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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments and Other Non-Financial Assets
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 Company’s financial instruments that are not accounted for at fair value on a recurring basis.
 
 
 
September 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, cash equivalents and restricted cash (note 19)
Level 1
 
392,756

 
392,756

 
505,639

 
505,639

Derivative instruments (note 16)
 
 
 
 
 
 
 
 
 
Interest rate swap agreements – assets (1)
Level 2
 
2,025

 
2,025

 
9,640

 
9,640

Interest rate swap agreements – liabilities (1)
Level 2
 
(59,052
)
 
(59,052
)
 
(43,175
)
 
(43,175
)
Cross currency interest swap agreements – liabilities(1)
Level 2
 
(54,887
)
 
(54,887
)
 
(29,122
)
 
(29,122
)
Foreign currency contracts
Level 2
 
(535
)
 
(535
)
 
—

 
—

Stock purchase warrants
Level 3
 
—

 
—

 
12,026

 
12,026

Forward freight agreements
Level 2
 
1,045

 
1,045

 
(57
)
 
(57
)
Non-recurring
 
 
 
 
 
 
 
 
 
Vessels and equipment (note 7)
Level 3
 
64,282

 
64,282

 
—

 
—

Vessel held for sale (note 7)
Level 2
 
11,515

 
11,515

 
—

 
—

Other (2)
 
 
 
 
 
 
 
 
 
Short-term debt (note 9)
Level 2
 
(50,000
)
 
(50,000
)
 
—

 
—

Long-term debt – public (note 10)
Level 1
 
(607,187
)
 
(634,869
)
 
(856,986
)
 
(851,470
)
Long-term debt – non-public (note 10)
Level 2
 
(2,214,117
)
 
(2,175,259
)
 
(2,462,537
)
 
(2,395,300
)
Obligations related to finance leases, including current portion (note 6)
Level 2
 
(1,849,080
)
 
(1,919,665
)
 
(1,673,845
)
 
(1,652,345
)
 
(1)
The fair value of the Company's interest rate swap and cross currency swap agreements at September 30, 2019 includes $2.1 million (December 31, 2018 – $3.2 million) accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.

(2)
In the unaudited interim consolidated financial statements, the Company’s loans to and investments in equity-accounted investments form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. The fair value of the individual components of such aggregate interests is not determinable.
Stock Purchase Warrants Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3)
Changes in fair value during the three and nine months ended September 30, 2019 and 2018 for the Company’s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows: 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
$
 
$
 
$
 
$
Fair value at the beginning of the period
—

 
35,271

 
12,026

 
30,749

Fair value on acquisition/issuance
—

 
2,330

 
—

 
2,330

Unrealized (loss) gain included in earnings
—

 
(5,373
)
 
26,900

 
(851
)
Realized (loss) gain included in earnings
—

 
—

 
(25,559
)
 
—

Settlements
—

 
—

 
(13,367
)
 
—

Fair value at the end of the period
—

 
32,228

 
—

 
32,228
Summary of Financing Receivables
The following table contains a summary of the Company’s carrying value of financing receivables by type of borrower and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.
Class of Financing Receivable
 
Credit Quality Indicator
 
Grade
 
September 30, 2019
 
December 31, 2018
$
 
$
Direct financing leases
 
Payment activity
 
Performing
 
561,437

 
575,163

Other loan receivables
 
 
 
 
 
 
 
 
Loans to equity-accounted investments and joint venture partners
 
Other internal metrics
 
Performing
 
161,633

 
231,404

Long-term receivable and accrued revenue included in accounts receivable and other assets
 
Payment activity
 
Performing
 
6,871

 
15,694

 
 
 
 
 
 
729,941

 
822,261