Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-39237 | |
Entity Registrant Name | ATLAS CORP. | |
Entity Incorporation, State or Country Code | 1T | |
Entity Address, Address Line One | 23 Berkeley Square | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W1J 6HE | |
Entity Common Stock, Shares Outstanding | 281,565,472 | |
Preferred shares, outstanding (in shares) | 20,118,833 | 20,118,833 |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001794846 | |
7.125% Notes due 2027 | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 7.125% Notes due 2027 | |
Trading Symbol | ATCOL | |
Security Exchange Name | NASDAQ | |
Business Contact | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 23 Berkeley Square | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W1J 6HE | |
Contact Personnel Name | Graham Talbot | |
City Area Code | +44 | |
Local Phone Number | +44 20 7788 7819 | |
Contact Personnel Fax Number | + 44 843 320 5270 | |
Common Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Shares, par value of $0.01 per share | |
Trading Symbol | ATCO | |
Security Exchange Name | NYSE | |
Series D | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series D Preferred Shares, par value of $0.01 per share | |
Trading Symbol | ATCO-PD | |
Security Exchange Name | NYSE | |
Preferred shares, outstanding (in shares) | 5,093,728 | |
Series H | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series H Preferred Shares, par value of $0.01 per share | |
Trading Symbol | ATCO-PH | |
Security Exchange Name | NYSE | |
Preferred shares, outstanding (in shares) | 9,025,105 | |
Series I | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series I Preferred Shares, par value of $0.01 per share | |
Trading Symbol | ATCO-PI | |
Security Exchange Name | NYSE | |
Preferred shares, outstanding (in shares) | 6,000,000 | |
Series J Preferred Stock | ||
Document Information [Line Items] | ||
Preferred shares, outstanding (in shares) | 12,000,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 85 |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, Canada |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 280,000 | $ 288,600 |
Accounts receivable | 98,600 | 56,200 |
Inventories | 50,000 | 46,400 |
Prepaid expenses and other | 44,400 | 35,700 |
Asset held for sale (note 8) | 19,400 | 0 |
Net investment in lease (note 7) | 21,000 | 16,800 |
Acquisition related assets | 79,800 | 104,000 |
Total current assets | 593,200 | 547,700 |
Property, plant and equipment (note 8) | 7,156,900 | 6,952,200 |
Vessels under construction (note 9) | 1,422,500 | 1,095,600 |
Operating and Finance Lease, Right-of-Use Asset | 746,700 | 724,900 |
Net investment in lease (note 7) | 887,400 | 741,500 |
Goodwill (note 11) | 75,300 | 75,300 |
Deferred tax assets (note 18) | 500 | 1,900 |
Derivative instruments (note 24(c)) | 107,100 | 6,100 |
Other assets (note 12) | 312,800 | 424,400 |
Total assets | 11,302,400 | 10,569,600 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 22) | 204,300 | 183,400 |
Deferred revenue | 25,200 | 46,600 |
Income tax payable | 72,252 | 96,900 |
Long-term debt - current (note 13) | 238,400 | 551,000 |
Operating lease liabilities - current (note 14) | 115,300 | 155,100 |
Finance lease liabilities - current (note 15) | 222,200 | 0 |
Other financing arrangements - current (note 16) | 147,500 | 100,500 |
Other liabilities - current (note 17) | 13,300 | 42,000 |
Total current liabilities | 1,038,500 | 1,175,500 |
Long-term debt (note 13) | 3,453,400 | 3,731,800 |
Operating lease liabilities (note 14) | 391,700 | 562,300 |
Other financing arrangements (note 16) | 1,940,300 | 1,239,300 |
Derivative instruments (note 24(c)) | 1,500 | 28,500 |
Other liabilities (note 17) | 51,200 | 17,700 |
Total liabilities | 6,876,600 | 6,755,100 |
Cumulative redeemable preferred shares, $0.01 par value; 12,000,000 issued and outstanding (2021 – 12,000,000) (note 19 (e)) | 296,900 | 296,900 |
Share capital (note 19): | ||
Preferred shares; $0.01 par value; 150,000,000 shares authorized (2021 – 150,000,000); 20,118,833 shares issued and outstanding (2021 – 20,118,833) | ||
Common shares; $0.01 par value; 400,000,000 shares authorized (2021 - 400,000,000); 281,565,472 shares issued and outstanding (2021 - 247,024,699); 727,351 shares held in treasury (2021 – 727,351) | 2,800 | 2,400 |
Additional paid in capital | 3,724,200 | 3,526,800 |
Retained earnings | 420,000 | 7,500 |
Accumulated other comprehensive loss | (18,100) | (19,100) |
Total shareholders' equity | 4,128,900 | 3,517,600 |
Total liabilities and shareholders' equity | $ 11,302,400 | $ 10,569,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Cumulative redeemable preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Cumulative redeemable preferred shares issued (in shares) | 12,000,000 | 12,000,000 |
Cumulative redeemable preferred shares outstanding (in shares) | 12,000,000 | 12,000,000 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, authorized (in shares) | 150,000,000 | 150,000,000 |
Preferred shares, issued (in shares) | 20,118,833 | 20,118,833 |
Preferred Stock, Shares Outstanding | 20,118,833 | 20,118,833 |
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
Common shares, issued (in shares) | 281,565,472 | 247,024,699 |
Common shares, outstanding (in shares) | 281,565,472 | 247,024,699 |
Treasury stock, shares (in shares) | 727,351 | 727,351 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue (note 5) | $ 1,697,400,000 | $ 1,646,600,000 | $ 1,421,100,000 |
Operating expenses: | |||
Operating expenses | 353,400,000 | 351,000,000 | 303,700,000 |
Depreciation and amortization | 379,100,000 | 366,700,000 | 353,900,000 |
General and administrative | 108,100,000 | 79,200,000 | 36,300,000 |
Indemnity claim under acquisition agreement | (21,300,000) | (42,400,000) | 0 |
Operating leases (note 14) | 123,000,000 | 146,300,000 | 150,500,000 |
Goodwill impairment (note 11) | 0 | 0 | 117,900,000 |
Loss (Gain) on sale (note 8) | 3,700,000 | (16,400,000) | 200,000 |
Total operating expenses | 946,000,000 | 884,400,000 | 962,500,000 |
Operating earnings | 751,400,000 | 762,200,000 | 458,600,000 |
Other expenses (income): | |||
Interest expense | 235,400,000 | 197,100,000 | 191,600,000 |
Interest income | (6,500,000) | (3,100,000) | (5,000,000) |
Loss on debt extinguishment (note 13(e)) | 9,400,000 | 127,000,000 | 0 |
Gain on equity investment | (300,000) | 0 | 0 |
(Gain) Loss on derivative instruments (note 24(c)) | (120,600,000) | (14,100,000) | 35,500,000 |
Other expenses | 9,300,000 | 21,800,000 | 27,300,000 |
Total other expenses (income) | 126,700,000 | 328,700,000 | 249,400,000 |
Net earnings before income tax | 624,700,000 | 433,500,000 | 209,200,000 |
Income tax expense (note 18) | 2,400,000 | 33,000,000 | 16,600,000 |
Net earnings | $ 622,300,000 | $ 400,500,000 | $ 192,600,000 |
Earnings per share (note 20): | |||
Common share, basic (in dollars per share) | $ 2.10 | $ 1.36 | $ 0.52 |
Common share, diluted (in dollars per share) | $ 1.96 | $ 1.26 | $ 0.50 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 622.3 | $ 400.5 | $ 192.6 |
Other comprehensive income: | |||
Amounts reclassified to net earnings during the period relating to cash flow hedging instruments (note 24(c)) | 1 | 1.2 | 1.3 |
Comprehensive income | $ 623.3 | $ 401.7 | $ 193.9 |
Consolidated Statements of Putt
Consolidated Statements of Puttable Preferred Shares and Shareholders' Equity - USD ($) $ in Thousands | Total | Series J cumulative redeemable | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common shares | Common shares Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred shares | Preferred shares Cumulative Effect, Period of Adoption, Adjusted Balance | Additional paid-in capital | Additional paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance | Deficit | Deficit Cumulative Effect, Period of Adoption, Adjustment | Deficit Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive loss | Accumulated other comprehensive loss Cumulative Effect, Period of Adoption, Adjusted Balance |
Ending balance (in shares) at Dec. 31, 2020 | 0 | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ 0 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 215,675,599 | 215,675,599 | |||||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | 33,335,570 | 33,335,570 | |||||||||||||
Beginning balance at Dec. 31, 2019 | $ 3,232,700 | $ (2,300) | $ 3,230,400 | $ 1,800 | $ 1,800 | $ 300 | $ 300 | $ 3,452,900 | $ 3,452,900 | $ (200,700) | $ (2,300) | $ (203,000) | $ (21,600) | $ (21,600) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings | 192,600 | 192,600 | |||||||||||||
Other comprehensive income | 1,300 | 1,300 | |||||||||||||
Common shares issued on acquisition (note 3) (in shares) | 29,891,266 | ||||||||||||||
Common shares issued on acquisition (note 3) | 316,800 | $ 200 | 316,600 | ||||||||||||
Unissued acquisition related equity consideration (note 3) | 80,800 | $ 0 | 80,800 | ||||||||||||
Cancellation of unissued acquisition related equity consideration (note 3) | (1,300) | (1,300) | |||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (in shares) | 318,637 | ||||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (note 3) | 0 | ||||||||||||||
Return of common shares to unissued acquisition related equity consideration (note 3) (in shares) | (727,351) | ||||||||||||||
Return of common shares to unissued acquisition related equity consideration (note 3) | 0 | ||||||||||||||
Cancellation of common shares issued on acquisition (note 3) (in shares) | (1,122,290) | ||||||||||||||
Cancellation of common shares issued on acquisition (note 3) | (12,500) | (12,500) | |||||||||||||
Common shares issued on loan settlement (in shares) | 775,139 | ||||||||||||||
Common shares issued on loan settlement | 8,300 | $ 100 | 8,200 | ||||||||||||
Dividends on common shares | (120,700) | (120,700) | |||||||||||||
Dividends on preferred shares | (67,100) | (67,100) | |||||||||||||
Shares issued through dividend reinvestment program (in shares) | 30,007 | ||||||||||||||
Shares issued through dividend reinvestment program | 0 | 300 | (300) | ||||||||||||
Share-based compensation expense (in shares) | 1,398,553 | ||||||||||||||
Share-based compensation expense (note 21) | 6,400 | 7,100 | (700) | ||||||||||||
Treasury shares (in shares) | (37,778) | ||||||||||||||
Treasury shares | 0 | ||||||||||||||
Equity component on issuance of Exchangeable Notes, net of issuance costs (note 13(f)) | 6,100 | 6,100 | |||||||||||||
Premium paid on capped call (note 13(f)) | (15,500) | (15,500) | |||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 246,277,338 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 33,335,570 | ||||||||||||||
Ending balance at Dec. 31, 2020 | $ 3,625,600 | $ 2,100 | $ 300 | 3,842,700 | (199,200) | (20,300) | |||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Series J preferred shares issued (note 13(e) and 18(e)) (in shares) | 12,000,000 | ||||||||||||||
Series J preferred shares issued (note 13(e) and 19(e)) | $ 296,900 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 12,000,000 | 12,000,000 | |||||||||||||
Ending balance at Dec. 31, 2021 | $ 296,900 | $ 296,900 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings | 400,500 | 400,500 | |||||||||||||
Other comprehensive income | 1,200 | 1,200 | |||||||||||||
Common shares issued on acquisition (note 3) | 0 | ||||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (in shares) | 350,138 | ||||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (note 3) | 0 | ||||||||||||||
Redemption of preferred shares (note 18(b)) (in shares) | (13,216,737) | ||||||||||||||
Redemption of preferred shares (note 19(b)) | (330,400) | (330,400) | |||||||||||||
Warrants for Fairfax Notes | 3,000 | 3,000 | |||||||||||||
Dividends on common shares | (126,300) | (126,300) | |||||||||||||
Dividends on preferred shares | (66,200) | (66,200) | |||||||||||||
Shares issued through dividend reinvestment program (in shares) | 24,803 | ||||||||||||||
Shares issued through dividend reinvestment program | 0 | 300 | (300) | ||||||||||||
Share-based compensation expense (in shares) | 372,420 | ||||||||||||||
Share-based compensation expense (note 21) | $ 10,200 | 11,200 | (1,000) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 247,024,699 | 247,024,699 | 247,024,699 | ||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 20,118,833 | 20,118,833 | 20,118,833 | ||||||||||||
Ending balance at Dec. 31, 2021 | $ 3,517,600 | $ (5,100) | $ 3,512,500 | $ 2,100 | $ 2,100 | $ 300 | $ 300 | 3,526,800 | $ 3,526,800 | 7,500 | $ (5,073) | $ 2,400 | (19,100) | $ (19,100) | |
Ending balance (in shares) at Dec. 31, 2022 | 12,000,000 | 12,000,000 | |||||||||||||
Ending balance at Dec. 31, 2022 | $ 296,900 | $ 296,900 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings | 622,300 | 622,300 | |||||||||||||
Other comprehensive income | 1,000 | 1,000 | |||||||||||||
Issuance of common shares related to release of Holdback Shares (note 6(c)) | 2,749,898 | ||||||||||||||
Common shares issued on acquisition (note 3) | 0 | ||||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (in shares) | 92,444 | ||||||||||||||
Exercise of warrants (in shares) | 25,000,000 | ||||||||||||||
Warrants for Fairfax Notes | 201,300 | $ 300 | 201,000 | ||||||||||||
Cancellation of Holdback Shares (note 6(c)) | (32,200) | (27,300) | (4,900) | ||||||||||||
Dividends on common shares | (137,600) | (137,600) | |||||||||||||
Dividends on preferred shares | (60,800) | (60,800) | |||||||||||||
Shares issued through dividend reinvestment program (in shares) | 27,586 | ||||||||||||||
Shares issued through dividend reinvestment program | (100) | 300 | (400) | ||||||||||||
Share-based compensation expense (in shares) | 6,670,845 | ||||||||||||||
Share-based compensation expense (note 21) | $ 22,500 | $ 100 | 23,400 | (1,000) | |||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 281,565,472 | 281,565,472 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 20,118,833 | 12,000,000 | 20,118,833 | ||||||||||||
Ending balance at Dec. 31, 2022 | $ 4,128,900 | $ 2,500 | $ 300 | $ 3,724,200 | $ 420,000 | $ (18,100) |
Consolidated Statements of Pu_2
Consolidated Statements of Puttable Preferred Shares and Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends per common share (in dollar per share) | $ 0.50 | $ 0.50 | $ 0.50 |
Series D | |||
Dividends per preferred share (in dollar per share) | 2 | 2 | 2 |
Series E | |||
Dividends per preferred share (in dollar per share) | 1.38 | 2.06 | |
Series G | |||
Dividends per preferred share (in dollar per share) | 1.37 | 2.05 | |
Series H | |||
Dividends per preferred share (in dollar per share) | 1.96 | 1.97 | 1.97 |
Series I | |||
Dividends per preferred share (in dollar per share) | 2 | 2 | $ 2 |
Series J | |||
Dividends per preferred share (in dollar per share) | $ 1.76 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net earnings | $ 622,300,000 | $ 400,500,000 | $ 192,600,000 |
Items not involving cash: | |||
Depreciation and amortization | 379,100,000 | 366,700,000 | 353,900,000 |
Goodwill impairment (note 11) | 0 | 0 | 117,900,000 |
Change in right-of-use asset | 99,600,000 | 125,800,000 | 120,100,000 |
Non-cash interest expense and accretion | 21,200,000 | 38,200,000 | 40,500,000 |
Unrealized change in derivative instruments | (127,900,000) | (40,600,000) | 12,900,000 |
Amortization of acquired revenue contracts | 12,400,000 | 15,000,000 | 16,900,000 |
Loss on debt extinguishment | 9,400,000 | 127,000,000 | 0 |
Equity income on investment | (300,000) | 0 | 0 |
Loss (Gain) on sale | 3,700,000 | (16,400,000) | 200,000 |
Other | 7,000,000 | 26,200,000 | 5,900,000 |
Change in other operating assets and liabilities (note 22) | (170,200,000) | (98,400,000) | (166,700,000) |
Cash from operating activities | 856,300,000 | 944,000,000 | 694,200,000 |
Investing activities: | |||
Expenditures for property, plant and equipment and vessels under construction | (1,239,700,000) | (1,577,000,000) | (783,500,000) |
Prepayment on vessel purchase | 0 | (132,300,000) | (82,200,000) |
Payment on settlement of interest swap agreements | (12,700,000) | (26,800,000) | (21,800,000) |
Cash and restricted cash acquired from APR Energy acquisition | 0 | 0 | 50,600,000 |
Gain (Loss) on foreign currency repatriation | 4,000,000 | (13,900,000) | (18,700,000) |
Receipt from contingent consideration asset | 12,500,000 | 30,500,000 | 11,100,000 |
Other assets and liabilities | 259,500,000 | 41,300,000 | (15,400,000) |
Capitalized interest relating to newbuilds | (46,200,000) | (15,700,000) | 0 |
Cash used in investing activities | (1,022,600,000) | (1,693,900,000) | (859,900,000) |
Financing activities: | |||
Repayments of long-term debt and other financing arrangements | (1,221,300,000) | (1,474,900,000) | (1,122,200,000) |
Issuance of long-term debt and other financing arrangements | 1,367,400,000 | 3,152,600,000 | 1,383,500,000 |
Issuance of Exchangeable Notes | 0 | 0 | 201,300,000 |
Purchase of capped call | 0 | 0 | (15,500,000) |
Redemption of Fairfax Notes | 0 | (300,000,000) | 0 |
Issuance of Fairfax Notes | 0 | 0 | 100,000,000 |
Proceeds from exercise of warrants | 201,300,000 | 0 | 0 |
Redemption of preferred shares | 0 | (330,400,000) | 0 |
Payment of lease liabilities | (16,600,000) | 0 | 0 |
Financing fees | (20,200,000) | (122,200,000) | (49,100,000) |
Share issuance cost | 0 | (100,000) | 0 |
Dividends on common shares | (119,300,000) | (124,600,000) | (120,000,000) |
Dividends on preferred shares | (60,800,000) | (66,200,000) | (67,100,000) |
Cash from financing activities | 130,500,000 | 734,200,000 | 310,900,000 |
(Decrease) Increase in cash and cash equivalents | (35,800,000) | (15,700,000) | 145,200,000 |
Cash and cash equivalents and restricted cash, beginning of year | 326,800,000 | 342,500,000 | 197,300,000 |
Cash and cash equivalents and restricted cash, end of year | $ 291,000,000 | $ 326,800,000 | $ 342,500,000 |
General
General | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
General | General: Atlas Corp. (the “Company” or “Atlas”) owns, leases and operates a fleet of containerships and power generation assets through its containership leasing and mobile power generation segments, respectively. It is a Republic of the Marshall Islands corporation incorporated on October 1, 2019 for the purpose of facilitating the Reorganization (as defined below). On November 20, 2019, Seaspan Corporation (“Seaspan”) entered into an Agreement and Plan of Merger with the Company, then a wholly owned subsidiary of Seaspan, and Seaspan Holdco V Ltd., a wholly owned subsidiary of Atlas, in order to implement a reorganization of Seaspan’s corporate structure into a holding company structure, pursuant to which Seaspan would become a direct, wholly owned subsidiary of Atlas (the “Reorganization”). On February 27, 2020, the Reorganization was completed. Common and preferred shareholders of Seaspan (the predecessor publicly held parent company) became common and preferred shareholders of Atlas, as applicable, on a one-for-one basis, maintaining the same number of shares and ownership percentage held in Seaspan immediately prior to the Reorganization. Atlas assumed all of Seaspan’s share purchase warrants and equity plans and will perform all relevant obligations. Atlas common shares trade on the New York Stock Exchange under the ticker symbol “ATCO”. On February 28, 2020, after the Reorganization, Atlas completed the acquisition of all the issued and outstanding common shares of Apple Bidco Limited, which owns 100% of APR Energy Limited (collectively “APR Energy”) (see note 3). |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies: (a) Basis of preparation: The Reorganization was accounted for as a transaction among entities under common control under the pooling of interest method and represented a change in reporting entity whereby the financial information of Seaspan prior to the Reorganization was assumed by Atlas on a carry-over basis. Accordingly, the accompanying consolidated financial statements represent the consolidated historical operations and changes in consolidated financial position of Seaspan, which included the Company as a consolidated subsidiary from its incorporation on October 1, 2019 to February 27, 2020 and those of the Company thereafter, following the Reorganization. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. (b) Principles of consolidation : The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 16. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. 2. Significant accounting policies (continued): (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. (e) Inventories: Inventories consist primarily of spare parts and consumables. Inventories are stated at the lower of cost or net realizable value. Inventory cost is primarily determined using average or weighted average cost method, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business less costs to complete, disposal and transportation. (f) Property, plant and equipment: Vessels Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from Seaspan’s predecessor upon completion of Seaspan’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels under construction Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Power generating equipment Power generating equipment are recorded at their cost, which represent their original cost at the time of purchase, less accumulated depreciation. Costs incurred to mobilize and install power-generating equipment pursuant to a contract for the provision of power generation services are recorded in property, plant and equipment and are depreciated on a straight-line basis over the non-cancellable lease term to which the power generating equipment relates. A summary of the useful lives used for calculating depreciation and amortization is as follows: Turbines 25 years Generators 15 years Transformers 15 years 2. Significant accounting policies (continued): (f) Property, plant and equipment (continued): Property, plant and equipment that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the property, plant and equipment exceeds the estimated net undiscounted future cash flows expected to be generated over the asset’s remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. (g) Vessel dry-dock activities: Classification society rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. (h) Business combinations: Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. (i) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. (j) Asset retirement obligations: The Company records a provision and a corresponding long-lived asset for asset retirement obligations (“ARO”) when there is a legal obligation associated with the retirement of long-lived assets and the fair value of the liability can be reasonably estimated. The fair value of the ARO is measured using expected future cash flows discounted at the Company’s credit-adjusted risk-free interest rate. The liability is accreted up to the cost of retirement through interest expense over the non-cancellable lease term. The long-lived asset is depreciated straight-line over the same period. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability or to depreciation expense if the asset is fully depreciated. (k) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit facilities and other financing arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees is recorded as interest expense. 2. Significant accounting policies (continued): (l) Revenue: Containership leasing revenue The Company derives revenue from the charter of its containership vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, fair value associated with the lease and any purchase options or obligations. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For charters that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs are deferred and amortized to income over the term of the lease. Power generation revenue The Company also derives revenue from lease and service contracts that provide customers with comprehensive power generation services that include leasing of the power generation equipment, installation and dismantling services, operations and maintenance of the power generating equipment (“O&M”), operations monitoring and logistical support. The Company earns a fixed portion of revenue on these contracts by providing megawatt capacity to its customers. Each power equipment lease contract may, depending on its terms, contain a lease component, a non-lease component or both. Lease classification is determined on a contract-specific basis. Total consideration in contracts that include a lease component associated with the use of the power-generation equipment and a non-lease component related to O&M is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the components as a single lease component. Revenue is recognized over the period in which the equipment is available to the customer for use and service is provided to the customer. Certain contracts provide for mobilization and decommissioning payments. Mobilization revenue received up front is deferred and recognized as revenue on a straight-line basis over the term of the contract. Decommissioning revenue is recognized ratably over the term of the contract, as it is earned. 2. Significant accounting policies (continued): (m) Leases: Leases classified as operating leases, where the Company is the lessee, are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of 12 months or less are expensed as incurred. Transactions are accounted for as sale-leaseback transactions when control of the asset is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer. (n) Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. (o) Income taxes: The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if 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 by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of operations. 2. Significant accounting policies (continued): (p) Share-based compensation: The Company grants phantom share units, restricted shares, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: • Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s common shares on the date of the grant. • Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur. (q) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. (r) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards, warrants and convertible instruments, where the presumption of share settlement has been overcome. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible instruments where the presumption of share settlement has not been overcome. Under the if-converted method, the instruments are assumed to have been converted at the share price applicable at the end of the period, if dilutive. Contingently issuable shares are included in diluted EPS as of the beginning of the period, if contingencies are satisfied by the end of the period. If contingencies have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS is based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period, if the result is dilutive. The cumulative dividends applicable to the Series D, E, G, H, I and J preferred shares reduce the earnings available to common shareholders, even if not declared. 2. Significant accounting policies (continued): (s) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: • reported amounts of assets and liabilities, • disclosure of contingent assets and liabilities at the balance sheet dates; and • reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include, but are not limited to the: • assessment of going concern; • assessment of property, plant and equipment useful lives; • expected salvage values; • recoverability of the carrying value of property, plant and equipment and intangible assets with finite lives which are subject to future market events; • recoverable value of goodwill; • fair values of assets acquired and liabilities assumed from business combination; • fair value of asset retirement obligations; and • fair value of interest rate swaps, other derivative financial instruments and contingent consideration asset. (t) Comparative information: Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. (u) Recently adopted accounting pronouncements: Measurement of credit loss Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Loss on Financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. Upon adoption, a cumulative effect adjustment of $2,293,000 was made to deficit as part of the modified retrospective transition approach. Simplifying test for goodwill impairment Effective January 1, 2020, the Company adopted ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the need to determine the fair value of individual assets and liabilities of a reporting unit to measure the implied goodwill impairment. As a result of the adoption, the Company now calculates goodwill impairment as the amount by which the carrying value exceeds fair value of a reporting unit, not to exceed the carrying amount of goodwill. 2. Significant accounting policies (continued): (u) Recently adopted and future accounting pronouncements (continued): Discontinuation of LIBOR The Company adopted ASU 2020-04, “Reference Rate Reform (Topic 848)”, prospectively to contract modifications. The guidance provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under FASB’s relevant U.S. GAAP Topic. The election is available by Topic. The Company has elected to apply the optional relief for contracts under ASC 470, “Debt”, ASC 840 and 842, “Leases”, and ASC 815, “Derivatives and Hedging”. There was no impact to the Company's financial statements upon initial adoption. The LIBOR replacement modifications for Debt contracts will be accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts will require no reassessments. Transition activities are focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate. Debt with conversion and other options Effective January 1, 2022, the Company adopted ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” (“ASU 2020-06”), using the modified retrospective method, whereby the cumulative effect adjustment was made as of the date of the initial application. Accordingly, financial information and disclosures in the comparative period were not restated. The impact of the adoption of ASU 2020-06 resulted in an adjustment of $5,073,000 to opening retained earnings at January 1, 2022 related to the unamortized debt discount that was initially recorded when the convertible notes were issued. Under ASU 2020-06, the accounting for convertible debt instruments is simplified by reducing the number of accounting models and circumstances when embedded conversion features are separately recognized. This update also revises the method in which diluted earnings per share is calculated related to certain instruments with conversion features, among other clarifications. As a result of the adoption, the Company recognizes the maximum potential dilutive effect of its exchangeable notes in diluted EPS using the if-converted method effective January 1, 2022. |
Acquisition of Apple Bidco Limi
Acquisition of Apple Bidco Limited | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Apple Bidco Limited | Acquisition of Apple Bidco Limited On February 28, 2020, the Company acquired 100.0% of the share capital of APR Energy from Fairfax Financial Holdings Ltd. and its affiliates (“Fairfax”) and certain other minority shareholders (collectively, the “Sellers”). Fairfax held 67.8% of APR Energy’s common shares. APR Energy owns and operates a fleet of capital-intensive assets, including gas turbines and other power generation equipment, and provides power solutions to customers through various contracts. At closing, Atlas issued 29,891,266 common shares and reserved 6,664,270 common shares for future issuance (the “Holdback Shares”). The Holdback Shares are issuable over a period of 90 days to five years after the date of acquisition and are subject to settlement of purchase price adjustments, indemnification arrangements and other future compensable events. These arrangements may be settled, at the Sellers’ option, by either cancellation of Holdback Shares or cash. In the case of purchase price adjustments, and certain inventory mechanisms, if Holdback Shares are insufficient, Sellers may choose to compensate the Company in cash or cancel previously issued common shares. Any Holdback Shares that are not cancelled after the expiry of their respective holdback periods, will be issued to the Sellers, plus any accrued distributions or dividends. The net purchase price of $287,700,000 comprises of the following. Adjustments have been made from what was originally reported as a result of settlement of purchase price adjustments: 3. Acquisition of Apple Bidco Limited (continued): As originally reported Adjustments As adjusted 29,891,266 common shares issued (1) $ 316.8 $ — $ 316.8 6,664,270 Holdback Shares (1) 70.6 — 70.6 Less: Contingent consideration asset (2) (41.5) (53.7) (95.2) Less: Purchase price adjustment (3) (52.5) 48.0 (4.5) Net purchase price $ 293.4 $ (5.7) $ 287.7 (1) The fair value was determined based on the closing market price of common shares on February 28, 2020, the acquisition date. As at December 31, 2022, the indemnifications relating to these Holdback Shares have expired and as a result, these Holdback Shares have all either been cancelled or released and issued to the selling shareholders. (2) Pursuant to the acquisition agreement, the Sellers are required to compensate the Company for losses on cash repatriation from a foreign jurisdiction related to specified contracts. Losses on cash repatriation is recognized in other expenses in the period incurred. Subsequently, Fairfax had agreed, subject to definitive documentation, to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 12(d)). (3) During the year ended December 31, 2020, the Sellers forfeited their rights to receive 577,139 Holdback Shares and returned 1,849,641 previously issued common shares to the Company. Of this number, 1,122,290 shares were permanently forfeited as part of post-closing purchase price adjustments. The remaining 727,351 shares were held in reserve as treasury shares. The shares held in reserve were issuable to the Sellers at a future date, subject to settlement of potential indemnified events. In addition, the Company agreed to issue 5-year warrants to purchase 5,000,000 common shares at an exercise price of $13.00 per share to Fairfax. The warrants were issued in April 2021. In March 2023, the 727,351 shares held in reserve were issued to the Sellers. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. As originally reported Adjustments As adjusted Cash and cash equivalents $ 36.7 $ — $ 36.7 Inventory 54.4 (13.5) 40.9 Acquisition related assets (1) 65.0 31.4 96.4 Accounts receivable (2) 41.4 7.7 49.1 Other current assets 7.9 1.2 9.1 Property, plant and equipment 597.3 (150.1) 447.2 Intangible assets 35.4 (8.0) 27.4 Deferred tax assets 23.5 (6.9) 16.6 Other assets 13.9 — 13.9 Goodwill — 117.9 117.9 Total assets acquired 875.5 (20.3) 855.2 Accounts payable and accrued liabilities 91.3 1.2 92.5 Income tax payable 104.0 2.5 106.5 Other current liabilities 17.2 — 17.2 Long-term debt (including current and non-current portions) (3) 311.6 — 311.6 Deferred tax liabilities 7.0 (6.0) 1.0 Other long-term liabilities 51.0 (12.3) 38.7 Net assets acquired $ 293.4 $ (5.7) $ 287.7 (1) Consists of indemnification assets recognized on acquisition. The Sellers are required to indemnify the Company for certain legal and tax matters through cancellation of the Holdback Shares or in cash, at the Sellers’ option. For certain of these arrangements, if the Holdback Shares are insufficient, Fairfax may be required to compensate the Company in cash. The amount to be indemnified is subject to the aggregate losses incurred at settlement of these legal and tax matters. The amount recognized is equal to the liabilities accrued for such legal and tax matters, based on the Company’s best estimates. For certain other indemnification arrangements, Fairfax is required to compensate the Company in cash, without minority shareholders. (2) The gross contractual accounts receivables acquired is $57.0 million. The amount not expected to be collected is $7.9 million. (3) Concurrent with the acquisition, the Company refinanced the debt facilities acquired (note 13). 3. Acquisition of Apple Bidco Limited (continued): The carrying amounts of cash and cash equivalents, accounts receivable and other current assets (consisting of prepaid expenses), accounts payable and accrued liabilities, income taxes payable and other current liabilities approximate their fair values due to the short-term maturity of the instruments. The fair value of long-term debt and other assets are categorized within Level 2 of the fair value hierarchy and determined based on expected payments. The fair values of contingent consideration assets, inventory, property, plant and equipment, intangible assets and asset retirement obligation included in other long-term liabilities were categorized within Level 3 of the fair value hierarchy and were determined using relevant market assumptions, including comparable sales and cost data, discount rates and future cash flows. As part of the acquisition, the Company recorded $117,900,000 of goodwill resulting from expected synergies in congruence with APR’s unique position in the power generation market, which is not deductible for tax purposes and has been assigned to the power generation segment. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company recognized $4,000, $130,000 and $1,498,000, respectively, of acquisition related costs that were included in general and administrative expense. Pro forma financial information The following table presents unaudited pro forma results for the year ended December 31, 2020. The unaudited pro forma financial information combines the results of operations of the Company and APR Energy as though the acquisition had occurred as of January 1, 2020. The pro forma results contain adjustments that are directly attributable to the transaction, including depreciation of the fair value of property, plant and equipment, amortization of acquired intangible assets, and refinancing of debt. Additionally, pro forma net earnings were adjusted to exclude acquisition-related costs incurred. Pro forma information Year ended December 31, 2020 Revenue $ 1,464.6 Net earnings 179.3 |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment reporting | Segment reporting: For management purposes, the Company is organized based on its two leasing businesses and has two reportable segments, containership leasing and mobile power generation. The Company’s containership leasing segment owns and operates a fleet of containerships which are chartered primarily pursuant to long-term, fixed-rate charters. The Company’s mobile power generation segment owns and operates a fleet of power generation assets, including gas turbines and other equipment, and provides power solutions to customers. The Company’s chief operating decision makers monitor the operating results of the leasing businesses separately for the purpose of making decisions about resource allocation and performance assessment based on adjusted EBITDA, which is computed as net earnings before interest expense, income tax expense, depreciation and amortization expense, impairments, write-down and gains/losses on sale, gains/losses on derivative instruments, loss on foreign currency repatriation, change in contingent consideration asset, loss on debt extinguishment, other expenses and certain other items that the Company believes are not representative of its operating performance. The following table includes the Company’s selected financial information by segment: Year ended December 31, 2022 Containership Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,543.0 $ 154.4 $ — $ 1,697.4 Operating expense 309.2 44.2 — 353.4 Depreciation and amortization expense 327.5 51.6 — 379.1 General and administrative expense 76.6 33.5 (2.0) 108.1 Indemnity claim (income) under acquisition agreement — (21.3) — (21.3) Operating lease expense 120.3 2.7 — 123.0 Loss (Gain) on sale 4.0 (0.3) — 3.7 Interest income (5.5) (0.7) (0.3) (6.5) Interest expense 219.4 16.7 (0.7) 235.4 Income tax expense 1.9 0.5 — 2.4 Year ended December 31, 2021 Containership Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,460.4 $ 186.2 $ — $ 1,646.6 Operating expense 289.3 61.7 — 351.0 Depreciation and amortization expense 307.9 58.8 — 366.7 General and administrative expense 49.9 25.7 3.6 79.2 Indemnity claim (income) under acquisition agreement — (42.4) — (42.4) Operating lease expense 143.0 3.3 — 146.3 Gain on sale (15.9) (0.5) — (16.4) Interest income (0.3) (2.8) — (3.1) Interest expense 178.8 20.2 (1.9) 197.1 Income tax expense 0.8 32.2 — 33.0 4. Segment reporting (continued): Year ended December 31, 2022 Year ended December 31, 2021 Containership leasing adjusted EBITDA $ 1,036.9 $ 978.4 Mobile power generation adjusted EBITDA (1) 97.1 136.4 Total segment adjusted EBITDA 1,134.0 1,114.8 Eliminations and other (1.4) (1.4) Depreciation and amortization expense 379.1 366.7 Interest income (6.5) (3.1) Interest expense 235.4 197.1 Gain on derivative instruments (120.6) (14.1) Loss on debt extinguishment 9.4 127.0 Other expenses 7.1 6.5 (Gain) Loss on contingent consideration asset (0.9) 5.1 Loss on foreign currency repatriation 4.0 13.9 Loss (Gain) on sale 3.7 (16.4) Consolidated net earnings before taxes $ 624.7 $ 433.5 (1) The calculation of adjusted EBITDA does not include the Indemnity claim under acquisition agreement as an adjustment for the mobile power generation segment. Although the revenue reported for this segment is lower due to an injunction at one of the sites, the losses are recoverable through an indemnification agreement (note 3). Total Assets December 31, 2022 December 31, 2021 Containership Leasing $ 10,584.2 $ 9,777.6 Mobile Power Generation 838.9 842.7 Elimination and Other (120.7) (50.7) Total $ 11,302.4 $ 10,569.6 Capital expenditures by segment Year ended December 31, 2022 Year ended December 31, 2021 Containership leasing $ 1,219.5 $ 1,679.4 Mobile power generation 20.2 29.9 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue: The Company generates revenue by leasing and operating its fleet of containerships and power generation assets, largely through operating leases, direct financing leases and sales-type leases. Revenue disaggregated by segment and by type for the year ended December 31, 2022 and December 31, 2021 is as follows: Year ended December 31, 2022 Containership Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,457.0 $ 136.4 $ 1,593.4 Interest income from leasing 73.8 — 73.8 Other 12.2 18.0 30.2 $ 1,543.0 $ 154.4 $ 1,697.4 Year ended December 31, 2021 Containership Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,409.9 $ 179.7 $ 1,589.6 Interest income from leasing 46.1 — 46.1 Other 4.4 6.5 10.9 $ 1,460.4 $ 186.2 $ 1,646.6 (1) Containership leasing revenue includes both bareboat charter and time charter revenue. As at December 31, 2022, the minimum future revenues to be received on committed operating leases, interest income to be earned from direct financing leases and other revenue are as follows: Operating lease revenue Direct financing leases (1) Other Total committed revenue 2023 $ 1,609.6 $ 75.5 $ 21.1 $ 1,706.2 2024 1,545.1 72.4 20.4 1,637.9 2025 1,275.7 69.1 20.4 1,365.2 2026 950.4 66.7 — 1,017.1 2027 516.9 64.2 — 581.1 Thereafter 663.3 458.7 — 1,122.0 $ 6,561.0 $ 806.6 $ 61.9 $ 7,429.5 (1) Minimum future interest income includes direct financing leases currently in effect. As at December 31, 2022, the minimum future revenues to be received based on each segment are as follows: Containership Leasing (1) Mobile Power Generation Total committed revenue 2023 $ 1,601.9 $ 104.3 $ 1,706.2 2024 1,573.1 64.8 1,637.9 2025 1,300.4 64.8 1,365.2 2026 1,017.1 — 1,017.1 2027 581.1 — 581.1 Thereafter 1,122.0 — 1,122.0 $ 7,195.6 $ 233.9 $ 7,429.5 (1) Minimum future interest income includes direct financing leases currently in effect. 5. Revenue (continued): Minimum future revenues assume 100% utilization, extensions only at the Company’s unilateral option and no renewals. It does not include signed charter agreements on undelivered vessels. The Company’s revenue during the years was derived from the following customers: 2022 2021 2020 COSCO $ 454.8 $ 492.2 $ 401.1 Yang Ming Marine 241.7 249.9 255.7 ONE 254.3 255.2 237.3 Hapag-Lloyd 140.6 116.4 83.6 Other 606.0 532.9 443.4 $ 1,697.4 $ 1,646.6 $ 1,421.1 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions: (a) The income or expenses with related parties relate to amounts paid to or received from individuals or entities that are associated with the Company or with the Company’s directors or officers and these transactions are governed by pre-arranged contracts. (b) Over the course of 2018, 2019 and 2020, Seaspan issued to Fairfax Financial Holdings Limited and certain of its affiliates (“Fairfax”) an aggregate $600,000,000 of 5.50% senior notes due in 2025, 2026 and 2027 (the “Fairfax Notes”) and warrants to purchase an aggregate 101,923,078 common shares of Seaspan. Two tranches of warrants, each for 38,461,539 common shares, were exercisable at a price of $6.50 per share. One tranche of warrants, for 25,000,000 common shares, was exercisable at a price of $8.05 per share. All such warrants have been exercised. In April 2021, in connection with an amendment to the APR Energy acquisition agreement, the Company issued to Fairfax warrants to purchase 5,000,000 common shares of the Company at an exercise price of $13.00 per share. In June 2021, the Company and Seaspan exchanged and amended $300,000,000 of the Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares of the Company (the “Series J Preferred Shares”), representing total liquidation value of $300,000,000, and (ii) warrants to purchase 1,000,000 common shares at an exercise price of $13.71 per share. The exchanged Fairfax Notes were subsequently cancelled and, in August 2021, Seaspan redeemed for cash the remaining Fairfax Notes at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. For the year ended December 31, 2021, interest expense related to the Fairfax Notes, excluding amortization of the debt discount, was $19,204,000 (2020 – $32,114,000). For the year ended December 31, 2021, amortization of debt discount was $14,188,000 (2020 – $19,963,000). For the year ended December 31, 2022, the dividends paid on Series J Preferred Shares were $21,000,000 (2021 – $8,108,000 ). (c) O n February 28, 2020, in connection with the acquisition of APR Energy, Fairfax received common shares of Atlas as consideration for its equity interests in APR Energy and as settlement of indebtedness owing to Fairfax by APR Energy. In addition, Atlas reserved for issuance Holdback Shares for Fairfax. Fairfax remains a counterparty to certain indemnification and compensation arrangements related to the acquisition of APR Energy (note 3). In June 2022, 2,576,014 of the Holdback Shares were cancelled to cover losses related to certain indemnified claims that had been realized. Fairfax remains a counterparty to certain indemnification and compensation arrangements related to the acquisition of APR Energy. 6. Related party transactions (continued): The indemnification obligation related to the cash repatriation from a foreign jurisdiction expired in April 2022. Prior to the expiration of this indemnification, during the year ended December 31, 2022, 92,444 ( December 31, 2021 – 350,138 ) Holdback Shares were issued. These Holdback Shares were released from the holdback of the minority sellers and purchased by Fairfax. Upon expiration of this indemnification, the remaining Holdback Shares of 2,749,898 were released and issued to the minority sellers in June 2022. Prior to the expiration of this indemnification, Fairfax also paid $6,265,000 during the year ended December 31, 2022 ( December 31, 2021 – $16,545,000). During the year ended December 31, 2022 and December 31, 2021 , the Company received $5,239,000 and $12,468,000, respectively, from Fairfax for the settlement of an indemnification related to losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 3). During the year ended December 31, 2021, interest expense related to Seaspan’s notes held by certain affiliates of Fairfax (the “Fairfax Holders”), including the Fairfax Notes, excluding amortization of the debt discount $19,204,000 ( 2020 – $32,114,000 ). For the year ended December 31, 2021 , amortization of debt discount was $14,188,000 (2020 – $19,963,000) . (d) As at December 31, 2022, Fairfax held approximately 44.3% of the Company’s issued and outstanding common shares and has designated two members to the Company’s board of directors. (e) In March 2021, the Company entered into a joint venture with Zhejiang Energy Group (“ZE”) and executed a shareholders’ agreement with ZE to form the joint venture (“ZE JV”). The Company owns 50% of the ZE JV. The purpose of the joint venture is to develop business in relation to container vessels, LNG vessels, environmental protection equipment and power equipment supply. In October 2021, through a series of transactions with a wholly owned subsidiary of the ZE JV as the ultimate purchaser, the Company sold one 4,250 TEU vessel for an aggregate purchase price of $38,280,000 (note 8). Additionally, in May 2022, through a series of transactions with wholly owned subsidiaries of the ZE JV as the ultimate purchaser, the Company sold four 4,250 TEU vessels for an aggregate purchase price of $138,975,000 (note 8). The Company continues to manage the ship operations of these vessels. During the year ended December 31, 2022 , the Company earned revenue of $7,035,000 (2021 – $325,000) and incurred expenses of $6,776,000 (2021 – $285,000) in connection with the ship management of the vessel. As at December 31, 2022, the Company has invested $1,000,000 (December 31, 2021 – $1,000,000) in the ZE JV. |
Net investment in lease
Net investment in lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Net investments in lease | Net investment in lease: 2022 2021 Undiscounted lease receivable $ 1,724.4 $ 1,448.2 Unearned interest income (816.0) (689.9) Net investment in lease $ 908.4 $ 758.3 2022 2021 Lease receivables $ 908.4 $ 751.4 Unguaranteed residual value — 6.9 Net investment in lease 908.4 758.3 Current portion of net investment in lease (21.0) (16.8) Long-term portion of net investment in lease $ 887.4 $ 741.5 In February 2021, the Company commenced a fixed rate bareboat charter with a term of 18 years on a 12,000 TEU vessel, which has been classified as a sales-type lease. No gain or loss was recognized on commencement date. 7. Net investment in lease (continued) : In September and November 2021, the Company commenced one and two 18-year fixed rate bareboat charters, respectively, each for a 12,200 TEU vessel. The bareboat charters have been classified as a sales-type lease and no gain or loss was recognized on the commencement dates. In April and May 2022, the Company accepted delivery of two 12,200 TEU newbuild vessels, each of which commenced an 18-year fixed rate bareboat charter upon delivery. The bareboat charters have been classified as a sales-type lease and no gain or loss was recognized on the commencement dates. At December 31, 2022, the minimum lease receivable from direct financing leases are as follows: 2023 $ 96.9 2024 97.1 2025 96.9 2026 96.9 2027 96.9 Thereafter 1,239.7 $ 1,724.4 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment: December 31, 2022 Cost Accumulated depreciation Net book value Vessels $ 9,610.7 $ (2,805.6) $ 6,805.1 Equipment and other 542.9 (191.1) 351.8 Property, plant and equipment $ 10,153.6 $ (2,996.7) $ 7,156.9 December 31, 2021 Cost Accumulated depreciation Net book value Vessels $ 9,410.9 $ (2,830.4) $ 6,580.5 Equipment and other 557.3 (185.6) 371.7 Property, plant and equipment $ 9,968.2 $ (3,016.0) $ 6,952.2 During the year ended December 31, 2022, depreciation and amortization expense relating to property, plant and equipment was $334,121,000 (2021 – $345,164,000; 2020 – $324,597,000). Upon commencement of a fixed rate bareboat charter in February 2021, $88,061,000 was reclassified to net investment in lease from property, plant and equipment (note 7). During the year ended December 31, 2021, the Company took delivery of four vessels, with an aggregate purchase price of $358,500,000. During the year ended December 31, 2021, the Company took delivery of three 12,200 TEU vessels for an aggregate purchase price of $251,895,000. The vessels commenced 18-year bareboat charters upon delivery and are classified as a sales-type lease (note 7) . During the year ended December 31, 2021, the Company sold one 4,250 TEU vessel for $38,280,000 (note 6(e)), resulting in a gain on sale of $15,884,000. During the year ended December 31, 2022, the Company accepted delivery of one 15,000 and six 11,800 TEU newbuild vessels, each of which commenced a 5-year charter upon delivery (note 9). 8. Property, plant and equipment (continued): During the year ended December 31, 2022, the Company completed the sale of 10 vessels. The Company received gross proceeds of $257,075,000 for the 10 vessel sales and recognized loss on sale of $3,973,000 in aggregate. Seaspan continues to manage the operations of seven of these vessels pursuant to management agreements entered into in connection with the sales. In December 2022, the Company entered into an agreement to sell one 4,250 TEU vessel for gross proceeds $21,600,000, subject to closing conditions. As at December 31, 2022 this vessel was classified as asset held for sale. The sale was completed in January 2023 and Seaspan continues to manage the ship operations of this vessel pursuant to a management agreement entered into in connection with the sale (note 25). |
Vessels under construction
Vessels under construction | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Vessels under construction | Vessels under construction As at December 31, 2022, the vessels under construction balance includes $49,022,000 of capitalized interest for the year ended December 31, 2022 (December 31, 2021 – $18,870,000). As at December 31, 2022, the vessels under construction balance includes $1,122,655,000 of installment payments for the year ended December 31, 2022 (December 31, 2021 – $1,284,512,000). |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2022 | |
Operating Lease Right Of Use Assets [Abstract] | |
Right-of-use assets | Right-of-use assets: December 31, 2022 Cost Accumulated amortization Net book value Vessel operating leases $ 835.5 $ (335.5) $ 500.0 Vessel finance leases 246.6 (7.9) 238.7 Other operating leases 15.6 (7.6) 8.0 Right-of-use assets $ 1,097.7 $ (351.0) $ 746.7 December 31, 2021 Cost Accumulated amortization Net book value Vessel operating leases $ 1,066.6 $ (350.0) $ 716.6 Office operating leases 15.8 (7.5) 8.3 Right-of-use assets $ 1,082.4 $ (357.5) $ 724.9 During the year ended December 31, 2022, the Company exercised options under existing lease financing arrangements to purchase four 10,000 TEU vessels. The purchases are expected to complete in January through September 2023, at the pre-determined purchase price of $52,690,000 per vessel. During the year ended December 31, 2022, the amortization in right-of-use assets were $107,504,000 (2021 – $125,800,000; 2020 – $120,140,000, respectively). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill: Containership leasing Mobile power generation Balance, December 31, 2021 $ 75.3 $ — Balance, December 31, 2022 $ 75.3 $ — |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Other assets | Other assets: 2022 2021 Intangible assets (a) $ 75.7 $ 90.1 Deferred dry-dock (b) 86.9 79.4 Restricted cash (c) 11.0 38.2 Contingent consideration asset (d) 39.5 49.2 Indemnity claim under acquisition agreement (e) — 42.5 Deferred financing fees on undrawn financings (f) 57.3 77.0 Other 42.4 48.0 Other assets $ 312.8 $ 424.4 (a) Intangible assets: December 31, 2022 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (92.3) $ 37.6 Trademark 27.4 (3.9) 23.5 Other 25.2 (10.6) 14.6 $ 182.5 $ (106.8) $ 75.7 December 31, 2021 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (76.2) $ 53.7 Trademark 27.4 (2.5) 24.9 Other 16.5 (5.0) 11.5 $ 173.8 $ (83.7) $ 90.1 As part of the acquisition of APR Energy on February 28, 2020, the Company recorded $27,400,000 related to the fair value of a trademark. The trademark is amortized on a straight-line basis over its estimated useful life of 20 years. Acquired customer contracts are amortized on a straight-line basis over their remaining useful lives. As of December 31, 2022, the weighted average remaining useful lives of acquired customer contracts was 3.4 years (2021 – 3.9 years; 2020 – 4.6 years). During the year ended December 31, 2022, the Company recorded $23,200,000 of amortization related to intangible assets (2021 – $20,910,000; 2020 – $21,396,000). Future amortization of intangible assets is as follows: 2023 $ 18.1 2024 13.8 2025 9.3 2026 4.3 2027 2.7 Thereafter 27.5 $ 75.7 12. Other assets (continued): (b) Deferred dry-dock: During the years ended December 31, 2022 and 2021, changes in deferred dry-dock were as follows: December 31, 2020 $ 63.8 Costs incurred 40.0 Amortization expensed (1) (24.4) December 31, 2021 79.4 Costs incurred 42.4 Vessel sales (11.3) Amortization expensed (1) (23.6) December 31, 2022 $ 86.9 (1) Amortization of dry-docking costs is included in depreciation and amortization (c) Restricted cash: Restricted cash consists primarily of amounts held in reserve accounts related to the Company’s debt facilities. (d) Contingent consideration asset: As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for certain losses that may be incurred on future cash repatriation from a foreign jurisdiction until the earlier of (1) reaching the maximum cash flows subject to compensation, (2) termination of specified contracts, (3) sustaining the ability to repatriate cash without losses and (4) April 30, 2022. The amount of compensation depends on the Company’s ability to generate cash flows on specific contracts in the foreign jurisdiction and the magnitude of losses incurred on repatriation. The maximum amount of cash flows subject to compensation is $110,000,000. In February 2021, Fairfax additionally agreed to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items calculated as the difference between the proceeds on sale or disposal and the book value of the respective assets at February 28, 2020, prior to acquisition. The maximum amount of losses subject to compensation under the February 2021 agreement is $64,000,000. Contingent consideration asset, December 31, 2020 $ 90.9 Change in fair value (5.1) Compensation received (30.5) Contingent consideration asset, December 31, 2021 55.3 Change in fair value 0.9 Compensation received (12.5) Contingent consideration asset 43.7 Current portion included in prepaid expenses and other (4.2) Contingent consideration asset, December 31, 2022 $ 39.5 12. Other assets (continued): (e) Indemnity claim under acquisition agreement As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for losses resulting from an ongoing injunction on certain sites in Argentina, which losses are settled through a combination of cancellation of Holdback Shares and cash . In May 2022, 2,576,014 of the Holdback Shares were cancelled and in 2022 the Company received a total of $31,602,000 cash compensation, of which $21,247,000 was received in December 2022 and was recorded as acquisition related asset. As at December 31, 2022, the indemnification for the losses related to the injunction are fully settled. (f) Deferred financing fees on undrawn financings The Company has entered into financing arrangements for certain of its vessels under construction. As the financing arrangements are undrawn as at December 31, 2022, the amounts incurred have been capitalized and recorded as long-term asset. As the financing is drawn, the amounts are reclassified and presented as a direct deduction from the related debt liability. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long term debt: 2022 2021 Long-term debt: Revolving credit facilities (a) (d) $ — $ — Term loan credit facilities (b) (d) 1,233.0 2,341.8 Senior unsecured notes (e) 1,302.4 1,302.4 Senior unsecured exchangeable notes (g) 201.3 201.3 Senior Secured Notes (c) 1,000.0 500.0 3,736.7 4,345.5 Debt discount on senior unsecured exchangeable notes — (5.1) Deferred financing fees (44.9) (57.6) Long-term debt 3,691.8 4,282.8 Current portion of long-term debt (238.4) (551.0) Long-term debt $ 3,453.4 $ 3,731.8 (a) Revolving credit facilities As at December 31, 2022, the Company had three revolving credit facilities available (December 31, 2021 – three revolving credit facilities) which provided for aggregate borrowings of up to $700,000,000 (December 31, 2021 – $600,000,000), of which $700,000,000 (December 31, 2021 – $600,000,000) was undrawn. In May 2021, the Company refinanced one revolving credit facility which increased the aggregate commitments by $100,000,000 and extended the maturity by two years. In February 2022, the Company closed a new $250,000,000, 3-year unsecured revolving credit facility which replaces a $150,000,000 2-year unsecured revolving credit facility. In June 2022, the Company entered into an amended and restated credit facility which comprises a $50,000,000 revolving credit facility and a $108,000,000 term loan facility. The credit facility matures on June 2025 and is secured by the Company’s power generation assets. As of December 31, 2022, the revolving credit facility is committed but undrawn. 13. Long term debt (continued): (a) Revolving credit facilities (continued): As at December 31, 2022 and December 31, 2021, the Company has no drawn revolving credit facilities. The Company is subject to commitment fees ranging between 0.45% and 0.5% (December 31, 2021 – 0.5% and 0.6%) calculated on the undrawn amounts under the various facilities. (b) Term loan credit facilities: As at December 31, 2022, the Company has entered into $3,751,731,000 (December 31, 2021 – $4,052,103,000) of term loan credit facilities, of which $2,518,743,000 (December 31, 2021 – $1,710,224,000) was undrawn. In May 2021, the Company amended and restated three term loan credit facilities which increased the aggregate commitments by $79,540,000 and extended maturities by two years. In June 2021, the Company made early prepayment of $59,961,000 on one term loan that matures on July 6, 2025. In May and July 2021, the Company entered into two $6,500,000 term loan credit facilities, which each bear a fixed interest rate of 3.8% per annum and mature on May 30, 2024 and July 2, 2024, respectively. In September 2022, both the term loan credit facilities were early repaid. In October 2021, the Company entered into a $633,088,000 term loan credit facility for eight vessels, which bears an initial interest rate of three month LIBOR plus 1.4% margin. During the year ended December 31, 2022, five of the vessels secured under this credit facility delivered and the Company transitioned the financing under the term loan credit facility related to these five vessels with sale-leaseback arrangements (note 16(xiii)). As a result, the remaining term loan credit financing available for three vessels is $270,687,000, which is undrawn as of December 31, 2022. In December 2021, the Company entered into a $1,077,137,000 term loan credit facility for 10 vessels, which bears an initial interest rate of three month LIBOR plus 3.39% margin. No amounts have been drawn under the facility as of December 31, 2022. In May 2022, the Company voluntarily prepaid a term loan facility with an outstanding balance of $100,000,000. In June 2022, the Company entered into an amended and restated credit facility which comprises a $50,000,000 revolving credit facility and a $108,000,000 term loan facility (note 13(a)). In August 2022, the Company voluntarily prepaid $240,000,000 of a term loan facility under its vessel portfolio financing program. In October 2022, the Company entered into a $1,170,918,000 term loan credit facility for 15 vessels, which bears an initial interest rate of daily Secured Overnight Financing Rate (“SOFR”) plus 1.4% margin. No amounts have been drawn under the facility as of December 31, 2022 Term loan credit facilities drawn mature between August 10, 2023 and January 21, 2030. For the Company’s floating rate term loan credit facilities, interest is calculated based on one month, three month or six month benchmark rates, plus a margin per annum, dependent on the interest period selected by the Company. The three month and six month average LIBOR was 4.8% and 3.5%, respectively (December 31, 2021 – 0.2% and 0.2%) and the three month average SOFR was 3.0%. The margins ranged between 0.4% and 2.5% as at December 31, 2022 (December 31, 2021 – 0.4% and 3.5%). 13. Long term debt (continued): (b) Term loan credit facilities (continued): For one of the term loan credit facilities with a total principal amount outstanding of $14,425,000 (December 31, 2021 – $27,198,000), interest is calculated based on the Export-Import Bank of Korea (“KEXIM”) rate plus 0.7% per annum. The weighted average rate of interest, including the applicable margin, was 6.4% as at December 31, 2022 (December 31, 2021 – 1.9%) for the Company’s term loan credit facilities. Interest payments are made in monthly, quarterly or semi-annual payments. Repayments under term loan credit facilities are made in quarterly or semi-annual payments. For those related to newbuilding containerships, payments commence three, six or thirty-six months after delivery of the associated newbuilding containership, utilization date or the inception date of the term loan credit facilities. The Company is subject to commitment fees ranging between 0.25% and 0.58% (December 31, 2021 – 0.2% and 0.56%) calculated on the undrawn amounts under the various facilities. The following is a schedule of future minimum repayments under the Company’s term loan credit facilities as of December 31, 2022: 2023 $ 239.6 2024 111.9 2025 167.4 2026 450.9 2027 241.2 Thereafter 22.0 $ 1,233.0 (c) Sustainability-Linked Senior Secured Notes: In May 2021, the Company entered into a note purchase agreement to issue $500,000,000 of sustainability-linked, senior secured notes (the “Senior Secured Notes”) in a US private placement. The Senior Secured Notes comprise four series, each ranking pari passu with the Company’s existing and future debt financing program. The Series A, Series C and Series D Senior Secured Notes were issued in May 2021, with interest rates ranging from 3.91% to 4.26% and maturities from June 2031 to June 2036. The Series B Senior Secured Notes, which bear interest at 3.91% per annum and mature in 2031, were issued in August 2021. The Senior Secured Notes contain certain sustainability features, and are subject to adjustment based on Seaspan’s achievements relative to certain key performance indicators. On May 17, 2022, the Company entered into a note purchase agreement to issue, in a private placement, $500,000,000 aggregate principal amount of fixed-rate, sustainability-linked senior secured notes. The notes comprise three series, with interest rates ranging from 5.15% to 5.49% and maturities ranging from September 5, 2032 to September 5, 2037. The notes were issued and proceeds received on August 3, 2022. 13. Long term debt (continued): (d) Credit facilities – other: As at December 31, 2022, the Company’s credit facilities were secured by first-priority mortgages granted on most of its power generation assets and 53 of its vessels together with other related security. The security for each of the Company’s current secured credit facilities includes: • A first priority mortgage on collateral assets; • An assignment of the Company’s lease agreements and earnings related to the related collateral assets; • An assignment of the insurance policies covering each of the collateral assets that are subject to a related mortgage and/or security interest; • An assignment of the Company’s related shipbuilding contracts and the corresponding refund guarantees; • A pledge over shares of various subsidiaries; and • A pledge over the related retention accounts. As at December 31, 2022, $938,703,000 principal amount of indebtedness under the Company’s term loan and revolving credit facilities, together with $1,000,000,000 of sustainability-linked fixed rate notes with maturities from June 2031 to September 2037, was secured by a portfolio of 48 vessels, the composition of which can be changed, and is subject to a borrowing base and portfolio concentration requirements, as well as compliance with financial covenants and certain negative covenants. The Company may prepay certain amounts outstanding without penalty, other than breakage costs in certain circumstances, with the exception of one term loan credit facility, where the Company may prepay borrowings up to March 6, 2023 with penalties and thereafter without penalty. A prepayment may be required as a result of certain events, including change of control and, where applicable, the sale or loss of assets or a termination or expiration of certain lease agreements (and the inability to enter into a lease replacing the terminated or expired lease suitable to lenders within a specified period of time). The amount that must be prepaid may be calculated based on the loan to market value. In these circumstances, valuations of the Company’s assets are conducted on a “without lease” and/or “orderly liquidation” basis as required under the credit facility agreement. Each credit facility contains a mix of financial covenants requiring the borrower and/or guarantor of the facility to maintain minimum liquidity, tangible net worth, interest and principal coverage ratios, and debt-to-assets ratios, as defined. Each of Atlas and Seaspan are guarantors under certain facilities. Some of the facilities also have an interest and principal coverage ratio, debt service coverage and vessel value requirement for the subsidiary borrower. The Company was in compliance with these covenants as at December 31, 2022. (e) Senior unsecured notes: In February 2021, the Company issued $200,000,000 of 6.5% senior unsecured sustainability-linked bonds in the Nordic bond market (“2024 Bonds”). In April 2021, the Company issued a further $300,000,000 of senior unsecured sustainability-linked bonds in the Nordic bond market (the “2026 Bonds” and together with the 2024 Bonds, the “Bonds”). The Bonds mature in February 2024 and April 2026, respectively, and bear interest at 6.5% per annum. If the sustainability performance targets are not met during the term of the Bonds, the Bonds will be settled at maturity at 100.5% of the initial principal. The Bonds are listed on the Oslo Stock Exchange. In May 2021, the Company exchanged an aggregate principal amount of $52,198,825 7.125% senior notes due 2027 of its wholly owned subsidiary, Seaspan Corporation (the “Seaspan Notes”), for an equivalent amount of its 7.125% senior notes due 2027 (the “Atlas Notes”), registered under the Securities Act of 1933, as amended, and listed on the Nasdaq Global Market. In July 2021, the Company exchanged an additional $151,000 of Seaspan Notes for Atlas Notes, and redeemed all remaining Seaspan Notes. 13. Long term debt (continued): (e) Senior unsecured notes (continued): On July 14, 2021, the Company issued $750,000,000 of senior unsecured notes. These notes mature in 2029 and accrue interest at 5.5% per annum, payable semi-annually beginning on February 1, 2022. The notes are a blue transition bond developed to further the Company’s sustainability efforts. (f) Fairfax Notes: Pursuant to the Fairfax Exchange as described in note 6(b), the Company exchanged $200,000,000 aggregate principal amount of the 2026 Fairfax Notes and all $100,000,000 aggregate principal amount of the 2027 Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares, and (ii) 1,000,000 five year warrants to purchase an equal number of Atlas common shares at an exercise price of $13.71 per share. The exchanged 2026 Fairfax Notes and 2027 Fairfax Notes were subsequently cancelled. In connection with the Fairfax Exchange, the Fairfax Holders also agreed to amend the terms of the $300,000,000 aggregate principal amount of the Fairfax Notes that remain outstanding following the Fairfax Exchange, which includes all 2025 Fairfax Notes and 2026 Fairfax Notes. The Amendment, among other things, eliminated the Fairfax Holders’ mandatory redemption and put rights and released and discharged all outstanding guarantees and liens on collateral thereunder. The Fairfax Holders also agreed to terminate Seaspan’s Amended and Restated Pledge and Collateral Agent Agreement and to release and discharge all liens on collateral thereof. The Company had the option to redeem the amended notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. In August 2021, the remaining 2025 Fairfax Notes and 2026 Fairfax Notes were redeemed for cash at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. As a result of the Fairfax Exchange and subsequent redemption of the 2025 Fairfax Notes and 2026 Fairfax Notes, the Company recorded a loss on debt extinguishment of nil for the year ended December 31, 2022 (2021 – $121,715,000, 2020 – nil, respectively), representing the write-off of the existing associated debt discount and deferred financing fees. (g) Senior Unsecured Exchangeable Notes: On December 21, 2020, the Company, through its wholly-owned subsidiary, Seaspan Corporation issued $201,250,000 aggregate principal amount of 3.75% exchangeable senior unsecured notes due 2025 (the “Exchangeable Notes”) in a private placement. The Exchangeable Notes are exchangeable at the holders’ option into an aggregate of 15,474,817 Atlas common shares at an initial exchange price of $13.005 per share, in equivalent cash or a combination of Atlas common shares and cash, as elected by the Company, on or after September 15, 2020, or earlier in the following circumstances: • After December 31, 2020, if the last reported price of an Atlas common share is at least 130% of the exchange price then in effect over a specified measurement period; • If the trading price per $1,000 principal amount of Exchangeable Notes during a specified measurement period is less than 98% of the last reported sale price on Atlas common shares multiplied by the applicable exchange rate; and • Upon the occurrence of certain significant corporate events, or in response to early redemption elected by the Company. The exchange price is subject to anti-dilution and make-whole clauses. The holders may require the Company to redeem the Exchangeable Notes held by them upon the occurrence of certain corporate events qualifying as a fundamental change in the business. The Company may redeem the Exchangeable Notes in connection with certain tax-related events or on any business day on or after December 20, 2023 and prior to September 15, 2025, if the last reported sale price of an Atlas common share is at least 130% of the exchange price during a specified measurement period. A redemption of the Exchangeable Notes is made at 100% of the principal amount, plus accrued and unpaid interest. The Exchangeable Notes mature on December 15, 2025, unless earlier exchanged, repurchased or redeemed. 13. Long term debt (continued): (g) Senior Unsecured Exchangeable Notes (continued): Upon issuance, the proceeds from the Exchangeable Notes were allocated between debt, measured at fair value of $195,000,000 and equity of $6,250,000 representing the residual value related to the conversion feature. The difference between the face value and carrying value of the debt reflects the debt discount, which is amortized through interest expense using an effective interest rate of 4.5%, over the remaining life of the debt. Interest payment is semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. Capped Call Transactions In connection with the issuance of the Exchangeable Notes, the Company entered into capped call transactions with affiliates of certain of the initial purchasers of the Exchangeable Notes and other financial institutions, using $15,536,000 in proceeds from the issuance, to reduce the potential dilution to Atlas common shares upon any exchange of notes and/or offset any cash payments the Company is required to make upon exchange of the Exchangeable Notes, in excess of the principal amount. They may be settled in cash, shares, or a combination of cash and shares as determined by the settlement method of the Exchangeable Notes, at a strike price with underlying shares equal to that of the Exchangeable Notes and subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The capped calls are exercisable up to a maximum price of $17.85 per share, subject to certain adjustments. The instruments expire on December 15, 2025. |
Operating lease liabilities
Operating lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating lease liabilities | Operating lease liabilities: December 31, 2022 December 31, 2021 Operating lease commitments $ 581.6 $ 791.2 Impact of discounting (66.3) (104.6) Impact of changes in variable rates (8.3) 30.8 Operating lease liabilities 507.0 717.4 Current portion of operating lease liabilities (115.3) (155.1) Operating lease liabilities $ 391.7 $ 562.3 Operating lease liabilities relate to vessel sale-leaseback transactions and other operating leases. Vessel sale-leaseback transactions under operating lease arrangements are in part, indexed to three month LIBOR, reset on a quarterly basis. For one of the Company’s vessel operating leases, an option to repurchase the vessel exists at the end of its lease term. For all other arrangements, the lease may be terminated prior to the end of the lease term, at the option of the Company, by repurchasing the respective vessels on a specified repurchase date at a pre-determined fair value amount. For one of these arrangements, if the Company elects not to repurchase the vessel, the lessor may choose not to continue the lease until the end of its term. Each sale-leaseback transaction contains financial covenants requiring the Company to maintain certain tangible net worth, interest coverage ratios and debt-to-assets ratios, as defined. These vessels are leased to customers under time charter arrangements. 14. Operating lease liabilities (continued): Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows: Year ended December 31, 2022 Year ended December 31, 2021 Lease costs: Operating lease costs $ 128.5 $ 160.2 Variable lease adjustments (4.8) (13.7) Other information: Operating cash outflow used for operating leases 116.5 143.2 Weighted average discount rate (1) 4.8 % 4.8 % Weighted average remaining lease term 5 years 6 years (1) The weighted average discount rate is based on a fixed rate at the time the lease was entered into and is adjusted quarterly as each lease payment is made. In September 2021, the Company amended an operating lease for one vessel to extend the term for an additional five years. The amendment resulted in the continuation of its treatment as an operating lease. The reassessment due to the modification resulted in an increase of $5,753,000 to lease liabilities and a corresponding increase to right-of-use assets. |
Finance lease liabilities
Finance lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Finance lease liabilities | Finance lease liabilities: December 31, 2022 December 31, 2021 Finance lease liabilities $ 222.2 $ — Current portion of finance lease liabilities (222.2) — Long-term finance lease liabilities $ — $ — During the year ended December 31, 2022, the Company exercised options under existing lease financing arrangements to purchase four 10,000 TEU vessels. The purchases are expected to complete in January through September 2023, at the pre-determined purchase price of $52,690,000 per vessel. As at December 31, 2022, the total remaining commitments related to financial liabilities of these vessels were approximately $225,117,000 (December 31, 2021 – nil), including imputed interest of $2,875,000 (December 31, 2021 – nil), repayable in 2023. The weighted average interest rate on obligations related to finance leases as at December 31, 2022 was 5.9%. 2022 2021 Other financing arrangements $ 2,119.7 $ 1,363.1 Deferred financing fees (31.9) (23.3) Other financing arrangements 2,087.8 1,339.8 Current portion of other financing arrangements (147.5) (100.5) Other financing arrangements $ 1,940.3 $ 1,239.3 16. Other financing arrangements (continued): The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the acquisition of vessels. Under these arrangements, the Company has agreed to transfer the vessels to the counterparties and lease the vessels back from the counterparties over the applicable lease term as a financing lease arrangement. In the arrangements where the shipbuilding contracts are novated to the counterparties, the counterparties assume responsibility for the remaining payments under the shipbuilding contracts. In certain of the arrangements, the counterparties are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term, supervises the vessels’ construction before the lease term begins, if applicable, and/or is required to purchase the vessels from the counterparties at the end of the lease term. As a result, in most cases, the Company is considered to be the primary beneficiary of the counterparties and consolidates the counterparties for financial reporting purposes. In all cases, these arrangements are considered failed-sales. The vessels are recorded as an asset and the obligations under these arrangements are recorded as a liability. The terms of the leases are as follows: (i) Leases for five 11,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $420,750,000. The 17-year lease terms began between August 2017 and January 2018, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a margin ranging from 2.65% to 3.3%. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. In October 2020, the Company made a prepayment of $71,084,000 on the remaining principal balance of one of the 11,000 TEU vessels under sales-leaseback financing arrangement. In January 2021, the Company made a payment of $69,166,000 to early terminate a sale-leaseback financing arrangement secured by one 11,000 TEU vessel. In March 2021, the Company entered into a new sale-leaseback financing arrangement of $83,700,000, secured by the same 11,000 TEU vessel. (ii) Leases for four 12,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $337,732,000. The 10-year lease terms began in March and April 2020, which were the vessels’ delivery dates. Lease payments include interest components based on one month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (iii) Leases for two 13,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $138,225,000. The 10-year lease terms began in August and September 2020, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (iv) Leases for two 12,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $158,400,000. The 10-year and 12-year lease terms began in October and November 2020, respectively, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels throughout their respective lease terms at a pre-determined purchase price. 16. Other financing arrangements (continued): (v) Leases for three vessels: In April 2021, the counterparty provided refinancing of $235,000,000 in sale-leaseback financing for three vessels ranging in size between 10,000 TEU and 13,100 TEU. The lease terms, ranging between 96 and 162 months, began in April 2021. Lease payments include interest components based on one three LIBOR plus a 2.75% margin. The Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (vi) Leases for three 12,200 TEU vessels In April 2021, the counterparty provided sale-leaseback financing of $243,000,000. The 12-year lease term for three of the vessels began in November 2021, April and May 2022, upon delivery of the vessels. The amounts drawn on this facility for the other two vessels relate to installments on vessel under construction. Lease payments include interest components based on one month LIBOR plus a 2.95% margin. At delivery, the Company sells and leases the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (vii) Leases for two 12,200 TEU vessels In May 2021, the counterparty provided sale-leaseback financing of $162,000,000. The 10-year lease terms began in September and November 2021, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.95% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (viii) Leases for six 7,000 TEU vessels In October 2021, the counterparty provided sale-leaseback financing of $445,000,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase four of the vessels at a pre-determined purchase price. For all six vessels, the Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, $49,417,000 was drawn on this facility. (ix) Leases for eight vessels In June 2021, the counterparty provided sale-leaseback financing of $895,320,000 for eight vessels ranging in size from 16,000 TEU to 24,000 TEU. Lease payments include interest components based on three month LIBOR plus a 2.80% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, $28,800,000 has been drawn under this facility. (x) Leases for six 15,500 TEU vessels In August 2021, the counterparty provided sale-leaseback financing of $661,826,000. Lease payments include interest components based on one month LIBOR plus a 2.50% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, no amounts have been drawn under this facility. 16. Other financing arrangements (continued): (xi) Leases for six 15,000 TEU and four 7,000 TEU vessels In November 2021, the counterparty provided sale-leaseback financing of $889,651,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, no amounts have been drawn under this facility. (xii) Leases for two 12,000 TEU vessels During the year ended December 31, 2022, the Company completed a sale-leaseback financing for two vessels for proceeds of $226,000,000. Upon delivery of each vessel in October and November, the Company commenced a 13.25 year leaseback. Lease payments include interest components based on three month SOFR plus a credit spread and a 1.8% margin. The Company has the option to purchase each vessel either 5 years or 7 years and 11 months after its delivery date at a pre-determined purchase price. (xiii) Leases for four 11,800 TEU and one 15,000 TEU vessels Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 13(b)). Upon delivery of each vessel during 2022, the pre-delivery financing was replaced with sale-leaseback financing for the five vessels for proceeds of $468,600,000. Upon delivery of each vessel, which occurred between June through October 2022, the Company commenced a 14 year leaseback. Lease payments include interest components based on daily SOFR plus a credit spread and margin of 1.4%. The Company has the option to purchase each vessel 9.5 years after its delivery date at a pre-determined purchase price. In May 2021, the Company repaid $59,300,000 upon early termination of a sale-leaseback financing arrangement secured by a 13,100 TEU vessel. The weighted average rate of interest, including the margin, was 6.62% at December 31, 2022 (December 31, 2021 – 3.08%). Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2023 $ 148.2 2024 151.1 2025 147.2 2026 145.3 2027 146.6 Thereafter 1,381.3 $ 2,119.7 |
Other financing arrangements
Other financing arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Other financing arrangements | Finance lease liabilities: December 31, 2022 December 31, 2021 Finance lease liabilities $ 222.2 $ — Current portion of finance lease liabilities (222.2) — Long-term finance lease liabilities $ — $ — During the year ended December 31, 2022, the Company exercised options under existing lease financing arrangements to purchase four 10,000 TEU vessels. The purchases are expected to complete in January through September 2023, at the pre-determined purchase price of $52,690,000 per vessel. As at December 31, 2022, the total remaining commitments related to financial liabilities of these vessels were approximately $225,117,000 (December 31, 2021 – nil), including imputed interest of $2,875,000 (December 31, 2021 – nil), repayable in 2023. The weighted average interest rate on obligations related to finance leases as at December 31, 2022 was 5.9%. 2022 2021 Other financing arrangements $ 2,119.7 $ 1,363.1 Deferred financing fees (31.9) (23.3) Other financing arrangements 2,087.8 1,339.8 Current portion of other financing arrangements (147.5) (100.5) Other financing arrangements $ 1,940.3 $ 1,239.3 16. Other financing arrangements (continued): The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the acquisition of vessels. Under these arrangements, the Company has agreed to transfer the vessels to the counterparties and lease the vessels back from the counterparties over the applicable lease term as a financing lease arrangement. In the arrangements where the shipbuilding contracts are novated to the counterparties, the counterparties assume responsibility for the remaining payments under the shipbuilding contracts. In certain of the arrangements, the counterparties are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term, supervises the vessels’ construction before the lease term begins, if applicable, and/or is required to purchase the vessels from the counterparties at the end of the lease term. As a result, in most cases, the Company is considered to be the primary beneficiary of the counterparties and consolidates the counterparties for financial reporting purposes. In all cases, these arrangements are considered failed-sales. The vessels are recorded as an asset and the obligations under these arrangements are recorded as a liability. The terms of the leases are as follows: (i) Leases for five 11,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $420,750,000. The 17-year lease terms began between August 2017 and January 2018, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a margin ranging from 2.65% to 3.3%. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. In October 2020, the Company made a prepayment of $71,084,000 on the remaining principal balance of one of the 11,000 TEU vessels under sales-leaseback financing arrangement. In January 2021, the Company made a payment of $69,166,000 to early terminate a sale-leaseback financing arrangement secured by one 11,000 TEU vessel. In March 2021, the Company entered into a new sale-leaseback financing arrangement of $83,700,000, secured by the same 11,000 TEU vessel. (ii) Leases for four 12,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $337,732,000. The 10-year lease terms began in March and April 2020, which were the vessels’ delivery dates. Lease payments include interest components based on one month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (iii) Leases for two 13,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $138,225,000. The 10-year lease terms began in August and September 2020, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (iv) Leases for two 12,000 TEU vessels: Under these arrangements, the counterparty has provided financing of $158,400,000. The 10-year and 12-year lease terms began in October and November 2020, respectively, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels throughout their respective lease terms at a pre-determined purchase price. 16. Other financing arrangements (continued): (v) Leases for three vessels: In April 2021, the counterparty provided refinancing of $235,000,000 in sale-leaseback financing for three vessels ranging in size between 10,000 TEU and 13,100 TEU. The lease terms, ranging between 96 and 162 months, began in April 2021. Lease payments include interest components based on one three LIBOR plus a 2.75% margin. The Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (vi) Leases for three 12,200 TEU vessels In April 2021, the counterparty provided sale-leaseback financing of $243,000,000. The 12-year lease term for three of the vessels began in November 2021, April and May 2022, upon delivery of the vessels. The amounts drawn on this facility for the other two vessels relate to installments on vessel under construction. Lease payments include interest components based on one month LIBOR plus a 2.95% margin. At delivery, the Company sells and leases the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (vii) Leases for two 12,200 TEU vessels In May 2021, the counterparty provided sale-leaseback financing of $162,000,000. The 10-year lease terms began in September and November 2021, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.95% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (viii) Leases for six 7,000 TEU vessels In October 2021, the counterparty provided sale-leaseback financing of $445,000,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase four of the vessels at a pre-determined purchase price. For all six vessels, the Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, $49,417,000 was drawn on this facility. (ix) Leases for eight vessels In June 2021, the counterparty provided sale-leaseback financing of $895,320,000 for eight vessels ranging in size from 16,000 TEU to 24,000 TEU. Lease payments include interest components based on three month LIBOR plus a 2.80% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, $28,800,000 has been drawn under this facility. (x) Leases for six 15,500 TEU vessels In August 2021, the counterparty provided sale-leaseback financing of $661,826,000. Lease payments include interest components based on one month LIBOR plus a 2.50% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, no amounts have been drawn under this facility. 16. Other financing arrangements (continued): (xi) Leases for six 15,000 TEU and four 7,000 TEU vessels In November 2021, the counterparty provided sale-leaseback financing of $889,651,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2022, no amounts have been drawn under this facility. (xii) Leases for two 12,000 TEU vessels During the year ended December 31, 2022, the Company completed a sale-leaseback financing for two vessels for proceeds of $226,000,000. Upon delivery of each vessel in October and November, the Company commenced a 13.25 year leaseback. Lease payments include interest components based on three month SOFR plus a credit spread and a 1.8% margin. The Company has the option to purchase each vessel either 5 years or 7 years and 11 months after its delivery date at a pre-determined purchase price. (xiii) Leases for four 11,800 TEU and one 15,000 TEU vessels Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 13(b)). Upon delivery of each vessel during 2022, the pre-delivery financing was replaced with sale-leaseback financing for the five vessels for proceeds of $468,600,000. Upon delivery of each vessel, which occurred between June through October 2022, the Company commenced a 14 year leaseback. Lease payments include interest components based on daily SOFR plus a credit spread and margin of 1.4%. The Company has the option to purchase each vessel 9.5 years after its delivery date at a pre-determined purchase price. In May 2021, the Company repaid $59,300,000 upon early termination of a sale-leaseback financing arrangement secured by a 13,100 TEU vessel. The weighted average rate of interest, including the margin, was 6.62% at December 31, 2022 (December 31, 2021 – 3.08%). Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2023 $ 148.2 2024 151.1 2025 147.2 2026 145.3 2027 146.6 Thereafter 1,381.3 $ 2,119.7 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities: 2022 2021 Asset retirement obligations (a) $ 15.9 $ 37.4 Other 48.6 22.3 Other long-term liabilities 64.5 59.7 Current portion of other long-term liabilities (13.3) (42.0) Other long-term liabilities $ 51.2 $ 17.7 (a) Asset retirement obligations: Asset retirement obligations were assumed as part of the APR Energy acquisition and consist of the contractual requirement to demobilize the Company’s mobile power generation sites when there is a legal obligation associated with the demobilization and the fair value of the liability can be reasonably estimated. Asset retirement obligations, December 31, 2020 $ 42.3 Liabilities acquired 7.8 Liabilities incurred (5.0) Provision reassessment (7.9) Accretion expense 0.2 Asset retirement obligations, December 31, 2021 37.4 Liabilities acquired 6.5 Liabilities incurred (1.2) Liabilities settled (37.1) Change in estimated cash flows 1.2 Provision reassessment 8.9 Accretion expense 0.2 Asset retirement obligations, December 31, 2022 $ 15.9 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income tax | Income tax:The Company is tax resident in the United Kingdom and consists of its containership leasing and mobile power generation segments. The effective tax rate for its containership segment is nominal, primarily due to international shipping reciprocal exemptions. Its mobile power generation segment, acquired on February 28, 2020 through APR Energy, is subject to income taxes in multiple jurisdictions. 18. Income tax (continued): Net earnings before income taxes for the year ended December 31, 2022 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2022 related only to foreign jurisdictions and consists of the following: 2022 Current tax Domestic Foreign Total Current tax expense $ — $ 2.5 $ 2.5 Deferred tax Deferred tax expense — (0.1) (0.1) Total tax expense $ — $ 2.4 $ 2.4 2021 Current tax Domestic Foreign Total Current tax expense $ — $ 13.0 $ 13.0 Deferred tax Deferred tax expense — 20.0 20.0 Total tax expense $ — $ 33.0 $ 33.0 As a result of the acquisition of APR Energy, the Company operates in countries that have differing tax laws and rates. Therefore, 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. Prior to the APR Energy acquisition, the Company was subject to nominal income taxes primarily due to international shipping reciprocal exemptions for the containership segment. For the year ended December 31, 2022 and December 31, 2021, the reconciliation between the effective tax rate of 0.38% and 7.61%, respectively, and the statutory UK income tax rate of 19.00% is as follows: 2022 2021 Computed “Expected” tax expense: Computed tax expense on income from continuing operations $ 118.7 $ 82.4 Increase (reduction) in income taxes resulting from: Certain income from containership leasing segment that is exempt from tax (109.5) (73.2) Change in valuation allowance 23.2 73.5 Change in current year uncertain tax positions (1.9) 3.5 Change in tax law 2.5 (32.0) Foreign rate differential (2.6) (22.0) Withholding taxes (1.1) 6.8 Other, net (26.9) (6.0) $ 2.4 $ 33.0 18. Income tax (continued): The deferred tax assets and liabilities were as follows for the year ended December 31, 2022 and December 31, 2021: Deferred tax assets 2022 2021 Decommission provisions $ 0.5 $ 15.3 Property, plant and equipment — 10.1 Reserves and accrued expenses 40.5 86.0 Tax losses carried forward 122.1 82.3 Interest allowance 36.1 29.0 Deferred revenue 0.7 0.4 Valuation allowance (184.4) (213.5) $ 15.5 $ 9.6 Deferred tax liabilities 2022 2021 Deferred job costs $ (0.7) $ — Accelerated asset costs (1.4) (2.0) Inflation adjustment — (6.4) Other timing differences (15.2) (1.4) $ (17.3) $ (9.8) Net deferred tax liability $ (1.8) $ (0.2) As at December 31, 2022, the Company has foreign tax losses carried forward of $495,765,000 (2021 – $331,024,000), of which $3,500,000 is recognized as a deferred tax asset. No deferred tax asset is recognised on the remaining balance of $492,266,000 on the basis that no tax benefit is expected to arise in the jurisdictions where the tax losses occurred. The material tax losses carried forward generally have no expiry date. The Company’s ability to utilize the net operating loss and tax credit carry forward may be subject to restriction in the event of past or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar tax law. Tax years that remain open to examination by some of the major jurisdictions in which the Company is subject to tax range from two As at December 31, 2022, the Company had income tax payable of $72,252,000 (2021 – $96,900,000). This balance includes cash taxes payable and a reserve for global uncertain tax positions. The Company’s uncertain tax positions relate primarily to items that were acquired as part of the APR Energy acquisition. Substantially all of these items are indemnified and a corresponding indemnification asset has been recorded (note 3). The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months. The Company reviews its tax obligations regularly and may update its assessment of its tax positions based on available information at the time. 18. Income tax (continued): The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2022 2021 Opening balance as at January 1, $ 96.4 $ 92.9 (Decrease) Increase in unrecognized tax benefit (16.1) 3.5 Ending balance as at December 31, $ 80.3 $ 96.4 The Company recognizes interest expense and penalties related to unrecognized tax benefits as income tax expense. The Company had interest or penalties accrued in the consolidated balance sheet at December 31, 2022 and December 31, 2021. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2022. In addition, the CARES Act allows NOLs incurred in tax years ending before January 1, 2019, 2020, and 2021 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act, and determined that on certain amended income tax returns it was able to carryback $54,459,000 in NOLs from its tax years ended December 31, 2019 and 2020 to partially offset income in the tax year ended December 31, 2018. |
Preferred shares and share capi
Preferred shares and share capital | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred shares and share capital | Preferred shares and share capital: (a) Common shares: On February 27, 2020, upon completion of the Reorganization, the common shares of Seaspan, the predecessor of Atlas, was exchanged for Atlas common shares on a one-for-one basis. The Company has 400,000,000 Class A common shares authorized at December 31, 2022 and December 31, 2021, with a par value of $0.01 per share. On February 28, 2020, the Company issued 29,891,266 common shares and reserved 6,664,270 common shares for holdback as part of the consideration paid for the acquisition of the shares of APR Energy (note 3). Concurrent with the acquisition, the Company issued 775,139 common shares to Fairfax to settle APR Energy’s indebtedness to Fairfax at closing. During the year ended December 31, 2020, the Sellers returned 1,849,641 previously issued common shares to the Company and 557,139 Holdback Shares were cancelled. Of the common shares returned, 1,122,290 shares were permanently forfeited as part of post-closing purchase price adjustments. The remaining 727,351 shares are held in reserve as treasury shares. These shares may be issuable to the Sellers at a future date, subject to settlement of potential indemnified events. As of December 31, 2022, 727,351 common shares are issuable as Holdback Shares, including 727,351 shares held in treasury. During the year ended December 31, 2022, 92,444 (December 31, 2021 – 350,138) shares were released from holdback and issued to the Sellers. Upon expiration of an indemnification, the remaining Holdback Shares of 2,749,898 were released and issued to the minority sellers in June 2022. The Company has a dividend reinvestment program (“DRIP”) that allows interested shareholders to reinvest all or a portion of cash dividends received in the Company’s common shares. If new common shares are issued by the Company, the reinvestment price is equal to the average price of the Company’s common shares for the five days immediately prior to the reinvestment, less a discount. The discount rate is set by the Board of Directors and is currently 3%. If common shares are purchased in the open market, the reinvestment price is equal to the average price per share paid. 19. Preferred shares and share capital (continued): (b) Preferred shares: As at December 31, 2022, the Company had the following preferred shares outstanding: Shares Liquidation preference Dividend rate per annum Redemption by Company permitted on or after (1) December 31, December 31, Series Authorized Issued D 20,000,000 5,093,728 7.95 % January 30, 2018 $ 127.3 $ 127.3 E (2) 15,000,000 — 8.25 % February 13, 2019 — — G (2) 15,000,000 — 8.20 % June 16, 2021 — — H 15,000,000 9,025,105 7.875 % August 11, 2021 225.6 225.6 I 6,000,000 6,000,000 8.00 % October 30, 2023 150.0 150.0 J (3) 12,000,000 12,000,000 7.00 % June 11, 2021 300.0 300.0 (1) Redeemable by the Company, in whole or in part, at a redemption price of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. (2) On July 1, 2021, the Company redeemed all of its outstanding g 8.25% Series E Cumulative Redeemable Preferred Shares and outstanding 8.20% Series G Cumulative Redeemable Perpetual Preferred shares for cash at $25.00 per share plus all accrued and unpaid dividends. (3) Dividends will be payable on the Series J Cumulative Redeemable Preferred Shares at a rate of 7.0% for the first five years after the issue date, with 1.5% increases annually thereafter to a maximum of 11.5%. The preferred shares are subject to certain financial covenants. The Company is in compliance with these covenants on December 31, 2022. (c) Restricted shares: During the year ended December 31, 2022, the Company granted 5,556,610 restricted shares, to its board of directors, chairman of the board, and the Company's chief executive officer, of which nil restricted shares were forfeited. During the year ended December 31, 2021, the Company granted 75,910 restricted shares, to its board of directors, of which 11,984 restricted shares were forfeited. (d) Restricted stock units: During the year ended December 31, 2022, the Company granted 336,313 restricted stock units, to certain members of senior management. The restricted stock units generally vest over two years, in equal tranches. During the year ended December 31, 2022, 73,336 restricted stock units were forfeited (2021 – 35,402). (e) Cumulative redeemable preferred shares: Pursuant to the Fairfax Exchange as described in note 6(b), the Company exchanged $200,000,000 aggregate principal amount of the 2026 Fairfax Notes and all $100,000,000 aggregate principal amount of the 2027 Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares, representing total liquidation value of $300,000,000, and (ii) 1,000,000 five year warrants to purchase an equal number of shares of Atlas common stock at an exercise price of $13.71 per share. The exchanged 2026 Fairfax Notes and 2027 Fairfax Notes were subsequently cancelled. Dividends are payable on the Series J Preferred Shares at a rate of 7.0% for the first five years after the issue, with 1.5% increases annually thereafter to a maximum of 11.5%. These warrants may be exercised within a 5-year period. The Company can also elect to require early exercise of the warrants, at any time after June 11, 2025, if the “Fair Market Value” (being defined as the volume-weighted average of the sale prices of common shares over the 20 trading days immediately prior to the day as of which Fair Market Value is being determined) of a common share equals or exceeds two times the exercise price on the third trading day prior to the date on which the Company delivers the forced exercise notice. (f) Warrants: |
Earnings per share (_EPS_)
Earnings per share (“EPS”) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per share (“EPS”) | . Earnings per share (“EPS”): Year ended December 31, 2022 For the year ended December 31, 2022 Earnings (numerator) Shares (denominator) Per share amount Net earnings 622.3 Less preferred share dividends: Series D (10.1) Series E — Series G — Series H (17.7) Series I (12.0) Series J (21.0) Basic EPS: Net earnings attributable to common shareholders $ 561.5 267,148,000 $ 2.10 Effect of dilutive securities: Share-based compensation — 2,722,000 Fairfax warrants — 3,396,000 Holdback shares — 2,009,000 Senior Unsecured Exchangeable Notes — 15,475,000 Diluted EPS: Interest on exchangeable notes 7.6 Net earnings attributable to common shareholders $ 569.1 290,750,000 $ 1.96 20. Earnings per share (“EPS”) (continued): Year ended December 31, 2021 For the year ended December 31, 2021 Earnings (numerator) Shares (denominator) Per share amount Net earnings $ 400.5 Less preferred share dividends: Series D (10.1) Series E (5.5) Series G (8.0) Series H (17.8) Series I (12.0) Series J (11.7) Basic EPS: Net earnings attributable to common shareholders $ 335.4 246,300,000 $ 1.36 Effect of dilutive securities: Share-based compensation — 2,433,000 Fairfax warrants — 10,647,000 Holdback shares — 5,572,000 Senior Unsecured Exchangeable Notes — 902,000 Diluted EPS: Net earnings attributable to common shareholders $ 335.4 265,854,000 $ 1.26 20. Earnings per share (“EPS”) (continued): Year ended December 31, 2020 For the year ended December 31, 2020 Earnings (numerator) Shares (denominator) Per share amount Net earnings $ 192.6 Less preferred share dividends: Series D (10.1) Series E (11.2) Series G (16.0) Series H (17.8) Series I (12.0) Basic EPS: Net earnings attributable to common shareholders $ 125.5 241,502,000 $ 0.52 Effect of dilutive securities: Share-based compensation — 541,000 Fairfax warrants — 3,096,000 Holdback shares — 5,375,000 Diluted EPS: Net earnings attributable to common shareholders $ 125.5 250,514,000 $ 0.50 |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | . Share-based compensation: In December 2005, Seaspan’s board of directors adopted the Seaspan Corporation Stock Incentive Plan, which was administered by Seaspan’s board of directors and, under which its officers, employees and directors could be granted options, restricted shares, phantom share units and other stock-based awards as determined by the Seaspan board of directors. Upon consummation of the Reorganization, Atlas assumed Seaspan’s equity-based compensation plans, including the Seaspan Corporation Stock Incentive Plan. Awards previously granted under the Seaspan Corporation Stock Incentive Plan are now exercisable for Atlas common shares instead of Seaspan common shares. In connection with the Reorganization, the Seaspan Plan was amended and restated as the Atlas Corp. Stock Incentive Plan (the “Atlas Plan”). In June 2020, the Atlas Plan was amended and restated to increase the number of common shares issuable under the Atlas Plan from 5,000,000 to 10,000,000. At December 31, 2022, there are 5,172,244 (December 31, 2021 – 1,149,008) remaining shares left for issuance under this Plan. 21. Share-based compensation (continued): A summary of the Company’s outstanding restricted shares, phantom share units, and restricted stock units as of and for the twelve months ended December 31, 2022, 2021, and 2020 are presented below: Restricted shares Phantom share units Restricted stock units Stock options Number of shares W.A. grant date FV Number of units W.A. grant date FV Number of units W.A. grant date FV Number of options W.A. grant date FV December 31, 2019 67,400 $ 8.15 507,001 $ 12.53 576,964 $ 8.01 500,000 $ 2.45 Granted 1,051,492 7.84 — — 1,824,786 7.83 1,500,000 2.57 Vested and exercised (67,400) 8.15 (20,000) 6.85 (313,231) 9.32 — — Cancelled — — — — (79,635) 9.84 — — December 31, 2020 1,051,492 $ 7.84 487,001 $ 12.76 2,008,884 $ 7.57 2,000,000 $ 2.54 Granted 75,910 10.79 — — 819,381 13.44 — — Vested and exercised (1,051,492) 7.84 — — (326,135) 10.26 — — Cancelled (11,984) 10.62 — — (35,402) 12.45 — — December 31, 2021 63,926 $ 10.82 487,001 $ 12.76 2,466,728 $ 9.10 2,000,000 $ 2.54 Granted 5,556,610 14.20 — — 336,313 14.45 — — Vested and exercised (5,563,926) 14.16 (32,001) 16.37 (1,077,081) 9.41 — — Cancelled — — — — (73,336) 13.65 — — December 31, 2022 56,610 $ 14.25 455,000 $ 12.51 1,652,624 $ 6.16 2,000,000 $ 2.54 Vested and excercisable, December 31, 2022 — $ — 455,000 $ 12.51 — $ — 1,000,000 $ 2.56 During the year ended December 31, 2022, the Company amortized $23,492,000 (2021 – $11,203,000; 2020 – $7,068,000) in share-based compensation expense related to the above share-based compensation awards. At December 31, 2022, there was $81,733,000 (2021 – $22,392,000) of total unamortized compensation costs relating to unvested share-based compensation awards, which are expected to be recognized over a weighted-average period of 33 months. (a) Restricted shares and phantom share units: Common shares are issued on a one-for-one basis in exchange for the cancellation of vested and exchanged phantom share units. The restricted shares generally vest over one year and the phantom share units generally vest over three years. During the year ended December 31, 2022, the Company granted 56,610 restricted shares to its board of directors and the restricted shares vest on January 1, 2023. In March 2022, the Company granted 4,000,000 unrestricted, fully vested shares to the chairman of the board with a requisite service period until September 1, 2027. From the grant date to December 31, 2022, if he ceases to act as a director, other than for reason of this death or disability, the shares will be forfeited and must be returned to the Company. From January 1, 2023 to the end of the service period, except in the event of his death or disability, a pro-rated number of shares will be returned for each month less than 56 that he serves. In June 2022, the Company granted 1,500,000 unrestricted, fully vested shares to the Company's chief executive officer with a requisite service period until December 27, 2027. From the grant date to December 31, 2022, if the chief executive officer resigns without good reason or his employment is otherwise terminated under circumstances, the shares will be forfeited and must be returned to the Company. During the year ended December 31, 2021, the Company granted 75,910 restricted shares to its board of directors and the restricted shares vested on January 1, 2022. (b) Restricted stock units: The restricted stock units generally vest over two 21. Share-based compensation (continued): (b) Restricted stock units (continued): During the year ended December 31, 2022, the Company granted 336,313 restricted stock units to certain members of senior management. The restricted stock units generally vest over two years, in equal tranches. During the year ended December 31, 2022, 23,336 restricted stock units were forfeited. In August 2021, the Company granted certain executive officers 550,000 restricted stock units. The restricted stock units vest in five tranches annually beginning on January 3, 2022 and have a grant date fair value of $13.44 per unit. Of this, 50,000 restricted stock units were forfeited during 2022. In June 2020, the Company granted the Chief Executive Officer (“CEO”) 1,500,000 restricted stock units. The restricted stock units vest in five tranches annually over five years beginning December 31, 2021 and have a grant date fair value of $7.25 per unit. (c) Stock options: |
Other information
Other information | 12 Months Ended |
Dec. 31, 2022 | |
Additional Financial Information Disclosure [Abstract] | |
Other information | Other information: (a) Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are: 2022 2021 Accrued interest $ 60.5 $ 43.3 Accounts payable and other accrued liabilities 143.8 140.1 $ 204.3 $ 183.4 (b) Supplemental cash flow information: 2022 2021 2020 Interest paid $ 232.0 $ 149.5 $ 156.2 Interest received 6.1 3.1 5.0 Undrawn credit facility fee paid 21.4 1.9 0.8 Income taxes (recovery)/paid (14.5) 25.7 16.8 22. Other information (continued): 2022 2021 2020 Non-cash financing and investing transactions: APR Energy loans settled in shares $ — $ — $ 8.3 Asset retirement obligations liabilities incurred — — 5.3 Asset retirement obligations provision re-assessment — — 2.9 Cancellation of common shares issued on acquisition — — 12.5 Change in right-of-use assets and operating lease liabilities 127.2 9.6 1.2 Commencement of sales-type lease — 343.9 57.0 Common shares issued on APR Energy acquisition — — 316.8 Contingent consideration asset related to APR Energy acquisition — — 95.2 Dividend reinvestment — — 0.3 Holdback Shares reserved on APR Energy acquisition — — 70.6 Interest capitalized on vessels under construction 2.8 4.0 — Net assets acquired on acquisition — — 287.7 Purchase price adjustment related to APR Energy acquisition — — 4.5 Prepayments transferred to vessels upon vessel delivery — 12.7 46.8 Reclassification on lease modification — — 377.4 $ 130.0 $ 370.2 $ 1,286.5 2022 2021 2020 Changes in operating assets and liabilities Accounts receivable $ (61.6) $ 35.2 $ (17.1) Inventories (3.6) 0.2 (5.9) Prepaids expenses and other, and other assets 29.1 (54.1) (10.3) Net investment in lease 20.5 14.9 13.3 Accounts payable and accrued liabilities 17.7 16.6 (16.4) Settlement of decommissioning provisions (36.9) (6.0) (5.9) Deferred revenue 13.7 18.1 8.4 Income tax payable (14.5) (13.5) 3.9 Major maintenance (47.5) (38.7) (54.6) Other liabilities — 18.9 (8.6) Operating lease liabilities (89.8) (122.6) (114.7) Finance lease liabilities (7.9) — — Derivative instruments 7.4 26.5 22.5 Contingent consideration asset 3.2 6.1 18.7 $ (170.2) (98.4) (166.7) 22. Other information (continued): The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows: 2022 2021 2020 Cash and cash equivalents $ 280.0 $ 288.6 $ 304.3 Restricted cash included in other assets (note 12) 11.0 38.2 38.2 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 291.0 $ 326.8 $ 342.5 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies: (a) Operating leases: As at December 31, 2022, the commitment under operating leases for vessels is $571,908,000 for 2023 to 2029 and for other leases is $9,707,000 for 2023 to 2031. Total commitments under these leases are as follows: 2023 $ 117.6 2024 115.9 2025 118.9 2026 117.2 2027 80.4 Thereafter 31.6 $ 581.6 For operating leases indexed to three month LIBOR, commitments under these leases are calculated using the LIBOR in place as at December 31, 2022 for the Company. (b) Vessels under construction: As at December 31, 2022, the Company had entered into agreements to acquire 58 vessels (December 31, 2021 – 67 vessels). The Company has outstanding commitments for the remaining installment payments as follows: 2023 $ 2,438.1 2024 2,713.7 Total $ 5,151.8 (c) Letter of credit: As at December 31, 2022, the Company has $10,350,000 (December 31, 2021 – $10,350,000) in letters of credit outstanding in support of its mobile power generation business, all of which are unused. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial instruments | Financial instruments: (a) Fair value: The carrying values of cash and cash equivalents, short-term investments, restricted cash, accounts receivable, income tax payable, accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2022, the fair value of the Company’s revolving credit facilities and term loan credit facilities, excluding deferred financing fees was $1,166,673,000 (December 31, 2021 – $2,326,568,000) and the carrying value was $1,232,988,000 (December 31, 2021 – $2,341,879,000). As of December 31, 2022, the fair value of the Company’s other financing arrangements, excluding deferred financing fees, was $2,061,863,000 (December 31, 2021 – $1,419,508,000) and the carrying value was $2,119,657,000 (December 31, 2021 – $1,363,098,000). The fair value of the revolving and term loan credit facilities and other financing arrangements, excluding deferred financing fees, was estimated based on expected principal repayments and interest, discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company categorized the fair value of these financial instruments as Level 2 in the fair value hierarchy. As of December 31, 2022, the fair value of the Company’s senior unsecured notes is $1,284,702,000 (December 31, 2021 – $1,349,212,000) and the carrying value is $1,302,350,000 (December 31, 2021 – $1,302,350,000). The fair value of the Company’s Senior Unsecured Exchangeable Notes was $195,478,000 (December 31, 2021 – $209,566,000) and the carrying value was $201,250,000 (December 31, 2021 – $201,250,000) or $201,250,000 (December 31, 2021 – $196,177,000), net of debt discount. The fair value of the Company’s Senior Secured Notes was $937,455,000 and the carrying value was $1,000,000,000. The fair value was calculated using the present value of expected principal repayments and interest discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. As a result, these amounts were categorized as Level 2 in the fair value hierarchy. The Company’s interest rate derivative financial instruments are re-measured to fair value at the end of each reporting period. The fair values of the interest rate derivative financial instruments have been calculated by discounting the future cash flow of both the fixed rate and variable rate interest rate payments. The discount rate is derived from a yield curve created by nationally recognized financial institutions adjusted for the associated credit risk. The fair values of the interest rate derivative financial instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Therefore, the Company categorized the fair value of these derivative financial instruments as Level 2 in the fair value hierarchy. Unobservable inputs for recurring and non-recurring Level 3 disclosures are obtained from third parties whenever possible and reviewed by the Company for reasonableness. (b) Interest rate swap derivatives: The Company uses interest rate derivative financial instruments, consisting of interest rate swaps to manage its interest rate risk associated with its variable rate debt. If interest rates remain at their current levels, the Company expects that $891,000 and $32,721,000 would be paid and received in cash, respectively, in the next 12 months on interest rate swaps maturing after December 31, 2022 . The amount of the actual settlement may be different depending on the interest rate in effect at the time settlements are made. 24. Financial instruments (continued): (b) Interest rate swap derivatives (continued): As of December 31, 2022, the Company had the following outstanding interest rate derivatives: Fixed per Notional amount as of December 31, 2022 Maximum notional amount (1) Effective date Ending date 1.9250% $ 500.0 $ 500.0 January 31, 2022 February 2, 2032 5.4200% 234.9 234.9 September 6, 2007 May 31, 2024 2.3875% 200.0 200.0 July 20, 2022 July 20, 2032 1.6850% 100.0 100.0 November 14, 2019 May 15, 2024 0.6300% 84.0 84.0 January 21, 2021 October 14, 2026 0.6600% 84.0 84.0 February 4, 2021 October 14, 2026 1.6490% 80.0 80.0 September 27, 2019 May 14, 2024 1.4900% 24.3 24.3 February 4, 2020 December 30, 2025 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. In July 2022, the Company early terminated a swap with notional amount of $125,000,000 and fixed rate of 0.7270%. (c) Financial instruments measured at fair value: The following provides information about the Company’s financial instruments measured at fair value: 2022 2021 Contingent consideration asset (note 12 (d)) $ 43.7 $ 55.3 Fair value of derivative assets Interest rate swaps 107.1 6.1 Fair value of derivative liabilities Interest rate swaps 1.5 28.5 There are no amounts subject to the master netting arrangements in the year ended December 31, 2022 or 2021. 24. Financial instruments (continued): (c) Financial instruments measured at fair value (continued): The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2022 2021 2020 (Gain) Loss recognized in net earnings: (Gain) Loss on interest rate swaps (1) $ (120.6) $ (14.0) $ 36.4 (Gain) on derivative put instrument — (0.1) (0.9) (Gain) Loss on contingent consideration asset (0.9) 5.1 (6.8) Loss reclassified from AOCL to net earnings (2) Interest expense — 0.2 0.3 Depreciation and amortization 1.0 1.0 1.0 (1) For the years ended December 31, 2022, 2021 and 2020, cash flows related to actual settlement of interest rate swaps were $12,722,000, $26,758,000 and $21,789,000 respectively. These are included in investing activities on the consolidated statements of cash flows. (2) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events: (a) On January 5, 2023, the Company declared quarterly dividends of $0.496875, $0.492188, $0.50000, $0.43750 per Series D, Series H, Series I and Series J preferred share, respectively, representing a total distribution of $15,223,000 to all shareholders of record on January 27, 2023 . (b) On January 5, 2023, the Company declared a quarterly dividend of $0.125 per common share to all shareholders of record as of January 20, 2023 . (c) On January 13, 2023, Fairfax Financial Holdings Limited (“Fairfax”) exercised the remainder of their warrants to purchase 6,000,000 common shares of Atlas. The warrants, of which 5,000,000 were issued in April 2021 and 1,000,000 in June 2021, had exercise prices of $13.00 and $13.71 per common share respectively, for an aggregate exercise price of $78,710,000. (d) On January 13, 2023, in connection with its exercise under an existing lease financing agreement, the Company purchased a 10,000 TEU vessel at a pre-determined purchase price of $52,690,000. (e) On January 17, 2023, the Company completed the sale of one 4,250 TEU vessel with gross proceeds of $21,600,000. Seaspan will continue to act as a third-party vessel manager for this vessel. (f) In February 2023, the Company accepted the delivery of one newbuild 15,000 TEU vessel, which commenced a 12-year charter upon delivery. (g) On March 3, 2023, the Company entered into amendments and restatements of the senior secured loan facilities and intercreditor and proceeds agreement that comprise its vessel portfolio financing program to, among other things, (i) increase the commitments under the bank loan facilities by $250,000,000, $200,000,000 of which were drawn immediately and $50,000,000 of which may be drawn by the Company on or before September 3, 2023, (ii) increase the amount of total borrowing permitted relative to total assets from 65% to 75%, (iii) replace the London Interbank Offered Rate with the Secured Overnight Financing Rate as the reference interest rate, and (iv) extend the maturities of tranches due in 2026 and 2027 by approximately two years. 25. Subsequent events (continued): (h) On March 13, 2023, the Company declared quarterly dividends of $0.496875, $0.492188, $0.50000, $0.43750 per Series D, Series H, Series I and Series J preferred share, respectively, representing a total distribution of $15,223,000 to all shareholders of record on April 28, 2023 . (i) On March 13, 2023, the Company declared a quarterly dividend of $0.125 per common share to all shareholders of record as of March 20, 2023 to be paid on March 31, 2023 . |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation: The Reorganization was accounted for as a transaction among entities under common control under the pooling of interest method and represented a change in reporting entity whereby the financial information of Seaspan prior to the Reorganization was assumed by Atlas on a carry-over basis. Accordingly, the accompanying consolidated financial statements represent the consolidated historical operations and changes in consolidated financial position of Seaspan, which included the Company as a consolidated subsidiary from its incorporation on October 1, 2019 to February 27, 2020 and those of the Company thereafter, following the Reorganization. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. |
Principles of consolidation | Principles of consolidation : The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 16. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. |
Foreign currency translation | Foreign currency translation:The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. |
Cash equivalents | Cash equivalents:Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. |
Inventories | Inventories: Inventories consist primarily of spare parts and consumables. Inventories are stated at the lower of cost or net realizable value. Inventory cost is primarily determined using average or weighted average cost method, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business less costs to complete, disposal and transportation. |
Property, plant and equipment | Property, plant and equipment: Vessels Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from Seaspan’s predecessor upon completion of Seaspan’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels under construction Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Power generating equipment Power generating equipment are recorded at their cost, which represent their original cost at the time of purchase, less accumulated depreciation. Costs incurred to mobilize and install power-generating equipment pursuant to a contract for the provision of power generation services are recorded in property, plant and equipment and are depreciated on a straight-line basis over the non-cancellable lease term to which the power generating equipment relates. A summary of the useful lives used for calculating depreciation and amortization is as follows: Turbines 25 years Generators 15 years Transformers 15 years 2. Significant accounting policies (continued): (f) Property, plant and equipment (continued): Property, plant and equipment that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the property, plant and equipment exceeds the estimated net undiscounted future cash flows expected to be generated over the asset’s remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. |
Vessel dry-dock activities | Vessel dry-dock activities:Classification society rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
Business combinations | Business combinations:Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. |
Goodwill | Goodwill:Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. |
Asset retirement obligations | Asset retirement obligations:The Company records a provision and a corresponding long-lived asset for asset retirement obligations (“ARO”) when there is a legal obligation associated with the retirement of long-lived assets and the fair value of the liability can be reasonably estimated. The fair value of the ARO is measured using expected future cash flows discounted at the Company’s credit-adjusted risk-free interest rate. The liability is accreted up to the cost of retirement through interest expense over the non-cancellable lease term. The long-lived asset is depreciated straight-line over the same period. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability or to depreciation expense if the asset is fully depreciated. |
Deferred financing fees | Deferred financing fees:Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit facilities and other financing arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees is recorded as interest expense. |
Revenue | Revenue: Containership leasing revenue The Company derives revenue from the charter of its containership vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, fair value associated with the lease and any purchase options or obligations. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For charters that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs are deferred and amortized to income over the term of the lease. Power generation revenue The Company also derives revenue from lease and service contracts that provide customers with comprehensive power generation services that include leasing of the power generation equipment, installation and dismantling services, operations and maintenance of the power generating equipment (“O&M”), operations monitoring and logistical support. The Company earns a fixed portion of revenue on these contracts by providing megawatt capacity to its customers. Each power equipment lease contract may, depending on its terms, contain a lease component, a non-lease component or both. Lease classification is determined on a contract-specific basis. Total consideration in contracts that include a lease component associated with the use of the power-generation equipment and a non-lease component related to O&M is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the components as a single lease component. Revenue is recognized over the period in which the equipment is available to the customer for use and service is provided to the customer. Certain contracts provide for mobilization and decommissioning payments. Mobilization revenue received up front is deferred and recognized as revenue on a straight-line basis over the term of the contract. Decommissioning revenue is recognized ratably over the term of the contract, as it is earned. |
Leases | Leases: Leases classified as operating leases, where the Company is the lessee, are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of 12 months or less are expensed as incurred. Transactions are accounted for as sale-leaseback transactions when control of the asset is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer. |
Derivative financial instruments | Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. |
Income taxes | Income taxes: The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if 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 by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of operations. |
Share-based compensation | Share-based compensation: The Company grants phantom share units, restricted shares, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: • Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s common shares on the date of the grant. • Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur. |
Fair value measurement | Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. • Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
Earnings per share | Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards, warrants and convertible instruments, where the presumption of share settlement has been overcome. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible instruments where the presumption of share settlement has not been overcome. Under the if-converted method, the instruments are assumed to have been converted at the share price applicable at the end of the period, if dilutive. Contingently issuable shares are included in diluted EPS as of the beginning of the period, if contingencies are satisfied by the end of the period. If contingencies have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS is based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period, if the result is dilutive. The cumulative dividends applicable to the Series D, E, G, H, I and J preferred shares reduce the earnings available to common shareholders, even if not declared. |
Use of estimates | Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: • reported amounts of assets and liabilities, • disclosure of contingent assets and liabilities at the balance sheet dates; and • reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include, but are not limited to the: • assessment of going concern; • assessment of property, plant and equipment useful lives; • expected salvage values; • recoverability of the carrying value of property, plant and equipment and intangible assets with finite lives which are subject to future market events; • recoverable value of goodwill; • fair values of assets acquired and liabilities assumed from business combination; • fair value of asset retirement obligations; and • fair value of interest rate swaps, other derivative financial instruments and contingent consideration asset. |
Comparative information | Comparative information:Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements: Measurement of credit loss Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Loss on Financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. Upon adoption, a cumulative effect adjustment of $2,293,000 was made to deficit as part of the modified retrospective transition approach. Simplifying test for goodwill impairment Effective January 1, 2020, the Company adopted ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the need to determine the fair value of individual assets and liabilities of a reporting unit to measure the implied goodwill impairment. As a result of the adoption, the Company now calculates goodwill impairment as the amount by which the carrying value exceeds fair value of a reporting unit, not to exceed the carrying amount of goodwill. 2. Significant accounting policies (continued): (u) Recently adopted and future accounting pronouncements (continued): Discontinuation of LIBOR The Company adopted ASU 2020-04, “Reference Rate Reform (Topic 848)”, prospectively to contract modifications. The guidance provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under FASB’s relevant U.S. GAAP Topic. The election is available by Topic. The Company has elected to apply the optional relief for contracts under ASC 470, “Debt”, ASC 840 and 842, “Leases”, and ASC 815, “Derivatives and Hedging”. There was no impact to the Company's financial statements upon initial adoption. The LIBOR replacement modifications for Debt contracts will be accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts will require no reassessments. Transition activities are focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate. Debt with conversion and other options Effective January 1, 2022, the Company adopted ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)” (“ASU 2020-06”), using the modified retrospective method, whereby the cumulative effect adjustment was made as of the date of the initial application. Accordingly, financial information and disclosures in the comparative period were not restated. The impact of the adoption of ASU 2020-06 resulted in an adjustment of $5,073,000 to opening retained earnings at January 1, 2022 related to the unamortized debt discount that was initially recorded when the convertible notes were issued. Under ASU 2020-06, the accounting for convertible debt instruments is simplified by reducing the number of accounting models and circumstances when embedded conversion features are separately recognized. This update also revises the method in which diluted earnings per share is calculated related to certain instruments with conversion features, among other clarifications. As a result of the adoption, the Company recognizes the maximum potential dilutive effect of its exchangeable notes in diluted EPS using the if-converted method effective January 1, 2022. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Useful Lives for Property, Plant and Equipment | A summary of the useful lives used for calculating depreciation and amortization is as follows: Turbines 25 years Generators 15 years Transformers 15 years December 31, 2022 Cost Accumulated depreciation Net book value Vessels $ 9,610.7 $ (2,805.6) $ 6,805.1 Equipment and other 542.9 (191.1) 351.8 Property, plant and equipment $ 10,153.6 $ (2,996.7) $ 7,156.9 December 31, 2021 Cost Accumulated depreciation Net book value Vessels $ 9,410.9 $ (2,830.4) $ 6,580.5 Equipment and other 557.3 (185.6) 371.7 Property, plant and equipment $ 9,968.2 $ (3,016.0) $ 6,952.2 |
Acquisition of Apple Bidco Li_2
Acquisition of Apple Bidco Limited (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Net Purchase Price | The net purchase price of $287,700,000 comprises of the following. Adjustments have been made from what was originally reported as a result of settlement of purchase price adjustments: 3. Acquisition of Apple Bidco Limited (continued): As originally reported Adjustments As adjusted 29,891,266 common shares issued (1) $ 316.8 $ — $ 316.8 6,664,270 Holdback Shares (1) 70.6 — 70.6 Less: Contingent consideration asset (2) (41.5) (53.7) (95.2) Less: Purchase price adjustment (3) (52.5) 48.0 (4.5) Net purchase price $ 293.4 $ (5.7) $ 287.7 (1) The fair value was determined based on the closing market price of common shares on February 28, 2020, the acquisition date. As at December 31, 2022, the indemnifications relating to these Holdback Shares have expired and as a result, these Holdback Shares have all either been cancelled or released and issued to the selling shareholders. (2) Pursuant to the acquisition agreement, the Sellers are required to compensate the Company for losses on cash repatriation from a foreign jurisdiction related to specified contracts. Losses on cash repatriation is recognized in other expenses in the period incurred. Subsequently, Fairfax had agreed, subject to definitive documentation, to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 12(d)). |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date. As originally reported Adjustments As adjusted Cash and cash equivalents $ 36.7 $ — $ 36.7 Inventory 54.4 (13.5) 40.9 Acquisition related assets (1) 65.0 31.4 96.4 Accounts receivable (2) 41.4 7.7 49.1 Other current assets 7.9 1.2 9.1 Property, plant and equipment 597.3 (150.1) 447.2 Intangible assets 35.4 (8.0) 27.4 Deferred tax assets 23.5 (6.9) 16.6 Other assets 13.9 — 13.9 Goodwill — 117.9 117.9 Total assets acquired 875.5 (20.3) 855.2 Accounts payable and accrued liabilities 91.3 1.2 92.5 Income tax payable 104.0 2.5 106.5 Other current liabilities 17.2 — 17.2 Long-term debt (including current and non-current portions) (3) 311.6 — 311.6 Deferred tax liabilities 7.0 (6.0) 1.0 Other long-term liabilities 51.0 (12.3) 38.7 Net assets acquired $ 293.4 $ (5.7) $ 287.7 (1) Consists of indemnification assets recognized on acquisition. The Sellers are required to indemnify the Company for certain legal and tax matters through cancellation of the Holdback Shares or in cash, at the Sellers’ option. For certain of these arrangements, if the Holdback Shares are insufficient, Fairfax may be required to compensate the Company in cash. The amount to be indemnified is subject to the aggregate losses incurred at settlement of these legal and tax matters. The amount recognized is equal to the liabilities accrued for such legal and tax matters, based on the Company’s best estimates. For certain other indemnification arrangements, Fairfax is required to compensate the Company in cash, without minority shareholders. (2) The gross contractual accounts receivables acquired is $57.0 million. The amount not expected to be collected is $7.9 million. (3) Concurrent with the acquisition, the Company refinanced the debt facilities acquired (note 13). |
Summary of Pro forma Financial Information | The following table presents unaudited pro forma results for the year ended December 31, 2020. The unaudited pro forma financial information combines the results of operations of the Company and APR Energy as though the acquisition had occurred as of January 1, 2020. The pro forma results contain adjustments that are directly attributable to the transaction, including depreciation of the fair value of property, plant and equipment, amortization of acquired intangible assets, and refinancing of debt. Additionally, pro forma net earnings were adjusted to exclude acquisition-related costs incurred. Pro forma information Year ended December 31, 2020 Revenue $ 1,464.6 Net earnings 179.3 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Information by Segment | Year ended December 31, 2022 Containership Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,543.0 $ 154.4 $ — $ 1,697.4 Operating expense 309.2 44.2 — 353.4 Depreciation and amortization expense 327.5 51.6 — 379.1 General and administrative expense 76.6 33.5 (2.0) 108.1 Indemnity claim (income) under acquisition agreement — (21.3) — (21.3) Operating lease expense 120.3 2.7 — 123.0 Loss (Gain) on sale 4.0 (0.3) — 3.7 Interest income (5.5) (0.7) (0.3) (6.5) Interest expense 219.4 16.7 (0.7) 235.4 Income tax expense 1.9 0.5 — 2.4 Year ended December 31, 2021 Containership Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,460.4 $ 186.2 $ — $ 1,646.6 Operating expense 289.3 61.7 — 351.0 Depreciation and amortization expense 307.9 58.8 — 366.7 General and administrative expense 49.9 25.7 3.6 79.2 Indemnity claim (income) under acquisition agreement — (42.4) — (42.4) Operating lease expense 143.0 3.3 — 146.3 Gain on sale (15.9) (0.5) — (16.4) Interest income (0.3) (2.8) — (3.1) Interest expense 178.8 20.2 (1.9) 197.1 Income tax expense 0.8 32.2 — 33.0 4. Segment reporting (continued): Year ended December 31, 2022 Year ended December 31, 2021 Containership leasing adjusted EBITDA $ 1,036.9 $ 978.4 Mobile power generation adjusted EBITDA (1) 97.1 136.4 Total segment adjusted EBITDA 1,134.0 1,114.8 Eliminations and other (1.4) (1.4) Depreciation and amortization expense 379.1 366.7 Interest income (6.5) (3.1) Interest expense 235.4 197.1 Gain on derivative instruments (120.6) (14.1) Loss on debt extinguishment 9.4 127.0 Other expenses 7.1 6.5 (Gain) Loss on contingent consideration asset (0.9) 5.1 Loss on foreign currency repatriation 4.0 13.9 Loss (Gain) on sale 3.7 (16.4) Consolidated net earnings before taxes $ 624.7 $ 433.5 (1) The calculation of adjusted EBITDA does not include the Indemnity claim under acquisition agreement as an adjustment for the mobile power generation segment. Although the revenue reported for this segment is lower due to an injunction at one of the sites, the losses are recoverable through an indemnification agreement (note 3). Total Assets December 31, 2022 December 31, 2021 Containership Leasing $ 10,584.2 $ 9,777.6 Mobile Power Generation 838.9 842.7 Elimination and Other (120.7) (50.7) Total $ 11,302.4 $ 10,569.6 Capital expenditures by segment Year ended December 31, 2022 Year ended December 31, 2021 Containership leasing $ 1,219.5 $ 1,679.4 Mobile power generation 20.2 29.9 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue Disaggregated by Segment and by Type | Revenue disaggregated by segment and by type for the year ended December 31, 2022 and December 31, 2021 is as follows: Year ended December 31, 2022 Containership Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,457.0 $ 136.4 $ 1,593.4 Interest income from leasing 73.8 — 73.8 Other 12.2 18.0 30.2 $ 1,543.0 $ 154.4 $ 1,697.4 Year ended December 31, 2021 Containership Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,409.9 $ 179.7 $ 1,589.6 Interest income from leasing 46.1 — 46.1 Other 4.4 6.5 10.9 $ 1,460.4 $ 186.2 $ 1,646.6 (1) Containership leasing revenue includes both bareboat charter and time charter revenue. |
Schedule of Future Minimum Revenues Committed | As at December 31, 2022, the minimum future revenues to be received on committed operating leases, interest income to be earned from direct financing leases and other revenue are as follows: Operating lease revenue Direct financing leases (1) Other Total committed revenue 2023 $ 1,609.6 $ 75.5 $ 21.1 $ 1,706.2 2024 1,545.1 72.4 20.4 1,637.9 2025 1,275.7 69.1 20.4 1,365.2 2026 950.4 66.7 — 1,017.1 2027 516.9 64.2 — 581.1 Thereafter 663.3 458.7 — 1,122.0 $ 6,561.0 $ 806.6 $ 61.9 $ 7,429.5 |
Schedule of Future Minimum Revenues Received Based on Segment | As at December 31, 2022, the minimum future revenues to be received based on each segment are as follows: Containership Leasing (1) Mobile Power Generation Total committed revenue 2023 $ 1,601.9 $ 104.3 $ 1,706.2 2024 1,573.1 64.8 1,637.9 2025 1,300.4 64.8 1,365.2 2026 1,017.1 — 1,017.1 2027 581.1 — 581.1 Thereafter 1,122.0 — 1,122.0 $ 7,195.6 $ 233.9 $ 7,429.5 |
Schedule of Revenue Derived from Customers | The Company’s revenue during the years was derived from the following customers: 2022 2021 2020 COSCO $ 454.8 $ 492.2 $ 401.1 Yang Ming Marine 241.7 249.9 255.7 ONE 254.3 255.2 237.3 Hapag-Lloyd 140.6 116.4 83.6 Other 606.0 532.9 443.4 $ 1,697.4 $ 1,646.6 $ 1,421.1 |
Net investment in lease (Tables
Net investment in lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Net Investment In Lease | Net investment in lease: 2022 2021 Undiscounted lease receivable $ 1,724.4 $ 1,448.2 Unearned interest income (816.0) (689.9) Net investment in lease $ 908.4 $ 758.3 2022 2021 Lease receivables $ 908.4 $ 751.4 Unguaranteed residual value — 6.9 Net investment in lease 908.4 758.3 Current portion of net investment in lease (21.0) (16.8) Long-term portion of net investment in lease $ 887.4 $ 741.5 |
Schedule of Minimum Lease Receivable from Direct Financing Leases | At December 31, 2022, the minimum lease receivable from direct financing leases are as follows: 2023 $ 96.9 2024 97.1 2025 96.9 2026 96.9 2027 96.9 Thereafter 1,239.7 $ 1,724.4 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | A summary of the useful lives used for calculating depreciation and amortization is as follows: Turbines 25 years Generators 15 years Transformers 15 years December 31, 2022 Cost Accumulated depreciation Net book value Vessels $ 9,610.7 $ (2,805.6) $ 6,805.1 Equipment and other 542.9 (191.1) 351.8 Property, plant and equipment $ 10,153.6 $ (2,996.7) $ 7,156.9 December 31, 2021 Cost Accumulated depreciation Net book value Vessels $ 9,410.9 $ (2,830.4) $ 6,580.5 Equipment and other 557.3 (185.6) 371.7 Property, plant and equipment $ 9,968.2 $ (3,016.0) $ 6,952.2 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Lease Right Of Use Assets [Abstract] | |
Schedule of Right-of-Use Assets | December 31, 2022 Cost Accumulated amortization Net book value Vessel operating leases $ 835.5 $ (335.5) $ 500.0 Vessel finance leases 246.6 (7.9) 238.7 Other operating leases 15.6 (7.6) 8.0 Right-of-use assets $ 1,097.7 $ (351.0) $ 746.7 December 31, 2021 Cost Accumulated amortization Net book value Vessel operating leases $ 1,066.6 $ (350.0) $ 716.6 Office operating leases 15.8 (7.5) 8.3 Right-of-use assets $ 1,082.4 $ (357.5) $ 724.9 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Containership leasing Mobile power generation Balance, December 31, 2021 $ 75.3 $ — Balance, December 31, 2022 $ 75.3 $ — |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets [Abstract] | |
Schedule of Other Assets | 2022 2021 Intangible assets (a) $ 75.7 $ 90.1 Deferred dry-dock (b) 86.9 79.4 Restricted cash (c) 11.0 38.2 Contingent consideration asset (d) 39.5 49.2 Indemnity claim under acquisition agreement (e) — 42.5 Deferred financing fees on undrawn financings (f) 57.3 77.0 Other 42.4 48.0 Other assets $ 312.8 $ 424.4 (a) Intangible assets: December 31, 2022 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (92.3) $ 37.6 Trademark 27.4 (3.9) 23.5 Other 25.2 (10.6) 14.6 $ 182.5 $ (106.8) $ 75.7 December 31, 2021 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (76.2) $ 53.7 Trademark 27.4 (2.5) 24.9 Other 16.5 (5.0) 11.5 $ 173.8 $ (83.7) $ 90.1 As part of the acquisition of APR Energy on February 28, 2020, the Company recorded $27,400,000 related to the fair value of a trademark. The trademark is amortized on a straight-line basis over its estimated useful life of 20 years. Acquired customer contracts are amortized on a straight-line basis over their remaining useful lives. As of December 31, 2022, the weighted average remaining useful lives of acquired customer contracts was 3.4 years (2021 – 3.9 years; 2020 – 4.6 years). During the year ended December 31, 2022, the Company recorded $23,200,000 of amortization related to intangible assets (2021 – $20,910,000; 2020 – $21,396,000). Future amortization of intangible assets is as follows: 2023 $ 18.1 2024 13.8 2025 9.3 2026 4.3 2027 2.7 Thereafter 27.5 $ 75.7 12. Other assets (continued): (b) Deferred dry-dock: During the years ended December 31, 2022 and 2021, changes in deferred dry-dock were as follows: December 31, 2020 $ 63.8 Costs incurred 40.0 Amortization expensed (1) (24.4) December 31, 2021 79.4 Costs incurred 42.4 Vessel sales (11.3) Amortization expensed (1) (23.6) December 31, 2022 $ 86.9 (1) Amortization of dry-docking costs is included in depreciation and amortization (c) Restricted cash: Restricted cash consists primarily of amounts held in reserve accounts related to the Company’s debt facilities. (d) Contingent consideration asset: As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for certain losses that may be incurred on future cash repatriation from a foreign jurisdiction until the earlier of (1) reaching the maximum cash flows subject to compensation, (2) termination of specified contracts, (3) sustaining the ability to repatriate cash without losses and (4) April 30, 2022. The amount of compensation depends on the Company’s ability to generate cash flows on specific contracts in the foreign jurisdiction and the magnitude of losses incurred on repatriation. The maximum amount of cash flows subject to compensation is $110,000,000. In February 2021, Fairfax additionally agreed to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items calculated as the difference between the proceeds on sale or disposal and the book value of the respective assets at February 28, 2020, prior to acquisition. The maximum amount of losses subject to compensation under the February 2021 agreement is $64,000,000. Contingent consideration asset, December 31, 2020 $ 90.9 Change in fair value (5.1) Compensation received (30.5) Contingent consideration asset, December 31, 2021 55.3 Change in fair value 0.9 Compensation received (12.5) Contingent consideration asset 43.7 Current portion included in prepaid expenses and other (4.2) Contingent consideration asset, December 31, 2022 $ 39.5 12. Other assets (continued): (e) Indemnity claim under acquisition agreement As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for losses resulting from an ongoing injunction on certain sites in Argentina, which losses are settled through a combination of cancellation of Holdback Shares and cash . In May 2022, 2,576,014 of the Holdback Shares were cancelled and in 2022 the Company received a total of $31,602,000 cash compensation, of which $21,247,000 was received in December 2022 and was recorded as acquisition related asset. As at December 31, 2022, the indemnification for the losses related to the injunction are fully settled. (f) Deferred financing fees on undrawn financings The Company has entered into financing arrangements for certain of its vessels under construction. As the financing arrangements are undrawn as at December 31, 2022, the amounts incurred have been capitalized and recorded as long-term asset. As the financing is drawn, the amounts are reclassified and presented as a direct deduction from the related debt liability. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | 2022 2021 Long-term debt: Revolving credit facilities (a) (d) $ — $ — Term loan credit facilities (b) (d) 1,233.0 2,341.8 Senior unsecured notes (e) 1,302.4 1,302.4 Senior unsecured exchangeable notes (g) 201.3 201.3 Senior Secured Notes (c) 1,000.0 500.0 3,736.7 4,345.5 Debt discount on senior unsecured exchangeable notes — (5.1) Deferred financing fees (44.9) (57.6) Long-term debt 3,691.8 4,282.8 Current portion of long-term debt (238.4) (551.0) Long-term debt $ 3,453.4 $ 3,731.8 |
Schedule of Future Minimum Repayments Under Revolving Credit Facilities and Term Loans | The following is a schedule of future minimum repayments under the Company’s term loan credit facilities as of December 31, 2022: 2023 $ 239.6 2024 111.9 2025 167.4 2026 450.9 2027 241.2 Thereafter 22.0 $ 1,233.0 |
Operating lease liabilities (Ta
Operating lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities and Lease Costs | December 31, 2022 December 31, 2021 Operating lease commitments $ 581.6 $ 791.2 Impact of discounting (66.3) (104.6) Impact of changes in variable rates (8.3) 30.8 Operating lease liabilities 507.0 717.4 Current portion of operating lease liabilities (115.3) (155.1) Operating lease liabilities $ 391.7 $ 562.3 Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows: Year ended December 31, 2022 Year ended December 31, 2021 Lease costs: Operating lease costs $ 128.5 $ 160.2 Variable lease adjustments (4.8) (13.7) Other information: Operating cash outflow used for operating leases 116.5 143.2 Weighted average discount rate (1) 4.8 % 4.8 % Weighted average remaining lease term 5 years 6 years (1) The weighted average discount rate is based on a fixed rate at the time the lease was entered into and is adjusted quarterly as each lease payment is made. |
Finance lease liabilities (Tabl
Finance lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Finance Lease Liability | December 31, 2022 December 31, 2021 Finance lease liabilities $ 222.2 $ — Current portion of finance lease liabilities (222.2) — Long-term finance lease liabilities $ — $ — |
Other financing arrangements (T
Other financing arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Other Financing Arrangements | 2022 2021 Other financing arrangements $ 2,119.7 $ 1,363.1 Deferred financing fees (31.9) (23.3) Other financing arrangements 2,087.8 1,339.8 Current portion of other financing arrangements (147.5) (100.5) Other financing arrangements $ 1,940.3 $ 1,239.3 |
Schedule of Repayments Due for Other Financing Arrangements | Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2023 $ 148.2 2024 151.1 2025 147.2 2026 145.3 2027 146.6 Thereafter 1,381.3 $ 2,119.7 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | 2022 2021 Asset retirement obligations (a) $ 15.9 $ 37.4 Other 48.6 22.3 Other long-term liabilities 64.5 59.7 Current portion of other long-term liabilities (13.3) (42.0) Other long-term liabilities $ 51.2 $ 17.7 (a) Asset retirement obligations: |
Schedule of Change in Asset Retirement Obligation | Asset retirement obligations were assumed as part of the APR Energy acquisition and consist of the contractual requirement to demobilize the Company’s mobile power generation sites when there is a legal obligation associated with the demobilization and the fair value of the liability can be reasonably estimated. Asset retirement obligations, December 31, 2020 $ 42.3 Liabilities acquired 7.8 Liabilities incurred (5.0) Provision reassessment (7.9) Accretion expense 0.2 Asset retirement obligations, December 31, 2021 37.4 Liabilities acquired 6.5 Liabilities incurred (1.2) Liabilities settled (37.1) Change in estimated cash flows 1.2 Provision reassessment 8.9 Accretion expense 0.2 Asset retirement obligations, December 31, 2022 $ 15.9 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Net earnings before income taxes for the year ended December 31, 2022 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2022 related only to foreign jurisdictions and consists of the following: 2022 Current tax Domestic Foreign Total Current tax expense $ — $ 2.5 $ 2.5 Deferred tax Deferred tax expense — (0.1) (0.1) Total tax expense $ — $ 2.4 $ 2.4 2021 Current tax Domestic Foreign Total Current tax expense $ — $ 13.0 $ 13.0 Deferred tax Deferred tax expense — 20.0 20.0 Total tax expense $ — $ 33.0 $ 33.0 |
Reconciliation between Effective Tax Rate | 2022 2021 Computed “Expected” tax expense: Computed tax expense on income from continuing operations $ 118.7 $ 82.4 Increase (reduction) in income taxes resulting from: Certain income from containership leasing segment that is exempt from tax (109.5) (73.2) Change in valuation allowance 23.2 73.5 Change in current year uncertain tax positions (1.9) 3.5 Change in tax law 2.5 (32.0) Foreign rate differential (2.6) (22.0) Withholding taxes (1.1) 6.8 Other, net (26.9) (6.0) $ 2.4 $ 33.0 |
Schedule of Deferred Tax Assets and Liabilities | 18. Income tax (continued): The deferred tax assets and liabilities were as follows for the year ended December 31, 2022 and December 31, 2021: Deferred tax assets 2022 2021 Decommission provisions $ 0.5 $ 15.3 Property, plant and equipment — 10.1 Reserves and accrued expenses 40.5 86.0 Tax losses carried forward 122.1 82.3 Interest allowance 36.1 29.0 Deferred revenue 0.7 0.4 Valuation allowance (184.4) (213.5) $ 15.5 $ 9.6 Deferred tax liabilities 2022 2021 Deferred job costs $ (0.7) $ — Accelerated asset costs (1.4) (2.0) Inflation adjustment — (6.4) Other timing differences (15.2) (1.4) $ (17.3) $ (9.8) Net deferred tax liability $ (1.8) $ (0.2) |
Summary of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2022 2021 Opening balance as at January 1, $ 96.4 $ 92.9 (Decrease) Increase in unrecognized tax benefit (16.1) 3.5 Ending balance as at December 31, $ 80.3 $ 96.4 |
Preferred shares and share ca_2
Preferred shares and share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Shares Outstanding | As at December 31, 2022, the Company had the following preferred shares outstanding: Shares Liquidation preference Dividend rate per annum Redemption by Company permitted on or after (1) December 31, December 31, Series Authorized Issued D 20,000,000 5,093,728 7.95 % January 30, 2018 $ 127.3 $ 127.3 E (2) 15,000,000 — 8.25 % February 13, 2019 — — G (2) 15,000,000 — 8.20 % June 16, 2021 — — H 15,000,000 9,025,105 7.875 % August 11, 2021 225.6 225.6 I 6,000,000 6,000,000 8.00 % October 30, 2023 150.0 150.0 J (3) 12,000,000 12,000,000 7.00 % June 11, 2021 300.0 300.0 (1) Redeemable by the Company, in whole or in part, at a redemption price of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. (2) On July 1, 2021, the Company redeemed all of its outstanding g 8.25% Series E Cumulative Redeemable Preferred Shares and outstanding 8.20% Series G Cumulative Redeemable Perpetual Preferred shares for cash at $25.00 per share plus all accrued and unpaid dividends. (3) Dividends will be payable on the Series J Cumulative Redeemable Preferred Shares at a rate of 7.0% for the first five years after the issue date, with 1.5% increases annually thereafter to a maximum of 11.5%. |
Earnings per share (_EPS_) (Tab
Earnings per share (“EPS”) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations | Year ended December 31, 2022 For the year ended December 31, 2022 Earnings (numerator) Shares (denominator) Per share amount Net earnings 622.3 Less preferred share dividends: Series D (10.1) Series E — Series G — Series H (17.7) Series I (12.0) Series J (21.0) Basic EPS: Net earnings attributable to common shareholders $ 561.5 267,148,000 $ 2.10 Effect of dilutive securities: Share-based compensation — 2,722,000 Fairfax warrants — 3,396,000 Holdback shares — 2,009,000 Senior Unsecured Exchangeable Notes — 15,475,000 Diluted EPS: Interest on exchangeable notes 7.6 Net earnings attributable to common shareholders $ 569.1 290,750,000 $ 1.96 20. Earnings per share (“EPS”) (continued): Year ended December 31, 2021 For the year ended December 31, 2021 Earnings (numerator) Shares (denominator) Per share amount Net earnings $ 400.5 Less preferred share dividends: Series D (10.1) Series E (5.5) Series G (8.0) Series H (17.8) Series I (12.0) Series J (11.7) Basic EPS: Net earnings attributable to common shareholders $ 335.4 246,300,000 $ 1.36 Effect of dilutive securities: Share-based compensation — 2,433,000 Fairfax warrants — 10,647,000 Holdback shares — 5,572,000 Senior Unsecured Exchangeable Notes — 902,000 Diluted EPS: Net earnings attributable to common shareholders $ 335.4 265,854,000 $ 1.26 20. Earnings per share (“EPS”) (continued): Year ended December 31, 2020 For the year ended December 31, 2020 Earnings (numerator) Shares (denominator) Per share amount Net earnings $ 192.6 Less preferred share dividends: Series D (10.1) Series E (11.2) Series G (16.0) Series H (17.8) Series I (12.0) Basic EPS: Net earnings attributable to common shareholders $ 125.5 241,502,000 $ 0.52 Effect of dilutive securities: Share-based compensation — 541,000 Fairfax warrants — 3,096,000 Holdback shares — 5,375,000 Diluted EPS: Net earnings attributable to common shareholders $ 125.5 250,514,000 $ 0.50 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units | A summary of the Company’s outstanding restricted shares, phantom share units, and restricted stock units as of and for the twelve months ended December 31, 2022, 2021, and 2020 are presented below: Restricted shares Phantom share units Restricted stock units Stock options Number of shares W.A. grant date FV Number of units W.A. grant date FV Number of units W.A. grant date FV Number of options W.A. grant date FV December 31, 2019 67,400 $ 8.15 507,001 $ 12.53 576,964 $ 8.01 500,000 $ 2.45 Granted 1,051,492 7.84 — — 1,824,786 7.83 1,500,000 2.57 Vested and exercised (67,400) 8.15 (20,000) 6.85 (313,231) 9.32 — — Cancelled — — — — (79,635) 9.84 — — December 31, 2020 1,051,492 $ 7.84 487,001 $ 12.76 2,008,884 $ 7.57 2,000,000 $ 2.54 Granted 75,910 10.79 — — 819,381 13.44 — — Vested and exercised (1,051,492) 7.84 — — (326,135) 10.26 — — Cancelled (11,984) 10.62 — — (35,402) 12.45 — — December 31, 2021 63,926 $ 10.82 487,001 $ 12.76 2,466,728 $ 9.10 2,000,000 $ 2.54 Granted 5,556,610 14.20 — — 336,313 14.45 — — Vested and exercised (5,563,926) 14.16 (32,001) 16.37 (1,077,081) 9.41 — — Cancelled — — — — (73,336) 13.65 — — December 31, 2022 56,610 $ 14.25 455,000 $ 12.51 1,652,624 $ 6.16 2,000,000 $ 2.54 Vested and excercisable, December 31, 2022 — $ — 455,000 $ 12.51 — $ — 1,000,000 $ 2.56 |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Additional Financial Information Disclosure [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are: 2022 2021 Accrued interest $ 60.5 $ 43.3 Accounts payable and other accrued liabilities 143.8 140.1 $ 204.3 $ 183.4 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information: 2022 2021 2020 Interest paid $ 232.0 $ 149.5 $ 156.2 Interest received 6.1 3.1 5.0 Undrawn credit facility fee paid 21.4 1.9 0.8 Income taxes (recovery)/paid (14.5) 25.7 16.8 22. Other information (continued): 2022 2021 2020 Non-cash financing and investing transactions: APR Energy loans settled in shares $ — $ — $ 8.3 Asset retirement obligations liabilities incurred — — 5.3 Asset retirement obligations provision re-assessment — — 2.9 Cancellation of common shares issued on acquisition — — 12.5 Change in right-of-use assets and operating lease liabilities 127.2 9.6 1.2 Commencement of sales-type lease — 343.9 57.0 Common shares issued on APR Energy acquisition — — 316.8 Contingent consideration asset related to APR Energy acquisition — — 95.2 Dividend reinvestment — — 0.3 Holdback Shares reserved on APR Energy acquisition — — 70.6 Interest capitalized on vessels under construction 2.8 4.0 — Net assets acquired on acquisition — — 287.7 Purchase price adjustment related to APR Energy acquisition — — 4.5 Prepayments transferred to vessels upon vessel delivery — 12.7 46.8 Reclassification on lease modification — — 377.4 $ 130.0 $ 370.2 $ 1,286.5 2022 2021 2020 Changes in operating assets and liabilities Accounts receivable $ (61.6) $ 35.2 $ (17.1) Inventories (3.6) 0.2 (5.9) Prepaids expenses and other, and other assets 29.1 (54.1) (10.3) Net investment in lease 20.5 14.9 13.3 Accounts payable and accrued liabilities 17.7 16.6 (16.4) Settlement of decommissioning provisions (36.9) (6.0) (5.9) Deferred revenue 13.7 18.1 8.4 Income tax payable (14.5) (13.5) 3.9 Major maintenance (47.5) (38.7) (54.6) Other liabilities — 18.9 (8.6) Operating lease liabilities (89.8) (122.6) (114.7) Finance lease liabilities (7.9) — — Derivative instruments 7.4 26.5 22.5 Contingent consideration asset 3.2 6.1 18.7 $ (170.2) (98.4) (166.7) |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows: 2022 2021 2020 Cash and cash equivalents $ 280.0 $ 288.6 $ 304.3 Restricted cash included in other assets (note 12) 11.0 38.2 38.2 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 291.0 $ 326.8 $ 342.5 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitment Under Operating Leases | As at December 31, 2022, the commitment under operating leases for vessels is $571,908,000 for 2023 to 2029 and for other leases is $9,707,000 for 2023 to 2031. Total commitments under these leases are as follows: 2023 $ 117.6 2024 115.9 2025 118.9 2026 117.2 2027 80.4 Thereafter 31.6 $ 581.6 |
Summary of Outstanding Commitments for Remaining Installment Payments | 2023 $ 2,438.1 2024 2,713.7 Total $ 5,151.8 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2022, the Company had the following outstanding interest rate derivatives: Fixed per Notional amount as of December 31, 2022 Maximum notional amount (1) Effective date Ending date 1.9250% $ 500.0 $ 500.0 January 31, 2022 February 2, 2032 5.4200% 234.9 234.9 September 6, 2007 May 31, 2024 2.3875% 200.0 200.0 July 20, 2022 July 20, 2032 1.6850% 100.0 100.0 November 14, 2019 May 15, 2024 0.6300% 84.0 84.0 January 21, 2021 October 14, 2026 0.6600% 84.0 84.0 February 4, 2021 October 14, 2026 1.6490% 80.0 80.0 September 27, 2019 May 14, 2024 1.4900% 24.3 24.3 February 4, 2020 December 30, 2025 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. In July 2022, the Company early terminated a swap with notional amount of $125,000,000 and fixed rate of 0.7270%. |
Summary of Financial Instruments Measured at Fair Value | The following provides information about the Company’s financial instruments measured at fair value: 2022 2021 Contingent consideration asset (note 12 (d)) $ 43.7 $ 55.3 Fair value of derivative assets Interest rate swaps 107.1 6.1 Fair value of derivative liabilities Interest rate swaps 1.5 28.5 |
Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings | The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2022 2021 2020 (Gain) Loss recognized in net earnings: (Gain) Loss on interest rate swaps (1) $ (120.6) $ (14.0) $ 36.4 (Gain) on derivative put instrument — (0.1) (0.9) (Gain) Loss on contingent consideration asset (0.9) 5.1 (6.8) Loss reclassified from AOCL to net earnings (2) Interest expense — 0.2 0.3 Depreciation and amortization 1.0 1.0 1.0 (1) For the years ended December 31, 2022, 2021 and 2020, cash flows related to actual settlement of interest rate swaps were $12,722,000, $26,758,000 and $21,789,000 respectively. These are included in investing activities on the consolidated statements of cash flows. (2) The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings. |
General - Additional Informatio
General - Additional Information (Details) | Feb. 28, 2020 |
APR Energy Ltd | Apple Bidco | |
Business Acquisition [Line Items] | |
Equity method investment ownership percentage | 100% |
Significant accounting polici_4
Significant accounting policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Shareholders' equity | $ (4,128,900) | $ (3,517,600) | $ (3,625,600) | $ (3,232,700) | |
Deficit | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shareholders' equity | $ (420,000) | (7,500) | $ 199,200 | 200,700 | |
Short-term Lease | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Lessee, operating lease, lease term | 12 months | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shareholders' equity | 5,100 | 2,300 | |||
Cumulative Effect, Period of Adoption, Adjustment | Deficit | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Shareholders' equity | $ 5,073 | $ 2,300 | |||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Credit loss on financial instruments | $ 2,293 | ||||
Vessels | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 30 years | ||||
Number of years between dry-docking | 5 years |
Significant accounting polici_5
Significant accounting policies - Summary of Useful Lives Used for Calculating Depreciation and Amortization (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Turbines | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment, useful life | 25 years |
Generators | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment, useful life | 15 years |
Transformers | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment, useful life | 15 years |
Acquisition of Apple Bidco Li_3
Acquisition of Apple Bidco Limited - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Feb. 28, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 75,300 | $ 75,300 | $ 75,300 | ||
Fairfax Financial Holdings Limited | APR Energy | |||||
Business Acquisition [Line Items] | |||||
Acquired percentage | 67.80% | ||||
APR Energy | |||||
Business Acquisition [Line Items] | |||||
Shares issued (in shares) | 29,891,266 | ||||
Shares reserved for future issuance | 6,664,270 | ||||
Net purchase price | 287,700 | $ 293,400 | |||
Goodwill | $ 117,900 | $ 0 | 117,900 | ||
APR Energy | General and Administrative Expense | |||||
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 4 | $ 130 | $ 1,498 | ||
APR Energy | Minimum | |||||
Business Acquisition [Line Items] | |||||
Period of issuance | 90 days | ||||
APR Energy | Maximum | |||||
Business Acquisition [Line Items] | |||||
Period of issuance | 5 years | ||||
APR Energy | Fairfax Financial Holdings Limited | |||||
Business Acquisition [Line Items] | |||||
Percentage of interest in acquired entity | 100% |
Acquisition of Apple Bidco Li_4
Acquisition of Apple Bidco Limited - Schedule of Net Purchase Price (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 22 Months Ended | ||||||
Dec. 31, 2021 | Feb. 28, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Jun. 30, 2021 | Apr. 30, 2021 | |
Business Acquisition [Line Items] | ||||||||
Holdback Shares reserved on APR Energy acquisition | $ 0 | $ 0 | $ 70,600 | |||||
Adjustment on contingent consideration asset | $ 21,300 | 42,400 | $ 0 | |||||
Fairfax Financial Holdings Limited | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrants outstanding term | 5 years | |||||||
Warrants to purchase common shares | 5,000,000 | 1,000,000 | 5,000,000 | |||||
Warrants outstanding exercise price (in dollars per share) | $ 13 | $ 13.71 | $ 13 | |||||
APR Energy | ||||||||
Business Acquisition [Line Items] | ||||||||
Common shares issued | $ 316,800 | $ 316,800 | ||||||
Holdback Shares reserved on APR Energy acquisition | 70,600 | 70,600 | ||||||
Less: Contingent consideration asset | (95,200) | (41,500) | $ (95,200) | $ (95,200) | ||||
Adjustment on contingent consideration asset | (53,700) | |||||||
Less: Purchase price adjustment | (4,500) | (52,500) | ||||||
Adjustments, Purchase price adjustment | 48,000 | |||||||
Net purchase price | $ 287,700 | $ 293,400 | ||||||
Adjustments, Net purchase price | $ (5,700) | |||||||
Shares issued (in shares) | 29,891,266 | |||||||
Shares reserved for future issuance | 6,664,270 | |||||||
Shares forfeited (in shares) | 577,139 | |||||||
Common shares previously issued | 1,849,641 | |||||||
Shares permanently forfeited for post closing purchase price adjustments | 1,122,290 | |||||||
Treasury shares | 727,351 | |||||||
Common shares released from holdback | 92,444 |
Acquisition of Apple Bidco Li_5
Acquisition of Apple Bidco Limited - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 22 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2022 | Feb. 28, 2020 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 75,300 | $ 75,300 | |
APR Energy | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 36,700 | $ 36,700 | |
Inventory | 40,900 | 54,400 | |
Adjustments, Inventory | (13,500) | ||
Acquisition related assets | 96,400 | 65,000 | |
Adjustments, Acquisition related assets | 31,400 | ||
Accounts receivable | 49,100 | 41,400 | |
Adjustments, Accounts receivable | 7,700 | ||
Other current assets | 9,100 | 7,900 | |
Adjustment, Other current assets | 1,200 | ||
Property, plant and equipment | 447,200 | 597,300 | |
Adjustments, Property, plant, and equipment | (150,100) | ||
Intangible assets | 27,400 | 35,400 | |
Adjustments, Intangible assets | (8,000) | ||
Deferred tax assets | 16,600 | 23,500 | |
Adjustment, Deferred tax asset | (6,900) | ||
Other assets | 13,900 | 13,900 | |
Goodwill | 117,900 | 0 | |
Adjustments, Goodwill | 117,900 | ||
Total assets acquired | 855,200 | 875,500 | |
Adjustment, Total assets acquired | (20,300) | ||
Accounts payable and accrued liabilities | 92,500 | 91,300 | |
Adjustments, Accounts payable and accrued liabilities | 1,200 | ||
Income tax payable | 106,500 | 104,000 | |
Adjustments, Income tax payable | 2,500 | ||
Other current liabilities | 17,200 | 17,200 | |
Long-term debt (including current and non-current portions) | 311,600 | 311,600 | |
Deferred tax liabilities | 1,000 | 7,000 | |
Adjustments, Deferred tax liabilities | (6,000) | ||
Other long-term liabilities | 38,700 | 51,000 | |
Adjustments, Other long-term liabilities | (12,300) | ||
Net assets acquired | 287,700 | $ 293,400 | |
Adjustments, Net assets acquired | (5,700) | ||
Gross contractual account receivables | 57,000 | ||
Amount not expected to be collected | $ 7,900 |
Acquisition of Apple Bidco Li_6
Acquisition of Apple Bidco Limited - Summary of Pro forma Financial Information (Details) - APR Energy $ in Millions | 12 Months Ended |
Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |
Revenue | $ 1,464.6 |
Net earnings | $ 179.3 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Segment reporting - Financial I
Segment reporting - Financial Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,697.4 | $ 1,646.6 | $ 1,421.1 |
Operating expense | 353.4 | 351 | 303.7 |
Depreciation and amortization expense | 379.1 | 366.7 | 353.9 |
General and administrative expense | 108.1 | 79.2 | 36.3 |
Indemnity claim (income) under acquisition agreement | (21.3) | (42.4) | 0 |
Operating lease expense | 123 | 146.3 | |
Loss (Gain) on sale | 3.7 | (16.4) | 0.2 |
Interest income | (6.5) | (3.1) | (5) |
Interest expense | 235.4 | 197.1 | 191.6 |
Income tax expense | 2.4 | 33 | $ 16.6 |
Containership Leasing | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,543 | 1,460.4 | |
Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Revenue | 154.4 | 186.2 | |
Operating Segments | Containership Leasing | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,543 | 1,460.4 | |
Operating expense | 309.2 | 289.3 | |
Depreciation and amortization expense | 327.5 | 307.9 | |
General and administrative expense | 76.6 | 49.9 | |
Indemnity claim (income) under acquisition agreement | 0 | 0 | |
Operating lease expense | 120.3 | 143 | |
Loss (Gain) on sale | 4 | (15.9) | |
Interest income | (5.5) | (0.3) | |
Interest expense | 219.4 | 178.8 | |
Income tax expense | 1.9 | 0.8 | |
Operating Segments | Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Revenue | 154.4 | 186.2 | |
Operating expense | 44.2 | 61.7 | |
Depreciation and amortization expense | 51.6 | 58.8 | |
General and administrative expense | 33.5 | 25.7 | |
Indemnity claim (income) under acquisition agreement | (21.3) | (42.4) | |
Operating lease expense | 2.7 | 3.3 | |
Loss (Gain) on sale | (0.3) | (0.5) | |
Interest income | (0.7) | (2.8) | |
Interest expense | 16.7 | 20.2 | |
Income tax expense | 0.5 | 32.2 | |
Elimination and Other | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Operating expense | 0 | 0 | |
Depreciation and amortization expense | 0 | 0 | |
General and administrative expense | (2) | 3.6 | |
Indemnity claim (income) under acquisition agreement | 0 | 0 | |
Operating lease expense | 0 | 0 | |
Loss (Gain) on sale | 0 | 0 | |
Interest income | (0.3) | 0 | |
Interest expense | (0.7) | (1.9) | |
Income tax expense | $ 0 | $ 0 |
Segment reporting - Net Earning
Segment reporting - Net Earnings By Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | $ 1,134,000,000 | $ 1,114,800,000 | |
Eliminations and other | (1,400,000) | (1,400,000) | |
Depreciation and amortization expense | 379,100,000 | 366,700,000 | $ 353,900,000 |
Interest income | (6,500,000) | (3,100,000) | (5,000,000) |
Interest expense | 235,400,000 | 197,100,000 | 191,600,000 |
Gain on derivative instruments | (120,600,000) | (14,100,000) | |
Loss on debt extinguishment (note 13(e)) | 9,400,000 | 127,000,000 | 0 |
Other expenses | 7,100,000 | 6,500,000 | |
(Gain) Loss on contingent consideration asset | (900,000) | 5,100,000 | (6,800,000) |
Loss on foreign currency repatriation | 4,000,000 | 13,900,000 | |
Loss (Gain) on sale | 3,700,000 | (16,400,000) | $ 200,000 |
Consolidated net earnings before taxes | 624,700,000 | 433,500,000 | |
Containership Leasing | |||
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | 1,036,900,000 | 978,400,000 | |
Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | $ 97,100,000 | $ 136,400,000 |
Segment reporting - Assets and
Segment reporting - Assets and Capital Spending (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 11,302.4 | $ 10,569.6 |
Elimination and Other | ||
Segment Reporting Information [Line Items] | ||
Total Assets | (120.7) | (50.7) |
Containership Leasing | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 10,584.2 | 9,777.6 |
Capital expenditures by segment | 1,219.5 | 1,679.4 |
Mobile Power Generation | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 838.9 | 842.7 |
Capital expenditures by segment | $ 20.2 | $ 29.9 |
Revenue - Summary of Revenue Di
Revenue - Summary of Revenue Disaggregated by Segment and by Type (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,697.4 | $ 1,646.6 | $ 1,421.1 |
Containership Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,543 | 1,460.4 | |
Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 154.4 | 186.2 | |
Operating lease revenue | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,593.4 | 1,589.6 | |
Operating lease revenue | Containership Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,457 | 1,409.9 | |
Operating lease revenue | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 136.4 | 179.7 | |
Interest income from leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 73.8 | 46.1 | |
Interest income from leasing | Containership Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 73.8 | 46.1 | |
Interest income from leasing | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 30.2 | 10.9 | |
Other | Containership Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 12.2 | 4.4 | |
Other | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 18 | $ 6.5 |
Revenue - Schedule of Future Mi
Revenue - Schedule of Future Minimum Revenues Committed (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Operating lease revenue | |
2023 | $ 1,609.6 |
2024 | 1,545.1 |
2025 | 1,275.7 |
2026 | 950.4 |
2027 | 516.9 |
Thereafter | 663.3 |
Future minimum revenue to be received from operating leases | 6,561 |
Direct financing leases | |
2023 | 75.5 |
2024 | 72.4 |
2025 | 69.1 |
2026 | 66.7 |
2027 | 64.2 |
Thereafter | 458.7 |
Future interest income to be earned from direct financing leases | 806.6 |
Other | |
2023 | 21.1 |
2024 | 20.4 |
2025 | 20.4 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Future minimum revenue receivable other | 61.9 |
Total committed revenue | |
2023 | 1,706.2 |
2024 | 1,637.9 |
2025 | 1,365.2 |
2026 | 1,017.1 |
2027 | 581.1 |
Thereafter | 1,122 |
Future minimum revenues receivable | $ 7,429.5 |
Revenue - Schedule of Future _2
Revenue - Schedule of Future Minimum Revenues Received Based on Segment (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Segment Reporting Information Revenue [Line Items] | |
2023 | $ 1,706.2 |
2024 | 1,637.9 |
2025 | 1,365.2 |
2026 | 1,017.1 |
2027 | 581.1 |
Thereafter | 1,122 |
Future minimum revenues receivable | 7,429.5 |
Containership Leasing | |
Segment Reporting Information Revenue [Line Items] | |
2023 | 1,601.9 |
2024 | 1,573.1 |
2025 | 1,300.4 |
2026 | 1,017.1 |
2027 | 581.1 |
Thereafter | 1,122 |
Future minimum revenues receivable | 7,195.6 |
Mobile Power Generation | |
Segment Reporting Information Revenue [Line Items] | |
2023 | 104.3 |
2024 | 64.8 |
2025 | 64.8 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Future minimum revenues receivable | $ 233.9 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Derived from Customers (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,697.4 | $ 1,646.6 | $ 1,421.1 |
COSCO | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 454.8 | 492.2 | 401.1 |
Yang Ming Marine | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 241.7 | 249.9 | 255.7 |
ONE | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 254.3 | 255.2 | 237.3 |
Hapag-Lloyd | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 140.6 | 116.4 | 83.6 |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 606 | $ 532.9 | $ 443.4 |
Related party transactions - Ad
Related party transactions - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2022 USD ($) vessel $ / shares shares | Jun. 30, 2022 shares | May 31, 2022 USD ($) vessel TEU | Apr. 30, 2022 $ / shares shares | Oct. 31, 2021 USD ($) TEU vessel | Aug. 31, 2021 | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) tranche boardMember vessel $ / shares shares | Dec. 31, 2021 USD ($) vessel shares | Dec. 31, 2020 USD ($) shares | Apr. 30, 2021 $ / shares shares | Mar. 31, 2021 | Dec. 31, 2019 USD ($) | Dec. 31, 2018 USD ($) | |
Related Party Transaction [Line Items] | ||||||||||||||
Number of warrant tranches | tranche | 2 | |||||||||||||
Interest expense, excluding amortization of debt discount | $ 19,204,000 | $ 32,114,000 | ||||||||||||
Amortization of debt discount | 14,188,000 | 19,963,000 | ||||||||||||
Dividends on preferred shares | $ 60,800,000 | $ 66,200,000 | $ 67,100,000 | |||||||||||
Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of designated board members | boardMember | 2 | |||||||||||||
Equity method investment ownership percentage | 44.30% | 44.30% | ||||||||||||
ZE JV | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Equity method investment ownership percentage | 50% | |||||||||||||
Vessels | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 1 | 10 | 1 | |||||||||||
Sale price | $ 257,075,000 | |||||||||||||
APR Energy Ltd | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares forfeited (in shares) | shares | 557,139 | |||||||||||||
Series J cumulative redeemable | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares issued (in shares) | shares | 12,000,000 | |||||||||||||
Dividend rate per annum (in percent) | 7% | 7% | ||||||||||||
Liquidation preference | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||||
Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | shares | 101,923,078 | 101,923,078 | 5,000,000 | |||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 13 | |||||||||||||
Fairfax Financial Holdings Limited | APR Energy Ltd | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares forfeited (in shares) | shares | 2,576,014 | |||||||||||||
Shares issued (in shares) | shares | 2,749,898 | 350,138 | ||||||||||||
Fairfax Financial Holdings Limited | APR Energy Ltd | Cash Repatriation From A Foreign Jurisdiction | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payments to settle indemnification | $ 6,265,000 | $ 16,545,000 | ||||||||||||
Fairfax Financial Holdings Limited | APR Energy Ltd | Losses Realized On Sale Or Disposal | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Payments to settle indemnification | 5,239,000 | 12,468,000 | ||||||||||||
Fairfax Financial Holdings Limited | Series J cumulative redeemable | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Shares issued (in shares) | shares | 12,000,000 | |||||||||||||
Dividend rate per annum (in percent) | 7% | |||||||||||||
Dividends on preferred shares | $ 21,000,000 | 8,108,000 | ||||||||||||
Fairfax Financial Holdings Limited | Tranche One | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | shares | 38,461,539 | 38,461,539 | ||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 6.50 | $ 6.50 | ||||||||||||
Fairfax Financial Holdings Limited | Tranche Two | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | shares | 38,461,539 | 38,461,539 | ||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 6.50 | $ 6.50 | ||||||||||||
Fairfax Financial Holdings Limited | Tranche Three | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | shares | 25,000,000 | 25,000,000 | ||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 8.05 | $ 8.05 | ||||||||||||
ZE JV | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Revenues | $ 7,035,000 | 325,000 | ||||||||||||
Incurred expenses | $ 6,776,000 | 285,000 | ||||||||||||
Amount invested | $ 1,000,000 | |||||||||||||
ZE JV | Vessels | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of vessels sold | vessel | 4 | 1 | ||||||||||||
Capacity of vessels sold | TEU | 4,250 | 4,250 | ||||||||||||
Sale price | $ 138,975,000 | $ 38,280,000 | ||||||||||||
Fairfax Notes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding (in shares) | shares | 6,000,000 | 6,000,000 | ||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 8.05 | $ 13.71 | ||||||||||||
Warrants issued in conversion of debt (in shares) | shares | 25,000,000 | 1,000,000 | ||||||||||||
Fairfax Notes | Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 13.71 | |||||||||||||
Warrants issued in conversion of debt (in shares) | shares | 1,000,000 | |||||||||||||
Percentage of principal amount redeemed | 100% | |||||||||||||
2025 Fairfax Notes | Fairfax Notes | Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Face value of debt | $ 600,000,000 | |||||||||||||
Interest rate | 5.50% | |||||||||||||
2026 Fairfax Notes | Fairfax Notes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt converted | $ 200,000,000 | |||||||||||||
2026 Fairfax Notes | Fairfax Notes | Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Face value of debt | $ 600,000,000 | |||||||||||||
Interest rate | 5.50% | |||||||||||||
2027 Fairfax Notes | Fairfax Notes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt converted | 100,000,000 | |||||||||||||
2027 Fairfax Notes | Fairfax Notes | Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Face value of debt | $ 600,000,000 | |||||||||||||
Interest rate | 5.50% | |||||||||||||
2025 and 2026 Fairfax Notes | Fairfax Notes | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Face value of debt | $ 300,000,000 | |||||||||||||
Percentage of principal amount redeemed | 100% | 100% | ||||||||||||
2025 and 2026 Fairfax Notes | Fairfax Notes | Fairfax Financial Holdings Limited | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt converted | $ 300,000,000 |
Net investment in lease - Sched
Net investment in lease - Schedule of Net Investment in Lease (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Undiscounted lease receivable | $ 1,724.4 | $ 1,448.2 |
Unearned interest income | (816) | (689.9) |
Net investment in lease | $ 908.4 | $ 758.3 |
Net investment in lease - Sch_2
Net investment in lease - Schedule of Net Investment in Lease (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Lease receivables | $ 908.4 | $ 751.4 |
Unguaranteed residual value | 0 | 6.9 |
Net investment in lease | 908.4 | 758.3 |
Current portion of net investment in lease | (21) | (16.8) |
Long-term portion of net investment in lease | $ 887.4 | $ 741.5 |
Net investment in lease - Addit
Net investment in lease - Additional Information (Details) | 1 Months Ended | ||||
May 31, 2022 TEU vessel | Apr. 30, 2022 TEU vessel | Nov. 30, 2021 vessel TEU | Sep. 30, 2021 vessel TEU | Feb. 28, 2021 TEU | |
Leases [Abstract] | |||||
Term of agreement | 18 years | 18 years | 18 years | ||
Capacity in TEUs | TEU | 12,200,000,000 | 12,200,000,000 | 12,200 | 12,200 | 12,000 |
Number of vessels | vessel | 2 | 2 | 2 | 1 |
Net investment in lease - Sch_3
Net investment in lease - Schedule of Minimum Lease Receivable from Direct Financing Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 96.9 | |
2024 | 97.1 | |
2025 | 96.9 | |
2026 | 96.9 | |
2027 | 96.9 | |
Thereafter | 1,239.7 | |
Minimum lease receivable from direct financing leases | $ 1,724.4 | $ 1,448.2 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 10,153.6 | $ 9,968.2 |
Accumulated depreciation | (2,996.7) | (3,016) |
Net book value | 7,156.9 | 6,952.2 |
Vessels | ||
Property Plant And Equipment [Line Items] | ||
Cost | 9,610.7 | 9,410.9 |
Accumulated depreciation | (2,805.6) | (2,830.4) |
Net book value | 6,805.1 | 6,580.5 |
Equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Cost | 542.9 | 557.3 |
Accumulated depreciation | (191.1) | (185.6) |
Net book value | $ 351.8 | $ 371.7 |
Property, plant and equipment_2
Property, plant and equipment - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 vessel | May 31, 2022 USD ($) vessel TEU | Nov. 30, 2021 | Oct. 31, 2021 USD ($) TEU vessel | Sep. 30, 2021 | Feb. 28, 2021 USD ($) | Dec. 31, 2022 USD ($) TEU vessel | Dec. 31, 2021 USD ($) vessel | Dec. 31, 2020 USD ($) | |
Property Plant And Equipment [Line Items] | |||||||||
Depreciation expense | $ 334,121 | $ 345,164 | $ 324,597 | ||||||
Payments to acquire property, plant & equipment | 1,239,700 | 1,577,000 | 783,500 | ||||||
Gain (loss) on sale | $ (3,700) | 16,400 | $ (200) | ||||||
Term of agreement | 18 years | 18 years | 18 years | ||||||
Vessels | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Payments to acquire property, plant & equipment | $ 358,500 | ||||||||
Number of vessels delivery accepted | vessel | 4 | ||||||||
Number of vessels sold | vessel | 1 | 10 | 1 | ||||||
Sale price | $ 257,075 | ||||||||
Gain (loss) on sale | $ 15,884 | ||||||||
Capacity of vessels purchased | TEU | 10,000 | ||||||||
Vessels | ZE JV | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels sold | vessel | 4 | 1 | |||||||
Capacity of vessels sold | TEU | 4,250 | 4,250 | |||||||
Sale price | $ 138,975 | $ 38,280 | |||||||
Gain (loss) on sale | $ 3,973 | ||||||||
Number of Vessels Managed | vessel | 7 | ||||||||
Bareboat Charter Vessels | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Payments to acquire property, plant & equipment | $ 251,895 | ||||||||
Number of vessels purchased | vessel | 3 | ||||||||
Capacity of vessels purchased | vessel | 12,200 | ||||||||
Term of agreement | 18 years | ||||||||
One Vessel, 15,000 TEU | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 1 | ||||||||
Capacity of vessels purchased | TEU | 15,000 | ||||||||
Term of agreement | 5 years | ||||||||
Six Vessels, 11,800 TEU | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 6 | ||||||||
Capacity of vessels purchased | TEU | 11,800 | ||||||||
Term of agreement | 5 years | ||||||||
APR Energy | Gas Turbines and Other Equipment | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Payments to acquire property, plant & equipment | $ 88,061,000 |
Vessels under construction (Det
Vessels under construction (Details) - Asset under Construction - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Accumulated capitalized interest costs | $ 49,022 | $ 18,870 |
Installment payments included in balance | $ 1,122,655 | $ 1,284,512 |
Right-of-use assets - Schedule
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Lease Right Of Use Assets [Line Items] | ||
Right-of-use assets (note 10) | $ 1,097.7 | $ 1,082.4 |
Operating and Finance Lease Right of Use Asset, Accumulated amortization | (351) | (357.5) |
Right-of-use asset, Net book value | 746.7 | 724.9 |
Vessel operating leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Operating Lease, Cost | 835.5 | 1,066.6 |
Operating Lease, Accumulated amortization | (335.5) | (350) |
Operating Lease, Net book value | 500 | 716.6 |
Vessel finance leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Finance Lease, Cost | 246.6 | |
Finance Lease, Accumulated amortization | (7.9) | |
Finance Lease, Net book value | 238.7 | |
Other operating leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Operating Lease, Cost | 15.6 | |
Operating Lease, Accumulated amortization | (7.6) | |
Operating Lease, Net book value | $ 8 | |
Office operating leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Operating Lease, Cost | 15.8 | |
Operating Lease, Accumulated amortization | (7.5) | |
Operating Lease, Net book value | $ 8.3 |
Right-of-use assets - Additiona
Right-of-use assets - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) vessel TEU | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Operating Lease Right Of Use Assets [Line Items] | |||
Amortization expense | $ 107,504 | $ 125,800 | $ 120,140 |
Vessels | |||
Operating Lease Right Of Use Assets [Line Items] | |||
Lease financing, number of vessels | vessel | 4 | ||
Capacity of vessels purchased | TEU | 10,000 | ||
Pre-determined purchase price per vessel | $ 52,690 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill [Roll Forward] | |
Balance, December 31, 2021 | $ 75.3 |
Balance, December 31, 2022 | 75.3 |
Containership Leasing | |
Goodwill [Roll Forward] | |
Balance, December 31, 2021 | 75.3 |
Balance, December 31, 2022 | 75.3 |
Mobile Power Generation | |
Goodwill [Roll Forward] | |
Balance, December 31, 2021 | 0 |
Balance, December 31, 2022 | $ 0 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Impairment loss | $ 0 | $ 0 | $ 117,900 |
APR Energy | Mobile Power Generation | |||
Goodwill [Line Items] | |||
Goodwill acquired | 117,900 | ||
Impairment loss | $ 117,900 |
Other assets - Schedule of Othe
Other assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | |||
Intangible assets | $ 75.7 | $ 90.1 | |
Deferred dry-dock | 86.9 | 79.4 | $ 63.8 |
Restricted cash | 11 | 38.2 | |
Contingent consideration asset | 39.5 | 49.2 | |
Business Combination, Indemnification Asset Claim, Noncurrent | 0 | 42.5 | |
Deferred financing fees on undrawn financings | 57.3 | 77 | |
Other | 42.4 | 48 | |
Other assets (note 12) | $ 312.8 | $ 424.4 |
Other assets - Additional Infor
Other assets - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Feb. 28, 2020 | Dec. 31, 2022 | May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | |
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Cost | $ 182,500 | $ 182,500 | $ 173,800 | ||||
Accumulated Amortization | (106,800) | (106,800) | (83,700) | ||||
Net book value | 75,700 | 75,700 | 90,100 | ||||
Amortization related to intangible asset | 23,200,000,000 | 20,910,000,000 | $ 21,396 | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||
2023 | 18,100 | 18,100 | |||||
2024 | 13,800 | 13,800 | |||||
2025 | 9,300 | 9,300 | |||||
2026 | 4,300 | 4,300 | |||||
2027 | 2,700 | 2,700 | |||||
Thereafter | 27,500 | 27,500 | |||||
Net book value | 75,700 | 75,700 | 90,100 | ||||
Changes In Deferred Cost [Roll Forward] | |||||||
Beginning balance | 79,400 | 63,800 | |||||
Costs incurred | 42,400 | 40,000 | |||||
Vessel sales | (11,300) | ||||||
Amortization expensed | (23,600) | (24,400) | |||||
Ending balance | 86,900 | 86,900 | 79,400 | 63,800 | |||
Change In Contingent Consideration Asset [Roll Forward] | |||||||
Beginning balance | 55,300 | 90,900 | |||||
Change in fair value | 900 | (5,100) | |||||
Compensation received | (12,500) | (30,500) | |||||
Ending balance | 43,700 | 43,700 | 55,300 | $ 90,900 | |||
Current portion included in prepaid expenses and other | (4,200) | ||||||
Contingent consideration asset, noncurrent | 39,500 | 39,500 | 49,200 | ||||
APR Energy | |||||||
Changes In Deferred Cost [Roll Forward] | |||||||
Maximum amount of cash flows subject to compensation | $ 110,000 | ||||||
Maximum amount of losses subject to compensation | $ 64,000 | ||||||
Change In Contingent Consideration Asset [Roll Forward] | |||||||
Shares forfeited (in shares) | 577,139 | ||||||
APR Energy | Fairfax Financial Holdings Limited | |||||||
Change In Contingent Consideration Asset [Roll Forward] | |||||||
Proceeds from shares cancelled | 21,247 | 31,602 | |||||
Business Combination, Indemnification Assets, Shares Cancelled | 2,576,014 | ||||||
Customer contracts | |||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Cost | 129,900 | 129,900 | 129,900 | ||||
Accumulated Amortization | (92,300) | (92,300) | (76,200) | ||||
Net book value | 37,600 | 37,600 | 53,700 | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||
Net book value | 37,600 | 37,600 | 53,700 | ||||
Trademark | |||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Cost | 27,400 | 27,400 | 27,400 | ||||
Accumulated Amortization | (3,900) | (3,900) | (2,500) | ||||
Net book value | 23,500 | 23,500 | 24,900 | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||
Net book value | 23,500 | 23,500 | 24,900 | ||||
Trademark | APR Energy | |||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Cost | $ 27,400 | ||||||
Estimated useful life of trademark | 20 years | ||||||
Other | |||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Cost | 25,200 | 25,200 | 16,500 | ||||
Accumulated Amortization | (10,600) | (10,600) | (5,000) | ||||
Net book value | 14,600 | 14,600 | 11,500 | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||||||
Net book value | $ 14,600 | $ 14,600 | $ 11,500 | ||||
Acquired customer contracts | |||||||
Finite-Lived Intangible Assets, Net [Abstract] | |||||||
Weighted average remaining useful lives | 3 years 4 months 24 days | 3 years 10 months 24 days | 4 years 7 months 6 days |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | May 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Carrying amount, gross | $ 3,736,700 | $ 4,345,500 | |
Deferred financing fees | (44,900) | (57,600) | |
Long-term debt | 3,691,800 | 4,282,800 | |
Current portion of long-term debt | (238,400) | (551,000) | |
Long-term debt (note 13) | 3,453,400 | 3,731,800 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 1,302,400 | 1,302,400 | |
Senior Unsecured Exchangeable Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 201,300 | 201,300 | |
Debt discount on notes | 0 | (5,100) | |
Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 1,000,000 | 500,000 | |
Revolving Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 0 | 0 | |
Term Loan Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 1,233,000 | $ 100,000 | $ 2,341,800 |
Long-term debt | $ 1,233,000 |
Long-term debt - Revolving Cred
Long-term debt - Revolving Credit Facilities (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel | Feb. 28, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2021 USD ($) vessel | Jun. 30, 2021 USD ($) | May 31, 2021 USD ($) | Dec. 31, 2022 USD ($) vessel CreditFacility | Dec. 31, 2021 USD ($) vessel CreditFacility | Oct. 31, 2022 USD ($) vessel | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Carrying amount, gross | $ 3,736,700,000 | $ 4,345,500,000 | $ 4,345,500,000 | $ 3,736,700,000 | $ 4,345,500,000 | |||||||
Leases For Four 11800 and One 15000 TEU Vessels | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lease financing, number of vessels | vessel | 5 | |||||||||||
Revolving Credit Facilities | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of long-term credit facilities | CreditFacility | 3 | 3 | ||||||||||
Credit facilities, maximum aggregate borrowings | 700,000,000 | 600,000,000 | $ 150,000,000 | 600,000,000 | $ 700,000,000 | $ 600,000,000 | $ 50,000,000 | |||||
Credit facilities, aggregate borrowings undrawn | 700,000,000 | 600,000,000 | 600,000,000 | 700,000,000 | 600,000,000 | |||||||
Increase in borrow capacity | $ 100,000,000 | |||||||||||
Extension to term | 2 years | |||||||||||
Term of debt | 2 years | |||||||||||
Carrying amount, gross | 0 | 0 | 0 | 0 | 0 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | 0 | 0 | $ 0 | $ 0 | |||||||
Revolving Credit Facilities | Line of Credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee on undrawn amount | 0.50% | 0.60% | ||||||||||
Revolving Credit Facilities | Line of Credit | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee on undrawn amount | 0.45% | 0.50% | ||||||||||
Revolving Credit Facilities | Line of Credit | 2022 RCF | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facilities, maximum aggregate borrowings | $ 250,000,000 | |||||||||||
Term of debt | 3 years | |||||||||||
Term Loan Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facilities, maximum aggregate borrowings | 3,751,731,000 | 4,052,103,000 | 4,052,103,000 | $ 3,751,731,000 | $ 4,052,103,000 | |||||||
Credit facilities, aggregate borrowings undrawn | 2,518,743,000 | 1,710,224,000 | 1,710,224,000 | 2,518,743,000 | 1,710,224,000 | |||||||
Term Loan Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facilities, maximum aggregate borrowings | 1,077,137,000 | 1,077,137,000 | $ 633,088,000 | $ 6,500,000 | 1,077,137,000 | $ 1,170,918,000 | $ 108,000,000 | |||||
Credit facilities, aggregate borrowings undrawn | 270,687,000 | 270,687,000 | ||||||||||
Increase in borrow capacity | $ 79,540,000 | |||||||||||
Extension to term | 2 years | |||||||||||
Carrying amount, gross | 1,233,000,000 | 2,341,800,000 | $ 2,341,800,000 | $ 1,233,000,000 | $ 2,341,800,000 | $ 100,000,000 | ||||||
Amount drawn of credit facility | $ 0 | $ 0 | ||||||||||
Early prepayment of credit facility | $ 59,961,000 | |||||||||||
Interest rate | 3.80% | |||||||||||
Loan credit number of vessels | vessel | 10 | 10 | 8 | 10 | 15 | |||||||
Term Loan Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 3.39% | 1.40% | ||||||||||
Term Loan Credit Facility | Line of Credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee on undrawn amount | 0.58% | 0.56% | ||||||||||
Interest rate margin | 2.50% | 3.50% | ||||||||||
Term Loan Credit Facility | Line of Credit | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commitment fee on undrawn amount | 0.25% | 0.20% | ||||||||||
Interest rate margin | 0.40% | 0.40% |
Long-term debt - Term Loan Cred
Long-term debt - Term Loan Credit Facilities (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2022 USD ($) vessel | Aug. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2021 USD ($) vessel | Jun. 30, 2021 USD ($) | May 31, 2021 USD ($) | Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Carrying amount, gross | $ 3,736,700 | $ 4,345,500 | $ 4,345,500 | $ 3,736,700 | $ 4,345,500 | |||||||
Leases For Four 11800 and One 15000 TEU Vessels | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Lease financing, number of vessels | vessel | 5 | |||||||||||
Term Loan Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facilities, maximum aggregate borrowings | 3,751,731 | 4,052,103 | 4,052,103 | $ 3,751,731 | 4,052,103 | |||||||
Credit facilities, aggregate borrowings undrawn | 2,518,743 | 1,710,224 | 1,710,224 | 2,518,743 | 1,710,224 | |||||||
Term Loan Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facilities, maximum aggregate borrowings | $ 1,077,137 | $ 1,170,918 | $ 1,077,137 | $ 633,088 | $ 6,500 | $ 1,077,137 | $ 108,000 | |||||
Credit facilities, aggregate borrowings undrawn | 270,687 | 270,687 | ||||||||||
Increase in borrow capacity | $ 79,540 | |||||||||||
Extension to term | 2 years | |||||||||||
Early prepayment of credit facility | $ 59,961 | |||||||||||
Interest rate | 3.80% | |||||||||||
Loan credit number of vessels | vessel | 10 | 15 | 10 | 8 | 10 | |||||||
Amount drawn of credit facility | 0 | $ 0 | ||||||||||
Carrying amount, gross | $ 1,233,000 | $ 2,341,800 | $ 2,341,800 | $ 1,233,000 | $ 2,341,800 | $ 100,000 | ||||||
Weighted average rate of interest, including the margin | 6.40% | 1.90% | 1.90% | 6.40% | 1.90% | |||||||
Early Repayment of Senior Debt | $ 240,000 | |||||||||||
Term Loan Credit Facility | Line of Credit | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 0.40% | 0.40% | ||||||||||
Commitment fee on undrawn amount | 0.25% | 0.20% | ||||||||||
Term Loan Credit Facility | Line of Credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 2.50% | 3.50% | ||||||||||
Commitment fee on undrawn amount | 0.58% | 0.56% | ||||||||||
Term Loan Credit Facility | Line of Credit | London Interbank Offered Rate (LIBOR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 3.39% | 1.40% | ||||||||||
Term Loan Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 1.40% | |||||||||||
Term Loan Credit Facility | Line of Credit | Three Month LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
LIBOR interest rate | 4.80% | 0.20% | 0.20% | 4.80% | 0.20% | |||||||
Term Loan Credit Facility | Line of Credit | Six Month LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
LIBOR interest rate | 3.50% | 0.20% | 0.20% | 3.50% | 0.20% | |||||||
Term Loan Credit Facility | Line of Credit | Three Month Secured Overnight Financing Rate (SOFR) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
LIBOR interest rate | 3% | 3% | ||||||||||
Term Loan Credit Facility | Line of Credit | Export-Import Bank of Korea | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate margin | 0.70% | |||||||||||
Carrying amount, gross | $ 14,425 | $ 27,198 | $ 27,198 | $ 14,425 | $ 27,198 |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Minimum Repayments Under Revolving Credit Facilities and Term Loans (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,691.8 | $ 4,282.8 |
Term Loan Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
2023 | 239.6 | |
2024 | 111.9 | |
2025 | 167.4 | |
2026 | 450.9 | |
2027 | 241.2 | |
Thereafter | 22 | |
Long-term debt | $ 1,233 |
Long-term Debt - Sustainability
Long-term Debt - Sustainability-Linked Senior Secured Notes (Details) - Senior Secured Notes - USD ($) | May 17, 2022 | Aug. 31, 2021 | May 31, 2021 |
Debt Instrument [Line Items] | |||
Face value of debt | $ 500,000,000 | $ 500,000,000 | |
Series B Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.91% | ||
Minimum | Series A, Series C, and Series D Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.15% | 3.91% | |
Maximum | Series A, Series C, and Series D Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.49% | 4.26% |
Long-term debt - Credit facilit
Long-term debt - Credit facilities – other (Details) | Dec. 31, 2022 USD ($) vessel | May 17, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Number of vessels secured by first-priority mortgages | vessel | 53 | |||
Carrying amount, gross | $ 3,736,700,000 | $ 4,345,500,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Number of vessels secured by first-priority mortgages | vessel | 48 | |||
Face value of debt | $ 938,703,000 | |||
Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Carrying amount, gross | $ 1,000,000,000 | $ 500,000,000 | ||
Face value of debt | $ 500,000,000 | $ 500,000,000 |
Long-term debt - Senior Unsecur
Long-term debt - Senior Unsecured Notes (Details) - Senior Unsecured Notes - USD ($) | 12 Months Ended | |||||
Dec. 31, 2022 | Jul. 31, 2021 | Jul. 14, 2021 | May 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | |
Debt Instrument [Line Items] | ||||||
Face value of debt | $ 750,000,000 | |||||
2024 Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt | $ 200,000,000 | |||||
Interest rate | 6.50% | |||||
2026 Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt | $ 300,000,000 | |||||
The Bonds | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 6.50% | |||||
Redemption price (in percent) | 100.50% | |||||
Atlas Notes | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt | $ 151,000 | $ 52,198,825 | ||||
Interest rate | 7.125% | |||||
Senior Unsecured Notes Maturing 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 5.50% |
Long-term debt - Fairfax Notes
Long-term debt - Fairfax Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 | Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on debt extinguishment | $ (9,400,000) | $ (127,000,000) | $ 0 | |||
Series J cumulative redeemable | ||||||
Debt Instrument [Line Items] | ||||||
Dividend rate per annum (in percent) | 7% | 7% | ||||
Shares issued for debt conversion (in shares) | 12,000,000 | |||||
Fairfax Notes | ||||||
Debt Instrument [Line Items] | ||||||
Warrants issued in conversion of debt (in shares) | 25,000,000 | 1,000,000 | ||||
Term of warrants | 5 years | |||||
Warrants outstanding exercise price (in dollars per share) | $ 8.05 | $ 13.71 | ||||
2026 Fairfax Notes | Fairfax Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt converted | $ 200,000,000 | |||||
2027 Fairfax Notes | Fairfax Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt converted | 100,000,000 | |||||
2025 and 2026 Fairfax Notes | Fairfax Notes | ||||||
Debt Instrument [Line Items] | ||||||
Face value of debt | $ 300,000,000 | |||||
Percentage of principal amount redeemed | 100% | 100% | ||||
Gain (loss) on debt extinguishment | $ 0 | $ (121,715,000) | $ 0 |
Long-term debt - Senior Unsec_2
Long-term debt - Senior Unsecured Exchangeable Notes (Details) - 3.75% Exchangeable Senior Unsecured Notes - Exchangeable Notes - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 21, 2020 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Face value of debt | $ 201,250 | |
Interest rate | 3.75% | |
Shares issued for debt conversion (in shares) | 15,474,817 | |
Initial exchange price per share (in dollars per share) | $ 13.005 | |
Minimum percentage of common stock price to conversion price | 130% | |
Percentage of principal amount redeemed | 100% | |
Proceeds from issuance of debt | $ 15,536 | |
Debt instrument effective interest rate | 4.50% | |
Common share maximum capped price to exercise capped call (in dollars per share) | $ 17.85 | |
Fair Value | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of debt | $ 195,000 | |
Residual Value | ||
Debt Instrument [Line Items] | ||
Proceeds from issuance of debt | $ 6,250 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Percentage of eligible share price for exchangeable notes | 130% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Percentage of eligible trading price per share for exchangeable notes | 98% |
Operating lease liabilities - S
Operating lease liabilities - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease commitments | $ 581.6 | $ 791.2 |
Impact of discounting | (66.3) | (104.6) |
Impact of changes in variable rates | (8.3) | 30.8 |
Operating lease liabilities | 507 | 717.4 |
Current portion of operating lease liabilities | (115.3) | (155.1) |
Operating lease liabilities | $ 391.7 | $ 562.3 |
Operating lease liabilities -_2
Operating lease liabilities - Schedule of Operating Lease Costs Related To Vessel Sale-leaseback Transactions And Other Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease costs: | ||
Operating lease expense | $ 128.5 | $ 160.2 |
Variable lease adjustments | (4.8) | (13.7) |
Other information: | ||
Operating cash outflow used for operating leases | $ 116.5 | $ 143.2 |
Weighted average discount rate(1) | 4.80% | 4.80% |
Weighted average remaining lease term | 5 years | 6 years |
Operating lease liabilities - A
Operating lease liabilities - Additional Information (Details) $ in Thousands | 1 Months Ended |
Sep. 30, 2021 USD ($) | |
Leases [Abstract] | |
Extension of lease term | 5 years |
Increase in operating lease liability due to lease extension | $ 5,753 |
Right-of-use asset obtained in exchange for finance lease liability | $ 5,753 |
Finance lease liabilities (Deta
Finance lease liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Finance lease liabilities | $ 222.2 | $ 0 |
Current portion of finance lease liabilities | (222.2) | $ 0 |
Long-term finance lease liabilities | $ 0 |
Finance lease liabilities - Add
Finance lease liabilities - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) vessel TEU | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Current portion of finance lease liabilities | $ (222,200) | $ 0 |
Other financing arrangements (note 16) | $ 0 | |
Weighted average interest rate on obligations related to finance leases | 5.90% | |
Vessels | ||
Lessee, Lease, Description [Line Items] | ||
Lease financing, number of vessels | vessel | 4 | |
Capacity of vessels purchased | TEU | 10,000 | |
Pre-determined Purchase, Vessels, Price Amount | $ 52,690 | |
Current portion of finance lease liabilities | 0 | |
Other financing arrangements (note 16) | 0 | |
Purchase Commitment, Remaining Minimum Amount Committed | 225,117 | 0 |
Unrecorded Unconditional Purchase Obligation, Imputed Interest | $ 2,875 | $ 0 |
Other financing arrangements -
Other financing arrangements - Schedule of Other Financing Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Other financing arrangements | $ 2,119.7 | $ 1,363.1 |
Deferred financing fees | (31.9) | (23.3) |
Other financing arrangements | 2,087.8 | 1,339.8 |
Current portion of other financing arrangements | (147.5) | (100.5) |
Other financing arrangements | $ 1,940.3 | $ 1,239.3 |
Other financing arrangements _2
Other financing arrangements - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||
May 31, 2022 TEU | Apr. 30, 2022 TEU | Dec. 31, 2021 vessel TEU | Nov. 30, 2021 USD ($) TEU vessel | Oct. 31, 2021 USD ($) vessel TEU | Sep. 30, 2021 TEU | Aug. 31, 2021 USD ($) TEU vessel | Jun. 30, 2021 USD ($) vessel TEU | May 31, 2021 USD ($) TEU vessel | Apr. 30, 2021 USD ($) vessel TEU | Mar. 31, 2021 USD ($) TEU | Feb. 28, 2021 TEU | Jan. 31, 2021 USD ($) vessel TEU | Nov. 30, 2020 USD ($) vessel TEU | Oct. 31, 2020 USD ($) TEU vessel | Sep. 30, 2020 USD ($) vessel TEU | Apr. 30, 2020 USD ($) TEU vessel | Jan. 31, 2018 USD ($) TEU vessel | Dec. 31, 2022 USD ($) TEU vessel | |
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,200,000,000 | 12,200,000,000 | 12,200 | 12,200 | 12,000 | ||||||||||||||
Weighted average rate of interest, including the margin | 3.08% | 6.62% | |||||||||||||||||
11000 TEU Newbuilding Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 11,000 | 11,000 | 11,000 | 11,000 | |||||||||||||||
Financing from counterparty | $ | $ 83,700 | $ 420,750 | |||||||||||||||||
Terms of leases | 17 years | ||||||||||||||||||
Prepayment on remaining balances of lease term | $ | $ 69,166 | $ 71,084 | |||||||||||||||||
Lease financing, number of vessels | 1 | 1 | 5 | ||||||||||||||||
11000 TEU Newbuilding Vessels | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.65% | ||||||||||||||||||
11000 TEU Newbuilding Vessels | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 3.30% | ||||||||||||||||||
Leases for four 12000 TEU vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||||||
Financing from counterparty | $ | $ 337,732 | ||||||||||||||||||
Terms of leases | 10 years | ||||||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||||||
Leases for four 12000 TEU vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.75% | ||||||||||||||||||
Leases for Two 13000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 13,000 | ||||||||||||||||||
Financing from counterparty | $ | $ 138,225 | ||||||||||||||||||
Terms of leases | 10 years | ||||||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||||||
Leases for Two 13000 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.75% | ||||||||||||||||||
Leases for Two 12000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||||||
Financing from counterparty | $ | $ 158,400 | ||||||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||||||
Leases for Two 12000 TEU Vessels | Minimum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Terms of leases | 10 years | ||||||||||||||||||
Leases for Two 12000 TEU Vessels | Maximum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Terms of leases | 12 years | ||||||||||||||||||
Leases for Two 12000 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.75% | ||||||||||||||||||
Leases For Three Vessels Between 10,000 And 13,100 TEU | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease financing, number of vessels | 3 | ||||||||||||||||||
Refinancing from counterparty | $ | $ 235,000 | ||||||||||||||||||
Leases For Three Vessels Between 10,000 And 13,100 TEU | Minimum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 10,000 | ||||||||||||||||||
Terms of leases | 96 months | ||||||||||||||||||
Leases For Three Vessels Between 10,000 And 13,100 TEU | Maximum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 13,100 | ||||||||||||||||||
Terms of leases | 162 months | ||||||||||||||||||
Leases For Three Vessels Between 10,000 And 13,100 TEU | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.75% | ||||||||||||||||||
Leases For Three 12200 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,200 | ||||||||||||||||||
Financing from counterparty | $ | $ 243,000 | ||||||||||||||||||
Terms of leases | 12 years | ||||||||||||||||||
Number of vessels relate to installments on vessel under construction | 2 | ||||||||||||||||||
Lease financing, number of vessels | 3 | ||||||||||||||||||
Leases For Three 12200 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.95% | ||||||||||||||||||
Leases For Two 12200 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,200 | ||||||||||||||||||
Financing from counterparty | $ | $ 162,000 | ||||||||||||||||||
Terms of leases | 10 years | ||||||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||||||
Leases For Two 12200 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.95% | ||||||||||||||||||
Leases For Six 7000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 7,000 | ||||||||||||||||||
Financing from counterparty | $ | $ 445,000 | ||||||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||||||
Number of vessels at a pre-determined purchase price | 4 | ||||||||||||||||||
Proceeds from lease financing | $ | $ 49,417 | ||||||||||||||||||
Leases For Six 7000 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.45% | ||||||||||||||||||
Leases For Eight Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Financing from counterparty | $ | $ 895,320 | ||||||||||||||||||
Lease financing, number of vessels | 8 | ||||||||||||||||||
Proceeds from lease financing | $ | 28,800 | ||||||||||||||||||
Leases For Eight Vessels | Minimum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 16,000 | ||||||||||||||||||
Leases For Eight Vessels | Maximum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | 24,000 | ||||||||||||||||||
Leases For Eight Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.80% | ||||||||||||||||||
Leases For Six 15500 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 15,500 | ||||||||||||||||||
Financing from counterparty | $ | $ 661,826 | ||||||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||||||
Leases For Six 15500 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.50% | ||||||||||||||||||
Leases For Six 15000 TEU And Four 7000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Financing from counterparty | $ | $ 889,651 | ||||||||||||||||||
Leases For Six 15000 TEU And Four 7000 TEU Vessels | London Interbank Offered Rate (LIBOR) | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 2.45% | ||||||||||||||||||
Leases For Six 15000 TEU | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 15,000 | ||||||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||||||
Leases For Four 7000 TEU | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 7,000 | ||||||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||||||
Leases For Two 12000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||||||
Terms of leases | 13 years 3 months | ||||||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||||||
Proceeds from lease financing | $ | $ 226,000 | ||||||||||||||||||
Leases For Two 12000 TEU Vessels | Minimum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Option to purchase lease period | 5 years | ||||||||||||||||||
Leases For Two 12000 TEU Vessels | Maximum | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Option to purchase lease period | 7 years 11 months | ||||||||||||||||||
Leases For Two 12000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 1.80% | ||||||||||||||||||
Leases For Four 11800 and One 15000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Financing from counterparty | $ | $ 468,600 | ||||||||||||||||||
Terms of leases | 14 years | ||||||||||||||||||
Lease financing, number of vessels | 5 | ||||||||||||||||||
Option to purchase lease period | 9 years 6 months | ||||||||||||||||||
Leases For Four 11800 and One 15000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Lease payments include an interest component based on three month LIBOR plus margin percentage | 1.40% | ||||||||||||||||||
Leases For Four 11800 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 11,800 | ||||||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||||||
Leases For One 15000 TEU Vessels | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 15,000 | ||||||||||||||||||
Lease financing, number of vessels | 1 | ||||||||||||||||||
Lease For One 13100 TEU | |||||||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||||||
Capacity in TEUs | TEU | 13,100 | ||||||||||||||||||
Repayment upon early termination of sale leaseback financing arrangement | $ | $ 59,300 |
Other financing arrangements _3
Other financing arrangements - Schedule of Repayments Due for Other Financing Arrangements (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,691.8 | $ 4,282.8 |
Other Financing Arrangements | ||
Debt Instrument [Line Items] | ||
2023 | 148.2 | |
2024 | 151.1 | |
2025 | 147.2 | |
2026 | 145.3 | |
2027 | 146.6 | |
Thereafter | 1,381.3 | |
Long-term debt | $ 2,119.7 |
Other liabilities - Schedule of
Other liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Asset retirement obligations | $ 15.9 | $ 37.4 |
Other | 48.6 | 22.3 |
Other long-term liabilities | 64.5 | 59.7 |
Current portion of other long-term liabilities | (13.3) | (42) |
Other long-term liabilities | $ 51.2 | $ 17.7 |
Other liabilities - Schedule _2
Other liabilities - Schedule of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligations, beginning balance | $ 37.4 | ||
Liabilities incurred | 0 | $ 0 | $ (5.3) |
Asset retirement obligations, ending balance | 15.9 | 37.4 | |
APR Energy | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligations, beginning balance | 37.4 | 42.3 | |
Liabilities acquired | 6.5 | 7.8 | |
Liabilities incurred | (1.2) | (5) | |
Liabilities settled | (37.1) | ||
Change in estimated cash flows | 1.2 | ||
Provision reassessment | 8.9 | (7.9) | |
Accretion expense | 0.2 | 0.2 | |
Asset retirement obligations, ending balance | $ 15.9 | $ 37.4 | $ 42.3 |
Income tax - Schedule of Income
Income tax - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax | |||
Domestic | $ 0 | $ 0 | |
Foreign | 2.5 | 13 | |
Total | 2.5 | 13 | |
Deferred tax | |||
Domestic | 0 | 0 | |
Foreign | (0.1) | 20 | |
Total | (0.1) | 20 | |
Total tax expense | |||
Domestic | 0 | 0 | |
Foreign | 2.4 | 33 | |
Total tax expense | $ 2.4 | $ 33 | $ 16.6 |
Income tax - Additional Informa
Income tax - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 27, 2020 | |
Income Tax [Line Items] | |||
Effective income tax rate | 0.38% | 7.61% | |
Effective income tax rate reconciliation, foreign income tax rate, percent | 19% | ||
Tax losses carried forward | $ 122,100 | $ 82,300 | |
Amount of tax losses carried forward for which a deferred tax asset has not been recognized | 492,266 | ||
Income tax payable | $ 72,252 | 96,900 | |
Minimum | |||
Income Tax [Line Items] | |||
Income Tax Examination, Period Open Examination | 2 years | ||
Maximum | |||
Income Tax [Line Items] | |||
Income Tax Examination, Period Open Examination | 4 years | ||
Foreign | |||
Income Tax [Line Items] | |||
Tax losses carried forward | $ 495,765 | $ 331,024 | |
Tax losses carried forward | $ 3,500 | ||
Domestic | |||
Income Tax [Line Items] | |||
Operating loss carryforward | $ 54,459 |
Income tax - Reconciliation bet
Income tax - Reconciliation between Effective Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Computed tax expense on income from continuing operations | $ 118.7 | $ 82.4 | |
Certain income from containership leasing segment that is exempt from tax | (109.5) | (73.2) | |
Change in valuation allowance | 23.2 | 73.5 | |
Change in current year uncertain tax positions | (1.9) | 3.5 | |
Change in tax law | 2.5 | (32) | |
Foreign rate differential | (2.6) | (22) | |
Withholding taxes | (1.1) | 6.8 | |
Other, net | (26.9) | (6) | |
Total tax expense | $ 2.4 | $ 33 | $ 16.6 |
Income tax - Schedule of Deferr
Income tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Decommission provisions | $ 0.5 | $ 15.3 |
Property, plant and equipment | 0 | 10.1 |
Reserves and accrued expenses | 40.5 | 86 |
Tax losses carried forward | 122.1 | 82.3 |
Interest allowance | 36.1 | 29 |
Deferred revenue | 0.7 | 0.4 |
Valuation allowance | (184.4) | (213.5) |
Deferred tax assets, net of valuation allowance | 15.5 | 9.6 |
Deferred tax liabilities | ||
Deferred job costs | (0.7) | 0 |
Accelerated asset costs | (1.4) | (2) |
Inflation adjustment | 0 | (6.4) |
Other timing differences | (15.2) | (1.4) |
Deferred tax liabilities, net of valuation allowance | (17.3) | (9.8) |
Net deferred tax liability | $ (1.8) | $ (0.2) |
Income tax - Summary of Unrecog
Income tax - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning Balance | $ 96.4 | $ 92.9 |
(Decrease) Increase in unrecognized tax benefit | (16.1) | 3.5 |
Ending Balance | $ 80.3 | $ 96.4 |
Preferred shares and share ca_3
Preferred shares and share capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2020 | Jun. 30, 2022 | Apr. 30, 2022 | Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | |
Class Of Stock [Line Items] | |||||||||
Common shares, authorized (in shares) | 400,000,000 | 400,000,000 | |||||||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Dividend reinvestment program discount rate percentage | 3% | ||||||||
Series J cumulative redeemable | |||||||||
Class Of Stock [Line Items] | |||||||||
Dividend rate per annum (in percent) | 7% | 7% | |||||||
Annual increase after initial period at stated rate (in percent) | 1.50% | ||||||||
Maximum dividend rate (in percent) | 11.50% | ||||||||
Shares issued (in shares) | 12,000,000 | ||||||||
Liquidation preference | $ 300,000 | $ 300,000 | $ 300,000 | ||||||
Period at stated dividend rate | 5 years | ||||||||
Fairfax Notes | |||||||||
Class Of Stock [Line Items] | |||||||||
Warrants issued in conversion of debt (in shares) | 25,000,000 | 1,000,000 | |||||||
Term of warrants | 5 years | ||||||||
Warrants outstanding exercise price (in dollars per share) | $ 8.05 | $ 13.71 | |||||||
Warrants outstanding exercise amount | $ 201,250 | ||||||||
Warrants outstanding (in shares) | 6,000,000 | ||||||||
2026 Fairfax Notes | Fairfax Notes | |||||||||
Class Of Stock [Line Items] | |||||||||
Debt converted | $ 200,000 | ||||||||
2027 Fairfax Notes | Fairfax Notes | |||||||||
Class Of Stock [Line Items] | |||||||||
Debt converted | $ 100,000 | ||||||||
Restricted shares | |||||||||
Class Of Stock [Line Items] | |||||||||
Granted (in shares) | 5,556,610 | ||||||||
Shares forfeited during period (in shares) | 0 | 11,984 | 0 | ||||||
Granted (in shares) | 5,556,610 | 75,910 | 1,051,492 | ||||||
Vesting period | 1 year | ||||||||
Restricted stock units | |||||||||
Class Of Stock [Line Items] | |||||||||
Shares forfeited during period (in shares) | 73,336 | 35,402 | 79,635 | ||||||
Granted (in shares) | 336,313 | 819,381 | 1,824,786 | ||||||
Restricted stock units | Executive Officer | |||||||||
Class Of Stock [Line Items] | |||||||||
Shares forfeited during period (in shares) | 50,000 | 23,336 | |||||||
Granted (in shares) | 550,000 | 336,313 | |||||||
Vesting period | 2 years | ||||||||
Forfeiture (in shares) | 73,336 | 35,402 | |||||||
Fairfax Financial Holdings Limited | |||||||||
Class Of Stock [Line Items] | |||||||||
Warrants outstanding exercise price (in dollars per share) | $ 13.71 | $ 13 | $ 13 | ||||||
APR Energy Ltd | |||||||||
Class Of Stock [Line Items] | |||||||||
Shares reserved for future issuance | 727,351 | ||||||||
Common shares previously issued | 1,849,641 | ||||||||
Shares forfeited (in shares) | 557,139 | ||||||||
Shares permanently forfeited for post closing purchase price adjustments | 1,122,290 | ||||||||
Treasury shares | 727,351 | 727,351 | |||||||
Common shares released from holdback | 2,749,898 | 92,444 | 350,138 | ||||||
APR Energy Ltd | Fairfax Financial Holdings Limited | |||||||||
Class Of Stock [Line Items] | |||||||||
Shares issued (in shares) | 775,139 |
Preferred shares and share ca_4
Preferred shares and share capital - Schedule of Preferred Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2021 | |
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 150,000,000 | 150,000,000 | ||
Preferred shares, issued (in shares) | 20,118,833 | 20,118,833 | ||
Redemption price per share (in dollars per share) | $ 25 | |||
Series D | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 20,000,000 | |||
Dividend rate per annum (in percent) | 7.95% | |||
Liquidation preference | $ 127,300 | $ 127,300 | ||
Series E | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 15,000,000 | |||
Preferred shares, issued (in shares) | 0 | |||
Dividend rate per annum (in percent) | 8.25% | |||
Liquidation preference | $ 0 | 0 | ||
Redemption price per share (in dollars per share) | $ 25 | |||
Series G | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 15,000,000 | |||
Preferred shares, issued (in shares) | 0 | |||
Dividend rate per annum (in percent) | 8.20% | |||
Liquidation preference | $ 0 | 0 | ||
Redemption price per share (in dollars per share) | $ 25 | |||
Series H | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 15,000,000 | |||
Dividend rate per annum (in percent) | 7.875% | |||
Liquidation preference | $ 225,600 | 225,600 | ||
Series I | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 6,000,000 | |||
Dividend rate per annum (in percent) | 8% | |||
Liquidation preference | $ 150,000 | 150,000 | ||
Series J cumulative redeemable | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 12,000,000 | |||
Dividend rate per annum (in percent) | 7% | 7% | ||
Liquidation preference | $ 300,000 | $ 300,000 | $ 300,000 | |
Period at stated dividend rate | 5 years | |||
Annual increase after initial period at stated rate (in percent) | 1.50% | |||
Maximum dividend rate (in percent) | 11.50% |
Earnings per share ("EPS") - Sc
Earnings per share ("EPS") - Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share Basic [Line Items] | |||
Net earnings | $ 622.3 | $ 400.5 | $ 192.6 |
Basic EPS: | |||
Net earnings attributable to common shareholders | $ 561.5 | $ 335.4 | $ 125.5 |
Net earnings attributable to common shareholders, basic (in shares) | 267,148 | 246,300 | 241,502 |
Net earnings attributable to common shareholders, basic (in dollars per share) | $ 2.10 | $ 1.36 | $ 0.52 |
Effect of dilutive securities: | |||
Share-based compensation (in shares) | 2,722 | 2,433 | 541 |
Fairfax warrants (in shares) | 3,396 | 10,647 | 3,096 |
Holdback shares (in shares) | 2,009 | 5,572 | 5,375 |
Senior Unsecured Exchangeable Notes (in shares) | 15,475 | 902 | |
Diluted EPS: | |||
Interest on exchangeable notes | $ 7.6 | ||
Net earnings attributable to common shareholders | $ 569.1 | $ 335.4 | $ 125.5 |
Net earnings attributable to common shareholders, diluted (in shares) | 290,750 | 265,854 | 250,514 |
Net earnings attributable to common shareholders, diluted (in dollars per share) | $ 1.96 | $ 1.26 | $ 0.50 |
Series D | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | $ (10.1) | $ (10.1) | $ (10.1) |
Series E | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | 0 | (5.5) | (11.2) |
Series G | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | 0 | (8) | (16) |
Series H | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | (17.7) | (17.8) | (17.8) |
Series I | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | (12) | (12) | $ (12) |
Series J | |||
Earnings Per Share Basic [Line Items] | |||
Less preferred share dividends: | $ (21) | $ (11.7) |
Share-based compensation - Addi
Share-based compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2021 tranche $ / shares shares | Jun. 30, 2020 tranche $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Jun. 30, 2022 shares | Mar. 31, 2022 shares | May 31, 2020 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Total shares of common stock reserved for issuance under the plan | 10,000,000 | 5,000,000 | ||||||
Remaining shares left for issuance under this plan | 5,172,244 | 1,149,008 | ||||||
Share-based compensation expenses | $ | $ 23,492 | $ 11,203 | $ 7,068 | |||||
Total unrecognized compensation costs relating to unvested share-based compensation awards | $ | $ 81,733 | $ 22,392 | ||||||
Expected to be recognized over a weighted average period | 33 months | |||||||
Restricted shares | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 1 year | |||||||
Granted (in shares) | 5,556,610 | 75,910 | 1,051,492 | |||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.20 | $ 10.79 | $ 7.84 | |||||
Shares forfeited during period (in shares) | 0 | 11,984 | 0 | |||||
Restricted shares | Board of Directors | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted (in shares) | 56,610 | |||||||
Remaining shares expected to vest (in shares) | 4,000,000 | |||||||
Restricted shares | Chief Executive Officer | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Remaining shares expected to vest (in shares) | 1,500,000 | |||||||
Phantom share units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Granted (in shares) | 0 | 0 | 0 | |||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | |||||
Shares forfeited during period (in shares) | 0 | 0 | 0 | |||||
Restricted stock units | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Granted (in shares) | 336,313 | 819,381 | 1,824,786 | |||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.45 | $ 13.44 | $ 7.83 | |||||
Shares forfeited during period (in shares) | 73,336 | 35,402 | 79,635 | |||||
Restricted stock units | Minimum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Restricted stock units | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Restricted stock units | Chief Executive Officer | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Granted (in shares) | 1,500,000 | |||||||
Vesting tranche | tranche | 5 | |||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.25 | |||||||
Restricted stock units | Executive Officer | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Granted (in shares) | 550,000 | 336,313 | ||||||
Vesting tranche | tranche | 5 | |||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.44 | |||||||
Shares forfeited during period (in shares) | 50,000 | 23,336 | ||||||
Stock options | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | |||||
Stock options | Chief Executive Officer | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Vesting period | 5 years | |||||||
Vesting tranche | tranche | 5 | |||||||
Granted (in shares) | 1,500,000 | |||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.80 |
Share-based compensation - Summ
Share-based compensation - Summary of Outstanding Restricted Shares, Phantom Share Units, Stock Appreciation Rights and Restricted Stock Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted shares | |||
Number of shares | |||
Beginning balance (in shares) | 63,926 | 1,051,492 | 67,400 |
Granted (in shares) | 5,556,610 | 75,910 | 1,051,492 |
Vested and exercised (in shares) | (5,563,926) | (1,051,492) | (67,400) |
Cancelled (in shares) | 0 | (11,984) | 0 |
Ending balance (in shares) | 56,610 | 63,926 | 1,051,492 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 10.82 | $ 7.84 | $ 8.15 |
Granted (in dollars per share) | 14.20 | 10.79 | 7.84 |
Vested and exercised (in dollars per share) | 14.16 | 7.84 | 8.15 |
Cancelled (in dollars per share) | 0 | 10.62 | 0 |
Ending balance (in dollars per share) | $ 14.25 | $ 10.82 | $ 7.84 |
Number of options | |||
Granted (in shares) | 5,556,610 | ||
W.A. grant date FV | |||
Vested and exercisable (in shares) | 0 | ||
W.A. grant date FV, Vested and exercisable (in dollars per share) | $ 0 | ||
Phantom share units | |||
Number of shares | |||
Beginning balance (in shares) | 487,001 | 487,001 | 507,001 |
Granted (in shares) | 0 | 0 | 0 |
Vested and exercised (in shares) | (32,001) | 0 | (20,000) |
Cancelled (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 455,000 | 487,001 | 487,001 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 12.76 | $ 12.76 | $ 12.53 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested and exercised (in dollars per share) | 16.37 | 0 | 6.85 |
Cancelled (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 12.51 | $ 12.76 | $ 12.76 |
W.A. grant date FV | |||
Vested and exercisable (in shares) | 455,000 | ||
W.A. grant date FV, Vested and exercisable (in dollars per share) | $ 12.51 | ||
Restricted stock units | |||
Number of shares | |||
Beginning balance (in shares) | 2,466,728 | 2,008,884 | 576,964 |
Granted (in shares) | 336,313 | 819,381 | 1,824,786 |
Vested and exercised (in shares) | (1,077,081) | (326,135) | (313,231) |
Cancelled (in shares) | (73,336) | (35,402) | (79,635) |
Ending balance (in shares) | 1,652,624 | 2,466,728 | 2,008,884 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 9.10 | $ 7.57 | $ 8.01 |
Granted (in dollars per share) | 14.45 | 13.44 | 7.83 |
Vested and exercised (in dollars per share) | 9.41 | 10.26 | 9.32 |
Cancelled (in dollars per share) | 13.65 | 12.45 | 9.84 |
Ending balance (in dollars per share) | $ 6.16 | $ 9.10 | $ 7.57 |
W.A. grant date FV | |||
Vested and exercisable (in shares) | 0 | ||
W.A. grant date FV, Vested and exercisable (in dollars per share) | $ 0 | ||
Stock options | |||
Number of options | |||
Beginning balance (in shares) | 2,000,000 | 2,000,000 | 500,000 |
Granted (in shares) | 0 | 0 | 1,500,000 |
Vested and exercised (in shares) | 0 | 0 | 0 |
Cancelled (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 2.54 | $ 2.54 | $ 2.45 |
Granted (in dollars per share) | 0 | 0 | 2.57 |
Vested and exercised (in dollars per share) | 0 | 0 | 0 |
Cancelled (in dollars per share) | 0 | 0 | 0 |
Ending balance (in dollars per share) | $ 2.54 | $ 2.54 | $ 2.54 |
Vested and exercisable (in shares) | 1,000,000 | ||
W.A. grant date FV, Vested and exercisable (in dollars per share) | $ 2.56 |
Other information - Schedule of
Other information - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Additional Financial Information Disclosure [Abstract] | ||
Accrued interest | $ 60.5 | $ 43.3 |
Accounts payable and other accrued liabilities | 143.8 | 140.1 |
Accounts payable and accrued liabilities, Total | $ 204.3 | $ 183.4 |
Other information - Schedule _2
Other information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional Financial Information Disclosure [Abstract] | |||
Interest paid | $ 232 | $ 149.5 | $ 156.2 |
Interest received | 6.1 | 3.1 | 5 |
Undrawn credit facility fee paid | 21.4 | 1.9 | 0.8 |
Income taxes (recovery)/paid | (14.5) | 25.7 | 16.8 |
Non-cash financing and investing transactions: | |||
APR Energy loans settled in shares | 0 | 0 | 8.3 |
Asset retirement obligations liabilities incurred | 0 | 0 | 5.3 |
Asset retirement obligations provision re-assessment | 0 | 0 | 2.9 |
Cancellation of common shares issued on acquisition | 0 | 0 | 12.5 |
Change in right-of-use assets and operating lease liabilities | 127.2 | 9.6 | 1.2 |
Commencement of sales-type lease | 0 | 343.9 | 57 |
Common shares issued on acquisition (note 3) | 0 | 0 | 316.8 |
Contingent consideration asset related to APR Energy acquisition | 0 | 0 | 95.2 |
Dividend reinvestment | 0 | 0 | 0.3 |
Holdback Shares reserved on APR Energy acquisition | 0 | 0 | 70.6 |
Interest capitalized on vessels under construction | 2.8 | 4 | 0 |
Net assets acquired on acquisition | 0 | 0 | 287.7 |
Purchase price adjustment related to APR Energy acquisition | 0 | 0 | 4.5 |
Prepayments transferred to vessels upon vessel delivery | 0 | 12.7 | 46.8 |
Reclassification on lease modification | 0 | 0 | 377.4 |
Non-Cash Financing And Investing Transactions | 130 | 370.2 | 1,286.5 |
Changes in operating assets and liabilities | |||
Accounts receivable | (61.6) | 35.2 | (17.1) |
Inventories | (3.6) | 0.2 | (5.9) |
Prepaids expenses and other, and other assets | 29.1 | (54.1) | (10.3) |
Net investment in lease | 20.5 | 14.9 | 13.3 |
Accounts payable and accrued liabilities | 17.7 | 16.6 | (16.4) |
Settlement of decommissioning provisions | (36.9) | (6) | (5.9) |
Deferred revenue | 13.7 | 18.1 | 8.4 |
Income tax payable | (14.5) | (13.5) | 3.9 |
Major maintenance | (47.5) | (38.7) | (54.6) |
Other liabilities | 0 | 18.9 | (8.6) |
Operating lease liabilities | (89.8) | (122.6) | (114.7) |
Finance lease liabilities | (7.9) | 0 | 0 |
Derivative instruments | 7.4 | 26.5 | 22.5 |
Contingent consideration asset | 3.2 | 6.1 | 18.7 |
Changes In Operating Assets And Liabilities | $ (170.2) | $ (98.4) | $ (166.7) |
Other information - Schedule _3
Other information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Additional Financial Information Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 280 | $ 288.6 | $ 304.3 | |
Restricted cash | 11 | 38.2 | 38.2 | |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 291 | $ 326.8 | $ 342.5 | $ 197.3 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) | Dec. 31, 2022 USD ($) Containership | Dec. 31, 2021 USD ($) Containership |
Other Commitments [Line Items] | ||
Operating lease liabilities to be paid | $ 581,600,000 | $ 791,200,000 |
Number of containerships to be build under purchase order | Containership | 58 | 67 |
Mobile Power Generation | ||
Other Commitments [Line Items] | ||
Letters of credit outstanding | $ 10,350,000 | $ 10,350,000 |
Vessels | ||
Other Commitments [Line Items] | ||
Operating lease liabilities to be paid | 571,908,000 | |
Other leases | ||
Other Commitments [Line Items] | ||
Operating lease liabilities to be paid | $ 9,707,000 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Commitment Under Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 117.6 | |
2024 | 115.9 | |
2025 | 118.9 | |
2026 | 117.2 | |
2027 | 80.4 | |
Thereafter | 31.6 | |
Operating lease commitments | $ 581.6 | $ 791.2 |
Commitments and contingencies_3
Commitments and contingencies - Summary of Outstanding Commitments for Remaining Installment Payments (Detail) $ in Millions | Dec. 31, 2022 USD ($) |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2023 | $ 2,438.1 |
2024 | 2,713.7 |
Total | $ 5,151.8 |
Financial instruments - Additio
Financial instruments - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Carrying value, long-term debt | $ 3,691,800,000 | $ 4,282,800,000 |
Carrying amount, gross | 3,736,700,000 | 4,345,500,000 |
Amount that would be settled in cash in the next 12 months if interest rate remain same | 891,000 | |
Amount that would be receive in cash in the next 12 months if interest rate remain same | 32,721,000 | |
Derivative asset liability subject to master netting arrangement | 0 | 0 |
Estimated accumulated other comprehensive loss expected to be reclassified to net earnings | 1,019,000 | |
Other financing arrangements (note 16) | 1,940,300,000 | 1,239,300,000 |
Other Financing Arrangements | ||
Derivative [Line Items] | ||
Carrying value, long-term debt | 2,119,700,000 | |
Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Fair value of other financing arrangements excluding deferred financing fees | 2,061,863,000 | 1,419,508,000 |
Fair Value, Inputs, Level 2 | Other Financing Arrangements | ||
Derivative [Line Items] | ||
Other financing arrangements (note 16) | 2,119,657,000 | 1,363,098,000 |
Senior Unsecured Notes | ||
Derivative [Line Items] | ||
Carrying amount, gross | 1,302,400,000 | 1,302,400,000 |
Senior Unsecured Notes | Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Carrying value, long-term debt | 1,302,350,000 | 1,302,350,000 |
Fair value, long-term debt | 1,284,702,000 | 1,349,212,000 |
Exchangeable Notes | Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Carrying value, long-term debt | 201,250,000 | 196,177,000 |
Fair value, long-term debt | 195,478,000 | 209,566,000 |
Carrying amount, gross | 201,250,000 | 201,250,000 |
Senior Secured Notes | ||
Derivative [Line Items] | ||
Carrying amount, gross | 1,000,000,000 | 500,000,000 |
Senior Secured Notes | Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Carrying value, long-term debt | 1,000,000,000 | |
Fair value, long-term debt | 937,455,000 | |
Revolving Credit Facilities and Term Loan Credit Facilities | Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Fair value, long-term debt excluding deferred financing fees | 1,166,673,000 | 2,326,568,000 |
Revolving Credit Facilities and Term Loan Credit Facilities | Line of Credit | Fair Value, Inputs, Level 2 | ||
Derivative [Line Items] | ||
Carrying value, long-term debt | $ 1,232,988,000 | $ 2,341,879,000 |
Financial instruments - Schedul
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Details) - USD ($) | Dec. 31, 2022 | Jul. 31, 2022 |
1.9250% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 1.925% | |
Notional amount | $ 500,000,000 | |
1.9250% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000,000 | |
5.4200% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 5.42% | |
Notional amount | $ 234,900,000 | |
5.4200% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 234,900,000 | |
2.3875% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 2.3875% | |
Notional amount | $ 200,000,000 | |
2.3875% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 200,000,000 | |
1.6850% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 1.685% | |
Notional amount | $ 100,000,000 | |
1.6850% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000,000 | |
0.6300% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 0.63% | |
Notional amount | $ 84,000,000 | |
0.6300% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 84,000,000 | |
0.6600% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 0.66% | |
Notional amount | $ 84,000,000 | |
0.6600% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 84,000,000 | |
1.6490% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 1.649% | |
Notional amount | $ 80,000,000 | |
1.6490% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 80,000,000 | |
1.4900% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 1.49% | |
Notional amount | $ 24,300,000 | |
1.4900% | Maximum | ||
Derivative [Line Items] | ||
Notional amount | $ 24,300,000 | |
0.7270% | ||
Derivative [Line Items] | ||
Fixed per annum rate swapped for benchmark rate | 0.727% | |
Notional amount | $ 125,000,000 |
Financial instruments - Summary
Financial instruments - Summary of Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Assets [Line Items] | ||
Contingent consideration asset (note 12 (d)) | $ 43.7 | $ 55.3 |
Interest rate swaps | ||
Offsetting Assets [Line Items] | ||
Fair value of derivative assets | 107.1 | 6.1 |
Fair value of derivative liabilities | $ 1.5 | $ 28.5 |
Financial instruments - Sched_2
Financial instruments - Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
(Gain) Loss recognized in net earnings: | |||
(Gain) Loss on contingent consideration asset | $ (900) | $ 5,100 | $ (6,800) |
Loss reclassified from AOCL to net earnings | |||
Cash flows related to settlement of interest rate swaps | (12,700) | (26,800) | (21,800) |
Interest rate swaps | |||
Loss reclassified from AOCL to net earnings | |||
Cash flows related to settlement of interest rate swaps | $ (12,722) | $ (26,758) | $ (21,789) |
Interest expense | Reclassification out of Accumulated Other Comprehensive Income | |||
Loss reclassified from AOCL to net earnings | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | Interest expense |
Depreciation and amortization/Interest expense | $ 0 | $ 200 | $ 300 |
Depreciation and amortization | Reclassification out of Accumulated Other Comprehensive Income | |||
Loss reclassified from AOCL to net earnings | |||
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Depreciation and amortization | Depreciation and amortization | Depreciation and amortization |
Depreciation and amortization/Interest expense | $ 1,000 | $ 1,000 | $ 1,000 |
Interest rate swaps | |||
(Gain) Loss recognized in net earnings: | |||
Gain loss on fair value | (120,600) | (14,000) | 36,400 |
Derivative put instrument | |||
(Gain) Loss recognized in net earnings: | |||
Gain loss on fair value | $ 0 | $ (100) | $ (900) |
Subsequent events - Additional
Subsequent events - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 13, 2023 USD ($) $ / shares | Mar. 03, 2023 USD ($) | Jan. 17, 2023 USD ($) TEU vessel | Jan. 13, 2023 USD ($) TEU shares | Jan. 05, 2023 $ / shares | Feb. 28, 2023 vessel | Dec. 31, 2022 vessel shares | Nov. 30, 2021 | Sep. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2022 USD ($) vessel TEU shares | Dec. 31, 2021 USD ($) vessel shares | Dec. 31, 2020 USD ($) $ / shares shares | Mar. 02, 2023 | Jun. 30, 2021 $ / shares shares | Apr. 30, 2021 $ / shares shares | |
Subsequent Event [Line Items] | ||||||||||||||||
Dividends on preferred shares | $ 60,800,000 | $ 66,200,000 | $ 67,100,000 | |||||||||||||
Common shares, issued (in shares) | shares | 281,565,472 | 281,565,472 | 247,024,699 | |||||||||||||
Common shares, outstanding (in shares) | shares | 281,565,472 | 281,565,472 | 247,024,699 | |||||||||||||
Payments to acquire property, plant & equipment | $ 1,239,700,000 | $ 1,577,000,000 | $ 783,500,000 | |||||||||||||
Term of agreement | 18 years | 18 years | 18 years | |||||||||||||
Vessels | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Capacity of vessels purchased | TEU | 10,000 | |||||||||||||||
Payments to acquire property, plant & equipment | $ 358,500,000 | |||||||||||||||
Number of vessels sold | vessel | 1 | 10 | 1 | |||||||||||||
Sale price | $ 257,075,000 | |||||||||||||||
Fairfax Financial Holdings Limited | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Warrants to purchase common shares | shares | 5,000,000 | 1,000,000 | 5,000,000 | |||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 13 | $ 13.71 | $ 13 | |||||||||||||
Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends per common share declared (in dollars per share) | $ / shares | $ 0.125 | $ 0.125 | ||||||||||||||
Subsequent Event | Line of Credit | Senior Secured Notes | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Credit facilities, maximum aggregate borrowings | $ 250,000,000 | |||||||||||||||
Proceeds from secured lines of credit | 200,000,000 | |||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 50,000,000 | |||||||||||||||
Percentage of total borrowing permitted relative to total assets | 75% | 65% | ||||||||||||||
Term of debt | 2 years | |||||||||||||||
Subsequent Event | Vessels | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Number of vessels purchased | vessel | 1 | |||||||||||||||
Capacity of vessels purchased | 10,000 | 15,000 | ||||||||||||||
Payments to acquire property, plant & equipment | $ 52,690,000 | |||||||||||||||
Number of vessels sold | vessel | 1 | |||||||||||||||
Capacity of vessels sold | TEU | 4,250 | |||||||||||||||
Sale price | $ 21,600,000 | |||||||||||||||
Term of contract | 12 years | |||||||||||||||
Subsequent Event | Fairfax Financial Holdings Limited | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Warrants outstanding (in shares) | shares | 6,000,000 | |||||||||||||||
Warrants and Rights Outstanding | $ 78,710,000 | |||||||||||||||
Series D | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends per preferred share declared (in dollars per share) | $ / shares | 0.496875 | 0.496875 | ||||||||||||||
Series H | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends per preferred share declared (in dollars per share) | $ / shares | 0.492188 | 0.492188 | ||||||||||||||
Series I | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends per preferred share declared (in dollars per share) | $ / shares | 0.50000 | 0.50000 | ||||||||||||||
Series J cumulative redeemable | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends per preferred share declared (in dollars per share) | $ / shares | $ 0.43750 | $ 0.43750 | ||||||||||||||
Series D Series H Series I And Series J Preferred Stock | Subsequent Event | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Dividends on preferred shares | $ 15,223,000 |