Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
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 | |
Common shares, outstanding (in shares) | 204,328,277 | |
Preferred shares, outstanding (in shares) | 14,118,833 | 20,118,833 |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
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 | Bing Chen | |
City Area Code | +44 | |
Local Phone Number | +44 20 7788 7819 | |
Contact Personnel Fax Number | + 44 843 320 5270 | |
Series D Preferred Stock | ||
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 Preferred Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Series H Preferred Shares, par value of $0.01 per share | |
Trading Symbol | ATCO-PH | |
Security Exchange Name | NYSE | |
Preferred shares, outstanding (in shares) | 9,025,105 | |
Series J Preferred Stock | ||
Document Information [Line Items] | ||
Preferred shares, outstanding (in shares) | 12,000,000 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver, BC, Canada |
Auditor Firm ID | 85 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 385,300 | $ 280,000 |
Accounts receivable | 79,200 | 98,600 |
Inventories | 52,200 | 50,000 |
Prepaid expenses and other | 36,100 | 44,400 |
Asset held for sale (note 7) | 21,400 | 19,400 |
Net investment in lease (note 6) | 33,700 | 21,000 |
Derivative instruments - current (note 22(c)) | 2,200 | 0 |
Acquisition related assets (note 5(a)) | 72,300 | 79,800 |
Total current assets | 682,400 | 593,200 |
Property, plant and equipment (note 7) | 9,379,600 | 7,156,900 |
Vessels under construction (note 8) | 1,315,000 | 1,422,500 |
Right-of-use assets (note 9) | 438,000 | 746,700 |
Net investment in lease (note 6) | 1,395,100 | 887,400 |
Goodwill (note 10) | 75,300 | 75,300 |
Deferred tax assets (note 17) | 1,800 | 500 |
Derivative instruments (note 22(c)) | 85,200 | 107,100 |
Other assets (note 11) | 340,600 | 312,800 |
Total assets | 13,713,000 | 11,302,400 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 20) | 317,200 | 204,300 |
Deferred revenue | 74,700 | 25,200 |
Income tax payable | 77,595 | 72,252 |
Long-term debt - current (note 12) | 129,400 | 238,400 |
Operating lease liabilities - current (note 13) | 101,100 | 115,300 |
Finance lease liabilities - current (note 14) | 66,500 | 222,200 |
Other financing arrangements - current (note 15) | 298,500 | 147,500 |
Other liabilities - current (note 16) | 18,800 | 13,300 |
Total current liabilities | 1,083,800 | 1,038,500 |
Long-term debt (note 12) | 3,161,400 | 3,453,400 |
Operating lease liabilities (note 13) | 271,100 | 391,700 |
Other financing arrangements (note 15) | 4,305,300 | 1,940,300 |
Derivative instruments (note 22(c)) | 1,300 | 1,500 |
Other liabilities (note 16) | 177,300 | 51,200 |
Total liabilities | 9,000,200 | 6,876,600 |
Cumulative redeemable preferred shares, $0.01 par value; 12,000,000 issued and outstanding (2022 – 12,000,000) (note 18 (e)) | 296,900 | 296,900 |
Share capital (note 18): | ||
Preferred shares; $0.01 par value; 150,000,000 shares authorized (2022 – 150,000,000); 14,118,833 shares issued and outstanding (2022 – 20,118,833) Common shares; $0.01 par value; 400,000,000 shares authorized (2022 – 400,000,000); 204,328,277 shares issued and outstanding (2022 – 281,565,472); nil shares held in treasury (2022 – 727,351) | 1,900 | 2,800 |
Additional paid in capital | 3,876,300 | 3,724,200 |
Retained earnings | 554,800 | 420,000 |
Accumulated other comprehensive loss | (17,100) | (18,100) |
Total shareholders' equity | 4,415,900 | 4,128,900 |
Total liabilities and shareholders' equity | $ 13,713,000 | $ 11,302,400 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 14,118,833 | 20,118,833 |
Preferred shares, outstanding (in shares) | 14,118,833 | 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) | 204,328,277 | 281,565,472 |
Common shares, outstanding (in shares) | 204,328,277 | 281,565,472 |
Treasury stock, shares (in shares) | 0 | 727,351 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenue (note 4) | $ 1,820.7 | $ 1,697.4 | $ 1,646.6 |
Operating expenses: | |||
Operating expenses | 376.9 | 353.4 | 351 |
Depreciation and amortization | 420.8 | 379.1 | 366.7 |
General and administrative | 124.1 | 108.1 | 79.2 |
Indemnity claim under acquisition agreement | 0 | (21.3) | (42.4) |
Operating leases (note 13) | 120.3 | 123 | 146.3 |
(Gain) Loss on sale (note 7) | (3.7) | 3.7 | (16.4) |
Total operating expenses | 1,038.4 | 946 | 884.4 |
Operating earnings | 782.3 | 751.4 | 762.2 |
Other expenses (income): | |||
Interest expense | 375.6 | 235.4 | 197.1 |
Interest income | (13.2) | (6.5) | (3.1) |
Loss on debt extinguishment (note 12) | 10.3 | 9.4 | 127 |
Income from equity investment | (3.9) | (0.3) | 0 |
Gain on derivative instruments (note 22(c)) | (16.7) | (120.6) | (14.1) |
Other expenses | 18.9 | 9.3 | 21.8 |
Total other expenses (income) | 371 | 126.7 | 328.7 |
Net earnings before income tax | 411.3 | 624.7 | 433.5 |
Income tax expense (note 17) | 8.3 | 2.4 | 33 |
Net earnings | $ 403 | $ 622.3 | $ 400.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 403 | $ 622.3 | $ 400.5 |
Other comprehensive income: | |||
Amounts reclassified to net earnings during the period relating to cash flow hedging instruments (note 22(c)) | 1 | 1 | 1.2 |
Comprehensive income | $ 404 | $ 623.3 | $ 401.7 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares - USD ($) $ in Thousands | Total | 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 | Retained Earnings / (Deficit) | Retained Earnings / (Deficit) Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings / (Deficit) Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive loss | Accumulated other comprehensive loss Cumulative Effect, Period of Adoption, Adjusted Balance | Series J cumulative redeemable |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | ||||||||||||||
Beginning balance at Dec. 31, 2020 | $ 0 | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||
Series J preferred shares issued (note 12(f) and 18(e)) (in shares) | 12,000,000,000,000 | ||||||||||||||
Series J preferred shares issued (note 12(f) and 18(e)) | $ 296,900 | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 12,000,000 | ||||||||||||||
Ending balance at Dec. 31, 2021 | $ 296,900 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 246,277,338 | ||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 33,335,570,000,000 | ||||||||||||||
Beginning balance at Dec. 31, 2020 | 3,625,600 | $ 2,100 | $ 300 | $ 3,842,700 | $ (199,200) | $ (20,300) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings | 400,500 | 400,500 | |||||||||||||
Other comprehensive income | 1,200 | 1,200 | |||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (note 2) (in shares) | 350,138 | ||||||||||||||
Issuance / (redemption) of preferred shares (note 18) (in shares) | (13,216,737,000,000) | ||||||||||||||
Issuance / (redemption) of preferred shares (note 18) | (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 (note 19) (in shares) | 372,420 | ||||||||||||||
Share-based compensation expense (note 19) | 10,200 | 11,200 | (1,000) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 247,024,699 | 247,024,699 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 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 from unissued acquisition related equity consideration (note 2) (in shares) | 92,444 | ||||||||||||||
Exercise of Warrants (note 18(f)) (in shares) | 25,000,000 | ||||||||||||||
Exercise of Warrants (note 18(f)) | 201,300 | $ 300 | 201,000 | ||||||||||||
Cancellation of Holdback Shares (note 5(a)) | (32,200) | (27,300) | (4,900) | ||||||||||||
Issuance of common shares related to release of Holdback Shares (note 5(a)) (in shares) | 2,749,898 | ||||||||||||||
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 (note 19) (in shares) | 6,670,845 | ||||||||||||||
Share-based compensation expense (note 19) | $ 22,500 | $ 100 | $ 0 | 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 | 20,118,833 | |||||||||||||
Ending balance at Dec. 31, 2022 | $ 4,128,900 | $ 2,500 | $ 300 | 3,724,200 | 420,000 | (18,100) | |||||||||
Ending balance (in shares) at Dec. 31, 2023 | 12,000,000 | 12,000,000 | |||||||||||||
Ending balance at Dec. 31, 2023 | $ 296,900 | $ 296,900 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings | 403,000 | 403,000 | |||||||||||||
Other comprehensive income | 1,000 | 1,000 | |||||||||||||
Issuance of common shares from unissued acquisition related equity consideration (note 2) (in shares) | 727,351 | ||||||||||||||
Issuance / (redemption) of preferred shares (note 18) (in shares) | (6,000,000) | ||||||||||||||
Issuance / (redemption) of preferred shares (note 18) | (150,000) | $ (100) | (149,900) | ||||||||||||
Exercise of Warrants (note 18(f)) (in shares) | 6,000,000 | ||||||||||||||
Exercise of Warrants (note 18(f)) | 78,700 | 78,700 | |||||||||||||
Settlement of Exchangeable Notes | (29,400) | (29,400) | |||||||||||||
Adjustment to share-based compensation (note 19) | (11,600) | (11,600) | |||||||||||||
Shares retired upon Merger and capital contribution from Poseidon (note 1) (in shares) | (84,171,724) | ||||||||||||||
Shares retired upon Merger and capital contribution from Poseidon (note 1) | 245,700 | $ (800) | 246,500 | ||||||||||||
Shares of Poseidon Merger Sub, Inc. becoming shares of Atlas Corp upon Merger (in shares) | 1,000 | ||||||||||||||
Dividends on common shares | (194,600) | (194,600) | |||||||||||||
Dividends on preferred shares | (73,200) | (73,200) | |||||||||||||
Shares issued through dividend reinvestment program (in shares) | 6,178 | ||||||||||||||
Shares issued through dividend reinvestment program | 0 | 100 | (100) | ||||||||||||
Share-based compensation expense (note 19) (in shares) | 200,000 | ||||||||||||||
Share-based compensation expense (note 19) | $ 17,400 | 17,700 | (300) | ||||||||||||
Ending balance (in shares) at Dec. 31, 2023 | 204,328,277 | 204,328,277 | |||||||||||||
Ending balance (in shares) at Dec. 31, 2023 | 14,118,833 | 14,118,833 | 12,000,000 | ||||||||||||
Ending balance at Dec. 31, 2023 | $ 4,415,900 | $ 1,700 | $ 200 | $ 3,876,300 | $ 554,800 | $ (17,100) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends per common share (in dollar per share) | $ 0.25 | $ 0.50 | $ 0.50 |
Series D Preferred Stock | |||
Dividends per preferred share (in dollar per share) | 2.49 | 2 | 2 |
Series E Preferred Stock | |||
Dividends per preferred share (in dollar per share) | 1.38 | ||
Series G Preferred Stock | |||
Dividends per preferred share (in dollar per share) | 1.37 | ||
Series H Preferred Stock | |||
Dividends per preferred share (in dollar per share) | 2.45 | 1.96 | 1.97 |
Series I Preferred Stock | |||
Dividends per preferred share (in dollar per share) | 2 | 2 | 2 |
Series J Preferred Stock | |||
Dividends per preferred share (in dollar per share) | $ 2.20 | $ 1.76 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net earnings | $ 403 | $ 622.3 | $ 400.5 |
Items not involving cash: | |||
Depreciation and amortization | 420.8 | 379.1 | 366.7 |
Change in right-of-use asset | 93.9 | 99.6 | 125.8 |
Non-cash interest expense and accretion | 28.9 | 21.2 | 38.2 |
Non-cash adjustment purchase option finance lease | 30.1 | 0 | 0 |
Unrealized change in derivative instruments | 19.5 | (127.9) | (40.6) |
Amortization of acquired revenue contracts | 38.6 | 12.4 | 15 |
Loss on debt extinguishment | 10.3 | 9.4 | 127 |
Equity income on investment | (3.9) | (0.3) | 0 |
Loss (Gain) on sale | (3.7) | 3.7 | (16.4) |
Other | (8.7) | 7 | 26.2 |
Change in other operating assets and liabilities (note 20) | (5) | (170.2) | (98.4) |
Cash from operating activities | 1,023.8 | 856.3 | 944 |
Investing activities: | |||
Expenditures for property, plant and equipment and vessels under construction | (3,010.9) | (1,239.7) | (1,577) |
Prepayment on vessel purchase | 0 | 0 | (132.3) |
Receipt (Payment) on settlement of interest swap agreements | 34.4 | (12.7) | (26.8) |
Gain (Loss) on foreign currency repatriation | 0 | 4 | (13.9) |
Receipt from contingent consideration asset | 18.6 | 12.5 | 30.5 |
Other assets and liabilities | 83.9 | 259.5 | 41.3 |
Capitalized interest relating to newbuilds | (67.3) | (46.2) | (15.7) |
Cash used in investing activities | (2,941.3) | (1,022.6) | (1,693.9) |
Financing activities: | |||
Repayments of long-term debt and other financing arrangements | (1,608.5) | (1,221.3) | (1,474.9) |
Issuance of long-term debt and other financing arrangements | 3,658 | 1,367.4 | 3,152.6 |
Capital contribution from Poseidon | 245.7 | 0 | 0 |
Redemption of Fairfax Notes | 0 | 0 | (300) |
Capped call settlement | 25.3 | 0 | 0 |
Proceeds from exercise of warrants | 78.7 | 201.3 | 0 |
Redemption of preferred shares | (150) | 0 | (330.4) |
Payment of lease liabilities | (13.7) | (16.6) | 0 |
Financing fees | (12.2) | (20.2) | (122.2) |
Share issuance cost | 0 | 0 | (0.1) |
Dividends on common shares | (148) | (119.3) | (124.6) |
Dividends on preferred shares | (60.9) | (60.8) | (66.2) |
Cash from financing activities | 2,014.4 | 130.5 | 734.2 |
Increase (Decrease) in cash and cash equivalents | 96.9 | (35.8) | (15.7) |
Cash and cash equivalents and restricted cash, beginning of year | 291 | 326.8 | 342.5 |
Cash and cash equivalents and restricted cash, end of year | $ 387.9 | $ 291 | $ 326.8 |
General
General | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
General | General: Atlas Corp. (the “Company” or “Atlas”) owns, leases and operates a fleet of vessels and power generation assets through its vessel leasing and mobile power generation segments, respectively. It is a Republic of the Marshall Islands corporation. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies: (a) Basis of preparation: 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 15. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. 2. Significant accounting policies (continued): (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 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. 2. Significant accounting policies (continued): (h) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. (i) 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. (j) 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. (k) Revenue: Vessel leasing revenue The Company derives revenue from the charter of its vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, 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. 2. Significant accounting policies (continued): (k) Revenue (continued): 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. (l) 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. 2. Significant accounting policies (continued): (m) 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. (n) 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. (o) 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. If share compensation arrangements are amended such that they are considered an accounting modification, the Company determines whether there is a change in accounting classification and whether any additional compensation cost should be recognized. Liability based arrangements are re-measured at fair value each reporting period until settlement. 2. Significant accounting policies (continued): (p) 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. (q) 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. (r) Comparative information: Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. 2. Significant accounting policies (continued): (s) Recently adopted accounting pronouncements: 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 were accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts were not reassessed. Transition activities were focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate (“SOFR”). Debt with conversion and other options |
Segment reporting
Segment reporting | 12 Months Ended |
Dec. 31, 2023 | |
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, vessel leasing and mobile power generation. The Company’s vessel leasing segment owns and operates a fleet of vessels 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, 2023 Vessel Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,702.8 $ 117.9 $ — $ 1,820.7 Operating expense 347.3 29.6 — 376.9 Depreciation and amortization expense 375.1 45.7 — 420.8 General and administrative expense 81.9 41.0 1.2 124.1 Operating lease expense 116.7 3.6 — 120.3 Gain on sale (3.7) — — (3.7) Interest income (9.5) (2.1) (1.6) (13.2) Interest expense 364.6 8.9 2.1 375.6 Income tax expense 2.0 6.3 — 8.3 Year ended December 31, 2022 Vessel 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 3. Segment reporting (continued): Year ended December 31, 2023 Year ended December 31, 2022 Vessel leasing adjusted EBITDA $ 1,157.0 $ 1,036.9 Mobile power generation adjusted EBITDA 43.7 97.1 Total segment adjusted EBITDA 1,200.7 1,134.0 Eliminations and other (4.8) (1.4) Depreciation and amortization expense 420.8 379.1 Interest income (13.2) (6.5) Interest expense 375.6 235.4 Gain on derivative instruments (16.7) (120.6) Loss on debt extinguishment 10.3 9.4 Other expenses 18.9 7.1 Loss (Gain) on contingent consideration asset 2.2 (0.9) Loss on foreign currency repatriation — 4.0 (Gain) Loss on sale (3.7) 3.7 Consolidated net earnings before taxes $ 411.3 $ 624.7 (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 5). Total Assets December 31, 2023 December 31, 2022 Vessel Leasing $ 13,105.8 $ 10,584.2 Mobile Power Generation 764.9 838.9 Elimination and Other (157.7) (120.7) Total $ 13,713.0 $ 11,302.4 Capital expenditures by segment Year ended December 31, 2023 Year ended December 31, 2022 Vessel leasing $ 2,997.0 $ 1,219.5 Mobile power generation 13.9 20.2 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue: The Company generates revenue by leasing and operating its fleet of vessels 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, 2023, December 31, 2022 and December 31, 2021 is as follows: Year ended December 31, 2023 Vessel Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,598.7 $ 103.5 $ 1,702.2 Interest income from leasing 84.0 — 84.0 Other 20.1 14.4 34.5 $ 1,702.8 $ 117.9 $ 1,820.7 Year ended December 31, 2022 Vessel 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 Vessel 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) Vessel leasing revenue includes both bareboat charter and time charter revenue. As at December 31, 2023, 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) Total committed revenue 2024 $ 1,889.8 $ 115.6 $ 2,005.4 2025 1,758.5 111.1 1,869.6 2026 1,443.0 107.7 1,550.7 2027 987.2 104.1 1,091.3 2028 583.2 100.4 683.6 Thereafter 2,015.9 725.6 2,741.5 $ 8,677.6 $ 1,264.5 $ 9,942.1 (1) Minimum future interest income includes direct financing leases currently in effect. 4. Revenue (continued): As at December 31, 2023, the minimum future revenues to be received based on each segment are as follows: Vessel Leasing (1) Mobile Power Generation Total committed revenue 2024 $ 1,921.0 $ 84.4 $ 2,005.4 2025 1,791.8 77.8 1,869.6 2026 1,550.7 — 1,550.7 2027 1,091.3 — 1,091.3 2028 683.6 — 683.6 Thereafter 2,741.5 — 2,741.5 $ 9,779.9 $ 162.2 $ 9,942.1 (1) Minimum future interest income includes direct financing leases currently in effect. 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: 2023 2022 2021 COSCO $ 379.3 $ 454.8 $ 492.2 ONE 379.1 254.3 255.2 Yang Ming Marine 236.0 241.7 249.9 ZIM 189.2 65.8 19.9 Other 637.1 680.8 629.4 $ 1,820.7 $ 1,697.4 $ 1,646.6 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions: 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. (a) Transactions with Fairfax: 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. 5. Related party transactions (continued): (a) Transactions with Fairfax (continued): In January 2023, Fairfax exercised warrants to purchase 6,000,000 common shares of Atlas for gross aggregate proceeds to the Company of $78,700,000. Following this exercise, Fairfax has no outstanding warrants. For the year ended December 31, 2021, interest expense related to the Fairfax Notes, excluding amortization of the debt discount, was $19,204,000. For the year ended December 31, 2021, amortization of debt discount was $14,188,000. For the year ended December 31, 2023, the dividends paid on Series J Preferred Shares were $21,000,000 (2022 – $21,000,000). 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. In June 2022, 2,576,014 of the Holdback Shares were cancelled to cover losses related to certain indemnified claims that had been realized. The indemnification obligation related to the cash repatriation from a foreign jurisdiction expired in April 2022. Prior to the expiration of this indemnification, 92,444 Holdback Shares were issued in 2022. 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 paid $6,265,000 during the year ended December 31, 2022. In March 2023, in relation to the expiry of an indemnification obligation, 727,351 common shares reserved in treasury were issued out of Holdback Shares to the APR sellers. Following the expiration of this indemnification obligation, all Holdback Shares have been released. During the year ended December 31, 2023 and December 31, 2022 , the Company received $3,836,000 and $5,239,000, 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. Fairfax remains a counterparty to certain indemnification and compensation arrangements related to the acquisition of APR Energy recorded as Acquisition Related Assets and Contingent Consideration Asset (note 11(d)). (b) Transactions with ONE: In June 2023, the Company completed the sale of one 4,250 TEU vessel to ONE for gross proceeds of $17,250,000. The Company continues to manage the ship operations of this vessel and during the year ended December 31, 2023, the Company earned revenue of $1,154,000 (2022 - nil) and incurred expenses of $1,182,000 (2022 - nil) in connection with the ship management of the vessel. In June 2023, the Company completed the purchase of two secondhand 8,100 TEU vessels from one of the joint owners of ONE for an aggregate purchase price of $54,400,000 (note 7). Since the closing of the Merger, the Company earned revenue of $312,768,000 from ONE in connection with the time chart er of 24 vesse ls and management of one vessel as described above. 5. Related party transactions (continued): (c) Transactions with ZE JV: 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 7). 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 7). The Company continues to manage the ship operations of these vessels. During the year ended December 31, 2023 , the Company earned revenue of $10,839,000 (2022 – $7,035,000) and incurred expenses of $9,759,000 (2022 – $6,776,000) in connection with the ship management of the vessels. As at December 31, 2023, the Company has invested $1,000,000 (December 31, 2022 – $1,000,000) in the ZE JV. During the year ended December 31, 2023, the Company entered into agreements with the ZE JV to purchase equipment for vessel upgrades and incurred $32,322,000 under these agreements. (d) Transactions with Poseidon: Poseidon is the ultimate parent company of Atlas following the closing of the Merger as described in note 1. During the year ended December 31, 2023, Atlas declared dividends of $124,670,000 to Poseidon. As at December 31, 2023, $48,582,000 of the dividends declared remain outstanding. |
Net investment in lease
Net investment in lease | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Net investments in lease | Net investment in lease: 2023 2022 Undiscounted lease receivable $ 2,706.5 $ 1,724.4 Unearned interest income (1,277.7) (816.0) Net investment in lease $ 1,428.8 $ 908.4 2023 2022 Net investment in lease $ 1,428.8 $ 908.4 Current portion of net investment in lease (33.7) (21.0) Long-term portion of net investment in lease $ 1,395.1 $ 887.4 During the year ended December 31, 2022 , the Company accepted delivery of two 12,000 TEU newbuild vessels, each of which commenced an 18-year fixed rate bareboat charter upon delivery. During the year ended December 31, 2023, the Company accepted delivery of two 16,000 TEU and two 24,000 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. 6. Net investment in lease (continued): At December 31, 2023, the minimum lease receivable from direct financing leases are as follows: 2024 $ 152.0 2025 151.6 2026 151.6 2027 151.6 2028 152.0 Thereafter 1,947.7 $ 2,706.5 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Property, plant and equipment: December 31, 2023 Cost Accumulated depreciation Net book value Vessels $ 12,072.4 $ (3,028.5) $ 9,043.9 Equipment and other 566.5 (230.8) 335.7 Property, plant and equipment $ 12,638.9 $ (3,259.3) $ 9,379.6 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 During the year ended December 31, 2023, depreciation and amortization expense relating to property, plant and equipment was $365,974,000 (2022 – $334,121,000; 2021 – $345,164,000). 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 five-year charter upon delivery. 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. 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 recognized a gain on sale of $2,744,000. During the year ended December 31, 2023, the Company entered into agreements to sell two 4,250 TEU vessels for gross proceeds of $43,250,000, resulting in a net gain on sale of $920,000. During the year ended December 31, 2023, the Company completed the purchase of two secondhand 8,100 TEU vessels from ONE for an aggregate purchase price of $54,400,000 (note 5). During the year ended December 31, 2023, the Company took delivery of 18 newbuild vessels. The vessels range in size from 7,000 to 15,500 TEU and each commenced a long-term charter upon delivery. The aggregate purchase price for the newbuild vessels delivered during the year ended December 31, 2023 was $2,118,139,000. As at December 2023, the Company has one 4,250 TEU vessel classified as asset held for sale. The sale was completed in February 2024 for gross proceeds $29,800,000 (note 23). |
Vessels under construction
Vessels under construction | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels under construction | Vessels under constructionAs at December 31, 2023, the vessels under construction balance includes $66,628,000 of capitalized interest for the year ended December 31, 2023 (December 31, 2022 – $49,022,000). |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2023 | |
Operating Lease and Financing Lease, Right Of Use Assets [Abstract] | |
Right-of-use assets | Right-of-use assets: December 31, 2023 Cost Accumulated amortization Net book value Vessel operating leases $ 740.8 $ (376.4) $ 364.4 Vessel finance leases 69.1 (0.5) 68.6 Other operating leases 17.0 (12.0) 5.0 Right-of-use assets $ 826.9 $ (388.9) $ 438.0 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 Office operating leases 15.6 (7.6) 8.0 Right-of-use assets $ 1,097.7 $ (351.0) $ 746.7 During the year-ended December 31, 2022, the Company exercised options under existing lease financing arrangements to purchase four 10,000 TEU vessels. Each of the four purchases were completed in January through September 2023 at the pre-determined purchase price of $52,690,000 per vessel. In November 2023, the Company exercised its option under an existing lease financing arrangements to purchase one 14,000 TEU vessel. The purchase is expected to complete in December 2024 at the pre-determined purchase price of $61,600,000. During the year ended December 31, 2023, the amortization in right-of-use assets were $93,790,000 (2022 – $99,600,000; 2021 – $125,800,000, respectively). |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill: Vessel leasing Mobile power generation Balance, December 31, 2022 $ 75.3 $ — Balance, December 31, 2023 $ 75.3 $ — |
Other assets
Other assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Other assets | Other assets: 2023 2022 Intangible assets (a) $ 61.0 $ 75.7 Deferred dry-dock (b) 166.0 86.9 Restricted cash (c) 2.6 11.0 Contingent consideration asset (d) 36.8 39.5 Indemnity claim under acquisition agreement (e) — — Deferred financing fees on undrawn financings (f) 28.1 57.3 Other 46.1 42.4 $ 340.6 $ 312.8 (a) Intangible assets: December 31, 2023 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (104.7) $ 25.2 Trademark 27.4 (5.3) 22.1 Other 28.7 (15.0) 13.7 $ 186.0 $ (125.0) $ 61.0 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 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, 2023, the weighted average remaining useful lives of acquired customer contracts was 2.4 years (2022 – 3.4 years; 2021 – 3.9 years). During the year ended December 31, 2023, the Company recorded $18,198,000 of amortization related to intangible assets (2022 – $23,200,000; 2021 – $20,910,000). 11. Other assets (continued): (a) Intangible assets (continued): Future amortization of intangible assets is as follows: 2024 $ 14.1 2025 9.7 2026 4.4 2027 2.7 2028 2.2 Thereafter 27.9 $ 61.0 (b) Deferred dry-dock: During the years ended December 31, 2023 and 2022, changes in deferred dry-dock were as follows: December 31, 2021 $ 79.4 Costs incurred 42.4 Vessel Sales (11.3) Amortization expensed (1) (23.6) December 31, 2022 86.9 Costs incurred 124.4 Vessel sales (2) (6.9) Amortization expensed (1) (38.4) December 31, 2023 $ 166.0 (1) Amortization of dry-docking costs is included in depreciation and amortization. (2) Includes one vessel classified as asset held for sale as at December 31, 2023. (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. This indemnification obligation related to the cash repatriation from a foreign jurisdiction expired in April 2022 (note 5(a)). 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. There is no expiration or end date related to this indemnification. 11. Other assets (continued): (d) Contingent consideration asset (continued): Contingent consideration asset, December 31, 2021 $ 55.3 Change in fair value 0.9 Compensation received (12.5) Contingent consideration asset, December 31, 2022 43.7 Change in fair value (2.2) Compensation received (3.8) Contingent consideration asset 37.7 Current portion included in prepaid expenses and other (0.9) Contingent consideration asset, December 31, 2023 $ 36.8 (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 were 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, 2023, 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, 2023 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long term debt: December 31, 2023 December 31, 2022 Long-term debt: Revolving credit facilities (a) (d) $ 320.0 $ — Term loan credit facilities (b) (d) 1,175.6 1,233.0 Senior unsecured notes (e) 828.1 1,302.4 Senior unsecured exchangeable notes (g) — 201.3 Senior Secured Notes (c) 1,000.0 1,000.0 3,323.7 3,736.7 Deferred financing fees (32.9) (44.9) Long-term debt 3,290.8 3,691.8 Current portion of long-term debt (129.4) (238.4) Long-term debt $ 3,161.4 $ 3,453.4 12. Long term debt (continued): (a) Revolving credit facilities: As at December 31, 2023, the Company had three revolving credit facilities available (December 31, 2022 – three revolving credit facilities) which provided for aggregate borrowings of up to $700,000,000 (December 31, 2022 – $700,000,000), of which $380,000,000 (December 31, 2022 – $700,000,000) was undrawn. In February 2022, the Company closed a new $250,000,000, 3-year unsecured revolving credit facility which replaced 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, 2023, the revolving credit facility is committed but undrawn. As at December 31, 2023, the Company has $320,000,000 (December 31, 2022 – nil) drawn on its revolving credit facilities. The Company is subject to commitment fees ranging between 0.45% and 1.0% (December 31, 2022 – 0.45% and 0.5%) calculated on the undrawn amounts under the various facilities. (b) Term loan credit facilities: As at December 31, 2023, the Company has entered into $2,367,516,000 (December 31, 2022 – $3,751,731,000) of term loan credit facilities, of which $1,191,936,000 (December 31, 2022 – $2,518,743,000) was undrawn. 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 bore an initial interest rate of three month LIBOR plus 1.4% margin. During the years ended December 31, 2022 and December 31, 2023, five and three of the vessels secured under this credit facility, respectively, were delivered and the Company transitioned the financing under the term loan credit facility related to these vessels with sale-leaseback arrangements (note 15(xiii)). In December 2021, the Company entered into a $1,077,137,000 term loan credit facility for 10 vessels, which bore an initial interest rate of three month LIBOR plus 3.39% margin. During the year ended December 31, 2023, seven of the vessels secured under this credit facility delivered and the Company transitioned the financing under the term loan credit facility related to these seven vessels with sale-leaseback arrangements (note 15(xiv)). As a result, the remaining term loan credit financing available for the three vessels is $255,246,000, which is undrawn as of December 31, 2023. 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 12(a)). In October 2023, the Company early repaid $89,250,000 under this term loan credit facility. In August 2022, the Company voluntarily prepaid $240,000,000 of a term loan facility under its vessel portfolio financing program. 12. Long term debt (continued): (b) Term loan credit facilities (continued): 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 SOFR plus 1.4% margin. During the year ended December 31, 2023, three of the vessels secured under this credit facility delivered and the Company transitioned the financing under the term loan credit facility related to these three vessels with sale-leaseback arrangements (note 15(xv)). As a result, the remaining term loan credit financing available for 12 vessels is $936,690,000, which is undrawn as of December 31, 2023. In March 2023, the Company entered into amended and restated senior secured loan facilities which (i) increased the commitments under the bank loan facilities by $250,000,000, of which $200,000,000 was drawn immediately and $50,000,000 of which was drawn in September 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. Term loan credit facilities drawn mature between March 3, 2028 and January 21, 2030. For the Company’s floating rate term loan credit facilities, interest is calculated based on 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 benchmark rate was 5.4% and 5.4%, respectively (December 31, 2022 – 4.8% and 3.5%). The margins ranged between 1.9% and 2.4% as at December 31, 2023 (December 31, 2022 – 0.4% and 2.5%). The weighted average rate of interest, including the applicable margin, was 7.4% as at December 31, 2023 (December 31, 2022 – 6.4%) 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 0.44% and 0.49% (December 31, 2022 – 0.25% and 0.58%) 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, 2023: 2024 $ 103.9 2025 103.9 2026 103.9 2027 103.9 2028 444.0 Thereafter 316.0 $ 1,175.6 12. Long term debt (continued): (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. (d) Credit facilities – other: As at December 31, 2023, 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, 2023, $1,518,381,000 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 51 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, 2023. 12. Long term debt (continued): (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. As a result of the Merger (note 1(b)), the Company’s common shares were de-listed on April 10, 2023 (the “De-listing”). The Company has notified the holders of the 2024 NOK Bonds and the 2026 NOK Bonds of this de-listing event and that each holder of the 2024 NOK Bonds and the 2026 NOK Bonds had a right to require the Company to purchase all or some of the bonds held by such holder (a “NOK Put Option”) at a price equal to 101% of the principal amount plus accrued interest. Each holder could exercise a NOK Put Option during the exercise period which ended on May 3, 2023. On May 10, 2023, the Company repurchased $179,400,000 of 2024 NOK Bonds and $294,900,000 of the 2026 NOK Bonds. In each case, the Company purchased 2024 and 2026 NOK Bonds from holders who exercised their NOK Put Options, at a purchase price equal to 101% of the principal amount plus accrued interest for a total payment of $482,706,000. The remaining 2024 NOK Bonds totaling $20,600,000 matured on February 5, 2024. On May 22, 2023, as a result of having repurchased more than 90% of the outstanding 2026 NOK Bonds, the Company exercised its option to repurchase all remaining outstanding 2024 and 2026 NOK Bonds from holders. The repurchase, requiring a payment of $25,700,000, occurred on February 5, 2024 (note 23). 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. 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 5(a), 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. 12. Long term debt (continued): (f) Fairfax Notes (continued): 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, 2023 (2022 – nil; 2021 – $121,715,000), 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. 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. 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 $13.01 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 Merger (note 1(b)) and subsequent de-listing of the Company’s common shares on April 10, 2023 constituted a “Make-Whole Fundamental Change” under the terms of the Exchangeable Notes. On March 28, 2023, the Company entered into a supplemental indenture providing the holders of the Exchangeable Notes the right to exchange each $1,000 principal amount of such Exchangeable Note into a number of units based on a defined exchange rate. In connection with the Make-Whole Fundamental Change, each holder had the right, at its option, to exchange all or any portion of its Exchangeable Notes at any time from during the make-whole exchange period at an increased exchange rate on account of a Make-Whole Fundamental Change. During the make-whole exchange period, which ended on May 22, 2023, all of the outstanding Exchangeable Notes were exchanged by the Holders representing a total settlement of $253,139,000. 12. Long term debt (continued): (g) Senior Unsecured Exchangeable Notes (continued): Capped Call Transactions |
Operating lease liabilities
Operating lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating lease liabilities | Operating lease liabilities: December 31, 2023 December 31, 2022 Operating lease commitments $ 425.9 $ 581.6 Impact of discounting (38.5) (66.3) Impact of changes in variable rates (15.2) (8.3) Operating lease liabilities 372.2 507.0 Current portion of operating lease liabilities (101.1) (115.3) Operating lease liabilities $ 271.1 $ 391.7 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 benchmark rate, 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. 13. Operating lease liabilities (continued): Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows: Year ended December 31, 2023 Year ended December 31, 2022 Lease costs: Operating lease costs $ 116.8 $ 128.5 Variable lease adjustments 4.7 (4.8) Other information: Operating cash outflow used for operating leases 113.3 116.5 Weighted average discount rate (1) 4.8 % 4.8 % Weighted average remaining lease term 4 years 5 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
Finance lease liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Finance lease liabilities | Finance lease liabilities: December 31, 2023 December 31, 2022 Finance lease liabilities $ 66.5 $ 222.2 Current portion of finance lease liabilities (66.5) (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. Each of the four purchases were completed in January through September 2023 at the pre-determined purchase price of $52,690,000 per vessel. In November 2023, the Company exercised its option under an existing lease financing arrangement to purchase one 14,000 TEU vessel. The purchase is expected to complete in December 2024 at the pre-determined purchase price of $61,600,000. As at December 31, 2023, the total remaining commitments related to financial liabilities of these vessels were approximately $70,701,000 (December 31, 2022 – $225,117,000), including imputed interest of $4,242,000 (December 31, 2022 – $2,875,000), repayable through 2024. The weighted average interest rate on obligations related to finance leases as at December 31, 2023 was 7.3%. 2023 2022 Other financing arrangements $ 4,656.5 $ 2,119.7 Deferred financing fees (52.7) (31.9) Other financing arrangements 4,603.8 2,087.8 Current portion of other financing arrangements (298.5) (147.5) Other financing arrangements $ 4,305.3 $ 1,940.3 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. 15. Other financing arrangements (continued): 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. 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 (note 15(iv)). Lease payments include interest components based on three month SOFR plus a margin ranging from 2.65% to 3.30%. 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. 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. Lease payments include interest components based on one month SOFR plus a 2.85% margin. (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. 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. Lease payments include interest components based on three month SOFR plus a 3.01% margin. (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. 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. Lease payments include interest components based on three month SOFR plus a margin ranging from 2.50% to 2.75%. (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. 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. Lease payments include interest components based on three month SOFR plus a 3.01% margin. 15. Other financing arrangements (continued): (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. 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. Lease payments include interest components based on one month SOFR plus a 2.6% margin. (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. 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. Lease payments include interest components based on one month SOFR plus a 2.95% margin. (viii) Leases for six 7,000 TEU vessels In October 2021, the counterparty provided sale-leaseback financing of $445,000,000. 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. Lease payments include interest components based on three month SOFR plus a 2.71% margin. During the year ended December 31, 2023, the Company took delivery of two vessels and completed sale-leaseback financing for the two vessels for proceeds of $148,252,000. At December 31, 2023, an additional $82,362,000 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. 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. Lease payments include interest components based on three month SOFR plus a 2.5% margin. During the year ended December 31, 2023, the Company took delivery of four vessels and completed sale-leaseback financing for the four vessels for proceeds of $471,240,000. At December 31, 2023 an additional $94,240,000 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. 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. Lease payments include interest components based on one month SOFR plus a 2.5% margin. During the year ended December 31, 2023, the company took delivery of three vessels and completed sale-leaseback financing for the three vessels for proceeds of $325,393,000. (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. 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. Lease payments include interest components based on three month SOFR plus a 2.45% margin. At December 31, 2023, no amounts have been drawn under this facility. 15. Other financing arrangements (continued): (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, 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 four 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 12(b)). Upon delivery of each vessel throughout 2022 and 2023, the pre-delivery financing was replaced with sale-leaseback financing for all eight vessels for proceeds of $818,400,000. Upon delivery of each vessel, which occurred between June 2022 through July 2023, 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. (xiv) Leases for seven 15,000 TEU vessel Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 12(b)). Upon delivery of each vessel during 2023, the pre-delivery financing was replaced with sale-leaseback financing for the seven vessels for proceeds of $950,807,000. Upon delivery of each vessel, the Company commenced a 14 year leaseback. Lease payments include interest components based on daily SOFR plus a credit adjustment spread and margins that range from 1.1% to 1.7%. The Company has the option to purchase each vessel 9.5 years after its delivery date at a pre-determined purchase price. At as December 31, 2023, an additional $60,930,000 have been drawn under this facility. (xv) Leases for three 7,000 TEU vessels Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 12(b)). Upon delivery of each vessel during 2023, the pre-delivery financing was replaced with sale-leaseback financing for the three vessels for proceeds of $303,220,000. Upon delivery of each vessel, the Company commenced a 13.5 year leaseback. Lease payments include interest components based on three month SOFR plus a credit adjustment 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 purchased price. The weighted average rate of interest, including the margin, was 7.36% at December 31, 2023 (December 31, 2022 – 6.62%). Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2024 $ 300.0 2025 301.6 2026 302.3 2027 306.3 2028 310.4 Thereafter 3,135.9 $ 4,656.5 |
Other financing arrangements
Other financing arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Other financing arrangements | Finance lease liabilities: December 31, 2023 December 31, 2022 Finance lease liabilities $ 66.5 $ 222.2 Current portion of finance lease liabilities (66.5) (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. Each of the four purchases were completed in January through September 2023 at the pre-determined purchase price of $52,690,000 per vessel. In November 2023, the Company exercised its option under an existing lease financing arrangement to purchase one 14,000 TEU vessel. The purchase is expected to complete in December 2024 at the pre-determined purchase price of $61,600,000. As at December 31, 2023, the total remaining commitments related to financial liabilities of these vessels were approximately $70,701,000 (December 31, 2022 – $225,117,000), including imputed interest of $4,242,000 (December 31, 2022 – $2,875,000), repayable through 2024. The weighted average interest rate on obligations related to finance leases as at December 31, 2023 was 7.3%. 2023 2022 Other financing arrangements $ 4,656.5 $ 2,119.7 Deferred financing fees (52.7) (31.9) Other financing arrangements 4,603.8 2,087.8 Current portion of other financing arrangements (298.5) (147.5) Other financing arrangements $ 4,305.3 $ 1,940.3 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. 15. Other financing arrangements (continued): 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. 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 (note 15(iv)). Lease payments include interest components based on three month SOFR plus a margin ranging from 2.65% to 3.30%. 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. 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. Lease payments include interest components based on one month SOFR plus a 2.85% margin. (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. 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. Lease payments include interest components based on three month SOFR plus a 3.01% margin. (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. 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. Lease payments include interest components based on three month SOFR plus a margin ranging from 2.50% to 2.75%. (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. 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. Lease payments include interest components based on three month SOFR plus a 3.01% margin. 15. Other financing arrangements (continued): (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. 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. Lease payments include interest components based on one month SOFR plus a 2.6% margin. (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. 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. Lease payments include interest components based on one month SOFR plus a 2.95% margin. (viii) Leases for six 7,000 TEU vessels In October 2021, the counterparty provided sale-leaseback financing of $445,000,000. 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. Lease payments include interest components based on three month SOFR plus a 2.71% margin. During the year ended December 31, 2023, the Company took delivery of two vessels and completed sale-leaseback financing for the two vessels for proceeds of $148,252,000. At December 31, 2023, an additional $82,362,000 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. 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. Lease payments include interest components based on three month SOFR plus a 2.5% margin. During the year ended December 31, 2023, the Company took delivery of four vessels and completed sale-leaseback financing for the four vessels for proceeds of $471,240,000. At December 31, 2023 an additional $94,240,000 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. 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. Lease payments include interest components based on one month SOFR plus a 2.5% margin. During the year ended December 31, 2023, the company took delivery of three vessels and completed sale-leaseback financing for the three vessels for proceeds of $325,393,000. (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. 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. Lease payments include interest components based on three month SOFR plus a 2.45% margin. At December 31, 2023, no amounts have been drawn under this facility. 15. Other financing arrangements (continued): (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, 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 four 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 12(b)). Upon delivery of each vessel throughout 2022 and 2023, the pre-delivery financing was replaced with sale-leaseback financing for all eight vessels for proceeds of $818,400,000. Upon delivery of each vessel, which occurred between June 2022 through July 2023, 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. (xiv) Leases for seven 15,000 TEU vessel Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 12(b)). Upon delivery of each vessel during 2023, the pre-delivery financing was replaced with sale-leaseback financing for the seven vessels for proceeds of $950,807,000. Upon delivery of each vessel, the Company commenced a 14 year leaseback. Lease payments include interest components based on daily SOFR plus a credit adjustment spread and margins that range from 1.1% to 1.7%. The Company has the option to purchase each vessel 9.5 years after its delivery date at a pre-determined purchase price. At as December 31, 2023, an additional $60,930,000 have been drawn under this facility. (xv) Leases for three 7,000 TEU vessels Prior to the sale-leaseback of each vessel, the Company had pre-delivery financing under a secured term loan credit facility (note 12(b)). Upon delivery of each vessel during 2023, the pre-delivery financing was replaced with sale-leaseback financing for the three vessels for proceeds of $303,220,000. Upon delivery of each vessel, the Company commenced a 13.5 year leaseback. Lease payments include interest components based on three month SOFR plus a credit adjustment 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 purchased price. The weighted average rate of interest, including the margin, was 7.36% at December 31, 2023 (December 31, 2022 – 6.62%). Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2024 $ 300.0 2025 301.6 2026 302.3 2027 306.3 2028 310.4 Thereafter 3,135.9 $ 4,656.5 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other liabilities | Other liabilities: 2023 2022 Asset retirement obligations (a) $ 24.3 $ 15.9 Other 171.8 48.6 Other long-term liabilities 196.1 64.5 Current portion of other long-term liabilities (18.8) (13.3) Other long-term liabilities $ 177.3 $ 51.2 (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, 2021 $ 37.4 Liabilities acquired 6.5 Liabilities incurred (1.2) Liabilities settled (37.1) Change in estimated cash flow 1.2 Provision reassessment 8.9 Accretion expense 0.2 Asset retirement obligations, December 31, 2022 15.9 Liabilities acquired 10.3 Liabilities incurred (2.4) Liabilities settled — Change in estimated cash flows 0.8 Provision reassessment (0.7) Accretion expense 0.4 Asset retirement obligations, December 31, 2023 $ 24.3 |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income tax | Income tax: The Company is tax resident in the United Kingdom and consists of its vessel 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. 17. Income tax (continued): Net earnings before income taxes for the year ended December 31, 2023 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2023 related only to foreign jurisdictions and consists of the following: 2023 Current tax Domestic Foreign Total Current tax expense $ — $ 9.1 $ 9.1 Deferred tax Deferred tax expense — (0.8) (0.8) Total tax expense $ — $ 8.3 $ 8.3 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 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 vessel leasing segment. For the year ended December 31, 2023 and December 31, 2022, the reconciliation between the effective tax rate of 2.01% and 0.38%, respectively, and the statutory UK income tax rate of 25.00% and 19.00%, respectively, is as follows: 2023 2022 Computed “Expected” tax expense: Computed tax expense on income from continuing operations $ 96.6 $ 118.7 Increase (reduction) in income taxes resulting from: Certain income from containership leasing segment that is exempt from tax (99.6) (109.5) Change in valuation allowance (4.5) 23.2 Change in current year uncertain tax positions (4.6) (1.9) Change in tax law (0.5) 2.5 Foreign rate differential 1.5 (2.6) Withholding taxes (1.0) (1.1) Other, net 20.4 (26.9) $ 8.3 $ 2.4 17. Income tax (continued): The deferred tax assets and liabilities were as follows for the year ended December 31, 2023 and December 31, 2022: Deferred tax assets 2023 2022 Decommission provisions $ 0.8 $ 0.5 Property, plant and equipment — — Reserves and accrued expenses 28.6 40.5 Tax losses carried forward 143.5 122.1 Interest allowance 35.0 36.1 Deferred revenue 0.7 0.7 Valuation allowance (180.0) (184.4) $ 28.6 $ 15.5 Deferred tax liabilities 2023 2022 Deferred job costs $ (3.3) $ (0.7) Accelerated asset costs (2.0) (1.4) Inflation adjustment — — Depreciation (17.7) (8.8) Other timing differences (6.6) (6.4) $ (29.6) $ (17.3) Net deferred tax liability $ (1.0) $ (1.8) As at December 31, 2023, the Company has foreign tax losses carried forward of $591,689,000 (2022 – $495,765,000), of which $3,643,000 is recognized as a deferred tax asset. No deferred tax asset is recognised on the remaining balance of $588,046,000 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, 2023, the Company had income tax payable of $77,595,000 (2022 – $72,252,000). 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. 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. Certain historical tax matters are under discussion with tax authorities which may result in additional taxes, interest or penalties. As the outcome and amounts related to these discussions are uncertain, the Company has not accrued any amounts as of December 31, 2023. 17. Income tax (continued): The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2023 2022 Opening balance as at January 1, $ 80.3 $ 96.4 (Decrease) Increase in unrecognized tax benefit 1.7 (16.1) Ending balance as at December 31, $ 82.0 $ 80.3 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, 2023 and December 31, 2022. 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, 2023 | |
Equity [Abstract] | |
Preferred shares and share capital | Preferred shares and share capital: (a) Common shares: The Company has 400,000,000 Class A common shares authorized at December 31, 2023 and December 31, 2022, 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. 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. 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. In March 2023, the remaining 727,351 Holdback Shares were released and issued to the APR sellers (note 5(a)). Following such release, there were no Holdback Shares outstanding. As of December 31, 2023, all of the common shares of the Company are held by Poseidon as a result of the Merger that took place on March 28, 2023. 18. Preferred shares and share capital (continued): (b) Preferred shares: As at December 31, 2023, 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 H 15,000,000 9,025,105 7.875 % August 11, 2021 225.6 225.6 I (3) — — 8.00 % October 30, 2023 — 150.0 J (2) 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) 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%. (3) On October 30, 2023, the Company redeemed all of its outstanding 8.0% Series I Cumulative Redeemable Preferred Shares for $150,000,000 cash. The preferred shares are subject to certain financial covenants. The Company is in compliance with these covenants on December 31, 2023. (c) Restricted shares: During the year ended December 31, 2023, the Company granted nil 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, 2022, the Company granted 5,556,610 restricted shares, to its board of directors, of which nil restricted shares were forfeited. (d) Restricted stock units: During the year ended December 31, 2023, the Company granted nil restricted stock units, to certain members of senior management. During the year ended December 31, 2023, 151,640 restricted stock units were forfeited (2022 – 73,336). The restricted stock units generally vest over two years, in equal tranches. (e) Cumulative redeemable preferred shares: Pursuant to the Fairfax Exchange as described in note 5(a), 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: In April 2022, Fairfax exercised warrants to purchase 25,000,000 common shares of Atlas. The warrants, which were originally issued on July 16, 2018, had an exercise price of $8.05 per common share for an aggregate exercise price of $201,250,000. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation: Under the terms of the Merger Agreement, at the closing of the Merger, other than certain rollover equity (as defined in the Merger Agreement), each of the options, restricted shares, restricted units, and phantom share units was exchanged for a current payment or, in the case of unvested awards, a payment at such time at which the award would have otherwise vested. The modification to each award is described below. Following the closing of the Merger, there are no options, restricted shares, restricted stock units or performance share units outstanding and no additional equity compensation has been granted. 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, 2023, 2022, and 2021 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, 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 Granted — — — — — — — — Vested and exercised (56,610) 14.25 — — (500,000) 8.61 — — Cancelled — — (455,000) 12.55 (552,624) 13.57 (2,000,000) 2.54 December 31, 2023 — $ — — $ — 600,000 $ 7.25 — $ — Outstanding, December 31, 2023 — $ — — $ — — $ — — $ — During the year ended December 31, 2023, the Company amortized $17,662,000 (2022 – $23,492,000; 2021 – $11,203,000) in share-based compensation expense related to the above share-based compensation awards. 19. Share-based compensation (continued): At December 31, 2023, there was $58,251,000 (2022 – $81,733,000) of total unamortized compensation costs relating to unvested share-based compensation awards, which are expected to be recognized over a weighted-average period of 28 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. 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, 2023, 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. In March 2023, in connection with the Merger, the Company converted 455,000 phantom share units into the right to receive a cash payment of $15.50 per unit. Follow such conversion, there were no phantom share units exercisable. During the year ended December 31, 2022, the Company granted 56,610 restricted shares to its board of directors and the restricted shares vested on January 1, 2023. During the year ended December 31, 2023, no restricted shares were granted as a result of the Merger (note 1). (b) Restricted stock units: The restricted stock units generally vested over two 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. 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. During the year ended December 31, 2023, the Company granted nil 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, 2023, 151,640 restricted stock units were forfeited. In March 2023, in connection with the Merger, the Company converted 400,984 restricted stock units into the right to receive a cash payment of $15.50 per unit plus interest. In connection with the Merger, the June 2020 grant to the CEO was amended such that the holder will receive a share in Poseidon for each vested restricted stock unit. During the year ended December 31, 2023, 500,000 restricted stock units vested and 600,000 restricted stock units remain outstanding at December 31, 2023. 19. Share-based compensation (continued): (c) Stock options: In March 2023, in connection with the Merger, the outstanding options granted to the CEO were cancelled and the agreement was modified such that the holder would receive a cash payment equal to $15.50 less the exercise price. As a result, a cash payment was made for 1,100,000 options that were vested and unexercised. At December 31, 2023 there are 600,000 unvested options and at vesting, the holder will receive a cash payment equal to $15.50 less the exercise price per vested option. |
Other information
Other information | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 Accrued interest $ 68.7 $ 60.5 Accounts payable and other accrued liabilities 248.5 143.8 $ 317.2 $ 204.3 (b) Supplemental cash flow information: 2023 2022 2021 Interest paid $ 372.4 $ 232.0 $ 149.5 Interest received 11.2 6.1 3.1 Undrawn credit facility fee paid 23.1 21.4 1.9 Income taxes (recovery) paid (5.7) (14.5) 25.7 20. Other information (continued): (b) Supplemental cash flow information (continued): 2023 2022 2021 Non-cash financing and investing transactions: Change in right-of-use assets and operating lease liabilities $ 24.2 $ 127.2 $ 9.6 Commencement of sales-type lease — — 343.9 Purchase option finance lease (127.1) — — Interest capitalized on vessels under construction 2.9 2.8 4.0 Prepayments transferred to vessels upon vessel delivery — — 12.7 $ (100.0) $ 130.0 $ 370.2 2023 2022 2021 Changes in operating assets and liabilities Accounts receivable $ (42.5) $ (61.6) $ 35.2 Inventories (4.2) (3.6) 0.2 Prepaid expenses and other, and other assets (1.0) 29.1 (54.1) Acquisition related asset (0.9) — — Net investment in lease 27.5 20.5 14.9 Accounts payable and accrued liabilities 119.0 17.7 16.6 Addition of mobilization assets (3.5) — — Settlement of decommissioning provisions (2.4) (36.9) (6.0) Deferred revenue 145.6 13.7 18.1 Income tax payable (5.7) (14.5) (13.5) Major maintenance (125.0) (47.5) (38.7) Other assets 0.9 — — Other liabilities 5.1 — 18.9 Operating lease liabilities (89.2) (89.8) (122.6) Finance lease liabilities 5.3 (7.9) — Derivative instruments (36.2) 7.4 26.5 Contingent consideration asset 2.2 3.2 6.1 $ (5.0) $ (170.2) $ (98.4) 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: 2023 2022 2021 Cash and cash equivalents $ 385.3 $ 280.0 $ 288.6 Restricted cash included in other assets (note 11) 2.6 11.0 38.2 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 387.9 $ 291.0 $ 326.8 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies: (a) Operating leases: As at December 31, 2023, the commitment under operating leases for vessels is $419,935,000 for 2024 to 2029 and for other leases is $6,011,000 for 2024 to 2031. Total commitments under these leases are as follows: 2024 $ 104.9 2025 107.1 2026 106.0 2027 76.0 2028 25.1 Thereafter 6.8 $ 425.9 For operating leases indexed to benchmark rates, commitments under these leases are calculated using the benchmark rate in place as at December 31, 2023 for the Company. (b) Vessels under construction: As at December 31, 2023, the Company had entered into agreements to acquire 40 vessels (December 31, 2022 – 58 vessels). The Company has outstanding commitments for the remaining installment payments as follows: 2024 $ 2,661.0 2025 11.9 2026 142.4 2027 271.8 Total $ 3,087.1 In October 2023, the Company entered into shipbuilding contracts for the construction of eight 10,800 CEU dual-fuel liquefied natural gas PCTC newbuilds. Of the eight shipbuilding contracts, two were novated to a customer in February 2024. In relation to two of the remaining six newbuilds, the Company provided an option to the customer to novate the shipbuilding contracts in respect of such newbuilds or enter into a long term charter with the Company upon delivery of such newbuilds to the Company, and in February 2024, the customer decided to novate the contracts. The above table includes commitments relating to the four vessels that the Company will acquire and excludes the vessels that were novated in February 2024. (c) Letter of credit: As at December 31, 2023, the Company has no amounts outstanding on its letters in support of its mobile power generation business ( December 31, 2022 – |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, the fair value of the Company’s revolving credit facilities and term loan credit facilities, excluding deferred financing fees was $1,333,912,000 (December 31, 2022 – $1,166,673,000) and the carrying value was $1,495,581,000 (December 31, 2022 –$1,232,988,000). As of December 31, 2023, the fair value of the Company’s other financing arrangements, excluding deferred financing fees, was $4,342,424,000 (December 31, 2022 – $2,061,863,000) and the carrying value was $4,656,459,000 (December 31, 2022 – $2,119,657,000). 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, 2023, the fair value of the Company’s senior unsecured notes is $779,487,000 (December 31, 2022 – $1,284,702,000) and the carrying value is $828,050,000 (December 31, 2022 – $1,302,350,000). The fair value of the Company’s Senior Secured Notes was $911,893,000 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 $32,000 and $30,654,000 would be paid and received in cash, respectively, in the next 12 months on interest rate swaps maturing after December 31, 2023. The amount of the actual settlement may be different depending on the interest rate in effect at the time settlements are made. 22. Financial instruments (continued): (b) Interest rate swap derivatives (continued): As of December 31, 2023, the Company had the following outstanding interest rate derivatives: Fixed per Notional amount as of December 31, 2023 Maximum notional amount (1) Effective date Ending date 1.4340% $ 80.0 $ 80.0 September 27, 2019 May 14, 2024 1.5580% 80.0 80.0 November 14, 2019 May 15, 2024 5.4200% 216.8 216.8 September 6, 2007 May 31, 2024 1.4900% 21.8 21.8 February 4, 2020 December 30, 2025 0.6350% 76.0 76.0 January 21, 2021 October 14, 2026 0.4590% 76.0 76.0 February 4, 2021 October 14, 2026 1.7574% 500.0 500.0 January 31, 2022 February 2, 2032 2.3875% 200.0 200.0 July 20, 2022 July 20, 2032 2.67%/5.50% (2) 250.0 250.0 September 1, 2023 September 1, 2026 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. (2) $250,000,000 notional amount transaction on daily SOFR with a cap of 5.5% and a floor strike of 2.67% 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 table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings: 2023 2022 2021 (Gain) Loss recognized in net earnings: Gain on interest rate swaps (1) $ (16.7) $ (120.6) $ (14.0) Gain on derivative put instrument — — (0.1) Loss (Gain) on contingent consideration asset 2.2 (0.9) 5.1 Loss reclassified from AOCL to net earnings (2) Interest expense — — 0.2 Depreciation and amortization 1.0 1.0 1.0 (1) For the years ended December 31, 2023, 2022 and 2021, cash flows related to actual settlement of interest rate swaps were $34,386,000, $12,722,000 and $26,758,000 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events: (a) On January 2, 2024, the Company paid $38,082,000 in dividends on its common shares. (b) On January 30, 2024, the Company paid $0.496875, $0.492188, and $0.437500 per Series D, Series H and Series J preferred share, respectively, representing a total distribution of $12,223,000. (c) Between January and February 2024, the Company accepted the delivery of nine newbuild vessels. Two of these vessels each commenced 18-year bareboat charter while the remaining seven vessels all commenced long-term time charters upon delivery. (d) In February 2024, the Company exercised its option under an existing lease financing arrangement to purchase one 14,000 TEU vessel. The purchase is expected to complete in February 2025 at the pre-determined purchase price of $61,600,000. (e) In February 2024 the Company completed the sale of one 4,250 TEU vessel for gross proceeds of $29,800,000. (f) In February 2024, the Company repaid an aggregate of $25,700,000 in connection with the repurchase of the remaining 2024 and 2026 NOK Bonds. (g) In March 2024, the Company amended and extended an existing revolving credit facility to increase the borrowing capacity by $50,000,000 and extending the maturity date from February 2025 to March 2027. (h) In March 2024, the Company completed sale-leaseback financing for two vessels in the aggregate amount of $54,000,000. (i) In March 2024, the Company entered into shipbuilding contracts for the construction of two 10,800 CEU dual-fuel liquefied natural gas PCTC newbuilds. Upon delivery, each vessel will commence a long term charter. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of preparation | Basis of preparation: 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 15. 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 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. |
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: Vessel leasing revenue The Company derives revenue from the charter of its vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, 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. 2. Significant accounting policies (continued): (k) Revenue (continued): 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. |
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. If share compensation arrangements are amended such that they are considered an accounting modification, the Company determines whether there is a change in accounting classification and whether any additional compensation cost should be recognized. Liability based arrangements are re-measured at fair value each reporting period until settlement. |
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. |
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: 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 were accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts were not reassessed. Transition activities were focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate (“SOFR”). Debt with conversion and other options |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of 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, 2023 Cost Accumulated depreciation Net book value Vessels $ 12,072.4 $ (3,028.5) $ 9,043.9 Equipment and other 566.5 (230.8) 335.7 Property, plant and equipment $ 12,638.9 $ (3,259.3) $ 9,379.6 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 |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Segment | The following table includes the Company’s selected financial information by segment: Year ended December 31, 2023 Vessel Leasing Mobile Power Generation Elimination and Other Total Revenue $ 1,702.8 $ 117.9 $ — $ 1,820.7 Operating expense 347.3 29.6 — 376.9 Depreciation and amortization expense 375.1 45.7 — 420.8 General and administrative expense 81.9 41.0 1.2 124.1 Operating lease expense 116.7 3.6 — 120.3 Gain on sale (3.7) — — (3.7) Interest income (9.5) (2.1) (1.6) (13.2) Interest expense 364.6 8.9 2.1 375.6 Income tax expense 2.0 6.3 — 8.3 Year ended December 31, 2022 Vessel 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 3. Segment reporting (continued): Year ended December 31, 2023 Year ended December 31, 2022 Vessel leasing adjusted EBITDA $ 1,157.0 $ 1,036.9 Mobile power generation adjusted EBITDA 43.7 97.1 Total segment adjusted EBITDA 1,200.7 1,134.0 Eliminations and other (4.8) (1.4) Depreciation and amortization expense 420.8 379.1 Interest income (13.2) (6.5) Interest expense 375.6 235.4 Gain on derivative instruments (16.7) (120.6) Loss on debt extinguishment 10.3 9.4 Other expenses 18.9 7.1 Loss (Gain) on contingent consideration asset 2.2 (0.9) Loss on foreign currency repatriation — 4.0 (Gain) Loss on sale (3.7) 3.7 Consolidated net earnings before taxes $ 411.3 $ 624.7 (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 5). Total Assets December 31, 2023 December 31, 2022 Vessel Leasing $ 13,105.8 $ 10,584.2 Mobile Power Generation 764.9 838.9 Elimination and Other (157.7) (120.7) Total $ 13,713.0 $ 11,302.4 Capital expenditures by segment Year ended December 31, 2023 Year ended December 31, 2022 Vessel leasing $ 2,997.0 $ 1,219.5 Mobile power generation 13.9 20.2 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Segment and by Type | Revenue disaggregated by segment and by type for the year ended December 31, 2023, December 31, 2022 and December 31, 2021 is as follows: Year ended December 31, 2023 Vessel Leasing (1) Mobile Power Generation Total Operating lease revenue $ 1,598.7 $ 103.5 $ 1,702.2 Interest income from leasing 84.0 — 84.0 Other 20.1 14.4 34.5 $ 1,702.8 $ 117.9 $ 1,820.7 Year ended December 31, 2022 Vessel 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 Vessel 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) Vessel leasing revenue includes both bareboat charter and time charter revenue. |
Schedule of Future Minimum Revenues Committed | As at December 31, 2023, 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) Total committed revenue 2024 $ 1,889.8 $ 115.6 $ 2,005.4 2025 1,758.5 111.1 1,869.6 2026 1,443.0 107.7 1,550.7 2027 987.2 104.1 1,091.3 2028 583.2 100.4 683.6 Thereafter 2,015.9 725.6 2,741.5 $ 8,677.6 $ 1,264.5 $ 9,942.1 (1) |
Schedule of Future Minimum Revenues Received Based on Segment | As at December 31, 2023, the minimum future revenues to be received based on each segment are as follows: Vessel Leasing (1) Mobile Power Generation Total committed revenue 2024 $ 1,921.0 $ 84.4 $ 2,005.4 2025 1,791.8 77.8 1,869.6 2026 1,550.7 — 1,550.7 2027 1,091.3 — 1,091.3 2028 683.6 — 683.6 Thereafter 2,741.5 — 2,741.5 $ 9,779.9 $ 162.2 $ 9,942.1 (1) |
Schedule of Revenue Derived from Customers | The Company’s revenue during the years was derived from the following customers: 2023 2022 2021 COSCO $ 379.3 $ 454.8 $ 492.2 ONE 379.1 254.3 255.2 Yang Ming Marine 236.0 241.7 249.9 ZIM 189.2 65.8 19.9 Other 637.1 680.8 629.4 $ 1,820.7 $ 1,697.4 $ 1,646.6 |
Net investment in lease (Tables
Net investment in lease (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Net Investment In Lease | 2023 2022 Undiscounted lease receivable $ 2,706.5 $ 1,724.4 Unearned interest income (1,277.7) (816.0) Net investment in lease $ 1,428.8 $ 908.4 2023 2022 Net investment in lease $ 1,428.8 $ 908.4 Current portion of net investment in lease (33.7) (21.0) Long-term portion of net investment in lease $ 1,395.1 $ 887.4 |
Schedule of Minimum Lease Receivable from Direct Financing Leases | At December 31, 2023, the minimum lease receivable from direct financing leases are as follows: 2024 $ 152.0 2025 151.6 2026 151.6 2027 151.6 2028 152.0 Thereafter 1,947.7 $ 2,706.5 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Cost Accumulated depreciation Net book value Vessels $ 12,072.4 $ (3,028.5) $ 9,043.9 Equipment and other 566.5 (230.8) 335.7 Property, plant and equipment $ 12,638.9 $ (3,259.3) $ 9,379.6 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 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Operating Lease and Financing Lease, Right Of Use Assets [Abstract] | |
Schedule of Right-of-Use Assets | December 31, 2023 Cost Accumulated amortization Net book value Vessel operating leases $ 740.8 $ (376.4) $ 364.4 Vessel finance leases 69.1 (0.5) 68.6 Other operating leases 17.0 (12.0) 5.0 Right-of-use assets $ 826.9 $ (388.9) $ 438.0 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 Office operating leases 15.6 (7.6) 8.0 Right-of-use assets $ 1,097.7 $ (351.0) $ 746.7 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Vessel leasing Mobile power generation Balance, December 31, 2022 $ 75.3 $ — Balance, December 31, 2023 $ 75.3 $ — |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets [Abstract] | |
Schedule of Other Assets | 2023 2022 Intangible assets (a) $ 61.0 $ 75.7 Deferred dry-dock (b) 166.0 86.9 Restricted cash (c) 2.6 11.0 Contingent consideration asset (d) 36.8 39.5 Indemnity claim under acquisition agreement (e) — — Deferred financing fees on undrawn financings (f) 28.1 57.3 Other 46.1 42.4 $ 340.6 $ 312.8 (a) Intangible assets: December 31, 2023 Cost Accumulated Amortization Net book value Customer contracts $ 129.9 $ (104.7) $ 25.2 Trademark 27.4 (5.3) 22.1 Other 28.7 (15.0) 13.7 $ 186.0 $ (125.0) $ 61.0 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 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, 2023, the weighted average remaining useful lives of acquired customer contracts was 2.4 years (2022 – 3.4 years; 2021 – 3.9 years). During the year ended December 31, 2023, the Company recorded $18,198,000 of amortization related to intangible assets (2022 – $23,200,000; 2021 – $20,910,000). 11. Other assets (continued): (a) Intangible assets (continued): Future amortization of intangible assets is as follows: 2024 $ 14.1 2025 9.7 2026 4.4 2027 2.7 2028 2.2 Thereafter 27.9 $ 61.0 (b) Deferred dry-dock: During the years ended December 31, 2023 and 2022, changes in deferred dry-dock were as follows: December 31, 2021 $ 79.4 Costs incurred 42.4 Vessel Sales (11.3) Amortization expensed (1) (23.6) December 31, 2022 86.9 Costs incurred 124.4 Vessel sales (2) (6.9) Amortization expensed (1) (38.4) December 31, 2023 $ 166.0 (1) Amortization of dry-docking costs is included in depreciation and amortization. (2) Includes one vessel classified as asset held for sale as at December 31, 2023. (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. This indemnification obligation related to the cash repatriation from a foreign jurisdiction expired in April 2022 (note 5(a)). 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. There is no expiration or end date related to this indemnification. 11. Other assets (continued): (d) Contingent consideration asset (continued): Contingent consideration asset, December 31, 2021 $ 55.3 Change in fair value 0.9 Compensation received (12.5) Contingent consideration asset, December 31, 2022 43.7 Change in fair value (2.2) Compensation received (3.8) Contingent consideration asset 37.7 Current portion included in prepaid expenses and other (0.9) Contingent consideration asset, December 31, 2023 $ 36.8 (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 were 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, 2023, 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, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | December 31, 2023 December 31, 2022 Long-term debt: Revolving credit facilities (a) (d) $ 320.0 $ — Term loan credit facilities (b) (d) 1,175.6 1,233.0 Senior unsecured notes (e) 828.1 1,302.4 Senior unsecured exchangeable notes (g) — 201.3 Senior Secured Notes (c) 1,000.0 1,000.0 3,323.7 3,736.7 Deferred financing fees (32.9) (44.9) Long-term debt 3,290.8 3,691.8 Current portion of long-term debt (129.4) (238.4) Long-term debt $ 3,161.4 $ 3,453.4 |
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, 2023: 2024 $ 103.9 2025 103.9 2026 103.9 2027 103.9 2028 444.0 Thereafter 316.0 $ 1,175.6 |
Operating lease liabilities (Ta
Operating lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Liabilities and Lease Costs | December 31, 2023 December 31, 2022 Operating lease commitments $ 425.9 $ 581.6 Impact of discounting (38.5) (66.3) Impact of changes in variable rates (15.2) (8.3) Operating lease liabilities 372.2 507.0 Current portion of operating lease liabilities (101.1) (115.3) Operating lease liabilities $ 271.1 $ 391.7 Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows: Year ended December 31, 2023 Year ended December 31, 2022 Lease costs: Operating lease costs $ 116.8 $ 128.5 Variable lease adjustments 4.7 (4.8) Other information: Operating cash outflow used for operating leases 113.3 116.5 Weighted average discount rate (1) 4.8 % 4.8 % Weighted average remaining lease term 4 years 5 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, 2023 | |
Leases [Abstract] | |
Schedule of Finance Lease Liability | December 31, 2023 December 31, 2022 Finance lease liabilities $ 66.5 $ 222.2 Current portion of finance lease liabilities (66.5) (222.2) Long-term finance lease liabilities $ — $ — |
Other financing arrangements (T
Other financing arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Other Financing Arrangements | 2023 2022 Other financing arrangements $ 4,656.5 $ 2,119.7 Deferred financing fees (52.7) (31.9) Other financing arrangements 4,603.8 2,087.8 Current portion of other financing arrangements (298.5) (147.5) Other financing arrangements $ 4,305.3 $ 1,940.3 |
Schedule of Repayments Due for Other Financing Arrangements | Based on amounts funded for other financing arrangements, payments due to lessors would be as follows: 2024 $ 300.0 2025 301.6 2026 302.3 2027 306.3 2028 310.4 Thereafter 3,135.9 $ 4,656.5 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | 2023 2022 Asset retirement obligations (a) $ 24.3 $ 15.9 Other 171.8 48.6 Other long-term liabilities 196.1 64.5 Current portion of other long-term liabilities (18.8) (13.3) Other long-term liabilities $ 177.3 $ 51.2 (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, 2021 $ 37.4 Liabilities acquired 6.5 Liabilities incurred (1.2) Liabilities settled (37.1) Change in estimated cash flow 1.2 Provision reassessment 8.9 Accretion expense 0.2 Asset retirement obligations, December 31, 2022 15.9 Liabilities acquired 10.3 Liabilities incurred (2.4) Liabilities settled — Change in estimated cash flows 0.8 Provision reassessment (0.7) Accretion expense 0.4 Asset retirement obligations, December 31, 2023 $ 24.3 |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Net earnings before income taxes for the year ended December 31, 2023 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2023 related only to foreign jurisdictions and consists of the following: 2023 Current tax Domestic Foreign Total Current tax expense $ — $ 9.1 $ 9.1 Deferred tax Deferred tax expense — (0.8) (0.8) Total tax expense $ — $ 8.3 $ 8.3 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 |
Schedule of Reconciliation between Effective Tax Rate | 2023 2022 Computed “Expected” tax expense: Computed tax expense on income from continuing operations $ 96.6 $ 118.7 Increase (reduction) in income taxes resulting from: Certain income from containership leasing segment that is exempt from tax (99.6) (109.5) Change in valuation allowance (4.5) 23.2 Change in current year uncertain tax positions (4.6) (1.9) Change in tax law (0.5) 2.5 Foreign rate differential 1.5 (2.6) Withholding taxes (1.0) (1.1) Other, net 20.4 (26.9) $ 8.3 $ 2.4 |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities were as follows for the year ended December 31, 2023 and December 31, 2022: Deferred tax assets 2023 2022 Decommission provisions $ 0.8 $ 0.5 Property, plant and equipment — — Reserves and accrued expenses 28.6 40.5 Tax losses carried forward 143.5 122.1 Interest allowance 35.0 36.1 Deferred revenue 0.7 0.7 Valuation allowance (180.0) (184.4) $ 28.6 $ 15.5 Deferred tax liabilities 2023 2022 Deferred job costs $ (3.3) $ (0.7) Accelerated asset costs (2.0) (1.4) Inflation adjustment — — Depreciation (17.7) (8.8) Other timing differences (6.6) (6.4) $ (29.6) $ (17.3) Net deferred tax liability $ (1.0) $ (1.8) |
Summary of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits: 2023 2022 Opening balance as at January 1, $ 80.3 $ 96.4 (Decrease) Increase in unrecognized tax benefit 1.7 (16.1) Ending balance as at December 31, $ 82.0 $ 80.3 |
Preferred shares and share ca_2
Preferred shares and share capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Preferred Shares Outstanding | As at December 31, 2023, 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 H 15,000,000 9,025,105 7.875 % August 11, 2021 225.6 225.6 I (3) — — 8.00 % October 30, 2023 — 150.0 J (2) 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) 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%. (3) On October 30, 2023, the Company redeemed all of its outstanding 8.0% Series I Cumulative Redeemable Preferred Shares for $150,000,000 cash. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule 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, 2023, 2022, and 2021 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, 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 Granted — — — — — — — — Vested and exercised (56,610) 14.25 — — (500,000) 8.61 — — Cancelled — — (455,000) 12.55 (552,624) 13.57 (2,000,000) 2.54 December 31, 2023 — $ — — $ — 600,000 $ 7.25 — $ — Outstanding, December 31, 2023 — $ — — $ — — $ — — $ — |
Other information (Tables)
Other information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 Accrued interest $ 68.7 $ 60.5 Accounts payable and other accrued liabilities 248.5 143.8 $ 317.2 $ 204.3 |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information: 2023 2022 2021 Interest paid $ 372.4 $ 232.0 $ 149.5 Interest received 11.2 6.1 3.1 Undrawn credit facility fee paid 23.1 21.4 1.9 Income taxes (recovery) paid (5.7) (14.5) 25.7 20. Other information (continued): (b) Supplemental cash flow information (continued): 2023 2022 2021 Non-cash financing and investing transactions: Change in right-of-use assets and operating lease liabilities $ 24.2 $ 127.2 $ 9.6 Commencement of sales-type lease — — 343.9 Purchase option finance lease (127.1) — — Interest capitalized on vessels under construction 2.9 2.8 4.0 Prepayments transferred to vessels upon vessel delivery — — 12.7 $ (100.0) $ 130.0 $ 370.2 2023 2022 2021 Changes in operating assets and liabilities Accounts receivable $ (42.5) $ (61.6) $ 35.2 Inventories (4.2) (3.6) 0.2 Prepaid expenses and other, and other assets (1.0) 29.1 (54.1) Acquisition related asset (0.9) — — Net investment in lease 27.5 20.5 14.9 Accounts payable and accrued liabilities 119.0 17.7 16.6 Addition of mobilization assets (3.5) — — Settlement of decommissioning provisions (2.4) (36.9) (6.0) Deferred revenue 145.6 13.7 18.1 Income tax payable (5.7) (14.5) (13.5) Major maintenance (125.0) (47.5) (38.7) Other assets 0.9 — — Other liabilities 5.1 — 18.9 Operating lease liabilities (89.2) (89.8) (122.6) Finance lease liabilities 5.3 (7.9) — Derivative instruments (36.2) 7.4 26.5 Contingent consideration asset 2.2 3.2 6.1 $ (5.0) $ (170.2) $ (98.4) |
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: 2023 2022 2021 Cash and cash equivalents $ 385.3 $ 280.0 $ 288.6 Restricted cash included in other assets (note 11) 2.6 11.0 38.2 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 387.9 $ 291.0 $ 326.8 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitment Under Operating Leases | As at December 31, 2023, the commitment under operating leases for vessels is $419,935,000 for 2024 to 2029 and for other leases is $6,011,000 for 2024 to 2031. Total commitments under these leases are as follows: 2024 $ 104.9 2025 107.1 2026 106.0 2027 76.0 2028 25.1 Thereafter 6.8 $ 425.9 |
Summary of Outstanding Commitments for Remaining Installment Payments | The Company has outstanding commitments for the remaining installment payments as follows: 2024 $ 2,661.0 2025 11.9 2026 142.4 2027 271.8 Total $ 3,087.1 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2023, the Company had the following outstanding interest rate derivatives: Fixed per Notional amount as of December 31, 2023 Maximum notional amount (1) Effective date Ending date 1.4340% $ 80.0 $ 80.0 September 27, 2019 May 14, 2024 1.5580% 80.0 80.0 November 14, 2019 May 15, 2024 5.4200% 216.8 216.8 September 6, 2007 May 31, 2024 1.4900% 21.8 21.8 February 4, 2020 December 30, 2025 0.6350% 76.0 76.0 January 21, 2021 October 14, 2026 0.4590% 76.0 76.0 February 4, 2021 October 14, 2026 1.7574% 500.0 500.0 January 31, 2022 February 2, 2032 2.3875% 200.0 200.0 July 20, 2022 July 20, 2032 2.67%/5.50% (2) 250.0 250.0 September 1, 2023 September 1, 2026 (1) Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. (2) $250,000,000 notional amount transaction on daily SOFR with a cap of 5.5% and a floor strike of 2.67% |
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: 2023 2022 2021 (Gain) Loss recognized in net earnings: Gain on interest rate swaps (1) $ (16.7) $ (120.6) $ (14.0) Gain on derivative put instrument — — (0.1) Loss (Gain) on contingent consideration asset 2.2 (0.9) 5.1 Loss reclassified from AOCL to net earnings (2) Interest expense — — 0.2 Depreciation and amortization 1.0 1.0 1.0 (1) For the years ended December 31, 2023, 2022 and 2021, cash flows related to actual settlement of interest rate swaps were $34,386,000, $12,722,000 and $26,758,000 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 (Details)
General (Details) | Mar. 28, 2023 $ / shares |
Accounting Policies [Abstract] | |
Right to receive, cash per share (in dollars per share) | $ 15.50 |
Significant accounting polici_4
Significant accounting policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Shareholders' equity | $ (4,415,900) | $ (4,128,900) | $ (3,517,600) | $ (3,625,600) |
Retained Earnings / (Deficit) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Shareholders' equity | $ (554,800) | $ (420,000) | (7,500) | $ 199,200 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Shareholders' equity | 5,100 | |||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings / (Deficit) | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Shareholders' equity | $ 5,073 | |||
Short-term Lease | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Lessee, operating lease, lease term | 12 months | |||
Vessels | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property plant and equipment, 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 (Details) | Dec. 31, 2023 |
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 |
Segment reporting - Additional
Segment reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,820.7 | $ 1,697.4 | $ 1,646.6 |
Operating expense | 376.9 | 353.4 | 351 |
Depreciation and amortization expense | 420.8 | 379.1 | 366.7 |
General and administrative expense | 124.1 | 108.1 | 79.2 |
Indemnity claim (income) under acquisition agreement | 0 | (21.3) | (42.4) |
Operating lease expense | 120.3 | 123 | |
Loss (Gain) on sale | (3.7) | 3.7 | (16.4) |
Interest income | (13.2) | (6.5) | (3.1) |
Interest expense | 375.6 | 235.4 | 197.1 |
Income tax expense | 8.3 | 2.4 | 33 |
Vessel Leasing | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,702.8 | 1,543 | 1,460.4 |
Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Revenue | 117.9 | 154.4 | $ 186.2 |
Operating Segments | Vessel Leasing | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,702.8 | 1,543 | |
Operating expense | 347.3 | 309.2 | |
Depreciation and amortization expense | 375.1 | 327.5 | |
General and administrative expense | 81.9 | 76.6 | |
Indemnity claim (income) under acquisition agreement | 0 | ||
Operating lease expense | 116.7 | 120.3 | |
Loss (Gain) on sale | (3.7) | 4 | |
Interest income | (9.5) | (5.5) | |
Interest expense | 364.6 | 219.4 | |
Income tax expense | 2 | 1.9 | |
Operating Segments | Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Revenue | 117.9 | 154.4 | |
Operating expense | 29.6 | 44.2 | |
Depreciation and amortization expense | 45.7 | 51.6 | |
General and administrative expense | 41 | 33.5 | |
Indemnity claim (income) under acquisition agreement | (21.3) | ||
Operating lease expense | 3.6 | 2.7 | |
Loss (Gain) on sale | 0 | (0.3) | |
Interest income | (2.1) | (0.7) | |
Interest expense | 8.9 | 16.7 | |
Income tax expense | 6.3 | 0.5 | |
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 | 1.2 | (2) | |
Indemnity claim (income) under acquisition agreement | 0 | ||
Operating lease expense | 0 | 0 | |
Loss (Gain) on sale | 0 | 0 | |
Interest income | (1.6) | (0.3) | |
Interest expense | 2.1 | (0.7) | |
Income tax expense | $ 0 | $ 0 |
Segment reporting - Net Earning
Segment reporting - Net Earnings By Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | $ 1,200.7 | $ 1,134 | |
Eliminations and other | (4.8) | (1.4) | |
Depreciation and amortization expense | 420.8 | 379.1 | $ 366.7 |
Interest income | (13.2) | (6.5) | (3.1) |
Interest expense | 375.6 | 235.4 | 197.1 |
Gain on derivative instruments | (16.7) | (120.6) | |
Loss on debt extinguishment | 10.3 | 9.4 | 127 |
Other expenses | 18.9 | 7.1 | |
Loss (Gain) on contingent consideration asset | 2.2 | (0.9) | 5.1 |
Loss on foreign currency repatriation | 0 | 4 | |
Loss (Gain) on sale | (3.7) | 3.7 | $ (16.4) |
Consolidated net earnings before taxes | 411.3 | 624.7 | |
Vessel Leasing | |||
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | 1,157 | 1,036.9 | |
Mobile Power Generation | |||
Segment Reporting Information [Line Items] | |||
Total segment adjusted EBITDA | $ 43.7 | $ 97.1 |
Segment reporting - Assets and
Segment reporting - Assets and Capital Spending (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Total Assets | $ 13,713 | $ 11,302.4 |
Elimination and Other | ||
Segment Reporting Information [Line Items] | ||
Total Assets | (157.7) | (120.7) |
Vessel Leasing | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures by segment | 2,997 | 1,219.5 |
Vessel Leasing | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 13,105.8 | 10,584.2 |
Mobile Power Generation | ||
Segment Reporting Information [Line Items] | ||
Capital expenditures by segment | 13.9 | 20.2 |
Mobile Power Generation | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 764.9 | $ 838.9 |
Revenue - Schedule of Revenue D
Revenue - Schedule of Revenue Disaggregated by Segment and by Type (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,820.7 | $ 1,697.4 | $ 1,646.6 |
Vessel Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,702.8 | 1,543 | 1,460.4 |
Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 117.9 | 154.4 | 186.2 |
Operating lease revenue | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,702.2 | 1,593.4 | 1,589.6 |
Operating lease revenue | Vessel Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 1,598.7 | 1,457 | 1,409.9 |
Operating lease revenue | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 103.5 | 136.4 | 179.7 |
Interest income from leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 84 | 73.8 | 46.1 |
Interest income from leasing | Vessel Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 84 | 73.8 | 46.1 |
Interest income from leasing | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 0 | 0 | 0 |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 34.5 | 30.2 | 10.9 |
Other | Vessel Leasing | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 20.1 | 12.2 | 4.4 |
Other | Mobile Power Generation | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 14.4 | $ 18 | $ 6.5 |
Revenue - Schedule of Future Mi
Revenue - Schedule of Future Minimum Revenues Committed (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Operating lease revenue | |
2024 | $ 1,889.8 |
2025 | 1,758.5 |
2026 | 1,443 |
2027 | 987.2 |
2028 | 583.2 |
Thereafter | 2,015.9 |
Future minimum revenue to be received from operating leases | 8,677.6 |
Direct financing leases | |
2024 | 115.6 |
2025 | 111.1 |
2026 | 107.7 |
2027 | 104.1 |
2028 | 100.4 |
Thereafter | 725.6 |
Future interest income to be earned from direct financing leases | 1,264.5 |
Total committed revenue | |
2024 | 2,005.4 |
2025 | 1,869.6 |
2026 | 1,550.7 |
2027 | 1,091.3 |
2028 | 683.6 |
Thereafter | 2,741.5 |
Future minimum revenues receivable | $ 9,942.1 |
Revenue - Schedule of Future _2
Revenue - Schedule of Future Minimum Revenues Received Based on Segment (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Segment Reporting Information Revenue [Line Items] | |
2024 | $ 2,005.4 |
2025 | 1,869.6 |
2026 | 1,550.7 |
2027 | 1,091.3 |
2028 | 683.6 |
Thereafter | 2,741.5 |
Future minimum revenues receivable | 9,942.1 |
Vessel Leasing | |
Segment Reporting Information Revenue [Line Items] | |
2024 | 1,921 |
2025 | 1,791.8 |
2026 | 1,550.7 |
2027 | 1,091.3 |
2028 | 683.6 |
Thereafter | 2,741.5 |
Future minimum revenues receivable | 9,779.9 |
Mobile Power Generation | |
Segment Reporting Information Revenue [Line Items] | |
2024 | 84.4 |
2025 | 77.8 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Future minimum revenues receivable | $ 162.2 |
Revenue - Schedule of Revenue_2
Revenue - Schedule of Revenue Derived from Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 1,820.7 | $ 1,697.4 | $ 1,646.6 |
COSCO | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 379.3 | 454.8 | 492.2 |
ONE | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 379.1 | 254.3 | 255.2 |
Yang Ming Marine | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 236 | 241.7 | 249.9 |
ZIM | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | 189.2 | 65.8 | 19.9 |
Other | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue | $ 637.1 | $ 680.8 | $ 629.4 |
Related party transactions (Det
Related party transactions (Details) | 1 Months Ended | 12 Months Ended | 14 Months Ended | ||||||||||||||||
Feb. 28, 2020 shares | Nov. 30, 2023 TEU | Jun. 30, 2023 USD ($) vessel TEU | Mar. 31, 2023 shares | Jan. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) TEU vessel shares | Jun. 30, 2022 shares | May 31, 2022 USD ($) TEU vessel | Apr. 30, 2022 $ / shares shares | Oct. 31, 2021 USD ($) vessel TEU | Aug. 31, 2021 | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) tranche vessel TEU $ / shares shares | Dec. 31, 2022 USD ($) TEU vessel shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2023 USD ($) vessel $ / shares shares | Apr. 30, 2021 $ / shares shares | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||||||||||||||
Exercise of warrants | $ 78,700,000 | $ 201,300,000 | |||||||||||||||||
Dividends on preferred shares | $ 73,200,000 | $ 60,800,000 | $ 66,200,000 | ||||||||||||||||
Treasury stock, shares (in shares) | shares | 727,351 | 0 | 727,351 | 0 | |||||||||||||||
Payments to acquire property, plant & equipment | $ 3,010,900,000 | $ 1,239,700,000 | $ 1,577,000,000 | ||||||||||||||||
ZE JV | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Equity method investment ownership percentage | 50% | ||||||||||||||||||
Amount invested | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||
Vessels | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels sold | vessel | 1 | 2 | 10 | ||||||||||||||||
Capacity of vessels sold | TEU | 4,250 | 4,250 | |||||||||||||||||
Sale price | $ 21,600,000 | $ 43,250,000 | $ 257,075,000 | ||||||||||||||||
Capacity of vessels purchased | TEU | 14,000 | 10,000 | |||||||||||||||||
Series J cumulative redeemable | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Shares issued (in shares) | shares | 12,000,000 | ||||||||||||||||||
Dividend rate per annum, percentage | 7% | 7% | |||||||||||||||||
APR Energy Ltd | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Shares forfeited (in shares) | shares | 557,139 | ||||||||||||||||||
Common shares released from holdback (in shares) | shares | 727,351 | 2,749,898 | 92,444 | 350,138 | |||||||||||||||
Shares issued (in shares) | shares | 29,891,266 | ||||||||||||||||||
Fairfax Notes | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 8.05 | $ 13.71 | |||||||||||||||||
Warrants issued in conversion of debt (in shares) | shares | 6,000,000 | 25,000,000 | 1,000,000 | ||||||||||||||||
Fairfax Notes | Series J cumulative redeemable | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Dividend rate per annum, percentage | 7% | ||||||||||||||||||
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% | |||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Exercise of warrants (in shares) | shares | 6,000,000 | ||||||||||||||||||
Exercise of warrants | $ 78,700,000 | ||||||||||||||||||
Interest expense, excluding amortization of debt discount | $ 19,204,000 | ||||||||||||||||||
Amortization of debt discount | $ 14,188,000 | ||||||||||||||||||
Related Party | Financing Activity | 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, percentage | 7% | ||||||||||||||||||
Dividends on preferred shares | $ 21,000,000 | $ 21,000,000 | |||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | Fairfax Notes | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Warrants outstanding (in shares) | shares | 101,923,078 | 101,923,078 | |||||||||||||||||
Number of warrant tranches | tranche | 2 | ||||||||||||||||||
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% | ||||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | Fairfax Notes | 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 | |||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | Fairfax Notes | 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 | |||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | Fairfax Notes | 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 | |||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | 2025, 2026 and 2027 Fairfax Notes | Fairfax Notes | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Face value of debt | $ 600,000,000 | ||||||||||||||||||
Interest rate | 5.50% | ||||||||||||||||||
Related Party | Financing Activity | Fairfax Financial Holdings Limited | 2025 and 2026 Fairfax Notes | Fairfax Notes | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Debt converted | $ 300,000,000 | ||||||||||||||||||
Related Party | Acquisition Agreement | Fairfax Financial Holdings Limited | APR Energy Ltd | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Warrants outstanding (in shares) | shares | 5,000,000 | ||||||||||||||||||
Warrants outstanding exercise price (in dollars per share) | $ / shares | $ 13 | ||||||||||||||||||
Shares forfeited (in shares) | shares | 2,576,014 | ||||||||||||||||||
Related Party | Indemnification Obligation, Cash Repatriation From Foreign Jurisdiction | Fairfax Financial Holdings Limited | APR Energy Ltd | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Common shares released from holdback (in shares) | shares | 92,444 | ||||||||||||||||||
Shares issued (in shares) | shares | 2,749,898 | ||||||||||||||||||
Treasury stock, shares (in shares) | shares | 727,351 | ||||||||||||||||||
Payments to settle indemnification | $ 6,265,000 | ||||||||||||||||||
Related Party | Indemnification Obligation, Losses Realized on Sale or Disposal of Certain Property, Plant and Equipment and Inventory Items | Fairfax Financial Holdings Limited | APR Energy Ltd | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Payments to settle indemnification | $ 3,836,000 | 5,239,000 | |||||||||||||||||
Related Party | Ship Operations | ONE | Vessels | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Number of vessels sold | vessel | 1 | 1 | |||||||||||||||||
Capacity of vessels sold | TEU | 4,250 | ||||||||||||||||||
Sale price | $ 17,250,000 | ||||||||||||||||||
Revenues | 1,154,000 | 0 | $ 312,768,000 | ||||||||||||||||
Incurred expenses | 1,182,000 | 0 | |||||||||||||||||
Number of vessels purchased | vessel | 2 | ||||||||||||||||||
Capacity of vessels purchased | TEU | 8,100 | ||||||||||||||||||
Payments to acquire property, plant & equipment | $ 54,400,000 | ||||||||||||||||||
Number of time charters vessels in operation | vessel | 24 | ||||||||||||||||||
Related Party | Joint Venture Transaction | ZE JV | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Revenues | 10,839,000 | 7,035,000 | |||||||||||||||||
Incurred expenses | 9,759,000 | $ 6,776,000 | |||||||||||||||||
Amount from agreement to purchase | 32,322,000 | ||||||||||||||||||
Related Party | Joint Venture Transaction | 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 | |||||||||||||||||
Related Party | Dividend Declared | Poseidon | |||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||
Dividends declared | 124,670,000 | ||||||||||||||||||
Dividends declared, outstanding | $ 48,582,000 | $ 48,582,000 |
Net investment in lease - Sched
Net investment in lease - Schedule of Net Investment in Lease (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Undiscounted lease receivable | $ 2,706.5 | $ 1,724.4 |
Unearned interest income | (1,277.7) | (816) |
Net investment in lease | $ 1,428.8 | $ 908.4 |
Net investment in lease - Sch_2
Net investment in lease - Schedule of Net Investment in Lease, Classified (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Net investment in lease | $ 1,428.8 | $ 908.4 |
Current portion of net investment in lease | (33.7) | (21) |
Long-term portion of net investment in lease | $ 1,395.1 | $ 887.4 |
Net investment in lease - Addit
Net investment in lease - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 TEU vessel | Dec. 31, 2022 TEU vessel | |
New Build Vessels | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 2 | |
Capacity in TEUs | TEU | 12,000 | |
Term of agreement | 18 years | |
New Build Vessels Sixteen Thousand TEU | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 2 | |
Capacity in TEUs | TEU | 16,000 | |
Term of agreement | 18 years | |
New Build Vessels Twenty Four Thousand TEU | ||
Operating Leased Assets [Line Items] | ||
Number of vessels | vessel | 2 | |
Capacity in TEUs | TEU | 24,000 | |
Term of agreement | 18 years |
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, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 152 | |
2025 | 151.6 | |
2026 | 151.6 | |
2027 | 151.6 | |
2028 | 152 | |
Thereafter | 1,947.7 | |
Minimum lease receivable from direct financing leases | $ 2,706.5 | $ 1,724.4 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Cost | $ 12,638.9 | $ 10,153.6 |
Accumulated depreciation | (3,259.3) | (2,996.7) |
Net book value | 9,379.6 | 7,156.9 |
Vessels | ||
Property Plant And Equipment [Line Items] | ||
Cost | 12,072.4 | 9,610.7 |
Accumulated depreciation | (3,028.5) | (2,805.6) |
Net book value | 9,043.9 | 6,805.1 |
Equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Cost | 566.5 | 542.9 |
Accumulated depreciation | (230.8) | (191.1) |
Net book value | $ 335.7 | $ 351.8 |
Property, plant and equipment_2
Property, plant and equipment - Additional Information (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 vessel TEU | Feb. 29, 2024 USD ($) TEU vessel | Nov. 30, 2023 TEU | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) TEU vessel | Feb. 29, 2024 vessel | Dec. 31, 2023 USD ($) vessel TEU | Dec. 31, 2022 USD ($) TEU vessel | Dec. 31, 2021 USD ($) | |
Property Plant And Equipment [Line Items] | |||||||||
Depreciation expense | $ | $ 365,974 | $ 334,121 | $ 345,164 | ||||||
Loss (Gain) on sale | $ | (3,700) | 3,700 | (16,400) | ||||||
Payments to acquire property, plant & equipment | $ | $ 3,010,900 | $ 1,239,700 | $ 1,577,000 | ||||||
Number of vessels classified as held for sale | vessel | 1 | 1 | |||||||
One Vessel, 15,000 TEU | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 1 | ||||||||
Capacity of vessels purchased | 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 | 11,800 | ||||||||
Term of agreement | 5 years | ||||||||
Vessels | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Capacity of vessels purchased | 14,000 | 10,000 | |||||||
Number of vessels sold | vessel | 1 | 2 | 10 | ||||||
Sale price | $ | $ 21,600 | $ 43,250 | $ 257,075 | ||||||
Loss (Gain) on sale | $ | $ (2,744) | $ (920) | $ 3,973 | ||||||
Capacity of vessels sold | 4,250 | 4,250 | |||||||
Number of vessels classified as held for sale | vessel | 1 | 1 | |||||||
Capacity of vessels classified as held for sale | 4,250 | ||||||||
Vessels | Subsequent Event | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 9 | ||||||||
Capacity of vessels purchased | 14,000 | ||||||||
Number of vessels sold | vessel | 1 | ||||||||
Sale price | $ | $ 29,800 | ||||||||
Capacity of vessels sold | 4,250 | ||||||||
Vessels | ONE | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 2 | ||||||||
Capacity of vessels purchased | 8,100 | ||||||||
Payments to acquire property, plant & equipment | $ | $ 54,400 | ||||||||
New Build Vessels | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Number of vessels purchased | vessel | 18 | ||||||||
Term of agreement | 18 years | ||||||||
Payments to acquire property, plant & equipment | $ | $ 2,118,139 | ||||||||
Capacity in TEUs | 12,000 | ||||||||
New Build Vessels | Minimum | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Capacity in TEUs | 7,000 | ||||||||
New Build Vessels | Maximum | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Capacity in TEUs | 15,500 |
Vessels under construction (Det
Vessels under construction (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Asset under Construction | ||
Property Plant And Equipment [Line Items] | ||
Accumulated capitalized interest costs | $ 66,628 | $ 49,022 |
Right-of-use assets - Schedule
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Lease Right Of Use Assets [Line Items] | ||
Right-of-use assets | $ 826.9 | $ 1,097.7 |
Right of use asset, accumulated amortization | (388.9) | (351) |
Right-of-use asset, Net book value | 438 | 746.7 |
Vessel operating leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Operating lease, cost | 740.8 | 835.5 |
Operating lease, accumulated amortization | (376.4) | (335.5) |
Operating lease, net book value | 364.4 | 500 |
Vessel finance leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Finance lease, cost | 69.1 | 246.6 |
Finance lease, accumulated amortization | (0.5) | (7.9) |
Finance lease, net book value | 68.6 | 238.7 |
Other operating leases | ||
Operating Lease Right Of Use Assets [Line Items] | ||
Operating lease, cost | 17 | |
Operating lease, accumulated amortization | (12) | |
Operating lease, net book value | $ 5 | |
Office 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 |
Right-of-use assets - Additiona
Right-of-use assets - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2024 USD ($) | Nov. 30, 2023 vessel TEU | Sep. 30, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) TEU vessel | Dec. 31, 2021 USD ($) | |
Operating Lease Right Of Use Assets [Line Items] | ||||||
Amortization expense | $ 93,790,000,000 | $ 99,600,000,000 | $ 125,800,000,000 | |||
Vessels | ||||||
Operating Lease Right Of Use Assets [Line Items] | ||||||
Lease financing, number of vessels | vessel | 1 | 4 | 4 | |||
Capacity of vessels purchased | TEU | 14,000 | 10,000 | ||||
Pre-determined purchase price per vessel | $ 52,690 | |||||
Vessels | Forecast | ||||||
Operating Lease Right Of Use Assets [Line Items] | ||||||
Pre-determined purchase price per vessel | $ 61,600 |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill [Roll Forward] | |
Balance, December 31, 2022 | $ 75.3 |
Balance, December 31, 2023 | 75.3 |
Vessel Leasing | |
Goodwill [Roll Forward] | |
Balance, December 31, 2022 | 75.3 |
Balance, December 31, 2023 | 75.3 |
Mobile Power Generation | |
Goodwill [Roll Forward] | |
Balance, December 31, 2022 | 0 |
Balance, December 31, 2023 | $ 0 |
Other assets - Schedule of Othe
Other assets - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other Assets [Abstract] | |||
Intangible assets | $ 61 | $ 75.7 | |
Deferred dry-dock | 166 | 86.9 | $ 79.4 |
Restricted cash | 2.6 | 11 | $ 38.2 |
Contingent consideration asset | 36.8 | 39.5 | |
Indemnity claim under acquisition agreement | 0 | 0 | |
Deferred financing fees on undrawn financings | 28.1 | 57.3 | |
Other | 46.1 | 42.4 | |
Other assets, noncurrent | $ 340.6 | $ 312.8 |
Other assets - Intangible Asset
Other assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2020 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Cost | $ 186,000 | $ 182,500 | ||
Accumulated Amortization | (125,000) | (106,800) | ||
Net book value | 61,000 | 75,700 | ||
Amortization related to intangible asset | 18,198 | 23,200 | $ 20,910 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2024 | 14,100 | |||
2025 | 9,700 | |||
2026 | 4,400 | |||
2027 | 2,700 | |||
2028 | 2,200 | |||
Thereafter | 27,900 | |||
Net book value | 61,000 | 75,700 | ||
Customer contracts | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Cost | 129,900 | 129,900 | ||
Accumulated Amortization | (104,700) | (92,300) | ||
Net book value | 25,200 | 37,600 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Net book value | 25,200 | 37,600 | ||
Trademark | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Cost | 27,400 | 27,400 | ||
Accumulated Amortization | (5,300) | (3,900) | ||
Net book value | 22,100 | 23,500 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Net book value | 22,100 | 23,500 | ||
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 | 28,700 | 25,200 | ||
Accumulated Amortization | (15,000) | (10,600) | ||
Net book value | 13,700 | 14,600 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Net book value | $ 13,700 | $ 14,600 | ||
Acquired customer contracts | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ||||
Weighted average remaining useful lives | 2 years 4 months 24 days | 3 years 4 months 24 days | 3 years 10 months 24 days |
Other assets - Deferred Dry-Doc
Other assets - Deferred Dry-Dock (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | |
Changes In Deferred Cost [Roll Forward] | ||
Beginning balance | $ 86.9 | $ 79.4 |
Costs incurred | 124.4 | 42.4 |
Vessel Sales | (6.9) | (11.3) |
Amortization expensed | (38.4) | (23.6) |
Ending balance | $ 166 | $ 86.9 |
Number of vessels classified as held for sale | vessel | 1 |
Other assets - Contingent Consi
Other assets - Contingent Consideration Asset (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 28, 2021 | Feb. 28, 2020 | |
Change In Contingent Consideration Asset [Roll Forward] | ||||||
Beginning balance | $ 43,700 | $ 55,300 | ||||
Change in fair value | (2,200) | 900 | ||||
Compensation received | (3,800) | (12,500) | ||||
Ending balance | $ 43,700 | 37,700 | 43,700 | |||
Current portion included in prepaid expenses and other | (900) | |||||
Contingent consideration asset | 39,500 | $ 36,800 | 39,500 | |||
APR Energy | ||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items] | ||||||
Maximum amount of cash flows subject to compensation | $ 110,000 | |||||
Maximum amount of losses subject to compensation | $ 64,000 | |||||
APR Energy | Fairfax Financial Holdings Limited | ||||||
Change In Contingent Consideration Asset [Roll Forward] | ||||||
Shares cancelled (in shares) | 2,576,014 | |||||
Proceeds from shares cancelled | $ 21,247 | $ 31,602 |
Long-term debt - Schedule of Lo
Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2022 |
Debt Instrument [Line Items] | |||
Carrying amount, gross | $ 3,323,700,000 | $ 3,736,700,000 | |
Deferred financing fees | (32,900,000) | (44,900,000) | |
Long-term debt | 3,290,800,000 | 3,691,800,000 | |
Current portion of long-term debt | (129,400,000) | (238,400,000) | |
Long-term debt | 3,161,400,000 | 3,453,400,000 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 828,100,000 | 1,302,400,000 | |
Senior Unsecured Exchangeable Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 0 | 201,300,000 | |
Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 1,000,000,000 | 1,000,000,000 | |
Revolving Credit Facilities | Line of Credit | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 320,000,000 | 0 | |
Term Loan Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Carrying amount, gross | 1,175,600,000 | $ 1,233,000,000 | $ 100,000,000 |
Long-term debt | $ 1,175,600,000 |
Long-term debt - Revolving Cred
Long-term debt - Revolving Credit Facilities (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 USD ($) | Feb. 28, 2022 USD ($) | Jul. 31, 2021 USD ($) creditFacility | Dec. 31, 2023 USD ($) creditFacility | Dec. 31, 2022 USD ($) creditFacility | Oct. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 31, 2021 USD ($) | May 31, 2021 USD ($) | |
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 | $ 700,000,000 | $ 50,000,000 | |||||||
Credit facilities, aggregate borrowings undrawn | 380,000,000 | 700,000,000 | ||||||||
Amount drawn of credit facility | $ 320,000,000 | $ 0 | ||||||||
Revolving Credit Facilities | Line of Credit | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee on undrawn amount | 0.45% | 0.45% | ||||||||
Revolving Credit Facilities | Line of Credit | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee on undrawn amount | 1% | 0.50% | ||||||||
Revolving Credit Facilities | Line of Credit | Unsecured Revolving, 3 Year | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facilities, maximum aggregate borrowings | $ 250,000,000 | |||||||||
Term of debt | 3 years | |||||||||
Revolving Credit Facilities | Line of Credit | Unsecured Revolving, 2 Year | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facilities, maximum aggregate borrowings | $ 150,000,000 | |||||||||
Term of debt | 2 years | |||||||||
Term Loan Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facilities, maximum aggregate borrowings | $ 2,367,516,000 | $ 3,751,731,000 | ||||||||
Credit facilities, aggregate borrowings undrawn | $ 1,191,936,000 | $ 2,518,743,000 | ||||||||
Term Loan Credit Facility | Line of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of long-term credit facilities | creditFacility | 2 | |||||||||
Credit facilities, maximum aggregate borrowings | $ 250,000,000 | $ 6,500,000 | $ 1,170,918,000 | $ 108,000,000 | $ 1,077,137,000 | $ 633,088,000 | $ 6,500,000 | |||
Term of debt | 2 years | |||||||||
Term Loan Credit Facility | Line of Credit | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee on undrawn amount | 0.44% | 0.25% | ||||||||
Term Loan Credit Facility | Line of Credit | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee on undrawn amount | 0.49% | 0.58% |
Long-term debt - Term Loan Cred
Long-term debt - Term Loan Credit Facilities (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) vessel | Aug. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2021 USD ($) vessel | Jul. 31, 2021 USD ($) creditFacility | Dec. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) vessel | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | May 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Carrying amount, gross | $ | $ 3,323,700 | $ 3,736,700 | |||||||||||
Leases For Four 11800 and Four 15000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 8 | ||||||||||||
Leases For Seven 15000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 7 | ||||||||||||
Leases For Three 7000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 3 | ||||||||||||
Term Loan Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facilities, maximum aggregate borrowings | $ | $ 2,367,516 | 3,751,731 | |||||||||||
Credit facilities, aggregate borrowings undrawn | $ | 1,191,936 | 2,518,743 | |||||||||||
Term Loan Credit Facility | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facilities, maximum aggregate borrowings | $ | $ 250,000 | $ 1,170,918 | $ 1,077,137 | $ 633,088 | $ 6,500 | $ 108,000 | $ 6,500 | ||||||
Number of long-term credit facilities | creditFacility | 2 | ||||||||||||
Interest rate | 3.80% | 3.80% | |||||||||||
Loan credit number of vessels | vessel | 15 | 10 | 8 | ||||||||||
Carrying amount, gross | $ | $ 1,175,600 | $ 1,233,000 | $ 100,000 | ||||||||||
Early prepayment of credit facility | $ | $ 89,250 | $ 240,000 | |||||||||||
Amount drawn of credit facility | $ | $ 50,000 | $ 200,000 | |||||||||||
Term of debt | 2 years | ||||||||||||
Weighted average rate of interest, including the margin | 7.40% | 6.40% | |||||||||||
Term Loan Credit Facility | Line of Credit | Leases For Four 11800 and Four 15000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 3 | 5 | |||||||||||
Term Loan Credit Facility | Line of Credit | Leases For Seven 15000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 7 | ||||||||||||
Term Loan Credit Facility | Line of Credit | Leases For Three 7000 TEU Vessels | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Lease financing, number of vessels | vessel | 3 | ||||||||||||
Term Loan Credit Facility | Line of Credit | Minimum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin | 1.90% | 0.40% | |||||||||||
Borrowing permitted relative to total assets | 65% | ||||||||||||
Commitment fee on undrawn amount | 0.44% | 0.25% | |||||||||||
Term Loan Credit Facility | Line of Credit | Maximum | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate margin | 2.40% | 2.50% | |||||||||||
Borrowing permitted relative to total assets | 75% | ||||||||||||
Commitment fee on undrawn amount | 0.49% | 0.58% | |||||||||||
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 | Average Benchmark, 3 Month | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Benchmark rate | 5.40% | 4.80% | |||||||||||
Term Loan Credit Facility | Line of Credit | Average Benchmark, 6 Month | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Benchmark rate | 5.40% | 3.50% | |||||||||||
Term Loan Credit Facility for Three Vessels | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facilities, aggregate borrowings undrawn | $ | $ 255,246 | ||||||||||||
Loan credit number of vessels | vessel | 3 | ||||||||||||
Term Loan Credit Facility for Twelve Vessels | Line of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Credit facilities, aggregate borrowings undrawn | $ | $ 936,690 | ||||||||||||
Loan credit number of vessels | vessel | 12 |
Long-term debt - Schedule of Fu
Long-term debt - Schedule of Future Minimum Repayments Under Term Loan Credit Facilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,290.8 | $ 3,691.8 |
Term Loan Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
2024 | 103.9 | |
2025 | 103.9 | |
2026 | 103.9 | |
2027 | 103.9 | |
2028 | 444 | |
Thereafter | 316 | |
Long-term debt | $ 1,175.6 |
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, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | May 17, 2022 USD ($) | May 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||||
Number of vessels secured by first-priority mortgages | vessel | 53 | |||
Carrying amount, gross | $ 3,323,700,000 | $ 3,736,700,000 | ||
Line of Credit | ||||
Debt Instrument [Line Items] | ||||
Number of vessels secured by first-priority mortgages | vessel | 51 | |||
Face value of debt | $ 1,518,381,000 | |||
Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Face value of debt | $ 500,000,000 | $ 500,000,000 | ||
Carrying amount, gross | $ 1,000,000,000 | $ 1,000,000,000 |
Long-term debt - Senior Unsecur
Long-term debt - Senior Unsecured Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 05, 2024 | May 22, 2023 | Apr. 10, 2023 | Feb. 29, 2024 | Dec. 31, 2023 | May 10, 2023 | Dec. 31, 2022 | Jul. 31, 2021 | Jul. 14, 2021 | May 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | |
Debt Instrument [Line Items] | ||||||||||||
Carrying amount, gross | $ 3,323,700,000 | $ 3,736,700,000 | ||||||||||
Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Carrying amount, gross | $ 828,100,000 | $ 1,302,400,000 | ||||||||||
2024 and 2026 Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate | 6.50% | |||||||||||
Redemption price, percentage | 100.50% | |||||||||||
2024 Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt | $ 200,000,000 | |||||||||||
Interest rate | 6.50% | |||||||||||
2026 Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt | $ 300,000,000 | |||||||||||
2024 NOK Bonds and the 2026 NOK Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price, percentage | 101% | |||||||||||
Debt instrument, repurchase amount | $ 482,706,000 | |||||||||||
2024 NOK Bonds and the 2026 NOK Bonds | Senior Unsecured Notes | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 25,700,000 | $ 25,700,000 | ||||||||||
2024 NOK Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, repurchase face amount | 179,400,000 | |||||||||||
2024 NOK Bonds | Senior Unsecured Notes | Subsequent Event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Carrying amount, gross | $ 20,600,000 | |||||||||||
2026 NOK Bonds | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, repurchase face amount | $ 294,900,000 | |||||||||||
Percentage of principal amount redeemed | 90% | |||||||||||
Atlas Notes | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt | $ 151,000 | $ 52,198,825 | ||||||||||
Interest rate | 7.125% | |||||||||||
Senior Unsecured Notes Maturing 2029 | Senior Unsecured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Face value of debt | $ 750,000,000 | |||||||||||
Interest rate | 5.50% |
Long-term debt - Fairfax Notes
Long-term debt - Fairfax Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2023 | Apr. 30, 2022 | Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 10,300,000 | $ 9,400,000 | $ 127,000,000 | ||||
Series J cumulative redeemable | |||||||
Debt Instrument [Line Items] | |||||||
Dividend rate per annum, percentage | 7% | 7% | |||||
Term of warrants | 5 years | ||||||
Fairfax Notes | |||||||
Debt Instrument [Line Items] | |||||||
Warrants issued in conversion of debt (in shares) | 6,000,000 | 25,000,000 | 1,000,000 | ||||
Term of warrants | 5 years | ||||||
Warrants outstanding exercise price (in dollars per share) | $ 8.05 | $ 13.71 | |||||
Fairfax Notes | Series J cumulative redeemable | |||||||
Debt Instrument [Line Items] | |||||||
Shares issued for debt conversion (in shares) | 12,000,000 | ||||||
Dividend rate per annum, percentage | 7% | ||||||
Fairfax Notes | 2026 Fairfax Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt converted | $ 200,000,000 | ||||||
Fairfax Notes | 2027 Fairfax Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt converted | 100,000,000 | ||||||
Fairfax Notes | 2025 and 2026 Fairfax Notes | |||||||
Debt Instrument [Line Items] | |||||||
Face value of debt | $ 300,000,000 | ||||||
Percentage of principal amount redeemed | 100% | 100% | |||||
Loss on debt extinguishment | $ 0 | $ 0 | $ 121,715,000 |
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 | May 22, 2023 | Dec. 21, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Face value of debt | $ 201,250 | ||
Interest rate | 3.75% | ||
Proceeds from issuance of debt | $ 253,139 | $ 15,536 | |
Debt instrument effective interest rate | 4.50% | ||
Shares issued for debt conversion (in shares) | 15,474,817 | ||
Initial exchange price per share (in dollars per share) | $ 13.01 | ||
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, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease commitments | $ 425.9 | $ 581.6 |
Impact of discounting | (38.5) | (66.3) |
Impact of changes in variable rates | (15.2) | (8.3) |
Operating lease liabilities | 372.2 | 507 |
Current portion of operating lease liabilities | (101.1) | (115.3) |
Operating lease liabilities | $ 271.1 | $ 391.7 |
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, 2023 | Dec. 31, 2022 | |
Lease costs: | ||
Operating lease costs | $ 116.8 | $ 128.5 |
Variable lease adjustments | 4.7 | (4.8) |
Other information: | ||
Operating cash outflow used for operating leases | $ 113.3 | $ 116.5 |
Weighted average discount rate | 4.80% | 4.80% |
Weighted average remaining lease term | 4 years | 5 years |
Finance lease liabilities - Sum
Finance lease liabilities - Summary of Finance Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Finance lease liabilities | $ 66.5 | $ 222.2 |
Current portion of finance lease liabilities | (66.5) | (222.2) |
Long-term finance lease liabilities | $ 0 | $ 0 |
Finance lease liabilities - Add
Finance lease liabilities - Additional Information (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2024 USD ($) | Nov. 30, 2023 vessel TEU | Sep. 30, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) TEU vessel | Dec. 31, 2023 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Weighted average interest rate on obligations related to finance leases | 7.30% | ||||
Vessels | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease financing, number of vessels | vessel | 1 | 4 | 4 | ||
Capacity of vessels purchased | TEU | 14,000 | 10,000 | |||
Pre-determined purchase price per vessel | $ 52,690 | ||||
Purchase commitment, remaining minimum amount | $ 225,117 | $ 70,701 | |||
Unrecorded unconditional purchase obligation | $ 2,875 | $ 4,242 | |||
Vessels | Forecast | |||||
Lessee, Lease, Description [Line Items] | |||||
Pre-determined purchase price per vessel | $ 61,600 |
Other financing arrangements -
Other financing arrangements - Schedule of Other Financing Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Other financing arrangements | $ 4,656.5 | $ 2,119.7 |
Deferred financing fees | (52.7) | (31.9) |
Other financing arrangements | 4,603.8 | 2,087.8 |
Current portion of other financing arrangements | (298.5) | (147.5) |
Other financing arrangements | $ 4,305.3 | $ 1,940.3 |
Other financing arrangements _2
Other financing arrangements - Additional Information (Details) | 1 Months Ended | 2 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2021 USD ($) vessel TEU | Oct. 31, 2021 USD ($) TEU vessel | Aug. 31, 2021 USD ($) vessel TEU | Jun. 30, 2021 USD ($) TEU vessel | May 31, 2021 USD ($) TEU vessel | Apr. 30, 2021 USD ($) vessel TEU | Mar. 31, 2021 USD ($) TEU | Jan. 31, 2021 USD ($) TEU vessel | Oct. 31, 2020 USD ($) TEU vessel | Nov. 30, 2020 USD ($) TEU vessel | Sep. 30, 2020 USD ($) TEU vessel | Apr. 30, 2020 USD ($) vessel TEU | Jan. 31, 2018 USD ($) TEU vessel | Dec. 31, 2023 USD ($) vessel TEU | Dec. 31, 2022 USD ($) TEU vessel | |
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Weighted average rate of interest, including the margin | 7.36% | 6.62% | |||||||||||||
Leases for Five 11000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 1 | 1 | 5 | ||||||||||||
Capacity in TEUs | TEU | 11,000 | 11,000 | 11,000 | 11,000 | |||||||||||
Financing from counterparty | $ | $ 83,700,000 | $ 420,750,000 | |||||||||||||
Terms of leases | 17 years | ||||||||||||||
Prepayment on remaining balances of lease term | $ | $ 69,166,000 | $ 71,084,000 | |||||||||||||
Leases for Five 11000 TEU Vessels | Secured Overnight Financing Rate | Minimum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.65% | ||||||||||||||
Leases for Five 11000 TEU Vessels | Secured Overnight Financing Rate | Maximum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 3.30% | ||||||||||||||
Leases for Four 12000 TEU vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||
Financing from counterparty | $ | $ 337,732,000 | ||||||||||||||
Terms of leases | 10 years | ||||||||||||||
Leases for Four 12000 TEU vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.85% | ||||||||||||||
Leases for Two 13000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||
Capacity in TEUs | TEU | 13,000 | ||||||||||||||
Financing from counterparty | $ | $ 138,225,000 | ||||||||||||||
Terms of leases | 10 years | ||||||||||||||
Leases for Two 13000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 3.01% | ||||||||||||||
Leases for Two 12000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||
Financing from counterparty | $ | $ 158,400,000 | ||||||||||||||
Leases for Two 12000 TEU Vessels | Secured Overnight Financing Rate | Minimum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.50% | ||||||||||||||
Leases for Two 12000 TEU Vessels | Secured Overnight Financing Rate | Maximum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.75% | ||||||||||||||
Leases for Two 12000 TEU Vessels, 10 Year Term | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Terms of leases | 10 years | ||||||||||||||
Leases for Two 12000 TEU Vessels, 12 Year Term | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Terms of leases | 12 years | ||||||||||||||
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 | $ | $ 235,000,000 | ||||||||||||||
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 | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 3.01% | ||||||||||||||
Leases For Three 12200 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 3 | ||||||||||||||
Capacity in TEUs | TEU | 12,200 | ||||||||||||||
Financing from counterparty | $ | $ 243,000,000 | ||||||||||||||
Terms of leases | 12 years | ||||||||||||||
Leases For Three 12200 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.60% | ||||||||||||||
Leases For Two 12200 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||
Capacity in TEUs | TEU | 12,200 | ||||||||||||||
Financing from counterparty | $ | $ 162,000,000 | ||||||||||||||
Terms of leases | 10 years | ||||||||||||||
Leases For Two 12200 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.95% | ||||||||||||||
Leases For Six 7000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||
Capacity in TEUs | TEU | 7,000 | ||||||||||||||
Financing from counterparty | $ | $ 445,000,000 | ||||||||||||||
Number of vessels at a pre-determined purchase price | 4 | ||||||||||||||
Number of taken delivery vessels | 2 | ||||||||||||||
Number of vessels with sale-leaseback financing completed | 2 | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 148,252,000 | ||||||||||||||
Proceeds from lease financing | $ | $ 82,362,000 | ||||||||||||||
Leases For Six 7000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.71% | ||||||||||||||
Leases For Eight Vessels Between 16,000 And 24,000 TEU | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 8 | ||||||||||||||
Financing from counterparty | $ | $ 895,320,000 | ||||||||||||||
Number of taken delivery vessels | 4 | ||||||||||||||
Number of vessels with sale-leaseback financing completed | 4 | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 471,240,000 | ||||||||||||||
Proceeds from lease financing | $ | $ 94,240,000 | ||||||||||||||
Leases For Eight Vessels Between 16,000 And 24,000 TEU | Minimum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Capacity in TEUs | TEU | 16,000 | ||||||||||||||
Leases For Eight Vessels Between 16,000 And 24,000 TEU | Maximum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Capacity in TEUs | 24,000 | ||||||||||||||
Leases For Eight Vessels Between 16,000 And 24,000 TEU | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.50% | ||||||||||||||
Leases For Six 15500 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||
Capacity in TEUs | TEU | 15,500 | ||||||||||||||
Financing from counterparty | $ | $ 661,826,000 | ||||||||||||||
Number of taken delivery vessels | 3 | ||||||||||||||
Number of vessels with sale-leaseback financing completed | 3 | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 325,393,000 | ||||||||||||||
Leases For Six 15500 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.50% | ||||||||||||||
Leases For Six 15000 TEU And Four 7000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Financing from counterparty | $ | $ 889,651,000 | ||||||||||||||
Proceeds from lease financing | $ | $ 0 | ||||||||||||||
Leases For Six 15000 TEU And Four 7000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 2.45% | ||||||||||||||
Leases For Six 15000 TEU | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 6 | ||||||||||||||
Capacity in TEUs | TEU | 15,000 | ||||||||||||||
Leases For Four 7000 TEU | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||
Capacity in TEUs | TEU | 7,000 | ||||||||||||||
Leases For Two 12000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 2 | ||||||||||||||
Capacity in TEUs | TEU | 12,000 | ||||||||||||||
Terms of leases | 13 years 3 months | ||||||||||||||
Number of vessels with sale-leaseback financing completed | 2 | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 226,000,000 | ||||||||||||||
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 SOFR plus margin percentage | 1.80% | ||||||||||||||
Leases For Four 11800 and Four 15000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 8 | ||||||||||||||
Terms of leases | 14 years | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 818,400,000 | ||||||||||||||
Option to purchase lease period | 9 years 6 months | ||||||||||||||
Leases For Four 11800 and Four 15000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 1.40% | ||||||||||||||
Leases For Four 11800 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||
Capacity in TEUs | TEU | 11,800 | ||||||||||||||
Leases For Four 15000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 4 | ||||||||||||||
Capacity in TEUs | TEU | 15,000 | ||||||||||||||
Leases For Seven 15000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 7 | ||||||||||||||
Capacity in TEUs | TEU | 15,000 | ||||||||||||||
Terms of leases | 14 years | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 950,807,000 | ||||||||||||||
Proceeds from lease financing | $ | $ 60,930,000 | ||||||||||||||
Option to purchase lease period | 9 years 6 months | ||||||||||||||
Leases For Seven 15000 TEU Vessels | Secured Overnight Financing Rate | Minimum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 1.10% | ||||||||||||||
Leases For Seven 15000 TEU Vessels | Secured Overnight Financing Rate | Maximum | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 1.70% | ||||||||||||||
Leases For Three 7000 TEU Vessels | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease financing, number of vessels | 3 | ||||||||||||||
Capacity in TEUs | TEU | 7,000 | ||||||||||||||
Terms of leases | 13 years 6 months | ||||||||||||||
Proceeds from sale-leaseback financing | $ | $ 303,220,000 | ||||||||||||||
Option to purchase lease period | 9 years 6 months | ||||||||||||||
Leases For Three 7000 TEU Vessels | Secured Overnight Financing Rate | |||||||||||||||
Sale Leaseback Transaction [Line Items] | |||||||||||||||
Lease payments include an interest component based on SOFR plus margin percentage | 1.40% |
Other financing arrangements _3
Other financing arrangements - Schedule of Repayments Due for Other Financing Arrangements (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 300 | |
2025 | 301.6 | |
2026 | 302.3 | |
2027 | 306.3 | |
2028 | 310.4 | |
Thereafter | 3,135.9 | |
Other financing arrangements | $ 4,656.5 | $ 2,119.7 |
Other liabilities - Schedule of
Other liabilities - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Asset retirement obligations | $ 24.3 | $ 15.9 |
Other | 171.8 | 48.6 |
Other long-term liabilities | 196.1 | 64.5 |
Current portion of other long-term liabilities | (18.8) | (13.3) |
Other long-term liabilities | $ 177.3 | $ 51.2 |
Other liabilities - Schedule _2
Other liabilities - Schedule of Changes in Asset Retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligations, beginning balance | $ 15.9 | |
Asset retirement obligations, ending balance | 24.3 | $ 15.9 |
APR Energy | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Asset retirement obligations, beginning balance | 15.9 | 37.4 |
Liabilities acquired | 10.3 | 6.5 |
Liabilities incurred | (2.4) | (1.2) |
Liabilities settled | 0 | (37.1) |
Change in estimated cash flows | 0.8 | 1.2 |
Provision reassessment | (0.7) | 8.9 |
Accretion expense | 0.4 | 0.2 |
Asset retirement obligations, ending balance | $ 24.3 | $ 15.9 |
Income tax - Schedule of Income
Income tax - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax | |||
Domestic | $ 0 | $ 0 | |
Foreign | 9.1 | 2.5 | |
Total | 9.1 | 2.5 | |
Deferred tax | |||
Domestic | 0 | 0 | |
Foreign | (0.8) | (0.1) | |
Total | (0.8) | (0.1) | |
Total tax expense | |||
Domestic | 0 | 0 | |
Foreign | 8.3 | 2.4 | |
Total tax expense | $ 8.3 | $ 2.4 | $ 33 |
Income tax - Additional Informa
Income tax - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 27, 2020 | |
Income Tax [Line Items] | |||
Effective income tax rate, percent | 2.01% | 0.38% | |
Statutory income tax rate, percent | 25% | 19% | |
Tax losses carried forward | $ 143,500 | $ 122,100 | |
Amount of tax losses carried forward for which a deferred tax asset has not been recognized | 588,046 | ||
Income tax payable | $ 77,595 | 72,252 | |
Minimum | |||
Income Tax [Line Items] | |||
Tax years that remain open to examination | 2 years | ||
Maximum | |||
Income Tax [Line Items] | |||
Tax years that remain open to examination | 4 years | ||
Foreign | |||
Income Tax [Line Items] | |||
Tax losses carried forward | $ 591,689 | $ 495,765 | |
Tax losses carried forward | $ 3,643 | ||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed tax expense on income from continuing operations | $ 96.6 | $ 118.7 | |
Certain income from containership leasing segment that is exempt from tax | (99.6) | (109.5) | |
Change in valuation allowance | (4.5) | 23.2 | |
Change in current year uncertain tax positions | (4.6) | (1.9) | |
Change in tax law | (0.5) | 2.5 | |
Foreign rate differential | 1.5 | (2.6) | |
Withholding taxes | (1) | (1.1) | |
Other, net | 20.4 | (26.9) | |
Total tax expense | $ 8.3 | $ 2.4 | $ 33 |
Income tax - Schedule of Deferr
Income tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Decommission provisions | $ 0.8 | $ 0.5 |
Property, plant and equipment | 0 | 0 |
Reserves and accrued expenses | 28.6 | 40.5 |
Tax losses carried forward | 143.5 | 122.1 |
Interest allowance | 35 | 36.1 |
Deferred revenue | 0.7 | 0.7 |
Valuation allowance | (180) | (184.4) |
Deferred tax assets, net of valuation allowance | 28.6 | 15.5 |
Deferred tax liabilities | ||
Deferred job costs | (3.3) | (0.7) |
Accelerated asset costs | (2) | (1.4) |
Inflation adjustment | 0 | 0 |
Depreciation | (17.7) | (8.8) |
Other timing differences | (6.6) | (6.4) |
Deferred tax liabilities, net of valuation allowance | (29.6) | (17.3) |
Net deferred tax liability | $ (1) | $ (1.8) |
Income tax - Summary of Unrecog
Income tax - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning Balance | $ 80.3 | $ 96.4 |
(Decrease) Increase in unrecognized tax benefit | 1.7 | |
(Decrease) Increase in unrecognized tax benefit | (16.1) | |
Ending Balance | $ 82 | $ 80.3 |
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 | Mar. 31, 2023 | Jan. 31, 2023 | Jun. 30, 2022 | Apr. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | ||||||||
Series J cumulative redeemable | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 12,000,000 | |||||||||
Dividend rate per annum, percentage | 7% | 7% | ||||||||
Liquidation preference | $ 300,000 | $ 300,000 | $ 300,000 | |||||||
Term of warrants | 5 years | |||||||||
Period at stated dividend rate | 5 years | |||||||||
Annual increase after initial period at stated rate, percentage | 1.50% | |||||||||
Maximum dividend rate, percentage | 11.50% | |||||||||
Fairfax Notes | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Warrants issued in conversion of debt (in shares) | 6,000,000 | 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 | |||||||||
Proceeds from issuance of warrants | $ 78,710 | |||||||||
Fairfax Notes | Series J cumulative redeemable | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Dividend rate per annum, percentage | 7% | |||||||||
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) | 0 | |||||||||
Shares forfeited during period (in shares) | 0 | 0 | 11,984 | |||||||
Granted (in shares) | 0 | 5,556,610 | 75,910 | |||||||
Vesting period | 1 year | |||||||||
Restricted stock units | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares forfeited during period (in shares) | 552,624 | 73,336 | 35,402 | |||||||
Granted (in shares) | 0 | 336,313 | 819,381 | |||||||
Restricted stock units | Senior Management | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Granted (in shares) | 0 | |||||||||
Vesting period | 2 years | |||||||||
Forfeiture (in shares) | 151,640 | 73,336 | ||||||||
APR Energy Ltd | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Shares issued (in shares) | 29,891,266 | |||||||||
Shares reserved for future issuance (in shares) | 6,664,270 | |||||||||
Common shares previously issued (in shares) | 1,849,641 | |||||||||
Shares forfeited (in shares) | 557,139 | |||||||||
Shares permanently forfeited for post closing purchase price adjustments (in shares) | 1,122,290 | |||||||||
Common shares released from holdback (in shares) | 727,351 | 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 | ||
Oct. 30, 2023 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 150,000,000 | 150,000,000 | ||
Preferred shares, issued (in shares) | 14,118,833 | 20,118,833 | ||
Redemption price per share (in dollars per share) | $ 25 | |||
Series D Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 20,000,000 | |||
Preferred shares, issued (in shares) | 5,093,728 | |||
Dividend rate per annum, percentage | 7.95% | |||
Liquidation preference | $ 127,300 | $ 127,300 | ||
Series H Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 15,000,000 | |||
Preferred shares, issued (in shares) | 9,025,105 | |||
Dividend rate per annum, percentage | 7.875% | |||
Liquidation preference | $ 225,600 | 225,600 | ||
Series I Preferred Stock | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 0 | |||
Preferred shares, issued (in shares) | 0 | |||
Dividend rate per annum, percentage | 8% | 8% | ||
Liquidation preference | $ 0 | 150,000 | ||
Payments for redemption of preferred shares | $ 150,000 | |||
Series J cumulative redeemable | ||||
Class Of Stock [Line Items] | ||||
Preferred shares, authorized (in shares) | 12,000,000 | |||
Preferred shares, issued (in shares) | 12,000,000 | |||
Dividend rate per annum, percentage | 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, percentage | 1.50% | |||
Maximum dividend rate, percentage | 11.50% |
Share-based compensation - Sche
Share-based compensation - Schedule of Outstanding Restricted Shares, Phantom Share Units, Stock Appreciation Rights and Restricted Stock Units (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | |||
Number of shares | |||
Beginning balance (in shares) | 56,610 | 63,926 | 1,051,492 |
Granted (in shares) | 0 | 5,556,610 | 75,910 |
Vested and exercised (in shares) | (56,610) | (5,563,926) | (1,051,492) |
Cancelled (in shares) | 0 | 0 | (11,984) |
Ending balance (in shares) | 0 | 56,610 | 63,926 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 14.25 | $ 10.82 | $ 7.84 |
Granted (in dollars per share) | 0 | 14.20 | 10.79 |
Vested and exercised (in dollars per share) | 14.25 | 14.16 | 7.84 |
Cancelled (in dollars per share) | 0 | 0 | 10.62 |
Ending balance (in dollars per share) | $ 0 | $ 14.25 | $ 10.82 |
Number of options | |||
Granted (in shares) | 0 | ||
W.A. grant date FV | |||
Outstanding shares (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Phantom share units | |||
Number of shares | |||
Beginning balance (in shares) | 455,000 | 487,001 | 487,001 |
Granted (in shares) | 0 | 0 | 0 |
Vested and exercised (in shares) | 0 | (32,001) | 0 |
Cancelled (in shares) | (455,000) | 0 | 0 |
Ending balance (in shares) | 0 | 455,000 | 487,001 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 12.51 | $ 12.76 | $ 12.76 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested and exercised (in dollars per share) | 0 | 16.37 | 0 |
Cancelled (in dollars per share) | 12.55 | 0 | 0 |
Ending balance (in dollars per share) | $ 0 | $ 12.51 | $ 12.76 |
W.A. grant date FV | |||
Outstanding shares (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Restricted stock units | |||
Number of shares | |||
Beginning balance (in shares) | 1,652,624 | 2,466,728 | 2,008,884 |
Granted (in shares) | 0 | 336,313 | 819,381 |
Vested and exercised (in shares) | (500,000) | (1,077,081) | (326,135) |
Cancelled (in shares) | (552,624) | (73,336) | (35,402) |
Ending balance (in shares) | 600,000 | 1,652,624 | 2,466,728 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 6.16 | $ 9.10 | $ 7.57 |
Granted (in dollars per share) | 0 | 14.45 | 13.44 |
Vested and exercised (in dollars per share) | 8.61 | 9.41 | 10.26 |
Cancelled (in dollars per share) | 13.57 | 13.65 | 12.45 |
Ending balance (in dollars per share) | $ 7.25 | $ 6.16 | $ 9.10 |
W.A. grant date FV | |||
Outstanding shares (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | ||
Stock options | |||
Number of options | |||
Beginning balance (in shares) | 2,000,000 | 2,000,000 | 2,000,000 |
Granted (in shares) | 0 | 0 | 0 |
Vested and exercised (in shares) | 0 | 0 | 0 |
Cancelled (in shares) | (2,000,000) | 0 | 0 |
Ending balance (in shares) | 0 | 2,000,000 | 2,000,000 |
W.A. grant date FV | |||
Beginning balance (in dollars per share) | $ 2.54 | $ 2.54 | $ 2.54 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested and exercised (in dollars per share) | 0 | 0 | 0 |
Cancelled (in dollars per share) | 2.54 | 0 | 0 |
Ending balance (in dollars per share) | $ 0 | $ 2.54 | $ 2.54 |
Outstanding (in shares) | 0 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 0 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 $ / shares shares | Jun. 30, 2022 shares | Mar. 31, 2022 shares | Aug. 31, 2021 tranche $ / shares shares | Jun. 30, 2020 tranche $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 28, 2023 $ / shares | Dec. 31, 2020 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Share-based compensation expenses | $ | $ 17,662 | $ 23,492 | $ 11,203 | |||||||
Total unrecognized compensation costs relating to unvested share-based compensation awards | $ | $ 58,251 | $ 81,733 | ||||||||
Expected to be recognized over a weighted average period | 28 months | |||||||||
Right to receive, cash per share (in dollars per share) | $ / shares | $ 15.50 | |||||||||
Restricted shares | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 1 year | |||||||||
Granted (in shares) | 0 | 5,556,610 | 75,910 | |||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 14.20 | $ 10.79 | |||||||
Shares forfeited during period (in shares) | 0 | 0 | 11,984 | |||||||
Outstanding restricted stock units (in shares) | 0 | 56,610 | 63,926 | 1,051,492 | ||||||
Restricted shares | Board of Directors | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 4,000,000 | 56,610 | ||||||||
Restricted shares | Chief Executive Officer | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Granted (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 | |||||||
Stock converted during the period, shares, merger agreement (in shares) | 455,000 | |||||||||
Right to receive, cash per share (in dollars per share) | $ / shares | $ 15.50 | |||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 0 | $ 0 | |||||||
Shares forfeited during period (in shares) | 455,000 | 0 | 0 | |||||||
Outstanding restricted stock units (in shares) | 0 | 455,000 | 487,001 | 487,001 | ||||||
Restricted stock units | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 0 | 336,313 | 819,381 | |||||||
Stock converted during the period, shares, merger agreement (in shares) | 400,984 | |||||||||
Right to receive, cash per share (in dollars per share) | $ / shares | $ 15.50 | |||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 | $ 14.45 | $ 13.44 | |||||||
Shares forfeited during period (in shares) | 552,624 | 73,336 | 35,402 | |||||||
Vested (in shares) | 500,000 | |||||||||
Outstanding restricted stock units (in shares) | 600,000 | 1,652,624 | 2,466,728 | 2,008,884 | ||||||
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] | ||||||||||
Granted (in shares) | 550,000 | |||||||||
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 | |||||||||
Restricted stock units | Senior Management | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Vesting period | 2 years | |||||||||
Granted (in shares) | 0 | |||||||||
Forfeiture (in shares) | 151,640 | 73,336 | ||||||||
Stock options | Chief Executive Officer | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Right to receive, cash per share (in dollars per share) | $ / shares | $ 15.50 | $ 15.50 | ||||||||
Options, vested and unexercised (in shares) | 1,100,000 | |||||||||
Unvested options (in shares) | 600,000 |
Other information - Schedule of
Other information - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Additional Financial Information Disclosure [Abstract] | ||
Accrued interest | $ 68.7 | $ 60.5 |
Accounts payable and other accrued liabilities | 248.5 | 143.8 |
Accounts payable and accrued liabilities, Total | $ 317.2 | $ 204.3 |
Other information - Schedule _2
Other information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Financial Information Disclosure [Abstract] | |||
Interest paid | $ 372.4 | $ 232 | $ 149.5 |
Interest received | 11.2 | 6.1 | 3.1 |
Undrawn credit facility fee paid | 23.1 | 21.4 | 1.9 |
Income taxes (recovery) paid | (5.7) | (14.5) | 25.7 |
Non-cash financing and investing transactions: | |||
Change in right-of-use assets and operating lease liabilities | 24.2 | 127.2 | 9.6 |
Commencement of sales-type lease | 0 | 0 | 343.9 |
Purchase option finance lease | (127.1) | 0 | 0 |
Interest capitalized on vessels under construction | 2.9 | 2.8 | 4 |
Prepayments transferred to vessels upon vessel delivery | 0 | 0 | 12.7 |
Non-cash financing and investing transactions | (100) | 130 | 370.2 |
Changes in operating assets and liabilities | |||
Accounts receivable | (42.5) | (61.6) | 35.2 |
Inventories | (4.2) | (3.6) | 0.2 |
Prepaid expenses and other, and other assets | (1) | 29.1 | (54.1) |
Acquisition related asset | (0.9) | 0 | 0 |
Net investment in lease | 27.5 | 20.5 | 14.9 |
Accounts payable and accrued liabilities | 119 | 17.7 | 16.6 |
Addition of mobilization assets | (3.5) | 0 | 0 |
Settlement of decommissioning provisions | (2.4) | (36.9) | (6) |
Deferred revenue | 145.6 | 13.7 | 18.1 |
Income tax payable | (5.7) | (14.5) | (13.5) |
Major maintenance | (125) | (47.5) | (38.7) |
Other assets | 0.9 | 0 | 0 |
Other liabilities | 5.1 | 0 | 18.9 |
Operating lease liabilities | (89.2) | (89.8) | (122.6) |
Finance lease liabilities | 5.3 | (7.9) | 0 |
Derivative instruments | (36.2) | 7.4 | 26.5 |
Contingent consideration asset | 2.2 | 3.2 | 6.1 |
Changes in operating assets and liabilities | $ (5) | $ (170.2) | $ (98.4) |
Other information - Schedule _3
Other information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Additional Financial Information Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 385.3 | $ 280 | $ 288.6 | |
Restricted cash included in other assets (note 11) | 2.6 | 11 | 38.2 | |
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ 387.9 | $ 291 | $ 326.8 | $ 342.5 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) | 1 Months Ended | |||||
Mar. 14, 2024 vessel cEU | Feb. 29, 2024 vessel | Oct. 31, 2023 cEU | Dec. 31, 2023 USD ($) vessel | Oct. 01, 2023 vessel | Dec. 31, 2022 USD ($) vessel | |
Other Commitments [Line Items] | ||||||
Operating lease liabilities to be paid | $ | $ 425,900,000 | $ 581,600,000 | ||||
Number of vessels under construction | 40 | 58 | ||||
Number of vessels under contract | 8 | |||||
Capacity of vessels under contract | cEU | 10,800 | |||||
Subsequent Event | ||||||
Other Commitments [Line Items] | ||||||
Number of vessels under contract | 2 | |||||
Capacity of vessels under contract | cEU | 10,800 | |||||
Number of vessels under contract, novated | 2 | |||||
Number of vessels under contract, option given to customer to novate | 2 | |||||
Number of vessels under contract, remaining | 6 | |||||
Number of vessels under contract, novated including option exercised | 4 | |||||
Mobile Power Generation | ||||||
Other Commitments [Line Items] | ||||||
Letters of credit outstanding | $ | $ 0 | $ 10,350,000 | ||||
Vessels | ||||||
Other Commitments [Line Items] | ||||||
Operating lease liabilities to be paid | $ | 419,935,000 | |||||
Other leases | ||||||
Other Commitments [Line Items] | ||||||
Operating lease liabilities to be paid | $ | $ 6,011,000 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Commitment Under Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2024 | $ 104.9 | |
2025 | 107.1 | |
2026 | 106 | |
2027 | 76 | |
2028 | 25.1 | |
Thereafter | 6.8 | |
Operating lease commitments | $ 425.9 | $ 581.6 |
Commitments and contingencies_3
Commitments and contingencies - Summary of Outstanding Commitments for Remaining Installment Payments (Detail) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 2,661 |
2025 | 11.9 |
2026 | 142.4 |
2027 | 271.8 |
Total | $ 3,087.1 |
Financial instruments - Additio
Financial instruments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 31, 2022 | |
Derivative [Line Items] | |||
Carrying value, long-term debt | $ 3,290,800,000 | $ 3,691,800,000 | |
Other financing arrangements | 4,305,300,000 | 1,940,300,000 | |
Amount that would be settled in cash in the next 12 months if interest rate remain same | 32,000 | ||
Amount that would be receive in cash in the next 12 months if interest rate remain same | 30,654,000 | ||
Estimated accumulated other comprehensive loss expected to be reclassified to net earnings | 1,019,000 | ||
0.7270% | |||
Derivative [Line Items] | |||
Notional amount | $ 125,000,000 | ||
Fixed per annum rate swapped for benchmark rate | 0.727% | ||
Fair Value, Inputs, Level 2 | |||
Derivative [Line Items] | |||
Fair value of other financing arrangements excluding deferred financing fees | 4,342,424,000 | 2,061,863,000 | |
Fair Value, Inputs, Level 2 | Other Financing Arrangements | |||
Derivative [Line Items] | |||
Other financing arrangements | 4,656,459,000 | 2,119,657,000 | |
Senior Unsecured Notes | Fair Value, Inputs, Level 2 | |||
Derivative [Line Items] | |||
Carrying value, long-term debt | 828,050,000 | 1,302,350,000 | |
Fair value, long-term debt | 779,487,000 | 1,284,702,000 | |
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 | 911,893,000 | ||
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 | 1,333,912,000 | 1,166,673,000 | |
Revolving Credit Facilities and Term Loan Credit Facilities | Line of Credit | Fair Value, Inputs, Level 2 | |||
Derivative [Line Items] | |||
Carrying value, long-term debt | $ 1,495,581,000 | $ 1,232,988,000 |
Financial instruments - Schedul
Financial instruments - Schedule of Outstanding Interest Rate Derivatives (Details) | Dec. 31, 2023 USD ($) |
Secured Overnight Financing Rate (SOFR) | |
Derivative [Line Items] | |
Derivative, variable rate | 5.50% |
1.4340% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 1.434% |
Notional amount | $ 80,000,000 |
1.4340% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 80,000,000 |
1.5580% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 1.558% |
Notional amount | $ 80,000,000 |
1.5580% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 80,000,000 |
5.4200% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 5.42% |
Notional amount | $ 216,800,000 |
5.4200% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 216,800,000 |
1.4900% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 1.49% |
Notional amount | $ 21,800,000 |
1.4900% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 21,800,000 |
0.6350% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 0.635% |
Notional amount | $ 76,000,000 |
0.6350% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 76,000,000 |
0.4590% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 0.459% |
Notional amount | $ 76,000,000 |
0.4590% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 76,000,000 |
1.7574% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 1.7574% |
Notional amount | $ 500,000,000 |
1.7574% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 500,000,000 |
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 |
2.67%/5.50% | |
Derivative [Line Items] | |
Fixed per annum rate swapped for benchmark rate | 2.67% |
Notional amount | $ 250,000,000 |
2.67%/5.50% | Secured Overnight Financing Rate (SOFR) | |
Derivative [Line Items] | |
Derivative, variable rate | 5.50% |
2.67%/5.50% | Maximum | |
Derivative [Line Items] | |
Notional amount | $ 250,000,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
(Gain) Loss recognized in net earnings: | |||
Loss (Gain) on contingent consideration asset | $ 2,200 | $ (900) | $ 5,100 |
Interest Rate Swap | |||
Loss reclassified from AOCL to net earnings | |||
Cash flows related to settlement of interest rate swaps | $ 34,386 | $ 12,722 | $ 26,758 |
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 | $ 0 | $ 200 |
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 Swap | |||
(Gain) Loss recognized in net earnings: | |||
Gain loss on fair value | (16,700) | (120,600) | (14,000) |
Derivative put instrument | |||
(Gain) Loss recognized in net earnings: | |||
Gain loss on fair value | $ 0 | $ 0 | $ (100) |
Subsequent events (Details)
Subsequent events (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Mar. 14, 2024 USD ($) vessel cEU | Feb. 05, 2024 USD ($) | Jan. 30, 2024 USD ($) $ / shares | Jan. 02, 2024 USD ($) | Feb. 29, 2024 USD ($) TEU vessel | Nov. 30, 2023 vessel TEU | Oct. 31, 2023 cEU | Dec. 31, 2022 USD ($) TEU vessel | Feb. 29, 2024 vessel | Sep. 30, 2023 USD ($) vessel | Dec. 31, 2023 USD ($) vessel TEU $ / shares | Dec. 31, 2022 USD ($) TEU vessel $ / shares | Dec. 31, 2021 USD ($) $ / shares | Oct. 01, 2023 vessel | |
Subsequent Event [Line Items] | ||||||||||||||
Dividends on common shares | $ 148,000 | $ 119,300 | $ 124,600 | |||||||||||
Dividends on preferred shares | $ 73,200 | $ 60,800 | $ 66,200 | |||||||||||
Number of vessels under contract | vessel | 8 | |||||||||||||
Capacity of vessels under contract | cEU | 10,800 | |||||||||||||
Vessels | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Lease financing, number of vessels | vessel | 1 | 4 | 4 | |||||||||||
Capacity of vessels purchased | TEU | 14,000 | 10,000 | ||||||||||||
Pre-determined purchase price per vessel | $ 52,690 | |||||||||||||
Number of vessels sold | vessel | 1 | 2 | 10 | |||||||||||
Capacity of vessels sold | TEU | 4,250 | 4,250 | ||||||||||||
Sale price | $ 21,600 | $ 43,250 | $ 257,075 | |||||||||||
Series D Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | $ 2.49 | $ 2 | $ 2 | |||||||||||
Series H Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | 2.45 | 1.96 | 1.97 | |||||||||||
Series J Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | $ 2.20 | $ 1.76 | $ 0.68 | |||||||||||
Subsequent Event | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends on common shares | $ 38,082 | |||||||||||||
Number of vessels under contract | vessel | 2 | |||||||||||||
Capacity of vessels under contract | cEU | 10,800 | |||||||||||||
Subsequent Event | Leases For Two Vessels | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels with sale-leaseback financing completed | vessel | 2 | |||||||||||||
Financing from counterparty | $ 54,000 | |||||||||||||
Subsequent Event | Line of Credit | Revolving Credit Facilities | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Credit facilities, increase in maximum aggregate borrowings | $ 50,000 | |||||||||||||
Subsequent Event | 2024 NOK Bonds and the 2026 NOK Bonds | Senior Unsecured Notes | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Repayments of debt | $ 25,700 | $ 25,700 | ||||||||||||
Subsequent Event | Vessels | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels purchased | vessel | 9 | |||||||||||||
Lease financing, number of vessels | vessel | 1 | |||||||||||||
Capacity of vessels purchased | TEU | 14,000 | |||||||||||||
Pre-determined purchase price per vessel | $ 61,600 | |||||||||||||
Number of vessels sold | vessel | 1 | |||||||||||||
Capacity of vessels sold | TEU | 4,250 | |||||||||||||
Sale price | $ 29,800 | |||||||||||||
Subsequent Event | Bareboat Charter Vessels | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels purchased | vessel | 2 | |||||||||||||
Term of agreement | 18 years | |||||||||||||
Subsequent Event | Time Charter Vessels | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Number of vessels purchased | vessel | 7 | |||||||||||||
Subsequent Event | Series D Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | $ 0.496875 | |||||||||||||
Subsequent Event | Series H Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | 0.492188 | |||||||||||||
Subsequent Event | Series J Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends per preferred share (in dollar per share) | $ / shares | $ 0.437500 | |||||||||||||
Subsequent Event | Series D Series H And Series J Preferred Stock | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Dividends on preferred shares | $ 12,223 |