||||
Finance Lease, Liability, Payments, Due Year Four | 132,312 | 116,978 | |||||
Finance Lease, Liability, Payments, Due Year Five | 131,237 | 116,338 | |||||
Finance Lease, Liability, Payments, Due after Year Five | 1,295,440 | 1,120,670 | |||||
Suezmax Tankers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Finance Lease, Liability | $ 0 | 23,987 | |||||
LNG Carriers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Sale Leaseback Transaction, Imputed Interest Rate | 5.20% | ||||||
Finance Lease, Liability, Payment, Due | $ 1,900,000 | 1,700,000 | |||||
Finance Lease, Interest Payment on Liability | 495,600 | $ 435,300 | |||||
Suezmax Tankers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Finance Lease, Liability, Payment, Due | $ 24,200 | ||||||
Finance Lease, Interest Payment on Liability | $ 200 | ||||||
Minimum [Member] | LNG Carriers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Sale Leaseback Transaction, Lease Terms | P10Y | ||||||
Maximum [Member] | LNG Carriers [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Sale Leaseback Transaction, Lease Terms | P15Y | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Obligations relating to Finance Leases [Line Items] | |||||||
Number of Lessors | lease | 8 |
Chartered-in Vessels - Operatin
Chartered-in Vessels - Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||||
Operating Leases, Rent Expense | $ 3,080 | $ 0 | $ 8,671 | $ 0 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.60% | 4.60% | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 11,960 | $ 11,960 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 23,790 | 23,790 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 23,725 | 23,725 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,050 | 11,050 | |||
Total payments | 70,525 | 70,525 | |||
Current portion of operating lease liabilities (notes 2 and 5b) | (13,098) | (13,098) | $ 0 | ||
Long-term operating lease liabilities (notes 2 and 5b) | $ 27,568 | $ 27,568 | 0 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 23,700 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | $ 17,000 | ||||
Teekay Lng Marubeni Joint Venture [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 52.00% | 52.00% | |||
Lease Component [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Leases, Rent Expense | $ 1,900 | $ 5,400 | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 7,395 | 7,395 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 14,710 | 14,710 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14,670 | 14,670 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 6,832 | 6,832 | |||
Total payments | 43,607 | 43,607 | |||
Less imputed interest | (2,941) | (2,941) | |||
Operating Lease, Liability | 40,666 | 40,666 | |||
Current portion of operating lease liabilities (notes 2 and 5b) | (13,098) | (13,098) | |||
Long-term operating lease liabilities (notes 2 and 5b) | 27,568 | 27,568 | |||
Non-lease Component [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Leases, Rent Expense | 1,200 | 3,300 | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 4,565 | 4,565 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 9,080 | 9,080 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 9,055 | 9,055 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 4,218 | 4,218 | |||
Total payments | $ 26,918 | $ 26,918 |
Equity-Accounted Investments (D
Equity-Accounted Investments (Details) - USD ($) | Jan. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 |
Investments in and Advances to Affiliates [Line Items] | ||||
Due from Joint Ventures, Current | $ 79,108,000 | $ 79,108,000 | ||
Proceeds from sale of equity-accounted joint venture | 0 | $ 54,438,000 | ||
Exmar LPG BVBA | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Advances to equity-accounted joint ventures, current and long-term (note 7) | $ 52,300,000 | 52,300,000 | ||
Ownership percentage | 50.00% | |||
Interest receivable on advances to equity accounted joint ventures | $ 0 | 0 | ||
Exmar LPG BVBA | LIBOR | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Variable interest rate on debt | 0.50% | |||
Exmar LPG BVBA | Exmar | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership percentage | 50.00% | |||
Bahrain LNG Joint Venture | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Interest receivable on advances to equity accounted joint ventures | $ 0 | 0 | ||
Due from Joint Ventures, Current | $ 79,100,000 | $ 79,100,000 | ||
Bahrain LNG Joint Venture | LIBOR | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Variable interest rate on debt | 1.25% | |||
Excelsior Joint Venture | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Ownership percentage | 50.00% | |||
Proceeds from sale of equity-accounted joint venture | $ 54,000,000 | |||
Gain (loss) on sale of equity investments | $ 5,600,000 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Voyage revenues | $ 153,060 | $ 122,315 | $ 302,804 | $ 237,621 |
LNG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 141,833 | 105,405 | 279,655 | 206,831 |
LPG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 8,858 | 6,767 | 18,018 | 10,390 |
Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,369 | 10,143 | 5,131 | 20,400 |
Conventional Tanker Segment | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,369 | 10,143 | 5,131 | 20,400 |
Time charters | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 136,053 | 101,173 | 269,590 | 200,030 |
Time charters | LNG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 133,684 | 96,857 | 264,459 | 190,316 |
Time charters | LPG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Time charters | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,369 | 4,316 | 5,131 | 9,714 |
Voyage charters | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 8,858 | 12,486 | 18,018 | 20,860 |
Voyage charters | LNG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Voyage charters | LPG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 8,858 | 6,767 | 18,018 | 10,390 |
Voyage charters | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 5,719 | 0 | 10,470 |
Bareboat charters | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 6,129 | 5,734 | 12,191 | 11,111 |
Bareboat charters | LNG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 6,129 | 5,734 | 12,191 | 11,111 |
Bareboat charters | LPG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Bareboat charters | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Management fees and other | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,020 | 2,922 | 3,005 | 5,620 |
Management fees and other | LNG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,020 | 2,814 | 3,005 | 5,404 |
Management fees and other | LPG Segment [Member] | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 0 | 0 | 0 |
Management fees and other | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 0 | 108 | 0 | 216 |
Non-lease Component [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 7,734 | 7,046 | 14,244 | 13,884 |
Non-lease Component [Member] | Non-lease revenue | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 5,714 | 4,124 | 11,239 | 8,264 |
Non-lease Component [Member] | Management fees and other | ||||
Segment Reporting Information [Line Items] | ||||
Voyage revenues | 2,020 | 2,922 | 3,005 | 5,620 |
Lease Component [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Leases, Income Statement, Lease Revenue | 131,062 | 105,465 | 260,822 | 204,282 |
Sales-type Lease, Interest Income, Lease Receivable | 12,969 | 9,954 | 25,763 | 19,914 |
Operating Lease, Variable Lease Income | 1,295 | 0 | 1,975 | 0 |
Variable Lease, Payment | 0 | (150) | 0 | (459) |
Voyage revenues | $ 145,326 | $ 115,269 | $ 288,560 | $ 223,737 |
Revenue - Net Investments in Di
Revenue - Net Investments in Direct Financing Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Lessor, Lease, Description [Line Items] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 865,333 | $ 897,130 |
Residual Value of Leased Asset | 291,098 | 291,098 |
Deferred Costs, Leasing, Net | 312 | 329 |
Deferred Lease Income, after Accumulated Amortization | (592,058) | (613,394) |
Direct financing leases (note 6) | 564,685 | 575,163 |
Current portion of net investments in direct financing leases (note 6) | (13,082) | (12,635) |
Net investments in direct financing leases (note 6) | 551,603 | 562,528 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | 32,300 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 64,200 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 64,200 | 64,300 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 64,200 | 64,200 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 64,200 | 64,200 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 64,000 | 64,000 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | $ 576,400 | $ 576,200 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jan. 01, 2018 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Contract with Customer, Liability | $ 20.8 | $ 26.4 | $ 21.5 | $ 22.2 |
Pan Union Joint Venture [Member] | Minimum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 20.00% | |||
Pan Union Joint Venture [Member] | Maximum [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 30.00% | |||
Bahrain LNG Joint Venture | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 30.00% | |||
National Oil and Gas Authority | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 30.00% | |||
Gulf Investment Corporation | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 24.00% | |||
Samsung C&T | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Ownership percentage | 16.00% |
Revenue - Operating leases (Det
Revenue - Operating leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $ 302,300 | |
Lessor, Operating Lease, Payments to be Received, Two Years | 513,900 | |
Lessor, Operating Lease, Payments to be Received, Three Years | 474,800 | |
Lessor, Operating Lease, Payments to be Received, Four Years | 370,500 | |
Lessor, Operating Lease, Payments to be Received, Five Years | 306,000 | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 482,700 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 438,200 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 398,300 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 321,900 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 278,100 | |
Property, Plant and Equipment, Net | 3,361,603 | 3,329,523 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 705,104 | 665,206 |
Assets Leased to Others [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property, Plant and Equipment, Net | 3,200,000 | 3,100,000 |
Property, Plant and Equipment, Gross | 3,900,000 | 3,800,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 753,500 | $ 698,500 |
Revenue - Contract costs (Detai
Revenue - Contract costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | |
Capitalized Contract Cost [Line Items] | ||||||
Contract with Customer, Liability | $ 20,800 | $ 21,500 | $ 20,800 | $ 21,500 | $ 26,400 | $ 22,200 |
Contract with Customer, Liability | 24,573 | 24,573 | $ 30,108 | |||
Contract with Customer, Liability, Revenue Recognized | $ 20,300 | $ 16,100 | $ 26,400 | $ 22,200 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) $ in Thousands, € in Millions | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||
Total principal | $ 1,881,562 | $ 1,987,558 | ||
Unamortized discount and debt issuance costs | (13,894) | (17,782) | ||
Total debt | 1,867,668 | 1,969,776 | ||
Less current portion | (402,513) | (135,901) | ||
Long-term debt | 1,465,155 | 1,833,875 | ||
U.S. Dollar-denominated Revolving Credit Facilities due from 2020 to 2022 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 177,000 | 225,000 | ||
U.S. Dollar-denominated Term Loans and Bonds due from 2020 to 2030 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 1,163,693 | 1,212,504 | ||
Norwegian Krone-denominated Bonds due from 2020 to 2023 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 357,454 | 352,973 | ||
Euro-denominated Term Loans due from 2023 to 2024 | ||||
Debt Instrument [Line Items] | ||||
Total principal | 180,115 | € 158.4 | 193,800 | € 169 |
Other U.S. Dollar-denominated Loans | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 3,300 | $ 3,300 |
Long-Term Debt - Revolvers - Ad
Long-Term Debt - Revolvers - Additional Information (Details) $ in Thousands, kr in Billions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($)credit_facilityterm_loan | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)vesselsubsidiarycredit_facilityterm_loan | Jun. 30, 2018USD ($) | Jun. 30, 2019NOK (kr)credit_facilityterm_loan | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||
Foreign currency exchange (loss) gain (notes 8 and 11) | $ (7,243) | $ 8,443 | $ (7,974) | $ 7,170 | ||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 4.40% | 4.40% | 4.40% | 4.44% | ||
Line of credit facility, borrowing capacity, reduction for remainder of year | $ 70,000 | $ 70,000 | ||||
Line of credit facility, borrowing capacity, reduction in year two | 566,200 | 566,200 | ||||
Line of credit facility, borrowing capacity, reduction in year three | 411,100 | 411,100 | ||||
Line of credit facility, borrowing capacity, reduction in year four | 91,900 | 91,900 | ||||
Line of credit facility, borrowing capacity, reduction in year five | 214,000 | 214,000 | ||||
Aggregate annual long-term debt principal repayments, thereafter | $ 528,400 | $ 528,400 | ||||
Number of subsidiaries | subsidiary | 2 | |||||
Number of term loans | term_loan | 7 | 7 | 7 | |||
Total principal | $ 1,881,562 | $ 1,881,562 | $ 1,987,558 | |||
Long-term debt | $ 1,867,668 | $ 1,867,668 | 1,969,776 | |||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 0.30% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 3.25% | |||||
Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Number of credit facilities | credit_facility | 1 | 1 | 1 | |||
Total principal | $ 357,454 | $ 357,454 | 352,973 | |||
Senior unsecured bonds issued | kr | kr 3.1 | |||||
First-priority Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Vessels | vessel | 2 | |||||
Revolving Credit Facilities | ||||||
Debt Instrument [Line Items] | ||||||
Number of credit facilities | credit_facility | 2 | 2 | 2 | |||
Line of credit facility, borrowing capacity, reduction for remainder of year | $ 11,300 | $ 11,300 | ||||
Line of credit facility, borrowing capacity, reduction in year two | 248,400 | 248,400 | ||||
Line of credit facility, borrowing capacity, reduction in year three | 24,400 | 24,400 | ||||
Line of credit facility, borrowing capacity, reduction in year four | 105,400 | 105,400 | ||||
Revolving Credit Facilities | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 389,500 | 389,500 | 400,600 | |||
Undrawn amount of revolving credit facilities | $ 212,500 | $ 212,500 | $ 175,600 | |||
Revolving Credit Facilities | Line of Credit | LIBOR | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 1.40% | |||||
Revolving Credit Facilities | Line of Credit | LIBOR | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 2.25% |
Long-Term Debt - USD Term Loans
Long-Term Debt - USD Term Loans - Additional Information (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)vesselterm_loan | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Number of term loans | term_loan | 7 | |
Aggregate principal amount | $ 1,881,562 | $ 1,987,558 |
Teekay Nakilat Joint Venture | ||
Debt Instrument [Line Items] | ||
Percentage of ownership interest | 70.00% | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 0.30% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 3.25% | |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 1,163,693 | $ 1,212,504 |
Number Of Vessels | vessel | 18 | |
Long-term Debt | LIBOR | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 0.30% | |
Long-term Debt | LIBOR | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate on debt | 3.25% |
Long-Term Debt - NOK Bonds - Ad
Long-Term Debt - NOK Bonds - Additional Information (Details) $ in Thousands, kr in Billions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019NOK (kr) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||
Carrying amount of debt | $ 1,881,562 | $ 1,881,562 | $ 1,987,558 | |||
Foreign exchange gains (losses) | (7,243) | $ 8,443 | $ (7,974) | $ 7,170 | ||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 0.30% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 3.25% | |||||
Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Senior unsecured bonds issued | kr | kr 3.1 | |||||
Carrying amount of debt | 357,454 | $ 357,454 | $ 352,973 | |||
Bonds | Foreign Exchange Contract | ||||||
Debt Instrument [Line Items] | ||||||
Transfer of principal amount | $ 382,500 | $ 382,500 | ||||
Bonds | Minimum [Member] | Foreign Exchange Contract | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 5.92% | 5.92% | 5.92% | |||
Bonds | Maximum [Member] | Foreign Exchange Contract | ||||||
Debt Instrument [Line Items] | ||||||
Fixed interest rate | 7.89% | 7.89% | 7.89% | |||
Bonds | NIBOR | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 3.70% | |||||
Bonds | NIBOR | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Variable interest rate on debt | 6.00% |
Long-Term Debt - Euro-denominat
Long-Term Debt - Euro-denominated Term Loans- Additional Information (Details) $ in Thousands, € in Millions | 6 Months Ended | |||
Jun. 30, 2019USD ($)subsidiarycredit_facilityterm_loan | Jun. 30, 2019EUR (€)credit_facilityterm_loan | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
Debt Instrument [Line Items] | ||||
Number of loan facilities | term_loan | 7 | 7 | ||
Carrying amount of debt | $ | $ 1,881,562 | $ 1,987,558 | ||
Number of subsidiaries that guaranteed the term loans | 2 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate on debt | 0.30% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate on debt | 3.25% | |||
Euro-denominated Term Loans | ||||
Debt Instrument [Line Items] | ||||
Number of loan facilities | credit_facility | 2 | 2 | ||
Carrying amount of debt | $ 180,115 | € 158.4 | $ 193,800 | € 169 |
Number of subsidiaries that guaranteed the term loans | 1 | |||
Euro-denominated Term Loans | EURIBOR | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate on debt | 0.60% | |||
Euro-denominated Term Loans | EURIBOR | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate on debt | 1.95% |
Long-Term Debt - Other - Additi
Long-Term Debt - Other - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)credit_facilityterm_loan | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)vesselcredit_facilityterm_loan | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||
Carrying amount of debt | $ 1,881,562 | $ 1,881,562 | $ 1,987,558 | ||
Weighted-average interest rate for the Partnership's long-term debt outstanding | 4.40% | 4.40% | 4.44% | ||
Foreign exchange gains (losses) | $ (7,243) | $ 8,443 | $ (7,974) | $ 7,170 | |
Line of credit facility, borrowing capacity, reduction for remainder of year | 70,000 | 70,000 | |||
Line of credit facility, borrowing capacity, reduction in year two | 566,200 | 566,200 | |||
Line of credit facility, borrowing capacity, reduction in year three | 411,100 | 411,100 | |||
Line of credit facility, borrowing capacity, reduction in year four | 91,900 | 91,900 | |||
Line of credit facility, borrowing capacity, reduction in year five | 214,000 | 214,000 | |||
Aggregate annual long-term debt principal repayments, thereafter | $ 528,400 | $ 528,400 | |||
Number of loan facilities | term_loan | 7 | 7 | |||
Long-term debt | $ 1,867,668 | $ 1,867,668 | $ 1,969,776 | ||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 0.30% | ||||
Minimum [Member] | Vessel | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 197.00% | 197.00% | |||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 3.25% | ||||
Maximum [Member] | Vessel | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 135.00% | 135.00% | |||
Other U.S. Dollar-denominated Loans | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of debt | $ 3,300 | $ 3,300 | 3,300 | ||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of debt | $ 1,163,693 | $ 1,163,693 | $ 1,212,504 | ||
Number Of Vessels | vessel | 18 | ||||
Long-term Debt | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | 4.11% | |||
Long-term Debt | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.41% | 4.41% | |||
Long-term Debt | LIBOR | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 0.30% | ||||
Long-term Debt | LIBOR | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 3.25% | ||||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios | |||||
Debt Instrument [Line Items] | |||||
Number of loan facilities | credit_facility | 3 | 3 | |||
Long-term debt | $ 421,500 | $ 421,500 | |||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 115.00% | 115.00% | |||
Require Minimum Vessel Value To Outstanding Loan Principal Balance Ratios | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of vessel value to outstanding loan Principal balance | 120.00% | 120.00% | |||
Teekay Nakilat Joint Venture | |||||
Debt Instrument [Line Items] | |||||
Percentage of ownership interest | 70.00% | ||||
Joint venture co-owned noncontrolling interest percentage | 30.00% | 30.00% | |||
Teekay Nakilat Joint Venture Loan | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate on debt | 1.00% |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current | $ (2,326) | $ (569) | $ (4,758) | $ (1,074) |
Deferred | (146) | (274) | (292) | (548) |
Income tax expense | $ (2,472) | $ (843) | $ (5,050) | $ (1,622) |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)vessel | Jun. 30, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||||
Voyage revenues | $ 153,060 | $ 122,315 | $ 302,804 | $ 237,621 | ||
Vessel operating expenses (ii)(vi) | 27,457 | 33,219 | 53,558 | 61,186 | ||
Time-charter hire expense (iii) | 3,080 | 0 | 8,671 | 0 | ||
General and administrative expenses | 5,667 | 7,846 | 12,299 | 14,917 | ||
Deferred and Capitalized Expenses | Bahrain LNG Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
General and administrative expenses | 0 | 600 | 200 | 600 | ||
Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | 4,507 | 1,523 | 5,531 | 9,667 | ||
Vessel operating expenses (ii)(vi) | 2,452 | 5,387 | 5,267 | 9,922 | ||
Time-charter hire expense (iii) | 3,080 | 0 | 8,671 | 0 | ||
General and administrative expenses | 4,170 | 4,291 | 8,324 | 8,255 | ||
Affiliated Entity [Member] | Deferred and Capitalized Expenses | ||||||
Related Party Transaction [Line Items] | ||||||
General and administrative expenses | 0 | 210 | 245 | 395 | ||
Teekay Corporation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from Related Parties | 2,500 | $ 2,500 | ||||
Parent Company [Member] | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Lessor, Operating Lease, Term of Contract | 10 years | |||||
Asset under Construction [Member] | Affiliated Entity [Member] | Pan Union Joint Venture [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number Of Vessels | vessel | 4 | |||||
Teekay Marine Solutions (Bermuda) Ltd. [Member] | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Vessel operating expenses (ii)(vi) | 1,000 | 100 | $ 2,000 | 200 | ||
Bahrain LNG Joint Venture | Affiliated Entity [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Voyage revenues | $ 2,000 | $ 100 | $ 3,000 | $ 200 | ||
Magellan Spirit [Member] | Teekay Lng Marubeni Joint Venture [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Lessor, Operating Lease, Term of Contract | 2 years | |||||
Lessee, Operating Lease, Term of Contract | 21 months |
Related Party Transactions - No
Related Party Transactions - Non-interest Bearing Advances - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Advances to affiliates | $ 8,229 | |
Due to Affiliate, Current | $ 15,655 | 14,731 |
Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Advances to affiliates | 22,831 | 8,200 |
Due to Affiliate, Current | $ 15,700 | $ 14,700 |
Related Party Transactions - Sh
Related Party Transactions - Shipbuilding and Site Supervision Services - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Asset under Construction [Member] | Affiliated Entity [Member] | LNG | ||||
Related Party Transaction [Line Items] | ||||
Property, Plant and Equipment, Additions | $ 1.8 | $ 3.5 | $ 1.8 | $ 6.8 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Summary of Cross Currency Swap Agreements (Details) - Cross-currency swap agreements $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019NOK (kr) | |
Derivative [Line Items] | ||
Fair Value / Carrying Amount of Asset (Liability) $ | $ (31,006) | |
NIBOR | 3.70% | ||
Derivative [Line Items] | ||
Principal Amount | $ 134,000 | kr 1,000,000,000 |
Derivative, Basis Spread on Variable Rate | 3.70% | 3.70% |
Fixed Rate Payable | 5.92% | 5.92% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ 17,133 | |
Weighted- Average Remaining Term (Years) | 10 months 24 days | |
NIBOR | 6.00% | ||
Derivative [Line Items] | ||
Principal Amount | $ 146,500 | kr 1,200,000,000 |
Derivative, Basis Spread on Variable Rate | 6.00% | 6.00% |
Fixed Rate Payable | 7.72% | 7.72% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (5,785) | |
Weighted- Average Remaining Term (Years) | 2 years 3 months 18 days | |
NIBOR | 4.60% | ||
Derivative [Line Items] | ||
Principal Amount | $ 102,000 | kr 850,000,000 |
Derivative, Basis Spread on Variable Rate | 4.60% | 4.60% |
Fixed Rate Payable | 7.89% | 7.89% |
Fair Value / Carrying Amount of Asset (Liability) $ | $ (8,088) | |
Weighted- Average Remaining Term (Years) | 4 years 2 months 12 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Interest Rate Swap Agreements (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Minimum [Member] | |
Derivative [Line Items] | |
Variable interest rate on debt | 0.30% |
Maximum [Member] | |
Derivative [Line Items] | |
Variable interest rate on debt | 3.25% |
Interest rate swap agreements | |
Derivative [Line Items] | |
Fair Value / Carrying Amount of (Liability) | $ (54,291) |
U.S. Dollar-denominated interest rate swaps 1 | LIBOR | |
Derivative [Line Items] | |
Principal Amount | 30,000 |
Fair Value / Carrying Amount of (Liability) | $ (177) |
Weighted- Average Remaining Term (Years) | 0 years |
Fixed Interest Rate | 4.90% |
U.S. Dollar-denominated interest rate swaps 2 | LIBOR | |
Derivative [Line Items] | |
Principal Amount | $ 125,000 |
Fair Value / Carrying Amount of (Liability) | $ (19,243) |
Weighted- Average Remaining Term (Years) | 9 years 6 months |
Fixed Interest Rate | 5.20% |
U.S. Dollar-denominated interest rate swaps 3 | LIBOR | |
Derivative [Line Items] | |
Principal Amount | $ 26,778 |
Fair Value / Carrying Amount of (Liability) | $ (239) |
Weighted- Average Remaining Term (Years) | 2 years 1 month 6 days |
Fixed Interest Rate | 2.80% |
U.S. Dollar-denominated interest rate swaps 4 | LIBOR | |
Derivative [Line Items] | |
Principal Amount | $ 326,755 |
Fair Value / Carrying Amount of (Liability) | $ (20,467) |
Weighted- Average Remaining Term (Years) | 1 year 7 months 6 days |
Fixed Interest Rate | 3.40% |
U.S. Dollar-denominated interest rate swaps 6 | LIBOR | |
Derivative [Line Items] | |
Principal Amount | $ 178,223 |
Fair Value / Carrying Amount of (Liability) | $ (4,253) |
Weighted- Average Remaining Term (Years) | 7 years 6 months |
Fixed Interest Rate | 2.30% |
Euro-denominated interest rate swaps | EURIBOR | |
Derivative [Line Items] | |
Principal Amount | $ 81,059 |
Fair Value / Carrying Amount of (Liability) | $ (9,912) |
Weighted- Average Remaining Term (Years) | 4 years 2 months 12 days |
Fixed Interest Rate | 3.80% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Interest rate swaps and cross currency swaps agreement | ||
Derivative [Line Items] | ||
Fair value of derivative asset | $ 0 | $ 3,200,000 |
Fair value of derivative liability | 66,200,000 | 53,600,000 |
Deposit as security for swap liabilities | 5,200,000 | |
Interest rate swaps and swaptions and cross currency swaps agreement | ||
Derivative [Line Items] | ||
Deposit as security for swap liabilities | 6,800,000 | |
Toledo Spirit time-charter derivative | ||
Derivative [Line Items] | ||
Derivative fair value, net | $ 0 | $ 1,100,000 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | $ 0 | $ 835 |
Derivative assets | 0 | 2,362 |
Accrued liabilities | (72,241) | (74,753) |
Current portion of derivative liabilities | (27,805) | (11,604) |
Advances to affiliates | 8,229 | |
Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable/Advances to affiliates | 3 | 188 |
Current portion of derivative assets | 0 | 795 |
Derivative assets | 0 | 2,362 |
Accrued liabilities | (2,291) | (2,729) |
Current portion of derivative liabilities | (8,817) | (6,875) |
Derivative liabilities | (43,186) | (31,358) |
Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable/Advances to affiliates | 0 | |
Current portion of derivative assets | 0 | |
Derivative assets | 0 | |
Accrued liabilities | 0 | |
Current portion of derivative liabilities | (101) | |
Derivative liabilities | 0 | |
Cross currency swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable/Advances to affiliates | 0 | 0 |
Current portion of derivative assets | 0 | 0 |
Derivative assets | 0 | 0 |
Accrued liabilities | (538) | (713) |
Current portion of derivative liabilities | (18,887) | (4,729) |
Derivative liabilities | (11,581) | (23,680) |
Toledo Spirit time-charter derivative | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 40 | |
Derivative assets | 0 | |
Accrued liabilities | 0 | |
Current portion of derivative liabilities | 0 | |
Derivative liabilities | 0 | |
Advances to affiliates | 1,021 | |
Derivative | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable/Advances to affiliates | 3 | |
Current portion of derivative assets | 0 | 835 |
Derivative assets | 0 | 2,362 |
Accrued liabilities | (2,829) | (3,442) |
Current portion of derivative liabilities | (27,805) | (11,604) |
Derivative liabilities | $ (54,767) | (55,038) |
Advances to affiliates | $ 1,209 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | $ (2,392) | $ (4,160) | $ (4,777) | $ (8,329) |
Unrealized gains (losses) | (5,434) | 8,462 | (9,666) | 20,632 |
Total | (7,826) | 4,302 | (14,443) | 12,303 |
Unrealized gains (losses) | (4,727) | 11,703 | ||
Interest rate swap agreements | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | (2,392) | (4,310) | (4,777) | (8,788) |
Unrealized gains (losses) | (5,333) | 7,522 | (9,525) | 19,420 |
Total | (7,725) | 3,212 | (14,302) | 10,632 |
Interest rate swaption agreements | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | 0 | 0 | ||
Unrealized gains (losses) | 0 | 2 | ||
Total | 0 | 2 | ||
Foreign Exchange Forward [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | 0 | 0 | 0 | 0 |
Unrealized gains (losses) | (101) | 0 | (101) | 0 |
Total | (101) | 0 | (101) | 0 |
Toledo Spirit time-charter derivative | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Realized gains (losses) | 0 | 150 | 0 | 459 |
Unrealized gains (losses) | 0 | 940 | (40) | 1,210 |
Total | 0 | 1,090 | (40) | 1,669 |
Cross currency swap agreements | Foreign Currency Gain (Loss) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total | (1,226) | (18,364) | (4,580) | 2,586 |
Realized gains (losses) | (1,087) | (1,798) | (2,521) | (3,182) |
Unrealized gains (losses) | $ (139) | $ (16,566) | $ (2,059) | $ 5,768 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Effective Portion of Gains (Losses) on Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax | $ (30,749) | $ (52,238) | |
Interest expense | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Reclassification for Discontinuance, before Tax | (4,570) | (7,402) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 157 | $ 408 | |
Effective Portion Recognized in AOCI | $ 1,534 | ||
Effective Portion Reclassified from AOCI | 2 | ||
Ineffective Portion | $ 0 |
Derivative Instruments and He_9
Derivative Instruments and Hedging Activities Derivatives and Hedging Activities - FX Forwards (Details) $ in Thousands | Jun. 30, 2019USD ($)€ / $ |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Investment Foreign Currency, Contract, Foreign Currency Amount | $ 9,240 |
Derivative, Average Forward Exchange Rate | € / $ | 0.86 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ (101) |
Expected maturity amount of foreign currency derivatives in next fiscal year | 3,952 |
Expected maturity amounts of foreign currency derivatives in year two | $ 6,750 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments to Fund Newbuilding and Other Construction Contract Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
May 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation | $ 410,267 | ||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 359,665 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 9,733 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 27,191 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 13,678 | ||
Product Liability Contingency, Third Party Recovery | $ 45,000 | 44,890 | $ 0 |
Consolidated Entities [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation | 60,586 | ||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 9,984 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 9,733 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 27,191 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 13,678 | ||
Equity Method Investments [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Unrecorded Unconditional Purchase Obligation | 349,681 | ||
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | 349,681 | ||
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 0 | ||
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 0 | ||
Equity Method Investments [Member] | Supply Commitment [Member] | Asset under Construction [Member] | |||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 301,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)vessel | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |||||||
Other Nonoperating Income (Expense) | $ 236 | $ 350 | $ 487 | $ (52,232) | |||
Restricted cash – current | 48,869 | $ 53,599 | 48,869 | 53,599 | $ 38,329 | $ 22,326 | |
Working Capital Surplus (Deficit) | 287,700 | 287,700 | |||||
Long-term Debt, Current Maturities | 402,513 | $ 402,513 | 135,901 | ||||
Teekay Nakilat Joint Venture | |||||||
Loss Contingencies [Line Items] | |||||||
Number Of Vessels | vessel | 3 | ||||||
Teekay Tangguh Joint Venture [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of ownership interest | 69.00% | ||||||
Loss Contingency Accrual | $ 6,400 | $ 6,400 | $ 6,600 | ||||
Indemnification Agreement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Other Nonoperating Income (Expense) | $ 53,000 | ||||||
Restricted cash – current | $ 7,000 | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 56,000 |
Total Capital and Net Income _3
Total Capital and Net Income (Loss) Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 190,000 | $ 140,000 | $ 140,000 | $ 140,000 | ||
Limited partners’ interest in net income (loss) | $ 9,810 | $ (3,624) | $ 24,698 | $ (16,671) | ||
Weighted average number of common units (in units) | 78,603,636 | 79,687,499 | 78,600,342 | 79,667,384 | ||
Dilutive effect of unit-based compensation (in units) | 81,901,000 | 0 | 81,921 | 0 | ||
Weighted average number of common units and common unit equivalents (in units) | 78,685,537 | 79,687,499 | 78,682,263 | 79,667,384 | ||
Basic (usd per unit) | $ 0.12 | $ (0.05) | $ 0.31 | $ (0.21) | ||
Diluted (usd per unit) | 0.12 | (0.05) | 0.31 | (0.21) | ||
Common Units | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4625 | $ 0.4625 | $ 0.4625 | $ 0.4625 |
Total Capital and Net Income _4
Total Capital and Net Income (Loss) Per Unit - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Aug. 13, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | ||||||||
Noncontrolling Interest in Net Income (Loss) Preferred Unit Holders, Redeemable | $ 6,425 | $ 6,426 | $ 12,850 | $ 12,851 | ||||
Common Stock, Dividends, Per Share, Declared | $ 190,000 | $ 140,000 | $ 140,000 | $ 140,000 | ||||
Partners' Capital Account, Treasury Units, Purchased | $ 2,559 | $ 9,497 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 84,500 | $ 84,500 | ||||||
Public | ||||||||
Class of Stock [Line Items] | ||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 67.90% | |||||||
General Partner [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Treasury Units, Purchased | $ 51 | $ 190 | ||||||
Preferred Stock [Member] | Limited Partner [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Distributions | $ 6,400 | $ 12,900 | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.4625 | $ 0.4625 | $ 0.4625 | $ 0.4625 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | 200 | |||||||
Partners' Capital Account, Treasury Units, Purchased | $ 3,300 | |||||||
Common Stock [Member] | Limited Partner [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Units, Treasury Units Purchased | (187) | (815) | ||||||
Partners' Capital Account, Treasury Units, Purchased | $ 2,508 | $ 9,307 | ||||||
Parent Company [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 2.00% | |||||||
Repurchase Agreements [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||||||
Partners' Capital Account, Units, Treasury Units Purchased | 200 | 1,000 | ||||||
Repurchase Agreements [Member] | Common Stock [Member] | Limited Partner [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Treasury Units, Purchased | $ 2,500 | $ 11,800 | ||||||
Repurchase Agreements [Member] | Common Stock [Member] | General Partner [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Partners' Capital Account, Treasury Units, Purchased | $ 100 | $ 200 |
Unit-Based Compensation (Detail
Unit-Based Compensation (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restricted Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted unit-based compensation granted to Partnership's employee (in units) | 80,100 | 62,283 | ||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 1,200,000 | $ 1,200,000 | ||||
Restricted units, vesting period (in years) | 3 years | |||||
Number of restricted units vested (in units) | 0 | 0 | 83,285 | 60,680 | ||
Restricted units, vested in period, fair value | $ 0 | $ 0 | $ 1,200,000 | $ 1,000,000 | ||
Restricted units expense | $ 300,000 | $ 200,000 | $ 1,100,000 | $ 900,000 | ||
Non-management Directors | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of common units granted (in units) | 35,419 | 17,498 | ||||
Aggregate value of units issued (in units) | $ 500,000 | $ 300,000 |
Restructuring Charges (Details)
Restructuring Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ (818) | $ 0 | $ (2,976) | $ (1,396) | |
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | (800) | $ 0 | (3,000) | $ (1,400) | |
Restructuring Reserve | $ 1,300 | $ 1,300 | $ 500 |
Write-down and Sale of Vessels
Write-down and Sale of Vessels (Details) $ in Thousands | Dec. 06, 2018USD ($) | Oct. 09, 2018USD ($) | Jun. 30, 2018vessel | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||||
Write-down of vessels | $ 0 | $ 33,000 | $ 0 | $ 51,662 | |||
Restructuring charges | $ 818 | 0 | $ 2,976 | 1,396 | |||
European Spirit [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write-down of vessels | (3,000) | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,700 | ||||||
African Spirit [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write-down of vessels | (2,700) | ||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 12,800 | ||||||
Alexander Spirit [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write-down of vessels | (13,000) | ||||||
Napa Spirit, Pan Spirit, Camilla Spirit and Cathinka Spirit [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write-down of vessels | $ (33,000) | $ (33,000) | |||||
Number Of Vessels Impaired | vessel | 4 | ||||||
LPG Carriers [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number Of Vessels | vessel | 7 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 124,880 | $ 177,071 | $ 149,014 | $ 244,241 |
Restricted cash – current | 48,869 | 53,599 | 38,329 | 22,326 |
Restricted cash – long-term | 31,439 | 29,823 | 35,521 | 72,868 |
Total | 205,188 | 260,493 | $ 222,864 | $ 339,435 |
Teide Spirit and Toledo Spirit [Member] | Obligations [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Extinguishment of Debt, Amount | 23,600 | |||
Property, Plant and Equipment, Disposals | $ 23,600 | |||
Teide Spirit [Member] | Obligations [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Extinguishment of Debt, Amount | 23,100 | |||
Property, Plant and Equipment, Disposals | $ 23,100 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 36 Months Ended | |||
Aug. 13, 2019USD ($)vesselshares | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2019vessel | Jan. 31, 2019lease | Dec. 31, 2018USD ($) | |
Subsequent Event [Line Items] | ||||||
Partners' Capital Account, Treasury Units, Purchased | $ 2,559 | $ 9,497 | ||||
Line of Credit | Revolving Credit Facilities | ||||||
Subsequent Event [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 389,500 | $ 400,600 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Lessor, Sales-type Lease, Term of Contract | 27 years | |||||
Common Units | ||||||
Subsequent Event [Line Items] | ||||||
Repurchase of common units (note 13) | shares | 0.2 | |||||
Partners' Capital Account, Treasury Units, Purchased | $ 3,300 | |||||
LNG Carriers [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number Of Vessels | 8 | 9 | ||||
Yamal Lng Joint Venture [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 5000.00% | |||||
Yamal Lng Joint Venture [Member] | Subsequent Event [Member] | China Lng [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 5000.00% | |||||
Yamal Lng Joint Venture [Member] | LNG Carriers [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number Of Vessels | vessel | 4 |