$SEAL-PB

Teekay LNG Partners L.P.

CIK:0001308106|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Voyage revenues (notes 6 and 12a)	$ 636,958	$ 710,744	$ 726,791
Voyage expenses	12,081	11,594	21,440
Vessel operating expenses	(222,640)	(230,896)	(232,660)
Time-charter hire expenses	0	8,237	8,777
Depreciation and amortization	(143,982)	(142,664)	(145,728)
General and administrative expenses	(34,452)	(29,088)	(30,911)
Write-down (gain) and loss (gain) on sales of vessels (notes 6 and 18)	(71,006)	(382,770)	27,991
Restructuring charges (note 17)	(21,927)	0	0
Income from vessel operations	130,870	(94,505)	315,266
Equity income (notes 3b, 7 and 12a)	93,241	122,279	149,006
Interest expense	(165,350)	(178,417)	(187,506)
Realized and unrealized (loss) gain on non-designated derivative instruments (note 13)	(14,511)	55,663	23,993
Foreign currency exchange loss (notes 10 and 13)	(6,236)	(1,396)	(5,354)
Other (expense) income (notes 3b and 5)	(21,499)	(16,032)	21,110
Net income (loss) before income tax (expense) recovery	29,107	(98,307)	327,927
Income tax expense (notes 11 and 14c)	(3,116)	2,486	(10,211)
Net income (loss)	25,991	(95,821)	317,716
Non-controlling interest in net income (loss)	(16,438)	(27,715)	(13,174)
Preferred unitholders' interest in net income (loss)	25,116	25,117	24,941
Net Income (Loss) Available to Common Stockholders, Basic	17,313	(93,223)	279,601
Non-controlling interest in net income (loss)	16,438	27,715	13,174
Preferred unitholders' interest in net income (loss)	(25,116)	(25,117)	(24,941)
Net Income (Loss) Available to Common Stockholders, Basic	17,313	(93,223)	279,601
Interest Income, Interest-Earning Asset	12,592	14,101	11,412
Noncontrolling Interest
Income Statement [Abstract]
Net income (loss)	$ (16,438)	$ (27,715)	$ 13,174

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
Net income (loss)	$ 25,991	$ (95,821)	$ 317,716
Non-cash and non-operating items:
Unrealized loss (gain) on non-designated derivative instruments (note 13)	32,602	(32,215)	(3,226)
Depreciation and amortization	143,982	142,664	145,728
Write-down (gain) and loss (gain) on sales of vessels (notes 6 and 18)	71,006	382,770	(27,991)
Unrealized foreign currency exchange loss including the effect of settlement upon maturity or termination of cross currency swaps (note 13)	7,112	2,884	9,183
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions	24,742	56,948	72,296
Amortization of deferred financing issuance costs included in interest expense	4,148	4,418	6,367
Provision for Loan, Lease, and Other Losses	21,700	22,300	(17,700)
Gain (Loss) on Extinguishment of Debt	0	(6,331)	(5,064)
Other Noncash Income (Expense)	(6,551)	(1,483)	9,953
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital	2,389	(33,050)	6
Net operating cash flow	272,859	395,288	362,664
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt	426,833	550,885	190,000
Scheduled repayments of long-term debt and settlement of related swaps (note 13)	(195,858)	(106,903)	(242,925)
Financing issuance costs	(16,845)	(8,553)	(4,793)
Finance Lease, Principal Payments	(134,832)	(131,147)	(122,263)
Payments of Ordinary Dividends	125,116	275,117	74,941
Payments of Ordinary Dividends, Noncontrolling Interest	662	4,411	864
Proceeds from Long-term Capital Lease Obligations	213,000	629,685	309,778
Repayments of Long-term Capital Lease Obligations	0	413,501	215,064
Payment for Debt Extinguishment or Debt Prepayment Cost	433,000	432,585	294,951
Payments for Repurchase of Preferred Stock and Preference Stock	0	0	(3,972)
Proceeds from Contributions from Parent	0	0	86,180
Cash Provided by (Used in) Financing Activity, Continuing Operation, Total	(266,480)	(191,647)	(373,815)
INVESTING ACTIVITIES
Expenditures for vessels and equipment, including advances on newbuilding contracts	(61,271)	(257,733)	(147,970)
Short-term investments	(9,200)	0	0
Payments for (Proceeds from) Short-Term Investments	9,200	0	0
Capital returned from equity-accounted joint ventures	0	29,961	0
Payments to Acquire Businesses, Net of Cash Acquired	0	0	(3,000)
Proceeds from sales of vessels (note 18)	12,078	27,705	80,569
Net investing cash flow	(49,193)	(200,067)	(70,401)
Cash, cash equivalents and restricted cash, beginning of the year	187,968	184,394	265,946
Cash, cash equivalents and restricted cash, end of the year	145,154	187,968	184,394
(Decrease) increase in cash, cash equivalents and restricted cash	$ (42,814)	$ 3,574	$ (81,552)

Consolidated Balance Sheets - USD ($) $ in Thousands, shares in Millions	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents (note 15a)	$ 122,906	$ 153,726
Restricted cash – current (note 15a)	14,455	9,210
Accounts Receivable, after Allowance for Credit Loss, Current	30,620	29,058
Prepaid expenses	12,489	15,162
Assets Held-for-sale, Not Part of Disposal Group	24,400	0
Current portion of derivative assets (note 13)	32,412	35,684
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss, Current	21,066	20,928
Other current assets (note 14f)	16,501	6,619
Total current assets	298,936	290,066
Restricted cash – long-term (note 15a)	7,793	25,032
Vessels and equipment
Vessels and equipment, including vessels related to finance leases, operating lease right-of-use assets and advances on newbuilding contracts	328,616	731,318
Finance Lease, Right-of-Use Asset	2,156,322	1,979,630
Advances on newbuilding contracts (note 14a)	301,597	243,186
Direct Financing Lease, Net Investment in Lease, after Allowance for Credit Loss, Noncurrent	581,452	625,398
Other assets	33,707	28,858
Derivative assets (note 13)	20,541	50,913
Intangible Assets, Net (Excluding Goodwill)	13,500	20,434
Goodwill (note 8)	37,308	37,308
Total assets	5,137,634	5,378,721
Current
Accounts payable	8,524	7,093
Accrued liabilities and other (notes 9 and 14)	126,826	100,060
Unearned revenue (note 6)	29,300	34,733
Current portion of long-term debt (note 10)	296,188	177,093
Current obligations related to finance leases (note 5)	228,985	129,418
Current portion of derivative liabilities (note 13)	16,045	22,283
Total current liabilities	706,620	477,401
Long-term debt (note 10)	595,867	882,446
Long-term obligations related to finance leases (note 5)	1,573,541	1,598,135
Other long-term liabilities (notes 3b, 6, 7a and 14e)	71,489	88,764
Derivative liabilities (note 13)	128	25,281
Total liabilities	2,947,645	3,072,027
Equity
Common Unit, Issuance Value	1,849,192	1,931,879
Preferred Units, Preferred Partners' Capital Accounts	278,419	278,419
Accumulated other comprehensive income	18,986	36,083
Equity	2,146,597	2,246,381
Members' Equity Attributable to Noncontrolling Interest	43,392	60,313
Limited Liability Company (LLC) Members' Equity, Including Portion Attributable to Noncontrolling Interest	2,189,989	2,306,694
Total liabilities and total equity	$ 5,137,634	$ 5,378,721
Common Unit, Issued	99.9	99.9
Limited Partners - preferred units issued	11.5	11.5
Preferred Units, Authorized	11.9	11.9
Property, Plant and Equipment [Roll Forward]	$ 2,786,535	$ 2,954,134
Due to affiliates, current	752	6,721
Affiliated Entity [Member]
Current
Due from Affiliates, Current	24,087	19,679
Due to affiliates, current	800	6,700
Due from Affiliates, Current	24,087	19,679
Corporate Joint Venture
Investments in and advances to equity-accounted joint ventures, net (notes 3b and 7)	$ 1,357,862	$ 1,346,578