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Leases and Restricted Cash (Tables)

12 Months Ended

Dec. 31, 2015

Text Block [Abstract]

Capital Lease Obligations

Capital Lease Obligations

		December 31, 2015 $				December 31, 2014 $
Suezmax Tankers			59,127				63,550
Less current portion			4,546				4,422
Long-term obligations under capital lease			54,581				59,128

Commitment Under Capital Leases

As at December 31, 2015, the remaining commitments under the two capital leases, including the purchase obligations for the two Suezmax tankers, approximated $65.9 million, including imputed interest of $6.8 million, repayable from 2016 through 2018, as indicated below:

Year		Commitment
2016		$	7,673
2017		$	30,953
2018		$	27,296

Estimated Future Minimum Rental Payments to be Received and Paid Under the Lease Contracts

As at December 31, 2015, the total estimated future minimum rental payments to be received and paid under the lease contracts are as follows:

Year		Head Lease Receipts(i)				Sublease Payments(i)(ii)
	2016								$	21,242			$	24,113
2017		$	21,242			$	24,113
2018		$	21,242			$	24,113
2019		$	21,242			$	24,113
2020		$	21,242			$	24,113
Thereafter		$	175,337			$	199,072
Total		$	281,547			$	319,637

⁽ⁱ⁾  The Head Leases are fixed-rate operating leases while the Subleases have a small variable-rate component. As at December 31, 2015, the Partnership had received $228.8 million of aggregate Head Lease receipts and had paid $163.7 million of aggregate Sublease payments. The portion of the Head Lease receipts that have not been recognized into earnings are deferred and amortized on a straight line basis over the lease terms and, as at December 31, 2015, $3.8 million and $40.4 million of Head Lease receipts had been deferred and included in unearned revenue and other long-term liabilities, respectively, in the Partnership’s consolidated balance sheets.

⁽ⁱⁱ⁾  The amount of payments under the Subleases are updated annually to reflect any changes in the lease payments due to changes in tax law.

Net Investments in Direct Financing Leases

The following table lists the components of the net investments in direct financing leases:

		December 31, 2015 $				December 31, 2014 $
Total minimum lease payments to be received			843,079				914,943
Estimated unguaranteed residual value of leased properties			194,965				194,965
Initial direct costs			425				458
Unearned revenue			(371,811	)			(427,871	)
Total			666,658				682,495
Less current portion			20,606				15,837
Net investments in direct financing leases - non-current			646,052				666,658

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Tabular disclosure of long-lived, depreciable assets that are subject to a lease meeting the criteria for capitalization and are used in the normal conduct of business to produce goods and services. Examples may include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 1
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