Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Trading Symbol | TOO |
Entity Registrant Name | Teekay Offshore Partners L.P. |
Entity Central Index Key | 1382298 |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 92,386,383 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues (note 11) | $1,019,539,000 | $930,739,000 | $901,227,000 |
Voyage expenses | -112,540,000 | -103,643,000 | -110,483,000 |
Vessel operating expenses (notes 11 and 12) | -352,209,000 | -344,128,000 | -317,576,000 |
Time-charter hire expense | -31,090,000 | -56,682,000 | -56,989,000 |
Depreciation and amortization | -198,553,000 | -199,006,000 | -189,364,000 |
General and administrative (notes 11, 12 and 17) | -67,516,000 | -44,473,000 | -34,581,000 |
(Write down) and gain (loss) on sale of vessels (note 19) | -1,638,000 | -76,782,000 | -24,542,000 |
Restructuring recovery (charge) (note 10) | 225,000 | -2,607,000 | -1,115,000 |
Income (loss) from vessel operations | 256,218,000 | 103,418,000 | 166,577,000 |
Interest expense (notes 8 and 11) | -88,381,000 | -62,855,000 | -47,508,000 |
Interest income (note 11) | 719,000 | 2,561,000 | 1,027,000 |
Realized and unrealized (losses) gains on derivative instruments (note 12) | -143,703,000 | 34,820,000 | -26,349,000 |
Equity income | 10,341,000 | 6,731,000 | |
Foreign currency exchange loss (note 12) | -16,140,000 | -5,278,000 | -315,000 |
Loss on bond repurchase (note 8) | -1,759,000 | ||
Other income - net | 781,000 | 1,144,000 | 1,538,000 |
Income from continuing operations before income tax (expense) recovery | 19,835,000 | 78,782,000 | 94,970,000 |
Income tax (expense) recovery (note 13) | -2,179,000 | -2,225,000 | 10,477,000 |
Net income from continuing operations | 17,656,000 | 76,557,000 | 105,447,000 |
Net (loss) income from discontinued operations (notes 11 and 19) | -4,642,000 | 17,568,000 | |
Net income | 17,656,000 | 71,915,000 | 123,015,000 |
Non-controlling interests in net income | 10,503,000 | -19,089,000 | 58,000 |
Preferred unitholders' interest in net income (note 16) | 10,875,000 | 7,250,000 | |
General Partner's interest in net income (loss) | 15,658,000 | 13,674,000 | 11,055,000 |
Limited partners' interest in net income (loss) | -19,380,000 | 72,305,000 | 111,902,000 |
Limited partners' interest in net (loss) income per common unit: | |||
Limited partners' interest in net income (loss) per common unit - basic (note 16) | ($0.22) | $0.88 | $1.52 |
Limited partners' interest in net income (loss) per common unit - diluted (note 16) | ($0.22) | $0.88 | $1.52 |
Weighted-average number of common units outstanding: | |||
Weighted-average number of common units outstanding - basic | 86,212,290 | 82,634,000 | 73,750,951 |
Weighted-average number of common units outstanding - diluted | 86,212,290 | 82,659,179 | 73,750,951 |
Cash distributions declared per unit | $2.15 | $2.11 | $2.04 |
Continuing Operations [Member] | |||
General Partner's interest in net income (loss) | 15,658,000 | 14,126,000 | 12,827,000 |
Limited partners' interest in net income (loss) | -19,380,000 | 76,495,000 | 92,562,000 |
Limited partners' interest in net (loss) income per common unit: | |||
Limited partners' interest in net income (loss) from continuing operations per common unit - basic (note 16) | ($0.22) | $0.93 | $1.26 |
Limited partners' interest in net income (loss) from continuing operations per common unit - diluted (note 16) | ($0.22) | $0.93 | $1.26 |
Discontinued Operations [Member] | |||
Revenues (note 11) | 20,238,000 | 62,967,000 | |
Voyage expenses | -682,000 | -16,201,000 | |
Vessel operating expenses (notes 11 and 12) | -3,903,000 | -14,286,000 | |
Depreciation and amortization | -1,236,000 | -5,267,000 | |
General and administrative (notes 11, 12 and 17) | -479,000 | -1,178,000 | |
(Write down) and gain (loss) on sale of vessels (note 19) | -18,465,000 | -7,675,000 | |
Income (loss) from vessel operations | -4,527,000 | 18,360,000 | |
Interest expense (notes 8 and 11) | -110,000 | -822,000 | |
Foreign currency exchange loss (note 12) | -4,000 | 2,000 | |
Net (loss) income from discontinued operations (notes 11 and 19) | -4,642,000 | 17,568,000 | |
General Partner's interest in net income (loss) | -452,000 | -1,772,000 | |
Limited partners' interest in net income (loss) | -4,190,000 | 19,340,000 | |
Limited partners' interest in net (loss) income per common unit: | |||
Limited partners' interest in net income (loss) from discontinued operations per common unit - basic (note 16) | ($0.05) | $0.26 | |
Limited partners' interest in net income (loss) from discontinued operations per common unit - diluted (note 16) | ($0.05) | $0.26 | |
Dropdown Predecessor [Member] | |||
Interest expense (notes 8 and 11) | -300,000 | ||
Realized and unrealized (losses) gains on derivative instruments (note 12) | 100,000 | ||
Net income | ($2,225,000) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $17,656 | $71,915 | $123,015 |
Other comprehensive income: | |||
Unrealized net gain on qualifying cash flow hedging instruments (note 12) | 6 | 713 | |
Realized net loss (gain) on qualifying cash flow hedging instruments (note 12) | 52 | -217 | |
Other comprehensive income | 58 | 496 | |
Comprehensive income | 17,656 | 71,973 | 123,511 |
Non-controlling interest in comprehensive income | 10,503 | -19,089 | 58 |
General and limited partners' interest in comprehensive income | -3,722 | 86,037 | 123,453 |
Dropdown Predecessor [Member] | |||
Net income | -2,225 | ||
Other comprehensive income: | |||
Other comprehensive income | -2,225 | ||
Preferred Units [Member] | |||
Net income | $10,875 | $7,250 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current | ||
Cash and cash equivalents | $252,138 | $219,126 |
Restricted cash (note 12) | 4,704 | |
Accounts receivable, including non-trade of $6,825 (December 31, 2013 - $40,043) (note 12) | 103,665 | 176,265 |
Net investments in direct financing leases - current (notes 4b and 9) | 4,987 | 5,104 |
Prepaid expenses | 30,211 | 31,675 |
Due from affiliates (note 11k) | 44,225 | 15,202 |
Current portion of derivative instruments (note 12) | 500 | |
Advances to joint venture (note 20) | 5,225 | |
Other current assets | 4,626 | 3,051 |
Total current assets | 449,781 | 450,923 |
Restricted cash - long-term (note 12) | 42,056 | |
Vessels and equipment | ||
At cost, less accumulated depreciation of $1,202,663 (December 31, 2013 - $1,016,812) | 2,966,104 | 3,059,770 |
Advances on newbuilding contracts and conversion costs (notes 14c, 14d, 14e, 14g, 18a and 18b) | 217,361 | 29,812 |
Net investments in direct financing leases (notes 4b and 9) | 17,471 | 22,463 |
Investment in equity accounted joint ventures (note 20) | 54,955 | 52,120 |
Derivative instruments (note 12) | 4,660 | 10,323 |
Deferred tax asset (note 13) | 5,959 | 7,854 |
Other assets | 51,362 | 35,272 |
Intangible assets - net (note 6b) | 6,410 | 10,436 |
Goodwill (note 6a) | 129,145 | 127,113 |
Total assets | 3,945,264 | 3,806,086 |
Current | ||
Accounts payable | 15,064 | 15,753 |
Accrued liabilities (notes 7, 10, 12 and 17) | 68,013 | 138,156 |
Deferred revenues | 25,669 | 29,075 |
Due to affiliates (note 11k) | 108,941 | 121,864 |
Current portion of derivative instruments (note 12) | 85,318 | 47,944 |
Current portion of long-term debt (note 8) | 258,014 | 806,009 |
Current portion of in-process revenue contracts (note 6c) | 12,744 | 12,744 |
Total current liabilities | 573,763 | 1,171,545 |
Long-term debt (note 8) | 2,178,009 | 1,562,967 |
Derivative instruments (note 12) | 257,754 | 121,135 |
In-process revenue contracts (note 6c) | 75,805 | 88,550 |
Other long-term liabilities | 44,238 | 23,984 |
Total liabilities | 3,129,569 | 2,968,181 |
Commitments and contingencies (notes 8, 9, 12 and 14) | ||
Redeemable non-controlling interest (note 14b) | 12,842 | 16,564 |
Equity | ||
General Partner | 21,038 | 21,242 |
Partners' equity | 755,003 | 787,044 |
Non-controlling interests | 47,850 | 34,297 |
Total equity | 802,853 | 821,341 |
Total liabilities and total equity | 3,945,264 | 3,806,086 |
Common Stock Class Undefined [Member] | ||
Equity | ||
Limited partners | 589,165 | 621,002 |
Preferred Units [Member] | ||
Equity | ||
Limited partners | $144,800 | $144,800 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data in Millions, unless otherwise specified | ||
Accounts receivable non-trade | $6,825 | $40,043 |
At cost, less accumulated depreciation | $1,202,663 | $1,016,812 |
Common Stock Class Undefined [Member] | ||
Limited partners - units issued | 92.4 | 85.5 |
Limited partners - units outstanding | 92.4 | 85.5 |
Preferred Units [Member] | ||
Limited partners - units issued | 6 | 6 |
Limited partners - units outstanding | 6 | 6 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
OPERATING ACTIVITIES | |||
Net income | $17,656 | $71,915 | $123,015 |
Non-cash items: | |||
Unrealized loss (gain) on derivative instruments (note 12) | 180,156 | -91,837 | -39,538 |
Equity income, net of dividends received of $16,803 (2013 - $nil, 2012 - $nil) | 6,462 | -6,731 | |
Depreciation and amortization | 198,553 | 200,242 | 194,631 |
Write down and (gain) loss on sale of vessels (note 19) | 1,638 | 95,247 | 32,217 |
Deferred income tax expense (recovery) (note 13) | 889 | 2,150 | -8,808 |
Amortization of in-process revenue contracts | -12,744 | -12,744 | -12,714 |
Foreign currency exchange (gain) loss and other | -84,719 | -35,522 | 15,260 |
Change in non-cash working capital items related to operating activities (note 15a) | -111,484 | 51,999 | -17,447 |
Expenditures for dry docking | -36,221 | -19,332 | -19,122 |
Net operating cash flow | 160,186 | 255,387 | 267,494 |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt | 1,350,096 | 1,140,237 | 318,645 |
Scheduled repayments of long-term debt | -804,704 | -266,874 | -146,162 |
Prepayments of long-term debt | -418,625 | -466,781 | -445,698 |
Debt issuance costs | -15,555 | -14,797 | -4,361 |
Equity contribution from joint venture partners | 27,267 | 4,750 | 2,750 |
Proceeds from issuance of common units (note 16) | 186,353 | 119,588 | 265,393 |
Proceeds from issuance of preferred units (note 16) | 150,000 | ||
Expenses relating to equity offerings | -228 | -5,837 | -8,164 |
Increase in restricted cash (note 4) | -46,760 | ||
Cash distributions paid by the Partnership | -214,656 | -192,142 | -160,905 |
Cash distributions paid by subsidiaries to non-controlling interests | -27,939 | -7,750 | -8,787 |
Advance to joint venture (note 20) | -5,225 | ||
Purchase of Voyageur LLC from Teekay Corporation (net of $6.2 million indemnification by Teekay Corporation (2013 - $34.9 million) and cash acquired of $nil (2013 - $0.9 million))(notes 11f and 15e) | 6,181 | -234,125 | |
Purchase of VOC equipment from Teekay Corporation (note 11b) | -12,848 | ||
Equity contribution from Teekay Corporation to Dropdown Predecessor | 5,596 | ||
Other | 974 | -5,870 | |
Net financing cash flow | 37,179 | 231,865 | -206,007 |
INVESTING ACTIVITIES | |||
Expenditures for vessels and equipment including advances on newbuilding contracts and conversion costs | -172,169 | -455,578 | -87,408 |
Proceeds from sale of vessels and equipment | 13,364 | 27,986 | 35,235 |
Investments in equity accounted joint ventures | -12,413 | -52,120 | |
Direct financing lease payments received | 5,097 | 5,647 | 17,091 |
Net investing cash flow | -164,353 | -474,465 | -35,082 |
Increase in cash and cash equivalents | 33,012 | 12,787 | 26,405 |
Cash and cash equivalents, beginning of the year | 219,126 | 206,339 | 179,934 |
Cash and cash equivalents, end of the year | 252,138 | 219,126 | 206,339 |
Itajai FPSO Joint Venture [Member] | |||
INVESTING ACTIVITIES | |||
Purchase of equity investment in Itajai FPSO joint venture (net of cash acquired of $1.3 million) (note 11g and 15e) | -52,520 | ||
ALP Maritime Services B.V. [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 2,300 | ||
INVESTING ACTIVITIES | |||
Acquisition of subsidiary, Net of cash acquired | -2,322 | ||
Logitel Offshore Holding [Member] | |||
OPERATING ACTIVITIES | |||
Net income | -1,000 | ||
INVESTING ACTIVITIES | |||
Acquisition of subsidiary, Net of cash acquired | $4,090 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends received | $16,803,000 | $0 | $0 |
Voyageur Spirit [Member] | |||
Indemnification amount | 6,200,000 | 34,900,000 | |
Net cash acquired on business acquisition | 0 | 900,000 | |
Itajai FPSO Joint Venture [Member] | |||
Net cash acquired on business acquisition | 1,300,000 | ||
ALP Maritime Services B.V. [Member] | |||
Net cash acquired on business acquisition | 300,000 | ||
Logitel Offshore Holding [Member] | |||
Net cash acquired on business acquisition | $8,100,000 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Total Equity (USD $) | Total | Dropdown Predecessor [Member] | General Partner [Member] | Common Units [Member] | Common Units and Additional Paid-in Capital [Member] | Preferred Units [Member] | Accumulated Other Comprehensive Income (Loss) (Note 12) [Member] | Non-controlling Interests [Member] | Redeemable Non-controlling Interest [Member] |
In Thousands, except Share data | |||||||||
Beginning balance at Dec. 31, 2011 | $484,733 | $15,129 | $429,536 | ($554) | $40,622 | $38,307 | |||
Beginning balance, units at Dec. 31, 2011 | 70,627,000 | ||||||||
Net income | 123,015 | 11,055 | 111,902 | 58 | |||||
Reclassification of redeemable non-controlling interest in net income | 4,520 | 4,520 | -4,520 | ||||||
Other comprehensive income | 496 | 496 | |||||||
Cash distributions | -160,905 | -11,274 | -149,631 | ||||||
Distribution of capital to joint venture partner | -3,815 | -3,815 | -4,972 | ||||||
Contribution of capital by joint venture partner | 2,750 | 2,750 | |||||||
Proceeds from equity offering, net of offering costs (note 16) | 257,229 | 5,308 | 251,921 | ||||||
Proceeds from equity offering, units, net of offering costs (note 16) | 9,479,000 | ||||||||
Net proceeds (purchase) from equity offering to Teekay Corporation | 2,794 | 56 | 2,738 | ||||||
Ending balance at Dec. 31, 2012 | 705,229 | 20,162 | 640,990 | -58 | 44,135 | 28,815 | |||
Ending balance, units at Dec. 31, 2012 | 80,106,000 | ||||||||
Net income | 71,915 | -2,225 | 13,674 | 72,305 | 7,250 | -19,089 | |||
Reclassification of redeemable non-controlling interest in net income | 6,391 | 6,391 | -6,391 | ||||||
Other comprehensive income | 58 | -2,225 | 58 | ||||||
Cash distributions | -192,142 | -14,101 | -172,150 | -5,891 | |||||
Distribution of capital to joint venture partner | -1,890 | -1,890 | -5,860 | ||||||
Contribution of capital by joint venture partner | 4,750 | 4,750 | |||||||
Equity based compensation and other | 946 | 946 | |||||||
Indemnification payment on Voyageur LLC from Teekay Corporation (note 11f) | -234,125 | -234,125 | |||||||
Proceeds from equity offering, net of offering costs (note 16) | 263,751 | 3,189 | 115,762 | 144,800 | |||||
Proceeds from equity offering, units, net of offering costs (note 16) | 85,508 | 3,900,000 | 6,000,000 | ||||||
Purchase of Voyageur LLC from Teekay Corporation (note 11f) | -279,322 | -201,752 | -1,551 | -76,019 | |||||
Net proceeds (purchase) from equity offering to Teekay Corporation | 44,268 | 44,268 | |||||||
Net proceeds (purchase) from equity offering to Teekay Corporation | 1,447,000 | ||||||||
Net change in Teekay Corporation's equity in Dropdown Predecessor (note 11f) | 203,977 | 203,977 | |||||||
Distribution of capital to Teekay Corporation related to acquisition of equity investment in Itajai FPSO joint venture (note 11g) | -6,590 | -131 | -6,459 | ||||||
Other | 1,359 | -1,359 | |||||||
Ending balance at Dec. 31, 2013 | 821,341 | 21,242 | 621,002 | 144,800 | 34,297 | 16,564 | |||
Ending balance, units at Dec. 31, 2013 | 85,453,000 | 6,000,000 | |||||||
Net income | 17,656 | 15,658 | -19,380 | 10,875 | 10,503 | ||||
Reclassification of redeemable non-controlling interest in net income | -7,777 | -7,777 | 7,777 | ||||||
Cash distributions | -214,656 | -19,495 | -184,286 | -10,875 | |||||
Distribution of capital to joint venture partner | -16,440 | -16,440 | -11,499 | ||||||
Contribution of capital by joint venture partner | 27,267 | 27,267 | |||||||
Equity based compensation and other | 1,652 | 30 | 15 | 1,622 | |||||
Indemnification payment on Voyageur LLC from Teekay Corporation (note 11f) | 6,181 | 6,181 | 124 | 6,057 | |||||
Proceeds from equity offering, net of offering costs (note 16) | 186,125 | 3,727 | 182,398 | ||||||
Proceeds from equity offering, units, net of offering costs (note 16) | 213,350 | 6,918,000 | |||||||
Distribution of capital to Teekay Corporation related to the equity investment in Itajai FPSO joint venture (note 11g) | -6,082 | -6,082 | |||||||
Distribution of capital to Teekay Corporation related to the purchase of Petrojarl I FPSO unit (note 11i) | -12,414 | -248 | -12,166 | ||||||
Net change in Teekay Corporation's equity in Dropdown Predecessor (note 11f) | 201,800 | ||||||||
Ending balance at Dec. 31, 2014 | $802,853 | $21,038 | $589,165 | $144,800 | $47,850 | $12,842 | |||
Ending balance, units at Dec. 31, 2014 | 92,386,000 | 6,000,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 1 | Summary of Significant Accounting Policies | |||||||||||
Basis of presentation | |||||||||||||
The 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 Offshore Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 3). | |||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. | |||||||||||||
The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, the holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 14b). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. | |||||||||||||
In the current period the Partnership has presented the conversion costs for the Partnership’s committed vessel conversions in Advances on newbuilding contracts and conversion costs. Prior to 2014, the Partnership included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. | |||||||||||||
Foreign currency | |||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income. | |||||||||||||
Operating revenues and expenses | |||||||||||||
Contracts of Affreightment and Voyage Charters | |||||||||||||
Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Partnership uses a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer and the Partnership, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||
Time Charters, Bareboat Charters and FPSO Contracts | |||||||||||||
Operating Leases - The Partnership recognizes revenues from the time charters, bareboat charters and floating, production, storage and offloading (or FPSO) contracts accounted for as operating leases on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Partnership’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Partnership does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the consolidated balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term and is included in revenues. Revenue from rendering of services are recognized as the service is performed. Revenues are not recognized during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned or incurred, respectively, in subsequent periods. | |||||||||||||
Operating Expenses | |||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | |||||||||||||
The Partnership classifies all highly liquid investments with an original maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts receivable and allowance for doubtful accounts | |||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Investment in equity accounted joint ventures | |||||||||||||
The Partnership’s investment in joint ventures is accounted for using the equity method of accounting. Under the equity method of accounting, the initial cost of the investment is adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investments in the joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. | |||||||||||||
Vessels and equipment | |||||||||||||
All pre-delivery costs incurred during the construction of newbuildings and conversions, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving and/or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Shuttle and conventional tankers are depreciated using an estimated useful life of 20 to 25 years commencing the date the vessel is delivered from the shipyard, or for a shorter period if regulations prevent the Partnership from operating the vessel for the estimated useful life. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Floating accommodation units (or FAUs) will be depreciated over an estimated useful life of 35 years commencing the date the unit is delivered from the shipyard. Towage vessels will be depreciated over an estimated useful life of 25 years commencing the date the vessel is delivered from the shipyard. Depreciation of vessels and equipment from continuing operations (including depreciation attributable to the Dropdown Predecessor) for the years ended December 31, 2014, 2013 and 2012, totalled $171.8 million, $171.4 million, and $158.0 million, respectively. Depreciation and amortization includes depreciation on all owned vessels. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2014, 2013 and 2012 totaled $2.3 million, $19.6 million and $1.5 million, respectively. | |||||||||||||
Generally, the Partnership dry docks each shuttle tanker, conventional oil tanker, towage vessel and FAU every two and a half to five years. FSO and FPSO units are generally not dry docked. The Partnership capitalizes a portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking over the estimated useful life of the dry dock. Included in capitalized dry docking are costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2014, 2013 and 2012 is summarized as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Cost incurred for dry docking | 36,221 | 19,020 | 19,101 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,682 | ) | (22,559 | ) | (25,267 | ) | |||||||
Dry-docking amortization relating to discontinued operations | — | (360 | ) | (2,087 | ) | ||||||||
Write down / sale of capitalized dry-dock expenditure | (815 | ) | (475 | ) | (5,996 | ) | |||||||
Balance at end of the year | 54,259 | 41,535 | 45,909 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Direct financing leases | |||||||||||||
The Partnership employs a number of vessels on long-term time charters and assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC equipment) during loading, transportation and storage of oil and oil products. The long-term time charters and the leasing of some VOC equipment are accounted for as direct financing leases, with lease payments received by the Partnership being allocated between the net investment in the lease and revenue or other income using the effective interest method so as to produce a constant periodic rate of return over the lease term. The VOC equipment leases were completed during 2014 and, as of December 31, 2014, there is one vessel employed on a long-term time charter that is accounted for as a direct financing lease. | |||||||||||||
Debt issuance costs | |||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and intangible assets | |||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s intangible assets are amortized over their respective lives with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||
Derivative instruments | |||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps that it may enter into in the future (see note 12). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from equity to the corresponding earnings line item in the consolidated statements of income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the consolidated statements of income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income. If the hedged item is no longer possible of occurring, amounts recognized in equity are immediately transferred to the earnings line item in the consolidated statements of income. | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as accounting hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815,Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated foreign currency forward contracts and interest rate swaps are recorded in realized and unrealized (losses) gains on derivative instruments in the consolidated statements of income. Gains and losses from the Partnership’s non-designated cross currency swaps are recorded in foreign currency exchange loss in the consolidated statements of income. | |||||||||||||
Unit-based compensation | |||||||||||||
The Partnership grants restricted unit-based compensation awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership (see note 17). The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value of the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. Unit-based compensation expenses are recorded under general and administrative expenses in the Partnership’s consolidated statements of income. | |||||||||||||
Income taxes | |||||||||||||
The Partnership is subject to income taxes relating to its subsidiaries in Norway, Australia, Brazil, the United Kingdom, Singapore, Qatar and the Netherlands. The Partnership accounts for such taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Partnership’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the consolidated financial statements based on guidance in the interpretation. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax (expense) recovery. |
Accounting_Pronouncement_Not_Y
Accounting Pronouncement Not Yet Adopted | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Accounting Pronouncement Not Yet Adopted | 2 | Accounting Pronouncement Not Yet Adopted |
In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Partnership is evaluating the effect of adopting this new accounting guidance. | ||
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is now defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Partnership’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Dropdown_Predecessor
Dropdown Predecessor | 12 Months Ended | |
Dec. 31, 2014 | ||
Text Block [Abstract] | ||
Dropdown Predecessor | 3 | Dropdown Predecessor |
The Partnership has accounted for the acquisition of interests in vessels from Teekay Corporation as a transfer of net assets between entities under common control. The method of accounting for such transfers is similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity, and no other assets or liabilities are recognized as a result of the combination. The excess of the proceeds paid, if any, by the Partnership over Teekay Corporation’s historical cost is accounted for as an equity distribution to Teekay Corporation. In addition, acquisition of vessels from Teekay Corporation that are businesses are accounted for as if the acquisition occurred on the date that the Partnership and the acquired vessels were both under the common control of Teekay Corporation and had begun operations. As a result, the Partnership’s financial statements prior to the date the interests in these vessels were actually acquired by the Partnership are retroactively adjusted to include the results of these vessels during the periods they were under common control of Teekay Corporation and had begun operations. | ||
On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC for an original purchase price of $540.0 million that was effectively reduced to $503.1 million (see note 11f). The Voyageur LLC owns the Voyageur Spirit (referred to herein as the Dropdown Predecessor), an FPSO unit, which operates on the Huntington Field in the North Sea under a five-year contract, plus up to 10 one-year extension options, with E.ON Ruhrgas UK GP Limited (or E.ON). To account for the common control transfer of the Voyageur Spirit FPSO unit as if the Partnership had acquired the unit when it began operations on April 13, 2013, the Partnership’s financial statements have been adjusted to decrease the Partnership’s net income and comprehensive income by $2.2 million for the year ended December 31, 2013. | ||
Teekay Corporation uses a centralized treasury system. As a result, cash and cash equivalents attributable to the operations of the Dropdown Predecessor were in certain cases co-mingled with cash and cash equivalents from other operations of Teekay Corporation. This cash and cash equivalents are not reflected in the balance sheet of the Dropdown Predecessor. However, any cash transactions from these bank accounts that were made on behalf of companies in the Dropdown Predecessor, which were acquired by the Partnership, are reflected as increases or decreases of advances from affiliates. Any other cash transactions from these bank accounts that were directly related to the operations of the Dropdown Predecessor are reflected as increases or decreases in owner’s equity in the Partnership’s financial statements. | ||
The consolidated financial statements reflect the consolidated financial position, results of operations and cash flows of the Partnership and its subsidiaries, including, as applicable, the Dropdown Predecessor. In the preparation of these consolidated financial statements interest expense and realized and unrealized (losses) gains on derivative instruments were not identifiable as relating solely to each specific vessel. Amounts have been allocated to the Dropdown Predecessor for interest expense of $0.3 million and realized and unrealized losses (gains) on derivative instruments of $0.1 million for the year ended December 31, 2013. Management believes these allocations reasonably present the interest expense and realized and unrealized (losses) gains on derivative instruments of the Dropdown Predecessor. Estimates have been made when allocating expenses from Teekay Corporation to the Dropdown Predecessor and such estimates may not be reflective of actual results. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||
Financial Instruments | 4 | Financial Instruments | |||||||||||||||||||
a) | Fair value measurements | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash - The fair value of the Partnership’s cash and cash equivalents and restricted cash approximate their carrying amounts reported in the accompanying consolidated balance sheets. | |||||||||||||||||||||
Vessels and equipment – The estimated fair value of the Partnership’s vessels and equipment is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||||||||||
Contingent consideration liabilities | |||||||||||||||||||||
In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel Offshore Holding AS (or Logitel), a Norway-based company focused on the high-end floating accommodation market, from Cefront Technology AS (or Cefront) for $4 million, which was paid in cash at closing, plus a potential additional amount of up to $27.6 million, depending upon certain performance criteria, which is payable from early-2015 to early-2018 (see note 18b). | |||||||||||||||||||||
The Partnership will owe an additional amount of up to $27.6 million if there are no yard cost overruns, and no charterer late delivery penalties; the two unfixed floating accommodation units (or FAUs) under construction are chartered above specified daily rates; and no material defects from construction are identified up until one year after the delivery of each FAU. To the extent such events occur, the potential additional amount of $27.6 million will be reduced in accordance with the terms of the purchase agreement. The estimated fair value of the contingent consideration liability of $27.6 million is the amount the Partnership expects to pay to Cefront discounted to its present value using a weighted average cost of capital rate of 10%. As of December 31, 2014, the amount of the expected payments for each FAU was based upon the construction status for each FAU, the state of the charter market for FAUs, the expectation of potential material defects and to a lesser extent, the timing of delivery of each FAU. An increase (decrease) in the Partnership’s estimates of yard cost overruns, charterer late delivery penalties, material defects and the discount rate, as well as a decrease (increase) in the Partnership’s estimates of day rates at which it expects to charter the two unchartered FAUs, will decrease (increase) the estimated fair value of the contingent consideration liability. | |||||||||||||||||||||
Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the year-ended December 31, 2014 is as follows: | |||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
$ | |||||||||||||||||||||
Balance at beginning of period | — | ||||||||||||||||||||
Acquisition of Logitel | (21,170 | ) | |||||||||||||||||||
Unrealized gain included in Other income – net | (278 | ) | |||||||||||||||||||
Balance at end of period | (21,448 | ) | |||||||||||||||||||
On October 1, 2011, the Partnership acquired from Teekay Corporation a newbuilding shuttle tanker, the Scott Spirit, for $116.0 million. The purchase price was subject to an adjustment of up to an additional $12 million based upon incremental shuttle tanker revenues above projections used for the sales price valuation generated during the two years following the acquisition. The fair value of the liability was the estimated amount that the Partnership would pay Teekay Corporation on September 30, 2012 and 2013, taking into account the Partnership’s secured contracts, new projects, and forecasted revenues for the vessel. The estimated amount was the present value of the remaining future cash flows. | |||||||||||||||||||||
Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit, which was measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Balance at beginning of period | (5,681 | ) | (10,894 | ) | |||||||||||||||||
Settlement of liability | 6,000 | 5,870 | |||||||||||||||||||
Unrealized loss included in Other income – net | (319 | ) | (657 | ) | |||||||||||||||||
Balance at end of period | — | (5,681 | ) | ||||||||||||||||||
The estimated fair value of the Partnership’s contingent consideration liability was based in part upon the Partnership’s projection of incremental revenue secured during the period from September 1, 2011 to October 1, 2013, based primarily on the estimated number of new ship days, the daily rate for those new ship days, pursuant to new contracts, and the change in rate on existing ship days. On October 1, 2012, the Partnership repaid a portion of the liability, which at the repayment date was $5.9 million. On October 1, 2013, the Partnership repaid the remainder of the liability, which at the repayment date was $6.0 million. | |||||||||||||||||||||
Long-term debt – The fair values of the Partnership’s variable-rate long-term debt are either based on quoted market prices or estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Partnership. | |||||||||||||||||||||
Derivative instruments – The fair value of the Partnership’s derivative instruments is the estimated amount that the Partnership would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, foreign exchange rates and the current credit worthiness of both the Partnership and the derivative counterparties. The estimated amount is the present value of future cash flows. The Partnership transacts all of its derivative instruments through investment-grade rated financial institutions at the time of the transaction and requires no collateral from these institutions. Given the current volatility in the credit markets, it is reasonably possible that the amount recorded as a derivative liability could vary by a material amount in the near term. | |||||||||||||||||||||
The Partnership categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: | |||||||||||||||||||||
Level 1. Observable inputs such as quoted prices in active markets; | |||||||||||||||||||||
Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | |||||||||||||||||||||
Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||||||
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
Level | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash | Level 1 | 298,898 | 298,898 | 219,126 | 219,126 | ||||||||||||||||
Logitel contingent consideration (see above) | Level 3 | (21,448 | ) | (21,448 | ) | — | — | ||||||||||||||
Derivative instruments (note 12) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (216,488 | ) | (216,488 | ) | (141,143 | ) | (141,143 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (120,503 | ) | (120,503 | ) | (25,433 | ) | (25,433 | ) | ||||||||||||
Foreign currency forward contracts | Level 2 | (11,268 | ) | (11,268 | ) | (842 | ) | (842 | ) | ||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessels and equipment (note 19) | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 8) | Level 1 | (855,255 | ) | (825,628 | ) | (487,097 | ) | (496,609 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (1,580,768 | ) | (1,574,649 | ) | (1,881,879 | ) | (1,835,218 | ) | ||||||||||||
b) | Financing receivables | ||||||||||||||||||||
The following table contains a summary of the Partnership’s 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 Indicator | Grade | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 22,458 | 27,567 |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Segment Reporting | 5 | Segment Reporting | |||||||||||||||||||||||||||
The Partnership is engaged in the international marine transportation of crude oil, the offshore processing and storage of crude oil, long-haul ocean towage and offshore installation services, and the high-end floating accommodation market through the operation of its oil tankers, FSO units, FPSO units, towage vessels and FAUs. The Partnership’s revenues are earned in international markets. | |||||||||||||||||||||||||||||
The Partnership has six reportable segments: its shuttle tanker segment; its FPSO segment; its FSO segment; its conventional tanker segment; its towage segment; and its FAU segment. The Partnership’s shuttle tanker segment consists of shuttle tankers operating primarily on fixed-rate contracts of affreightment, time-charter contracts or bareboat charter contracts. The Partnership’s FPSO segment consists of its FPSO units to service its FPSO contracts. The Partnership’s FSO segment consists of its FSO units subject to fixed-rate, time-charter contracts or bareboat charter contracts. The Partnership’s conventional tanker segment consists of conventional tankers operating on fixed-rate, time-charter contracts or bareboat charter contracts. The Partnership’s towage segment consists of four long-haul towing and anchor handling vessel newbuildings scheduled for delivery in 2016 and six on-the-water long-distance towing and anchor handling vessels, of which three vessels delivered in early-2015, with the remaining three vessels expected to deliver during the second quarter of 2015, and which are expected to operate on time-charter or voyage-charter towage contracts. The Partnership’s FAU segment consists of three FAUs, of which one FAU delivered in February 2015 and the remaining two units are scheduled to deliver in 2016. These FAUs are expected to operate on fixed-rate time-charter contracts. The results below exclude results included in discontinued operations. Segment results are evaluated based on income from vessel operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Partnership’s consolidated financial statements. | |||||||||||||||||||||||||||||
The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues from continuing operations during the periods presented. | |||||||||||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Petrobras Transporte S.A(1) | $ | 228.1 or 22 | % | $ | 228.9 or 25 | % | $ | 259.3 or 28 | % | ||||||||||||||||||||
Statoil ASA(2) | $ | 194.3 or 19 | % | $ | 183.0 or 20 | % | $ | 198.0 or 21 | % | ||||||||||||||||||||
E.ON(3) | $ | 120.2 or 12 | % | — | (4) | — | (4) | ||||||||||||||||||||||
Talisman Energy Inc(3) | $ | 112.6 or 11 | % | $ | 122.1 or 13 | % | $ | 123.0 or 13 | % | ||||||||||||||||||||
-1 | Shuttle tanker and FPSO segments | ||||||||||||||||||||||||||||
-2 | Shuttle tanker segment | ||||||||||||||||||||||||||||
-3 | FPSO segment | ||||||||||||||||||||||||||||
-4 | Percentage of consolidated revenue was less than 10% | ||||||||||||||||||||||||||||
The following tables include results for the Partnership’s shuttle tanker segment, FPSO unit segment, FSO unit segment, conventional tanker segment, towage segment and FAU segment for the periods presented in these consolidated financial statements. The results below exclude six conventional tankers determined to be discontinued operations (see note 19). | |||||||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment(1) | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 577,064 | 354,518 | 53,868 | 33,566 | 523 | — | 1,019,539 | ||||||||||||||||||||||
Voyage expenses | (105,562 | ) | — | (1,500 | ) | (5,373 | ) | (105 | ) | — | (112,540 | ) | |||||||||||||||||
Vessel operating expenses | (159,438 | ) | (158,216 | ) | (28,649 | ) | (5,906 | ) | — | — | (352,209 | ) | |||||||||||||||||
Time-charter hire expense | (31,090 | ) | — | — | — | — | — | (31,090 | ) | ||||||||||||||||||||
Depreciation and amortization | (110,686 | ) | (72,905 | ) | (8,282 | ) | (6,680 | ) | — | — | (198,553 | ) | |||||||||||||||||
General and administrative (2)(3) | (29,154 | ) | (27,406 | ) | (3,870 | ) | (2,136 | ) | (4,328 | ) | (622 | ) | (67,516 | ) | |||||||||||||||
Write down and gain on sale of vessel | (1,638 | ) | — | — | — | — | — | (1,638 | ) | ||||||||||||||||||||
Restructuring recovery (4) | 225 | — | — | — | — | — | 225 | ||||||||||||||||||||||
Income (loss) from vessel operations | 139,721 | 95,991 | 11,567 | 13,471 | (3,910 | ) | (622 | ) | 256,218 | ||||||||||||||||||||
Equity income | — | 10,341 | — | — | — | — | 10,341 | ||||||||||||||||||||||
Investment in joint venture | — | 54,955 | — | — | — | — | 54,955 | ||||||||||||||||||||||
Expenditures for vessels and equipment (5) | 50,096 | 17,022 | 33,734 | 251 | 59,516 | 11,550 | 172,169 | ||||||||||||||||||||||
Expenditures for dry docking | 22,552 | — | 11,560 | 2,109 | — | — | 36,221 | ||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment(1) | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 552,019 | 284,932 | 59,016 | 34,772 | — | — | 930,739 | ||||||||||||||||||||||
Voyage expenses | (99,543 | ) | — | 432 | (4,532 | ) | — | — | (103,643 | ) | |||||||||||||||||||
Vessel operating expenses | (152,986 | ) | (152,616 | ) | (32,713 | ) | (5,813 | ) | — | — | (344,128 | ) | |||||||||||||||||
Time-charter hire expense | (56,682 | ) | — | — | — | — | — | (56,682 | ) | ||||||||||||||||||||
Depreciation and amortization | (115,913 | ) | (66,404 | ) | (10,178 | ) | (6,511 | ) | — | — | (199,006 | ) | |||||||||||||||||
General and administrative (2) | (21,821 | ) | (17,742 | ) | (2,553 | ) | (2,357 | ) | — | — | (44,473 | ) | |||||||||||||||||
Write down and loss on sale of vessels | (76,782 | ) | — | — | — | — | — | (76,782 | ) | ||||||||||||||||||||
Restructuring charge | (2,169 | ) | — | — | (438 | ) | — | — | (2,607 | ) | |||||||||||||||||||
Income from vessel operations | 26,123 | 48,170 | 14,004 | 15,121 | — | — | 103,418 | ||||||||||||||||||||||
Equity income | — | 6,731 | — | — | — | — | 6,731 | ||||||||||||||||||||||
Investment in joint venture | — | 52,120 | — | — | — | — | 52,120 | ||||||||||||||||||||||
Expenditures for vessels and equipment (6) | 427,069 | 28,260 | 181 | 68 | — | — | 455,578 | ||||||||||||||||||||||
Expenditures for dry docking | 17,487 | — | — | 1,533 | — | — | 19,020 | ||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 569,519 | 231,688 | 62,901 | 37,119 | — | — | 901,227 | ||||||||||||||||||||||
Voyage expenses | (104,394 | ) | — | (400 | ) | (5,689 | ) | — | — | (110,483 | ) | ||||||||||||||||||
Vessel operating expenses | (160,957 | ) | (111,855 | ) | (38,255 | ) | (6,509 | ) | — | — | (317,576 | ) | |||||||||||||||||
Time-charter hire expense | (56,989 | ) | — | — | — | — | — | (56,989 | ) | ||||||||||||||||||||
Depreciation and amortization | (122,921 | ) | (50,905 | ) | (9,038 | ) | (6,500 | ) | — | — | (189,364 | ) | |||||||||||||||||
General and administrative (2) | (20,146 | ) | (11,208 | ) | (1,838 | ) | (1,389 | ) | — | — | (34,581 | ) | |||||||||||||||||
Write down and loss on sale of vessels | (24,542 | ) | — | — | — | — | — | (24,542 | ) | ||||||||||||||||||||
Restructuring charge | (647 | ) | — | — | (468 | ) | — | — | (1,115 | ) | |||||||||||||||||||
Income from vessel operations | 78,923 | 57,720 | 13,370 | 16,564 | — | — | 166,577 | ||||||||||||||||||||||
Expenditures for vessels and equipment | 83,491 | 3,055 | 264 | 598 | — | — | 87,408 | ||||||||||||||||||||||
Expenditures for dry docking | 14,977 | — | 4,054 | 70 | — | — | 19,101 | ||||||||||||||||||||||
-1 | Income from vessel operations for the year ended December 31, 2014 excludes $3.1 million of the Voyageur Spirit FPSO unit indemnification payments received from Teekay Corporation relating to the production shortfall during the period January 1, 2014 through February 21, 2014 and a further $0.4 million relating to unreimbursed vessel operating expenses incurred before the unit was declared on-hire as of February 22, 2014. | ||||||||||||||||||||||||||||
Income from vessel operations for the year ended December 31, 2013 excludes $31.3 million of indemnification payments received from Teekay Corporation relating to production shortfalls for both the Dropdown Predecessor period from April 13, 2013 to May 1, 2013 and the period during which the unit was owned by the Partnership from May 2, 2013 to December 31, 2013 as the Voyageur Spirit FPSO unit was declared off-hire retroactive to first oil given the delay in achieving final acceptance from the charterer. | |||||||||||||||||||||||||||||
These indemnification payments received from Teekay Corporation have effectively been treated as a reduction to the purchase price of the Voyageur Spirit (see note 11f). | |||||||||||||||||||||||||||||
-2 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||||||||||
-3 | Includes a $1.0 million fee to a third party associated with the acquisition of ALP Maritime Services B.V. (or ALP) and a $1.6 million business development fee to Teekay Corporation for assistance with the acquisition of ALP, both included in the Partnership’s towage segment. Also includes a $2.1 million fee to Teekay Corporation for assistance with securing a charter contract for the Petrojarl I FPSO unit (or Petrojarl I) included in the Partnership’s FPSO segment, which was recognized in general and administrative expenses in the consolidated statement of income for the year ended December 31, 2014 (see note 18a). | ||||||||||||||||||||||||||||
-4 | Restructuring recovery for the year ended December 31, 2014 includes a $0.8 million reimbursement received during the second quarter of 2014, for the reorganization of the Partnership’s shuttle tanker marine operations, which was completed during 2013 and a restructuring charge of $0.6 million related to the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014 (see note 10). | ||||||||||||||||||||||||||||
-5 | Excludes the vessel and equipment acquired in conjunction with the purchase of Logitel (note 18b) and Petrojarl I (note 11i). | ||||||||||||||||||||||||||||
-6 | Excludes the purchase of the Voyageur Spirit (note 11f) and the Itajai (note 11g) FPSO units. | ||||||||||||||||||||||||||||
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | |||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||
Shuttle tanker segment | 1,936,809 | 2,004,505 | |||||||||||||||||||||||||||
FPSO segment | 1,267,076 | 1,303,229 | |||||||||||||||||||||||||||
FSO segment | 133,925 | 102,452 | |||||||||||||||||||||||||||
Conventional tanker segment | 150,109 | 144,723 | |||||||||||||||||||||||||||
Towage segment | 61,795 | — | |||||||||||||||||||||||||||
Floating accommodation unit segment | 62,017 | — | |||||||||||||||||||||||||||
Unallocated: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | 298,898 | 219,126 | |||||||||||||||||||||||||||
Other assets | 34,635 | 32,051 | |||||||||||||||||||||||||||
Consolidated total assets | 3,945,264 | 3,806,086 | |||||||||||||||||||||||||||
Goodwill_Intangible_Assets_and
Goodwill, Intangible Assets and In-Process Revenue Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Goodwill, Intangible Assets and In-Process Revenue Contracts | 6 | Goodwill, Intangible Assets and In-Process Revenue Contracts | |||||||||||
a) | Goodwill | ||||||||||||
The carrying amount of goodwill for the shuttle tanker segment was $127.1 million as at December 31, 2014 and 2013. In 2014, 2013 and 2012, the Partnership conducted a goodwill impairment review of its shuttle tanker segment and concluded that no impairment had occurred. | |||||||||||||
The carrying amount of goodwill for the towage segment was $2.0 million as at December 31, 2014. In 2014, the Partnership conducted a goodwill impairment review of its towage segment and concluded that no impairment had occurred. | |||||||||||||
b) | Intangible Assets | ||||||||||||
As at December 31, 2014, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (118,230 | ) | 6,020 | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,640 | (118,230 | ) | 6,410 | ||||||||||
As at December 31, 2013, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (114,204 | ) | 10,046 | |||||||||
Customer contracts (FPSO segment) | 353 | (353 | ) | — | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (114,557 | ) | 10,436 | ||||||||||
Aggregate amortization expense of intangible assets for the year ended December 31, 2014 was $4.0 million (2013 - $5.1 million, 2012 - $6.0 million), included in depreciation and amortization on the consolidated statements of income. Amortization of intangible assets for the five years subsequent to December 31, 2014 is expected to be $3.0 million (2015), $2.0 million (2016), $1.0 million (2017) and nil thereafter. Other intangible assets is a trade name which is not amortized. | |||||||||||||
c) | In-Process Revenue Contracts | ||||||||||||
As part of the Partnership’s acquisition of the Piranema Spirit on November 30, 2011, the Partnership assumed an FPSO service contract with terms that were less favorable than the then prevailing market terms. As at December 31, 2014, the Partnership has a liability based on the estimated fair value of the contract. The Partnership is amortizing this liability over the estimated remaining term of the contract on a weighted basis based on the projected revenue to be earned under the contract. | |||||||||||||
Amortization of in-process revenue contracts for the year ended December 31, 2014 was $12.7 million (2013 - $12.7 million, 2012 - $12.7 million), which is included in revenues on the consolidated statements of income. Amortization for the five years subsequent to December 31, 2014 is expected to be $12.7 million (2015), $12.8 million (2016), $12.7 million (2017), $9.1 million (2018), $7.8 million (2019) and $33.4 million (thereafter). |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | 7 | Accrued Liabilities | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 33,845 | 72,481 | |||||||
Audit, legal and other general expenses | 3,344 | 37,473 | |||||||
Interest including interest rate swaps | 20,946 | 20,185 | |||||||
Payroll and benefits | 8,461 | 6,803 | |||||||
Income tax payable and other | 1,417 | 1,214 | |||||||
68,013 | 138,156 | ||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | 8 | Long-Term Debt | |||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 544,969 | 743,494 | |||||||
Norwegian Kroner Bonds due through 2019 | 389,157 | 312,947 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 158,547 | 188,854 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 850,433 | 949,531 | |||||||
U.S. Dollar Non-Public Bond due through 2017 | 26,819 | — | |||||||
U.S. Dollar Bonds due through 2023 | 466,098 | 174,150 | |||||||
Total | 2,436,023 | 2,368,976 | |||||||
Less current portion | 258,014 | 806,009 | |||||||
Long-term portion | 2,178,009 | 1,562,967 | |||||||
As at December 31, 2014, the Partnership had six long-term revolving credit facilities, which, as at such date, provided for borrowings of up to $644.6 million (2013 - $855.4 million), of which $99.6 million (2013 - $111.9 million) was undrawn. The total amount available under the revolving credit facilities reduces by $143.9 million (2015), $206.6 million (2016), $105.6 million (2017), $139.0 million (2018), and $49.5 million (2019). Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership’s total consolidated debt. Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation’s total consolidated debt which has recourse to Teekay Corporation. The revolving credit facilities are collateralized by first-priority mortgages granted on 21 of the Partnership’s vessels, together with other related security. | |||||||||
In January 2014, the Partnership issued Norwegian Kroner (or NOK) 1,000 million in senior unsecured bonds that mature in January 2019 in the Norwegian bond market. As of December 31, 2014, the carrying amount of the bonds was $134.2 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 4.25%. The Partnership entered into a cross currency swap to swap all interest and principal payments into U.S. dollars, with the interest payments fixed at a rate of 6.28%, and the transfer of the principal amount fixed at $162.2 million upon maturity in exchange for NOK 1,000 million (see note 12). | |||||||||
In January 2013, the Partnership issued NOK 1,300 million in senior unsecured bonds in the Norwegian bond market. The bonds were issued in two tranches maturing in January 2016 (NOK 500 million) and January 2018 (NOK 800 million). As at December 31, 2014, the carrying amount of the bonds was $174.5 million. The bonds are listed on the Oslo Stock Exchange. Interest payments on the tranche maturing in 2016 are based on NIBOR plus a margin of 4.00%. Interest payments on the tranche maturing in 2018 are based on NIBOR plus a margin of 4.75%. The Partnership entered into cross currency rate swaps to swap all interest and principal payments into USD, with interest payments fixed at a rate of 4.80% on the tranche maturing in 2016 and 5.93% on the tranche maturing in 2018 and the transfer of the principal amount fixed at $89.7 million upon maturity in exchange for NOK 500 million on the tranche maturing in 2016 and fixed at $143.5 million upon maturity in exchange for NOK 800 million on the tranche maturing in 2018 (see note 12). As part of this bond issuance, the Partnership repurchased, at a premium, NOK 388.5 million of a then outstanding NOK 600 million bonds with a maturity date in November 2013. In connection with this repurchase of bonds, the Partnership terminated a similar notional amount of the related cross currency swap (see note 12). The Partnership recorded a loss in relation to this repurchase of $1.8 million in its consolidated statement of income for the year ended December 31, 2013. | |||||||||
In January 2012, the Partnership issued NOK 600 million in senior unsecured bonds that mature in January 2017 in the Norwegian bond market. As at December 31, 2014, the carrying amount of the bonds was $80.5 million. The bonds are listed on the Oslo Stock Exchange. The interest payments on the bonds are based on NIBOR plus a margin of 5.75%. The Partnership entered into a cross currency rate swap to swap all interest and principal payments into U.S. dollars, with the interest payments fixed at a rate of 7.49%, and the transfer of the principal amount fixed at $101.4 million upon maturity in exchange for NOK 600 million (see note 12). | |||||||||
As at December 31, 2014, four of the Partnership’s 50% owned subsidiaries each had an outstanding term loan, which in the aggregate totaled $158.5 million. The term loans reduce over time with quarterly and semi-annual payments and have varying maturities through 2018. These term loans are collateralized by first-priority mortgages on the four shuttle tankers to which the loans relate, together with other related security. As at December 31, 2014, the Partnership had guaranteed $43.0 million of these term loans, which represents its 50% share of the outstanding term loans of three of these 50% owned subsidiaries. The other owner and Teekay Corporation have guaranteed $79.3 million and $36.2 million, respectively. | |||||||||
As at December 31, 2014, the Partnership had term loans outstanding for the shuttle tankers the Amundsen Spirit, the Nansen Spirit, the Peary Spirit, the Scott Spirit, the Samba Spirit and the Lambada Spirit, for the Suksan Salamander FSO unit and for the Piranema Spirit and the Voyageur Spirit FPSO units, which in aggregate totaled $850.4 million. For the term loans for the Amundsen Spirit and the Nansen Spirit, one tranche reduces in semi-annual payments while the other tranche correspondingly is drawn up every six months with final bullet payments of $29.0 million due in 2022 and $29.1 million due in 2023, respectively. The Peary Spirit, the Scott Spirit, the Samba Spirit, the Lambada Spirit, the Suksan Salamander, the Piranema Spirit and the Voyageur Spirit term loans reduce over time with quarterly or semi-annual payments. These term loans have varying maturities through 2023 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. As at December 31, 2014, the Partnership had guaranteed $529.3 million of these term loans and Teekay Corporation had guaranteed $321.1 million. | |||||||||
In August 2014, the Partnership assumed Logitel’s obligations under a bond agreement from Sevan Marine ASA (or Sevan) as part of the Logitel acquisition (see note 18b). The bonds are redeemable at par at any time by Logitel. As of December 31, 2014, the carrying amount of the bond was $26.8 million. | |||||||||
In May 2014, the Partnership issued $300.0 million in five-year senior unsecured bonds that mature in July 2019 in the U.S. bond market. As at December 31, 2014, the carrying amount of the bonds was $300.0 million. The bonds are listed on the New York Stock Exchange. The interest payments on the bonds are fixed at a rate of 6.0%. | |||||||||
In September 2013 and November 2013, the Partnership issued a total of $174.2 million of ten-year senior unsecured bonds that mature in December 2023 and that were issued in a U.S. private placement to finance the Bossa Nova Spirit and the Sertanejo Spirit shuttle tankers. The bonds accrue interest at a fixed combined rate of 4.96%. The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. During 2014, the Partnership made semi-annual repayments on the bonds and as of December 31, 2014, the carrying amount of the bonds was $166.1 million. | |||||||||
Interest payments on the revolving credit facilities and the term loans are based on LIBOR plus a margin. At December 31, 2014, and 2013, the margins ranged between 0.30% and 3.25%. The weighted-average effective interest rate on the Partnership’s variable rate long-term debt as at December 31, 2014 was 3.5% (December 31, 2013 – 2.7%). This rate does not include the effect of the Partnership’s interest rate swaps (see note 12). | |||||||||
The aggregate annual long-term debt principal repayments required to be made subsequent to December 31, 2014 are $258.0 million (2015), $359.4 million (2016), $432.7 million (2017), $454.8 million (2018), $580.8 million (2019) and $350.3 million (thereafter). | |||||||||
The Partnership and a subsidiary of Teekay Corporation are borrowers under a loan arrangement and are jointly and severally liable for the obligations to the lender. The obligations resulting from long-term debt joint and several liability arrangements are measured at the sum of the amount the Partnership agreed to pay, on the basis of its arrangement with the co-obligor, and any additional amount the Partnership expects to pay on behalf of the co-obligor. As of December 31, 2014, this loan arrangement had an outstanding balance of $89.3 million, of which $54.3 million was the Partnership’s obligation. Teekay Corporation has indemnified the Partnership in respect of any losses and expenses arising from any breach by the co-obligor of the terms and conditions of the loan facility. | |||||||||
Obligations under the Partnership’s credit facilities are secured by certain vessels, and if the Partnership is unable to repay debt under the credit facilities, the lenders could seek to foreclose on those assets. The Partnership has two revolving credit facilities that require the Partnership to maintain vessel values to drawn principal balance ratio of a minimum of 105% and 120%, respectively. As at December 31, 2014, these ratios were 151.0%. and 137.0%, respectively. The vessel values used in these ratios are the appraised values prepared by the Partnership based on second hand sale and purchase market data. Changes in the conventional tanker market could negatively affect these ratios. | |||||||||
As at December 31, 2014 the Partnership and Teekay Corporation were in compliance with all covenants in the credit facilities and long-term debt. |
Leases
Leases | 12 Months Ended | |
Dec. 31, 2014 | ||
Text Block [Abstract] | ||
Leases | 9 | Leases |
Charters-out | ||
Time charters and bareboat charters of the Partnership’s vessels to customers are accounted for as operating leases. The cost, accumulated depreciation and carrying amount of the vessels accounted for as operating leases at December 31, 2014 were $3.4 billion, $0.9 billion and $2.5 billion, respectively. As at December 31, 2014, minimum scheduled future revenues under these time charters and bareboat charters to be received by the Partnership, then in place were approximately $3.6 billion, comprised of $636.5 million (2015), $606.8 million (2016), $633.7 million (2017), $470.1 million (2018), $371.8 million (2019) and $894.6 million (thereafter). | ||
The minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2014, revenue from unexercised option periods of contracts that existed on December 31, 2014, or variable or contingent revenues. In addition, minimum scheduled future revenues presented in this paragraph have been reduced by estimated off-hire time for period maintenance. The amounts may vary given unscheduled future events such as vessel maintenance. | ||
Direct Financing Lease | ||
Leasing of the Falcon Spirit FSO unit is accounted for as a direct financing lease. As at December 31, 2014, the minimum lease payments receivable under the direct financing lease approximated $21.2 million (2013 - $29.9 million), including unearned income of $7.3 million (2013 - $11.8 million). The estimated unguaranteed residual value of the leased vessel is $8.5 million. As at December 31, 2014, future scheduled payments under the direct financing lease to be received by the Partnership were approximately $21.2 million, comprised of $8.6 million (2015), $8.8 million (2016) and $3.8 million (2017). | ||
Charters-in | ||
As at December 31, 2014, minimum commitments owing by the Partnership under vessel operating leases by which the Partnership charters-in vessels were approximately $30.0 million, comprised of $18.4 million (2015) and $11.6 million (2016). The Partnership recognizes the expense from these charters, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. |
Restructuring_Charge
Restructuring Charge | 12 Months Ended | |
Dec. 31, 2014 | ||
Restructuring and Related Activities [Abstract] | ||
Restructuring Charge | 10 | Restructuring Charge |
During the year ended December 31, 2014, the Partnership recorded a restructuring charge reimbursement of $0.8 million for the reorganization of the Partnership’s shuttle tanker marine operations, which was completed during 2013. During the year ended December 31, 2014, the Partnership incurred $0.6 million of restructuring charges related to the reflagging of one shuttle tanker which restructuring commenced in January 2014 and was completed in March 2014. | ||
During the years ended December 31, 2013 and 2012, the Partnership recognized restructuring charges of $1.6 million and $0.6 million, respectively, relating to the reorganization of the Partnership’s shuttle tanker marine operations and restructuring charges of $0.4 million and $0.5 million, respectively, relating to the reorganization of the Partnership’s conventional tanker marine operations. The purpose of the restructuring was to create better alignment with its marine operations resulting in a lower cost organization going forward. Both reorganizations were completed in 2013. Under these plans, the Partnership recorded restructuring charges in total of $1.4 million and $0.9 million, respectively, since these plans began in 2012. | ||
During the year ended December 31, 2013, the Partnership incurred $0.6 million of restructuring charges related to the reflagging of one shuttle tanker which commenced in September 2013 and was completed in October 2013. | ||
As of December 31, 2014 and 2013, restructuring liabilities of $nil and $0.7 million, respectively, were recorded in accrued liabilities on the consolidated balance sheets. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions | 11 | Related Party Transactions | |||||||||||
a) | The Partnership has entered into an omnibus agreement with Teekay Corporation, Teekay LNG Partners L.P., the general partner and others governing, among other things, when the Partnership, Teekay Corporation and Teekay LNG Partners L.P. may compete with each other and certain rights of first offering on liquefied natural gas carriers, oil tankers, shuttle tankers, FSO units and FPSO units. | ||||||||||||
b) | On October 1, 2012, the Partnership acquired from Teekay Corporation the VOC equipment on board the Amundsen Spirit, the Nansen Spirit, the Peary Spirit and the Scott Spirit for $12.8 million. On December 31, 2012, the Partnership recognized this liability in due to affiliates. The purchase price was financed with cash. The excess of $2.8 million of the purchase price over the net carrying value of the equipment is accounted for as an equity distribution to Teekay Corporation. | ||||||||||||
c) | In June 2011, the Partnership entered into a long-term contract with a subsidiary of BG Group plc (or BG) to provide shuttle tanker services in Brazil. The contract with BG is serviced with four newbuilding shuttle tankers (or the BG Shuttle Tankers) under ten-year time charter contracts. The Partnership took delivery of the four BG Shuttle Tankers in the second half of 2013. The Partnership received shipbuilding and site supervision services from certain subsidiaries of Teekay Corporation relating to the BG Shuttle Tankers. These costs were capitalized and are included in vessels and equipment. Total shipbuilding and site supervision costs paid to Teekay Corporation subsidiaries for this project amounted to $14.2 million. | ||||||||||||
d) | In May 2013, the Partnership entered into a ten-year charter contract, plus extension options, with Salamander Energy plc (or Salamander) to supply a FSO unit in Asia. The Partnership converted its 1993-built shuttle tanker, the Navion Clipper, into an FSO unit, which commenced its charter contract with Salamander in August 2014. The Partnership received project management and execution services from certain subsidiaries of Teekay Corporation relating to the FSO conversion. These costs were capitalized and are included in vessels and equipment. Project management and execution costs paid to Teekay Corporation subsidiaries amounted to $3.3 million as of December 31 2014. | ||||||||||||
e) | In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that will be converted from the Randgrid shuttle tanker, which the Partnership currently owns through a 67% owned subsidiary and which the Partnership intends to acquire full ownership prior to its conversion. The Partnership received project management and engineering services from certain subsidiaries of Teekay Corporation relating to this FSO unit conversion. These costs are capitalized and included as part of advances on newbuilding contracts and will be reclassified to vessels and equipment upon completion of the conversion in early-2017. Project management and engineering costs paid to Teekay Corporation subsidiaries amounted to $2.2 million as of December 31, 2014. | ||||||||||||
f) | On May 2, 2013, the Partnership acquired from Teekay Corporation its 100% interest in Voyageur LLC, which owns the Voyageur Spirit FPSO unit, which operates on the Huntington Field in the North Sea under a five-year contract, plus up to 10 one-year extension options, with E.ON, for an original purchase price of $540.0 million. Due to a defect encountered in one of its two gas compressors, the FPSO unit was unable to achieve final acceptance by E.ON within the allowable timeframe, resulting in the FPSO unit being declared off-hire by the charterer retroactive to April 13, 2013. | ||||||||||||
On September 30, 2013, the Partnership entered into an interim agreement with E.ON whereby the Partnership was compensated for production beginning August 27, 2013 until the receipt of final acceptance by E.ON. Until receipt of final acceptance, Teekay Corporation agreed to indemnify the Partnership for certain production shortfalls and unreimbursed vessel operating expenses. For the period from April 13, 2013 to December 31, 2013, Teekay Corporation indemnified the Partnership a total of $34.9 million for production shortfalls and unreimbursed repair costs. During 2014, Teekay Corporation indemnified the Partnership for $3.5 million for production shortfalls and unrecovered repair costs to address the compressor issues, and paid a further $2.7 million in late-2014 relating to a final settlement of pre-acquisition capital expenditures for the Voyageur Spirit FPSO unit. On April 4, 2014, the Partnership received the certificate of final acceptance from the charterer, which declared the unit on-hire retroactive to February 22, 2014. | |||||||||||||
Amounts paid as indemnification from Teekay Corporation to the Partnership were effectively treated as a reduction in the purchase price paid by the Partnership for the FPSO unit. The original purchase price of $540.0 million has effectively been reduced to $503.1 million ($273.1 million net of assumed debt of $230.0 million) to reflect total indemnification payments from Teekay Corporation of $41.1 million, partially offset by the excess value of $4.3 million relating to the 1.4 million common units issued as part of the purchase price to Teekay Corporation on the date of closing of the transaction in May 2013 compared to the value of the common units at the date Teekay Corporation offered to sell the FPSO unit to the Partnership. The excess of the purchase price (net of assumed debt) over the book value of the net assets of $201.8 million has been accounted for as an equity distribution to Teekay Corporation of $71.4 million. | |||||||||||||
g) | On June 10, 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht Oil & Gas S.A (or Odebrecht), which owns the Cidade de Itajai (or Itajai ) FPSO unit, for a purchase price of $53.8 million, which was paid in cash. The Partnership’s investment in the Itajai FPSO unit is accounted for using the equity method. The Itajai FPSO unit achieved first oil in February 2013, at which time the unit commenced operations under a nine-year, fixed-rate time-charter contract with Petroleo Brasileiro SA (Petrobras), with six additional one-year extension options exercisable by Petrobras. The excess of the purchase price over Teekay Corporation’s carrying value of its 50% interest in the Itajai FPSO has been accounted for as an equity distribution to Teekay Corporation of $6.6 million. The Partnership’s investment in the Itajai FPSO unit is accounted for using the equity method. | ||||||||||||
The purchase price was based on an estimate of the fully built-up cost of the Itajai FPSO unit, including certain outstanding contractual items. During the second quarter of 2014, the joint venture received in connection with the resolution of these contractual items, an aggregate of $6.1 million in reimbursements from the charterer and insurer, which was originally deducted from the Partnership’s purchase price of the Itajai FPSO unit. As a result of these reimbursements, this amount was remitted to Teekay Corporation. | |||||||||||||
h) | The long-term bareboat contracts relating to two conventional tankers of the Partnership with a joint venture in which Teekay Corporation has a 50% interest were novated under the same terms to a subsidiary of Teekay Corporation in January 2014 and March 2014, respectively. The excess of the contractual rates over the market rates at the time of the novation was $1.0 million for 2014, and is accounted for as an equity contribution from Teekay Corporation. | ||||||||||||
i) | In December 2014, the Partnership entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (or QGEP) to provide an FPSO unit for the Atlanta field located in the Santos Basin offshore Brazil. In connection with the contract with QGEP, the Partnership acquired the Petrojarl I FPSO from Teekay Corporation for a purchase price of $57 million. The purchase price was financed by means of an intercompany loan payable to a subsidiary of Teekay Corporation (see note 11k). The Petrojarl I is currently undergoing upgrades at the Damen Shipyard Group’s DSR Schiedam Shipyard in the Netherlands for an estimated cost of approximately $232 million, which includes the cost of acquiring the Petrojarl I (note 14g). The excess of the purchase price over Teekay Corporation’s carrying value of the Petrojarl I FPSO unit has been accounted for as an equity distribution to Teekay Corporation of $12.4 million. | ||||||||||||
j) | During 2014, four conventional tankers, two shuttle tankers and three FSO units of the Partnership were employed on long-term time-charter-out contracts with subsidiaries of Teekay Corporation. In 2013 and 2012, the Partnership terminated the long-term time-charter-out contracts under which three of its conventional tankers were employed with a subsidiary of Teekay Corporation. The Partnership received early termination fees from Teekay Corporation of $11.3 million and $14.7 million, respectively, which is recorded in net (loss) income from discontinued operations on the consolidated statements of income (see note 19). | ||||||||||||
k) | Teekay Corporation and its wholly-owned subsidiaries provide substantially all of the Partnership’s commercial, technical, crew training, strategic, business development and administrative service needs. In addition, the Partnership reimburses the general partner for expenses incurred by the general partner that are necessary or appropriate for the conduct of the Partnership’s business. Such related party transactions were as follows for the periods indicated: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(1) | 68,172 | 71,905 | 64,166 | ||||||||||
Vessel operating expenses(2) | (39,237 | ) | (39,820 | ) | (44,024 | ) | |||||||
General and administrative(3)(4) | (42,396 | ) | (29,528 | ) | (21,184 | ) | |||||||
Interest income(5) | — | 1,217 | — | ||||||||||
Interest expense(6) | (933 | ) | (818 | ) | (568 | ) | |||||||
Other expense(7) | — | (319 | ) | (657 | ) | ||||||||
Net income from related party transactions | |||||||||||||
from discontinued operations(8) | — | 19,255 | 59,872 | ||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. | ||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our general partner for costs incurred on the Partnership’s behalf. | ||||||||||||
-4 | Includes business development fees of $1.6 million and $2.1 million to Teekay Corporation in connection with the acquisition of ALP and the Petrojarl I, respectively, during the year ended December 31, 2014, and a $1.0 million business development fee to Teekay Corporation in connection with the acquisition of the 2010-built HiLoad Dynamic Positioning unit from Remora AS during the year ended December 31, 2013. | ||||||||||||
-5 | Interest income for the year ended December 31, 2013 relates to the interest received from Teekay Corporation and our general partner on a $150 million partial prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||
-6 | Includes a guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation and interest expense incurred on due to affiliates balances. | ||||||||||||
-7 | Unrealized loss from the change in fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit (see note 4a). | ||||||||||||
-8 | Related party transactions relating to six conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fees described above; crew training fees charged by Teekay Corporation accounted for as vessel operating expenses; and commercial, technical, strategic and business development management fees charged by Teekay Corporation. | ||||||||||||
l) | At December 31, 2014, due from affiliates totaled $44.2 million (December 31, 2013 - $15.2 million) and due to affiliates totaled $108.9 million (December 31, 2013 - $121.9 million). Due to and from affiliates are generally non-interest bearing and unsecured and are expected to be settled within the next fiscal year in the normal course of operations. Included in the due to affiliates balance is a loan from Teekay Corporation of $51 million used to finance the purchase of the Petrojarl I FPSO unit (see note 11i), which is interest bearing at 6.5% and is expected to be settled during 2015. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||
Derivative Instruments | 12 | Derivative Instruments | |||||||||||||||||||||||||
The Partnership uses derivatives to manage certain risks in accordance with its overall risk management policies. | |||||||||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||||||||
The Partnership economically hedges portions of its forecasted expenditures denominated in foreign currencies with foreign currency forward contracts. The Partnership has not designated, for accounting purposes, any of the foreign currency forward contracts held during the years ended December 31, 2014, 2013 and 2012, as cash flow hedges. | |||||||||||||||||||||||||||
As at December 31, 2014, the Partnership was committed to the following foreign currency forward contracts: | |||||||||||||||||||||||||||
Contract | Fair Value / Carrying | Average | Expected Maturity | ||||||||||||||||||||||||
Amount | Amount of Asset/(Liability) | ||||||||||||||||||||||||||
in Foreign | |||||||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Forward | 2015 | 2016 | |||||||||||||||||||||||
(thousands) | Non-hedge | Rate(1) | (in thousands of U.S. Dollars) | ||||||||||||||||||||||||
Norwegian Kroner | 558,500 | (11,268 | ) | 6.5 | 55,193 | 30,807 | |||||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||
The Partnership enters into cross currency swaps and pursuant to these swaps the Partnership receives the principal amount in NOK on the maturity date of the swap, in exchange for payment 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 at maturity of the Partnership’s Norwegian Kroner Bonds due from 2016 through 2019. In addition, the cross currency swaps due from 2016 through 2019 economically hedge the interest rate exposure on the Norwegian Kroner Bonds due from 2016 through 2019. The Partnership has not designated, for accounting purposes, these cross currency swaps as cash flow hedges of its Norwegian Kroner Bonds due from 2016 through 2019. As at December 31, 2014, the Partnership was committed to the following cross currency swaps: | |||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Fair Value / | Remaining | |||||||||||||||||||||||
Amount | Amount | Reference | Margin | Fixed Rate | Asset | Term (years) | |||||||||||||||||||||
NOK | USD | Rate | Payable | (Liability) | |||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (24,731 | ) | 2.1 | ||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (23,843 | ) | 1.1 | ||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (38,898 | ) | 3.1 | ||||||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25 | % | 6.28 | % | (33,031 | ) | 4.1 | ||||||||||||||||||
(120,503 | ) | ||||||||||||||||||||||||||
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 its outstanding floating-rate debt. The Partnership has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR denominated borrowings. | |||||||||||||||||||||||||||
As at December 31, 2014, the Partnership was committed to the following interest rate swap agreements: | |||||||||||||||||||||||||||
Interest | Notional | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||||
Assets | Term | (%)(1) | |||||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(2) | LIBOR | 800,000 | (161,830 | ) | 8.1 | 4.7 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(3) | LIBOR | 772,831 | (46,023 | ) | 5.7 | 2.5 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(4) | LIBOR | 180,000 | (8,635 | ) | 0.1 | 3.4 | |||||||||||||||||||||
1,752,831 | (216,488 | ) | |||||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2014, ranged from 0.30% and 3.25%. | ||||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||||
-3 | Principal amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||||
-4 | The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in early-2015 whereby the swap will be settled based on its fair value at that time. | ||||||||||||||||||||||||||
As at December 31, 2014, the Partnership had multiple interest rate swaps and cross currency swaps governed by 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 interest rate swaps are presented on a gross basis in the Partnership’s consolidated balance sheets. As at December 31, 2014, these interest rate swaps and cross currency swaps had an aggregate fair value liability amount of $303.8 million. As at December 31, 2014, the Partnership had $46.8 million on deposit with the relevant counterparties as security for swap liabilities under certain master agreements. The deposit is presented in restricted cash and restricted cash -long-term on the consolidated balance sheet. | |||||||||||||||||||||||||||
Tabular disclosure | |||||||||||||||||||||||||||
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. | |||||||||||||||||||||||||||
Accounts | Current | Derivative | Accrued | Current | Derivative | ||||||||||||||||||||||
Receivable | portion of | assets | liabilities | portion of | liabilities | ||||||||||||||||||||||
derivative | derivative | ||||||||||||||||||||||||||
assets | liabilities | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
As at December 31, 2014 | |||||||||||||||||||||||||||
Foreign currency contracts | — | — | — | — | (8,490 | ) | (2,778 | ) | |||||||||||||||||||
Cross currency swap | — | — | — | (1,105 | ) | (6,496 | ) | (112,902 | ) | ||||||||||||||||||
Interest rate swaps | — | — | 4,660 | (8,742 | ) | (70,332 | ) | (142,074 | ) | ||||||||||||||||||
— | — | 4,660 | (9,847 | ) | (85,318 | ) | (257,754 | ) | |||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||||
Cross currency swap | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||||
Realized and unrealized (losses) gains of interest rate swaps and foreign currency forward contracts that are not designated for accounting purposes as cash flow hedges, are recognized in earnings and reported in realized and unrealized (losses) gains on derivative instruments in the consolidated statements of income. The effect of the (losses) gains on these derivatives on the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swap termination | — | (31,798 | ) | — | |||||||||||||||||||||||
Interest rate swaps | (55,588 | ) | (63,050 | ) | (58,596 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (1,912 | ) | (824 | ) | 2,969 | ||||||||||||||||||||||
(57,500 | ) | (95,672 | ) | (55,627 | ) | ||||||||||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swaps | (75,777 | ) | 133,488 | 26,100 | |||||||||||||||||||||||
Foreign currency forward contracts | (10,426 | ) | (2,996 | ) | 3,178 | ||||||||||||||||||||||
(86,203 | ) | 130,492 | 29,278 | ||||||||||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (143,703 | ) | 34,820 | (26,349 | ) | ||||||||||||||||||||||
Realized and unrealized (losses) gains of the cross currency swaps are recognized in earnings and reported, including the impact of the partial termination of a cross currency swap in connection with the repurchase of NOK bonds (see note 8), in foreign currency exchange loss in the consolidated statements of income. The effect of the (loss) gain on cross currency swaps on the consolidated statements of income for the years ended 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized gain on partial termination of cross-currency swap | — | 6,800 | — | ||||||||||||||||||||||||
Realized (losses) gains | (1,992 | ) | 1,563 | 2,992 | |||||||||||||||||||||||
Unrealized (losses) gains | (93,953 | ) | (38,596 | ) | 10,700 | ||||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (95,945 | ) | (30,233 | ) | 13,692 | ||||||||||||||||||||||
The Partnership is exposed to credit loss in the event of non-performance by the counterparties, all of which are financial institutions, to the foreign currency forward contracts and 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 possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 13 | Income Taxes | |||||||||||
The significant components of the Partnership’s deferred tax assets and liabilities are as follows: | |||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax losses carried forward(1) | 146,851 | 182,085 | |||||||||||
Other | 3,726 | 7,296 | |||||||||||
Total deferred tax assets: | 150,577 | 189,381 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 12,514 | 19,555 | |||||||||||
Long-term debt | 2,295 | 22,008 | |||||||||||
Other | 1,371 | 3,234 | |||||||||||
Total deferred tax liabilities | 16,180 | 44,797 | |||||||||||
Net deferred tax assets | 134,397 | 144,584 | |||||||||||
Valuation allowance | (128,438 | ) | (136,730 | ) | |||||||||
Net deferred tax assets(2) | 5,959 | 7,854 | |||||||||||
Disclosed in: | |||||||||||||
Deferred tax asset | 5,959 | 7,854 | |||||||||||
-1 | As at December 31, 2014, the income tax net operating losses carried forward of $559 million ($689.1 million – December 31, 2013) are available to offset future taxable income in the applicable jurisdictions, and can be carried forward indefinitely. | ||||||||||||
-2 | The change in the net deferred tax assets is related to the change in temporary differences, foreign exchange gains and the utilization of income tax net operating losses carried forward. | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Current | (1,290 | ) | (75 | ) | 1,669 | ||||||||
Deferred | (889 | ) | (2,150 | ) | 8,808 | ||||||||
Income tax (expense) recovery | (2,179 | ) | (2,225 | ) | 10,477 | ||||||||
The Partnership operates in countries that have differing tax laws and rates. Consequently a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Reconciliations of the tax charge related to the current year at the applicable statutory income tax rates and the actual tax charge related to the current year are as follows: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Net income before taxes | 19,835 | 78,782 | 94,970 | ||||||||||
Net (loss) income not subject to taxes | (72,469 | ) | 41,100 | 77,570 | |||||||||
Net income subject to taxes | 92,304 | 37,682 | 17,400 | ||||||||||
At applicable statutory tax rates | 12,484 | 2,559 | (6,292 | ) | |||||||||
Permanent differences | (4,677 | ) | (3,619 | ) | (12,245 | ) | |||||||
Adjustments related to currency differences | 3,349 | (14,231 | ) | 6,437 | |||||||||
Valuation allowance | (8,977 | ) | 17,516 | 1,623 | |||||||||
Tax expense (recovery) related to current year | 2,179 | 2,225 | (10,477 | ) | |||||||||
The following is a tabular reconciliation of the Partnership’s total amount of unrecognized tax benefits at the beginning and end of 2014, 2013 and 2012: | |||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits as at beginning of the year | 7,037 | 3,692 | 6,231 | ||||||||||
Decreases for positions related to prior years | (258 | ) | (336 | ) | (2,539 | ) | |||||||
Increase for positions attributable to the Dropdown Predecessor | — | 3,681 | — | ||||||||||
Balance of unrecognized tax benefits as at end of the year | 6,779 | 7,037 | 3,692 | ||||||||||
The Partnership does not presently anticipate such uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The tax years 2010 through 2014 remain open to examination by some of the taxing jurisdictions in which the Partnership is subject to tax. | |||||||||||||
The interest and penalties on unrecognized tax benefits included in the tabular reconciliation above were not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingencies | 14 | Commitments and Contingencies | |
a) | On November 13, 2006, one of the Partnership’s shuttle tankers, the Navion Hispania, collided with the Njord Bravo, an FSO unit, while preparing to load an oil cargo from the Njord Bravo. The Njord Bravo services the Njord field, which is operated by Statoil Petroleum AS (or Statoil) and is located off the Norwegian coast. At the time of the incident, Statoil was chartering the Navion Hispania from the Partnership. The Navion Hispania and the Njord Bravo both incurred damage as a result of the collision. In November 2007, Navion Offshore Loading AS (or NOL) and Teekay Navion Offshore Loading Pte Ltd. (or TNOL), subsidiaries of the Partnership, and Teekay Shipping Norway AS (or TSN), a subsidiary of Teekay Corporation, were named as co-defendants in a legal action filed by Norwegian Hull Club (the hull and machinery insurers of the Njord Bravo), several other insurance underwriters and various licensees in the Njord field. | ||
Following a lower court ruling, the appellate court in June 2013 held that NOL, TNOL and TSN were jointly and severally responsible towards the plaintiffs for all the losses as a result of the collision, plus interests accrued on the amount of damages. In addition, Statoil was held not to be required to indemnify NOL, TNOL and TSN for the losses. NOL, TNOL and TSN were also held liable for legal costs associated with court proceedings. The Partnership and Teekay Corporation maintain protection and indemnity insurance for damages to the Navion Hispania and insurance for collision-related costs and claims. Thus, the Partnership recognized total liability of NOK 216,400,000 (approximately $29.0 million) of damages and legal costs and a receivable of NOK 216,400,000 (approximately $29.0 million) as at December 31, 2013. | |||
In 2014, the Partnership and the insurer entered into a settlement agreement with the plaintiffs, which reduced the Partnership’s liability and related receivable to NOK 117,500,000 (approximately $15.8 million). The insurer paid the settlement amount to the plaintiffs during November 2014. Thus, there is no liability or receivable recorded on the Partnership’s consolidated balance sheets as at December 31, 2014. | |||
b) | During 2010, an unrelated party contributed a 1995-built shuttle tanker, the Randgrid, to a subsidiary of the Partnership for a 33% equity interest in the subsidiary. The non-controlling interest owner in the subsidiary holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest owner’s 33% share in the entity for cash in accordance with a defined formula. The redeemable non-controlling interest is subject to remeasurement if the formulaic redemption amount exceeds the carrying value. No remeasurement was required as at December 31, 2014. | ||
c) | In May 2013, the Partnership entered into an agreement with Statoil, on behalf of the field license partners, to provide an FSO unit for the Gina Krog oil and gas field located in the North Sea. The contract will be serviced by a new FSO unit that will be converted from the Randgrid shuttle tanker, which the Partnership currently owns through a 67%-owned subsidiary and of which the Partnership intends to acquire full ownership prior to its conversion. The FSO conversion project is expected to cost approximately $276 million, including amounts reimbursable upon delivery of the unit relating to installation and mobilization, and the cost of acquiring the remaining 33% ownership interest in the Randgrid shuttle tanker. As at December 31, 2014, payments made towards this commitment totaled $53.4 million and the remaining payments required to be made are $120.1 million (2015), $100.9 million (2016) and $1.7 million (2017). Following scheduled completion of the conversion in early-2017, the newly converted FSO unit will commence operations under a three-year time-charter contract to Statoil, which includes 12 additional one-year extension options. | ||
d) | In March 2014, the Partnership acquired 100% of the shares of ALP, a Netherlands-based provider of long-haul ocean towage and offshore installation services to the global offshore oil and gas industry. Concurrently with this transaction, the Partnership and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. The Partnership has agreed to acquire these newbuildings for a total cost of approximately $258 million. As at December 31, 2014, payments made towards these commitments totaled $59.7 million and the remaining payments required to be made under these newbuilding contracts are $77.9 million (2015) and $120.8 million (2016). The Partnership intends to continue financing the newbuilding installments through its existing liquidity and expects to secure long-term debt financing for these vessels prior to their scheduled deliveries in 2016. | ||
In October 2014, the Partnership, through its wholly-owned subsidiary ALP, agreed to acquire six on-the-water, long-distance towing and anchor handling vessels for approximately $220 million. The vessels were built between 2006 and 2010 and are all equipped with dynamic positioning capabilities. The Partnership took delivery of three vessels in early-2015 and expects to take delivery of the remaining three vessels during the second quarter of 2015. | |||
e) | In August 2014, the Partnership acquired 100% of the outstanding shares of Logitel Offshore Holding AS, a Norway-based company focused on the high-end floating accommodation market. Concurrently with this transaction, the Partnership acquired three FAU newbuildings ordered from COSCO (Nantong) Shipyard (COSCO) in China for a total cost of approximately $558 million, including estimated site supervision costs and license fees to be paid to Sevan to allow for use of its cylindrical hull design in these FAUs. As at December 31, 2014, payments made towards these commitments totaled $26.8 million and the remaining payments required to be made under these newbuilding contracts are $170.5 million (2015), $348.4 million (2016), $10.1 million (2017) and $1.9 million (2018). The Partnership took delivery of one FAU in February 2015 and expects to take delivery of the remaining two units in 2016. The Partnership intends to finance the initial newbuilding payments through its existing liquidity and expects to secure long-term debt financing for the units prior to their scheduled deliveries. | ||
f) | In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia, to a 50/50 joint venture with Odebrecht. The vessel is committed to a new FPSO conversion for the Libra field located in the Santos Basin offshore Brazil. The conversion project will be completed at Sembcorp Marine’s Jurong Shipyard in Singapore and the FPSO unit is scheduled to commence operations in early-2017 under a 12-year fixed-rate contract with Petrobras. The FPSO conversion is expected to cost approximately $1.0 billion. As at December 31, 2014, payments made by the joint venture towards these commitments totaled $35.0 million and the remaining payments required to be made by the joint venture are $398.6 million (2015) and $552.0 million (2016). The Partnership intends to finance its share of the conversion through its existing liquidity and through long-term debt financing within the joint venture. The joint venture secured a $248 million short-term loan in late-2014 and expects to secure additional long-term debt financing for the FPSO unit prior to its scheduled delivery. | ||
g) | In December 2014, the Partnership acquired the Petrojarl I FPSO unit from Teekay Corporation for $57 million (see note 11i). The Petrojarl I is undergoing upgrades at the Damen Shipyard Group’s DSR Schiedam Shipyard in the Netherlands with an estimated cost of approximately $232 million, which includes the cost of acquiring the Petrojarl I. The FPSO is scheduled to commence operations in the first half of 2016 under a five-year fixed-rate charter contract with QGEP. As at December 31, 2014, payments made towards these commitments, excluding the acquisition of the Petrojarl I FPSO unit from Teekay Corporation, totaled $1.4 million and the remaining payments required to be made are $157.4 million (2015) and $16.3 million (2016). The Partnership intends to finance the upgrade payments through its existing liquidity, and an existing loan from Teekay Corporation, and expects to secure long-term debt financing for the FPSO unit prior to its scheduled delivery. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Information | 15 | Supplemental Cash Flow Information | |||||||||||
a) | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | 73,020 | (59,003 | ) | (8,750 | ) | ||||||||
Prepaid expenses and other assets | 1,899 | (2,884 | ) | 6,075 | |||||||||
Accounts payable and accrued liabilities | (87,597 | ) | 46,266 | 35 | |||||||||
Advances from (to) affiliate | (98,806 | ) | 67,620 | (14,807 | ) | ||||||||
(111,484 | ) | 51,999 | (17,447 | ) | |||||||||
b) | Cash interest paid (including interest paid by the Dropdown Predecessor and realized losses on interest rate swaps) during the years ended December 31, 2014, 2013 and 2012 totaled $135.4 million, $146.0 million, and $102.1 million, respectively. | ||||||||||||
c) | Taxes paid (including taxes paid by the Dropdown Predecessor) during the years ended December 31, 2014, 2013 and 2012 totaled $2.1 million, $0.6 million and $5.7 million, respectively. | ||||||||||||
d) | The Partnership’s consolidated statement of cash flows for the years ended December 31, 2013 reflects the Dropdown Predecessor as if the Partnership had acquired the Dropdown Predecessor when the vessel began operations under the ownership of Teekay Corporation. For non-cash charges related to the Dropdown Predecessor, see note 11f. | ||||||||||||
e) | The cash portion of the purchase price of vessels acquired from Teekay Corporation is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Voyageur Spirit (net of cash acquired of $0.9 million)(1)(2) (note 11f) | 6,181 | (234,125 | ) | — | |||||||||
Cidade de Itajai (net of cash acquired of $1.3 million) (note 11g) | — | (52,520 | ) | — | |||||||||
6,181 | (286,645 | ) | — | ||||||||||
-1 | As at December 31, 2014, the cash portion of the original purchase price of the Voyageur Spirit FPSO unit of $270.0 million was effectively reduced to reflect the $41.1 million indemnification from Teekay Corporation recorded during 2014 and 2013 (see note 11f). | ||||||||||||
-2 | The cash portion of the purchase price does not include the issuance of $44.3 million of the Partnership’s common units to Teekay Corporation to partially finance the acquisition of the Voyageur Spirit FPSO (see note 16), which includes a $4.3 million excess value of the common units when comparing valuation of the common units at the date of closing the transaction to the valuation of the common units as the date Teekay Corporation offered to sell the Voyageur Spirit FPSO to the Partnership (see note 11f). | ||||||||||||
f) | Contribution of capital from Teekay Corporation to the Dropdown Predecessor included in other financing activities on the consolidated statements of cash flows is as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Relating to Voyageur Spirit (note 11f) | — | 5,596 | — | ||||||||||
— | 5,596 | — | |||||||||||
Partners_Equity_and_Net_Income
Partners' Equity and Net Income Per Unit | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||
Partners' Equity and Net Income Per Unit | 16 | Partners’ Equity and Net Income Per Unit | |||||||||||||||||||||||||
At December 31, 2014, a total of 74.2% 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 a subsidiary of Teekay Corporation. All of the Partnership’s Series A Preferred Units (defined below) outstanding are held by the public. | |||||||||||||||||||||||||||
Limited Partners’ Rights | |||||||||||||||||||||||||||
Significant rights of the limited partners include the following: | |||||||||||||||||||||||||||
• | Right of common unitholders to receive distribution of available cash within approximately 45 days after the end of each quarter. | ||||||||||||||||||||||||||
• | No limited partner shall have any management power over the Partnership’s business and affairs; the general partner shall conduct, direct and manage our activities. | ||||||||||||||||||||||||||
• | The general partner may be removed if such removal is approved by common unitholders holding at least 66 2/3% of the outstanding units voting as a single class, including units held by the general partner and its affiliates. | ||||||||||||||||||||||||||
Incentive Distribution Rights | |||||||||||||||||||||||||||
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 shown below: | |||||||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Common Unitholders | General Partner | |||||||||||||||||||||||||
Minimum quarterly distribution of $0.35 | 98 | % | 2 | % | |||||||||||||||||||||||
Up to $0.4025 | 98 | % | 2 | % | |||||||||||||||||||||||
Above $0.4025 up to $0.4375 | 85 | % | 15 | % | |||||||||||||||||||||||
Above $0.4375 up to $0.525 | 75 | % | 25 | % | |||||||||||||||||||||||
Above $0.525 | 50 | % | 50 | % | |||||||||||||||||||||||
During the year ended December 31, 2014, cash distributions exceeded $0.4025 per common unit and, consequently, the assumed distribution of net income resulted in the use of the increasing percentages to calculate the general partner’s interest in net income for the purposes of the net income per common unit calculation. | |||||||||||||||||||||||||||
In the event of a liquidation, all property and cash in excess of that required to discharge all liabilities and liquidation amounts on the Series A Preferred Units will be distributed to the common unitholders and the general partner in proportion to their capital account balances, as adjusted to reflect any gain or loss upon the sale or other disposition of the Partnership’s assets in liquidation in accordance with the partnership agreement. | |||||||||||||||||||||||||||
Net Income Per Unit | |||||||||||||||||||||||||||
Limited partners’ interest in net income per common unit – basic is determined by dividing net income, after deducting the amount of net income attributable to the Dropdown Predecessor, the non-controlling interests, the general partner’s interest and the distributions on the Series A Preferred Units, by the weighted-average number of common units outstanding during the period. The distributions payable and paid on the preferred units for the year ended December 31, 2014 totaled $10.9 million (2013 - $7.3 million). 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 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 less the amount of cash reserves established by the Partnership’s board of directors to provide for the proper conduct of the Partnership’s business including reserves for maintenance and replacement capital expenditure, anticipated capital requirements and any accumulated distributions on the Series A Preferred Units (defined below). Unlike available cash, net income is affected by non-cash items such as depreciation and amortization, unrealized gains and losses on derivative instruments and unrealized foreign currency translation gains and losses. | |||||||||||||||||||||||||||
The Partnership allocates the limited partners’ interest in net income, including both distributed and undistributed net income, between continuing operations and discontinued operations based on the proportion of net income from continuing and discontinued operations to total net income. | |||||||||||||||||||||||||||
Preferred Units | |||||||||||||||||||||||||||
In April 2013, the Partnership issued 6.0 million 7.25% Series A Cumulative Redeemable Preferred Units (or Series A Preferred Units) in a public offering for net proceeds of $144.8 million. | |||||||||||||||||||||||||||
Pursuant to the partnership agreement, distributions on the Series A Preferred Units to preferred unitholders are cumulative from the date of original issue and are payable quarterly in arrears, when, as and if declared by the board of directors of the general partner. At any time on or after April 30, 2018, the Series A Preferred Units may be redeemed by the Partnership at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions to the date of redemption. These units are listed on the New York Stock Exchange. | |||||||||||||||||||||||||||
Public and Private Offerings of Common Units | |||||||||||||||||||||||||||
The following table summarizes the issuances of common units over the three years ending December 31, 2014: | |||||||||||||||||||||||||||
Offering | Number of | Offering | Gross | Net | Teekay | ||||||||||||||||||||||
Common | Proceeds (i) | Proceeds | Corporation’s | ||||||||||||||||||||||||
Units | Ownership | ||||||||||||||||||||||||||
After the | |||||||||||||||||||||||||||
Date | Type | Issued | Price | (in millions of U.S. Dollars) | Offering(ii) | Use of Proceeds | |||||||||||||||||||||
Jul-12 | Private | 1,700,022 | $ | 26.47 | 45.9 | 45.8 | 32.3 | % | Partially finance shipyard installments for four newbuilding shuttle tankers | ||||||||||||||||||
Sep-12 | Public | 7,778,832 | $ | 27.65 | 219.5 | 211.4 | 29.36 | % | Prepayment of revolving credit facilities | ||||||||||||||||||
Apr-13 | Private | 2,056,202 | $ | 29.18 | 61.2 | 61.2 | 28.67 | % | Partially finance four newbuilding shuttle tankers installments and for general partnership purposes. | ||||||||||||||||||
May-13 | Private | 1,446,654 | $ | 30.6 | 45.1 | 45.1 | 29.91 | % | Partially finance the acquisition of Voyageur Spirit FPSO unit | ||||||||||||||||||
During 2013 | COP | 85,508 | (iii | ) | 2.8 | 2.4 | (iii | ) | General partnership purposes | ||||||||||||||||||
Dec-13 | Private | 1,750,000 | $ | 30.5 | 54.5 | 54.4 | 29.31 | % | For general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions. | ||||||||||||||||||
During 2014 | COP | 213,350 | (iii | ) | 7.8 | 7.6 | (iii | ) | General partnership purposes | ||||||||||||||||||
Nov-14 | Private | 6,704,888 | $ | 26.1 | 178.6 | 178.5 | 27.26 | % | For general partnership purposes, which may include funding vessel conversion projects and finance newbuilding FAUs and towage vessels. | ||||||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution | ||||||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest | ||||||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP), under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. |
Unit_Based_Compensation
Unit Based Compensation | 12 Months Ended | |
Dec. 31, 2014 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unit Based Compensation | 17 | Unit Based Compensation |
During the year ended December 31, 2014, a total of 9,482 common units, with an aggregate value of $0.3 million, were granted and issued to the non-management directors of the general partner as part of their annual compensation for 2014. | ||
The Partnership grants restricted unit-based compensation awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership. During March 2014 and 2013, the Partnership granted restricted unit-based compensation awards with respect to 67,782 and 63,309 units, respectively, with grant date fair values of $2.1 million and $1.8 million, respectively, based on the Partnership’s closing unit price on the grant date. Each award represents the specified number of the Partnership’s common units plus reinvested distributions from the grant date to the vesting date. The awards vest equally over three years from the grant date. Any portion of an award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the award will continue to vest in accordance with the vesting schedule. Upon vesting, the awards are paid to each grantee in the form of common units or cash. During the year ended December 31, 2014, restricted unit-based awards with respect to total of 20,988 common units with a fair value of $0.6 million, based on the Partnership’s closing unit price on the grant date, vested and the amount paid to the grantees was made by issuing 6,584 common units and by paying $0.3 million in cash. During the year ended December 31, 2014 and 2013, the Partnership recorded unit-based compensation expense of $1.9 million and $0.9 million, respectively, in general and administrative expenses in the Partnership’s consolidated statements of income. As of December 31, 2014 and 2013, liabilities relating to cash settled restricted unit-based compensation awards of $1.0 million and $nil, respectively, were recorded in accrued liabilities on the Partnership’s consolidated balance sheets. As at December 31, 2014 the Partnership had $1.0 million of non-vested awards not yet recognized, which the Partnership expects to recognize over a weighted average period of 1.1 years. | ||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 18 | Acquisitions | |||||||
a) | Acquisition of ALP Maritime Services B.V. | ||||||||
On March 14, 2014, the Partnership acquired 100% of the shares of ALP. Concurrently with this transaction, the Partnership and ALP entered into an agreement with Niigata Shipbuilding & Repair of Japan for the construction of four state-of-the-art SX-157 Ulstein Design ultra-long distance towing and anchor handling vessel newbuildings. These vessels will be equipped with dynamic positioning capability and are scheduled for delivery in 2016. The Partnership is committed to acquire these newbuildings for a total cost of approximately $258 million (see note 14d). | |||||||||
The Partnership acquired ALP for a purchase price of $2.6 million, which was paid in cash, and also entered into an arrangement to pay additional compensation to three former shareholders of ALP if certain requirements are satisfied. This contingent compensation consists of $2.4 million, which is payable upon the delivery and employment of ALP’s four newbuildings, which are scheduled throughout 2016, and a further amount of up to $2.6 million, which is payable if ALP’s annual operating results from 2017 to 2021 meet certain targets. The Partnership has the option to pay up to 50% of this compensation through the issuance of common units of the Partnership. Each of the contingent compensation amounts are payable only if the three shareholders are employed by ALP at the time performance conditions are met. For the year ended December 31, 2014, compensation cost was $0.5 million and was recorded in general and administrative expenses in the Partnership’s consolidated statements of income. The Partnership also incurred a $1.0 million fee to a third party associated with the acquisition of ALP and a $1.6 million business development fee to Teekay Corporation (see note 11j) for assistance with the acquisition, which have been recognized in general and administrative expenses during 2014. | |||||||||
This acquisition of ALP and the related newbuilding orders represent the Partnership’s entrance into the long-haul ocean towage and offshore installation services business. This acquisition allows the Partnership to combine its infrastructure and access to capital with ALP’s experienced management team to further grow this niche business, which is in an adjacent sector to the Partnership’s FPSO and shuttle tanker businesses. The acquisition of ALP was accounted for using the purchase method of accounting, based upon finalized estimates of fair value. | |||||||||
The following table summarizes the finalized estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. | |||||||||
(in thousands of U.S. dollars) | As at March 14, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 294 | ||||||||
Other current assets | 404 | ||||||||
Advances on newbuilding contracts | 164 | ||||||||
Other assets - long-term | 395 | ||||||||
Goodwill (towage segment) | 2,032 | ||||||||
Total assets acquired | 3,289 | ||||||||
LIABILITIES | |||||||||
Current liabilities | 387 | ||||||||
Other long-term liabilities | 286 | ||||||||
Total liabilities assumed | 673 | ||||||||
Net assets acquired | 2,616 | ||||||||
Consideration | 2,616 | ||||||||
The goodwill recognized in connection with the ALP acquisition is attributable primarily to the assembled workforce of ALP, including their experience, skills and abilities. Operating results of ALP are reflected in the Partnership’s financial statements commencing March 14, 2014, the effective date of the acquisition. For the year ended December 31, 2014, the Partnership recognized $0.5 million of revenue and $2.3 million of net loss resulting from this acquisition. The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the years ended December 31, 2014 and 2013, giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: | |||||||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | Pro Forma | |||||||
Year ended | Year ended | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Revenues | 1,019,674 | 938,309 | |||||||
Net income from continuing operations | 17,495 | 76,044 | |||||||
Limited partners’ interest in net income from continuing operations per common unit: | |||||||||
- Basic | (0.23 | ) | 0.92 | ||||||
- Diluted | (0.23 | ) | 0.92 | ||||||
b) | Acquisition of Logitel Offshore Holding AS | ||||||||
On August 11, 2014, the Partnership acquired 100% of the outstanding shares of Logitel. The purchase price for the shares of Logitel consisted of $4.0 million in cash paid at closing and a potential additional cash amount of $27.6 million, subject to reductions of some or all of this potential additional amount if certain performance criteria are not met, primarily relating to the construction of the three FAUs ordered from COSCO in China (see note 4a). | |||||||||
The Partnership is committed to acquire the three FAUs ordered from COSCO for a total cost of approximately $588 million, including estimated site supervision costs and license fees to be paid to Sevan to allow for use of its cylindrical hull design in these FAUs (see note 14e), and $30.0 million from the Partnership’s assumption of Logitel’s obligations under a bond agreement from Sevan. Prior to the acquisition, Logitel secured a three-year fixed-rate charter contract, plus extension options, with Petrobras in Brazil for the first FAU which delivered in February 2015. The FAU is expected to commence its contract with Petrobras during the second quarter of 2015. The second FAU is currently under construction and in August 2014, the Partnership exercised one of its existing six options with COSCO to construct a third FAU. The Partnership expects to secure charter contracts for the remaining two newbuilding FAUs prior to their respective scheduled deliveries in the first and the fourth quarters of 2016. | |||||||||
The Partnership has assumed Logitel’s obligations under a bond agreement from Sevan as part of this acquisition. The bond is non-interest bearing and is repayable in amounts of $10.0 million within six months of delivery of each of the three FAUs ordered from COSCO, for a total of $30.0 million. If Logitel orders additional FAU’s with the Sevan cylindrical design, Logitel will be required to pay Sevan up to $11.9 million for each of the next three FAUs ordered. If the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, Sevan has a one-time option to receive the remaining two options with COSCO. | |||||||||
The acquisition of Logitel represents the Partnership’s entrance into the FAU business, which is in an adjacent sector to the Partnership’s FPSO and shuttle tanker businesses. The acquisition of Logitel was accounted for using the purchase method of accounting, based upon preliminary estimates of fair value. | |||||||||
The following table summarizes the preliminary estimates of fair values of the Logitel assets acquired and liabilities assumed by the Partnership on the acquisition date. The Partnership is continuing to obtain information to finalize estimated fair value of the Logitel assets acquired and liabilities assumed and expects to complete this process as soon as practicable, but no later than one year from the acquisition date. | |||||||||
(in thousands of U.S. dollars) | As at August 11, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 8,089 | ||||||||
Prepaid expenses | 640 | ||||||||
Advances on newbuilding contracts | 46,809 | ||||||||
Total assets acquired | 55,538 | ||||||||
LIABILITIES | |||||||||
Accrued liabilities | 4,098 | ||||||||
Long-term debt | 26,270 | ||||||||
Total liabilities assumed | 30,368 | ||||||||
Net assets acquired | 25,170 | ||||||||
Cash consideration | 4,000 | ||||||||
Contingent consideration | 21,170 | ||||||||
Operating results of Logitel are reflected in the Partnership’s financial statements commencing August 11, 2014, the effective date of acquisition. For the year ended December 31 2014, the Partnership recognized $nil revenue and $1.0 million of net loss resulting from this acquisition. The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the years ended December 31, 2014 and 2013, giving effect to the Partnership’s acquisition of Logitel as if it had taken place on January 1, 2013: | |||||||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | Pro Forma | |||||||
Year Ended | Year Ended | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Revenues | 1,019,539 | 930,739 | |||||||
Net income from continuing operations | 16,717 | 75,827 | |||||||
Limited partners’ interest in net income from continuing operations per common unit: | |||||||||
-Basic | (0.24 | ) | 0.92 | ||||||
-Diluted | (0.24 | ) | 0.92 |
Writedown_and_Gain_Loss_on_Sal
(Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
(Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations | 19 | (Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations | |||||||||||
(Write-down) and Gain (Loss) on Sale of Vessels | |||||||||||||
In 2014, the carrying value of one of the Partnership’s 1990s-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write-down was the result of the vessel charter contract expiring in early-2015. The Partnership’s consolidated statement of income for the year ended December 31, 2014, includes a $4.8 million write-down related to this vessel. The write-down is included in the Partnership’s shuttle tanker segment. In the fourth quarter of 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia, to a joint venture between the Partnership and a joint venture partner (see note 20). The Partnership’s consolidated statement of income for the year ended December 31, 2014, includes a $3.1 million gain related to the sale of this vessel. The gain on sale of vessel is included in the Partnership’s shuttle tanker segment. | |||||||||||||
In 2013, the carrying value of six of the Partnership’s 1990s-built shuttle tankers were written down to their estimated fair value using appraised values. Of the six vessels, during the third quarter of 2013, four of the shuttle tankers were written down as the result of the re-contracting of one of the vessels, which the Partnership owns through a 50%-owned subsidiary, at lower rates than expected during the third quarter of 2013, the cancellation of a short-term contract which occurred in September 2013 and a change in expectations for the contract renewal for two of the shuttle tankers, one operating in Brazil, and the other, which the Partnership owns through a 50%-owned subsidiary, in the North Sea. In the fourth quarter of 2013, two shuttle tankers, which the Partnership owns through a 67%-owned subsidiary, were written down due to a cancellation of a contract renewal and expected sale of an aging vessel to their estimated fair value. One of these two vessels was also written down in 2012. The Partnership’s consolidated statement of income for 2013 includes a total write-down of $76.8 million related to these vessels, of which $37.2 million relates to two shuttle tankers, which the Partnership owns through a 50%-owned subsidiary, and $19.3 million relates to two shuttle tankers, which the Partnership owns through a 67%-owned subsidiary. | |||||||||||||
In 2012, the carrying value of five of the Partnership’s shuttle tankers were written down to their estimated fair value. In the third quarter of 2012, a 1993-built shuttle tanker was written down to its estimated fair value due to a change in the operating plan for the vessel. In the third and fourth quarters of 2012, two shuttle tankers, which were written down in 2011, were further written down to their estimated fair value upon sale in 2012. In the fourth quarter of 2012, a 1992-built shuttle tanker, which was written down in 2010, was further written down to its estimated fair value and classified as held-for-sale as at December 31, 2012. The vessel was sold in 2013. In the fourth quarter of 2012, a 1995-built shuttle tanker was written down to its estimated fair value due to the age of the vessel and the requirements of trading in the North Sea and Brazil and the weak tanker market. The estimated fair value of the vessel was determined using discounted cash flows. The estimated fair value for each of the other four vessels written down in 2012 was determined using appraised values. The Partnership’s consolidated statement of income for 2012 includes a total write-down and loss on sale of vessels of $24.5 million. | |||||||||||||
Discontinued Operations | |||||||||||||
Prior to being considered discontinued operations, the operations of the Hamane Spirit, the Torben Spirit, the Luzon Spirit, the Leyte Spirit, the Poul Spirit and the Gotland Spirit were reported within the conventional tanker segment. The Hamane Spirit, the Torben Spirit, and the Luzon Spirit, were sold during the second quarter of 2012, the fourth quarter of 2012, and the fourth quarter of 2012, respectively. The Leyte Spirit, which was written down in 2012 and was sold in the first quarter of 2013. The Poul Spirit was written down to its estimated fair value in the first quarter of 2013 and further written down upon sale in the second quarter of 2013. The Gotland Spirit was written down to its estimated fair value in the second quarter of 2013 and a gain was recognized upon its sale in the third quarter of 2013. The estimated fair value for each of these vessels was determined using appraised values. | |||||||||||||
In the second quarter and first quarter of 2013 and the second quarter of 2012, the Partnership terminated the long-term time-charter-out contracts employed by the Gotland Spirit, the Poul Spirit, and the Hamane Spirit, respectively, with a subsidiary of Teekay Corporation. The Partnership received early termination fees from Teekay Corporation of $4.5 million, $6.8 million and $14.7 million in the second quarter and first quarter of 2013 and the second quarter of 2012, respectively. | |||||||||||||
The following table summarizes the net (loss) income from discontinued operations for the periods presented in the consolidated statements of income: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Revenues | — | 20,238 | 62,967 | ||||||||||
Voyage expenses | — | (682 | ) | (16,201 | ) | ||||||||
Vessel operating expenses | — | (3,903 | ) | (14,286 | ) | ||||||||
Depreciation and amortization | — | (1,236 | ) | (5,267 | ) | ||||||||
General and administrative | — | (479 | ) | (1,178 | ) | ||||||||
Write down and loss on sale of vessels | — | (18,465 | ) | (7,675 | ) | ||||||||
(Loss) income from vessel operations | — | (4,527 | ) | 18,360 | |||||||||
Interest expense | — | (110 | ) | (822 | ) | ||||||||
Foreign currency exchange (loss) gain | — | (4 | ) | 2 | |||||||||
Other (expense) income - net | — | (1 | ) | 28 | |||||||||
Net (loss) income from discontinued operations | — | (4,642 | ) | 17,568 | |||||||||
Investment_in_Equity_Accounted
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | 12 Months Ended | |
Dec. 31, 2014 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture | 20 | Investment in Equity Accounted Joint Ventures and Advances to Joint Venture |
In October 2014, the Partnership sold a 1995-built shuttle tanker, the Navion Norvegia, to the OOG-TK Libra GmbH & Co KG (or Libra JV), a joint venture with Odebrecht. The vessel is committed to a new FPSO unit conversion for the Libra field. The FPSO unit is scheduled to commence operations in early-2017 (see note 14f). In conjunction with the conversion project, the Libra JV entered into a $248 million loan facility. The interest payments of the loan facility are based on LIBOR, plus margins which range between 2.00% to 2.65%. The final payment under the loan facility is due October 2015. The Partnership has guaranteed its 50% share of the loan facility. | ||
In June 2013, the Partnership acquired Teekay Corporation’s 50% interest in OOG-TKP FPSO GmbH & Co KG, a joint venture with Odebrecht, which owns the Itajai FPSO unit (see note 11g). As of December 31, 2014, the Partnership had an advance of $5.2 million to the joint venture, which was subsequently repaid in early-2015. | ||
As at December 31, 2014 and 2013, the Partnership had total investments of $55.0 million and $52.1 million, respectively, in joint ventures. No indicators of impairment existed at December 31, 2014. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events | 21 | Subsequent Events | |
a) | The Partnership has approved the acquisition of the Petrojarl Knarr FPSO unit (or the Petrojarl Knarr) from Teekay Corporation, subject to the unit achieving first oil and commencing its charter contract. The purchase price for the Petrojarl Knarr, which is based on a fully built-up cost of approximately $1.25 billion, is expected to be financed through the assumption of an existing $815 million long-term debt facility and up to $450 million of a combination of units issued and short-term credit financing from Teekay Corporation. The Partnership expects to complete the acquisition of the Petrojarl Knarr during the second quarter of 2015. | ||
b) | In March 2015, the Partnership sold a 1997-built shuttle tanker, the Navion Svenita, for gross proceeds of $8.8 million. During 2014, the vessel was written down to its estimated fair value, using an appraised value. The Partnership will record the resulting gain on sale of the vessel during the first quarter of 2015. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Basis of presentation | Basis of presentation | ||||||||||||
The 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 Offshore Partners L.P., which is a limited partnership organized under the laws of the Republic of The Marshall Islands, its wholly owned or controlled subsidiaries and the Dropdown Predecessor (see note 3). | |||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. | |||||||||||||
The Partnership presents non-controlling ownership interests in subsidiaries in the consolidated financial statements within the equity section, but separate from the Partners’ equity. However, the holder of the non-controlling interest of one of the Partnership’s subsidiaries holds a put option which, if exercised, would obligate the Partnership to purchase the non-controlling interest (see note 14b). As a result, the non-controlling interest that is subject to this redemption feature is not included on the Partnership’s consolidated balance sheet as part of the total equity and is presented as redeemable non-controlling interest above the equity section but below the liabilities section on the Partnership’s consolidated balance sheet. | |||||||||||||
In the current period the Partnership has presented the conversion costs for the Partnership’s committed vessel conversions in Advances on newbuilding contracts and conversion costs. Prior to 2014, the Partnership included these amounts in Vessels and equipment – At cost, less accumulated depreciation. All such costs incurred in comparative periods have been reclassified from Vessels and equipment – At cost, less accumulated depreciation to Advances on newbuilding contracts and conversion costs to conform to the presentation adopted in the current period. The amount reclassified as at December 31, 2013 was $29.8 million. | |||||||||||||
Foreign currency | Foreign currency | ||||||||||||
The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Partnership and its subsidiaries is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of income. | |||||||||||||
Operating revenues and expenses | Operating revenues and expenses | ||||||||||||
Contracts of Affreightment and Voyage Charters | |||||||||||||
Revenues from contracts of affreightment and voyage charters are recognized on a proportionate performance method. Shuttle tanker voyages servicing contracts of affreightment with offshore oil fields commence with tendering of notice of readiness at a field, within the agreed lifting range, and ends with tendering of notice of readiness at a field for the next lifting. The Partnership uses a discharge-to-discharge basis in determining proportionate performance for all voyage charters, whereby it recognizes revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. The Partnership does not begin recognizing revenue until a charter has been agreed to by the customer and the Partnership, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. | |||||||||||||
Time Charters, Bareboat Charters and FPSO Contracts | |||||||||||||
Operating Leases - The Partnership recognizes revenues from the time charters, bareboat charters and floating, production, storage and offloading (or FPSO) contracts accounted for as operating leases on a straight-line basis daily over the term of the charter as the applicable vessel operates under the charter. Receipt of incentive-based revenue from the Partnership’s FPSO units is dependent upon its operating performance and such revenue is recognized when earned by fulfillment of the applicable performance criteria. The Partnership does not recognize revenue during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
Direct Financing Leases - Charter contracts that are accounted for as direct financing leases are reflected on the consolidated balance sheets as net investments in direct financing leases. The lease revenue is recognized on an effective interest rate method over the lease term and is included in revenues. Revenue from rendering of services are recognized as the service is performed. Revenues are not recognized during days that the vessel is off hire unless the contract provides for compensation while off hire. | |||||||||||||
The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned or incurred, respectively, in subsequent periods. | |||||||||||||
Operating Expenses | Operating Expenses | ||||||||||||
Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. Vessel operating expenses include crewing, ship management services, repairs and maintenance, insurance, stores, lube oils and communication expenses. Voyage expenses and vessel operating expenses are recognized when incurred. | |||||||||||||
Cash and cash equivalents | Cash and cash equivalents | ||||||||||||
The Partnership classifies all highly liquid investments with an original maturity date of three months or less when purchased as cash and cash equivalents. | |||||||||||||
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts | ||||||||||||
Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Partnership’s best estimate of the amount of probable credit losses in existing accounts receivable. The Partnership determines the allowance based on historical write-off experience and customer economic data. The Partnership reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Partnership believes that the receivable will not be recovered. | |||||||||||||
Investment in equity accounted joint ventures | Investment in equity accounted joint ventures | ||||||||||||
The Partnership’s investment in joint ventures is accounted for using the equity method of accounting. Under the equity method of accounting, the initial cost of the investment is adjusted for subsequent additional investments and the Partnership’s proportionate share of earnings or losses and distributions. The Partnership evaluates its investments in the joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other-than-temporary decline in value below carrying value. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Partnership’s consolidated statements of income. | |||||||||||||
Vessels and equipment | Vessels and equipment | ||||||||||||
All pre-delivery costs incurred during the construction of newbuildings and conversions, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Partnership to the standards required to properly service the Partnership’s customers are capitalized. | |||||||||||||
Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving and/or increasing the operational efficiency and functionality of the asset. This type of expenditure is amortized over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. | |||||||||||||
Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Shuttle and conventional tankers are depreciated using an estimated useful life of 20 to 25 years commencing the date the vessel is delivered from the shipyard, or for a shorter period if regulations prevent the Partnership from operating the vessel for the estimated useful life. FPSO units are depreciated using an estimated useful life of 20 to 25 years commencing the date the unit is installed at the oil field and is in a condition that is ready to operate. Floating storage and off take (or FSO) units are depreciated over the term of the contract. Floating accommodation units (or FAUs) will be depreciated over an estimated useful life of 35 years commencing the date the unit is delivered from the shipyard. Towage vessels will be depreciated over an estimated useful life of 25 years commencing the date the vessel is delivered from the shipyard. Depreciation of vessels and equipment from continuing operations (including depreciation attributable to the Dropdown Predecessor) for the years ended December 31, 2014, 2013 and 2012, totalled $171.8 million, $171.4 million, and $158.0 million, respectively. Depreciation and amortization includes depreciation on all owned vessels. | |||||||||||||
Interest costs capitalized to vessels and equipment for the years ended December 31, 2014, 2013 and 2012 totaled $2.3 million, $19.6 million and $1.5 million, respectively. | |||||||||||||
Generally, the Partnership dry docks each shuttle tanker, conventional oil tanker, towage vessel and FAU every two and a half to five years. FSO and FPSO units are generally not dry docked. The Partnership capitalizes a portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking over the estimated useful life of the dry dock. Included in capitalized dry docking are costs incurred as part of the dry docking to meet regulatory requirements, or expenditures that either add economic life to the vessel, increase the vessel’s earning capacity or improve the vessel’s operating efficiency. The Partnership expenses costs related to routine repairs and maintenance performed during dry docking that do not improve operating efficiency or extend the useful lives of the assets. | |||||||||||||
Dry-docking activity for the three years ended December 31, 2014, 2013 and 2012 is summarized as follows: | |||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Cost incurred for dry docking | 36,221 | 19,020 | 19,101 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,682 | ) | (22,559 | ) | (25,267 | ) | |||||||
Dry-docking amortization relating to discontinued operations | — | (360 | ) | (2,087 | ) | ||||||||
Write down / sale of capitalized dry-dock expenditure | (815 | ) | (475 | ) | (5,996 | ) | |||||||
Balance at end of the year | 54,259 | 41,535 | 45,909 | ||||||||||
Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Partnership’s impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Partnership uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Partnership would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Partnership. | |||||||||||||
Direct financing leases | Direct financing leases | ||||||||||||
The Partnership employs a number of vessels on long-term time charters and assembles, installs, operates and leases equipment that reduces volatile organic compound emissions (or VOC equipment) during loading, transportation and storage of oil and oil products. The long-term time charters and the leasing of some VOC equipment are accounted for as direct financing leases, with lease payments received by the Partnership being allocated between the net investment in the lease and revenue or other income using the effective interest method so as to produce a constant periodic rate of return over the lease term. The VOC equipment leases were completed during 2014 and, as of December 31, 2014, there is one vessel employed on a long-term time charter that is accounted for as a direct financing lease. | |||||||||||||
Debt issuance costs | Debt issuance costs | ||||||||||||
Debt issuance costs, including fees, commissions and legal expenses, are deferred and presented as other non-current assets and amortized on an effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. | |||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets | ||||||||||||
Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Partnership may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Partnership may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Partnership uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. | |||||||||||||
The Partnership’s intangible assets are amortized over their respective lives with the amount amortized each year being weighted based on the projected revenue to be earned under the contracts. | |||||||||||||
Derivative instruments | Derivative instruments | ||||||||||||
All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and also qualifies for hedge accounting. The Partnership does not apply hedge accounting to its derivative instruments, except for certain foreign exchange currency contracts and certain types of interest rate swaps that it may enter into in the future (see note 12). | |||||||||||||
When a derivative is designated as a cash flow hedge, the Partnership formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Partnership does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. | |||||||||||||
For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from equity to the corresponding earnings line item in the consolidated statements of income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in the consolidated statements of income. If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income. If the hedged item is no longer possible of occurring, amounts recognized in equity are immediately transferred to the earnings line item in the consolidated statements of income. | |||||||||||||
For derivative financial instruments that are not designated or that do not qualify as accounting hedges under Financial Accounting Standards Board (or FASB) Accounting Standards Codification (or ASC) 815,Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Partnership’s non-designated foreign currency forward contracts and interest rate swaps are recorded in realized and unrealized (losses) gains on derivative instruments in the consolidated statements of income. Gains and losses from the Partnership’s non-designated cross currency swaps are recorded in foreign currency exchange loss in the consolidated statements of income. | |||||||||||||
Unit-based compensation | Unit-based compensation | ||||||||||||
The Partnership grants restricted unit-based compensation awards as incentive-based compensation to certain employees of Teekay Corporation’s subsidiaries that provide services to the Partnership (see note 17). The Partnership measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For unit-based compensation awards subject to graded vesting, the Partnership calculates the value of the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. Unit-based compensation expenses are recorded under general and administrative expenses in the Partnership’s consolidated statements of income. | |||||||||||||
Income taxes | Income taxes | ||||||||||||
The Partnership is subject to income taxes relating to its subsidiaries in Norway, Australia, Brazil, the United Kingdom, Singapore, Qatar and the Netherlands. The Partnership accounts for such taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Partnership’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. | |||||||||||||
Recognition of uncertain tax positions is dependent upon whether it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is measured to determine the amount of benefit to recognize in the consolidated financial statements based on guidance in the interpretation. The Partnership recognizes interest and penalties related to uncertain tax positions in income tax (expense) recovery. | |||||||||||||
Accounting Pronouncement Not Yet Adopted | Accounting Pronouncement Not Yet Adopted | ||||||||||||
In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016 and shall be applied, at the Partnership’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Partnership is evaluating the effect of adopting this new accounting guidance. | |||||||||||||
In April 2014, the FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (or ASU 2014-08) which raises the threshold for disposals to qualify as discontinued operations. A discontinued operation is now defined as: (i) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (ii) an acquired business that is classified as held for sale on the acquisition date. ASU 2014-08 also requires additional disclosures regarding discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for fiscal years beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in the financial statements previously issued or available for issuance. The impact, if any, of adopting ASU 2014-08 on the Partnership’s financial statements will depend on the occurrence and nature of disposals that occur after ASU 2014-08 is adopted. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Dry-Docking Activity | Dry-docking activity for the three years ended December 31, 2014, 2013 and 2012 is summarized as follows: | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Balance at beginning of the year | 41,535 | 45,909 | 60,158 | ||||||||||
Cost incurred for dry docking | 36,221 | 19,020 | 19,101 | ||||||||||
Dry-docking amortization relating to continuing operations | (22,682 | ) | (22,559 | ) | (25,267 | ) | |||||||
Dry-docking amortization relating to discontinued operations | — | (360 | ) | (2,087 | ) | ||||||||
Write down / sale of capitalized dry-dock expenditure | (815 | ) | (475 | ) | (5,996 | ) | |||||||
Balance at end of the year | 54,259 | 41,535 | 45,909 | ||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||
Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of Logitel, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), during the year-ended December 31, 2014 is as follows: | ||||||||||||||||||||
Year ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | |||||||||||||||||||||
$ | |||||||||||||||||||||
Balance at beginning of period | — | ||||||||||||||||||||
Acquisition of Logitel | (21,170 | ) | |||||||||||||||||||
Unrealized gain included in Other income – net | (278 | ) | |||||||||||||||||||
Balance at end of period | (21,448 | ) | |||||||||||||||||||
Changes in the estimated fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit, which was measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Balance at beginning of period | (5,681 | ) | (10,894 | ) | |||||||||||||||||
Settlement of liability | 6,000 | 5,870 | |||||||||||||||||||
Unrealized loss included in Other income – net | (319 | ) | (657 | ) | |||||||||||||||||
Balance at end of period | — | (5,681 | ) | ||||||||||||||||||
Estimated Fair Value of Financial Instruments Measured at Fair Value 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: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Fair Value | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Hierarchy | Amount | Value | Amount | Value | |||||||||||||||||
Level | Asset (Liability) | Asset (Liability) | Asset (Liability) | Asset (Liability) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Recurring: | |||||||||||||||||||||
Cash and cash equivalents and restricted cash | Level 1 | 298,898 | 298,898 | 219,126 | 219,126 | ||||||||||||||||
Logitel contingent consideration (see above) | Level 3 | (21,448 | ) | (21,448 | ) | — | — | ||||||||||||||
Derivative instruments (note 12) | |||||||||||||||||||||
Interest rate swap agreements | Level 2 | (216,488 | ) | (216,488 | ) | (141,143 | ) | (141,143 | ) | ||||||||||||
Cross currency swap agreement | Level 2 | (120,503 | ) | (120,503 | ) | (25,433 | ) | (25,433 | ) | ||||||||||||
Foreign currency forward contracts | Level 2 | (11,268 | ) | (11,268 | ) | (842 | ) | (842 | ) | ||||||||||||
Non-Recurring: | |||||||||||||||||||||
Vessels and equipment (note 19) | Level 2 | — | — | 17,250 | 17,250 | ||||||||||||||||
Other: | |||||||||||||||||||||
Long-term debt - public (note 8) | Level 1 | (855,255 | ) | (825,628 | ) | (487,097 | ) | (496,609 | ) | ||||||||||||
Long-term debt - non-public (note 8) | Level 2 | (1,580,768 | ) | (1,574,649 | ) | (1,881,879 | ) | (1,835,218 | ) | ||||||||||||
Summary of Partnership's Financing Receivables | The following table contains a summary of the Partnership’s 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 Indicator | Grade | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
$ | $ | ||||||||||||||||||||
Direct financing leases | Payment activity | Performing | 22,458 | 27,567 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Revenues and Percentage of Consolidated Revenues | The following table presents revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Partnership’s consolidated revenues from continuing operations during the periods presented. | ||||||||||||||||||||||||||||
(U.S. dollars in millions) | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Petrobras Transporte S.A(1) | $ | 228.1 or 22 | % | $ | 228.9 or 25 | % | $ | 259.3 or 28 | % | ||||||||||||||||||||
Statoil ASA(2) | $ | 194.3 or 19 | % | $ | 183.0 or 20 | % | $ | 198.0 or 21 | % | ||||||||||||||||||||
E.ON(3) | $ | 120.2 or 12 | % | — | (4) | — | (4) | ||||||||||||||||||||||
Talisman Energy Inc(3) | $ | 112.6 or 11 | % | $ | 122.1 or 13 | % | $ | 123.0 or 13 | % | ||||||||||||||||||||
-1 | Shuttle tanker and FPSO segments | ||||||||||||||||||||||||||||
-2 | Shuttle tanker segment | ||||||||||||||||||||||||||||
-3 | FPSO segment | ||||||||||||||||||||||||||||
-4 | Percentage of consolidated revenue was less than 10% | ||||||||||||||||||||||||||||
Segment Results as Presented in Consolidated Financial Statements | The following tables include results for the Partnership’s shuttle tanker segment, FPSO unit segment, FSO unit segment, conventional tanker segment, towage segment and FAU segment for the periods presented in these consolidated financial statements. The results below exclude six conventional tankers determined to be discontinued operations (see note 19). | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment(1) | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 577,064 | 354,518 | 53,868 | 33,566 | 523 | — | 1,019,539 | ||||||||||||||||||||||
Voyage expenses | (105,562 | ) | — | (1,500 | ) | (5,373 | ) | (105 | ) | — | (112,540 | ) | |||||||||||||||||
Vessel operating expenses | (159,438 | ) | (158,216 | ) | (28,649 | ) | (5,906 | ) | — | — | (352,209 | ) | |||||||||||||||||
Time-charter hire expense | (31,090 | ) | — | — | — | — | — | (31,090 | ) | ||||||||||||||||||||
Depreciation and amortization | (110,686 | ) | (72,905 | ) | (8,282 | ) | (6,680 | ) | — | — | (198,553 | ) | |||||||||||||||||
General and administrative (2)(3) | (29,154 | ) | (27,406 | ) | (3,870 | ) | (2,136 | ) | (4,328 | ) | (622 | ) | (67,516 | ) | |||||||||||||||
Write down and gain on sale of vessel | (1,638 | ) | — | — | — | — | — | (1,638 | ) | ||||||||||||||||||||
Restructuring recovery (4) | 225 | — | — | — | — | — | 225 | ||||||||||||||||||||||
Income (loss) from vessel operations | 139,721 | 95,991 | 11,567 | 13,471 | (3,910 | ) | (622 | ) | 256,218 | ||||||||||||||||||||
Equity income | — | 10,341 | — | — | — | — | 10,341 | ||||||||||||||||||||||
Investment in joint venture | — | 54,955 | — | — | — | — | 54,955 | ||||||||||||||||||||||
Expenditures for vessels and equipment (5) | 50,096 | 17,022 | 33,734 | 251 | 59,516 | 11,550 | 172,169 | ||||||||||||||||||||||
Expenditures for dry docking | 22,552 | — | 11,560 | 2,109 | — | — | 36,221 | ||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment(1) | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 552,019 | 284,932 | 59,016 | 34,772 | — | — | 930,739 | ||||||||||||||||||||||
Voyage expenses | (99,543 | ) | — | 432 | (4,532 | ) | — | — | (103,643 | ) | |||||||||||||||||||
Vessel operating expenses | (152,986 | ) | (152,616 | ) | (32,713 | ) | (5,813 | ) | — | — | (344,128 | ) | |||||||||||||||||
Time-charter hire expense | (56,682 | ) | — | — | — | — | — | (56,682 | ) | ||||||||||||||||||||
Depreciation and amortization | (115,913 | ) | (66,404 | ) | (10,178 | ) | (6,511 | ) | — | — | (199,006 | ) | |||||||||||||||||
General and administrative (2) | (21,821 | ) | (17,742 | ) | (2,553 | ) | (2,357 | ) | — | — | (44,473 | ) | |||||||||||||||||
Write down and loss on sale of vessels | (76,782 | ) | — | — | — | — | — | (76,782 | ) | ||||||||||||||||||||
Restructuring charge | (2,169 | ) | — | — | (438 | ) | — | — | (2,607 | ) | |||||||||||||||||||
Income from vessel operations | 26,123 | 48,170 | 14,004 | 15,121 | — | — | 103,418 | ||||||||||||||||||||||
Equity income | — | 6,731 | — | — | — | — | 6,731 | ||||||||||||||||||||||
Investment in joint venture | — | 52,120 | — | — | — | — | 52,120 | ||||||||||||||||||||||
Expenditures for vessels and equipment (6) | 427,069 | 28,260 | 181 | 68 | — | — | 455,578 | ||||||||||||||||||||||
Expenditures for dry docking | 17,487 | — | — | 1,533 | — | — | 19,020 | ||||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||||||
Shuttle | FPSO | FSO | Conventional | Towage | FAU | Total | |||||||||||||||||||||||
Tanker | Segment | Segment | Tanker | Segment | Segment | ||||||||||||||||||||||||
Segment | Segment | ||||||||||||||||||||||||||||
Revenues | 569,519 | 231,688 | 62,901 | 37,119 | — | — | 901,227 | ||||||||||||||||||||||
Voyage expenses | (104,394 | ) | — | (400 | ) | (5,689 | ) | — | — | (110,483 | ) | ||||||||||||||||||
Vessel operating expenses | (160,957 | ) | (111,855 | ) | (38,255 | ) | (6,509 | ) | — | — | (317,576 | ) | |||||||||||||||||
Time-charter hire expense | (56,989 | ) | — | — | — | — | — | (56,989 | ) | ||||||||||||||||||||
Depreciation and amortization | (122,921 | ) | (50,905 | ) | (9,038 | ) | (6,500 | ) | — | — | (189,364 | ) | |||||||||||||||||
General and administrative (2) | (20,146 | ) | (11,208 | ) | (1,838 | ) | (1,389 | ) | — | — | (34,581 | ) | |||||||||||||||||
Write down and loss on sale of vessels | (24,542 | ) | — | — | — | — | — | (24,542 | ) | ||||||||||||||||||||
Restructuring charge | (647 | ) | — | — | (468 | ) | — | — | (1,115 | ) | |||||||||||||||||||
Income from vessel operations | 78,923 | 57,720 | 13,370 | 16,564 | — | — | 166,577 | ||||||||||||||||||||||
Expenditures for vessels and equipment | 83,491 | 3,055 | 264 | 598 | — | — | 87,408 | ||||||||||||||||||||||
Expenditures for dry docking | 14,977 | — | 4,054 | 70 | — | — | 19,101 | ||||||||||||||||||||||
-1 | Income from vessel operations for the year ended December 31, 2014 excludes $3.1 million of the Voyageur Spirit FPSO unit indemnification payments received from Teekay Corporation relating to the production shortfall during the period January 1, 2014 through February 21, 2014 and a further $0.4 million relating to unreimbursed vessel operating expenses incurred before the unit was declared on-hire as of February 22, 2014. | ||||||||||||||||||||||||||||
Income from vessel operations for the year ended December 31, 2013 excludes $31.3 million of indemnification payments received from Teekay Corporation relating to production shortfalls for both the Dropdown Predecessor period from April 13, 2013 to May 1, 2013 and the period during which the unit was owned by the Partnership from May 2, 2013 to December 31, 2013 as the Voyageur Spirit FPSO unit was declared off-hire retroactive to first oil given the delay in achieving final acceptance from the charterer. | |||||||||||||||||||||||||||||
These indemnification payments received from Teekay Corporation have effectively been treated as a reduction to the purchase price of the Voyageur Spirit (see note 11f). | |||||||||||||||||||||||||||||
-2 | Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). | ||||||||||||||||||||||||||||
-3 | Includes a $1.0 million fee to a third party associated with the acquisition of ALP Maritime Services B.V. (or ALP) and a $1.6 million business development fee to Teekay Corporation for assistance with the acquisition of ALP, both included in the Partnership’s towage segment. Also includes a $2.1 million fee to Teekay Corporation for assistance with securing a charter contract for the Petrojarl I FPSO unit (or Petrojarl I) included in the Partnership’s FPSO segment, which was recognized in general and administrative expenses in the consolidated statement of income for the year ended December 31, 2014 (see note 18a). | ||||||||||||||||||||||||||||
-4 | Restructuring recovery for the year ended December 31, 2014 includes a $0.8 million reimbursement received during the second quarter of 2014, for the reorganization of the Partnership’s shuttle tanker marine operations, which was completed during 2013 and a restructuring charge of $0.6 million related to the reflagging of one shuttle tanker which commenced in January 2014 and was completed in March 2014 (see note 10). | ||||||||||||||||||||||||||||
-5 | Excludes the vessel and equipment acquired in conjunction with the purchase of Logitel (note 18b) and Petrojarl I (note 11i). | ||||||||||||||||||||||||||||
-6 | Excludes the purchase of the Voyageur Spirit (note 11f) and the Itajai (note 11g) FPSO units. | ||||||||||||||||||||||||||||
Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
$ | $ | ||||||||||||||||||||||||||||
Shuttle tanker segment | 1,936,809 | 2,004,505 | |||||||||||||||||||||||||||
FPSO segment | 1,267,076 | 1,303,229 | |||||||||||||||||||||||||||
FSO segment | 133,925 | 102,452 | |||||||||||||||||||||||||||
Conventional tanker segment | 150,109 | 144,723 | |||||||||||||||||||||||||||
Towage segment | 61,795 | — | |||||||||||||||||||||||||||
Floating accommodation unit segment | 62,017 | — | |||||||||||||||||||||||||||
Unallocated: | |||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | 298,898 | 219,126 | |||||||||||||||||||||||||||
Other assets | 34,635 | 32,051 | |||||||||||||||||||||||||||
Consolidated total assets | 3,945,264 | 3,806,086 | |||||||||||||||||||||||||||
Goodwill_Intangible_Assets_and1
Goodwill, Intangible Assets and In-Process Revenue Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Intangible Assets | As at December 31, 2014, intangible assets consisted of: | ||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (118,230 | ) | 6,020 | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,640 | (118,230 | ) | 6,410 | ||||||||||
As at December 31, 2013, intangible assets consisted of: | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Customer contracts (shuttle tanker segment) | 124,250 | (114,204 | ) | 10,046 | |||||||||
Customer contracts (FPSO segment) | 353 | (353 | ) | — | |||||||||
Other intangible assets (FPSO segment) | 390 | — | 390 | ||||||||||
124,993 | (114,557 | ) | 10,436 | ||||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Components of Accrued Liabilities | |||||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Voyage and vessel expenses | 33,845 | 72,481 | |||||||
Audit, legal and other general expenses | 3,344 | 37,473 | |||||||
Interest including interest rate swaps | 20,946 | 20,185 | |||||||
Payroll and benefits | 8,461 | 6,803 | |||||||
Income tax payable and other | 1,417 | 1,214 | |||||||
68,013 | 138,156 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | |||||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 | 544,969 | 743,494 | |||||||
Norwegian Kroner Bonds due through 2019 | 389,157 | 312,947 | |||||||
U.S. Dollar-denominated Term Loans due through 2018 | 158,547 | 188,854 | |||||||
U.S. Dollar-denominated Term Loans due through 2023 | 850,433 | 949,531 | |||||||
U.S. Dollar Non-Public Bond due through 2017 | 26,819 | — | |||||||
U.S. Dollar Bonds due through 2023 | 466,098 | 174,150 | |||||||
Total | 2,436,023 | 2,368,976 | |||||||
Less current portion | 258,014 | 806,009 | |||||||
Long-term portion | 2,178,009 | 1,562,967 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Revenues (Expenses) from Related Party Transactions | Such related party transactions were as follows for the periods indicated: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Revenues(1) | 68,172 | 71,905 | 64,166 | ||||||||||
Vessel operating expenses(2) | (39,237 | ) | (39,820 | ) | (44,024 | ) | |||||||
General and administrative(3)(4) | (42,396 | ) | (29,528 | ) | (21,184 | ) | |||||||
Interest income(5) | — | 1,217 | — | ||||||||||
Interest expense(6) | (933 | ) | (818 | ) | (568 | ) | |||||||
Other expense(7) | — | (319 | ) | (657 | ) | ||||||||
Net income from related party transactions | |||||||||||||
from discontinued operations(8) | — | 19,255 | 59,872 | ||||||||||
-1 | Includes revenue from long-term time-charter-out contracts and short-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including management fees from ship management services provided by the Partnership to a subsidiary of Teekay Corporation. | ||||||||||||
-2 | Includes ship management and crew training services provided by Teekay Corporation. | ||||||||||||
-3 | Includes commercial, technical, strategic, business development and administrative management fees charged by Teekay Corporation and reimbursements to Teekay Corporation and our general partner for costs incurred on the Partnership’s behalf. | ||||||||||||
-4 | Includes business development fees of $1.6 million and $2.1 million to Teekay Corporation in connection with the acquisition of ALP and the Petrojarl I, respectively, during the year ended December 31, 2014, and a $1.0 million business development fee to Teekay Corporation in connection with the acquisition of the 2010-built HiLoad Dynamic Positioning unit from Remora AS during the year ended December 31, 2013. | ||||||||||||
-5 | Interest income for the year ended December 31, 2013 relates to the interest received from Teekay Corporation and our general partner on a $150 million partial prepayment for the Voyageur Spirit. The Partnership received interest at a rate of LIBOR plus a margin of 4.25% on the prepaid funds to Teekay Corporation from February 26, 2013 until the Partnership acquired the FPSO unit on May 2, 2013. | ||||||||||||
-6 | Includes a guarantee fee related to the final bullet payment of the Piranema Spirit FPSO debt facility guaranteed by Teekay Corporation and interest expense incurred on due to affiliates balances. | ||||||||||||
-7 | Unrealized loss from the change in fair value of the Partnership’s contingent consideration liability relating to the acquisition of the Scott Spirit (see note 4a). | ||||||||||||
-8 | Related party transactions relating to six conventional tankers determined to be discontinued operations. This includes revenue from long-term time-charter-out contracts with subsidiaries or affiliates of Teekay Corporation, including the early termination fees described above; crew training fees charged by Teekay Corporation accounted for as vessel operating expenses; and commercial, technical, strategic and business development management fees charged by Teekay Corporation. |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||
Foreign Currency Forward Contracts | As at December 31, 2014, the Partnership was committed to the following foreign currency forward contracts: | ||||||||||||||||||||||||||
Contract | Fair Value / Carrying | Average | Expected Maturity | ||||||||||||||||||||||||
Amount | Amount of Asset/(Liability) | ||||||||||||||||||||||||||
in Foreign | |||||||||||||||||||||||||||
Currency | (in thousands of U.S. Dollars) | Forward | 2015 | 2016 | |||||||||||||||||||||||
(thousands) | Non-hedge | Rate(1) | (in thousands of U.S. Dollars) | ||||||||||||||||||||||||
Norwegian Kroner | 558,500 | (11,268 | ) | 6.5 | 55,193 | 30,807 | |||||||||||||||||||||
-1 | Average forward rate represents the contracted amount of foreign currency one U.S. Dollar will buy. | ||||||||||||||||||||||||||
Summary of Cross Currency Swaps | As at December 31, 2014, the Partnership was committed to the following cross currency swaps: | ||||||||||||||||||||||||||
Principal | Principal | Floating Rate Receivable | Fair Value / | Remaining | |||||||||||||||||||||||
Amount | Amount | Reference | Margin | Fixed Rate | Asset | Term (years) | |||||||||||||||||||||
NOK | USD | Rate | Payable | (Liability) | |||||||||||||||||||||||
600,000 | 101,351 | NIBOR | 5.75 | % | 7.49 | % | (24,731 | ) | 2.1 | ||||||||||||||||||
500,000 | 89,710 | NIBOR | 4 | % | 4.8 | % | (23,843 | ) | 1.1 | ||||||||||||||||||
800,000 | 143,536 | NIBOR | 4.75 | % | 5.93 | % | (38,898 | ) | 3.1 | ||||||||||||||||||
1,000,000 | 162,200 | NIBOR | 4.25 | % | 6.28 | % | (33,031 | ) | 4.1 | ||||||||||||||||||
(120,503 | ) | ||||||||||||||||||||||||||
Interest Rate Swap Agreements | As at December 31, 2014, the Partnership was committed to the following interest rate swap agreements: | ||||||||||||||||||||||||||
Interest | Notional | Fair Value / | Weighted- | Fixed | |||||||||||||||||||||||
Rate | Amount | Carrying | Average | Interest | |||||||||||||||||||||||
Index | $ | Amount of | Remaining | Rate | |||||||||||||||||||||||
Assets | Term | (%)(1) | |||||||||||||||||||||||||
(Liability) | (years) | ||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(2) | LIBOR | 800,000 | (161,830 | ) | 8.1 | 4.7 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(3) | LIBOR | 772,831 | (46,023 | ) | 5.7 | 2.5 | |||||||||||||||||||||
U.S. Dollar-denominated interest rate swaps(4) | LIBOR | 180,000 | (8,635 | ) | 0.1 | 3.4 | |||||||||||||||||||||
1,752,831 | (216,488 | ) | |||||||||||||||||||||||||
-1 | Excludes the margin the Partnership pays on its variable-rate debt, which as at December 31, 2014, ranged from 0.30% and 3.25%. | ||||||||||||||||||||||||||
-2 | Notional amount remains constant over the term of the swap. | ||||||||||||||||||||||||||
-3 | Principal amount reduces quarterly or semi-annually. | ||||||||||||||||||||||||||
-4 | The interest rate swap is being used to economically hedge expected interest payments on new debt that is planned to be outstanding from 2016 to 2028. The interest rate swap is subject to mandatory early termination in early-2015 whereby the swap will be settled based on its fair value at that time. | ||||||||||||||||||||||||||
Location and Fair Value Amounts of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Partnership’s balance sheets. | ||||||||||||||||||||||||||
Accounts | Current | Derivative | Accrued | Current | Derivative | ||||||||||||||||||||||
Receivable | portion of | assets | liabilities | portion of | liabilities | ||||||||||||||||||||||
derivative | derivative | ||||||||||||||||||||||||||
assets | liabilities | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
As at December 31, 2014 | |||||||||||||||||||||||||||
Foreign currency contracts | — | — | — | — | (8,490 | ) | (2,778 | ) | |||||||||||||||||||
Cross currency swap | — | — | — | (1,105 | ) | (6,496 | ) | (112,902 | ) | ||||||||||||||||||
Interest rate swaps | — | — | 4,660 | (8,742 | ) | (70,332 | ) | (142,074 | ) | ||||||||||||||||||
— | — | 4,660 | (9,847 | ) | (85,318 | ) | (257,754 | ) | |||||||||||||||||||
As at December 31, 2013 | |||||||||||||||||||||||||||
Foreign currency contracts | — | 213 | 4 | — | (976 | ) | (83 | ) | |||||||||||||||||||
Cross currency swap | 12 | 287 | — | — | (311 | ) | (25,421 | ) | |||||||||||||||||||
Interest rate swaps | — | — | 10,319 | (9,174 | ) | (46,657 | ) | (95,631 | ) | ||||||||||||||||||
12 | 500 | 10,323 | (9,174 | ) | (47,944 | ) | (121,135 | ) | |||||||||||||||||||
Effect of (Losses) Gains on Derivatives | The effect of the (losses) gains on these derivatives on the consolidated statements of income for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swap termination | — | (31,798 | ) | — | |||||||||||||||||||||||
Interest rate swaps | (55,588 | ) | (63,050 | ) | (58,596 | ) | |||||||||||||||||||||
Foreign currency forward contracts | (1,912 | ) | (824 | ) | 2,969 | ||||||||||||||||||||||
(57,500 | ) | (95,672 | ) | (55,627 | ) | ||||||||||||||||||||||
Unrealized (losses) gains relating to: | |||||||||||||||||||||||||||
Interest rate swaps | (75,777 | ) | 133,488 | 26,100 | |||||||||||||||||||||||
Foreign currency forward contracts | (10,426 | ) | (2,996 | ) | 3,178 | ||||||||||||||||||||||
(86,203 | ) | 130,492 | 29,278 | ||||||||||||||||||||||||
Total realized and unrealized (losses) gains on derivative instruments | (143,703 | ) | 34,820 | (26,349 | ) | ||||||||||||||||||||||
Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income | The effect of the (loss) gain on cross currency swaps on the consolidated statements of income for the years ended 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||
Year ended | Year ended | Year ended | |||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||||
Realized gain on partial termination of cross-currency swap | — | 6,800 | — | ||||||||||||||||||||||||
Realized (losses) gains | (1,992 | ) | 1,563 | 2,992 | |||||||||||||||||||||||
Unrealized (losses) gains | (93,953 | ) | (38,596 | ) | 10,700 | ||||||||||||||||||||||
Total realized and unrealized (losses) gains on cross currency swaps | (95,945 | ) | (30,233 | ) | 13,692 | ||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Partnership's Deferred Tax Assets and Liabilities | The significant components of the Partnership’s deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||
$ | $ | ||||||||||||
Deferred tax assets: | |||||||||||||
Tax losses carried forward(1) | 146,851 | 182,085 | |||||||||||
Other | 3,726 | 7,296 | |||||||||||
Total deferred tax assets: | 150,577 | 189,381 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Vessels and equipment | 12,514 | 19,555 | |||||||||||
Long-term debt | 2,295 | 22,008 | |||||||||||
Other | 1,371 | 3,234 | |||||||||||
Total deferred tax liabilities | 16,180 | 44,797 | |||||||||||
Net deferred tax assets | 134,397 | 144,584 | |||||||||||
Valuation allowance | (128,438 | ) | (136,730 | ) | |||||||||
Net deferred tax assets(2) | 5,959 | 7,854 | |||||||||||
Disclosed in: | |||||||||||||
Deferred tax asset | 5,959 | 7,854 | |||||||||||
-1 | As at December 31, 2014, the income tax net operating losses carried forward of $559 million ($689.1 million – December 31, 2013) are available to offset future taxable income in the applicable jurisdictions, and can be carried forward indefinitely. | ||||||||||||
-2 | The change in the net deferred tax assets is related to the change in temporary differences, foreign exchange gains and the utilization of income tax net operating losses carried forward. | ||||||||||||
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Current | (1,290 | ) | (75 | ) | 1,669 | ||||||||
Deferred | (889 | ) | (2,150 | ) | 8,808 | ||||||||
Income tax (expense) recovery | (2,179 | ) | (2,225 | ) | 10,477 | ||||||||
Reconciliations of Income Tax Rate and Actual Tax Charge | Reconciliations of the tax charge related to the current year at the applicable statutory income tax rates and the actual tax charge related to the current year are as follows: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Net income before taxes | 19,835 | 78,782 | 94,970 | ||||||||||
Net (loss) income not subject to taxes | (72,469 | ) | 41,100 | 77,570 | |||||||||
Net income subject to taxes | 92,304 | 37,682 | 17,400 | ||||||||||
At applicable statutory tax rates | 12,484 | 2,559 | (6,292 | ) | |||||||||
Permanent differences | (4,677 | ) | (3,619 | ) | (12,245 | ) | |||||||
Adjustments related to currency differences | 3,349 | (14,231 | ) | 6,437 | |||||||||
Valuation allowance | (8,977 | ) | 17,516 | 1,623 | |||||||||
Tax expense (recovery) related to current year | 2,179 | 2,225 | (10,477 | ) | |||||||||
Reconciliation of Partnership's Total Amount of Unrecognized Tax Benefits | The following is a tabular reconciliation of the Partnership’s total amount of unrecognized tax benefits at the beginning and end of 2014, 2013 and 2012: | ||||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Balance of unrecognized tax benefits as at beginning of the year | 7,037 | 3,692 | 6,231 | ||||||||||
Decreases for positions related to prior years | (258 | ) | (336 | ) | (2,539 | ) | |||||||
Increase for positions attributable to the Dropdown Predecessor | — | 3,681 | — | ||||||||||
Balance of unrecognized tax benefits as at end of the year | 6,779 | 7,037 | 3,692 | ||||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Changes in Non-cash Working Capital Items Related to Operating Activities | a) | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Accounts receivable | 73,020 | (59,003 | ) | (8,750 | ) | ||||||||
Prepaid expenses and other assets | 1,899 | (2,884 | ) | 6,075 | |||||||||
Accounts payable and accrued liabilities | (87,597 | ) | 46,266 | 35 | |||||||||
Advances from (to) affiliate | (98,806 | ) | 67,620 | (14,807 | ) | ||||||||
(111,484 | ) | 51,999 | (17,447 | ) | |||||||||
b) | |||||||||||||
Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation | e) | The cash portion of the purchase price of vessels acquired from Teekay Corporation is as follows: | |||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Voyageur Spirit (net of cash acquired of $0.9 million)(1)(2) (note 11f) | 6,181 | (234,125 | ) | — | |||||||||
Cidade de Itajai (net of cash acquired of $1.3 million) (note 11g) | — | (52,520 | ) | — | |||||||||
6,181 | (286,645 | ) | — | ||||||||||
-1 | As at December 31, 2014, the cash portion of the original purchase price of the Voyageur Spirit FPSO unit of $270.0 million was effectively reduced to reflect the $41.1 million indemnification from Teekay Corporation recorded during 2014 and 2013 (see note 11f). | ||||||||||||
-2 | The cash portion of the purchase price does not include the issuance of $44.3 million of the Partnership’s common units to Teekay Corporation to partially finance the acquisition of the Voyageur Spirit FPSO (see note 16), which includes a $4.3 million excess value of the common units when comparing valuation of the common units at the date of closing the transaction to the valuation of the common units as the date Teekay Corporation offered to sell the Voyageur Spirit FPSO to the Partnership (see note 11f). | ||||||||||||
Contribution of Capital from Teekay Corporation to Dropdown Predecessor | f) | Contribution of capital from Teekay Corporation to the Dropdown Predecessor included in other financing activities on the consolidated statements of cash flows is as follows: | |||||||||||
Year ended | Year ended | Year ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Relating to Voyageur Spirit (note 11f) | — | 5,596 | — | ||||||||||
— | 5,596 | — | |||||||||||
Partners_Equity_and_Net_Income1
Partners' Equity and Net Income Per Unit (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||
Summary of Incentive Distribution Rights | 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 shown below: | ||||||||||||||||||||||||||
Quarterly Distribution Target Amount (per unit) | Common Unitholders | General Partner | |||||||||||||||||||||||||
Minimum quarterly distribution of $0.35 | 98 | % | 2 | % | |||||||||||||||||||||||
Up to $0.4025 | 98 | % | 2 | % | |||||||||||||||||||||||
Above $0.4025 up to $0.4375 | 85 | % | 15 | % | |||||||||||||||||||||||
Above $0.4375 up to $0.525 | 75 | % | 25 | % | |||||||||||||||||||||||
Above $0.525 | 50 | % | 50 | % | |||||||||||||||||||||||
Summary of Issuances of Common Units | The following table summarizes the issuances of common units over the three years ending December 31, 2014: | ||||||||||||||||||||||||||
Offering | Number of | Offering | Gross | Net | Teekay | ||||||||||||||||||||||
Common | Proceeds (i) | Proceeds | Corporation’s | ||||||||||||||||||||||||
Units | Ownership | ||||||||||||||||||||||||||
After the | |||||||||||||||||||||||||||
Date | Type | Issued | Price | (in millions of U.S. Dollars) | Offering(ii) | Use of Proceeds | |||||||||||||||||||||
Jul-12 | Private | 1,700,022 | $ | 26.47 | 45.9 | 45.8 | 32.3 | % | Partially finance shipyard installments for four newbuilding shuttle tankers | ||||||||||||||||||
Sep-12 | Public | 7,778,832 | $ | 27.65 | 219.5 | 211.4 | 29.36 | % | Prepayment of revolving credit facilities | ||||||||||||||||||
Apr-13 | Private | 2,056,202 | $ | 29.18 | 61.2 | 61.2 | 28.67 | % | Partially finance four newbuilding shuttle tankers installments and for general partnership purposes. | ||||||||||||||||||
May-13 | Private | 1,446,654 | $ | 30.6 | 45.1 | 45.1 | 29.91 | % | Partially finance the acquisition of Voyageur Spirit FPSO unit | ||||||||||||||||||
During 2013 | COP | 85,508 | (iii | ) | 2.8 | 2.4 | (iii | ) | General partnership purposes | ||||||||||||||||||
Dec-13 | Private | 1,750,000 | $ | 30.5 | 54.5 | 54.4 | 29.31 | % | For general partnership purposes, which may include funding vessel conversion projects and future vessel acquisitions. | ||||||||||||||||||
During 2014 | COP | 213,350 | (iii | ) | 7.8 | 7.6 | (iii | ) | General partnership purposes | ||||||||||||||||||
Nov-14 | Private | 6,704,888 | $ | 26.1 | 178.6 | 178.5 | 27.26 | % | For general partnership purposes, which may include funding vessel conversion projects and finance newbuilding FAUs and towage vessels. | ||||||||||||||||||
(i) | Including General Partner’s 2% proportionate capital contribution | ||||||||||||||||||||||||||
(ii) | Including Teekay Corporation’s indirect 2% general partner interest | ||||||||||||||||||||||||||
(iii) | In May 2013, the Partnership implemented a continuous offering program (or COP), under which the Partnership may issue new common units, representing limited partner interests, at market prices up to a maximum aggregate amount of $100 million. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
ALP Maritime Services B.V. [Member] | |||||||||
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | The following table summarizes the finalized estimates of fair values of the ALP assets acquired and liabilities assumed by the Partnership on the acquisition date. | ||||||||
(in thousands of U.S. dollars) | As at March 14, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 294 | ||||||||
Other current assets | 404 | ||||||||
Advances on newbuilding contracts | 164 | ||||||||
Other assets - long-term | 395 | ||||||||
Goodwill (towage segment) | 2,032 | ||||||||
Total assets acquired | 3,289 | ||||||||
LIABILITIES | |||||||||
Current liabilities | 387 | ||||||||
Other long-term liabilities | 286 | ||||||||
Total liabilities assumed | 673 | ||||||||
Net assets acquired | 2,616 | ||||||||
Consideration | 2,616 | ||||||||
Consolidated Pro Forma Financial Information | The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the years ended December 31, 2014 and 2013, giving effect to the Partnership’s acquisition of ALP as if it had taken place on January 1, 2013: | ||||||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | Pro Forma | |||||||
Year ended | Year ended | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
$ | $ | ||||||||
Revenues | 1,019,674 | 938,309 | |||||||
Net income from continuing operations | 17,495 | 76,044 | |||||||
Limited partners’ interest in net income from continuing operations per common unit: | |||||||||
- Basic | (0.23 | ) | 0.92 | ||||||
- Diluted | (0.23 | ) | 0.92 | ||||||
Logitel Offshore Holding [Member] | |||||||||
Fair Values of Assets Acquired and Liabilities Assumed by Partnership | The following table summarizes the preliminary estimates of fair values of the Logitel assets acquired and liabilities assumed by the Partnership on the acquisition date. The Partnership is continuing to obtain information to finalize estimated fair value of the Logitel assets acquired and liabilities assumed and expects to complete this process as soon as practicable, but no later than one year from the acquisition date. | ||||||||
(in thousands of U.S. dollars) | As at August 11, 2014 | ||||||||
$ | |||||||||
ASSETS | |||||||||
Cash and cash equivalents | 8,089 | ||||||||
Prepaid expenses | 640 | ||||||||
Advances on newbuilding contracts | 46,809 | ||||||||
Total assets acquired | 55,538 | ||||||||
LIABILITIES | |||||||||
Accrued liabilities | 4,098 | ||||||||
Long-term debt | 26,270 | ||||||||
Total liabilities assumed | 30,368 | ||||||||
Net assets acquired | 25,170 | ||||||||
Cash consideration | 4,000 | ||||||||
Contingent consideration | 21,170 | ||||||||
Consolidated Pro Forma Financial Information | The following table shows comparative summarized consolidated pro forma financial information for the Partnership for the years ended December 31, 2014 and 2013, giving effect to the Partnership’s acquisition of Logitel as if it had taken place on January 1, 2013: | ||||||||
(in thousands of U.S. dollars, except per unit data) | Pro Forma | Pro Forma | |||||||
Year Ended | Year Ended | ||||||||
December 31, 2014 | December 31, 2013 | ||||||||
Revenues | 1,019,539 | 930,739 | |||||||
Net income from continuing operations | 16,717 | 75,827 | |||||||
Limited partners’ interest in net income from continuing operations per common unit: | |||||||||
-Basic | (0.24 | ) | 0.92 | ||||||
-Diluted | (0.24 | ) | 0.92 |
Writedown_and_Gain_Loss_on_Sal1
(Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Summary of Net (Loss) Income from Discontinued Operations | The following table summarizes the net (loss) income from discontinued operations for the periods presented in the consolidated statements of income: | ||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||
December 31, | December 31, | December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
$ | $ | $ | |||||||||||
Revenues | — | 20,238 | 62,967 | ||||||||||
Voyage expenses | — | (682 | ) | (16,201 | ) | ||||||||
Vessel operating expenses | — | (3,903 | ) | (14,286 | ) | ||||||||
Depreciation and amortization | — | (1,236 | ) | (5,267 | ) | ||||||||
General and administrative | — | (479 | ) | (1,178 | ) | ||||||||
Write down and loss on sale of vessels | — | (18,465 | ) | (7,675 | ) | ||||||||
(Loss) income from vessel operations | — | (4,527 | ) | 18,360 | |||||||||
Interest expense | — | (110 | ) | (822 | ) | ||||||||
Foreign currency exchange (loss) gain | — | (4 | ) | 2 | |||||||||
Other (expense) income - net | — | (1 | ) | 28 | |||||||||
Net (loss) income from discontinued operations | — | (4,642 | ) | 17,568 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Advances on new building contracts | $217,361,000 | $29,812,000 | |
Depreciation of vessels and equipment | 198,553,000 | 199,006,000 | 189,364,000 |
Interest costs capitalized to vessels and equipment | 2,300,000 | 19,600,000 | 1,500,000 |
Reclassification from vessels and equipment at cost, less accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Advances on new building contracts | 29,800,000 | ||
Vessel [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation of vessels and equipment | $171,800,000 | $171,400,000 | $158,000,000 |
Floating accommodation units [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 35 years | ||
Towage vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Falcon Spirit [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels | 1 | ||
Minimum [Member] | FPSO Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Minimum [Member] | Shuttle and Conventional Tankers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Dry docks period | 2 years 6 months | ||
Maximum [Member] | FPSO Segment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Maximum [Member] | Shuttle and Conventional Tankers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 25 years | ||
Dry docks period | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Dry-Docking Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of the year | $3,059,770 | ||
Cost incurred for dry docking | 36,221 | 19,020 | 19,101 |
Write down / sale of capitalized dry-dock expenditure | -1,638 | -76,782 | -24,542 |
Balance at end of the year | 2,966,104 | 3,059,770 | |
Dry-docking Activity [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of the year | 41,535 | 45,909 | 60,158 |
Cost incurred for dry docking | 36,221 | 19,020 | 19,101 |
Dry-docking amortization relating to continuing operations | -22,682 | -22,559 | -25,267 |
Dry-docking amortization relating to discontinued operations | -360 | -2,087 | |
Write down / sale of capitalized dry-dock expenditure | -815 | -475 | -5,996 |
Balance at end of the year | $54,259 | $41,535 | $45,909 |
Dropdown_Predecessor_Additiona
Dropdown Predecessor - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 | |
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||
Operating lease arrangement period, lessor | 10 years | ||||
Increase (Decrease) Partnership's net income | $17,656,000 | $71,915,000 | $123,015,000 | ||
Increase (Decrease) Partnership's comprehensive income | 58,000 | 496,000 | |||
Interest expense | 88,381,000 | 62,855,000 | 47,508,000 | ||
Realized and unrealized losses (gains) on derivative instruments | -143,703,000 | 34,820,000 | -26,349,000 | ||
Dropdown Predecessor [Member] | |||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||
Percentage of shares acquired in entity under common control | 100.00% | ||||
Operating lease arrangement period, lessor | 5 years | ||||
Extension option period | 1 year | ||||
Entity acquired, Purchase price | 503,100,000 | ||||
Increase (Decrease) Partnership's net income | -2,225,000 | ||||
Increase (Decrease) Partnership's comprehensive income | -2,225,000 | ||||
Interest expense | 300,000 | ||||
Realized and unrealized losses (gains) on derivative instruments | 100,000 | ||||
Maximum [Member] | Dropdown Predecessor [Member] | |||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||
Operating lease arrangement period, lessor | 5 years | ||||
Number of extension options | 10 | ||||
Initial [Member] | Dropdown Predecessor [Member] | |||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||||
Entity acquired, Purchase price | 540,000,000 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||
Aug. 31, 2014 | Aug. 11, 2014 | Dec. 31, 2014 | Oct. 01, 2013 | Oct. 01, 2012 | Oct. 31, 2011 | |
Logitel Offshore Holding [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | ||||
Portion of purchase price paid in cash | $4,000,000 | $4,000,000 | ||||
Potential additional cash amount for purchase price | 27,600,000 | 27,600,000 | ||||
Business Combination, Contingent Consideration Arrangements, Description | if there are no yard cost overruns, and no charterer late delivery penalties; the two unfixed floating accommodation units (or FAUs) under construction are chartered above specified daily rates; and no material defects from construction are identified up until one year after the delivery of each FAU. To the extent such events occur, the potential additional amount of $27.6 million will be reduced in accordance with the terms of the purchase agreement. | |||||
Estimated fair value of contingent consideration liability | 27,600,000 | |||||
Weighted average cost of capital, discount rate | 10.00% | |||||
Scott Spirit [Member] | ||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||
Potential additional cash amount for purchase price | 12,000,000 | |||||
Business acquisition purchase price | 116,000,000 | |||||
Additional purchase price paid by the Partnership | $6,000,000 | $5,870,000 |
Financial_Instruments_Changes_
Financial Instruments - Changes in Fair Value for Partnership's Contingent Consideration Liability Measured Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Oct. 01, 2013 | Oct. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Scott Spirit [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Settlement of liability | $6,000 | $5,870 | |||
Logitel Offshore Holding [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance at end of period | -27,600 | ||||
Contingent Consideration [Member] | Scott Spirit [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance at beginning of period | -5,681 | -10,894 | |||
Settlement of liability | 6,000 | 5,870 | |||
Unrealized gain included in Other income - net | -319 | -657 | |||
Balance at end of period | -5,681 | ||||
Contingent Consideration [Member] | Logitel Offshore Holding [Member] | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance at beginning of period | 0 | ||||
Acquisition of Logitel | -21,170 | ||||
Unrealized gain included in Other income - net | -278 | ||||
Balance at end of period | ($21,448) |
Financial_Instruments_Estimate
Financial Instruments - Estimated Fair Value of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | $298,898 | $219,126 |
Other: | ||
Long-term debt | -2,436,023 | -2,368,976 |
Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value /Carrying Amount of Assets (Liability) | -216,488 | |
Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair value/ Carrying Amount of Assets (Liability) | -120,503 | |
Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair value/ Carrying Amount of Assets (Liability) | -11,268 | |
Carrying Amount [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 298,898 | 219,126 |
Carrying Amount [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | -855,255 | -487,097 |
Carrying Amount [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | -21,448 | |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value /Carrying Amount of Assets (Liability) | -216,488 | -141,143 |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair value/ Carrying Amount of Assets (Liability) | -120,503 | -25,433 |
Carrying Amount [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair Value /Carrying Amount of Assets (Liability) | -11,268 | -842 |
Carrying Amount [Member] | Level 2 [Member] | Non-Recurring [Member] | ||
Non-Recurring: | ||
Vessels and equipment | 17,250 | |
Carrying Amount [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | -1,580,768 | -1,881,879 |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | ||
Recurring: | ||
Cash and cash equivalents and restricted cash | 298,898 | 219,126 |
Fair Value [Member] | Level 1 [Member] | Public [Member] | ||
Other: | ||
Long-term debt | -825,628 | -496,609 |
Fair Value [Member] | Level 3 [Member] | Recurring [Member] | Logitel Offshore Holding [Member] | ||
Recurring: | ||
Contingent consideration | -21,448 | |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Interest Rate Swaps [Member] | ||
Derivative instruments | ||
Fair Value /Carrying Amount of Assets (Liability) | -216,488 | -141,143 |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Cross currency swaps agreements [Member] | ||
Derivative instruments | ||
Fair value/ Carrying Amount of Assets (Liability) | -120,503 | -25,433 |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | Foreign currency forward contracts [Member] | ||
Derivative instruments | ||
Fair Value /Carrying Amount of Assets (Liability) | -11,268 | -842 |
Fair Value [Member] | Level 2 [Member] | Non-Recurring [Member] | ||
Non-Recurring: | ||
Vessels and equipment | 17,250 | |
Fair Value [Member] | Level 2 [Member] | Non-Public [Member] | ||
Other: | ||
Long-term debt | ($1,574,649) | ($1,835,218) |
Financial_Instruments_Summary_
Financial Instruments - Summary of Partnership's Financing Receivables (Detail) (Payment activity [Member], Performing [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payment activity [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Direct financing leases | $22,458 | $27,567 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 6 |
Conventional Tanker [Member] | Discontinued Operations [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 6 |
Towage segment [Member] | Delivery in 2016 [Member] | Newbuildings [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 4 |
Towage segment [Member] | Delivery in 2015 [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 6 |
Towage segment [Member] | Delivery in Early 2015 [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 3 |
Towage segment [Member] | Delivery in Second Quarter of 2015 [Member] | |
Segment Reporting Information [Line Items] | |
Number of vessels | 3 |
Floating accommodation unit segment [Member] | Delivery in 2016 [Member] | |
Segment Reporting Information [Line Items] | |
Number of floating accommodation units | 2 |
Floating accommodation unit segment [Member] | Scheduled For Delivery [Member] | |
Segment Reporting Information [Line Items] | |
Number of floating accommodation units | 3 |
Floating accommodation unit segment [Member] | Delivery in February 2015 [Member] | |
Segment Reporting Information [Line Items] | |
Number of floating accommodation units | 1 |
Segment_Reporting_Revenues_and
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue, Major Customer [Line Items] | |||
Revenues | $1,019,539 | $930,739 | $901,227 |
Petrobras Transporte S.A [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 228,100 | 228,900 | 259,300 |
Statoil ASA [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 194,300 | 183,000 | 198,000 |
E. ON [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 120,200 | ||
Talisman Energy Inc [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $112,600 | $122,100 | $123,000 |
Sales Revenue, Net [Member] | Petrobras Transporte S.A [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated revenue | 22.00% | 25.00% | 28.00% |
Sales Revenue, Net [Member] | Statoil ASA [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated revenue | 19.00% | 20.00% | 21.00% |
Sales Revenue, Net [Member] | E. ON [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated revenue | 12.00% | ||
Sales Revenue, Net [Member] | Talisman Energy Inc [Member] | Customer Concentration Risk [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated revenue | 11.00% | 13.00% | 13.00% |
Segment_Reporting_Revenues_and1
Segment Reporting - Revenues and Percentage of Consolidated Revenues (Parenthetical) (Detail) (Customer Concentration Risk [Member], E. ON [Member], Sales Revenue, Net [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Revenue, Major Customer [Line Items] | |
Percentage of consolidated revenue | 12.00% |
Maximum [Member] | |
Revenue, Major Customer [Line Items] | |
Percentage of consolidated revenue | 10.00% |
Segment_Reporting_Segment_Resu
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Revenues | $1,019,539,000 | $930,739,000 | $901,227,000 |
Voyage expenses | -112,540,000 | -103,643,000 | -110,483,000 |
Vessel operating expenses | -352,209,000 | -344,128,000 | -317,576,000 |
Time-charter hire expense | -31,090,000 | -56,682,000 | -56,989,000 |
Depreciation and amortization | -198,553,000 | -199,006,000 | -189,364,000 |
General and administrative | -67,516,000 | -44,473,000 | -34,581,000 |
Write down and gain (loss) on sale of vessels | -1,638,000 | -76,782,000 | -24,542,000 |
Restructuring recovery (charge) | 225,000 | -2,607,000 | -1,115,000 |
Income (loss) from vessel operations | 256,218,000 | 103,418,000 | 166,577,000 |
Equity income | 10,341,000 | 6,731,000 | |
Investment in joint venture | 12,413,000 | 52,120,000 | |
Expenditures for vessels and equipment | 172,169,000 | 455,578,000 | 87,408,000 |
Expenditures for dry docking | 36,221,000 | 19,020,000 | 19,101,000 |
Shuttle Tanker [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 577,064,000 | 552,019,000 | 569,519,000 |
Voyage expenses | -105,562,000 | -99,543,000 | -104,394,000 |
Vessel operating expenses | -159,438,000 | -152,986,000 | -160,957,000 |
Time-charter hire expense | -31,090,000 | -56,682,000 | -56,989,000 |
Depreciation and amortization | -110,686,000 | -115,913,000 | -122,921,000 |
General and administrative | -29,154,000 | -21,821,000 | -20,146,000 |
Write down and gain (loss) on sale of vessels | -1,638,000 | -76,782,000 | -24,542,000 |
Restructuring recovery (charge) | 225,000 | -2,169,000 | -647,000 |
Income (loss) from vessel operations | 139,721,000 | 26,123,000 | 78,923,000 |
Expenditures for vessels and equipment | 50,096,000 | 427,069,000 | 83,491,000 |
Expenditures for dry docking | 22,552,000 | 17,487,000 | 14,977,000 |
FPSO Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 354,518,000 | 284,932,000 | 231,688,000 |
Vessel operating expenses | -158,216,000 | -152,616,000 | -111,855,000 |
Depreciation and amortization | -72,905,000 | -66,404,000 | -50,905,000 |
General and administrative | -27,406,000 | -17,742,000 | -11,208,000 |
Income (loss) from vessel operations | 95,991,000 | 48,170,000 | 57,720,000 |
Equity income | 10,341,000 | 6,731,000 | |
Investment in joint venture | 54,955,000 | 52,120,000 | |
Expenditures for vessels and equipment | 17,022,000 | 28,260,000 | 3,055,000 |
FSO Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 53,868,000 | 59,016,000 | 62,901,000 |
Voyage expenses | -1,500,000 | 432,000 | -400,000 |
Vessel operating expenses | -28,649,000 | -32,713,000 | -38,255,000 |
Depreciation and amortization | -8,282,000 | -10,178,000 | -9,038,000 |
General and administrative | -3,870,000 | -2,553,000 | -1,838,000 |
Income (loss) from vessel operations | 11,567,000 | 14,004,000 | 13,370,000 |
Expenditures for vessels and equipment | 33,734,000 | 181,000 | 264,000 |
Expenditures for dry docking | 11,560,000 | 4,054,000 | |
Conventional Tanker [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 33,566,000 | 34,772,000 | 37,119,000 |
Voyage expenses | -5,373,000 | -4,532,000 | -5,689,000 |
Vessel operating expenses | -5,906,000 | -5,813,000 | -6,509,000 |
Depreciation and amortization | -6,680,000 | -6,511,000 | -6,500,000 |
General and administrative | -2,136,000 | -2,357,000 | -1,389,000 |
Restructuring recovery (charge) | -438,000 | -468,000 | |
Income (loss) from vessel operations | 13,471,000 | 15,121,000 | 16,564,000 |
Expenditures for vessels and equipment | 251,000 | 68,000 | 598,000 |
Expenditures for dry docking | 2,109,000 | 1,533,000 | 70,000 |
Towage segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 523,000 | ||
Voyage expenses | -105,000 | ||
General and administrative | -4,328,000 | ||
Income (loss) from vessel operations | -3,910,000 | ||
Expenditures for vessels and equipment | 59,516,000 | ||
Floating accommodation unit segment [Member] | |||
Segment Reporting Information [Line Items] | |||
General and administrative | -622,000 | ||
Income (loss) from vessel operations | -622,000 | ||
Expenditures for vessels and equipment | $11,550,000 |
Segment_Reporting_Segment_Resu1
Segment Reporting - Segment Results as Presented in Consolidated Financial Statements (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 2 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2011 | Jun. 30, 2014 | Feb. 22, 2014 | Feb. 21, 2014 | |
Vessel | |||||||
Segment Reporting Information [Line Items] | |||||||
Amount of charter rate being forgone | $31,090,000 | $56,682,000 | $56,989,000 | ||||
ALP Maritime Services B.V. [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Acquisition and development fee | 1,600,000 | ||||||
Petrojarl I FPSO [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Acquisition and development fee | 2,100,000 | ||||||
Shuttle Tanker [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Amount of charter rate being forgone | 31,090,000 | 56,682,000 | 56,989,000 | ||||
Restructuring recovery | 800,000 | ||||||
Number of vessels | 4 | ||||||
Towage segment [Member] | ALP Maritime Services B.V. [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Acquisition and development fee | 1,600,000 | ||||||
Towage segment [Member] | ALP Maritime Services B.V. [Member] | Affiliated Entity [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Acquisition and development fee | 1,000,000 | ||||||
Shuttle Tankers Reflagged [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring charges | 600,000 | 600,000 | |||||
Number of vessels | 1 | 1 | |||||
Dropdown Predecessor [Member] | Indemnification Agreement [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Unreimbursed vessel operating expenses | -400,000 | ||||||
Amount of charter rate being forgone | 31,300,000 | ||||||
Dropdown Predecessor [Member] | Indemnification Agreement [Member] | Production Shortfalls [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Indemnification of revenue loss | $3,100,000 |
Segment_Reporting_Reconciliati
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Accompanying Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents and restricted cash | $298,898 | $219,126 |
Other assets | 34,635 | 32,051 |
Consolidated total assets | 3,945,264 | 3,806,086 |
Shuttle Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,936,809 | 2,004,505 |
FPSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 1,267,076 | 1,303,229 |
FSO Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 133,925 | 102,452 |
Conventional Tanker [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 150,109 | 144,723 |
Towage segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | 61,795 | |
Floating accommodation unit segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Consolidated total assets | $62,017 |
Goodwill_Intangible_Assets_and2
Goodwill, Intangible Assets and In-Process Revenue Contracts - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $129,145,000 | $127,113,000 | |
Aggregate amortization expense of intangible assets | 4,000,000 | 5,100,000 | 6,000,000 |
Amortization expense - 2015 | 3,000,000 | ||
Amortization expense - 2016 | 2,000,000 | ||
Amortization expense - 2017 | 1,000,000 | ||
Amortization expense thereafter | 0 | ||
Aggregate amortization expense of intangible assets | 12,744,000 | 12,744,000 | 12,714,000 |
Piranema Spirit [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of revenue - 2015 | 12,700,000 | ||
Amortization of revenue - 2016 | 12,800,000 | ||
Amortization of revenue - 2017 | 12,700,000 | ||
Amortization of revenue - 2018 | 9,100,000 | ||
Amortization of revenue - 2019 | 7,800,000 | ||
Amortization of revenue thereafter | 33,400,000 | ||
Shuttle Tanker [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment | 0 | 0 | 0 |
Towage segment [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 2,000,000 | 2,000,000 | |
Goodwill impairment | $0 |
Goodwill_Intangible_Assets_and3
Goodwill, Intangible Assets and In-Process Revenue Contracts - Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $124,640 | $124,993 |
Accumulated Amortization | -118,230 | -114,557 |
Net Carrying Amount | 6,410 | 10,436 |
FPSO Segment [Member] | Other intangible assets [Member] | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 390 | 390 |
Net Carrying Amount | 390 | 390 |
FPSO Segment [Member] | Customer contracts [Member] | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 353 | |
Accumulated Amortization | -353 | |
Net Carrying Amount | 0 | |
Shuttle Tanker [Member] | Customer contracts [Member] | ||
Schedule Of Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 124,250 | 124,250 |
Accumulated Amortization | -118,230 | -114,204 |
Net Carrying Amount | $6,020 | $10,046 |
Accrued_Liabilities_Components
Accrued Liabilities - Components of Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Voyage and vessel expenses | $33,845 | $72,481 |
Audit, legal and other general expenses | 3,344 | 37,473 |
Interest including interest rate swaps | 20,946 | 20,185 |
Payroll and benefits | 8,461 | 6,803 |
Income tax payable and other | 1,417 | 1,214 |
Total accrued liabilities | $68,013 | $138,156 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt - Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $2,436,023 | $2,368,976 |
Less current portion | 258,014 | 806,009 |
Total | 2,178,009 | 1,562,967 |
U.S. Dollar-denominated Revolving Credit Facilities due through 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 544,969 | 743,494 |
Norwegian Kroner Bonds due through 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 389,157 | 312,947 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 158,547 | 188,854 |
U S Dollar Denominated Term Loans Due Through Two Thousand Twenty Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 850,433 | 949,531 |
U.S. Dollar Non-Public Bond due through 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,819 | |
U.S. Dollar Bonds due through 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $466,098 | $174,150 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information - Revolvers (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
CreditFacility | ||
Debt Instrument [Line Items] | ||
Amount reduced under revolving credit facilities, 2015 | $258 | |
Amount reduced under revolving credit facilities, 2016 | 359.4 | |
Amount reduced under revolving credit facilities, 2017 | 432.7 | |
Amount reduced under revolving credit facilities, 2018 | 454.8 | |
Amount reduced under revolving credit facilities, 2019 | 580.8 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of long-term revolving credit facilities | 6 | |
Revolving credit facilities borrowing capacity | 644.6 | 855.4 |
Undrawn amount of revolving credit facility | 99.6 | 111.9 |
Amount reduced under revolving credit facilities, 2015 | 143.9 | |
Amount reduced under revolving credit facilities, 2016 | 206.6 | |
Amount reduced under revolving credit facilities, 2017 | 105.6 | |
Amount reduced under revolving credit facilities, 2018 | 139 | |
Amount reduced under revolving credit facilities, 2019 | 49.5 | |
Debt instrument collateral, description | The revolving credit facilities are collateralized by first-priority mortgages granted on 21 of the Partnership's vessels, together with other related security. | |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Minimum liquidity required by revolving credit facility covenants descriptions | Four of the revolving credit facilities are guaranteed by the Partnership and certain of its subsidiaries for all outstanding amounts and contain covenants that require the Partnership to maintain the greater of a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of at least $75.0 million and 5.0% of the Partnership's total consolidated debt. | |
Minimum level of free cash be maintained as per loan agreements | 75 | |
Revolving Credit Facility [Member] | Guaranteed by Partnership and Subsidiaries [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% | |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Minimum liquidity required by revolving credit facility covenants descriptions | Two revolving credit facilities are guaranteed by Teekay Corporation and contain covenants that require Teekay Corporation to maintain the greater of a minimum liquidity (cash and cash equivalents) of at least $50.0 million and 5.0% of Teekay Corporation's total consolidated debt which has recourse to Teekay Corporation. | |
Minimum level of free cash be maintained as per loan agreements | $50 | |
Revolving Credit Facility [Member] | Guaranteed by Teekay Corporation [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Free liquidity and undrawn revolving credit line as percentage of debt | 5.00% |
LongTerm_Debt_Additional_Infor1
Long-Term Debt - Additional Information - NOK Bonds (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jan. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | NOK | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian kroner bond [Member] | Norwegian kroner bond [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Norwegian Kroner Bond due in 2017 [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |
USD ($) | NIBOR Loan [Member] | NIBOR Loan [Member] | USD ($) | NOK | NIBOR Loan [Member] | NIBOR Loan [Member] | USD ($) | NIBOR Loan [Member] | NIBOR Loan [Member] | Norwegian Kroner Bond Due In January Two Thousand Nineteen [Member] | Norwegian Kroner Bond due in 2016 [Member] | Norwegian Kroner Bonds due through 2018 [Member] | Norwegian Kroner Bond due in 2017 [Member] | ||||
NOK | NOK | NOK | NOK | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior unsecured bonds issued | 600,000,000 | $134,200,000 | 1,000,000,000 | $174,500,000 | 1,300,000,000 | 500,000,000 | 800,000,000 | $80,500,000 | 600,000,000 | ||||||||
Marginal rate added for interest paid | 4.25% | 4.00% | 4.75% | 5.75% | |||||||||||||
Reference rate for the variable rate of the debt instrument | NIBOR | NIBOR | NIBOR | NIBOR | |||||||||||||
Fixed interest rates based on interest rate swaps | 6.28% | 4.80% | 5.93% | 7.49% | |||||||||||||
Debt instrument transfer of principal amount | 162,200,000 | 89,700,000 | 143,500,000 | 101,400,000 | |||||||||||||
Repurchase of bond | 388,500,000 | ||||||||||||||||
Loss on bond repurchase | ($1,759,000) |
LongTerm_Debt_Additional_Infor2
Long-Term Debt - Additional Information - USD Term Loans (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Subsidiary | ||
Debt Instrument [Line Items] | ||
Number of subsidiaries with outstanding term loans guaranteed | 4 | |
Partnership's interest owned in subsidiaries | 50.00% | |
Carrying amount of debt | $2,436,023,000 | $2,368,976,000 |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of debt | 158,547,000 | 188,854,000 |
Debt instrument collateral, description | These term loans are collateralized by first-priority mortgages on the four shuttle tankers to which the loans relate, together with other related security. | |
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly and semi-annual payments | |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Guaranteed term loans | 36,200,000 | |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | JV Partner [Member] | ||
Debt Instrument [Line Items] | ||
Guaranteed term loans | 79,300,000 | |
U.S. Dollar-denominated Term Loans due through 2018 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | ||
Debt Instrument [Line Items] | ||
Number of subsidiaries with outstanding term loans guaranteed | 3 | |
Guaranteed term loans | 43,000,000 | |
Percent share of the outstanding term loans | 50.00% | |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Carrying amount of debt | 850,433,000 | |
Debt instrument collateral, description | These term loans have varying maturities through 2023 and are collateralized by first-priority mortgages on the vessels to which the loans relate, together with other related security. | |
Final bullet payments | 29,100,000 | |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | Guarantee of Indebtedness of Others [Member] | Teekay Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Guaranteed term loans | 321,100,000 | |
U.S. Dollar-denominated Term Loans due through 2023 [Member] | Guarantee of Indebtedness of Others [Member] | Partnership [Member] | ||
Debt Instrument [Line Items] | ||
Guaranteed term loans | 529,300,000 | |
Term Loans Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Frequency of paying U.S. Dollar-denominated Term Loans | Quarterly or semi-annual payments | |
Final bullet payments | $29,000,000 |
LongTerm_Debt_Additional_Infor3
Long-Term Debt - Additional Information - Senior unsecured bonds (Detail) | Nov. 30, 2013 | 31-May-14 | Dec. 31, 2014 | Nov. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2014 |
In Millions, unless otherwise specified | NOK | US Dollar Bonds Due In Two Thousand Nineteen [Member] | Ten Year Senior Unsecured Bonds [Member] | Ten Year Senior Unsecured Bonds [Member] | Ten Year Senior Unsecured Bonds [Member] | Logitel Offshore Holding [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Debt Instrument [Line Items] | ||||||
Senior unsecured bonds issued | 600 | $300 | $166.10 | $174.20 | $174.20 | $26.80 |
Fixed interest rate of bonds | 6.00% | 4.96% | 4.96% | |||
Debt instrument collateral, description | The bonds are collateralized by first-priority mortgages on the two vessels to which the bonds relate, together with other related security. | |||||
Frequency of paying U.S. Dollar-denominated Term Loans | Semi-annual repayments |
LongTerm_Debt_Additional_Infor4
Long-Term Debt - Additional Information - Other (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Weighted-average effective interest rate | 3.50% | 2.70% |
Aggregate principal repayments, 2015 | $258 | |
Aggregate principal repayments, 2016 | 359.4 | |
Aggregate principal repayments, 2017 | 432.7 | |
Aggregate principal repayments, 2018 | 454.8 | |
Aggregate principal repayments, 2019 | 580.8 | |
Aggregate principal repayments, thereafter | 350.3 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Aggregate principal repayments, 2015 | 143.9 | |
Aggregate principal repayments, 2016 | 206.6 | |
Aggregate principal repayments, 2017 | 105.6 | |
Aggregate principal repayments, 2018 | 139 | |
Aggregate principal repayments, 2019 | 49.5 | |
Number of revolving credit facilities | 6 | |
Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of revolving credit facilities | 2 | |
Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 151.00% | |
Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 137.00% | |
Minimum [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Range of credit facility margin | 0.30% | 0.30% |
Minimum [Member] | Line of Credit One [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 105.00% | |
Minimum [Member] | Line of Credit Two [Member] | Collateralized Debt Obligations [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Asset value to outstanding drawn principal balance ratio | 120.00% | |
Maximum [Member] | Interest Rate Swaps [Member] | ||
Debt Instrument [Line Items] | ||
Range of credit facility margin | 3.25% | |
Range of credit facility margin | 3.25% | 3.25% |
Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding loan amount | 89.3 | |
Partnership [Member] | Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding loan amount | $54.30 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property Available for Operating Lease [Member] | ||
Schedule Of Operating Leases [Line Items] | ||
Operating leases cost | $3,400,000,000 | |
Operating leases accumulated depreciation | 900,000,000 | |
Operating leases carrying amount of the vessels | 2,500,000,000 | |
Minimum scheduled future revenues | 3,600,000,000 | |
Revenues receivable - 2015 | 636,500,000 | |
Revenues receivable - 2016 | 606,800,000 | |
Revenues receivable - 2017 | 633,700,000 | |
Revenues receivable - 2018 | 470,100,000 | |
Revenues receivable - 2019 | 371,800,000 | |
Revenues receivable - Thereafter | 894,600,000 | |
Direct Financing Lease [Member] | ||
Schedule Of Operating Leases [Line Items] | ||
Minimum lease payments receivable | 21,200,000 | 29,900,000 |
Unearned income | 7,300,000 | 11,800,000 |
Estimated unguaranteed residual value | 8,500,000 | |
Lease payments receivable - 2015 | 8,600,000 | |
Lease payments receivable - 2016 | 8,800,000 | |
Lease payments receivable - 2017 | 3,800,000 | |
Charters-in [Member] | ||
Schedule Of Operating Leases [Line Items] | ||
Minimum commitments owing by the Partnership | 30,000,000 | |
Minimum commitments under vessel operating leases - 2015 | 18,400,000 | |
Minimum commitments under vessel operating leases - 2016 | $11,600,000 |
Restructuring_Charge_Additiona
Restructuring Charge - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Vessel | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | ($225,000) | $2,607,000 | $1,115,000 | |
Restructuring liabilities | 0 | 700,000 | ||
Shuttle Tankers Reflagged [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 600,000 | 600,000 | ||
Number of vessels | 1 | 1 | ||
Shuttle Tanker [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | -225,000 | 2,169,000 | 647,000 | |
Number of vessels | 4 | |||
Total restructuring charges recorded under plan | 1,400,000 | |||
Shuttle Tanker [Member] | Reorganization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | -800 | |||
Conventional Tanker [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring (recovery) charge | 438,000 | 468,000 | ||
Total restructuring charges recorded under plan | $900,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 9 Months Ended | ||||||
Share data in Thousands, unless otherwise specified | Oct. 01, 2012 | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 2-May-13 | Jun. 10, 2013 | Jun. 30, 2014 | 31-May-13 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 |
ExtensionOptions | Vessel | Vessel | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Acquired VOC Equipment Price | $12,848,000 | $12,848,000 | |||||||||||||
Excess purchase price over net carrying value | -44,268,000 | -2,794,000 | |||||||||||||
Shipbuilding and site supervision costs | 14,200,000 | ||||||||||||||
Operating lease arrangement period, lessor | 10 years | ||||||||||||||
Excess purchase price over book value | 203,977,000 | ||||||||||||||
Equity distribution | 214,656,000 | 192,142,000 | 160,905,000 | ||||||||||||
Return of aggregate reimbursements from resolution of contractual terms | -6,082,000 | ||||||||||||||
Early termination fee | 68,172,000 | 71,905,000 | 64,166,000 | ||||||||||||
Due from affiliates | 44,225,000 | 15,202,000 | 15,202,000 | ||||||||||||
Due to affiliates | 108,941,000 | 121,864,000 | 121,864,000 | ||||||||||||
Shuttle Tanker [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of vessels | 4 | ||||||||||||||
Dropdown Predecessor [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Operating lease arrangement period, lessor | 5 years | ||||||||||||||
Percentage of ownership in acquired entity after acquisition | 100.00% | ||||||||||||||
Additional term of contract | 1 year | ||||||||||||||
Acquisition costs | 503,100,000 | ||||||||||||||
Net assumed debt on purchase | 273,100,000 | ||||||||||||||
Liabilities assumed on business combination | 230,000,000 | ||||||||||||||
Excess purchase price over book value | 201,800,000 | 203,977,000 | |||||||||||||
Carrying value in excess of fair value | 4,300,000 | 4,300,000 | |||||||||||||
Common units issued | 1,400 | ||||||||||||||
Dropdown Predecessor [Member] | Indemnification Agreement [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Indemnification amount | 41,100,000 | 41,100,000 | |||||||||||||
Dropdown Predecessor [Member] | Maximum [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Operating lease arrangement period, lessor | 5 years | ||||||||||||||
Number of extension options | 10 | ||||||||||||||
Dropdown Predecessor [Member] | Initial [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Acquisition costs | 540,000,000 | ||||||||||||||
Itajai FPSO Joint Venture [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Operating lease arrangement period, lessor | 9 years | ||||||||||||||
Additional term of contract | 1 year | ||||||||||||||
Entity acquired, purchase price | 53,800,000 | ||||||||||||||
Resolution of contractual items, Aggregate reimbursement | 6,100,000 | ||||||||||||||
Return of aggregate reimbursements from resolution of contractual terms | -6,100,000 | ||||||||||||||
Itajai FPSO Joint Venture [Member] | Maximum [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of extension options | 6 | ||||||||||||||
Navion Clipper [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Shipbuilding and site supervision costs | 3,300,000 | ||||||||||||||
Operating lease arrangement period, lessor | 10 years | ||||||||||||||
Randgrid shuttle tanker [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Shipbuilding and site supervision costs | 2,200,000 | ||||||||||||||
Operating lease arrangement period, lessor | 3 years | ||||||||||||||
Percentage of interest in joint venture | 67.00% | ||||||||||||||
Additional term of contract | 1 year | ||||||||||||||
Number of extension options | 12 | ||||||||||||||
Estimated cost of project | 276,000,000 | ||||||||||||||
Petrojarl I FPSO [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Acquisition costs | 57,000,000 | ||||||||||||||
Estimated cost of project | 232,000,000 | ||||||||||||||
Loan from affiliates to finance acquisition | 51,000,000 | ||||||||||||||
Interest rate, percentage | 6.50% | ||||||||||||||
Affiliated Entity [Member] | Shuttle Tanker [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of vessels | 2 | ||||||||||||||
Affiliated Entity [Member] | Conventional Tanker [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of vessels | 4 | ||||||||||||||
Affiliated Entity [Member] | FSO Segment [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of vessels | 3 | ||||||||||||||
Teekay Corporation [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Early termination fee | 11,300,000 | 14,700,000 | 4,500,000 | 6,800,000 | 14,700,000 | ||||||||||
Teekay Corporation [Member] | Conventional Tanker [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Number of vessels | 2 | 2 | |||||||||||||
Percentage of interest in joint venture | 50.00% | 50.00% | |||||||||||||
Equity distribution | 1,000,000 | ||||||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Equity distribution | 71,400,000 | ||||||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Indemnification Agreement [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Indemnification amount | 34,900,000 | ||||||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Production Shortfalls [Member] | Indemnification Agreement [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Indemnification amount | 3,500,000 | ||||||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Unrecovered Repair Cost [Member] | Indemnification Agreement [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Indemnification amount | 3,500,000 | ||||||||||||||
Teekay Corporation [Member] | Dropdown Predecessor [Member] | Preacquisition Capital Expenditures [Member] | Indemnification Agreement [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Indemnification amount | 2,700,000 | ||||||||||||||
Teekay Corporation [Member] | Itajai FPSO Joint Venture [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Equity distribution | 6,600,000 | ||||||||||||||
Percentage of interest in joint venture | 50.00% | ||||||||||||||
Teekay Corporation [Member] | Petrojarl I FPSO [Member] | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Equity distribution | $12,400,000 |
Related_Party_Transactions_Rev
Related Party Transactions - Revenues (Expenses) from Related Party Transactions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Related Party Transaction [Line Items] | |||
Revenues | $68,172 | $71,905 | $64,166 |
Vessel operating expenses | -39,237 | -39,820 | -44,024 |
General and administrative | -42,396 | -29,528 | -21,184 |
Interest income | 1,217 | ||
Interest expense | -933 | -818 | -568 |
Other expense | -319 | -657 | |
Net income from related party transactions from discontinued operations | -4,642 | 17,568 | |
Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Net income from related party transactions from discontinued operations | $19,255 | $59,872 |
Related_Party_Transactions_Rev1
Related Party Transactions - Revenues (Expenses) from Related Party Transactions (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 2 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | 2-May-13 | 2-May-13 | |
ALP Maritime Services B.V. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business development fee | $1,600,000 | |||
Petrojarl I FPSO [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business development fee | 2,100,000 | |||
2010-Built Hiload Dynamic Positioning [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business development fee | 1,000,000 | |||
Conventional Tanker [Member] | Discontinued Operations [Member] | ||||
Related Party Transaction [Line Items] | ||||
Number of vessels | 6 | |||
Dropdown Predecessor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Portion of purchase price paid in cash | 270,000,000 | |||
Dropdown Predecessor [Member] | Partial Prepayments [Member] | ||||
Related Party Transaction [Line Items] | ||||
Portion of purchase price paid in cash | $150,000,000 | |||
Reference rate for the variable rate of the debt instrument | LIBOR | |||
Margin portion of LIBOR interest rate | 4.25% |
Derivative_Instruments_Foreign
Derivative Instruments - Foreign Currency Forward Contracts (Detail) | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Foreign currency forward contracts [Member] | Norwegian Kroner [Member] |
USD ($) | NOK | |
Derivative [Line Items] | ||
Contract Amount in Foreign Currency | 558,500 | |
Average Forward Rate | 6.5 | |
Fair Value / Carrying Amount of Asset/ (Liability) Non-hedge | -11,268 | |
Expected Maturity Current Year | 55,193 | |
Expected Maturity Next Fiscal Year | $30,807 |
Derivative_Instruments_Summary
Derivative Instruments - Summary of Cross Currency Swaps (Detail) (Cross currency swaps agreements [Member]) | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | USD ($) | Maturing In January Two Thousand Seventeen [Member] | Maturing In January Two Thousand Seventeen [Member] | Maturing In January Two Thousand Sixteen [Member] | Maturing In January Two Thousand Sixteen [Member] | Maturing In January Two Thousand Eighteen [Member] | Maturing In January Two Thousand Eighteen [Member] | Maturing In January Two Thousand Nineteen [Member] | Maturing In January Two Thousand Nineteen [Member] | Maturing in 2017 [Member] | Maturing in 2016 [Member] | Maturing in 2018 [Member] | Maturing In Two Thousand Nineteen [Member] |
USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | NOK | USD ($) | USD ($) | USD ($) | USD ($) | ||
Derivative [Line Items] | |||||||||||||
Fair Value / Carrying Amount of Asset (Liability) | ($120,503) | ($24,731) | ($23,843) | ($38,898) | ($33,031) | ||||||||
Principal Amount | $101,351 | 600,000 | $89,710 | 500,000 | $143,536 | 800,000 | $162,200 | 1,000,000 | |||||
Floating Rate Receivable Reference Rate | NIBOR | NIBOR | NIBOR | NIBOR | NIBOR | NIBOR | NIBOR | NIBOR | |||||
Floating Rate Receivable Reference Margin | 5.75% | 5.75% | 4.00% | 4.00% | 4.75% | 4.75% | 4.25% | 4.25% | |||||
Fixed Rate Payable | 7.49% | 7.49% | 4.80% | 4.80% | 5.93% | 5.93% | 6.28% | 6.28% | |||||
Remaining Term (years) | 2 years 1 month 6 days | 2 years 1 month 6 days | 1 year 1 month 6 days | 1 year 1 month 6 days | 3 years 1 month 6 days | 3 years 1 month 6 days | 4 years 1 month 6 days | 4 years 1 month 6 days |
Derivative_Instruments_Interes
Derivative Instruments - Interest Rate Swap Agreements (Detail) (Interest Rate Swaps [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Derivative [Line Items] | |
Notional Amount | $1,752,831 |
Fair Value / Carrying Amount of Assets (Liability) | -216,488 |
Swap Agreement One [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | 800,000 |
Fair Value / Carrying Amount of Assets (Liability) | -161,830 |
Weighted-Average Remaining Term (years) | 8 years 1 month 6 days |
Fixed Interest Rate | 4.70% |
Swap Agreement Two [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | 772,831 |
Fair Value / Carrying Amount of Assets (Liability) | -46,023 |
Weighted-Average Remaining Term (years) | 5 years 8 months 12 days |
Fixed Interest Rate | 2.70% |
Swap Agreement Three [Member] | |
Derivative [Line Items] | |
Interest Rate Index | LIBOR |
Notional Amount | 180,000 |
Fair Value / Carrying Amount of Assets (Liability) | ($8,635) |
Weighted-Average Remaining Term (years) | 1 month 6 days |
Fixed Interest Rate | 3.40% |
Derivative_Instruments_Interes1
Derivative Instruments - Interest Rate Swap Agreements (Parenthetical) (Detail) (Interest Rate Swaps [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Range of credit facility margin | 0.30% | 0.30% |
Maximum [Member] | ||
Derivative [Line Items] | ||
Range of credit facility margin | 3.25% |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (Interest rate swaps and cross currency swaps [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Interest rate swaps and cross currency swaps [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate fair value liability | $303.80 |
Restricted cash | $46.80 |
Derivative_Instruments_Locatio
Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable | $103,665 | $176,265 |
Current portion of derivative assets | 500 | |
Derivative assets | 4,660 | 10,323 |
Accrued liabilities | -68,013 | -138,156 |
Current portion of derivative liabilities | -85,318 | -47,944 |
Derivative liabilities | -257,754 | -121,135 |
Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable | 12 | |
Current portion of derivative assets | 500 | |
Derivative assets | 4,660 | 10,323 |
Foreign currency contracts [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 213 | |
Derivative assets | 4 | |
Interest Rate Swaps [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 4,660 | 10,319 |
Cross currency swap [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accounts receivable | 12 | |
Current portion of derivative assets | 287 | |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued liabilities | -9,847 | -9,174 |
Current portion of derivative liabilities | -85,318 | -47,944 |
Derivative liabilities | -257,754 | -121,135 |
Derivative Financial Instruments, Liabilities [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative liabilities | -8,490 | -976 |
Derivative liabilities | -2,778 | -83 |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued liabilities | -8,742 | -9,174 |
Current portion of derivative liabilities | -70,332 | -46,657 |
Derivative liabilities | -142,074 | -95,631 |
Derivative Financial Instruments, Liabilities [Member] | Cross currency swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued liabilities | -1,105 | |
Current portion of derivative liabilities | -6,496 | -311 |
Derivative liabilities | ($112,902) | ($25,421) |
Derivative_Instruments_Effect_
Derivative Instruments - Effect of (Losses) Gains on Derivatives (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | ($57,500) | ($95,672) | ($55,627) |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | -86,203 | 130,492 | 29,278 |
Total realized and unrealized gains (losses) on derivative instruments | -143,703 | 34,820 | -26,349 |
Not Designated as Hedging Instrument [Member] | Interest rate swap termination [Member] | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | -31,798 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | -55,588 | -63,050 | -58,596 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | -75,777 | 133,488 | 26,100 |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts [Member] | |||
Realized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments realized (loss) gain net | -1,912 | -824 | 2,969 |
Unrealized (losses) gains relating to: | |||
Derivative instruments not designated as hedging instruments unrealized (loss) gain net | ($10,426) | ($2,996) | $3,178 |
Derivative_Instruments_Effect_1
Derivative Instruments - Effect of Gain (Loss) on Cross Currency Swaps on Consolidated Statements of Income (Detail) (Foreign Exchange and Other Derivative Financial Instruments [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total realized and unrealized (losses) gains on cross currency swaps | ($95,945) | ($30,233) | $13,692 |
Cross currency swaps agreement partial termination [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (losses) gains | 6,800 | ||
Cross currency swaps agreements [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Realized (losses) gains | -1,992 | 1,563 | 2,992 |
Unrealized (losses) gains | ($93,953) | ($38,596) | $10,700 |
Income_Taxes_Components_of_Par
Income Taxes - Components of Partnership's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Tax losses carried forward | $146,851 | $182,085 |
Other | 3,726 | 7,296 |
Total deferred tax assets: | 150,577 | 189,381 |
Deferred tax liabilities: | ||
Vessels and equipment | 12,514 | 19,555 |
Long-term debt | 2,295 | 22,008 |
Other | 1,371 | 3,234 |
Total deferred tax liabilities | 16,180 | 44,797 |
Net deferred tax assets | 134,397 | 144,584 |
Valuation allowance | -128,438 | -136,730 |
Net deferred tax assets | $5,959 | $7,854 |
Income_Taxes_Components_of_Par1
Income Taxes - Components of Partnership's Deferred Tax Assets and Liabilities (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Income tax net operating loss carry forward | $559 | $689.10 |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current | ($1,290) | ($75) | $1,669 |
Deferred | -889 | -2,150 | 8,808 |
Income tax (expense) recovery | ($2,179) | ($2,225) | $10,477 |
Income_Taxes_Reconciliations_o
Income Taxes - Reconciliations of Income Tax Rate and Actual Tax Charge (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Net income before taxes | $19,835 | $78,782 | $94,970 |
Net (loss) income not subject to taxes | -72,469 | 41,100 | 77,570 |
Net income subject to taxes | 92,304 | 37,682 | 17,400 |
At applicable statutory tax rates | 12,484 | 2,559 | -6,292 |
Permanent differences | -4,677 | -3,619 | -12,245 |
Adjustments related to currency differences | 3,349 | -14,231 | 6,437 |
Valuation allowance | -8,977 | 17,516 | 1,623 |
Tax expense (recovery) related to current year | $2,179 | $2,225 | ($10,477) |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Partnership's Total Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||
Balance of unrecognized tax benefits as at beginning of the year | $7,037 | $3,692 | $6,231 |
Decreases for positions related to prior years | -258 | -336 | -2,539 |
Balance of unrecognized tax benefits as at end of the year | 6,779 | 7,037 | 3,692 |
Dropdown Predecessor [Member] | |||
Income Tax Contingency [Line Items] | |||
Increase for positions attributable to the Dropdown Predecessor | $3,681 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information - Navion Hispania (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | USD ($) | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | Navion Offshore Loading [Member] | |
USD ($) | NOK | Loss from Catastrophes [Member] | Loss from Catastrophes [Member] | Appellate Court [Member] | Appellate Court [Member] | Appellate Court [Member] | |||
USD ($) | NOK | USD ($) | USD ($) | NOK | |||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, liability accrual | $15,800,000 | 117,500,000 | $0 | $29,000,000 | 216,400,000 | ||||
Accounts receivable | $103,665,000 | $176,265,000 | $29,000,000 | 216,400,000 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information - Randgrid (Detail) (Randgrid shuttle tanker [Member]) | Dec. 31, 2014 |
Randgrid shuttle tanker [Member] | |
Loss Contingencies [Line Items] | |
Percentage of ownership by non-controlling owners | 33.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information - Statoil (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | 31-May-13 | Dec. 31, 2014 | Dec. 31, 2013 | |
ExtensionOptions | ||||
Loss Contingencies [Line Items] | ||||
Operating lease arrangement period, lessor | 10 years | |||
Payments made towards commitment | $30,211,000 | $31,675,000 | ||
Randgrid shuttle tanker [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of currently owned interest | 67.00% | |||
Expected cost of project | 276,000,000 | |||
Operating lease arrangement period, lessor | 3 years | |||
Additional term of contract | 1 year | |||
Number of extension options | 12 | |||
Payments made towards commitment | 53,400,000 | |||
Payments due in the year 2015 | 120,100,000 | |||
Payments due in the year 2016 | 100,900,000 | |||
Payments due in the year 2017 | $1,700,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information - ALP (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||
Mar. 14, 2014 | Oct. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Vessel | |||||
Loss Contingencies [Line Items] | |||||
Payments made towards commitment | $30,211,000 | $31,675,000 | |||
ALP Maritime Services B.V. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of shares acquired | 100.00% | 100.00% | |||
Number of vessels | 6 | ||||
Expected cost of newbuildings | 258,000,000 | 258,000,000 | |||
Payments made towards commitment | 59,700,000 | ||||
Payments due in the year 2015 | 77,900,000 | ||||
Payments due in the year 2016 | 120,800,000 | ||||
Business acquisition, purchase price | $220,000,000 | ||||
ALP Maritime Services B.V. [Member] | Delivery in Early 2015 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of vessels | 3 | ||||
ALP Maritime Services B.V. [Member] | Delivery in Second Quarter of 2015 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of vessels | 3 | ||||
ALP Maritime Services B.V. [Member] | Newbuildings [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of vessels | 4 | 4 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Additional Information - Logitel (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
Aug. 11, 2014 | Aug. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
FloatingAccommodationUnits | FloatingAccommodationUnits | FloatingAccommodationUnits | ||
Loss Contingencies [Line Items] | ||||
Payments made towards commitments | 30,211,000 | $31,675,000 | ||
Logitel Offshore Holding [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | ||
Number of floating accommodation units | 3 | 3 | ||
Expected cost of newbuildings | 588,000,000 | 558,000,000 | ||
Payments made towards commitments | 26,800,000 | |||
Purchase obligation due in 2015 | 170,500,000 | |||
Purchase obligation due in 2016 | 348,400,000 | |||
Purchase obligation due in 2017 | 10,100,000 | |||
Purchase obligation due in 2018 | 1,900,000 | |||
Logitel Offshore Holding [Member] | Delivery in February 2015 [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of floating accommodation units | 1 | |||
Logitel Offshore Holding [Member] | Delivery in 2016 [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of floating accommodation units | 2 |
Commitments_and_Contingencies_5
Commitments and Contingencies - Additional Information - Odebrecht (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||||
Operating lease arrangement period, lessor | 10 years | |||
Payment made towards commitments | $30,211,000 | $31,675,000 | ||
Odebrecht Oil And Gas Sa [Member] | ||||
Loss Contingencies [Line Items] | ||||
Percentage of interest in joint venture arrangement | 50.00% | |||
Operating lease arrangement period, lessor | 12 years | |||
Expected cost of project | 1,000,000,000 | |||
Payment made towards commitments | 35,000,000 | |||
Purchase obligation due in 2015 | 398,600,000 | |||
Purchase obligation due in 2016 | 552,000,000 | |||
Short-term loan secured by joint venture | $248,000,000 |
Commitments_and_Contingencies_6
Commitments and Contingencies - Additional Information - Petrojarl I (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||||
Operating lease arrangement period, lessor | 10 years | |||
Payment made towards commitments | $30,211,000 | $30,211,000 | $31,675,000 | |
Petrojarl I FPSO [Member] | ||||
Loss Contingencies [Line Items] | ||||
Business acquisition, purchase price | 57,000,000 | |||
Estimated cost of project | 232,000,000 | |||
Operating lease arrangement period, lessor | 5 years | |||
Payment made towards commitments | 1,400,000 | 1,400,000 | ||
Purchase obligation due in 2015 | 157,400,000 | 157,400,000 | ||
Purchase obligation due in 2016 | $16,300,000 | $16,300,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Changes in Non-Cash Working Capital Items Related to Operating Activities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Accounts receivable | $73,020 | ($59,003) | ($8,750) |
Prepaid expenses and other assets | 1,899 | -2,884 | 6,075 |
Accounts payable and accrued liabilities | -87,597 | 46,266 | 35 |
Advances from (to) affiliate | -98,806 | 67,620 | -14,807 |
Change in non-cash working capital items related to operating activities | ($111,484) | $51,999 | ($17,447) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Cash interest paid, net | $135.40 | $146 | $102.10 |
Income taxes paid | $2.10 | $0.60 | $5.70 |
Supplemental_Cash_Flow_Informa4
Supplemental Cash Flow Information - Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||
Indemnification payment on Voyageur LLC from Teekay Corporation (note 11f) | $6,181 | ($234,125) |
Purchase of vessels from Teekay Corporation | 6,181 | -286,645 |
Itajai FPSO Joint Venture [Member] | ||
Business Acquisition [Line Items] | ||
Purchase of vessels from Teekay Corporation | -52,520 | |
Dropdown Predecessor [Member] | ||
Business Acquisition [Line Items] | ||
Indemnification payment on Voyageur LLC from Teekay Corporation (note 11f) | $6,181 | ($234,125) |
Supplemental_Cash_Flow_Informa5
Supplemental Cash Flow Information - Cash Portion of Purchase Price of Vessels Acquired from Teekay Corporation (Parenthetical) (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended |
Dec. 31, 2014 | 2-May-13 | Dec. 31, 2013 | |
Itajai FPSO Joint Venture [Member] | |||
Business Acquisition [Line Items] | |||
Cash acquired, amount | $1,300,000 | ||
Dropdown Predecessor [Member] | |||
Business Acquisition [Line Items] | |||
Cash acquired, amount | 900,000 | ||
Cash portion of original purchase price | 270,000,000 | ||
Proceeds from issuance of common units | 44,300,000 | ||
Carrying value in excess of fair value | 4,300,000 | 4,300,000 | |
Dropdown Predecessor [Member] | Indemnification Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Indemnification amount | $41,100,000 | $41,100,000 |
Supplemental_Cash_Flow_Informa6
Supplemental Cash Flow Information - Contribution of Capital from Teekay Corporation to Dropdown Predecessor (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Contribution Of Capital From Corporation To Dropdown Predecessors [Line Items] | |
Contribution of capital from Teekay Corporation to dropdown predecessors | $5,596 |
Dropdown Predecessor [Member] | |
Contribution Of Capital From Corporation To Dropdown Predecessors [Line Items] | |
Contribution of capital from Teekay Corporation to dropdown predecessors | $5,596 |
Partners_Equity_and_Net_Income2
Partners' Equity and Net Income Per Unit - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 |
Limited Partners' Capital Account [Line Items] | |||||
Percentage of limited partner units outstanding held by public | 74.20% | ||||
General partner's interest | 2.00% | ||||
Number of days within which to receive distributed available cash | 45 days | ||||
Minimum percentage of outstanding units to be held for general partner removal | 66.66% | ||||
Exceeded cash distributions per unit | $0.40 | ||||
Distributions payable and paid on the preferred units | $214,656 | $192,142 | $160,905 | ||
Public offering made by Partnership | 7,778,832 | 213,350 | 85,508 | ||
Net proceeds from public offering | 186,125 | 263,751 | 257,229 | ||
Redemption of Preferred Units | $25 | ||||
Preferred Units [Member] | |||||
Limited Partners' Capital Account [Line Items] | |||||
Distributions payable and paid on the preferred units | 10,875 | 5,891 | |||
Public offering made by Partnership | 6,000,000 | 6,000,000 | |||
Preferred Units dividend rate | 7.25% | ||||
Net proceeds from public offering | $144,800 | $144,800 |
Partners_Equity_and_Net_Income3
Partners' Equity and Net Income Per Unit - Summary of Incentive Distribution Rights (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Common Unitholders [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution of $0.35 | 98.00% |
Up to $0.4025 | 98.00% |
Above $0.4025 up to $0.4375 | 85.00% |
Above $0.4375 up to $0.525 | 75.00% |
Above $0.525 | 50.00% |
General Partner [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Minimum quarterly distribution of $0.35 | 2.00% |
Up to $0.4025 | 2.00% |
Above $0.4025 up to $0.4375 | 15.00% |
Above $0.4375 up to $0.525 | 25.00% |
Above $0.525 | 50.00% |
Partners_Equity_and_Net_Income4
Partners' Equity and Net Income Per Unit - Summary of Incentive Distribution Rights (Parenthetical) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum quarterly distribution of $0.35 [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.35 |
Up to $0.4025 [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.40 |
Above $0.4025 up to $0.4375 [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.40 |
Above $0.4025 up to $0.4375 [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.44 |
Above $0.4375 up to $0.525 [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.44 |
Above $0.4375 up to $0.525 [Member] | Maximum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.53 |
Above $0.525 [Member] | Minimum [Member] | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | |
Quarterly distribution target amount | $0.53 |
Partners_Equity_and_Net_Income5
Partners' Equity and Net Income Per Unit - Summary of Issuances of Common Units (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2013 | 31-May-13 | Apr. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Capital Unit [Line Items] | ||||||||
Number of Common Units Issued | 7,778,832 | 213,350 | 85,508 | |||||
Number of Common Units Issued | 6,704,888 | 1,750,000 | 1,446,654 | 2,056,202 | 1,700,022 | |||
Offering Price | $26.10 | $30.50 | $30.60 | $29.18 | $27.65 | $26.47 | $30.50 | |
Revolving Credit Facility [Member] | ||||||||
Capital Unit [Line Items] | ||||||||
Gross Proceeds, Sold in public and continuing offering program | $219.50 | |||||||
Net proceeds from equity offerings | 211.4 | |||||||
Teekay Corporation's Ownership After the Offering | 29.36% | |||||||
Liquefied Natural Gas Carrier New Building [Member] | ||||||||
Capital Unit [Line Items] | ||||||||
Gross Proceeds, Private placement | 45.9 | |||||||
Net proceeds from equity offerings | 45.8 | |||||||
Teekay Corporation's Ownership After the Offering | 32.30% | |||||||
General Partnership Capital And Newbuilding Shuttle Tankers [Member] | ||||||||
Capital Unit [Line Items] | ||||||||
Gross Proceeds, Private placement | 61.2 | |||||||
Net proceeds from equity offerings | 61.2 | |||||||
Teekay Corporation's Ownership After the Offering | 28.67% | |||||||
Liquefied Natural Gas Carrier Acquisition [Member] | ||||||||
Capital Unit [Line Items] | ||||||||
Gross Proceeds, Private placement | 45.1 | |||||||
Net proceeds from equity offerings | 45.1 | |||||||
Teekay Corporation's Ownership After the Offering | 29.91% | |||||||
General Partnership Capital [Member] | ||||||||
Capital Unit [Line Items] | ||||||||
Gross Proceeds, Private placement | 178.6 | 54.5 | ||||||
Gross Proceeds, Sold in public and continuing offering program | 2.8 | 7.8 | ||||||
Net proceeds from equity offerings | $178.50 | $2.40 | $7.60 | $54.40 | ||||
Teekay Corporation's Ownership After the Offering | 27.26% | 29.31% |
Partners_Equity_and_Net_Income6
Partners' Equity and Net Income Per Unit - Summary of Issuances of Common Units (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Capital Unit [Line Items] | |
General partner's interest | 2.00% |
General Partner [Member] | |
Capital Unit [Line Items] | |
General partner's interest | 2.00% |
Limited Partner [Member] | |
Capital Unit [Line Items] | |
Issue new common units, limited partner interests | 100 |
Unit_Based_Compensation_Additi
Unit Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash settled restricted unit-based compensation awards | $68,013,000 | $138,156,000 | ||
Non-management directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common units, granted | 9,482 | |||
Common units aggregate value, granted | 300,000 | |||
Restricted Unit-based Compensation Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common units aggregate value, granted | 2,100,000 | 1,800,000 | ||
Common units, granted | 67,782 | 63,309 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | 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. | |||
Vesting period from grant date | 3 years | |||
Common units, vested | 20,988 | |||
Common units, value | 600,000 | |||
Common units issued to grantees | 6,584 | |||
Amount paid to grantees in cash | 300,000 | |||
Unit based compensation expense | 1,900,000 | 900,000 | ||
Cash settled restricted unit-based compensation awards | 1,000,000 | 0 | ||
Non-vested awards not yet recognized | $1,000,000 | |||
Expected weighted average period of non-vested awards not yet recognized | 1 year 1 month 6 days |
Acquisitions_Acquisition_of_AL
Acquisitions - Acquisition of ALP Maritime Services B.V. - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 14, 2014 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | |||||
General and administrative | $67,516,000 | $44,473,000 | $34,581,000 | ||
Revenues | 1,019,539,000 | 930,739,000 | 901,227,000 | ||
Net income (loss) | 17,656,000 | 71,915,000 | 123,015,000 | ||
ALP Maritime Services B.V. [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of non controlling interest acquired | 100.00% | 100.00% | |||
Expected cost of new buildings | 258,000,000 | 258,000,000 | |||
Purchase price paid in cash | 2,616,000 | ||||
Number of vessels | 6 | ||||
Business Combination, Contingent Consideration Arrangements, Description | The Partnership has the option to pay up to 50% of this compensation through the issuance of common units of the Partnership. Each of the contingent compensation amounts are payable only if the three shareholders are employed by ALP at the time performance conditions are met. | ||||
General and administrative | 500,000 | ||||
Acquisition and business development fee | 1,600,000 | ||||
Revenues | 500,000 | ||||
Net income (loss) | 2,300,000 | ||||
ALP Maritime Services B.V. [Member] | Newbuildings [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of vessels | 4 | 4 | |||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of shareholders | 3 | ||||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | Delivered [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration payable | 2,400,000 | ||||
ALP Maritime Services B.V. [Member] | Shareholders of ALP [Member] | Contingent Consideration On Operating Results [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration payable | 2,600,000 | ||||
ALP Maritime Services B.V. [Member] | Affiliated Entity [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition and business development fee | $1,000,000 |
Acquisitions_Fair_Values_of_As
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed by Partnership (Detail) (USD $) | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 14, 2014 | Aug. 31, 2014 | Aug. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | |||||
Goodwill (towage segment) | $129,145 | $127,113 | |||
LIABILITIES | |||||
Other long-term liabilities | 75,805 | 88,550 | |||
ALP Maritime Services B.V. [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 294 | ||||
Other current assets | 404 | ||||
Advances on newbuilding contracts | 164 | ||||
Other assets - long-term | 395 | ||||
Goodwill (towage segment) | 2,032 | ||||
Total assets acquired | 3,289 | ||||
LIABILITIES | |||||
Current liabilities | 387 | ||||
Other long-term liabilities | 286 | ||||
Total liabilities assumed | 673 | ||||
Net assets acquired | 2,616 | ||||
Cash consideration | 2,616 | ||||
Logitel Offshore Holding [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 8,089 | ||||
Prepaid expenses | 640 | ||||
Advances on newbuilding contracts | 46,809 | ||||
Total assets acquired | 55,538 | ||||
LIABILITIES | |||||
Accrued liabilities | 4,098 | ||||
Long-term debt | 26,270 | ||||
Total liabilities assumed | 30,368 | ||||
Net assets acquired | 25,170 | ||||
Cash consideration | 4,000 | 4,000 | |||
Contingent consideration | $21,170 |
Acquisitions_Consolidated_Pro_
Acquisitions - Consolidated Pro Forma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
ALP Maritime Services B.V. [Member] | ||
Business Acquisition Pro Forma Information [Line Items] | ||
Revenues | $1,019,674 | $938,309 |
Net income from continuing operations | 17,495 | 76,044 |
Limited partners' interest in net income from continuing operations per common unit: - Basic | ($0.23) | $0.92 |
Limited partners' interest in net income from continuing operations per common unit: - Diluted | ($0.23) | $0.92 |
Logitel Offshore Holding [Member] | ||
Business Acquisition Pro Forma Information [Line Items] | ||
Revenues | 1,019,539 | 930,739 |
Net income from continuing operations | $16,717 | $75,827 |
Limited partners' interest in net income from continuing operations per common unit: - Basic | ($0.24) | $0.92 |
Limited partners' interest in net income from continuing operations per common unit: - Diluted | ($0.24) | $0.92 |
Acquisitions_Acquisition_of_Lo
Acquisitions - Acquisition of Logitel Offshore Holding AS - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 | Aug. 11, 2014 | Aug. 31, 2014 | |
FloatingAccommodationUnits | FloatingAccommodationUnits | ||||||
Business Acquisition [Line Items] | |||||||
Operating lease arrangement period, lessor | 10 years | ||||||
Revenues | $1,019,539,000 | $930,739,000 | $901,227,000 | ||||
Net income (loss) | 17,656,000 | 71,915,000 | 123,015,000 | ||||
Logitel Offshore Holding [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of noncontrolling interest acquired | 100.00% | 100.00% | 100.00% | ||||
Portion of purchase price paid in cash | 4,000,000 | 4,000,000 | |||||
Potential additional cash amount | 27,600,000 | 27,600,000 | 27,600,000 | ||||
Number of floating accommodation units | 3 | 3 | |||||
Expected cost of project | 588,000,000 | 558,000,000 | |||||
Debt conversion, description | If the fourth of six options with COSCO is not exercised by its option expiry date on November 30, 2016, Sevan has a one-time option to receive the remaining two options with COSCO. | ||||||
Revenues | 0 | ||||||
Net income (loss) | -1,000,000 | ||||||
Logitel Offshore Holding [Member] | Order or Production Backlog [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of floating accommodation units | 6 | ||||||
Repayment of non-interest bearing amount on bond | 30,000,000 | ||||||
Debt, repayment terms | Within six months of delivery of each of three FAUs ordered from COSCO, for a total of $30.0 million. | ||||||
Logitel Offshore Holding [Member] | Newbuildings [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of floating accommodation units | 2 | ||||||
Logitel Offshore Holding [Member] | Newbuildings [Member] | Order or Production Backlog [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Repayment of non-interest bearing amount on bond | 10,000,000 | ||||||
Logitel Offshore Holding [Member] | Newbuildings [Member] | Additional Order Or Production Backlog [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Repayment of non-interest bearing amount on bond | $11,900,000 | ||||||
Logitel Offshore Holding [Member] | Scheduled For Delivery [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Operating lease arrangement period, lessor | 3 years | ||||||
Logitel Offshore Holding [Member] | Scheduled For Delivery [Member] | Order or Production Backlog [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of floating accommodation units | 1 |
Writedown_and_Gain_Loss_on_Sal2
(Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Vessel | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels | ($1,638) | ($76,782) | ($24,542) | ||||
Early termination fees | 68,172 | 71,905 | 64,166 | ||||
Teekay Corporation [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Early termination fees | 11,300 | 14,700 | 4,500 | 6,800 | 14,700 | ||
Shuttle Tanker [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | 4 | ||||||
Write down and gain (loss) on sale of vessels | -1,638 | -76,782 | -24,542 | ||||
Shuttle Tanker [Member] | Impaired Asset [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | 5 | ||||||
1993-built shuttle tankers [Member] | Shuttle Tanker [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels, description | In the third quarter of 2012, a 1993-built shuttle tanker was written down to its estimated fair value due to a change in the operating plan for the vessel. In the third and fourth quarters of 2012, two shuttle tankers, which were written down in 2011, were further written down to their estimated fair value upon sale in 2012 | ||||||
1992-built shuttle tanker [Member] | Shuttle Tanker [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels, description | In the fourth quarter of 2012, a 1992-built shuttle tanker, which was written down in 2010, was further written down to its estimated fair value and classified as held-for-sale as at December 31, 2012. The vessel was sold in 2013. In the fourth quarter of 2012, a 1995-built shuttle tanker was written down to its estimated fair value due to the age of the vessel and the requirements of trading in the North Sea and Brazil and the weak tanker market. The estimated fair value of the vessel was determined using discounted cash flows. The estimated fair value for each of the other four vessels written down in 2012 was determined using appraised values. | ||||||
1990s-built shuttle tankers [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels, description | In 2014, the carrying value of one of the Partnership's 1990s-built shuttle tankers was written down to its estimated fair value, using an appraised value. The write-down was the result of the vessel charter contract expiring in early-2015. | ||||||
Write down and gain (loss) on sale of vessels | 4,800 | 76,800 | |||||
1990s-built shuttle tankers [Member] | Two vessels [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels | 37,200 | 19,300 | |||||
Ownership interest | 50.00% | 67.00% | |||||
1990s-built shuttle tankers [Member] | Shuttle Tanker [Member] | Impaired Asset [Member] | Appraised Value [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | 6 | ||||||
1990s-built shuttle tankers [Member] | Shuttle Tanker [Member] | Impaired Asset [Member] | Appraised Value [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | 1 | ||||||
1990s-built shuttle tankers [Member] | Recontracting [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels, description | Of the six vessels, during the third quarter of 2013, four of the shuttle tankers were written down as the result of the re-contracting of one of the vessels, which the Partnership owns through a 50%-owned subsidiary, at lower rates than expected during the third quarter of 2013, the cancellation of a short-term contract which occurred in September 2013 and a change in expectations for the contract renewal for two of the shuttle tankers, one operating in Brazil, and the other, which the Partnership owns through a 50%-owned subsidiary, in the North Sea. | ||||||
1990s-built shuttle tankers [Member] | Cancellation [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels, description | In the fourth quarter of 2013, two shuttle tankers, which the Partnership owns through a 67%-owned subsidiary, were written down due to a cancellation of a contract renewal and expected sale of an aging vessel to their estimated fair value. One of these two vessels was also written down in 2012. | ||||||
1995-built shuttle tankers [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Write down and gain (loss) on sale of vessels | $3,100 |
Writedown_and_Gain_Loss_on_Sal3
(Write-down) and Gain (Loss) on Sale of Vessels and Discontinued Operations - Summary of Net (Loss) Income from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | $1,019,539 | $930,739 | $901,227 |
Voyage expenses | -112,540 | -103,643 | -110,483 |
Vessel operating expenses | -352,209 | -344,128 | -317,576 |
Depreciation and amortization | -198,553 | -199,006 | -189,364 |
General and administrative | -67,516 | -44,473 | -34,581 |
Write down and loss on sale of vessels | -1,638 | -76,782 | -24,542 |
Income (loss) from vessel operations | 256,218 | 103,418 | 166,577 |
Interest expense | -88,381 | -62,855 | -47,508 |
Foreign currency exchange (loss) gain | -16,140 | -5,278 | -315 |
Net (loss) income from discontinued operations | -4,642 | 17,568 | |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Revenues | 20,238 | 62,967 | |
Voyage expenses | -682 | -16,201 | |
Vessel operating expenses | -3,903 | -14,286 | |
Depreciation and amortization | -1,236 | -5,267 | |
General and administrative | -479 | -1,178 | |
Write down and loss on sale of vessels | -18,465 | -7,675 | |
Income (loss) from vessel operations | -4,527 | 18,360 | |
Interest expense | -110 | -822 | |
Foreign currency exchange (loss) gain | -4 | 2 | |
Other (expense) income - net | -1 | 28 | |
Net (loss) income from discontinued operations | ($4,642) | $17,568 |
Investment_in_Equity_Accounted1
Investment in Equity Accounted Joint Ventures and Advances to Joint Venture - Additional Information (Detail) (USD $) | 1 Months Ended | |||
Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in joint ventures | $54,955,000 | $52,120,000 | ||
Libra JV [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Loan facility | 248,000,000 | |||
Loan facility, maturity date | 31-Oct-15 | |||
Percentage guaranteed, loan facility | 50.00% | |||
Advances to joint venture | 5,200,000 | |||
Libra JV [Member] | Minimum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Marginal rate added for interest paid | 2.00% | |||
Libra JV [Member] | Maximum [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Marginal rate added for interest paid | 2.65% | |||
Odebrecht Oil And Gas Sa [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in joint venture | 50.00% | |||
Odebrecht Oil And Gas Sa [Member] | Teekay Corporation [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in joint ventures | $54,955,000 | $52,120,000 | ||
Odebrecht Oil And Gas Sa [Member] | FPSO Units [Member] | Teekay Corporation [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of interest in joint venture | 50.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||
Proceeds from sale of assets | $8,800,000 | |
Petrojarl Knarr Fpso [Member] | Long-term Debt [Member] | Scenario, Plan [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition financing | 815,000,000 | |
Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | ||
Subsequent Event [Line Items] | ||
Expected cost of project | 1,250,000,000 | |
Teekay Corporation [Member] | Petrojarl Knarr Fpso [Member] | Maximum [Member] | Units Issued and Short-Term Credit Financing [Member] | Scenario, Plan [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition financing | $450,000,000 |