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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2012
Schedule of Estimated Fair Value of Partnership's Financial Instruments on Recurring Basis

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 a fair value on a recurring basis.

 

           December 31, 2012     December 31, 2011  
     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

      Level 1        642,166       642,166       589,261       589,261  

Derivative instruments (note 13)

           

Interest rate swap agreements – assets

      Level 2        165,687       165,687       159,603       159,603  

Interest rate swap agreements – liabilities

      Level 2        (304,220 )      (304,220 )      (304,066 )      (304,066 ) 

Cross currency swap agreement

      Level 2        (2,623 )      (2,623 )      —         —    

Other derivative

      Level 3        1,100       1,100       (600 )      (600 ) 

Other:

           

Advances to joint venture partner (note 8)

           (1)      14,004            (1)      10,200            (1) 

Long-term debt – public (note 10)

      Level 1        (125,791 )      (129,439 )      —         —    

Long-term debt – non-public (note 10)

      Level 2        (1,287,562 )      (1,170,788 )      (1,315,231 )      (1,191,117 ) 

 

(1) The advances from the Teekay Tangguh Joint Venture to the joint venture partner together with the joint venture partner’s equity investment in the Teekay Tangguh Joint Venture form the net aggregate carrying value of the joint venture partner’s interest in the Teekay Tangguh Joint Venture in these consolidated financial statements. The fair value of the individual components of such aggregate interest is not determinable.
Changes in Fair Value of Assets (Liabilities) Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3)

Changes in fair value during the years ended December 31, 2012 and 2011 for the Partnership’s other derivative liability, the Toledo Spirit time-charter derivative, that is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows:

 

     Year Ended
December 31,		  
     2012     2011  
     $     $  

Fair value at beginning of period

      (600 )      (10,000 ) 

Realized and unrealized gains included in earnings

      2,607       9,307  

Settlements

      (907 )      93  
  

 

 

    

 

 

  

Fair value at end of period

      1,100       (600 ) 
  

 

 

    

 

 

  
Summary of Partnership's Loan Receivables and Other Financing Receivables

The following table contains a summary of the Partnership’s loan receivables and other financing receivables by type of borrower and the method by which the Partnership monitors the credit quality of its financing receivables on a quarterly basis:

 

Class of Financing Receivable

    Credit Quality
Indicator		    Grade    December  31,
2012
$		      December  31,
2011
$		  

Direct financing leases

    Payment activity    Performing      403,386        409,541  

Other receivables

            

Long-term receivable included in other assets

    Payment activity    Performing      1,704        786  

Advances to joint venture included in investment in and advances to joint ventures

    Payment activity    Performing      —          830  

Advances to joint venture partner (note 8)

    Other internal
metrics		    Performing      14,004        10,200  
        

 

 

     

 

 

  
           419,094        421,357