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 a fair value on a recurring basis.


				December 31, 2013						December 31, 2012
	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, restricted cash, and marketable securities		Level 1			1,119,966			1,119,966			1,178,118			1,178,118
Derivative instruments (note 15)
Interest rate swap agreements - assets ⁽¹⁾		Level 2			91,415			91,415			165,688			165,688
Interest rate swap agreements - liabilities ⁽¹⁾		Level 2			(410,470	)		(410,470	)		(667,825	)		(667,825	)
Cross currency interest swap agreement		Level 2			(52,219	)		(52,219	)		13,886			13,886
Foreign currency contracts		Level 2			(1,480	)		(1,480	)		2,885			2,885
Non-recurring
Vessels and equipment (note 18b)		Level 2			17,250			17,250			287,983			287,983
Assets held for sale ⁽²⁾ (note 18b)		Level 2			176,247			176,247			22,364			22,364
Other
Investment in term loans		Level 3			211,579			209,570			188,756			186,048
Loans to equity accounted investees and joint venture partners - Current		Level 3			37,019			37,019			139,183			139,183
Loans to equity accounted investees and joint venture partners - Long-term		⁽³	⁾		132,229			⁽³	⁾		67,720			⁽³	⁾
Liabilities associated with assets held for sale⁽²⁾ (note 8)		Level 2			(168,007	)		(168,007	)		—			—

Long-term debt - public (note 8)		Level 1			(1,313,358	)		(1,376,829	)		(914,338	)		(949,326	)

Long-term debt - non-public (note 8)		Level 2			(4,796,112	)		(4,582,274	)		(4,645,376	)		(4,329,117	)

(1)	The fair value of the Company’s interest rate swap agreements at December 31, 2013 includes $22.0 million (December 31, 2012- $21.6 million) of net accrued interest which is recorded in accrued liabilities and accounts receivable on the consolidated balance sheets.

(2)	The fair value of the Company’s assets held for sale and liabilities associated with assets held for sale include vessels held for sale, long-term debt and other working capital balances.

(3)

In these consolidated financial statements, the Company’s loans to and equity investments in equity accounted investees form the aggregate carrying value of the Company’s interests in entities accounted for by the equity method. In addition, the loans to joint venture partners together with the joint venture partner’s equity investment in joint venture form the net aggregate carrying value of the joint venture partner’s interest in the joint venture. The fair value of the individual components of such aggregate interests is not determinable.