XML 51 R31.htm IDEA: XBRL DOCUMENT
v3.4.0.3

Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Investments, All Other Investments [Abstract] |
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, 2015 |  |  | December 31, 2014 |
|  | 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 |  |  |  | 214,000 |  |  |  | 214,000 |  |  |  | 205,636 |  |  |  | 205,636 |
Derivative instruments (note 13) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap agreements |  |  | Level 2 |  |  |  | (104,137 | ) |  |  | (104,137 | ) |  |  | (119,558 | ) |  |  | (119,558 | )
Interest rate swaption agreements – assets |  |  | Level 2 |  |  |  | 5,623 |  |  |  | 5,623 |  |  |  | — |  |  |  | — |
Interest rate swaption agreements – liabilities |  |  | Level 2 |  |  |  | (6,406 | ) |  |  | (6,406 | ) |  |  | — |  |  |  | — |
Cross currency swap agreements |  |  | Level 2 |  |  |  | (128,782 | ) |  |  | (128,782 | ) |  |  | (70,386 | ) |  |  | (70,386 | )
Other derivative |  |  | Level 3 |  |  |  | (6,296 | ) |  |  | (6,296 | ) |  |  | (2,137 | ) |  |  | (2,137 | )
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advances to equity accounted joint ventures (note 7) |  |  | (i | ) |  |  | 159,870 |  |  |  | (i | ) |  |  | 181,514 |  |  |  | (i | )
Long-term receivable included in accounts receivable and other assets(ii) |  |  | Level 3 |  |  |  | 16,453 |  |  |  | 16,427 |  |  |  | 17,137 |  |  |  | 17,164 |
Long-term debt – public (note 10) |  |  | Level 1 |  |  |  | (291,247 | ) |  |  | (288,333 | ) |  |  | (212,536 | ) |  |  | (220,762 | )
Long-term debt – non-public (note 10) |  |  | Level 2 |  |  |  | (1,707,962 | ) |  |  | (1,677,139 | ) |  |  | (1,694,445 | ) |  |  | (1,659,852 | )
(i) | The advances to equity accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable.
(ii) | As at December 31, 2015, the estimated fair value of the non-interest bearing receivable is based on the remaining future fixed payments of $18.2 million to be received from BG International Limited (or BG), as part of the ship construction support agreement, as well as an estimated discount rate of 8.0%. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from BG, the discount rate is based on unsecured debt instruments of similar maturity held, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.
Changes in Fair Value of Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) | Changes in fair value during the years ended December 31, 2015 and 2014 for the Partnership’s other derivative asset, the Toledo Spirit time-charter derivative, which is described below and is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows:
|  | Year Ended December 31,
|  | 2015 $ |  | 2014 $
Fair value at beginning of year |  | (2,137) |  | 6,344
Realized and unrealized (losses) gains included in earnings |  | (5,039) |  | (7,161)
Settlements |  | 880 |  | (1,320)
Fair value at end of year |  | (6,296) |  | (2,137)
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, 2015 $ |  | December 31, 2014 $
Direct financing leases |  | Payment activity |  | Performing |  | 666,658 |  | 682,495
Other receivables: |  |  |  |  |  |  |  |
Long-term receivable and accrued revenue included in accounts receivable and other assets |  | Payment activity |  | Performing |  | 28,256 |  | 30,664
Advances to equity accounted joint ventures (note 7) |  | Other internal metrics |  | Performing |  | 159,870 |  | 181,514
|  |  |  |  |  | 854,784 |  | 894,673

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953803-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=49124121&loc=SL6953659-111524 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAllOtherInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration