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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Partnership's Financing receivables and Direct financing leases

The following table includes the amortized cost basis of the Partnership’s direct interests in financing receivables and net investment in direct financing leases by class of financing receivables and by period of origination and their associated credit quality as at September 30, 2021 and December 31, 2020.

						Amortized Cost Basis by Origination Year
						Credit Quality Grade (1)						2020						2018						2016 and prior						Total
As at September 30, 2021												$						$						$						$
Direct financing leases
Tangguh Hiri and Tangguh Sago						Performing						—						—						322,949						322,949
Bahrain Spirit						Performing						—						210,190						—						210,190
												—						210,190						322,949						533,139
Loans to equity-accounted joint ventures
Exmar LPG Joint Venture						Performing						—						—						32,266						32,266
Bahrain LNG Joint Venture						Performing						—						—						73,375						73,375
Other						Performing						660						—						—						660
												660						—						105,641						106,301
												660						210,190						428,590						639,440
As at December 31, 2020
Direct financing leases
Tangguh Hiri and Tangguh Sago						Performing						—						—						332,308						332,308
Bahrain Spirit						Performing						—						211,939						—						211,939
												—						211,939						332,308						544,247
Loans to equity-accounted joint ventures
Exmar LPG Joint Venture						Performing						—						—						42,266						42,266
Bahrain LNG Joint Venture						Performing						—						—						73,375						73,375
Other						Performing						991						—						—						991
												991						—						115,641						116,632
												991						211,939						447,949						660,879

Financing Receivable, Allowance for Credit Loss

Changes in the Partnership's allowance for credit losses for the three and nine months ended September 30, 2021 and 2020 are as follows:

			Direct Financing Leases (1) (2) $						Direct Financing and Sales-Type Leases and Other within Equity-Accounted Joint Ventures (1) (2) $						Loans to Equity-Accounted Joint Ventures (1) $						Guarantees of Debt (1) $						Total $
Three and Nine Months Ended September 30, 2021
As at December 31, 2020			30,177						54,937						4,726						2,080						91,920
Provision for (reversal of) potential credit losses			4,436						6,677						(981)						218						10,350
As at March 31, 2021			34,613						61,614						3,745						2,298						102,270
Provision for (reversal of) potential credit losses			787						722						255						(298)						1,466
As at June 30, 2021			35,400						62,336						4,000						2,000						103,736
(Reversal of) provision for potential credit losses			(1,400)						(1,736)						300						(200)						(3,036)
As at September 30, 2021			34,000						60,600						4,300						1,800						100,700
Three and Nine Months Ended September 30, 2020
As at January 1, 2020			11,155						36,292						3,714						2,139						53,300
(Reversal of) provision for potential credit losses			(100)						8,980						—						—						8,880
As at March 31, 2020			11,055						45,272						3,714						2,139						62,180
Provision for (reversal of) potential credit losses			465						(423)						83						(288)						(163)
As at June 30, 2020			11,520						44,849						3,797						1,851						62,017
Provision for (reversal of) potential credit losses			13,805						7,099						877						(285)						21,496
As at September 30, 2020			25,325						51,948						4,674						1,566						83,513

Fair Value Measurements, Recurring and Nonrecurring

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 fair value on a recurring basis.

												September 30, 2021												December 31, 2020
						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 (note 15)						Level 1						155,627						155,627						257,943						257,943
Derivative instruments (note 11)
Interest rate swap agreements – assets						Level 2						1,823						1,823						—						—
Interest rate swap agreements – liabilities						Level 2						(35,401)						(35,401)						(75,468)						(75,468)
Cross currency swap agreements – assets						Level 2						3,895						3,895						4,505						4,505
Cross currency swap agreements – liabilities						Level 2						(20,537)						(20,537)						(20,022)						(20,022)
Non-recurring:
Vessels and equipment						Level 2						—						—						40,717						40,717
Other:
Loans to equity-accounted joint ventures (note 7)						(i)						106,301						(i)						116,632						(i)
Long-term debt – public (note 8)						Level 1						(346,246)						(354,519)						(352,260)						(359,581)
Long-term debt – non-public (note 8)						Level 2						(1,039,446)						(1,061,418)						(1,119,953)						(1,137,050)
Obligations related to finance leases (note 5a)						Level 2						(1,287,044)						(1,363,615)						(1,340,922)						(1,456,927)

(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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable.

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- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 820
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- 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/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953659-111524

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