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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  _____________________________________________________________
FORM 6-K
  _____________________________________________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2019
Commission file number 1- 32479
  _____________________________________________________________ 
TEEKAY LNG PARTNERS L.P.
(Exact name of Registrant as specified in its charter)
   _____________________________________________________________
4th Floor, Belvedere Building
69 Pitts Bay Road
Hamilton, HM 08 Bermuda
(Address of principal executive office)
   _____________________________________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F  ý             Form 40-F  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
Yes  ¨            No   ý
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
Yes  ¨            No   ý







 




TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
INDEX
 
 
PART I: FINANCIAL INFORMATION
PAGE
 
 
 
 
 
 
 
 
 

2




ITEM 1 – FINANCIAL STATEMENTS
TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (notes 1 and 2)
(in thousands of U.S. Dollars, except unit and per unit data)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
$
 
$
 
$
 
$
Voyage revenues (notes 6 and 10a)
 
153,060

 
122,315

 
302,804

 
237,621

Voyage expenses
 
(6,023
)
 
(7,951
)
 
(11,798
)
 
(13,752
)
Vessel operating expenses (note 10a)
 
(27,457
)
 
(33,219
)
 
(53,558
)
 
(61,186
)
Time-charter hire expense (notes 5b and 10a)
 
(3,080
)
 

 
(8,671
)
 

Depreciation and amortization
 
(35,338
)
 
(29,794
)
 
(69,464
)
 
(59,061
)
General and administrative expenses (notes 10a and 14)
 
(5,667
)
 
(7,846
)
 
(12,299
)
 
(14,917
)
Write-down of vessels (note 16)
 

 
(33,000
)
 

 
(51,662
)
Restructuring charges (note 15)
 
(818
)
 

 
(2,976
)
 
(1,396
)
Income from vessel operations
 
74,677

 
10,505

 
144,038

 
35,647

Equity income (note 7)
 
1,738

 
11,194

 
7,316

 
37,918

Interest expense
 
(41,018
)
 
(28,171
)
 
(83,235
)
 
(52,877
)
Interest income
 
960

 
902

 
2,038

 
1,816

Realized and unrealized (loss) gain on non-designated
derivative instruments
 (note 11)
 
(7,826
)
 
4,302

 
(14,443
)
 
12,303

Foreign currency exchange (loss) gain (notes 8 and 11)
 
(7,243
)
 
8,443

 
(7,974
)
 
7,170

Other income (expense) (note 12b)
 
236

 
350

 
487

 
(52,232
)
Net income (loss) before income tax expense
 
21,524

 
7,525

 
48,227

 
(10,255
)
Income tax expense (note 9)
 
(2,472
)
 
(843
)
 
(5,050
)
 
(1,622
)
Net income (loss)
 
19,052

 
6,682

 
43,177

 
(11,877
)
Non-controlling interest in net income (loss)
 
2,617

 
3,948

 
5,125

 
(7,717
)
Preferred unitholders' interest in net income (loss)
 
6,425

 
6,426

 
12,850

 
12,851

General partner's interest in net income (loss)
 
200

 
(68
)
 
504

 
(340
)
Limited partners’ interest in net income (loss)
 
9,810

 
(3,624
)
 
24,698

 
(16,671
)
Limited partners’ interest in net income (loss) per common unit (note 13):
 


 


 


 


• Basic
 
0.12

 
(0.05
)
 
0.31

 
(0.21
)
• Diluted
 
0.12

 
(0.05
)
 
0.31

 
(0.21
)
Weighted-average number of common units outstanding (note 13):
 


 


 


 


• Basic
 
78,603,636
 
79,687,499
 
78,600,342
 
79,667,384
• Diluted
 
78,685,537
 
79,687,499
 
78,682,263
 
79,667,384

Related party transactions (note 10)

Subsequent events (note 18)

The accompanying notes are an integral part of the unaudited consolidated financial statements.


3



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (notes 1 and 2)
(in thousands of U.S. Dollars)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
$
 
$
 
$
 
$
Net income (loss)
19,052

 
6,682

 
43,177

 
(11,877
)
Other comprehensive (loss) income:


 


 


 


Other comprehensive (loss) income before reclassifications


 


 


 


Unrealized (loss) gain on qualifying cash flow hedging instruments,
net of tax
(30,749
)
 
6,890

 
(52,238
)
 
9,189

Amounts reclassified from accumulated other comprehensive
(loss) income, net of tax


 


 


 


To equity income:


 


 


 


Realized gain on qualifying cash flow hedging instruments
(197
)
 
(526
)
 
(697
)
 
(617
)
To interest expense:
 
 
 
 
 
 
 
Realized (gain) loss on qualifying cash flow hedging instruments (note 11)
(157
)
 
(2
)
 
(408
)
 
248

Other comprehensive (loss) income
(31,103
)
 
6,362

 
(53,343
)
 
8,820

Comprehensive (loss) income
(12,051
)
 
13,044

 
(10,166
)
 
(3,057
)
Non-controlling interest in comprehensive income (loss)
1,242

 
4,408

 
2,900

 
(6,190
)
Preferred unitholders' interest in comprehensive income
6,425

 
6,426

 
12,850

 
12,851

General and limited partners' interest in comprehensive (loss) income
(19,718
)
 
2,210

 
(25,916
)
 
(9,718
)
The accompanying notes are an integral part of the unaudited consolidated financial statements.

4



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS (notes 1 and 2)
(in thousands of U.S. Dollars)
 
As at June 30,
2019
 
As at December 31,
2018
 
$
 
$
ASSETS
 
 
 
Current
 
 
 
Cash and cash equivalents
124,880

 
149,014

Restricted cash – current (note 17)
48,869

 
38,329

Accounts receivable, including non-trade of $9,404 (2018 – $6,461)
25,439

 
20,795

Prepaid expenses
8,087

 
8,076

Current portion of derivative assets (note 11)

 
835

Current portion of net investments in direct financing leases (note 6)
13,082

 
12,635

Current portion of advances to equity-accounted joint ventures (note 7)
79,108

 
79,108

Advances to affiliates (note 10b)
22,831

 
8,229

Vessel held for sale (note 16c)
12,300

 

Other current assets
238

 
2,306

Total current assets
334,834

 
319,327

 
 
 
 
Restricted cash – long-term (note 17)
31,439

 
35,521

 
 
 
 
Vessels and equipment
 
 
 
At cost, less accumulated depreciation of $705,104 (2018 – $665,206)
1,616,029

 
1,657,338

Operating lease right-of-use asset (notes 2 and 5b)
40,666

 

Vessels related to finance leases, at cost, less accumulated depreciation
of $86,156 (2018 – $66,878)
(note 5a)
1,704,908

 
1,585,243

Advances on newbuilding contracts (note 10d)

 
86,942

Total vessels and equipment
3,361,603

 
3,329,523

Investments in and advances to equity-accounted joint ventures (note 7)
994,880

 
1,037,025

Net investments in direct financing leases (note 6)
551,603

 
562,528

Other assets
12,204

 
11,432

Derivative assets (note 11)

 
2,362

Intangible assets – net
47,794

 
52,222

Goodwill
34,841

 
34,841

Total assets
5,369,198

 
5,384,781

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current
 
 
 
Accounts payable
1,169

 
3,830

Accrued liabilities (notes 11 and 15)
72,241

 
74,753

Unearned revenue (note 6)
24,573

 
30,108

Current portion of long-term debt (note 8)
402,513

 
135,901

Current obligations related to finance leases (note 5a)
65,525

 
81,219

Current portion of operating lease liabilities (notes 2 and 5b)
13,098

 

Current portion of derivative liabilities (note 11)
27,805

 
11,604

Advances from affiliates (note 10b)
15,655

 
14,731

Total current liabilities
622,579

 
352,146

Long-term debt (note 8)
1,465,155

 
1,833,875

Long-term obligations related to finance leases (note 5a)
1,334,271

 
1,217,337

Long-term operating lease liabilities (notes 2 and 5b)
27,568

 

Other long-term liabilities (note 12c)
46,171

 
43,788

Derivative liabilities (note 11)
54,767

 
55,038

Total liabilities
3,550,511

 
3,502,184

Commitments and contingencies (notes 5, 8, 11 and 12)


 


 
 
 
 
Equity
 
 
 
Limited partners - common units (78.4 million units and 79.4 million units issued and outstanding at June 30, 2019 and December 31, 2018, respectively)
1,485,516

 
1,496,107

Limited partners - preferred units (11.8 million units issued and outstanding at June 30, 2019 and December 31, 2018)
285,159

 
285,159

General partner
49,056

 
49,271

Accumulated other comprehensive (loss) income
(53,232
)
 
2,717

Partners' equity
1,766,499

 
1,833,254

Non-controlling interest
52,188

 
49,343

Total equity
1,818,687

 
1,882,597

Total liabilities and total equity
5,369,198

 
5,384,781

The accompanying notes are an integral part of the unaudited consolidated financial statements.

5



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (notes 1 and 2)
(in thousands of U.S. Dollars)
 
Six Months Ended June 30,
 
2019
 
2018
 
$
 
$
Cash and cash equivalents provided by (used for)
 
 
 
 
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income (loss)
43,177

 
(11,877
)
Non-cash items:
 
 
 
Unrealized loss (gain) on non-designated derivative instruments (note 11)
9,666

 
(20,632
)
Depreciation and amortization
69,464

 
59,061

Write-down of vessels

 
51,662

Unrealized foreign currency exchange loss (gain)
4,727

 
(11,703
)
Equity income, net of dividends received $17,274 (2018 – $11,583)
9,958

 
(26,335
)
Other non-cash items
8,998

 
(8,464
)
Change in non-cash operating assets and liabilities
(28,827
)
 
56,299

Receipts from direct financing leases
6,050

 

Expenditures for dry docking
(6,335
)
 
(4,423
)
Net operating cash flow
116,878


83,588

 
 
 
 
Proceeds from issuance of long-term debt
126,263


248,392

Scheduled repayments of long-term debt
(66,310
)

(105,099
)
Prepayments of long-term debt
(168,787
)

(205,765
)
Financing issuance costs
(989
)

(4,971
)
Proceeds from financing related to sales and leaseback of vessels
158,680


243,812

Scheduled repayments of obligations related to finance leases
(33,855
)

(25,316
)
Repurchase of common units (note 13)
(12,056
)


Cash distributions paid
(39,315
)

(34,727
)
Dividends paid to non-controlling interest
(55
)

(157
)
Net financing cash flow
(36,424
)

116,169

 
 
 
 
Expenditures for vessels and equipment, net of warranty settlement $44,890 (2018 $nil) (note 12a)
(82,575
)

(311,308
)
Capital contributions and advances to equity-accounted joint ventures
(15,555
)

(27,071
)
Receipts from direct financing leases


5,242

Proceeds from sale of equity-accounted joint venture


54,438

Net investing cash flow
(98,130
)
 
(278,699
)
Decrease in cash, cash equivalents and restricted cash
(17,676
)
 
(78,942
)
Cash, cash equivalents and restricted cash, beginning of the period
222,864

 
339,435

Cash, cash equivalents and restricted cash, end of the period
205,188

 
260,493

Supplemental cash flow information (note 17)


6



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (notes 1 and 2)
(in thousands of U.S. Dollars and units)

 
TOTAL EQUITY
 
Partners’ Equity
 
 
 
 
 
Limited
Partners
 
 
 
 
 
 
 
 
 
Common Units
 
Common Units
 
Preferred Units
 
Preferred Units
 
General
Partner
 
Accumulated Other Comprehensive
Income (Loss)
 
Non- controlling Interest
 
Total
 
#
 
$                
 
#
 
$
 
$                
 
$                
 
$                
 
$                
Balance as at December 31, 2018
79,361

 
1,496,107

 
11,800

 
285,159

 
49,271

 
2,717

 
49,343

 
1,882,597

Net income

 
14,888

 

 
6,425

 
304

 

 
2,508

 
24,125

Other comprehensive loss

 

 

 

 

 
(21,390
)
 
(850
)
 
(22,240
)
Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.14 per unit)

 
(10,997
)
 

 

 
(224
)
 

 

 
(11,221
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(20
)
 
(20
)
Change in accounting policy (note 2)

 
1,777

 

 

 
37

 
(4,831
)
 

 
(3,017
)
Equity-based compensation, net of
nominal withholding tax
(note 14)
81

 
810

 

 

 
17

 

 

 
827

Repurchase of common units (note 13)
(815
)
 
(9,307
)
 

 

 
(190
)
 

 

 
(9,497
)
Balance as at March 31, 2019
78,627

 
1,493,278

 
11,800

 
285,159

 
49,215

 
(23,504
)
 
50,981

 
1,855,129

Net income

 
9,810

 

 
6,425

 
200

 

 
2,617

 
19,052

Other comprehensive loss

 

 

 

 

 
(29,728
)
 
(1,375
)
 
(31,103
)
Distributions declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.19 per unit)

 
(14,939
)
 

 

 
(305
)
 

 

 
(15,244
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(35
)
 
(35
)
Equity-based compensation, net of
withholding tax of $0.5 million
 (note 14)
1

 
(125
)
 

 

 
(3
)
 

 

 
(128
)
Repurchase of common units (note 13)
(187
)
 
(2,508
)
 

 

 
(51
)
 

 

 
(2,559
)
Balance as at June 30, 2019
78,441

 
1,485,516

 
11,800

 
285,159

 
49,056

 
(53,232
)
 
52,188

 
1,818,687





















7



TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY (notes 1 and 2)
(in thousands of U.S. Dollars and units)

 
TOTAL EQUITY
 
Partners’ Equity
 
 
 
 
 
Limited
Partners
 
 
 
 
 
 
 
 
 
Common Units
 
Common Units
 
Preferred Units
 
Preferred Units
 
General
Partner
 
Accumulated Other Comprehensive
Income
 
Non- controlling Interest
 
Total
 
#
 
$                
 
#
 
$
 
$                
 
$                
 
$                
 
$                
Balance as at December 31, 2017
79,627

 
1,539,248

 
11,800

 
285,159

 
50,152

 
4,479

 
52,385

 
1,931,423

Net (loss) income

 
(13,047
)
 

 
6,425

 
(272
)
 

 
(11,665
)
 
(18,559
)
Other comprehensive income

 

 

 

 

 
1,391

 
1,067

 
2,458

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 


   Common units ($0.14 per unit)

 
(11,148
)
 

 

 
(228
)
 

 

 
(11,376
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,812
)
 

 

 

 
(2,812
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Change in accounting policy

 
1,959

 

 

 
41

 

 
739

 
2,739

Equity-based compensation, net of
withholding tax of $0.6 million
 (note 14)
61

 
120

 

 

 
3

 

 

 
123

Balance as at March 31, 2018
79,688

 
1,517,132

 
11,800

 
285,159

 
49,696

 
5,870

 
42,526

 
1,900,383

Net (loss) income

 
(3,624
)
 

 
6,426

 
(68
)
 

 
3,948

 
6,682

Other comprehensive income

 

 

 

 

 
5,902

 
460

 
6,362

Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Common units ($0.14 per unit)

 
(11,157
)
 

 

 
(227
)
 

 

 
(11,384
)
   Preferred units Series A ($0.5625 per unit)

 

 

 
(2,813
)
 

 

 

 
(2,813
)
   Preferred units Series B ($0.5313 per unit)

 

 

 
(3,613
)
 

 

 

 
(3,613
)
Dividends paid to non-controlling interest

 

 

 

 

 

 
(157
)
 
(157
)
Equity-based compensation, net of
withholding tax of $0.1 million (
note 14)

 
141

 

 

 
2

 

 

 
143

Balance as at June 30, 2018
79,688

 
1,502,492

 
11,800

 
285,159

 
49,403

 
11,772

 
46,777

 
1,895,603

The accompanying notes are an integral part of the unaudited consolidated financial statements.

8


Table of Contents
TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(all tabular amounts stated in thousands of U.S. Dollars, except unit, per unit data and foreign currency exchange rates or unless otherwise indicated)



1.
Basis of Presentation

The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These financial statements include the accounts of Teekay LNG Partners L.P. (or the Partnership), which is a limited partnership formed under the laws of the Republic of the Marshall Islands, its wholly-owned and controlled subsidiaries and any variable interest entities (or VIEs) of which it is the primary beneficiary. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements for the year ended December 31, 2018, which are included in the Partnership’s Annual Report on Form 20-F for the year ended December 31, 2018 filed with the U.S. Securities and Exchange Commission (or SEC) on April 5, 2019. In the opinion of management of Teekay GP L.L.C., the general partner of the Partnership (or the General Partner), these unaudited interim consolidated financial statements reflect all adjustments consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Partnership’s consolidated financial position, results of operations, changes in total equity and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year.

Significant intercompany balances and transactions have been eliminated upon consolidation. Certain comparative figures have been reclassified to conform to the presentation adopted in the fourth quarter of 2018 relating to a change in the Partnership's reportable segments (see Note 4) and to reclassifications of certain related party transactions between vessel operating expenses and general and administrative expenses in the Partnership's consolidated statements of income (loss) which resulted in a decrease in vessel operating expenses and an offsetting increase in general and administrative expenses of $0.8 million and $1.3 million for the three and six months ended June 30, 2018, respectively.

2.
Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2016-02, which establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. FASB issued an additional accounting standard update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect and providing an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met. The Partnership adopted ASU 2016-02 on January 1, 2019. In addition, the Partnership early adopted ASU 2019-01, which provides an exception for lessors who are not manufacturers or dealers to determine the fair value of leased property using the underlying asset’s cost, instead of fair value. To determine the cumulative effect adjustment, the Partnership has not reassessed lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The Partnership identified the following differences:

The adoption of ASU 2016-02 results in a change in the accounting method for the lease portion of the daily charter hire accounted for as operating leases with firm periods of greater than one year for certain of the chartered-in vessels of the Partnership and the Partnership's equity-accounted joint ventures. Under ASU 2016-02, one of the Partnership's in-charter contracts previously accounted for as an operating lease is now treated as an operating lease right-of-use asset and an operating lease liability, which resulted in an increase of the Partnership's assets and liabilities. The right-of-use asset and lease liability recognized on June 30, 2019 was $40.7 million (January 1, 2019 – $22.8 million). In addition, certain equity-accounted joint ventures recognized a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. This had the result of increasing the equity-accounted joint venture’s assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged from the prior policy, unless the right-of-use asset becomes impaired.
The adoption of ASU 2016-02 results in the recognition of revenue from the reimbursement of scheduled dry-dock expenditures, where such charter contract is accounted for as an operating lease, occurring upon completion of the scheduled dry-dock, instead of ratably over the period between the previous scheduled dry-dock and the next scheduled dry-dock. This change decreased investments in and advances to equity-accounted joint ventures by $3.0 million, and total equity by $3.0 million as at June 30, 2019. The cumulative decrease to opening equity as at January 1, 2019 was $3.0 million. The Partnership’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Partnership has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease.

9


Table of Contents
TEEKAY LNG PARTNERS L.P. AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(all tabular amounts stated in thousands of U.S. Dollars, except unit, per unit data and foreign currency exchange rates or unless otherwise indicated)


The adoption of ASU 2016-02 results in direct financing lease payments received being presented as an operating cash inflow instead of an investing cash inflow in the consolidated statements of cash flows. Direct financing lease payments received during the six months ended June 30, 2019 and 2018 were $6.1 million and $5.2 million, respectively.
The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option or other situations where the leaseback would be classified as a finance lease being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02 such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions the Partnership does not derecognize the vessel sold and continues to depreciate the vessel as if it were the legal owner. Proceeds received from the sale of the vessel are recognized as a financial liability and bareboat charter hire payments made by the Partnership to the lessor are allocated between interest expense and principal repayments on the financial liability. The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Yamal Spirit during the first quarter of 2019 being accounted for as a failed sale and unlike the eight sale-leaseback transactions entered into in prior years, the Partnership is not considered as holding a variable interest in the buyer lessor entity and thus, does not consolidate the buyer lessor entity (see Note 5).
In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 became effective for the Partnership as of January 1, 2019. This change decreased accumulated other comprehensive (loss) income by $4.8 million as at January 1, 2019, and correspondingly increased opening equity as at January 1, 2019 by $4.8 million.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Partnership January 1, 2020, with a modified-retrospective approach. The Partnership is currently evaluating the effect of adopting this new guidance.
3.
Financial Instruments

a) Fair Value Measurements

For a description of how the Partnership estimates fair value and for a description of the fair value hierarchy levels, see Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Partnership’s financial instruments that are not accounted for at fair value on a recurring basis.
 
 
 
June 30, 2019
 
December 31, 2018
 
Fair
Value
Hierarchy
Level
 
Carrying
Amount
Asset
(Liability)
$
 
Fair
Value
Asset
(Liability)
$
 
Carrying
Amount
Asset
(Liability)
$
 
Fair
Value
Asset
(Liability)
$
Recurring:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents and restricted cash (note 17a)
Level 1
 
205,188

 
205,188

 
222,864

 
222,864

Derivative instruments (note 11)
 
 
 
 
 
 
 
 
 
   Interest rate swap agreements – assets
Level 2
 

 

 
3,341

 
3,341

   Interest rate swap agreements – liabilities
Level 2
 
(54,291
)
 
(54,291
)
 
(40,958
)
 
(40,958
)
   Foreign currency contracts
Level 2
 
(101
)
 
(101