v3.5.0.2

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-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 Company’s financial instruments that are not accounted for at the fair value on a recurring basis.

				September 30, 2016						December 31, 2015
		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		60,237			60,237			97,287			97,287
Derivative instruments (note 8)
Interest rate swap agreements (1)		Level 2		(4,624	)		(4,624	)		(10,538	)		(10,538	)
Time-charter swap agreement (1)		Level 3		1,554			1,554			—			—
Stock purchase warrant		Level 3		717			717			5,164			5,164
Non-Recurring:
Vessel held for sale (note 13)		Level 2		13,151			13,151			—			—
Other:
Advances to equity accounted investments		Note (2)		11,480			Note (2)			13,980			Note (2)
Long-term debt, including current portion		Level 2		(966,651)			(955,596)			(1,164,605)			(1,140,135)

(1) The fair value of the Company’s interest rate swap agreements and time-charter swap agreement at September 30, 2016 excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.

(2) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at September 30, 2016 and December 31, 2015 were not determinable.

Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

Changes in fair value during the three and nine months ended September 30, 2016 for the Company’s time-charter swap agreement, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows:

		Three Months		Nine Months
		Ended		Ended
		September 30, 2016		September 30, 2016
		$		$
Fair value asset - beginning of the period		1,345		—
Settlements		(1,096)		(1,222)
Realized and unrealized gain		1,305		2,776
Fair value asset - at the end of the period		1,554		1,554

Changes in fair value during the three and nine months ended September 30, 2016 and 2015 for the TIL stock purchase warrant, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows:

		Three Months Ended						Nine Months Ended
		September 30, 2016			September 30, 2015			September 30, 2016			September 30, 2015
		$			$			$			$
Fair value at the beginning of the period		916			5,526			5,164			4,657
Unrealized (loss) gain included in earnings		(199	)		(105	)		(4,447	)		764
Fair value at the end of the period		717			5,421			717			5,421

Summary of Financing Receivables

The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.

				September 30, 2016			December 31, 2015
Class of Financing Receivable	Credit Quality Indicator		Grade	$			$
Advances to equity accounted investments	Other internal metrics		Performing	11,480			13,980
Total				11,480			13,980

X

- References

No definition available.

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- Definition

Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

+ References

Reference 1: 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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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/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

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- 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

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