Derivative Instruments (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Summary of Interest Rate Swap Positions |
The following summarizes the Company’s interest rate swap positions as at September 30, 2016: | | | | | | | | | | | | | | | | Interest Rate | | Notional Amount | | Fair Value / Carrying Amount of Asset (Liability) | | Remaining Term | | Fixed Interest Rate | | Index | | $ | | $ | | (years) | | (%) (1) | LIBOR-Based Debt: | | | | | | | | | | | | U.S. Dollar-denominated interest rate swap (2) | LIBOR | | 200,000 |
| | | (28 | ) | | | — | | 2.61 | U.S. Dollar-denominated interest rate swaps (3) | LIBOR | | 200,000 |
| | | (1,828 | ) | | | 4.2 | | 1.46 | U.S. Dollar-denominated interest rate swaps | LIBOR | | 150,000 |
| | | (2,699 | ) | | | 4.3 | | 1.55 | U.S. Dollar-denominated interest rate swaps | LIBOR | | 50,000 |
| | | (69 | ) | | | 4.3 | | 1.16 |
| | (1) | Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2016, ranged from 0.30% to 2.00%. |
| | (2) | Scheduled to expire in October 2016. |
| | (3) | Scheduled to commence in October 2016. |
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| Schedule of Derivative Instruments |
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. | | | | | | | | | | | | | | | | | | Current portion of derivative assets | | Derivative assets | | Accrued liabilities | | Current portion of derivative liabilities | | Derivative liabilities | | As at September 30, 2016 |
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| | Interest rate swaps | — |
| | — |
| | (2,044 | ) | | (1,861 | ) | | (2,763 | ) | | Stock purchase warrant | — |
| | 717 |
| | — |
| | — |
| | — |
| | Time-charter swap | 1,554 |
| | — |
| | (441 | ) | | — |
| | — |
| | | 1,554 |
| | 717 |
| | (2,485 | ) | | (1,861 | ) | | (2,763 | ) | | | | | | | | | | | | | As at December 31, 2015 | | | | | | | | | | | Interest rate swaps | — |
| | — |
| | (2,359 | ) | | (6,330 | ) | | (4,208 | ) | | Stock purchase warrant | — |
| | 5,164 |
| | — |
| | — |
| | — |
| | Time-charter swap | — |
| | — |
| | — |
| | — |
| | — |
| | | — |
| | 5,164 |
| | (2,359 | ) | | (6,330 | ) | | (4,208 | ) | |
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| Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location |
Realized and unrealized (losses) gains relating to interest rate swaps, stock purchase warrant and the time-charter swap are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows:
| | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Three Months Ended | | | September 30, 2016 | | September 30, 2015 | | | Realized gains (losses) | Unrealized gains (losses) | Total | | Realized gains (losses) | Unrealized gains (losses) | Total | | Interest rate swaps | (1,277 | ) | | 3,800 |
| | 2,523 |
| | (2,476 | ) | | 1,550 |
| | (926 | ) | | Stock purchase warrant | — |
| | (199 | ) | | (199 | ) | | — |
| | (105 | ) | | (105 | ) | | Time-charter swap | 1,096 |
| | 209 |
| | 1,305 |
| | — |
| | — |
| | — |
| | | (181 | ) | | 3,810 |
| | 3,629 |
| | (2,476 | ) | | 1,445 |
| | (1,031 | ) | | | | | | | | | | | | | | | | Nine Months Ended | | Nine Months Ended | | | September 30, 2016 | | September 30, 2015 | | | Realized gains (losses) | Unrealized gains (losses) | Total | | Realized gains (losses) | Unrealized gains (losses) | Total | | Interest rate swaps | (12,145 | ) | | 5,914 |
| | (6,231 | ) | | (7,392 | ) | | 4,533 |
| | (2,859 | ) | | Stock purchase warrant | — |
| | (4,447 | ) | | (4,447 | ) | | — |
| | 764 |
| | 764 |
| | Time-charter swap | 1,222 |
| | 1,554 |
| | 2,776 |
| | — |
| | — |
| | — |
| | | (10,923 | ) | | 3,021 |
| | (7,902 | ) | | (7,392 | ) | | 5,297 |
| | (2,095 | ) | |
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