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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 205,037 $ (1,860)
Non-cash items:    
Unrealized loss on derivative instruments (note 8) 1,776 4,366
Depreciation and amortization 59,178 60,523
Equity income (5,128) (584)
Income tax (recovery) expense (note 10) 13,934 (4,253)
Other (8) 2,743
Loss on Sale of Assets and Write-Down of Assets 191 0
Change in operating assets and liabilities 60,379 23,198
Expenditures for dry docking (3,681) (27,815)
Net operating cash flow 304,871 64,366
FINANCING ACTIVITIES    
Proceeds from short-term debt (note 5) 205,000 65,000
Proceeds from long-term debt, net of issuance costs (note 6) 477,822 16,421
Scheduled repayments of long-term debt (note 6) (8,812) (50,800)
Prepayments of long-term debt (note 6) 717,368 109,688
Prepayments of short-term debt (note 5) (245,000) (50,000)
Proceeds from financing related to sales and leaseback of vessels (note 8) 0 63,720
Scheduled repayments of obligations related to finance leases (note 7) (12,269) (12,073)
Other (562) (126)
Net financing cash flow (301,189) (77,546)
INVESTING ACTIVITIES    
Proceeds from sale of assets (note 15) 75,214 0
Expenditures for vessels and equipment (3,076) (6,545)
Loan repayments from equity-accounted joint venture 3,500 0
Net investing cash flow 75,638 (6,545)
Increase (decrease) in cash, cash equivalents and restricted cash 79,320 (19,725)
Cash, cash equivalents and restricted cash, beginning of the period 96,790 60,507
Cash, cash equivalents and restricted cash, end of the period 176,110 40,782
Freight Tax [Member]    
Non-cash items:    
Income tax (recovery) expense (note 10) $ (12,873) $ 3,795