XML 294 R45.htm IDEA: XBRL DOCUMENT v3.20.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table contains the carrying value of the Company's financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis, and the grade as of December 31, 2019.
 
 
 
 
 
December 31,
Class of Financing Receivable
Credit Quality Indicator
 
Grade
 
2019
$
 
2018
$
Direct financing leases and sales-type leases
Payment activity
 
Performing
 
818,809

 
575,163

Other loan receivables
 
 
 
 
 
 
 
Loans to equity-accounted investments and joint venture partners
Other internal metrics
 
Performing
 
70,784

 
231,404

Long-term receivable and accrued revenue included in accounts receivable and other assets
Payment activity
 
Performing
 
8,092

 
15,694

 
 
 
 
 
897,685

 
822,261
Changes in Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3)
Changes in fair value during the years ended December 31, 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:
 
Year Ended December 31,
 
2019
$
 
2018
$
Fair value at the beginning of the year
12,026

 
30,749

Fair value on acquisition/issuance
—

 
2,330

Unrealized gain (loss) included in earnings
26,900

 
(21,053
)
Realized loss included in earnings
(25,559
)
 
—

Settlements
(13,367
)
 
—

Fair value at the end of the year
—

 
12,026
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 a fair value on a recurring basis.
 
 
 
December 31, 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
Level 1
 
454,867

 
454,867

 
505,639

 
505,639

 Derivative instruments (note 16)
 
 
 
 
 
 
 
 
 
Interest rate swap agreements – assets (1)
Level 2
 
3,099

 
3,099

 
9,640

 
9,640

Interest rate swap agreements – liabilities (1)
Level 2
 
(52,453
)
 
(52,453
)
 
(43,175
)
 
(43,175
)
Cross currency interest swap agreements – assets (1)
Level 2
 
—

 
—

 
—

 
—

Cross currency interest swap agreements – liabilities (1)
Level 2
 
(42,104
)
 
(42,104
)
 
(29,122
)
 
(29,122
)
Foreign currency contracts
Level 2
 
(202
)
 
(202
)
 
—

 
—

Stock purchase warrants
Level 3
 
—

 
—

 
12,026

 
12,026

Freight forward agreements
Level 2
 
(86
)
 
(86
)
 
(57
)
 
(57
)
Non-recurring
 
 
 
 
 
 
 
 
 
Vessels held for sale (notes 6 and 19)
Level 2
 
37,240

 
37,240

 
—

 
—

Other (2)
 
 
 
 
 
 
 
 
 
Short-term debt (note 8)
Level 2
 
(50,000
)
 
(50,000
)
 
—

 
—

Long-term debt – public (note 9)
Level 1
 
(619,794
)
 
(655,977
)
 
(856,986
)
 
(851,470
)
Long-term debt – non-public (note 9)
Level 2
 
(2,207,358
)
 
(2,180,440
)
 
(2,462,537
)
 
(2,395,300
)
Obligations related to finance leases, including current portion (note 11)
Level 2
 
(1,825,692
)
 
(1,877,558
)
 
(1,673,845
)
 
(1,652,345
)
(1)
The fair value of the Company’s interest rate swap and cross currency swap agreements at December 31, 2019 includes $3.4 million (December 31, 2018 – $3.2 million) accrued interest expense which is recorded in accrued liabilities on the consolidated balance sheets.
(2)
In the 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.