| REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| Title of Each Class | Trading Symbol | Name of Each Exchange on which Registered | ||||||
| Customer | Reference | |||||||
| CMA CGM S.A. | CMA CGM | |||||||
| China COSCO Holdings Company Limited | COSCO | |||||||
| Hapag-Lloyd AG | Hapag-Lloyd | |||||||
Maersk Line A/S(1) | Maersk | |||||||
| MSC Mediterranean Shipping Company S.A. | MSC | |||||||
| Ocean Network Express Pte. Ltd. | ONE | |||||||
| Yang Ming Marine Transport Corp. | Yang Ming Marine | |||||||
| ZIM Integrated Shipping Services Ltd. | ZIM | |||||||
| Customer | Number of Vessels in our Operating Fleet Chartered to Such Customer | Percentage of Total Revenue for the Year Ended December 31, 2021 | ||||||||||||
| COSCO | 28 | 29.9 | % | |||||||||||
| Yang Ming Marine | 15 | 15.2 | % | |||||||||||
| ONE | 23 | 15.5 | % | |||||||||||
| Other | 67 | 39.4 | % | |||||||||||
| 133 | 100.0 | % | ||||||||||||
| Customers for Current Fleet | Number of vessels under charter | TEUs under charter | ||||||
| CMA CGM | 17 | 160,950 | ||||||
| COSCO | 28 | 243,750 | ||||||
| Hapag-Lloyd | 14 | 114,350 | ||||||
| Maersk | 20 | 90,500 | ||||||
| MSC | 9 | 103,600 | ||||||
| ONE | 23 | 194,550 | ||||||
| Yang Ming Marine | 15 | 210,000 | ||||||
| ZIM | 6 | 30,600 | ||||||
| Vessel Class (TEU) | # Vessels (Total fleet) | # Vessels (of which are unencumbered) | Average Age (Years)(1) | Average Remaining Charter Period (Years)(1) | Average Daily Charter Rate (in thousands of USD) | Days Off-Hire(2) | Total Ownership Days(3) | ||||||||||||||||||||||||||||||||||
| 2500-3500 | 14 | 6 | 13.6 | 2.4 | 22.3 | 99 | 5110 | ||||||||||||||||||||||||||||||||||
4250-5100(4) | 33 | 21 | 14.6 | 3.0 | 21.2 | 413 | 11982 | ||||||||||||||||||||||||||||||||||
8500-9600(5) | 18 | 3 | 11.9 | 4.1 | 53.4 | 7 | 6315 | ||||||||||||||||||||||||||||||||||
10000-11000(6) | 33 | 4 | 6.2 | 5.8 | 32.1 | 80 | 12045 | ||||||||||||||||||||||||||||||||||
12000-13100(7) | 19 | — | 6.7 | 7.0 | 42.4 | 9 | 6002 | ||||||||||||||||||||||||||||||||||
| 14000+ | 17 | 2 | 5.8 | 4.2 | 48.0 | 6 | 5878 | ||||||||||||||||||||||||||||||||||
| Total/Average | 134 | 36 | 8.3 | 5.0 | 34.8 | 614 | 47,332 | ||||||||||||||||||||||||||||||||||
| Charterer | Number of Vessels in Our Current Operating Fleet | |||||||
| CMA CGM | 11 | |||||||
| COSCO | 28 | |||||||
| Hapag-Lloyd | 14 | |||||||
| Maersk | 20 | |||||||
| ONE | 23 | |||||||
| Yang Ming Marine | 15 | |||||||
| ZIM | 6 | |||||||
| Total time charters | 117 | |||||||
| MSC (bareboat charters) | 9 | |||||||
| CMA CGM (bareboat charters) | 6 | |||||||
| Total fleet | 132 | |||||||
| Asset Type | Fleet Size (MW) | Contracted Fleet (MW) | Contracted Revenue (USD millions) | Average Remaining Term (Years)(1) | ||||||||||
| Mobile Power Fleet | 1,326 | 1,211 | $ | 220.1 | 1.0 | |||||||||
| Year Ended December 31, | |||||||||||
| Region | 2019(1) | 2020(1) | 2021 | ||||||||
| Power Revenues: | |||||||||||
| LATAM | 152.4 | 141.3 | 94.2 | ||||||||
| North America | 3.5 | — | 16.5 | ||||||||
| EMEA | 8.5 | 19.3 | 7.7 | ||||||||
| Asia | 95.5 | 61.0 | 61.2 | ||||||||
| O&M Revenues: | |||||||||||
| LATAM | — | 0.8 | 0.1 | ||||||||
| North America | 4.4 | 6.2 | 4.4 | ||||||||
| Asia | 6.9 | 6.7 | 2.1 | ||||||||
| Other: | |||||||||||
| Asset sales | 37.0 | 6.5 | — | ||||||||
| Fuel Revenue | 13.2 | — | — | ||||||||
| Total | 321.4 | 241.8 | 186.2 | ||||||||
| Vessel | Year Built | Vessel Class (TEU) | Purchase price (in millions of US dollars) | Delivery Date | |||||||||||||||||||
| Mediterranean Bridge | 2010 | 8500 | $ | 52.3 | April 2021 | ||||||||||||||||||
| Gulf Bridge | 2010 | 8500 | 52.3 | May 2021 | |||||||||||||||||||
| CMA CGM Chile | 2019 | 15000 | 127.0 | May 2021 | |||||||||||||||||||
| CMA CGM Mexico | 2019 | 15000 | 127.0 | July 2021 | |||||||||||||||||||
| MSC Carole | 2021 | 12200 | 84.0 | September 2021 | |||||||||||||||||||
| MSC Alanya | 2021 | 12200 | 84.0 | November 2021 | |||||||||||||||||||
| MSC Rayshmi | 2021 | 12200 | 84.0 | November 2021 | |||||||||||||||||||
| Newbuilds | Total TEU | Month Acquired | |||||||||
| 12200 TEU | 2 | 24,400 | December 2020 | ||||||||
| 24000 TEU | 2 | 48,000 | February 2021 | ||||||||
| 15000 TEU LNG | 10 | 150,000 | February 2021 | ||||||||
| 12000 TEU | 4 | 48,000 | February 2021 | ||||||||
| 15000 TEU | 4 | 60,000 | February 2021 | ||||||||
| 16000 TEU | 9 | 144,000 | March 2021 | ||||||||
| 15500 TEU | 6 | 93,000 | March 2021 | ||||||||
| 12000 TEU | 2 | 24,000 | June 2021 | ||||||||
| 15000 TEU | 3 | 45,000 | June 2021 | ||||||||
| 7000 TEU LNG | 15 | 105,000 | July and September 2021 | ||||||||
| 7000 TEU | 10 | 70,000 | August 2021 | ||||||||
| Total | 67 | 811,400 | |||||||||
| Year Ended December 31, | 2021 | 2020 | 2019 | |||||||||||||||||
| Statement of operations data (in millions of USD): | ||||||||||||||||||||
| Revenue | $ | 1,646.6 | $ | 1,421.1 | $ | 1,131.5 | ||||||||||||||
| Operating expenses (income): | ||||||||||||||||||||
| Operating expenses | 339.6 | 274.6 | 229.8 | |||||||||||||||||
| Depreciation and amortization | 366.7 | 353.9 | 254.3 | |||||||||||||||||
| General and administrative | 90.6 | 65.4 | 33.1 | |||||||||||||||||
| Operating leases | 146.3 | 150.5 | 154.3 | |||||||||||||||||
| Indemnity claim under acquisition agreement | (42.4) | — | — | |||||||||||||||||
| Goodwill impairment | — | 117.9 | — | |||||||||||||||||
| Income related to modification of time charters | — | — | (227.0) | |||||||||||||||||
| (Gain) Loss on sale | (16.4) | 0.2 | — | |||||||||||||||||
| Operating earnings | $ | 762.2 | $ | 458.6 | $ | 687.0 | ||||||||||||||
| Other expenses (income): | ||||||||||||||||||||
| Interest expense | 197.1 | 191.6 | 218.9 | |||||||||||||||||
| Interest income | (3.1) | (5.0) | (9.3) | |||||||||||||||||
| Loss on debt extinguishment | 127.0 | — | — | |||||||||||||||||
(Gain) Loss on derivative instruments (1) | (14.1) | 35.5 | 35.1 | |||||||||||||||||
Other expenses(2) | 21.8 | 27.3 | 2.0 | |||||||||||||||||
| Net earnings before income tax | 433.5 | 209.2 | 440.3 | |||||||||||||||||
| Income tax expense | 33.0 | 16.6 | 1.2 | |||||||||||||||||
| Net earnings | $ | 400.5 | $ | 192.6 | $ | 439.1 | ||||||||||||||
| Common shares outstanding at year end: | 247,024,699 | 246,277,338 | 215,675,599 | |||||||||||||||||
| Per share data (in USD): | ||||||||||||||||||||
| Basic earnings per common share | $ | 1.36 | $ | 0.52 | $ | 1.72 | ||||||||||||||
| Diluted earnings per common share | 1.26 | 0.50 | 1.67 | |||||||||||||||||
| Dividends paid per common share | 0.50 | 0.50 | 0.50 | |||||||||||||||||
| Statement of cash flows data (in millions of USD): | ||||||||||||||||||||
| Cash flows provided by (used in): | ||||||||||||||||||||
| Operating activities | $ | 944.0 | $ | 694.2 | $ | 783.0 | ||||||||||||||
| Investing activities | (1,693.9) | (859.9) | (475.6) | |||||||||||||||||
| Financing activities | 734.2 | 310.9 | (481.5) | |||||||||||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | $ | (15.7) | $ | 145.2 | $ | (174.1) | ||||||||||||||
| Selected balance sheet data (at year end, in millions of USD): | ||||||||||||||||||||
| Cash and cash equivalents | $ | 288.6 | $ | 304.3 | $ | 195.0 | ||||||||||||||
Property, plant and equipment(3) | 6,952.2 | 6,974.7 | 5,707.7 | |||||||||||||||||
| Other assets | 3,328.8 | 2,010.1 | 2,014.3 | |||||||||||||||||
| Total assets | $ | 10,569.6 | $ | 9,289.1 | $ | 7,917.0 | ||||||||||||||
| Current liabilities | $ | 1,175.5 | $ | 854.6 | $ | 769.5 | ||||||||||||||
| Long-term debt | 3,731.8 | 3,234.0 | 2,696.9 | |||||||||||||||||
| Operating lease liabilities | 562.3 | 669.3 | 782.6 | |||||||||||||||||
| Other financing arrangements | 1,239.3 | 801.7 | 373.9 | |||||||||||||||||
Derivative instruments(1) | 28.5 | 63.0 | 50.2 | |||||||||||||||||
| Other long-term liabilities | 17.7 | 40.9 | 11.2 | |||||||||||||||||
| Shareholders’ equity | 3,517.6 | 3,625.6 | 3,232.7 | |||||||||||||||||
| Cumulative redeemable preferred shares | 296.9 | — | — | |||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 10,569.6 | $ | 9,289.1 | $ | 7,917.0 | ||||||||||||||
| Other data: | ||||||||||||||||||||
| Number of vessels in operation at year end | 133 | 127 | 117 | |||||||||||||||||
| Average age of vessel fleet (TEU weighted basis) in years at year end | 8.3 | 7.6 | 6.6 | |||||||||||||||||
| Vessel TEU capacity at year end | 1,152,550 | 1,073,200 | 956,400 | |||||||||||||||||
| Average remaining lease period on vessel charters (TEU weighted basis) | 5.0 | 3.7 | 4.1 | |||||||||||||||||
Vessel utilization for the year ended(4) | 98.7 | % | 98.4 | % | 98.9 | % | ||||||||||||||
Power fleet utilization for the year ended(5) | 73.8 | % | 68.9 | % | 74.0 | % | ||||||||||||||
| Years ended December 31, | Change | |||||||||||||||||||||||||
| 2021 | 2020 | $ | % | |||||||||||||||||||||||
| Revenue | $ | 1,646.6 | $ | 1,421.1 | 225.5 | 15.9 | % | |||||||||||||||||||
| Operating expense | 339.6 | 274.6 | 65.0 | 23.7 | % | |||||||||||||||||||||
| Depreciation and amortization expense | 366.7 | 353.9 | 12.8 | 3.6 | % | |||||||||||||||||||||
| General and administrative expense | 90.6 | 65.4 | 25.2 | 38.5 | % | |||||||||||||||||||||
| Indemnity claim under acquisition agreement | (42.4) | — | (42.4) | 100.0 | % | |||||||||||||||||||||
| Operating lease expense | 146.3 | 150.5 | (4.2) | (2.8) | % | |||||||||||||||||||||
| Goodwill impairment | — | 117.9 | (117.9) | (100.0) | % | |||||||||||||||||||||
| (Gain) Loss on sale | (16.4) | 0.2 | (16.6) | (8300.0) | % | |||||||||||||||||||||
| Operating earnings | 762.2 | 458.6 | 303.6 | 66.2 | % | |||||||||||||||||||||
| Interest expense | 197.1 | 191.6 | 5.5 | 2.9 | % | |||||||||||||||||||||
| Net earnings | 400.5 | 192.6 | 207.9 | 107.9 | % | |||||||||||||||||||||
| Net earnings attributable to common shareholders | 335.4 | 125.5 | 209.9 | 167.3 | % | |||||||||||||||||||||
| Earnings per share, diluted | 1.26 | 0.50 | 0.76 | 152.0 | % | |||||||||||||||||||||
| Cash from operating activities | 944.0 | 694.2 | 249.8 | 36.0 | % | |||||||||||||||||||||
| Segment Financial Summary | Year Ended December 31, 2021 | ||||||||||||||||||||||
| Containership Leasing | Mobile Power Generation | Elimination and Other (1) | Total | ||||||||||||||||||||
| Revenue | $ | 1,460.4 | $ | 186.2 | $ | — | $ | 1,646.6 | |||||||||||||||
| Operating expense | 289.3 | 50.3 | — | 339.6 | |||||||||||||||||||
| Depreciation and amortization expense | 307.9 | 58.8 | — | 366.7 | |||||||||||||||||||
| General and administrative expense | 49.9 | 37.1 | 3.6 | 90.6 | |||||||||||||||||||
| Indemnity claim (income) under acquisition agreement | — | (42.4) | — | (42.4) | |||||||||||||||||||
| Operating lease expense | 143.0 | 3.3 | — | 146.3 | |||||||||||||||||||
| Gain on sale | (15.9) | (0.5) | — | (16.4) | |||||||||||||||||||
| Interest expense | 178.8 | 20.2 | (1.9) | 197.1 | |||||||||||||||||||
| Interest income | (0.3) | (2.8) | — | (3.1) | |||||||||||||||||||
| Income tax expense | 0.8 | 32.2 | — | 33.0 | |||||||||||||||||||
| 2020 | 2021 | Year Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessel Utilization: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time Charter Ownership Days(1) | 9,646 | 10,047 | 10,284 | 10,520 | 10,318 | 10,609 | 10,946 | 10,885 | 40,497 | 42,758 | |||||||||||||||||||||||||||||||||||||||||||||||||
Bareboat Ownership Days(1) | 1,069 | 1,092 | 1,104 | 1,104 | 1,112 | 1,092 | 1,105 | 1,265 | 4,369 | 4,574 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Ownership Days | 10,715 | 11,139 | 11,388 | 11,624 | 11,430 | 11,701 | 12,051 | 12,150 | 44,866 | 47,332 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Less Off-Hire Days: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scheduled Dry-Docking | (131) | (195) | (89) | (20) | (63) | (111) | (123) | (95) | (435) | (392) | |||||||||||||||||||||||||||||||||||||||||||||||||
Unscheduled Off-Hire(2) | (90) | (90) | (68) | (29) | (25) | (60) | (44) | (93) | (277) | (222) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Ownership Days On-Hire | 10,494 | 10,854 | 11,231 | 11,575 | 11,342 | 11,530 | 11,884 | 11,962 | 44,154 | 46,718 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Vessel Utilization | 97.9 | % | 97.4 | % | 98.6 | % | 99.6 | % | 99.2 | % | 98.5 | % | 98.6 | % | 98.5 | % | 98.4 | % | 98.7 | % | |||||||||||||||||||||||||||||||||||||||
2020(1) | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Power Fleet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Megawatt On-Hire(2) | 934 | 966 | 1,131 | 866 | 866 | 1,063 | 1,246 | 826 | 974 | 1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Megawatt Capacity(3) | 1,428 | 1,413 | 1,414 | 1,402 | 1,360 | 1,360 | 1,356 | 1,345 | 1,414 | 1,355 | |||||||||||||||||||||||||||||||||||||||||||||||||
Power Fleet Utilization(4) | 65.4 | % | 68.4 | % | 80.0 | % | 61.8 | % | 63.7 | % | 78.2 | % | 91.9 | % | 61.4 | % | 68.9 | % | 73.8 | % | |||||||||||||||||||||||||||||||||||||||
| (in millions of US dollars) | As of December 31, | Change | |||||||||||||||||||||
| 2021 | 2020 | $ | % | ||||||||||||||||||||
| Long-term debt: | |||||||||||||||||||||||
| Revolving credit facilities | $ | — | $ | 283.0 | (283.0) | (100.0) | % | ||||||||||||||||
| Term loan credit facilities | 2,341.8 | 2,583.8 | (242.0) | (9.4) | % | ||||||||||||||||||
| Senior Unsecured Notes | 1,302.4 | 80.0 | 1,222.4 | 1,528.0 | % | ||||||||||||||||||
| Fairfax Notes | — | 600.0 | (600.0) | (100.0) | % | ||||||||||||||||||
| Senior Unsecured Exchangeable Notes | 201.3 | 201.3 | — | 0.0 | % | ||||||||||||||||||
| Senior Secured Notes | 500.0 | — | 500.0 | 100.0 | % | ||||||||||||||||||
| Debt discount and fair value adjustment | (5.1) | (137.1) | 132.0 | 96.3 | % | ||||||||||||||||||
| Deferred financing fees on long term debt | (57.6) | (44.9) | (12.7) | (28.3) | % | ||||||||||||||||||
| Long term debt | 4,282.8 | 3,566.1 | 716.7 | 20.1 | % | ||||||||||||||||||
| Other financing arrangements | 1,363.1 | 879.5 | 483.6 | 55.0 | % | ||||||||||||||||||
| Deferred financing fees on other financing arrangements | (23.3) | (13.7) | (9.6) | (70.1) | % | ||||||||||||||||||
| Other financing arrangement | 1,339.8 | 865.8 | 474.0 | 54.7 | % | ||||||||||||||||||
| Total deferred financing fees | 80.9 | 58.6 | 22.3 | 38.1 | % | ||||||||||||||||||
Total borrowings(1) | 5,703.5 | 4,490.5 | 1,213.0 | 27.0 | % | ||||||||||||||||||
| Vessels under construction | (1,095.6) | (42.0) | (1,053.6) | (2,508.6) | % | ||||||||||||||||||
Operating borrowings(1) | $ | 4,607.9 | $ | 4,448.5 | 159.4 | 3.6 | % | ||||||||||||||||
| (in millions of US dollars) | December 31, | Change | |||||||||||||||||||||
| 2021 | 2020 | $ | % | ||||||||||||||||||||
| Cash and cash equivalents | $ | 288.6 | $ | 304.3 | $ | (15.7) | (5) | % | |||||||||||||||
Undrawn revolving credit facilities(1) | 600.0 | 217.0 | 383.0 | 176 | % | ||||||||||||||||||
Undrawn term loan credit facilities(2) | — | 250.0 | (250.0) | (100) | % | ||||||||||||||||||
| Total liquidity | $ | 888.6 | $ | 771.3 | $ | 117.3 | 15 | % | |||||||||||||||
| Total committed and undrawn newbuild financings | 5,974.7 | — | |||||||||||||||||||||
| Total liquidity including newbuild financings | 6,863.3 | 771.3 | |||||||||||||||||||||
| As at December 31, | ||||||||||||||||||||||||||||||||
| (in millions of USD) | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||||
| Number of Vessels | 21 | 31 | 28 | 31 | 36 | |||||||||||||||||||||||||||
| Net Book Value | 828 | 912 | 859 | 1,109 | 1,369 | |||||||||||||||||||||||||||
| (in millions of USD) | Operating lease revenue (1) | |||||||
| 2022 | $ | 1,604.1 | ||||||
| 2023 | 1,470.5 | |||||||
| 2024 | 1,180.0 | |||||||
| 2025 | 806.8 | |||||||
| 2026 | 463.3 | |||||||
| Thereafter | 344.7 | |||||||
| $ | 5,869.4 | |||||||
| (in millions of USD) | Lease receivable on financing leases | ||||
| 2022 | $ | 79.3 | |||
| 2023 | 79.3 | ||||
| 2024 | 79.5 | ||||
| 2025 | 79.3 | ||||
| 2026 | 79.3 | ||||
| Thereafter | 1,051.5 | ||||
| $ | 1,448.2 | ||||
| (in millions of USD) | Contracted cash flows | ||||
| 2022 | $ | 62.8 | |||
| 2023 | 431.9 | ||||
| 2024 | 975.8 | ||||
| 2025 | 967.4 | ||||
| 2026 | 967.4 | ||||
| Thereafter | 7,415.4 | ||||
| $ | 10,820.7 | ||||
| (in millions of US dollars) | As of December 31, | Change | |||||||||||||||||||||
| 2021 | 2020 | $ | % | ||||||||||||||||||||
| Long-term debt: | |||||||||||||||||||||||
| Revolving credit facilities | $ | — | $ | 283.0 | (283.0) | (100.0) | % | ||||||||||||||||
| Term loan credit facilities | 2,341.8 | 2,583.8 | (242.0) | (9.4) | % | ||||||||||||||||||
| Senior unsecured notes | 1,302.4 | 80.0 | 1,222.4 | 1,528.0 | % | ||||||||||||||||||
| Fairfax Notes | — | 600.0 | (600.0) | (100.0) | % | ||||||||||||||||||
| Senior unsecured exchangeable notes | 201.3 | 201.3 | — | — | |||||||||||||||||||
| Senior secured notes | 500.0 | — | 500.0 | 100.0 | % | ||||||||||||||||||
| Debt discount and fair value adjustment | (5.1) | (137.1) | 132.0 | 96.3 | % | ||||||||||||||||||
| Deferred financing fees on long term debt | (57.6) | (44.9) | (12.7) | (28.3) | % | ||||||||||||||||||
| Long term debt | 4,282.8 | 3,566.1 | 716.7 | 20.1 | % | ||||||||||||||||||
| Other financing arrangements | 1,363.1 | 879.5 | 483.6 | 55.0 | % | ||||||||||||||||||
| Deferred financing fees on other financing arrangements | (23.3) | (13.7) | (9.6) | (70.1) | % | ||||||||||||||||||
| Other financing arrangement | 1,339.8 | 865.8 | 474.0 | 54.7 | % | ||||||||||||||||||
| Total deferred financing fees | 80.9 | 58.6 | 22.3 | 38.1 | % | ||||||||||||||||||
| Total borrowings | 5,703.5 | 4,490.5 | 1,213.0 | 27.0 | % | ||||||||||||||||||
| Vessels under construction | (1,095.6) | (42.0) | (1,053.6) | (2,508.6) | % | ||||||||||||||||||
| Operating borrowings | $ | 4,607.9 | $ | 4,448.5 | 159.4 | 3.6 | % | ||||||||||||||||
| (in millions of USD) | Scheduled Amortization | Bullet Due on Maturity | Total Future Minimum Repayments | Additional Vessels Unencumbered Upon Maturity(1) | Net Book Value of Vessels Unencumbered(1) | ||||||||||||
| 2022 | $ | 229.0 | $ | 326.5 | $ | 555.5 | 8 | $ | 679.6 | ||||||||
| 2023 | 167.1 | 209.3 | 376.4 | 3 | 362.2 | ||||||||||||
| 2024 | 148.9 | — | 148.9 | — | — | ||||||||||||
| 2025 | 146.1 | — | 146.1 | — | — | ||||||||||||
| 2026 | 77.1 | 774.5 | 851.6 | — | — | ||||||||||||
| 2027 | 16.9 | 224.4 | 241.3 | — | — | ||||||||||||
| 2028 | 8.8 | — | 8.8 | — | — | ||||||||||||
| 2029 | 8.8 | — | 8.8 | — | — | ||||||||||||
| 2030 | 4.4 | — | 4.4 | 2 | 171.7 | ||||||||||||
| 2031 | — | — | — | — | — | ||||||||||||
| Thereafter | — | — | — | 52 | 3,226.3 | ||||||||||||
| Total | $ | 807.1 | $ | 1,534.7 | $ | 2,341.8 | 65 | $ | 4,439.8 | ||||||||
| (in millions of USD) | Scheduled Amortization | Bullet Due on Maturity | Total Future Minimum Repayments | Additional Vessels Unencumbered Upon Maturity | Net Book Value of Vessels Unencumbered (1)(2) | ||||||||||||
| 2022 | $ | 101.0 | $ | — | $ | 101.0 | — | $ | — | ||||||||
| 2023 | 101.4 | — | 101.4 | — | — | ||||||||||||
| 2024 | 102.6 | — | 102.6 | — | — | ||||||||||||
| 2025 | 97.4 | — | 97.4 | — | — | ||||||||||||
| 2026 | 94.2 | — | 94.2 | — | — | ||||||||||||
| 2027 | 94.2 | — | 94.2 | — | — | ||||||||||||
| 2028 | 94.2 | — | 94.2 | — | — | ||||||||||||
| 2029 | 86.5 | 27.0 | 113.5 | 2 | 191.1 | ||||||||||||
| 2030 | 61.3 | 181.0 | 242.3 | 7 | 576.4 | ||||||||||||
| 2031 | 44.8 | 60.0 | 104.8 | 2 | 169.3 | ||||||||||||
| Thereafter | 98.1 | 119.4 | 217.5 | 7 | 589.0 | ||||||||||||
| Total | $ | 975.7 | $ | 387.4 | $ | 1,363.1 | 18 | $ | 1,525.8 | ||||||||
| 2022 | $ | 145.1 | ||||||
| 2023 | 147.7 | |||||||
| 2024 | 150.6 | |||||||
| 2025 | 126.8 | |||||||
| 2026 | 111.9 | |||||||
| Thereafter | 109.1 | |||||||
| $ | 791.2 | |||||||
| 2022 | $ | 1,103.2 | ||||||
| 2023 | 2,712.5 | |||||||
| 2024 | 2,457.8 | |||||||
| Total | $ | 6,273.5 | ||||||
| Year Ended December 31, | ||||||||||||||
| (in millions of USD) | 2021 | 2020 | ||||||||||||
| Net cash flows from operating activities | $ | 944.0 | $ | 694.2 | ||||||||||
| Net cash flows used in investing activities | (1,693.9) | (859.9) | ||||||||||||
| Net cash flows from financing activities | 734.2 | 310.9 | ||||||||||||
| Year Ended December 31, | |||||||||||
| (in millions of USD, except per share amounts) | 2021 | 2020 | |||||||||
| Dividends on common shares | |||||||||||
| Declared, per share | $ | 0.50 | $ | 0.50 | |||||||
| Paid in cash | 124.6 | 120.0 | |||||||||
| Reinvested in common shares through our dividend reinvestment plan | 0.3 | 0.3 | |||||||||
| $ | 124.9 | $ | 120.3 | ||||||||
| Dividends on preferred shares (paid in cash) | |||||||||||
| Series D | $ | 10.1 | $ | 10.1 | |||||||
| Series E | 7.5 | 11.2 | |||||||||
| Series G | 10.7 | 16.0 | |||||||||
| Series H | 17.8 | 17.8 | |||||||||
| Series I | 12.0 | 12.0 | |||||||||
| Series J | 8.1 | — | |||||||||
| Vessel Name | Vessel Class (TEU) | Year Built | Vessel Carrying Value at December 31, 2021(1) (in millions of USD) | Vessel Carrying Value at December 31, 2020 (in millions of USD) | ||||||||||||||||||||||
| CMA CGM Chile | 15000 | 2019 | $ | 125.2 | $ | — | ||||||||||||||||||||
| CMA CGM Mexico | 15000 | 2019 | 123.9 | — | ||||||||||||||||||||||
| YM Wish | 14000 | 2015 | 91.5 | 94.9 | ||||||||||||||||||||||
| YM Wellhead | 14000 | 2015 | 91.3 | 94.7 | ||||||||||||||||||||||
| YM Witness | 14000 | 2015 | 88.8 | 92.1 | ||||||||||||||||||||||
| YM World | 14000 | 2015 | 86.1 | 89.5 | ||||||||||||||||||||||
| YM Wondrous | 14000 | 2015 | 86.2 | 89.5 | ||||||||||||||||||||||
| YM Wholesome | 14000 | 2015 | 86.2 | 89.6 | ||||||||||||||||||||||
| YM Worth | 14000 | 2015 | 86.3 | 89.5 | ||||||||||||||||||||||
| YM Welcome | 14000 | 2016 | 90.7 | 94.0 | ||||||||||||||||||||||
| YM Wreath | 14000 | 2017 | 95.2 | 95.6 | ||||||||||||||||||||||
| COSCO Glory | 13100 | 2011 | 118.2 | 123.1 | ||||||||||||||||||||||
| COSCO Pride | 13100 | 2011 | 118.3 | 123.2 | ||||||||||||||||||||||
| COSCO Development | 13100 | 2011 | 119.5 | 124.7 | ||||||||||||||||||||||
| COSCO Harmony | 13100 | 2011 | 119.5 | 124.4 | ||||||||||||||||||||||
| COSCO Excellence | 13100 | 2012 | 123.5 | 128.8 | ||||||||||||||||||||||
| COSCO Faith | 13100 | 2012 | 124.3 | 129.4 | ||||||||||||||||||||||
| COSCO Hope | 13100 | 2012 | 122.9 | 127.9 | ||||||||||||||||||||||
| COSCO Fortune | 13100 | 2012 | 123.2 | 128.2 | ||||||||||||||||||||||
| Madrid Express | 13000 | 2010 | 69.2 | 72.1 | ||||||||||||||||||||||
| Paris Express | 13000 | 2011 | 69.4 | 72.3 | ||||||||||||||||||||||
| MSC Siya (formerly Kota Petani) | 12000 | 2018 | — | 88.5 | ||||||||||||||||||||||
| Buenos Aires Express (formerly Kota Pemimpin) | 12000 | 2018 | 85.9 | 88.6 | ||||||||||||||||||||||
| Seaspan Harrier | 12000 | 2018 | 88.3 | 91.1 | ||||||||||||||||||||||
| Seaspan Falcon | 12000 | 2018 | 88.3 | 91.2 | ||||||||||||||||||||||
| Seaspan Raptor | 12000 | 2018 | 88.3 | 91.2 | ||||||||||||||||||||||
| Seaspan Osprey | 12000 | 2018 | 87.1 | 89.8 | ||||||||||||||||||||||
| APL Dublin | 10700 | 2012 | 58.6 | 60.9 | ||||||||||||||||||||||
| APL Paris | 10700 | 2012 | 58.6 | 60.9 | ||||||||||||||||||||||
| APL Southampton | 10700 | 2012 | 58.4 | 60.8 | ||||||||||||||||||||||
| Seaspan Ganges | 10000 | 2014 | 79.7 | 82.8 | ||||||||||||||||||||||
| Seaspan Yangtze | 10000 | 2014 | 80.0 | 83.1 | ||||||||||||||||||||||
| Seaspan Zambezi | 10000 | 2014 | 80.6 | 83.7 | ||||||||||||||||||||||
| Maersk Guayaquil | 10000 | 2015 | 74.7 | 77.5 | ||||||||||||||||||||||
| Seaspan Thames | 10000 | 2014 | 65.0 | 67.5 | ||||||||||||||||||||||
| Seaspan Amazon | 10000 | 2014 | 65.0 | 67.5 | ||||||||||||||||||||||
| Seaspan Hudson | 10000 | 2015 | 67.6 | 70.2 | ||||||||||||||||||||||
| CMA CGM Tuticorin | 10000 | 2015 | 67.7 | 70.2 | ||||||||||||||||||||||
| Seaspan Brilliance | 10000 | 2014 | 65.0 | 67.5 | ||||||||||||||||||||||
| Seaspan Belief | 10000 | 2015 | 67.8 | 70.3 | ||||||||||||||||||||||
| Seaspan Beauty | 10000 | 2015 | 67.7 | 70.3 | ||||||||||||||||||||||
| Seaspan Bellwether | 10000 | 2015 | 68.5 | 71.0 | ||||||||||||||||||||||
| Maersk Guatemala | 10000 | 2015 | 67.9 | 70.6 | ||||||||||||||||||||||
| Maersk Gibraltar | 10000 | 2016 | 70.7 | 73.2 | ||||||||||||||||||||||
| CMA CGM Mundra | 10000 | 2018 | 86.0 | 88.9 | ||||||||||||||||||||||
| CMA CGM Mumbai | 10000 | 2018 | 85.6 | 88.6 | ||||||||||||||||||||||
| CMA CGM Cochin | 10000 | 2018 | 75.3 | 77.7 | ||||||||||||||||||||||
| CMA CGM Chennai | 10000 | 2018 | 75.1 | 77.6 | ||||||||||||||||||||||
| CSCL Zeebrugge | 9600 | 2007 | 64.8 | 68.4 | ||||||||||||||||||||||
| CSCL Long Beach | 9600 | 2007 | 66.2 | 69.8 | ||||||||||||||||||||||
| Seaspan Adonis | 9600 | 2010 | 31.6 | 32.6 | ||||||||||||||||||||||
| APL Mexico City | 9200 | 2013 | 59.0 | 61.2 | ||||||||||||||||||||||
| APL New York | 9200 | 2013 | 58.5 | 60.9 | ||||||||||||||||||||||
| APL Vancouver | 9200 | 2013 | 58.6 | 60.9 | ||||||||||||||||||||||
| Seaspan Oceania | 8500 | 2004 | 38.7 | 40.8 | ||||||||||||||||||||||
| CSCL Africa | 8500 | 2005 | 38.9 | 41.1 | ||||||||||||||||||||||
| COSCO Japan | 8500 | 2010 | 82.9 | 87.1 | ||||||||||||||||||||||
| COSCO Korea | 8500 | 2010 | 83.6 | 87.6 | ||||||||||||||||||||||
| COSCO Philippines | 8500 | 2010 | 82.7 | 87.1 | ||||||||||||||||||||||
| COSCO Malaysia | 8500 | 2010 | 84.1 | 88.2 | ||||||||||||||||||||||
| COSCO Indonesia | 8500 | 2010 | 84.5 | 88.6 | ||||||||||||||||||||||
| COSCO Thailand | 8500 | 2010 | 86.0 | 89.6 | ||||||||||||||||||||||
| COSCO Prince Rupert | 8500 | 2011 | 87.7 | 91.8 | ||||||||||||||||||||||
| COSCO Vietnam | 8500 | 2011 | 88.0 | 91.8 | ||||||||||||||||||||||
| Gulf Bridge | 8500 | 2010 | 56.8 | — | ||||||||||||||||||||||
| ZIM Charleston | 8500 | 2010 | 56.7 | — | ||||||||||||||||||||||
| Seaspan Emerald | 5100 | 2009 | 50.1 | 52.7 | ||||||||||||||||||||||
| Altamira Express (formerly Seaspan Eminence) | 5100 | 2009 | 51.0 | 53.5 | ||||||||||||||||||||||
| MOL Emissary | 5100 | 2009 | 50.7 | 54.2 | ||||||||||||||||||||||
| MOL Empire | 5100 | 2010 | 52.2 | 54.8 | ||||||||||||||||||||||
| Brotonne Bridge | 4500 | 2010 | 63.0 | 65.1 | ||||||||||||||||||||||
| Seaspan Kyoto (formerly Brevik Bridge) | 4500 | 2011 | 64.8 | 66.4 | ||||||||||||||||||||||
| Seaspan Kobe (formerly Bilbao Bridge) | 4500 | 2011 | 64.1 | 66.0 | ||||||||||||||||||||||
| Seaspan Chiba (formerly Berlin Bridge) | 4500 | 2011 | 67.4 | 68.5 | ||||||||||||||||||||||
| Budapest Bridge | 4500 | 2011 | 67.2 | 69.7 | ||||||||||||||||||||||
| Seaspan Hamburg | 4250 | 2001 | 17.4 | 18.0 | ||||||||||||||||||||||
| Seaspan Chiwan | 4250 | 2001 | 17.4 | 18.4 | ||||||||||||||||||||||
| Seaspan Ningbo | 4250 | 2002 | 18.5 | 19.9 | ||||||||||||||||||||||
| Seaspan Dalian | 4250 | 2002 | 19.1 | 20.5 | ||||||||||||||||||||||
| Seaspan Felixstowe | 4250 | 2002 | 19.7 | 20.8 | ||||||||||||||||||||||
| Seaspan Vancouver | 4250 | 2005 | 21.2 | 22.5 | ||||||||||||||||||||||
| Seaspan New York | 4250 | 2005 | 21.4 | 22.4 | ||||||||||||||||||||||
| Seaspan Melbourne | 4250 | 2005 | 26.9 | 28.6 | ||||||||||||||||||||||
| CSCL Brisbane | 4250 | 2005 | 27.0 | 28.7 | ||||||||||||||||||||||
| Seaspan New Delhi | 4250 | 2005 | 29.3 | 30.8 | ||||||||||||||||||||||
| Seaspan Dubai | 4250 | 2006 | 29.4 | 31.2 | ||||||||||||||||||||||
| Seaspan Jakarta | 4250 | 2006 | 29.9 | 31.4 | ||||||||||||||||||||||
| Seaspan Saigon | 4250 | 2006 | 30.1 | 31.5 | ||||||||||||||||||||||
| Seaspan Lahore | 4250 | 2006 | 31.1 | 32.6 | ||||||||||||||||||||||
| Rio Grande Express | 4250 | 2006 | 31.1 | 32.3 | ||||||||||||||||||||||
| Seaspan Santos | 4250 | 2006 | 31.5 | 32.5 | ||||||||||||||||||||||
| Seaspan Rio de Janeiro | 4250 | 2007 | 31.8 | 33.4 | ||||||||||||||||||||||
| Seaspan Manila | 4250 | 2007 | 32.0 | 33.8 | ||||||||||||||||||||||
| Seaspan Loncomilla | 4250 | 2009 | 20.0 | 20.8 | ||||||||||||||||||||||
| Seaspan Lumaco | 4250 | 2009 | 19.5 | 19.9 | ||||||||||||||||||||||
| Seaspan Lingue | 4250 | 2010 | 19.5 | 20.3 | ||||||||||||||||||||||
| Seaspan Lebu | 4250 | 2010 | 19.1 | 19.8 | ||||||||||||||||||||||
| COSCO Fuzhou | 3500 | 2007 | 15.2 | 15.8 | ||||||||||||||||||||||
| COSCO Yingkou | 3500 | 2007 | 17.0 | 17.5 | ||||||||||||||||||||||
| Maersk Nile (formerly CSCL Panama) | 2500 | 2008 | 16.9 | 17.1 | ||||||||||||||||||||||
| Maersk Nansha (formerly CSCL Sao Paulo) | 2500 | 2008 | 16.9 | 17.0 | ||||||||||||||||||||||
| CSCL Montevideo | 2500 | 2008 | 15.3 | 16.0 | ||||||||||||||||||||||
| CSCL Lima | 2500 | 2008 | 15.5 | 16.2 | ||||||||||||||||||||||
| Maersk Nadi (formerly CSCL Santiago) | 2500 | 2008 | 16.2 | 16.3 | ||||||||||||||||||||||
| Maersk Newark (formerly CSCL San Jose) | 2500 | 2008 | 16.0 | 16.6 | ||||||||||||||||||||||
| Maersk New Delhi (formerly CSCL Callao) | 2500 | 2009 | 16.5 | 17.3 | ||||||||||||||||||||||
| Maersk Ningbo (formerly CSCL Manzanillo) | 2500 | 2009 | 17.5 | 18.3 | ||||||||||||||||||||||
| Seaspan Guayaquil | 2500 | 2010 | 17.2 | 18.0 | ||||||||||||||||||||||
| Seaspan Calicanto | 2500 | 2010 | 17.8 | 18.6 | ||||||||||||||||||||||
| Seaspan Loga | 2500 | 2006 | 8.4 | 8.7 | ||||||||||||||||||||||
| Seaspan Hannover | 2500 | 2006 | 8.4 | 8.6 | ||||||||||||||||||||||
| Total | $ | 6,580.3 | $ | 6,555.2 | ||||||||||||||||||||||
| Name | Age | Position | ||||||||||||
| David Sokol | 65 | Director and Chairman of the board of directors | ||||||||||||
| Bing Chen | 55 | Director, President & Chief Executive Officer | ||||||||||||
| Graham Talbot | 57 | Chief Financial Officer | ||||||||||||
| Tina Lai | 45 | Chief Human Resources Officer | ||||||||||||
| Torsten Holst Pedersen | 51 | Chief Operating officer | ||||||||||||
| Sarah Pybus | 43 | Associate General Counsel & Compliance Officer | ||||||||||||
| Krista Yeung | 41 | Vice President, Accounting & Tax | ||||||||||||
| Lawrence Chin | 45 | Director | ||||||||||||
| John Hsu | 58 | Director | ||||||||||||
| Nicholas Pitts-Tucker | 71 | Director | ||||||||||||
| Lawrence Simkins | 60 | Director | ||||||||||||
| Katie Wade | 49 | Director | ||||||||||||
| Stephen Wallace | 66 | Director | ||||||||||||
| Name of Beneficial Owner | Common Shares | Percentage of Common Shares(1) | ||||||||||||
David Sokol(2) | 3,000,000 | 1.2 | % | |||||||||||
| Bing Chen | * | * | ||||||||||||
| Graham Talbot | * | * | ||||||||||||
| Tina Lai | * | * | ||||||||||||
| Torsten Holst Pedersen | * | * | ||||||||||||
| Sarah Pybus | * | * | ||||||||||||
| Krista Yeung | * | * | ||||||||||||
Lawrence Chin(3) | * | * | ||||||||||||
| John Hsu | * | * | ||||||||||||
Nicholas Pitts-Tucker(3) | * | * | ||||||||||||
Lawrence Simkins(3) | * | * | ||||||||||||
| Katie Wade | * | * | ||||||||||||
| Stephen Wallace | * | * | ||||||||||||
All directors, executive officers, senior management and key employees as a group (13 persons)(4) | 5,245,559 | 2.1 | % | |||||||||||
| Name of Beneficial Owner | Common Shares | Percentage of Common Shares(1) | ||||||||||||
Fairfax Financial Holdings Limited(2) | 130,805,753 | 46.9 | % | |||||||||||
Dennis R. Washington(3) | 48,076,493 | 19.4 | % | |||||||||||
Copper Lion, Inc.(4) | 14,007,238 | 5.7 | % | |||||||||||
| Principal Payment Dates | ||||||||||||||||||||||||||||||||||||||
| In Millions of USD | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||||||||||||||||||||
Credit facilities(1) | $ | 539.0 | $ | 350.7 | $ | 136.1 | $ | 136.1 | $ | 778.7 | $ | 263.3 | ||||||||||||||||||||||||||
Vessel Operating Leases(2) | 141.4 | 145.1 | 149.2 | 126.4 | 111.5 | 107.1 | ||||||||||||||||||||||||||||||||
Sale-Leaseback Facilities(3) | 101.0 | 101.4 | 102.6 | 97.4 | 94.2 | 866.5 | ||||||||||||||||||||||||||||||||
| Fixed Per Annum Rate Swapped for LIBOR | Notional Amount as of December 31, 2021 (in millions of US dollars) | Maximum Notional Amount(1) (in millions of US dollars) | Effective Date | Ending Date | ||||||||||||||||||||||
| 5.4200% | $ | 269.6 | $ | 269.6 | September 06, 2007 | May 31, 2024 | ||||||||||||||||||||
| 1.6490% | 160.0 | 160.0 | September 27, 2019 | May 14, 2024 | ||||||||||||||||||||||
| 0.7270% | 125.0 | 125.0 | March 26, 2020 | March 26, 2025 | ||||||||||||||||||||||
| 1.6850% | 110.0 | 110.0 | November 14, 2019 | May 15, 2024 | ||||||||||||||||||||||
| 0.6300% | 92.0 | 92.0 | January 21, 2021 | October 14, 2026 | ||||||||||||||||||||||
| 0.6600% | 92.0 | 92.0 | February 04, 2021 | October 14, 2026 | ||||||||||||||||||||||
| 1.4900% | 26.9 | 26.9 | February 04, 2020 | December 30, 2025 | ||||||||||||||||||||||
| 2021 | 2020 | ||||||||||
| Audit Fees | $ | 3.3 | $ | 3.4 | |||||||
| Tax Fees | 1.3 | 2.4 | |||||||||
| $ | 4.6 | $ | 5.8 | ||||||||
| Exhibit Number | Description | |||||||
| 1.1 | ||||||||
| 1.2 | ||||||||
| 1.3 | ||||||||
| 1.4 | ||||||||
| 1.5 | ||||||||
| 1.6 | ||||||||
| 1.7 | ||||||||
| 1.8 | ||||||||
| 1.9 | ||||||||
| 2.0 | ||||||||
| 2.1 | ||||||||
| 2.2* | ||||||||
| 4.1 | ||||||||
| 4.2 | ||||||||
| 4.3 | ||||||||
| 4.4 | ||||||||
| 4.5 | ||||||||
| 4.6 | ||||||||
| 4.7 | ||||||||
| 4.8 | ||||||||
| 4.9 | ||||||||
| 4.10 | ||||||||
| 4.11 | ||||||||
| 4.12 | ||||||||
| 4.13 | ||||||||
| 4.14 | ||||||||
| 4.15 | ||||||||
| 4.16 | ||||||||
| 4.17 | ||||||||
| 4.18 | ||||||||
| 4.19 | ||||||||
| 4.20 | ||||||||
| 4.21 | ||||||||
| 4.22 | ||||||||
| 4.23 | ||||||||
| 4.24 | ||||||||
| 4.25 | ||||||||
| 4.26 | ||||||||
| 4.27 | ||||||||
| 4.28 | ||||||||
| 4.29 | ||||||||
| 4.30 | ||||||||
| 4.31 | ||||||||
| 13.2* | ||||||||
| 15.1* | ||||||||
| 101 | The following financial information from Atlas Corp.’s Report on Form 20-F for the year ended December 31, 2021, formatted in Extensible Business Reporting Language (XBRL): (a)Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020; (b)Consolidated Statements of Operations for each of the years in the three-year period ended December 31, 2021; (c)Consolidated Statements of Shareholder’s Equity for each of the years in the two-year ended December 31, 2021; (d)Consolidated Statements of Cash Flows for each of the years in the three year period ended December 31, 2021; (e)Notes to the Consolidated Financial Statements | |||||||
ATLAS CORP. Consolidated Balance Sheets (Expressed in millions of United States dollars, except number of shares and par value amounts) December 31, 2021 and 2020 | ||
| 2021 | 2020 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Accounts receivable | |||||||||||
| Inventories | |||||||||||
| Prepaid expenses and other | |||||||||||
| Net investment in lease (note 7) | |||||||||||
| Acquisition related assets | |||||||||||
| Property, plant and equipment (note 8) | |||||||||||
| Vessels under construction (note 9) | |||||||||||
| Right-of-use assets (note 10) | |||||||||||
| Net investment in lease (note 7) | |||||||||||
| Goodwill (note 11) | |||||||||||
| Deferred tax assets (note 17) | |||||||||||
| Derivative instruments (note 23(c)) | |||||||||||
| Other assets (note 12) | |||||||||||
| $ | $ | ||||||||||
| Liabilities and shareholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities (note 21) | $ | $ | |||||||||
| Deferred revenue | |||||||||||
| Income tax payable | |||||||||||
| Long-term debt - current (note 13) | |||||||||||
| Operating lease liabilities - current (note 14) | |||||||||||
| Other financing arrangements - current (note 15) | |||||||||||
| Other liabilities - current (note 16) | |||||||||||
| Long-term debt (note 13) | |||||||||||
| Operating lease liabilities (note 14) | |||||||||||
| Other financing arrangements (note 15) | |||||||||||
| Derivative instruments (note 23(c)) | |||||||||||
| Other liabilities (note 16) | |||||||||||
| Total liabilities | |||||||||||
Cumulative redeemable preferred shares, $ | |||||||||||
| Shareholders’ equity: | |||||||||||
| Share capital (note 18): | |||||||||||
Preferred shares; $ | |||||||||||
Common shares; $ | |||||||||||
| Additional paid in capital | |||||||||||
| Retained earnings / (Deficit) | ( | ||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| $ | $ | ||||||||||
ATLAS CORP. Consolidated Statements of Operations (Expressed in millions of United States dollars, except per share amounts) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| Revenue (note 5) | $ | $ | $ | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Operating expenses | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| General and administrative | |||||||||||||||||
| Indemnity claim under acquisition agreement | ( | ||||||||||||||||
| Operating leases (note 14) | |||||||||||||||||
| Goodwill impairment (note 11) | |||||||||||||||||
| Income related to modification of time charters | ( | ||||||||||||||||
| (Gain) Loss on sale (note 8) | ( | ||||||||||||||||
| Operating earnings | |||||||||||||||||
| Other expenses (income): | |||||||||||||||||
| Interest expense | |||||||||||||||||
| Interest income | ( | ( | ( | ||||||||||||||
| Loss on debt extinguishment (note 13(e)) | |||||||||||||||||
| (Gain) Loss on derivative instruments (note 23(c)) | ( | ||||||||||||||||
| Other expenses | |||||||||||||||||
| Net earnings before income tax | |||||||||||||||||
| Income tax expense (note 17) | |||||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Earnings per share (note 19): | |||||||||||||||||
| Common share, basic | $ | $ | $ | ||||||||||||||
| Common share, diluted | $ | $ | $ | ||||||||||||||
ATLAS CORP. Consolidated Statements of Comprehensive Income (Expressed in millions of United States dollars) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Other comprehensive income: | |||||||||||||||||
| Amounts reclassified to net earnings during the period relating to cash flow hedging instruments (note 23(c)) | |||||||||||||||||
| Comprehensive income | $ | $ | $ | ||||||||||||||
ATLAS CORP. Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares (Expressed in millions of United States dollars, except number of shares and per share amounts) Years ended December 31, 2021, 2020 and 2019 | ||
| Series D puttable preferred shares | Number of common shares | Number of preferred shares | Common shares | Preferred shares | Additional paid-in capital | Deficit | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2018 | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impact of accounting policy change | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted balance, December 31, 2018 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of puttable preferred shares | ( | ( | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cancellation of put option on puttable preferred shares | ( | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exercise of warrants | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fees and expenses in connection with issuance of Fairfax warrants | — | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Class A common shares ($ | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (Series D - $ Series E - $ Series G - $ Series H - $ Series I - $ | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred shares with holder put option | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued through dividend reinvestment program | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares | — | — | ( | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ATLAS CORP. Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares (Continued) (Expressed in millions of United States dollars, except number of shares and per share amounts) Years ended December 31, 2021, 2020 and 2019 | ||
| Number of common shares | Number of preferred shares | Common shares | Preferred shares | Additional paid-in capital | Deficit | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2019, carried forward | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
| Impact of accounting policy change (note 2(u)) | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Adjusted balance, December 31, 2019 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Common shares issued on acquisition (note 3) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Unissued acquisition related equity consideration (note 3) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Cancellation of unissued acquisition related equity consideration (note 3) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common shares from unissued acquisition related equity consideration (note 3) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Return of common shares to unissued acquisition related equity consideration (note 3) | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
| Cancellation of common shares issued on acquisition (note 3) | ( | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Common shares issued on loan settlement | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on Class A common shares ($ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (Series D - $ Series E - $ Series G - $ Series H - $ Series I - $ | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Shares issued through dividend reinvestment program | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury shares | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Equity component on issuance of Exchangeable Notes, net of issuance costs (note 13(f)) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
| Premium paid on capped call (note 13(f)) | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||
ATLAS CORP. Consolidated Statements of Shareholders’ Equity and Cumulative Redeemable Preferred Shares (Continued) (Expressed in millions of United States dollars, except number of shares and per share amounts) Years ended December 31, 2021, 2020 and 2019 | ||
Series J cumulative redeemable | Number of common shares | Number of preferred shares | Common shares | Preferred shares | Additional paid-in capital | Retained earnings / (Deficit) | Accumulated other comprehensive loss | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2020 carried forward | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net earnings | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other comprehensive income | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common shares from unissued acquisition related equity consideration (note 3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Series J preferred shares issued (note 13(e) and 18(e)) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redemption of preferred shares (note 18(b)) | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warrants for Fairfax Notes | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common shares ($ | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends on preferred shares (Series D - $ Series E - $ Series G - $ Series H - $ Series I - $ Series J - $ | — | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued through dividend reinvestment program | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
ATLAS CORP. Consolidated Statements of Cash Flows (Expressed in millions of United States dollars) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| Cash from (used in): | |||||||||||||||||
| Operating activities: | |||||||||||||||||
| Net earnings | $ | $ | $ | ||||||||||||||
| Items not involving cash: | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Goodwill impairment | |||||||||||||||||
| Change in right-of-use asset | |||||||||||||||||
| Non-cash interest expense and accretion | |||||||||||||||||
| Unrealized change in derivative instruments | ( | ( | |||||||||||||||
| Amortization of acquired revenue contracts | |||||||||||||||||
| Loss on debt extinguishment | |||||||||||||||||
| (Gain) Loss on sale | ( | ||||||||||||||||
| Other | |||||||||||||||||
| Change in other operating assets and liabilities (note 21) | ( | ( | ( | ||||||||||||||
| Cash from operating activities | |||||||||||||||||
| Investing activities: | |||||||||||||||||
| Expenditures for property, plant and equipment and vessels under construction | ( | ( | ( | ||||||||||||||
| Short-term investments | |||||||||||||||||
| Prepayment on vessel purchase | ( | ( | ( | ||||||||||||||
| Payment on settlement of interest swap agreements | ( | ( | ( | ||||||||||||||
| Cash and restricted cash acquired from APR Energy acquisition | |||||||||||||||||
| Loss on foreign currency repatriation | ( | ( | |||||||||||||||
| Receipt from contingent consideration asset | |||||||||||||||||
| Other assets and liabilities | ( | ( | |||||||||||||||
| Capitalized interest relating to newbuilds | ( | ||||||||||||||||
| Cash used in investing activities | ( | ( | ( | ||||||||||||||
| Financing activities: | |||||||||||||||||
| Repayments of long-term debt and other financing arrangements | ( | ( | ( | ||||||||||||||
| Issuance of long-term debt and other financing arrangements | |||||||||||||||||
| Issuance of Exchangeable Notes | |||||||||||||||||
| Purchase of capped call | ( | ||||||||||||||||
| Redemption of Fairfax Notes | ( | ||||||||||||||||
| Issuance of Fairfax Notes | |||||||||||||||||
| Proceeds from exercise of warrants | |||||||||||||||||
| Redemption of preferred shares | ( | ( | |||||||||||||||
| Financing fees | ( | ( | ( | ||||||||||||||
| Share issuance cost | ( | ||||||||||||||||
| Dividends on common shares | ( | ( | ( | ||||||||||||||
| Dividends on preferred shares | ( | ( | ( | ||||||||||||||
| Cash from (used in) financing activities | ( | ||||||||||||||||
| (Decrease) Increase in cash and cash equivalents | ( | ( | |||||||||||||||
| Cash and cash equivalents and restricted cash, beginning of year | |||||||||||||||||
| Cash and cash equivalents and restricted cash, end of year | $ | $ | $ | ||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Turbines | |||||
| Generators | |||||
| Transformers | |||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| As originally reported | Adjustments | As adjusted | |||||||||||||||
| $ | $ | — | $ | ||||||||||||||
| — | |||||||||||||||||
Less: Contingent consideration asset (2) | ( | ( | ( | ||||||||||||||
Less: Purchase price adjustment (3) | ( | ( | |||||||||||||||
| Net purchase price | $ | $ | ( | $ | |||||||||||||
| As originally reported | Adjustments | As adjusted | |||||||||||||||
| Cash and cash equivalents | $ | $ | — | $ | |||||||||||||
| Inventory | ( | ||||||||||||||||
Acquisition related assets (1) | |||||||||||||||||
Accounts receivable (2) | |||||||||||||||||
| Other current assets | |||||||||||||||||
| Property, plant and equipment | ( | ||||||||||||||||
| Intangible assets | ( | ||||||||||||||||
| Deferred tax assets | ( | ||||||||||||||||
| Other assets | — | ||||||||||||||||
| Goodwill | |||||||||||||||||
| Total assets acquired | ( | ||||||||||||||||
| Accounts payable and accrued liabilities | |||||||||||||||||
| Income tax payable | |||||||||||||||||
| Other current liabilities | — | ||||||||||||||||
Long-term debt (including current and non-current portions) (3) | — | ||||||||||||||||
| Deferred tax liabilities | ( | ||||||||||||||||
| Other long-term liabilities | ( | ||||||||||||||||
| Net assets acquired | $ | $ | ( | $ | |||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Pro forma information | Year ended December 31, 2020 | ||||
| Revenue | $ | ||||
| Net earnings | |||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Year ended December 31, 2021 | Containership Leasing | Mobile Power Generation | Elimination and Other | Total | |||||||||||||||||||
| Revenue | $ | $ | $ | — | $ | ||||||||||||||||||
| Operating expense | |||||||||||||||||||||||
| Depreciation and amortization expense | |||||||||||||||||||||||
| General and administrative expense | |||||||||||||||||||||||
| Indemnity claim (income) under acquisition agreement | ( | ( | |||||||||||||||||||||
| Operating lease expense | |||||||||||||||||||||||
| Gain on sale | ( | ( | ( | ||||||||||||||||||||
| Interest income | ( | ( | ( | ||||||||||||||||||||
| Interest expense | ( | ||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
| Year ended December 31, 2020 | Containership Leasing | Mobile Power Generation | Elimination and Other | Total | |||||||||||||||||||
| Revenue | $ | $ | $ | — | $ | ||||||||||||||||||
| Operating expense | |||||||||||||||||||||||
| Depreciation and amortization expense | |||||||||||||||||||||||
| General and administrative expense | ( | ||||||||||||||||||||||
| Operating lease expense | |||||||||||||||||||||||
| Loss on sale | |||||||||||||||||||||||
| Goodwill impairment | |||||||||||||||||||||||
| Interest income | ( | ( | ( | ||||||||||||||||||||
| Interest expense | ( | ||||||||||||||||||||||
| Income tax expense | |||||||||||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||
| Containership leasing adjusted EBITDA | $ | $ | ||||||
Mobile power generation adjusted EBITDA(1) | ||||||||
| Total segment adjusted EBITDA | ||||||||
| Eliminations and other | ( | ( | ||||||
| Depreciation and amortization expense | ||||||||
| Interest income | ( | ( | ||||||
| Interest expense | ||||||||
| (Gain) Loss on derivative instruments | ( | |||||||
| Loss on debt extinguishment | ||||||||
| Other expenses | ||||||||
| Loss (Gain) on contingent consideration asset | ( | |||||||
| Loss on foreign currency repatriation | ||||||||
| (Gain) Loss on sale | ( | |||||||
| Goodwill impairment | ||||||||
| Consolidated net earnings before taxes | $ | $ | ||||||
| Total Assets | December 31, 2021 | December 31, 2020 | ||||||||||||
| Containership Leasing | $ | $ | ||||||||||||
| Mobile Power Generation | ||||||||||||||
| Elimination and Other | ( | ( | ||||||||||||
| Total | $ | $ | ||||||||||||
| Capital expenditures by segment | Year ended December 31, 2021 | Year ended December 31, 2020 | ||||||||||||
| Containership leasing | $ | $ | ||||||||||||
| Mobile power generation | ||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||
Containership Leasing (1) | Mobile Power Generation | Total | |||||||||||||||
| Operating lease revenue | $ | $ | $ | ||||||||||||||
| Interest income from leasing | |||||||||||||||||
| Other | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
Year ended December 31, 2020 | |||||||||||||||||
Containership Leasing (1) | Mobile Power Generation | Total | |||||||||||||||
| Operating lease revenue | $ | $ | $ | ||||||||||||||
| Interest income from leasing | |||||||||||||||||
| Other | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
Operating lease revenue (1) | Direct financing leases (2) | Other | Total committed revenue | ||||||||||||||||||||
| 2022 | $ | $ | $ | $ | |||||||||||||||||||
| 2023 | |||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| 2026 | |||||||||||||||||||||||
| Thereafter | |||||||||||||||||||||||
| $ | $ | $ | $ | ||||||||||||||||||||
Containership Leasing (1) (2) | Mobile Power Generation | Total committed revenue | |||||||||||||||
| 2022 | $ | $ | $ | ||||||||||||||
| 2023 | |||||||||||||||||
| 2024 | |||||||||||||||||
| 2025 | |||||||||||||||||
| 2026 | |||||||||||||||||
| Thereafter | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| COSCO | $ | $ | $ | ||||||||||||||
| Yang Ming Marine | |||||||||||||||||
| ONE | |||||||||||||||||
| Other | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | ||||||||||
| Undiscounted lease receivable | $ | $ | |||||||||
| Unearned interest income | ( | ( | |||||||||
| Net investment in lease | $ | $ | |||||||||
| 2021 | 2020 | ||||||||||
| Lease receivables | $ | $ | |||||||||
| Unguaranteed residual value | |||||||||||
| Net investment in lease | |||||||||||
| Current portion of net investment in lease | ( | ( | |||||||||
| Long-term portion of net investment in lease | $ | $ | |||||||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| December 31, 2021 | Cost | Accumulated depreciation | Net book value | ||||||||||||||
| Vessels | $ | $ | ( | $ | |||||||||||||
| Equipment and other | ( | ||||||||||||||||
| Property, plant and equipment | $ | $ | ( | $ | |||||||||||||
| December 31, 2020 | Cost | Accumulated depreciation | Net book value | ||||||||||||||
| Vessels | $ | $ | ( | $ | |||||||||||||
| Equipment and other | ( | ||||||||||||||||
| Property, plant and equipment | $ | $ | ( | $ | |||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| December 31, 2021 | Cost | Accumulated amortization | Net book value | ||||||||||||||
| Vessel operating leases | $ | $ | ( | $ | |||||||||||||
| Other operating leases | ( | ||||||||||||||||
| Right-of-use assets | $ | $ | ( | $ | |||||||||||||
| December 31, 2020 | Cost | Accumulated amortization | Net book value | ||||||||||||||
| Vessel operating leases | $ | $ | ( | $ | |||||||||||||
| Office operating leases | ( | ||||||||||||||||
| Right-of-use assets | $ | $ | ( | $ | |||||||||||||
| Containership leasing | Mobile power generation | ||||||||||
Balance, December 31, 2019 | $ | $ | |||||||||
| Goodwill arising from acquisition of APR Energy (note 3) | |||||||||||
| Impairment loss recognized during the period | ( | ||||||||||
Balance, December 31, 2020 and 2021 | $ | $ | |||||||||
| 2021 | 2020 | ||||||||||
Intangible assets (a) | $ | $ | |||||||||
Deferred dry-dock (b) | |||||||||||
Restricted cash (c) | |||||||||||
Contingent consideration asset (d) | |||||||||||
Indemnity claim under acquisition agreement (e) | |||||||||||
Deferred financing fees on undrawn financings (f) | |||||||||||
| Other | |||||||||||
| Other assets | $ | $ | |||||||||
| December 31, 2021 | Cost | Accumulated Amortization | Net book value | ||||||||||||||
| Customer contracts | $ | $ | ( | $ | |||||||||||||
| Trademark | ( | ||||||||||||||||
| Other | ( | ||||||||||||||||
| $ | $ | ( | $ | ||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| December 31, 2020 | Cost | Accumulated Amortization | Net book value | ||||||||||||||
| Customer contracts | $ | $ | ( | $ | |||||||||||||
| Trademark | ( | ||||||||||||||||
| Other | ( | ||||||||||||||||
| $ | $ | ( | $ | ||||||||||||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
| December 31, 2019 | $ | ||||
| Costs incurred | |||||
Amortization expensed (1) | ( | ||||
| December 31, 2020 | |||||
| Costs incurred | |||||
Amortization expensed (1) | ( | ||||
| December 31, 2021 | $ | ||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
Contingent consideration asset, December 31, 2020 | $ | ||||
| Change in fair value | ( | ||||
| Compensation received | ( | ||||
| Contingent consideration asset | |||||
| Current portion included in prepaid expenses and other | ( | ||||
Contingent consideration asset, December 31, 2021 | $ | ||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | ||||||||||
| Long-term debt: | |||||||||||
Revolving credit facilities (a) (c) | $ | $ | |||||||||
Term loan credit facilities (b) (c) | |||||||||||
Senior Unsecured Notes (d) | |||||||||||
Fairfax Notes (e) | |||||||||||
Senior Unsecured Exchangeable Notes (f) | |||||||||||
Senior Secured Notes (g) | |||||||||||
| Fair value adjustment on term loan credit facilities | ( | ||||||||||
| Debt discount on Fairfax Notes | ( | ||||||||||
| Debt discount on Senior Unsecured Exchangeable Notes | ( | ( | |||||||||
| Deferred financing fees | ( | ( | |||||||||
| Long-term debt | |||||||||||
| Current portion of long-term debt | ( | ( | |||||||||
| Long-term debt | $ | $ | |||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| December 31, 2021 | December 31, 2020 | ||||||||||
| Operating lease commitments | $ | $ | |||||||||
| Impact of discounting | ( | ( | |||||||||
| Impact of changes in variable rates | |||||||||||
| Operating lease liabilities | |||||||||||
| Current portion of operating lease liabilities | ( | ( | |||||||||
| Operating lease liabilities | $ | $ | |||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | ||||||||||
| Lease costs: | |||||||||||
| Operating lease costs | $ | $ | |||||||||
| Variable lease adjustments | ( | ( | |||||||||
| Other information: | |||||||||||
| Operating cash outflow used for operating leases | |||||||||||
| Weighted average discount rate | % | % | |||||||||
| Weighted average remaining lease term | |||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | ||||||||||
| Other financing arrangements | $ | $ | |||||||||
| Deferred financing fees | ( | ( | |||||||||
| Other financing arrangements | |||||||||||
| Current portion of other financing arrangements | ( | ( | |||||||||
| Other financing arrangements | $ | $ | |||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | ||||||||||
Asset retirement obligations(a) | $ | $ | |||||||||
| Other | |||||||||||
| Other long-term liabilities | |||||||||||
| Current portion of other long-term liabilities | ( | ( | |||||||||
| Other long-term liabilities | $ | $ | |||||||||
Asset retirement obligations, December 31, 2019 | $ | ||||
| Liabilities acquired | |||||
| Liabilities incurred | |||||
| Liabilities settled | ( | ||||
| Provision reassessment | ( | ||||
| Accretion expense | |||||
Asset retirement obligations, December 31, 2020 | |||||
| Liabilities acquired | |||||
| Liabilities incurred | ( | ||||
| Provision reassessment | ( | ||||
| Accretion expense | |||||
Asset retirement obligations, December 31, 2021 | $ | ||||
| 2021 | |||||||||||||||||
| Current tax | Domestic | Foreign | Total | ||||||||||||||
| Current tax expense | $ | $ | $ | ||||||||||||||
| Deferred tax | |||||||||||||||||
| Deferred tax expense | |||||||||||||||||
| Total tax expense | $ | $ | $ | ||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2020 | |||||||||||||||||
| Current tax | Domestic | Foreign | Total | ||||||||||||||
| Current tax expense | $ | $ | $ | ||||||||||||||
| Deferred tax | |||||||||||||||||
| Deferred tax expense | ( | ( | |||||||||||||||
| Total tax expense | $ | $ | $ | ||||||||||||||
| 2021 | 2020 | ||||||||||
| Computed "Expected" tax expense: | |||||||||||
| Computed tax expense on income from continuing operations | $ | $ | |||||||||
| Increase (reduction) in income taxes resulting from: | |||||||||||
| Certain income from containership leasing segment that is exempt from tax | ( | ( | |||||||||
| Goodwill impairment not deductible for tax | |||||||||||
| Change in valuation allowance | |||||||||||
| Change in current year uncertain tax positions | |||||||||||
| Change in tax law | ( | ( | |||||||||
| Foreign rate differential | ( | ( | |||||||||
| Withholding taxes | |||||||||||
| Other, net | ( | ||||||||||
| $ | $ | ||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Deferred tax assets | 2021 | 2020 | |||||||||
| Decommission provisions | $ | $ | |||||||||
| Property, plant and equipment | |||||||||||
| Reserves and accrued expenses | |||||||||||
| Tax losses carried forward | |||||||||||
| Interest allowance | |||||||||||
| Deferred revenue | |||||||||||
| Valuation allowance | ( | ( | |||||||||
| $ | $ | ||||||||||
| Deferred tax liabilities | 2021 | 2020 | |||||||||
| Deferred job costs | $ | $ | ( | ||||||||
| Accelerated asset costs | ( | ( | |||||||||
| Inflation adjustment | ( | ( | |||||||||
| Other timing differences | ( | ( | |||||||||
| $ | ( | $ | ( | ||||||||
| Net deferred tax asset | $ | ( | $ | ||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | |||||||||||||
| Opening balance as at January 31, | $ | $ | ||||||||||||
| Acquired as part of APR Energy Acquisition | ||||||||||||||
| Increase in unrecognized tax benefit | ||||||||||||||
| Ending balance as at December 31, | $ | $ | ||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Shares | Liquidation preference | |||||||||||||||||||||||||||||||||||||
| Dividend rate per annum | Redemption by Company permitted on or after(1) | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
| Series | Authorized | Issued | ||||||||||||||||||||||||||||||||||||
| D | % | January 30, 2018 | ||||||||||||||||||||||||||||||||||||
E(2) | % | February 13, 2019 | ||||||||||||||||||||||||||||||||||||
G(2) | % | June 16, 2021 | ||||||||||||||||||||||||||||||||||||
| H | % | August 11, 2021 | ||||||||||||||||||||||||||||||||||||
| I | % | October 30, 2023 | ||||||||||||||||||||||||||||||||||||
J(3) | % | June 11, 2021 | ||||||||||||||||||||||||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
Year ended December 31, 2021 | |||||||||||||||||
For the year ended December 31, 2021 | Earnings (numerator) | Shares (denominator) | Per share amount | ||||||||||||||
| Net earnings | |||||||||||||||||
| Less preferred share dividends: | |||||||||||||||||
| Series D | ( | ||||||||||||||||
| Series E | ( | ||||||||||||||||
| Series G | ( | ||||||||||||||||
| Series H | ( | ||||||||||||||||
| Series I | ( | ||||||||||||||||
| Series J | ( | ||||||||||||||||
| Basic EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Share-based compensation | — | ||||||||||||||||
| Fairfax warrants | — | ||||||||||||||||
| Holdback shares | — | ||||||||||||||||
| Senior Unsecured Exchangeable Notes | — | ||||||||||||||||
Diluted EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||
For the year ended December 31, 2020 | Earnings (numerator) | Shares (denominator) | Per share amount | ||||||||||||||
| Net earnings | $ | ||||||||||||||||
| Less preferred share dividends: | |||||||||||||||||
| Series D | ( | ||||||||||||||||
| Series E | ( | ||||||||||||||||
| Series G | ( | ||||||||||||||||
| Series H | ( | ||||||||||||||||
| Series I | ( | ||||||||||||||||
| Basic EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Share-based compensation | — | ||||||||||||||||
| Fairfax warrants | — | ||||||||||||||||
| Holdback shares | — | ||||||||||||||||
Diluted EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
Year ended December 31, 2019 | |||||||||||||||||
For the year ended December 31, 2019 | Earnings (numerator) | Shares (denominator) | Per share amount | ||||||||||||||
| Net earnings | $ | ||||||||||||||||
| Less preferred share dividends: | |||||||||||||||||
| Series D | ( | ||||||||||||||||
| Series E | ( | ||||||||||||||||
| Series G | ( | ||||||||||||||||
| Series H | ( | ||||||||||||||||
| Series I | ( | ||||||||||||||||
| Basic EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||
| Share-based compensation | — | ||||||||||||||||
| Fairfax warrants | — | ||||||||||||||||
Diluted EPS: | |||||||||||||||||
| Net earnings attributable to common shareholders | $ | $ | |||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Restricted shares | Phantom share units | Restricted stock units | Stock options | ||||||||||||||||||||||||||||||||||||||||||||
| Number of shares | W.A. grant date FV | Number of units | W.A. grant date FV | Number of units | W.A. grant date FV | Number of options | W.A. grant date FV | ||||||||||||||||||||||||||||||||||||||||
| December 31, 2018 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Granted | |||||||||||||||||||||||||||||||||||||||||||||||
| Vested and exercised | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Cancelled | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Granted | |||||||||||||||||||||||||||||||||||||||||||||||
| Vested and exercised | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
| Cancelled | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Granted | |||||||||||||||||||||||||||||||||||||||||||||||
| Vested and exercised | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| Cancelled | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
| Vested and exercisable, December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | ||||||||||
| Accrued interest | $ | $ | |||||||||
| Accounts payable and other accrued liabilities | |||||||||||
| $ | $ | ||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Interest paid | $ | $ | $ | ||||||||||||||
| Interest received | |||||||||||||||||
| Undrawn credit facility fee paid | |||||||||||||||||
| Income taxes paid | |||||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| Non-cash financing and investing transactions: | |||||||||||||||||
| APR Energy loans settled in shares | $ | $ | $ | ||||||||||||||
| Asset retirement obligations liabilities incurred | |||||||||||||||||
| Asset retirement obligations provision re-assessment | |||||||||||||||||
| Cancellation of common shares issued on acquisition | |||||||||||||||||
| Change in right-of-use assets and operating lease liabilities | |||||||||||||||||
| Commencement of sales-type lease | |||||||||||||||||
| Common shares issued on APR Energy acquisition | |||||||||||||||||
| Contingent consideration asset related to APR Energy acquisition | |||||||||||||||||
| Dividend reinvestment | |||||||||||||||||
| Holdback Shares reserved on APR Energy acquisition | |||||||||||||||||
| Interest capitalized on vessels under construction | |||||||||||||||||
| Net assets acquired on acquisition | |||||||||||||||||
| Payments to shipyard by financing company | |||||||||||||||||
| Purchase price adjustment related to APR Energy acquisition | |||||||||||||||||
| Prepayments transferred to vessels upon vessel delivery | |||||||||||||||||
| Reclassification on lease modification | |||||||||||||||||
| Refinancing of existing term loan credit facilities with draws made on new debt | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Changes in operating assets and liabilities | |||||||||||||||||
| Accounts receivable | ( | ( | |||||||||||||||
| Inventories | ( | ||||||||||||||||
| Prepaids expenses and other, and other assets | ( | ( | ( | ||||||||||||||
| Net investment in lease | |||||||||||||||||
| Accounts payable and accrued liabilities | ( | ||||||||||||||||
| Settlement of decommissioning provisions | ( | ( | |||||||||||||||
| Deferred revenue | ( | ||||||||||||||||
| Income tax payable | ( | ||||||||||||||||
| Major maintenance | ( | ( | ( | ||||||||||||||
| Other liabilities | ( | ||||||||||||||||
| Operating lease liabilities | ( | ( | ( | ||||||||||||||
| Derivative instruments | |||||||||||||||||
| Contingent consideration asset | |||||||||||||||||
| $ | ( | ( | ( | ||||||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| Cash and cash equivalents | $ | $ | $ | ||||||||||||||
| Restricted cash included in prepaid and other | |||||||||||||||||
| Restricted cash included in other assets (note 12) | |||||||||||||||||
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $ | $ | $ | ||||||||||||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| Total | $ | ||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| Fixed per annum rate swapped for LIBOR | Notional amount as of December 31, 2021 | Maximum notional amount(1) | Effective date | Ending date | ||||||||||||||||||||||
| $ | $ | September 6, 2007 | May 31, 2024 | |||||||||||||||||||||||
| September 27, 2019 | May 14, 2024 | |||||||||||||||||||||||||
| March 26, 2020 | March 26, 2025 | |||||||||||||||||||||||||
| November 14, 2019 | May 15, 2024 | |||||||||||||||||||||||||
| January 21, 2021 | October 14, 2026 | |||||||||||||||||||||||||
| February 4, 2021 | October 14, 2026 | |||||||||||||||||||||||||
| February 4, 2020 | December 30, 2025 | |||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||
| Contingent consideration asset (note 12 (c)) | $ | $ | |||||||||
| Fair value of derivative assets | |||||||||||
| Interest rate swaps | |||||||||||
| Fair value of derivative liabilities | |||||||||||
| Interest rate swaps | |||||||||||
ATLAS CORP. Notes to Consolidated Financial Statements (Continued) (Tabular amounts in millions of United States dollars, except per share amount and number of shares) Years ended December 31, 2021, 2020 and 2019 | ||
| 2021 | 2020 | 2019 | |||||||||||||||
| (Gain) Loss recognized in net earnings: | |||||||||||||||||
(Gain) Loss on interest rate swaps (1) | $ | ( | $ | $ | |||||||||||||
| (Gain) on derivative put instrument | ( | ( | ( | ||||||||||||||
| Loss (Gain) on contingent consideration asset | ( | ||||||||||||||||
Loss reclassified from AOCL to net earnings(2) | |||||||||||||||||
| Interest expense | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| ATLAS CORP. | |||||||||||
| Date: March 24, 2022 | By: | /s/ Graham Talbot | |||||||||
| Graham Talbot | |||||||||||
| Chief Financial Officer | |||||||||||
| (Principal Financial and Accounting Officer) | |||||||||||
| Term | Defined in Section | |||||||
“Additional Amounts” | 7.01(a) | |||||||
“Change of Control” | 4.01(a) | |||||||
“Change of Control Purchase Date” | 4.01(a) | |||||||
“Change of Control Purchase Price” | 4.01(a) | |||||||
“Interest Payment Date” | 2.04(c) | |||||||
“Maturity Date” | 2.04(b) | |||||||
“Regular Record Date” | 2.04(c) | |||||||
“Specified Tax Jurisdiction” | 7.01(a) | |||||||
| “Taxes” | 7.01(a) | |||||||
| $ | No.: | ||||
| Date: | ||
ATLAS CORP. | ||
By: | ||
Name: | ||
Title: | ||
By: | ||
Name: | ||
Title: | ||
| Dated: | ||
THE BANK OF NEW YORK MELLON, | ||
as Trustee | ||
By: | ||
Authorized Signatory | ||
Dated: | ||
Signature: | ||
Dated: | Your Signature: | ||||
(Sign exactly as your name appears on the other side of this Note.) | |||||
Date of Exchange | Amount of Decrease in Principal Amount of this Global Security | Amount of Increase in Principal Amount of this Global Security | Principal Amount of this Global Security following such Decrease or Increase | Signature of Authorized Signatory of trustee or Custodian | ||||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
1 | Atlas Corp. | Republic of Marshall Islands | NYSE Listed (Various Shareholders) | ||||||||
| 2 | Seaspan Corporation | Republic of Marshall Islands | Atlas Corp. owns 100% | ||||||||
| 3 | Seaspan Management Services Limited | Bermuda | Seaspan Corporation owns 100% | ||||||||
| 4 | Seaspan Advisory Services Limited | Bermuda | Seaspan Management Services Ltd. owns 100% | ||||||||
| 5 | Seaspan Ship Management Ltd. | British Columbia | Seaspan Management Services Ltd. owns 100% | ||||||||
| 6 | Seaspan Capital Ltd. | British Columbia | Seaspan Ship Management owns 100% | ||||||||
| 7 | Seaspan Crew Management Ltd. | Bahamas | Seaspan Ship Management Ltd. owns 100% | ||||||||
| 8 | Seaspan Crew Management India Private Limited | India | Seaspan Ship Management Ltd. owns 0.01% and Seaspan Crew Management Ltd. owns 99.99% | ||||||||
| 9 | Seaspan Investment I Ltd. | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 10 | Seaspan YZJ 983 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 11 | Seaspan YZJ 985 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 12 | Seaspan 1037 Ltd. (ex Seaspan YZJ 993 Ltd) | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 13 | Seaspan Holding 140 Ltd. | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 14 | Seaspan 140 Ltd. | Republic of Marshall Islands | Seaspan Holding 140 Ltd. owns 100% | ||||||||
| 15 | Seaspan (Asia) Corporation | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 16 | Seaspan Containership 2180 Ltd. | Republic of Marshall Islands | Seaspan (Asia) Corporation owns 100% | ||||||||
| 17 | Seaspan Containership 2181 Ltd. | Republic of Marshall Islands | Seaspan (Asia) Corporation owns 100% | ||||||||
| 18 | Seaspan Containership S452 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 19 | Seaspan Holdco II Ltd. | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 20 | Seaspan Holdco III Ltd. | Republic of Marshall Islands | Seaspan Corporation owns 100% | ||||||||
| 21 | Seaspan Holdco VI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 22 | Seaspan Holdco VII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 23 | Seaspan Holdco VIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 24 | Seaspan Holdco IX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 25 | Seaspan Holdco X Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 26 | Seaspan Holdco XI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 27 | Seaspan Holdco XII Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| 28 | Seaspan Holdco XIII Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| 29 | Seaspan Holdco XIV Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| 30 | Seaspan Holdco XV Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| 31 | Seaspan Holdco XVI Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| 32 | Seaspan Holdco XVII Pte. Ltd. | Singapore | Seaspan Holdco III owns 100% | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 33 | Seaspan Holdco XVIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 34 | Seaspan Holdco XIX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 35 | Seaspan Holdco XX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 36 | Seaspan Holdco XXI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 37 | Seaspan Holdco XXII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 38 | Seaspan Holdco XXIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 39 | Seaspan Holdco XXIV Ltd. (ex Seaspan 1544 Ltd.) | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 40 | Seaspan Holdco XXV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 41 | Seaspan Holdco XXVI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 42 | Seaspan Holdco XXVII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 43 | Seaspan Holdco XXVIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 44 | Seaspan Holdco XXIX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 45 | Seaspan Holdco XXX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 46 | Seaspan Holdco XXXI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 47 | Seaspan Holdco XXXII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 48 | Seaspan Holdco XXXIII Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 49 | Seaspan Holdco XXXIV Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 50 | Seaspan Holdco XXXV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 51 | Seaspan Holdco XXXVI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 52 | Seaspan Holdco XXXVII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 53 | Seaspan Holdco XXXVIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 54 | Seaspan Holdco XXXIX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 55 | Seaspan Holdco XL Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 56 | Seaspan Holdco XLI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 57 | Seaspan Holdco XLII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 58 | Seaspan Holdco XLIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 59 | Seaspan Holdco XLIV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 60 | Seaspan Holdco XLV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 61 | Seaspan Holdco XLVI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 62 | Seaspan Holdco XLVII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 63 | Seaspan Holdco XLVIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 64 | Seaspan Holdco XLIX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 65 | Seaspan Holdco L Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 66 | Seaspan Holdco LI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 67 | Seaspan Holdco LII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 68 | Seaspan Holdco LIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 69 | Seaspan Holdco LIV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 70 | Seaspan Holdco LV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 71 | Seaspan Holdco LVI Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 72 | Seaspan Holdco LVII Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 73 | Seaspan Holdco LVIII Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 74 | Seaspan Containership 145 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 75 | Seaspan Containership 146 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 76 | Seaspan Containership 147 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 77 | Seaspan Containership I Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 78 | Seaspan Containership II Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 79 | Seaspan Containership III Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 80 | Seaspan Containership IV Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 81 | Seaspan Containership V Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 82 | Seaspan Containership VI Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 83 | Seaspan Containership 2049 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 84 | Seaspan Containership 2050 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 85 | Seaspan Containership 1344 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 86 | Seaspan Containership 1345 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 87 | Seaspan Containership 1346 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 88 | Seaspan Containership 1347 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 89 | Seaspan Containership 1369 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 90 | Seaspan Containership 1370 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 91 | Seaspan Containership 1371 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 92 | Seaspan Containership 1372 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 93 | Seaspan Containership 1373 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 94 | Seaspan Containership 1384 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 95 | Seaspan Containership 1385 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 96 | Seaspan Containership 1386 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 97 | Seaspan Containership 1387 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 98 | Seaspan Containership 1388 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 99 | Seaspan Containership 1389 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 100 | Seaspan Containership 1390 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 101 | Seaspan Containership 1394 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 102 | Seaspan Containership 1395 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 103 | Seaspan Containership 1396 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 104 | Seaspan Containership 1397 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 105 | Seaspan Containership 1398 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 106 | Seaspan Containership H1562 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 107 | Seaspan Containership H1563 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 108 | Seaspan Containership H1564 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 109 | Seaspan Containership H1565 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 110 | Seaspan Containership H1566 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 111 | Seaspan Containership H1567 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 112 | Seaspan Containership H1568 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 113 | Seaspan Containership H1569 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 114 | Seaspan Containership H1570 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 115 | Seaspan Containership H1571 Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 116 | Seaspan Containership VII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 117 | Seaspan Containership VIII Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 118 | Seaspan Containership IX Ltd. | Republic of Marshall Islands | Seaspan Corporation | ||||||||
| 119 | Seaspan 696C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 120 | Seaspan 716C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 121 | Seaspan 717C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 122 | Seaspan 718C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 123 | Seaspan 719C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 124 | Seaspan 720C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 125 | Seaspan 721C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 126 | Seaspan 722C Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 127 | Seaspan 993 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 128 | Seaspan 1105 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 129 | Seaspan 1539 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 130 | Seaspan 1540 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 131 | Seaspan 1541 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 132 | Seaspan 1542 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 133 | Seaspan 1543 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 134 | Seaspan 1550 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 135 | Seaspan 1551 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 136 | Seaspan 1552 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 137 | Seaspan 1566 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 138 | Seaspan 1568 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 139 | Seaspan 1854 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 140 | Seaspan 1855 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 141 | Seaspan 2177 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 142 | Seaspan 2638 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 143 | Seaspan 2640 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 144 | Seaspan 2180 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 145 | Seaspan 2181 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 146 | Seaspan 3278 Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 147 | Greater China Intermodal Investments LLC | Republic of Marshall Islands | Seaspan Investment I Ltd. | ||||||||
| 148 | GC Intermodal Holding Company I, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 149 | GC Intermodal Intermediate Holding Company I, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company I, Ltd. | ||||||||
| 150 | GC Intermodal I, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 151 | GC Intermodal Holding Company II, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 152 | GC Intermodal Intermediate Holding Company II, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company II, Ltd. | ||||||||
| 153 | GC Intermodal II, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company II, Ltd. | ||||||||
| 154 | GC Intermodal Holding Company III, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 155 | GC Intermodal Intermediate Holding Company III, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company III, Ltd. | ||||||||
| 156 | GC Intermodal III, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company III, Ltd. | ||||||||
| 157 | GC Intermodal Holding Company IV, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 158 | GC Intermodal Intermediate Holding Company IV, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company IV, Ltd. | ||||||||
| 159 | GC Intermodal IV, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 160 | GC Intermodal Holding Company V, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 161 | GC Intermodal Intermediate Holding Company V, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company V, Ltd. | ||||||||
| 162 | GC Intermodal V, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 163 | GC Intermodal Holding Company VI, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 164 | GC Intermodal Intermediate Holding Company VI, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company VI, Ltd. | ||||||||
| 165 | GC Intermodal VI, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 166 | GC Intermodal Holding Company IX, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 167 | GC Intermodal Intermediate Holding Company IX, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company IX, Ltd. | ||||||||
| 168 | GC Intermodal IX, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 169 | GC Intermodal Holding Company X, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 170 | GC Intermodal Intermediate Holding Company X, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company X, Ltd. | ||||||||
| 171 | GC Intermodal X, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 172 | GC Intermodal Holding Company XI, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 173 | GC Intermodal Intermediate Holding Company XI, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XI, Ltd. | ||||||||
| 174 | GC Intermodal XI, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 175 | GC Intermodal Holding Company XII, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 176 | GC Intermodal Intermediate Holding Company XII, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XII, Ltd. | ||||||||
| 177 | GC Intermodal XII, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company XII, Ltd. | ||||||||
| 178 | GC Intermodal Holding Company XIV, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 179 | GC Intermodal Intermediate Holding Company XIV, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XIV, Ltd. | ||||||||
| 180 | GC Intermodal XIV, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company XIV, Ltd. | ||||||||
| 181 | GC Intermodal Holding Company XV, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 182 | GC Intermodal Intermediate Holding Company XV, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XV, Ltd. | ||||||||
| 183 | GC Intermodal XV, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 184 | GC Intermodal Holding Company XVI, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 185 | GC Intermodal Intermediate Holding Company XVI, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XVI, Ltd. | ||||||||
| 186 | GC Intermodal XVI, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 187 | GC Intermodal Holding Company XVII, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 188 | GC Intermodal Intermediate Holding Company XVII, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XVII, Ltd. | ||||||||
| 189 | GC Intermodal XVII, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company XVII, Ltd. | ||||||||
| 190 | GC Intermodal Holding Company XIX, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 191 | GC Intermodal Intermediate Holding Company XIX, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XIX, Ltd. | ||||||||
| 192 | GC Intermodal XIX, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 193 | GC Intermodal Holding Company XX, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 194 | GC Intermodal Intermediate Holding Company XX, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XX, Ltd. | ||||||||
| 195 | GC Intermodal XX, Ltd. | Republic of Marshall Islands | Seaspan Holdco III owns 100% | ||||||||
| 196 | GC Intermodal Holding Company XXI, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 197 | GC Intermodal Intermediate Holding Company XXI, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XXI, Ltd. | ||||||||
| 198 | GC Intermodal XXI, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company XXI, Ltd. | ||||||||
| 199 | GC Intermodal Holding Company XXIV, Ltd. | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 200 | GC Intermodal Intermediate Holding Company XXIV, Ltd. | Republic of Marshall Islands | GC Intermodal Holding Company XXIV, Ltd. | ||||||||
| 201 | GC Intermodal XXIV, Ltd. | Republic of Marshall Islands | GC Intermodal Intermediate Holding Company XXIV, Ltd. | ||||||||
| 202 | GC Intermodal Operating Company | Republic of Marshall Islands | Greater China Intermodal Investments LLC | ||||||||
| 203 | GC Intermodal Operating (HK) Limited | Hong Kong | GC Intermodal Operating Company | ||||||||
| 204 | Apple Bidco Limited | England | Atlas Corp. owns 100% | ||||||||
| 205 | APR Energy Limited | England | Apple Bidco Limited owns 100% | ||||||||
| 206 | APR Energy Holdings Limited | England | APR Energy Limited owns 100% | ||||||||
| 207 | APR Energy, USA | Florida | APR International, LLC owns 100% | ||||||||
| 208 | APR Energy Australia Pty. Ltd. | New South Wales | APR Energy Holdings Limited owns 100% | ||||||||
| 209 | Power Rental Asset Co LLC | Florida | APR Energy Holdings Limited owns 100% | ||||||||
| 210 | Power Rental Asset Co Two LLC | Delaware | Power Rental Asset Co LLC owns 100% | ||||||||
| 211 | Power Rental Op Co Australia LLC | Delaware | Power Rental Asset Co LLC owns 100% | ||||||||
| 212 | Power Rental Op Co LLC | Florida | APR Energy Holdings Limited owns 100% | ||||||||
| 213 | APR Energy (Singapore) Private Limited | Singapore | APR Energy Holdings Limited owns 100% | ||||||||
| COMPANY NAME | INCORPORATION JURISDICTION | OWNERSHIP | |||||||||
| 214 | APR International, LLC | Florida | APR Energy Holdings Limited owns 100% | ||||||||
| 215 | APR Energy FZE | (Dubai) Jafza | APR International, LLC owns 100% | ||||||||
| 216 | APR Energy Bangladesh Limited | Bangladesh (Dhaka) | APR Energy Holdings Limited owns 99%, and APR International, LLC owns 1% | ||||||||
| 217 | APR Energy Spain S.L.U. | Madrid | APR Energy Holdings Limited owns 100% | ||||||||
| 218 | Falconbridge Services, LLC | Florida | APR International, LLC 100% | ||||||||
| 219 | APR Energy, LLC | Florida | APR International, LLC owns 100% | ||||||||
| 220 | APR Energy II LLC | Florida | APR International, LLC owns 100% | ||||||||
| 221 | APR Energy SRL | Buenos Aires | APR Energy, LLC owns 99.6% and APR Energy II LLC owns .04% | ||||||||
| 222 | APR Energy Guatemala S.A. | Guatemala City | APR Energy, LLC owns 50% and APR International, LLC owns 50% | ||||||||
| 223 | PT APR Indonesia | Jakarta | APR Energy, LLC owns .95%; APR International owns 94.05%; and PT Karya Cemerlang Semanan owns 5% | ||||||||
| 224 | APR Energy MEX S. de R.L. de C.V. | Mexico | APR Energy, LLC owns 99%; and APR International, LLC owns 1% | ||||||||
| 225 | Power Rental Op Puerto Rico LLC | Puerto Rico | APR Energy Holdings owns 100% | ||||||||
| 226 | APR Energy B.V. | Amsterdam, the Netherlands | APR Energy Holdings owns 100% | ||||||||
| Dated: March 24, 2022 | By: | /s/ Bing Chen | ||||||
| Bing Chen | ||||||||
| Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
| Dated: March 24, 2022 | By: | /s/ Graham Talbot | ||||||
Graham Talbot | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial and Accounting Officer) | ||||||||
| Dated: March 24, 2022 | |||||
| By: | /s/ Bing Chen | ||||
| Bing Chen | |||||
Chief Executive Officer | |||||
| (Principal Executive Officer) | |||||
| Dated: March 24, 2022 | |||||
| By: | /s/ Graham Talbot | ||||
Graham Talbot | |||||
Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) | |||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 85 |
| Auditor Name | KPMG LLP |
| Auditor Location | Vancouver, Canada |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Cumulative redeemable preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Cumulative redeemable preferred shares issued (in shares) | 12,000,000 | 0 |
| Cumulative redeemable preferred shares outstanding (in shares) | 12,000,000 | 0 |
| Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred shares, authorized (in shares) | 150,000,000 | 150,000,000 |
| Preferred shares, issued (in shares) | 20,118,833 | 33,335,570 |
| Preferred Stock, Shares Outstanding | 20,118,833 | 33,335,570 |
| Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
| Common shares, issued (in shares) | 247,024,699 | 246,277,338 |
| Common shares, outstanding (in shares) | 247,024,699 | 246,277,338 |
| Treasury stock, shares (in shares) | 727,351 | 727,351 |
Consolidated Statements of Operations - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Income Statement [Abstract] | |||
| Revenue (note 5) | $ 1,646,600,000 | $ 1,421,100,000 | $ 1,131,500,000 |
| Operating expenses: | |||
| Operating expenses | 339,600,000 | 274,600,000 | 229,800,000 |
| Depreciation and amortization | 366,700,000 | 353,900,000 | 254,300,000 |
| General and administrative | 90,600,000 | 65,400,000 | 33,100,000 |
| Indemnity claim under acquisition agreement | (42,400,000) | 0 | 0 |
| Operating leases (note 14) | 146,300,000 | 150,500,000 | 154,300,000 |
| Goodwill impairment (note 11) | 0 | 117,900,000 | 0 |
| Income related to modification of time charters | 0 | 0 | (227,000,000.0) |
| (Gain) Loss on sale (note 8) | (16,400,000) | 200,000 | 0 |
| Total operating expenses | 884,400,000 | 962,500,000 | 444,500,000 |
| Operating earnings | 762,200,000 | 458,600,000 | 687,000,000.0 |
| Other expenses (income): | |||
| Interest expense | 197,100,000 | 191,600,000 | 218,900,000 |
| Interest income | (3,100,000) | (5,000,000.0) | (9,300,000) |
| Loss on debt extinguishment (note 13(e)) | 127,000,000.0 | 0 | 0 |
| (Gain) Loss on derivative instruments (note 23(c)) | (14,100,000) | 35,500,000 | 35,100,000 |
| Other expenses | 21,800,000 | 27,300,000 | 2,000,000.0 |
| Total other expenses (income) | 328,700,000 | 249,400,000 | 246,700,000 |
| Net earnings before income tax | 433,500,000 | 209,200,000 | 440,300,000 |
| Income tax expense (note 17) | 33,000,000.0 | 16,600,000 | 1,200,000 |
| Net earnings | $ 400,500,000 | $ 192,600,000 | $ 439,100,000 |
| Earnings per share (note 19): | |||
| Common share, basic (in dollars per share) | $ 1.36 | $ 0.52 | $ 1.72 |
| Common share, diluted (in dollars per share) | $ 1.26 | $ 0.50 | $ 1.67 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net earnings | $ 400.5 | $ 192.6 | $ 439.1 |
| Other comprehensive income: | |||
| Amounts reclassified to net earnings during the period relating to cash flow hedging instruments (note 23(c)) | 1.2 | 1.3 | 1.0 |
| Comprehensive income | $ 401.7 | $ 193.9 | $ 440.1 |
Consolidated Statements of Puttable Preferred Shares and Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Dividends per common share | $ 0.375 | $ 0.50 | $ 0.50 |
| Series D | |||
| Dividends per preferred share | 1.99 | 1.99 | 1.99 |
| Series E | |||
| Dividends per preferred share | 1.38 | 2.06 | 2.06 |
| Series G | |||
| Dividends per preferred share | 1.37 | 2.05 | 2.05 |
| Series H | |||
| Dividends per preferred share | 1.97 | 1.97 | 1.97 |
| Series I | |||
| Dividends per preferred share | 2.00 | $ 2.00 | $ 2.00 |
| Series J | |||
| Dividends per preferred share | $ 0.68 | ||
General |
12 Months Ended |
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Dec. 31, 2021 | |
| Accounting Policies [Abstract] | |
| General | General: Atlas Corp. (the “Company” or “Atlas”) owns, leases and operates a fleet of containerships and power generation assets through its containership leasing and mobile power generation segments, respectively. It is a Republic of the Marshall Islands corporation incorporated on October 1, 2019 for the purpose of facilitating the Reorganization (as defined below). On November 20, 2019, Seaspan Corporation (“Seaspan”) entered into an Agreement and Plan of Merger with the Company, then a wholly owned subsidiary of Seaspan, and Seaspan Holdco V Ltd., a wholly owned subsidiary of Atlas, in order to implement a reorganization of Seaspan’s corporate structure into a holding company structure, pursuant to which Seaspan would become a direct, wholly owned subsidiary of Atlas (the “Reorganization”). On February 27, 2020, the Reorganization was completed. Common and preferred shareholders of Seaspan (the predecessor publicly held parent company) became common and preferred shareholders of Atlas, as applicable, on a one-for-one basis, maintaining the same number of shares and ownership percentage held in Seaspan immediately prior to the Reorganization. Atlas assumed all of Seaspan’s share purchase warrants and equity plans and will perform all relevant obligations. Atlas common shares trade on the New York Stock Exchange under the ticker symbol “ATCO”. On February 28, 2020, after the Reorganization, Atlas completed the acquisition of all the issued and outstanding common shares of Apple Bidco Limited, which owns 100% of APR Energy Limited (collectively “APR Energy”) (see note 3).
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Significant accounting policies |
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Dec. 31, 2021 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Significant accounting policies | Significant accounting policies: (a) Basis of preparation: The Reorganization was accounted for as a transaction among entities under common control under the pooling of interest method and represented a change in reporting entity whereby the financial information of Seaspan prior to the Reorganization was assumed by Atlas on a carry-over basis. Accordingly, the accompanying consolidated financial statements represent the consolidated historical operations and changes in consolidated financial position of Seaspan, which included the Company as a consolidated subsidiary from its incorporation on October 1, 2019 to February 27, 2020 and those of the Company thereafter, following the Reorganization. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements. (b) Principles of consolidation : The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 15. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment. 2. Significant accounting policies (continued): (c) Foreign currency translation: The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. (d) Cash equivalents: Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. (e) Inventories: Inventories consist primarily of spare parts and consumables. Inventories are stated at the lower of cost or net realizable value. Inventory cost is primarily determined using average or weighted average cost method, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business less costs to complete, disposal and transportation. (f) Property, plant and equipment: Vessels Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from Seaspan’s predecessor upon completion of Seaspan’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels under construction Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Power generating equipment Power generating equipment are recorded at their cost, which represent their original cost at the time of purchase, less accumulated depreciation. Costs incurred to mobilize and install power-generating equipment pursuant to a contract for the provision of power generation services are recorded in property, plant and equipment and are depreciated on a straight-line basis over the non-cancellable lease term to which the power generating equipment relates. A summary of the useful lives used for calculating depreciation and amortization is as follows:
2. Significant accounting policies (continued): (f) Property, plant and equipment (continued): Property, plant and equipment that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the property, plant and equipment exceeds the estimated net undiscounted future cash flows expected to be generated over the asset’s remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. (g) Vessel dry-dock activities: Classification society rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. (h) Business combinations: Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. (i) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. (j) Asset retirement obligations: The Company records a provision and a corresponding long-lived asset for asset retirement obligations (“ARO”) when there is a legal obligation associated with the retirement of long-lived assets and the fair value of the liability can be reasonably estimated. The fair value of the ARO is measured using expected future cash flows discounted at the Company’s credit-adjusted risk-free interest rate. The liability is accreted up to the cost of retirement through interest expense over the non-cancellable lease term. The long-lived asset is depreciated straight-line over the same period. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability or to depreciation expense if the asset is fully depreciated. (k) Deferred financing fees: Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit facilities and other financing arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees is recorded as interest expense. 2. Significant accounting policies (continued): (l) Revenue: Containership leasing revenue The Company derives revenue from the charter of its containership vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, fair value associated with the lease and any purchase options or obligations. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For charters that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs are deferred and amortized to income over the term of the lease. Power generation revenue The Company also derives revenue from lease and service contracts that provide customers with comprehensive power generation services that include leasing of the power generation equipment, installation and dismantling services, operations and maintenance of the power generating equipment (“O&M”), operations monitoring and logistical support. The Company earns a fixed portion of revenue on these contracts by providing megawatt capacity to its customers. Each power equipment lease contract may, depending on its terms, contain a lease component, a non-lease component or both. Lease classification is determined on a contract-specific basis. Total consideration in contracts that include a lease component associated with the use of the power-generation equipment and a non-lease component related to O&M is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the components as a single lease component. Revenue is recognized over the period in which the equipment is available to the customer for use and service is provided to the customer. Certain contracts provide for mobilization and decommissioning payments. Mobilization revenue received up front is deferred and recognized as revenue on a straight-line basis over the term of the contract. Decommissioning revenue is recognized ratably over the term of the contract, as it is earned. 2. Significant accounting policies (continued): (m) Leases: Leases classified as operating leases, where the Company is the lessee, are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of twelve months or less are expensed as incurred. Transactions are accounted for as sale-leaseback transactions when control of the asset is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer. (n) Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately. (o) Income taxes: The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of operations. 2. Significant accounting policies (continued): (p) Share-based compensation: The Company grants phantom share units, restricted shares, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: •Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s common shares on the date of the grant. •Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur. (q) Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: •Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. •Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. (r) Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards, warrants and convertible instruments, where the presumption of share settlement has been overcome. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible instruments where the presumption of share settlement has not been overcome. Under the if-converted method, the instruments are assumed to have been converted at the share price applicable at the end of the period, if dilutive. Contingently issuable shares are included in diluted EPS as of the beginning of the period, if contingencies are satisfied by the end of the period. If contingencies have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS is based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period, if the result is dilutive. The cumulative dividends applicable to the Series D, E, G, H, I and J preferred shares reduce the earnings available to common shareholders, even if not declared. 2. Significant accounting policies (continued): (s) Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: •reported amounts of assets and liabilities, •disclosure of contingent assets and liabilities at the balance sheet dates; and •reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include, but are not limited to the: •assessment of going concern; •assessment of property, plant and equipment useful lives; •expected salvage values; •recoverability of the carrying value of property, plant and equipment and intangible assets with finite lives which are subject to future market events; •recoverable value of goodwill; •fair values of assets acquired and liabilities assumed from business combination; •fair value of asset retirement obligations; and •fair value of interest rate swaps, other derivative financial instruments and contingent consideration asset. (t) Comparative information: Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. (u) Recently adopted and future accounting pronouncements: Measurement of credit loss Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Loss on Financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. Upon adoption, a cumulative effect adjustment of $2,293,000 was made to deficit as part of the modified retrospective transition approach. Simplifying test for goodwill impairment Effective January 1, 2020, the Company adopted ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the need to determine the fair value of individual assets and liabilities of a reporting unit to measure the implied goodwill impairment. As a result of the adoption, the Company now calculates goodwill impairment as the amount by which the carrying value exceeds fair value of a reporting unit, not to exceed the carrying amount of goodwill. 2. Significant accounting policies (continued): (u) Recently adopted and future accounting pronouncements: Discontinuation of LIBOR The Company adopted ASU 2020-04, “Reference Rate Reform (Topic 848)”, prospectively to contract modifications. The guidance provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under FASB’s relevant U.S. GAAP Topic. The election is available by Topic. The Company has elected to apply the optional relief for contracts under ASC 470, “Debt”, ASC 840 and 842, “Leases”, and ASC 815, “Derivatives and Hedging”. There was no impact to the Company's financial statements upon initial adoption. The LIBOR replacement modifications for Debt contracts will be accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts will require no reassessments. Transition activities are focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate. Debt with conversion and other options Effective January 1, 2022, the Company adopted ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, using the modified retrospective method, whereby the accounting for convertible debt instruments is simplified by reducing the number of accounting models and circumstances when embedded conversion features are separately recognized. This update also revises the method in which diluted earnings per share is calculated related to certain instruments with conversion features, among other clarifications. As a result of the adoption, the Company recognizes the maximum potential dilutive effect of our exchangeable notes in diluted EPS using the if-converted method.
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Acquisition of Apple Bidco Limited |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of Apple Bidco Limited | Acquisition of Apple Bidco Limited On February 28, 2020, the Company acquired 100.0% of the share capital of APR Energy from Fairfax Financial Holdings Ltd. and its affiliates (“Fairfax”) and certain other minority shareholders (collectively, the “Sellers”). Fairfax held 67.8% of APR Energy’s common shares. APR Energy owns and operates a fleet of capital-intensive assets, including gas turbines and other power generation equipment, and provides power solutions to customers through various contracts. At closing, Atlas issued 29,891,266 common shares and reserved 6,664,270 common shares for future issuance (the “Holdback Shares”). The Holdback Shares are issuable over a period of 90 days to five years after the date of acquisition and are subject to settlement of purchase price adjustments, indemnification arrangements and other future compensable events. These arrangements may be settled, at the Sellers’ option, by either cancellation of Holdback Shares or cash. In the case of purchase price adjustments, and certain inventory mechanisms, if Holdback Shares are insufficient, Sellers may choose to compensate the Company in cash or cancel previously issued common shares. Any Holdback Shares that are not cancelled after the expiry of their respective holdback periods, will be issued to the Sellers, plus any accrued distributions or dividends. The net purchase price of $287,700,000 comprises of the following. Adjustments have been made from what was originally reported as a result of settlement of purchase price adjustments: 3. Acquisition of Apple Bidco Limited (continued):
(1)The fair value was determined based on the closing market price of common shares on February 28, 2020, the acquisition date. (2)Pursuant to the acquisition agreement, the Sellers are required to compensate the Company for losses on cash repatriation from a foreign jurisdiction related to specified contracts. Losses on cash repatriation is recognized in other expenses in the period incurred. Subsequently, Fairfax had agreed, subject to definitive documentation, to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 12(d)). (3)During the year ended December 31, 2020, the Sellers forfeited their rights to receive 577,139 Holdback Shares and returned 1,849,641 previously issued common shares to the Company. Of this number, 1,122,290 shares were permanently forfeited as part of post-closing purchase price adjustments. The remaining 727,351 shares are held in reserve as treasury shares. The shares held in reserve will be issuable to the Sellers at a future date, subject to settlement of potential indemnified events. In addition, the Company agreed to issue 5-year warrants to purchase 5,000,000 common shares at an exercise price of $13.00 per share to Fairfax, subject to definitive documentation. The warrants were issued in April 2021. During the year ended December 31, 2021 and December 31, 2020, 350,138 and 318,637 common shares were released from holdback and issued to the Sellers. The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
(1)Consists of indemnification assets recognized on acquisition. The Sellers are required to indemnify the Company for certain legal and tax matters through cancellation of the Holdback Shares or in cash, at the Sellers’ option. For certain of these arrangements, if the Holdback Shares are insufficient, Fairfax may be required to compensate the Company in cash. The amount to be indemnified is subject to the aggregate losses incurred at settlement of these legal and tax matters. The amount recognized is equal to the liabilities accrued for such legal and tax matters, based on the Company’s best estimates. For certain other indemnification arrangements, Fairfax is required to compensate the Company in cash, without minority shareholders. (2)The gross contractual accounts receivables acquired is $57.0 million. The amount not expected to be collected is $7.9 million. (3)Concurrent with the acquisition, the Company refinanced the debt facilities acquired (note 13). 3. Acquisition of Apple Bidco Limited (continued): The carrying amounts of cash and cash equivalents, accounts receivable and other current assets (consisting of prepaid expenses), accounts payable and accrued liabilities, income taxes payable and other current liabilities approximate their fair values due to the short-term maturity of the instruments. The fair value of long-term debt and other assets are categorized within Level 2 of the fair value hierarchy and determined based on expected payments. The fair values of contingent consideration assets, inventory, property, plant and equipment, intangible assets and asset retirement obligation included in other long-term liabilities were categorized within Level 3 of the fair value hierarchy and were determined using relevant market assumptions, including comparable sales and cost data, discount rates and future cash flows. As part of the acquisition, the Company recorded $117,900,000 of goodwill resulting from expected synergies in congruence with APR’s unique position in the power generation market, which is not deductible for tax purposes and has been assigned to the power generation segment. During the year ended December 31, 2021 and December 31, 2020, the Company recognized $130,000 and $1,498,000 of acquisition related costs that were included in general and administrative expense. Cost recognized in the fourth quarter of 2019 was $2,294,000. Pro forma financial information The following table presents unaudited pro forma results for the year ended December 31, 2020. The unaudited pro forma financial information combines the results of operations of the Company and APR Energy as though the acquisition had occurred as of January 1, 2020. The pro forma results contain adjustments that are directly attributable to the transaction, including depreciation of the fair value of property, plant and equipment, amortization of acquired intangible assets, and refinancing of debt. Additionally, pro forma net earnings were adjusted to exclude acquisition-related costs incurred.
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Segment reporting |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment reporting | Segment reporting: For management purposes, the Company is organized based on its two leasing businesses and has two reportable segments, containership leasing and mobile power generation. The Company’s containership leasing segment owns and operates a fleet of containerships which are chartered primarily pursuant to long-term, fixed-rate charters. The Company’s mobile power generation segment owns and operates a fleet of power generation assets, including gas turbines and other equipment, and provides power solutions to customers. The Company’s chief operating decision makers monitor the operating results of the leasing businesses separately for the purpose of making decisions about resource allocation and performance assessment based on adjusted EBITDA, which is computed as net earnings before interest expense, income tax expense, depreciation and amortization expense, impairments, write-down and gains/losses on sale, gains/losses on derivative instruments, loss on foreign currency repatriation, change in contingent consideration asset, loss on debt extinguishment, other expenses and certain other items that the Company believes are not representative of its operating performance. 4. Segment reporting: The following table includes the Company’s selected financial information by segment:
4. Segment reporting (continued):
(1)The calculation of adjusted EBITDA does not include the Indemnity claim under acquisition agreement as an adjustment for the mobile power generation segment. Although the revenue reported for this segment is lower due to an injunction at one of the sites, the losses are recoverable through an indemnification agreement (note 3).
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Revenue |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue: The Company generates revenue by leasing and operating its fleet of containerships and power generation assets, largely through operating leases, direct financing leases and sales-type leases. Revenue disaggregated by segment and by type for the year ended December 31, 2021 and December 31, 2020 is as follows:
5. Revenue (continued):
(1)Operating lease revenue includes both bareboat charter and time charter revenue. As at December 31, 2021, the minimum future revenues to be received on committed operating leases, interest income to be earned from direct financing leases and other revenue are as follows:
(1)Minimum future operating lease revenue includes payments from signed charter agreements that have not yet commenced. (2)Minimum future interest income includes direct financing leases currently in effect. As at December 31, 2021, the minimum future revenues to be received based on each segment are as follows:
(1)Minimum future operating lease revenue includes payments from signed charter agreements that have not yet commenced. (2)Minimum future interest income includes direct financing leases currently in effect. Minimum future revenues assume 100% utilization, extensions only at the Company’s unilateral option and no renewals. It does not include signed charter agreements on undelivered vessels. The Company’s revenue during the years was derived from the following customers:
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Related party transactions |
12 Months Ended |
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Dec. 31, 2021 | |
| Related Party Transactions [Abstract] | |
| Related party transactions | 6. Related party transactions: (a)The income or expenses with related parties relate to amounts paid to or received from individuals or entities that are associated with the Company or with the Company’s directors or officers and these transactions are governed by pre-arranged contracts. (b)On each of February 14, 2018 and January 15, 2019, the Company issued to Fairfax $250,000,000 aggregate principal of 5.50% senior notes due on February 14, 2025 (“2025 Fairfax Notes”) and January 15, 2026 (“2026 Fairfax Notes”), respectively, and a tranche of warrants to purchase 38,461,539 common shares of Seaspan at an exercise price of $6.50 per share, on each date. On February 28, 2020, Seaspan issued to Fairfax, in a private placement, $100,000,000 aggregate principal amount of 5.50% senior notes due on March 1, 2027 (the “2027 Fairfax Notes” and together with the 2025 Fairfax Notes and the 2026 Fairfax Notes, the “Fairfax Notes”) (note 13(e)). In June 2021, the Company and Seaspan exchanged and amended the Fairfax Notes. Pursuant to this transaction, the Company exchanged $200,000,000 aggregate principal amount of the 2026 Fairfax Notes and all $100,000,000 aggregate principal amount of the 2027 Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares of the Company (the “Series J Preferred Shares”), representing total liquidation value of $300,000,000, and (ii) 1,000,000 five year warrants to purchase an equal number of Atlas common shares at an exercise price of $13.71 per share (the “Fairfax Exchange”) (note 18(e)). The exchanged 2026 Fairfax Notes and 2027 Fairfax Notes were subsequently cancelled. For the year ended December 31, 2021, the dividends paid for Series J Preferred Shares were $8,108,000 (December 31, 2020 – $nil). In connection with the Fairfax Exchange, the Fairfax Holders also agreed to amend the terms of the $300,000,000 aggregate principal amount of the Fairfax Notes that remain outstanding following the Fairfax Exchange (the “Amendment”), which includes all $250,000,000 aggregate principal amount of the 2025 Fairfax Notes and $50,000,000 aggregate principal amount of the 2026 Fairfax Notes. The Amendment, among other things, eliminated the Fairfax Holders’ mandatory redemption and put rights and released and discharged all outstanding guarantees and liens on collateral thereunder. The Fairfax Holders also agreed to terminate Seaspan’s Amended and Restated Pledge and Collateral Agent Agreement and to release and discharge all liens on collateral thereof (note 13(e)). During the year ended December 31, 2021, the Company redeemed for cash the remaining 2025 Fairfax Notes and 2026 Fairfax Notes at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. (c)On February 28, 2020, in connection with the acquisition of APR Energy, Fairfax received common shares of Atlas as consideration for its equity interests in APR Energy and as settlement of indebtedness owing to Fairfax by APR Energy. In addition, Atlas reserved for issuance Holdback Shares for Fairfax. Fairfax remains a counterparty to certain indemnification and compensation arrangements related to the acquisition of APR Energy (note 3). During the year ended December 31, 2021, 350,138 common shares were issued out of Holdback Shares. These Holdback Shares were released from the holdback of the minority sellers and purchased by Fairfax. Fairfax also paid $12,229,000 to the Company for settlement of an indemnification related to the cash repatriation from a foreign jurisdiction. In addition, the Company received $12,468,000 for the year ended December 31, 2021 (December 31, 2020 – $nil) from Fairfax for the settlement of an indemnification related to losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 3). For the year ended December 31, 2021, interest expense related to Seaspan’s notes held by certain affiliates of Fairfax (the “Fairfax Holders”), including the Fairfax Notes, excluding amortization of the debt discount, was $19,204,000 (2020 – $32,114,000; 2019 – $26,927,000). For the year ended December 31, 2021, amortization of debt discount was $14,188,000 (2020 – $19,963,000; 2019 – $17,347,000). (d)As at December 31, 2021, Fairfax held approximately 40.5% of the Company’s issued and outstanding common shares and has designated two members to the Company’s board of directors. 6. Related party transactions (continued): (e)In March 2021, the Company entered into a joint venture with Zhejiang Energy Group (“ZE”) and executed a shareholders agreement with ZE to form the joint venture (“ZE JV”). The Company owns 50% of the ZE JV. The purpose of the joint venture is to develop business in relation to container vessels, LNG vessels, environmental protection equipment and power equipment supply. In October 2021, through as series of transactions with a wholly owned subsidiary of the ZE JV as the ultimate purchaser, the Company sold one 4,250 TEU vessel for an aggregate purchase price of $38,280,000 (note 8). The Company continues to manage the ship operations of the vessel. During the year ended December 31, 2021, the Company earned revenue of $325,000 (2020 – $nil) and incurred expenses of $285,000 (2020 – $nil) in connection with the ship management of the vessel. As at December 31, 2021, the Company has invested $1,000,000 (December 31, 2020 – $nil) in the ZE JV.
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Net investment in lease |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investments in lease | Net investment in lease:
In February 2020, the bareboat charters for the six vessels acquired in November 2019 were modified to extend the terms of the leases by six years, with similar purchase options. As a result of the modification, it was determined that the customer is no longer reasonably certain to exercise the purchase options and these leases were reclassified as operating leases. In February 2021, the Company commenced a fixed rate bareboat charter with a term of 18 years on a 12,000 TEU vessel, which has been classified as a sales-type lease. No gain or loss was recognized on commencement date. In September and November 2021, the Company commenced one and two 18-year fixed rate bareboat charters, respectively, each for a 12,200 TEU vessel. The bareboat charters have been classified as a sales-type lease and no gain or loss was recognized on the commencement dates. At December 31, 2021, the minimum lease receivable from direct financing leases are as follows:
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Property, plant and equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment | Property, plant and equipment:
During the year ended December 31, 2021, depreciation and amortization expense relating to property, plant and equipment was $345,164,000 (2020 - $324,597,000; 2019 – $233,729,000). In February 2020, the Company acquired gas turbines and other equipment of $447,166,000 as part of the acquisition of APR Energy (note 3). In February 2020, sales-type leases related to six bareboat charters were re-assessed to be operating leases at lease modification. Accordingly, vessels of $377,393,000 were reclassified to property, plant and equipment and recorded at a value equal to the net investment in leases derecognized (note 7). Upon commencement of a fixed rate bareboat charter in February 2021, $88,060,575 was reclassified to net investment in lease from property, plant and equipment (note 7). During the year ended December 31, 2020 the Company took delivery of ten secondhand vessels, with an aggregate purchase price of $785,033,000, including one vessel that was reclassified to property, plant and equipment from net investment in leases at lease modification, subsequent to initial acquisition during the year. During the year ended December 31, 2021, the Company took delivery of four vessels, with an aggregate purchase price of $358,500,000. During the year ended December 31, 2021, the Company sold one 4,250 TEU vessel to a wholly owned subsidiary of the ZE JV for $38,280,000 (note 6(e)), resulting in a gain on sale of $15,884,000.
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Vessels under construction |
12 Months Ended |
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Dec. 31, 2021 | |
| Property, Plant and Equipment [Abstract] | |
| Vessels under construction | Vessels under construction As at December 31, 2021, the vessels under construction balance includes $18,870,000 of capitalized interest for the year ended December 31, 2021 (December 31, 2020 – $nil). As at December 31, 2021, the vessels under construction balance includes $1,284,512,000 of installment payments for the year ended December 31, 2021 (December 31, 2020 – $41,983,000). During the year ended December 31, 2021, the Company took delivery of three 12,200 TEU vessels that were previously under construction for an aggregate purchase price of $251,895,000. The vessels commenced 18-year bareboat charters upon delivery and are classified as a sales-type lease (note 7).
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Right-of-use assets |
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| Operating Lease Right Of Use Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Right-of-use assets | Right-of-use assets:
During the year ended December 31, 2021, the amortization in right-of-use assets were $125,800,000 (2020 – $120,140,000; 2019 – $111,810,000, respectively).
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Goodwill |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | Goodwill:
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Other assets |
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| Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | Other assets:
(a)Intangible assets:
12. Other assets (continued): (a)Intangible assets (continued):
As part of the acquisition of APR Energy on February 28, 2020, the Company recorded $27,400,000 related to the fair value of a trademark. The trademark is amortized on a straight-line basis over its estimated useful life of 20 years. Acquired customer contracts are amortized on a straight-line basis over their remaining useful lives. As of December 31, 2021, the weighted average remaining useful lives of acquired customer contracts was 3.9 years (2020 – 4.6 years; 2019 – 5.3 years). During the year ended December 31, 2021, the Company recorded $20,910,000 of amortization related to intangible assets (2020 – $21,396,000; 2019 – $20,729,000). Future amortization of intangible assets is as follows:
(b)Deferred dry-dock: During the years ended December 31, 2021 and 2020, changes in deferred dry-dock were as follows:
(1)Amortization of dry-docking costs is included in depreciation and amortization (c)Restricted cash: Restricted cash consists primarily of amounts held in reserve accounts related to the Company’s debt facilities. 12. Other assets (continued): (d)Contingent consideration asset: As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for certain losses that may be incurred on future cash repatriation from a foreign jurisdiction until the earlier of (1) reaching the maximum cash flows subject to compensation, (2) termination of specified contracts, (3) sustaining the ability to repatriate cash without losses and (4) April 30, 2022. The amount of compensation depends on the Company’s ability to generate cash flows on specific contracts in the foreign jurisdiction and the magnitude of losses incurred on repatriation. The maximum amount of cash flows subject to compensation is $110,000,000. The Company is also compensated for future losses realized on sale or disposal of certain property, plant and equipment and inventory items calculated as the difference between the proceeds on sale or disposal and the book value of the respective assets at February 28, 2020, prior to acquisition. The maximum amount of losses subject to compensation is $64,000,000.
(e)Indemnity claim under acquisition agreement As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for losses resulting from an ongoing injunction on certain sites in Argentina. The losses will be settled through a combination of the cancellation of holdback shares and cash at the (i) lifting of the injunction or (ii) end of the contract in May 2022. (f)Deferred financing fees on undrawn financings The Company has entered into financing arrangements for certain of its vessels under construction. As the financing arrangements are undrawn as at December 31, 2021, the amounts incurred have been capitalized and recorded as long-term asset. As the financing is drawn, the amounts will be reclassified and presented as a direct deduction from the related debt liability.
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Long-term debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | Long term debt:
(a)Revolving credit facilities As at December 31, 2021, the Company had three revolving credit facilities available (December 31, 2020 – four revolving credit facilities) which provided for aggregate borrowings of up to $600,000,000 (December 31, 2020 – $500,000,000), of which $600,000,000 (December 31, 2020 – $217,000,000) was undrawn. On February 28, 2020, the Company acquired the outstanding debt of APR Energy. Concurrently, the Company entered into a credit facility of up to $185,000,000 (the “Bank Facility”) comprised of a revolving loan facility of $50,000,000 and a term loan facility of $135,000,000, the proceeds of which were used to refinance the APR Energy’s outstanding debt. The Bank Facility matures on February 28, 2023 and is secured by the Company’s power generation assets. On July 2, 2020, the Company entered into a $150,000,000 revolving credit facility, refinancing a $150,000,000 revolving credit facility due to mature in August 2020. The new facility matures on July 2, 2022 and can increase to a maximum capacity of $200,000,000, subject to additional commitments (note 24(f)). In May 2021, the Company refinanced one revolving credit facility which increased the aggregate commitments by $100,000,000 and extended the maturity by two years. Revolving credit facilities and Term loan credit facilities balances as at December 31, 2020 have been reclassified to conform to the financial statement presentation adopted for the current year. As at December 31, 2021, the Company has no drawn revolving credit facilities. As at December 31, 2020, the one month, three month and six month average LIBOR on the Company’s revolving credit facilities is 0.2%, 0.2% and 0.3%, respectively and the margin is 0.5% and 2.25%. The weighted average rate of interest, including the margin, for the Company’s revolving credit facilities is 1.4% as at December 31, 2020. Interest payments were made monthly, quarterly and semi-annually. The Company is subject to commitment fees ranging between 0.5% and 0.6% (December 31, 2020 – 0.2% and 0.6%) calculated on the undrawn amounts under the various facilities. 13. Long term debt (continued): (b)Term loan credit facilities As at December 31, 2021, the Company has entered into $4,052,103,000 (December 31, 2020 – $2,833,850,000) of term loan credit facilities, of which $1,710,224,000 (December 31, 2020 - $250,000,000) was undrawn. On February 28, 2020, the Company entered into the Bank Facility which includes a $135,000,000 term loan facility (note 13(a)). On March 6, 2020, the Company entered into a $100,000,000 term loan credit facility, which bears a fixed interest rate of 7.7% per annum and matures on March 6, 2025. This facility is secured by the Company’s power generation assets. In February 2020 and March 2020, the Company increased the aggregate commitment under an existing term loan credit facility (the “December 2019 Term Loan”), which matures on December 30, 2025, by $100,000,000. On October 15, 2020, the Company entered into a sustainability-linked term loan facility (the “October 2020 Term Loan”) with an aggregate principal of $200,000,000, which was subsequently upsized to $250,000,000 on December 14, 2020. The facility matures on October 14, 2026 and bears an initial interest rate of three month LIBOR plus 2.25% margin. The margin may be subsequently adjusted if the Company meets certain sustainability metrics during the term of the loan. The December 2019 Term Loan and the October 2020 Term Loan are secured by a portfolio of vessels, which also secured some of the Company’s other credit facilities. In May 2021, the Company amended and restated three term loan credit facilities which increased the aggregate commitments by $79,540,000 and extended maturities by two years. In June 2021, the Company made early prepayment of $59,961,000 on one term loan that matures on July 6, 2025. In May 2021, the Company entered into a $6,500,000 term loan credit facility, which bears a fixed interest rate of 3.8% per annum and matures on May 30, 2024. In July 2021, the Company entered into a $6,500,000 term loan credit facility, which bears a fixed interest rate of 3.8% per annum and matures on July 2, 2024. In October 2021, the Company entered into a $633,088,000 term loan credit facility, which bears an initial interest rate of three month LIBOR plus 1.4% margin. No amounts have been drawn under the facility as of December 31, 2021. In December 2021, the Company entered into a $1,077,137,000 term loan credit facility, which bears an initial interest rate of three month LIBOR plus 3.39% margin. No amounts have been drawn under the facility as of December 31, 2021. Term loan credit facilities drawn mature between December 31, 2022 and January 21, 2030. For all of the Company’s term loan credit facilities, except for one, interest is calculated based on three month or six month LIBOR plus a margin per annum, dependent on the interest period selected by the Company. The three month and six month average LIBOR was 0.2% and 0.2%, respectively (December 31, 2020 – 0.2% and 0.3%) and the margins ranged between 0.4% and 3.5% as at December 31, 2021 (December 31, 2020 – 0.4% and 4.3%). For one of the term loan credit facilities with a total principal amount outstanding of $27,198,000 (December 31, 2020 – $39,970,000), interest is calculated based on the Export-Import Bank of Korea (“KEXIM”) rate plus 0.7% per annum. 13. Long term debt (continued): (b)Term loan credit facilities (continued): For two of the term loan credit facilities with a total principal amount outstanding of $921,000,000 (December 31, 2020 – $nil), interest is calculated based on a fixed rate of 3.8% per annum for both. The weighted average rate of interest, including the applicable margin, was 1.9% as at December 31, 2021 (December 31, 2020 – 2.3%) for the Company’s term loan credit facilities. One of the Company’s term loan credit facilities bears interest at a fixed rate of 7.7%. Interest payments are made in monthly, quarterly or semi-annual payments. Repayments under term loan credit facilities are made in quarterly or semi-annual payments. For those related to newbuilding containerships, payments commence three, six or thirty-six months after delivery of the associated newbuilding containership, utilization date or the inception date of the term loan credit facilities. The following is a schedule of future minimum repayments under the Company’s term loan credit facilities as of December 31, 2021:
(c)Credit facilities – other: As at December 31, 2021, the Company’s credit facilities were secured by first-priority mortgages granted on most of its power generation assets and 65 of its vessels together with other related security. The security for each of the Company’s current secured credit facilities includes: •A first priority mortgage on collateral assets; •An assignment of the Company’s lease agreements and earnings related to the related collateral assets; •An assignment of the insurance policies covering each of the collateral assets that are subject to a related mortgage and/or security interest; •An assignment of the Company’s related shipbuilding contracts and the corresponding refund guarantees; •A pledge over shares of various subsidiaries; and •A pledge over the related retention accounts. As at December 31, 2021, $1,511,365,000 principal amount of indebtedness under the Company’s term loan and revolving credit facilities was secured by a portfolio of 52 vessels, the composition of which can be changed, and is subject to a borrowing base and portfolio concentration requirements, as well as compliance with financial covenants and certain negative covenants. 13. Long term debt (continued): (c)Credit facilities – other (continued): The Company may prepay certain amounts outstanding without penalty, other than breakage costs in certain circumstances, with the exception of one term loan credit facility, where the Company may prepay borrowings up to March 6, 2023 with penalties and thereafter without penalty. A prepayment may be required as a result of certain events, including change of control and, where applicable, the sale or loss of assets or a termination or expiration of certain lease agreements (and the inability to enter into a lease replacing the terminated or expired lease suitable to lenders within a specified period of time). The amount that must be prepaid may be calculated based on the loan to market value. In these circumstances, valuations of the Company’s assets are conducted on a “without lease” and/or “orderly liquidation” basis as required under the credit facility agreement. Each credit facility contains a mix of financial covenants requiring the borrower and/or guarantor of the facility to maintain minimum liquidity, tangible net worth, interest and principal coverage ratios, and debt-to-assets ratios, as defined. Each of Atlas and Seaspan are guarantors under certain facilities. Some of the facilities also have an interest and principal coverage ratio, debt service coverage and vessel value requirement for the subsidiary borrower. The Company was in compliance with these covenants as at December 31, 2021. (d)Senior unsecured notes: In February 2021, the Company issued $200,000,000 of 6.5% senior unsecured sustainability-linked bonds in the Nordic bond market (“2024 Bonds”). In April 2021, the Company issued a further $300,000,000 of senior unsecured sustainability-linked bonds in the Nordic bond market (the “2026 Bonds” and together with the 2024 Bonds, the “Bonds”). The Bonds mature in February 2024 and April 2026, respectively, and bear interest at 6.5% per annum. If the sustainability performance targets are not met during the term of the Bonds, the Bonds will be settled at maturity at 100.5% of the initial principal. The Bonds are listed on the Oslo Stock Exchange. In May 2021, the Company exchanged an aggregate principal amount of $52,198,825 7.125% senior notes due 2027 of its wholly owned subsidiary, Seaspan Corporation (the “Seaspan Notes”), for an equivalent amount of its 7.125% senior notes due 2027 (the “Atlas Notes”), registered under the Securities Act of 1933, as amended, and listed on the Nasdaq Global Market. In July 2021, the Company exchanged an additional $151,000 of Seaspan Notes for Atlas Notes, and redeemed all remaining Seaspan Notes. On July 14, 2021, the Company issued $750,000,000 of senior unsecured notes. These notes mature in 2029 and accrue interest at 5.5% per annum, payable semi-annually beginning on February 1, 2022. The notes are a blue transition bond developed to further the Company’s sustainability efforts. (e)Fairfax Notes: Pursuant to the Fairfax Exchange as described in note 6(b), the Company exchanged $200,000,000 aggregate principal amount of the 2026 Fairfax Notes and all $100,000,000 aggregate principal amount of the 2027 Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares, and (ii) 1,000,000 five year warrants to purchase an equal number of Atlas common shares at an exercise price of $13.71 per share. The exchanged 2026 Fairfax Notes and 2027 Fairfax Notes were subsequently cancelled. In connection with the Fairfax Exchange, the Fairfax Holders also agreed to amend the terms of the $300,000,000 aggregate principal amount of the Fairfax Notes that remain outstanding following the Fairfax Exchange, which includes all 2025 Fairfax Notes and 2026 Fairfax Notes. The Amendment, among other things, eliminated the Fairfax Holders’ mandatory redemption and put rights and released and discharged all outstanding guarantees and liens on collateral thereunder. The Fairfax Holders also agreed to terminate Seaspan’s Amended and Restated Pledge and Collateral Agent Agreement and to release and discharge all liens on collateral thereof. The Company had the option to redeem the amended notes, in whole or in part, at any time at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest. 13. Long term debt (continued): (e)Fairfax Notes (continued): In August 2021, the remaining 2025 Fairfax Notes and 2026 Fairfax Notes were redeemed for cash at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest. As a result of the Fairfax Exchange and subsequent redemption of the 2025 Fairfax Notes and 2026 Fairfax Notes, the Company recorded a loss on debt extinguishment of $121,715,000 for the year ended December 31, 2021, respectively (2020 – $nil; 2019 – $nil), representing the write-off of the existing associated debt discount and deferred financing fees. (f)Senior Unsecured Exchangeable Notes: On December 21, 2020, the Company, through its wholly-owned subsidiary, Seaspan Corporation issued $201,250,000 aggregate principal amount of 3.75% exchangeable senior unsecured notes due 2025 (the “Exchangeable Notes”) in a private placement. The Exchangeable Notes are exchangeable at the holders’ option into an aggregate of 15,474,817 Atlas common shares at an initial exchange price of $13.005 per share, in equivalent cash or a combination of Atlas common shares and cash, as elected by the Company, on or after September 15, 2020, or earlier in the following circumstances: •After December 31, 2020, if the last reported price of an Atlas common share is at least 130% of the exchange price then in effect over a specified measurement period; •If the trading price per $1,000 principal amount of Exchangeable Notes during a specified measurement period is less than 98% of the last reported sale price on Atlas common shares multiplied by the applicable exchange rate; and •Upon the occurrence of certain significant corporate events, or in response to early redemption elected by the Company. The exchange price is subject to anti-dilution and make-whole clauses. The holders may require the Company to redeem the Exchangeable Notes held by them upon the occurrence of certain corporate events qualifying as a fundamental change in the business. The Company may redeem the Exchangeable Notes in connection with certain tax-related events or on any business day on or after December 20, 2023 and prior to September 15, 2025, if the last reported sale price of an Atlas common share is at least 130% of the exchange price during a specified measurement period. A redemption of the Exchangeable Notes is made at 100% of the principal amount, plus accrued and unpaid interest. The Exchangeable Notes mature on December 15, 2025, unless earlier exchanged, repurchased or redeemed. Upon issuance, the proceeds from the Exchangeable Notes were allocated between debt, measured at fair value of $195,000,000 and equity of $6,250,000 representing the residual value related to the conversion feature. The difference between the face value and carrying value of the debt reflects the debt discount, which is amortized through interest expense using an effective interest rate of 4.5%, over the remaining life of the debt. Interest payment is semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2021. Capped Call Transactions In connection with the issuance of the Exchangeable Notes, the Company entered into capped call transactions with affiliates of certain of the initial purchasers of the Exchangeable Notes and other financial institutions, using $15,536,000 in proceeds from the issuance, to reduce the potential dilution to Atlas common shares upon any exchange of notes and/or offset any cash payments the Company is required to make upon exchange of the Exchangeable Notes, in excess of the principal amount. They may be settled in cash, shares, or a combination of cash and shares as determined by the settlement method of the Exchangeable Notes, at a strike price with underlying shares equal to that of the Exchangeable Notes and subject to anti-dilution adjustments substantially similar to those applicable to the Exchangeable Notes. The capped calls are exercisable up to a maximum price of $17.85 per share, subject to certain adjustments. The instruments expire on December 15, 2025. 13. Long term debt (continued): (g)Senior Secured Notes: In May 2021, the Company entered into a note purchase agreement to issue $500,000,000 of sustainability-linked, senior secured notes (the “Senior Secured Notes”) in a US private placement. The Senior Secured Notes comprise four series, each ranking pari passu with the Company’s existing and future debt financing program. The Series A, Series C and Series D Senior Secured Notes were issued in May 2021, with interest rates ranging from 3.91% to 4.26% and maturities from June 2031 to June 2036. The Series B Senior Secured Notes, which bear interest at 3.91% per annum and mature in 2031, were issued in August 2021. The Senior Secured Notes contain certain sustainability features, and are subject to adjustment based on Seaspan’s achievements relative to certain key performance indicators.
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Operating lease liabilities |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating lease liabilities | Operating lease liabilities:
Operating lease liabilities relate to vessel sale-leaseback transactions and other operating leases. Vessel sale-leaseback transactions under operating lease arrangements are in part, indexed to three month LIBOR, reset on a quarterly basis. For one of the Company’s vessel operating leases, an option to repurchase the vessel exists at the end of its lease term. For all other arrangements, the lease may be terminated prior to the end of the lease term, at the option of the Company, by repurchasing the respective vessels on a specified repurchase date at a pre-determined fair value amount. For one of these arrangements, if the Company elects not to repurchase the vessel, the lessor may choose not to continue the lease until the end of its term. Each sale-leaseback transaction contains financial covenants requiring the Company to maintain certain tangible net worth, interest coverage ratios and debt-to-assets ratios, as defined. These vessels are leased to customers under time charter arrangements. Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows:
In September 2021, the Company amended an operating lease for one vessel to extend the term for an additional five years. The amendment resulted in the continuation of its treatment as an operating lease. The reassessment due to the modification resulted in an increase of $5,753,000 to lease liabilities and a corresponding increase to right-of-use assets.
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Other financing arrangements |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other financing arrangements | Other financing arrangements:
The Company, through certain of its wholly-owned subsidiaries, has entered into non-recourse or limited recourse sale-leaseback arrangements with financial institutions to fund the acquisition of vessels. Under these arrangements, the Company has agreed to transfer the vessels to the counterparties and lease the vessels back from the counterparties over the applicable lease term as a financing lease arrangement. In the arrangements where the shipbuilding contracts are novated to the counterparties, the counterparties assume responsibility for the remaining payments under the shipbuilding contracts. In certain of the arrangements, the counterparties are companies whose only assets and operations are to hold the Company’s leases and vessels. The Company operates the vessels during the lease term, supervises the vessels’ construction before the lease term begins, if applicable, and/or is required to purchase the vessels from the counterparties at the end of the lease term. As a result, in most cases, the Company is considered to be the primary beneficiary of the counterparties and consolidates the counterparties for financial reporting purposes. In all cases, these arrangements are considered failed-sales. The vessels are recorded as an asset and the obligations under these arrangements are recorded as a liability. The terms of the leases are as follows: (i)COSCO Faith - 13100 TEU vessel: Under this arrangement, the counterparty has provided financing of $109,000,000. The 12-year lease term began in March 2012, which was the vessel’s delivery date. Lease payments include an interest component based on three month LIBOR plus a 3.0% margin. At the end of the lease, the Company will have the option to purchase the vessel from the lessor for $1. In January 2020, the Company made a prepayment of $48,316,000 on the remaining balance of the arrangement. (ii)Leases for three 4500 TEU vessels: Under these arrangements, the counterparty has provided refinancing of $150,000,000. The year lease terms began in March 2015. At delivery, the Company sold and leased the vessels back over the terms of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. The remaining balance was paid in March 2020. (iii)Leases for five 11000 TEU vessels: Under these arrangements, the counterparty has provided financing of $420,750,000. The 17-year lease terms began between August 2017 and January 2018, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 3.3% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. In October 2020, the Company made a prepayment of $71,084,000 on the remaining principal balance of one of the 11000 TEU vessels under sales-leaseback financing arrangement. In January 2021, the Company made a payment of $69,166,000 to early terminate a sale-leaseback financing arrangement secured by one 11,000 TEU vessel. In March 2021, the Company entered into a new sale-leaseback financing arrangement of $83,700,000, secured by the same 11,000 TEU vessel as described in note 15 (vii). 15. Other financing arrangements (continued): (iv)Leases for four 12000 TEU vessels: Under these arrangements, the counterparty has provided financing of $337,732,000. The 10-year lease terms began in March and April 2020, which were the vessels’ delivery dates. Lease payments include interest components based on one month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (v)Leases for two 13000 TEU vessels: Under these arrangements, the counterparty has provided financing of $138,225,000. The 10-year lease terms began in August and September 2020, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease terms, the Company is obligated to purchase the vessels at a pre-determined purchase price. (vi)Leases for two 12000 TEU vessels: Under these arrangements, the counterparty has provided financing of $158,400,000. The 10-year and 12-year lease terms began in October and November 2020, respectively, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.75% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels throughout their respective lease terms at a pre-determined purchase price. (vii)Leases for three vessels: In April 2021, the counterparty provided refinancing of $235,000,000 in sale-leaseback financing for three vessels ranging in size between 10,000 TEU and 13,100 TEU. The lease terms, ranging between 96 and 162 months, began in April 2021. Lease payments include interest components based on one three LIBOR plus a 2.75% margin. The Company sold and leased the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (viii)Leases for three 12200 TEU vessels In April 2021, the counterparty provided sale-leaseback financing of $243,000,000. The 12-year lease term for one of the vessels began in November 2021, which was the vessel’s delivery date. The amounts drawn on this facility for the other two vessels relate to installments on vessel under construction. Lease payments include interest components based on one month LIBOR plus a 2.95% margin. At delivery, the Company sells and leases the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase the vessels at a pre-determined purchase price. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. (ix)Leases for two 12200 TEU vessels In May 2021, the counterparty provided sale-leaseback financing of $162,000,000. The 10-year lease terms began in September and November 2021, which were the vessels’ delivery dates. Lease payments include interest components based on three month LIBOR plus a 2.95% margin. At delivery, the Company sold and leased the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. 15. Other financing arrangements (continued): (x)Leases for six 7000 TEU vessels In October 2021, the counterparty provided sale-leaseback financing of $445,000,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. At the end of the lease term, the Company is obligated to purchase four of the vessels at a pre-determined purchase price. For all six vessels, the Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2021, the amounts drawn on this facility relate to the first advance. (xi)Leases for eight vessels In June 2021, the counterparty provided sale-leaseback financing of $895,320,000 for eight vessels ranging in size from 160000 TEU to 24000 TEU. Lease payments include interest components based on three month LIBOR plus a 2.80% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2021, no amounts have been drawn under this facility. (xii)Leases for six 15500 TEU vessels In August 2021, the counterparty provided sale-leaseback financing of $661,826,000. Lease payments include interest components based on one month LIBOR plus a 2.50% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the second anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2021, no amounts have been drawn under this facility. (xiii)Leases for six 15000 TEU and four 7000 TEU vessels In November 2021, the counterparty provided sale-leaseback financing of $889,141,000. Lease payments include interest components based on three month LIBOR plus a 2.45% margin. At delivery, the Company will sell and lease the vessels back over the term of the sale-leaseback transactions. The Company has the option to purchase the vessels after the first anniversary date of delivery through their respective lease terms at a pre-determined purchase price. At December 31, 2021, no amounts have been drawn under this facility. (xiv)Leases for two 12000 TEU vessels In December 2021, the Company entered into a $169,500,000 financing arrangement to finance two vessels upon delivery. Lease payments include interest components based on a secured overnight financing rate plus a credit spread and a 1.8% margin. No amounts have been drawn under the financing as of December 31, 2021. In May 2021, the Company repaid $59,300,000 upon early termination of a sale-leaseback financing arrangement secured by a 13,100 TEU vessel. The weighted average rate of interest, including the margin, was 3.08% at December 31, 2021 (December 31, 2020 – 3.12%). Based on amounts funded for other financing arrangements, payments due to lessors would be as follows:
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Other liabilities |
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| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | Other liabilities:
(a)Asset retirement obligations: Asset retirement obligations were assumed as part of the APR Energy acquisition and consist of the contractual requirement to demobilize the Company’s mobile power generation sites when there is a legal obligation associated with the demobilization and the fair value of the liability can be reasonably estimated.
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Income tax |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income tax | Income tax: The Company is tax resident in the United Kingdom and consists of its containership leasing and mobile power generation segments. The effective tax rate for its containership segment is nominal, primarily due to international shipping reciprocal exemptions. Its mobile power generation segment, acquired on February 28, 2020 through APR Energy, is subject to income taxes in multiple jurisdictions. Net earnings before income taxes for the year ended December 31, 2021 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2021 related only to foreign jurisdictions and consists of the following:
17. Income tax (continued):
As a result of the acquisition of APR Energy, the Company operates in countries that have differing tax laws and rates. Therefore, a consolidated weighted average tax rate will vary from year to year according to the source of earnings or losses by country and the change in applicable tax rates. Prior to the APR Energy acquisition, the Company was subject to nominal income taxes primarily due to international shipping reciprocal exemptions for the containership segment. For the year ended December 31, 2021 and December 31, 2020, the reconciliation between the effective tax rate of 7.61% and 7.94%, respectively, and the statutory UK income tax rate of 19.0% is as follows:
17. Income tax (continued): The deferred tax assets and liabilities were as follows for the year ended December 31, 2021 and December 31, 2020:
The increase in the valuation allowances during the year ended December 31, 2021, primarily relates to an increase in net operating losses related to APR Energy and valuation allowances taken on deferred tax assets in APR Energy’s operations in Argentina. As at December 31, 2021, the Company has foreign tax losses carried forward of $331,024,000 (2020 – 207,800,000), of which $1,498,000 is recognized as a deferred tax asset. No deferred tax asset is recognised on the remaining balance of $329,526,000 on the basis that no tax benefit is expected to arise in the jurisdictions where the tax losses occurred. The material tax losses carried forward generally have no expiry date. The Company’s ability to utilize the net operating loss and tax credit carry forward may be subject to restriction in the event of past or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar tax law. Tax years that remain open to examination by some of the major jurisdictions in which the Company is subject to tax range from two to four years. As at December 31, 2021, the Company had income tax payable of $96,900,000 (2020 – 110,400,000). This balance includes cash taxes payable and a reserve for global uncertain tax positions. The Company’s uncertain tax positions relate primarily to items that were acquired as part of the APR Energy acquisition. Substantially all of these items are indemnified and a corresponding indemnification asset has been recorded (note 3). The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months. The Company reviews its tax obligations regularly and may update its assessment of its tax positions based on available information at the time. 17. Income tax (continued): The following table summarizes the activity related to the Company’s unrecognized tax benefits:
The unrecognized tax benefit balance as at December 31, 2020, includes a reclass of $16,325,000 from the current tax payable balance to the unrecognized tax benefit balance. The Company recognizes interest expense and penalties related to unrecognized tax benefits as income tax expense. The Company had interest or penalties accrued in the consolidated balance sheet at December 31, 2021 and December 31, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2022. In addition, the CARES Act allows NOLs incurred in 2019, 2020, and 2021 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company evaluated the impact of the CARES Act, and the NOL carryback provision of the CARES Act does not result in a material cash benefit to it.
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Preferred shares and share capital |
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| Preferred shares and share capital | Preferred shares and share capital: (a)Common shares: On February 27, 2020, upon completion of the Reorganization, the common shares of Seaspan, the predecessor of Atlas, was exchanged for Atlas common shares on a one-for-one basis. The Company has 400,000,000 Class A common shares authorized at December 31, 2021 and December 31, 2020, with a par value of $0.01 per share. On February 28, 2020, the Company issued 29,891,266 common shares and reserved 6,664,270 common shares for holdback as part of the consideration paid for the acquisition of the shares of APR Energy (note 3). Concurrent with the acquisition, the Company issued 775,139 common shares to Fairfax to settle APR Energy’s indebtedness to Fairfax at closing. During the year ended December 31, 2020, the Sellers returned 1,849,641 previously issued common shares to the Company and 557,139 Holdback Shares were cancelled. Of the common shares returned, 1,122,290 shares were permanently forfeited as part of post-closing purchase price adjustments. The remaining 727,351 shares are held in reserve as treasury shares. These shares may be issuable to the Sellers at a future date, subject to settlement of potential indemnified events. As of December 31, 2021, 6,145,707 common shares are issuable as Holdback Shares, including 727,351 shares held in treasury. During the year ended December 31, 2021, 350,138 (December 31, 2020 – 318,637) shares were released from holdback and issued to the Sellers. The Company has a dividend reinvestment program (“DRIP”) that allows interested shareholders to reinvest all or a portion of cash dividends received in the Company’s common shares. If new common shares are issued by the Company, the reinvestment price is equal to the average price of the Company’s common shares for the five days immediately prior to the reinvestment, less a discount. The discount rate is set by the Board of Directors and is currently 3%. If common shares are purchased in the open market, the reinvestment price is equal to the average price per share paid. 18. Preferred shares and share capital (continued): (b)Preferred shares: As at December 31, 2021, the Company had the following preferred shares outstanding:
(1)Redeemable by the Company, in whole or in part, at a redemption price of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. (2)On July 1, 2021, the Company redeemed all of its outstanding 8.25% Series E Cumulative Redeemable Preferred Shares and outstanding 8.20% Series G Cumulative Redeemable Perpetual Preferred shares for cash at $25.00 per share plus all accrued and unpaid dividends. (3)Dividends will be payable on the Series J Cumulative Redeemable Preferred Shares at a rate of 7.0% for the first five years after the issue date, with 1.5% increases annually thereafter to a maximum of 11.5%. The preferred shares are subject to certain financial covenants. The Company is in compliance with these covenants on December 31, 2021. (c) Restricted shares: During the year ended December 31, 2021, the Company granted 75,910 restricted shares, to its board of directors, of which 11,984 restricted shares were forfeited. (d) Restricted stock units: During the year ended December 31, 2021, the Company granted 819,381 restricted stock units, to certain members of senior management. (e) Cumulative redeemable preferred shares: Pursuant to the Fairfax Exchange as described in note 6(b), the Company exchanged $200,000,000 aggregate principal amount of the 2026 Fairfax Notes and all $100,000,000 aggregate principal amount of the 2027 Fairfax Notes for (i) 12,000,000 Series J 7.00% Cumulative Redeemable Perpetual Preferred Shares, representing total liquidation value of $300,000,000, and (ii) 1,000,000 five year warrants to purchase an equal number of shares of Atlas common stock at an exercise price of $13.71 per share. The exchanged 2026 Fairfax Notes and 2027 Fairfax Notes were subsequently cancelled. Dividends are payable on the Series J Preferred Shares at a rate of 7.0% for the first five years after the issue, with 1.5% increases annually thereafter to a maximum of 11.5%. These warrants may be exercised within a 5-year period. The Company can also elect to require early exercise of the warrants, at any time after June 11, 2025, if the “Fair Market Value” (being defined as the volume-weighted average of the sale prices of common shares over the 20 trading days immediately prior to the day as of which Fair Market Value is being determined) of a common share equals or exceeds two times the exercise price on the third trading day prior to the date on which the Company delivers the forced exercise notice.
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Earnings per share (“EPS”) |
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| Earnings per share (“EPS”) | 19. Earnings per share (“EPS”):
19. Earnings per share (“EPS”) (continued):
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Share-based compensation |
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| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | . Share-based compensation: In December 2005, Seaspan’s board of directors adopted the Seaspan Corporation Stock Incentive Plan, which was administered by Seaspan’s board of directors and, under which its officers, employees and directors could be granted options, restricted shares, phantom share units and other stock-based awards as determined by the Seaspan board of directors. Upon consummation of the Reorganization, Atlas assumed Seaspan’s equity-based compensation plans, including the Seaspan Corporation Stock Incentive Plan. Awards previously granted under the Seaspan Corporation Stock Incentive Plan are now exercisable for Atlas common shares instead of Seaspan common shares. In connection with the Reorganization, the Seaspan Plan was amended and restated as the Atlas Corp. Stock Incentive Plan (the “Atlas Plan”). In June 2020, the Atlas Plan was amended and restated to increase the number of common shares issuable under the Atlas Plan from 5,000,000 to 10,000,000. At December 31, 2021, there are 1,149,008 (December 31, 2020 – 1,993,398) remaining shares left for issuance under this Plan. A summary of the Company’s outstanding restricted shares, phantom share units, and restricted stock units as of and for the twelve months ended December 31, 2021, 2020, and 2019 are presented below:
During the year ended December 31, 2021, the Company amortized $11,203,000 (2020 – $7,068,000; 2019 - $3,310,000) in share-based compensation expense related to the above share-based compensation awards. At December 31, 2021, there was $22,392,000 (2020 – $22,334,000) of total unamortized compensation costs relating to unvested share-based compensation awards, which are expected to be recognized over a weighted-average period of 26 months. (a)Restricted shares and phantom share units: Common shares are issued on a one-for-one basis in exchange for the cancellation of vested and exchanged phantom share units. The restricted shares generally vest over one year and the phantom share units generally vest over three years. During the year ended December 31, 2021, the Company granted 75,910 restricted shares to its board of directors and the restricted shares vest on January 1, 2022. During the year ended December 31, 2020, the Company granted 1,051,492 restricted shares to its board of directors. 1,000,000 restricted shares have requisite service periods ending on December 31, 2022. The remaining 51,492 restricted shares vested on January 1, 2021. 20. Share-based compensation (continued): (b)Restricted stock units: The restricted stock units generally vest over or five years, in equal tranches. Upon vesting of the restricted stock units, the participant will receive common shares. In August 2021, the Company granted certain executive officers 550,000 restricted stock units. The restricted stock units vest in five tranches annually beginning on January 3, 2022 and have a grant date fair value of $13.44 per unit. In June 2020, the Company granted the Chief Executive Officer (“CEO”) 1,500,000 restricted stock units. The restricted stock units vest in five tranches annually over five years beginning December 31, 2021 and have a grant date fair value of $7.25 per unit. (c)Stock options: In June 2020, the Company granted the CEO stock options to acquire 1,500,000 common shares at an exercise price of $7.80 per share. The stock options vest in five tranches annually over five years beginning December 31, 2021 and expire on June 24, 2030.
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Other information |
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| Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other information | Other information: (a)Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are:
(b)Supplemental cash flow information:
21. Other information (continued):
21. Other information (continued): The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows:
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Commitments and contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies | Commitments and contingencies: (a)Operating leases: At at December 31, 2021, the commitment under operating leases for vessels is $780,745,000 for 2022 to 2029 and for other leases is $10,418,000 for 2022 to 2031. Total commitments under these leases are as follows:
For operating leases indexed to three month LIBOR, commitments under these leases are calculated using the LIBOR in place as at December 31, 2021 for the Company. (b)Vessels under construction: As at December 31, 2021, the Company had entered into agreements to acquire 67 vessels (December 31, 2020 – five vessels). The Company has outstanding commitments for the remaining installment payments as follows:
(c)Letter of credit: As at December 31, 2021, the Company has $10,350,000 (December 31, 2020 – $11,686,000) in letters of credit outstanding in support of its mobile power generation business, all of which are unused.
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Financial instruments |
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| Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial instruments | Financial instruments: (a)Fair value: The carrying values of cash and cash equivalents, short-term investments, restricted cash, accounts receivable, income tax payable, accounts payable and accrued liabilities approximate their fair values because of their short term to maturity. As of December 31, 2021, the fair value of the Company’s revolving credit facilities and term loan credit facilities, excluding deferred financing fees is $2,326,568,000 (December 31, 2020 - $2,827,984,000) and the carrying value is $2,341,879,000 (December 31, 2020 - $2,866,850,000). As of December 31, 2021, the fair value of the Company’s other financing arrangements, excluding deferred financing fees, is $1,419,508,000 (December 31, 2020 - $891,710,000) and the carrying value is $1,363,098,000 (December 31, 2020 - $879,468,000). The fair value of the revolving and term loan credit facilities and other financing arrangements, excluding deferred financing fees, was estimated based on expected principal repayments and interest, discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. Therefore, the Company categorized the fair value of these financial instruments as Level 2 in the fair value hierarchy. As of December 31, 2021, the fair value of the Company’s senior unsecured notes is $1,349,212,000 (December 31, 2020 – $89,207,000) and the carrying value is $1,302,350,000 (December 31, 2020 – $80,000,000). The fair value of the Company’s Senior Unsecured Exchangeable Notes was $209,566,000 (December 31, 2020 – $195,232,000) and the carrying value was $201,250,000 (December 31, 2020 – $201,250,000) or $196,177,000 (December 31, 2020 – $195,000,000), net of debt discount. The fair value of the Company’s Senior Secured Notes was $456,875,000 and the carrying value was $500,000,000. The fair value was calculated using the present value of expected principal repayments and interest discounted by relevant forward rates plus a margin appropriate to the credit risk of the Company. As a result, these amounts were categorized as Level 2 in the fair value hierarchy. The Company’s interest rate derivative financial instruments are re-measured to fair value at the end of each reporting period. The fair values of the interest rate derivative financial instruments have been calculated by discounting the future cash flow of both the fixed rate and variable rate interest rate payments. The discount rate is derived from a yield curve created by nationally recognized financial institutions adjusted for the associated credit risk. The fair values of the interest rate derivative financial instruments are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. Therefore, the Company categorized the fair value of these derivative financial instruments as Level 2 in the fair value hierarchy. As part of the acquisition of APR Energy, the Company obtained a contingent consideration asset related to compensation the Company will receive from the Sellers on losses that may be generated from cash repatriation from a foreign jurisdiction. The fair value of the contingent consideration asset is calculated as the present value of expected future compensable losses from conversion of cash from foreign currency to US dollars, derived from the discount expected to be realized on repatriation of cash from the foreign jurisdiction over a specified period of time, which is a significant unobservable input. As such, the Company categorized the fair value of the contingent consideration asset as Level 3 in the fair value hierarchy. The discount expected to be realized on future repatriation of cash as of December 31, 2021 is 50%. An increase of 5% on the discount would result in an increase in the fair value of approximately $620,000. A decrease of 5% on the discount would result in a decrease in the fair value of approximately $619,000. As part of the acquisition of APR Energy, the Company also obtained, a contingent consideration asset related to compensation the Company expects to receive from Fairfax on losses realized on future sale or disposal of certain property, plant and equipment and inventory items. The fair value of the contingent consideration asset is determined based on the present value of expected future compensation, calculated as the difference between the book value of the respective assets at acquisition and the realizable value of the asset obtained from market quotes, which is a significant unobservable input. As such, the Company categorized the fair value of the contingent consideration asset as Level 3 in the fair value hierarchy. 23. Financial instruments (continued): (a)Fair value (continued): Unobservable inputs for recurring and non-recurring Level 3 disclosures are obtained from third parties whenever possible and reviewed by the Company for reasonableness. (b)Interest rate swap derivatives: The Company uses interest rate derivative financial instruments, consisting of interest rate swaps to manage its interest rate risk associated with its variable rate debt. If interest rates remain at their current levels, the Company expects that $16,818,000 would be settled in cash in the next 12 months on instruments maturing after December 31, 2021. The amount of the actual settlement may be different depending on the interest rate in effect at the time settlements are made. As of December 31, 2021, the Company had the following outstanding interest rate derivatives:
(1)Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap. (c)Financial instruments measured at fair value: The following provides information about the Company’s financial instruments measured at fair value:
There are no amounts subject to the master netting arrangements in 2021 or 2020. 23. Financial instruments (continued): (c)Financial instruments measured at fair value (continued): The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings:
(1)For the years ended December 31, 2021, 2020 and 2019, cash flows related to actual settlement of interest rate swaps were $26,758,000, $21,789,000 and $126,782,000 respectively. These are included in investing activities on the consolidated statements of cash flows. (2)The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings. The estimated amount of AOCL expected to be reclassified to net earnings within the next 12 months is approximately $1,019,000.
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Subsequent events |
12 Months Ended |
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Dec. 31, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent events | Subsequent events: (a)On January 6, 2022, the Company declared quarterly dividends of $0.496875, $0.492188, $0.500000, $0.437500 per Series D, Series H, Series I and Series J preferred share, respectively, representing a total distribution of $15,223,000 to all shareholders of record on January 28, 2022. (b)On January 6, 2022, the Company declared a quarterly dividend of $0.125 per common share to all shareholders of record as of January 20, 2022. (c)In January 2022, the Company exercised its option under an existing lease financing arrangement to purchase one 10,000 TEU vessel. The purchase is expected to complete in January 2023 at the pre-determined purchase price of $52,690,000. (d)In January 2022, the Company entered into an interest rate swap with a notional amount of $500,000,000. The swap has a 10-year term and the Company pays a fixed rate of 1.925% and receives a floating rate based on three month LIBOR. (e)In February 2022, the Company sold one 4,250 TEU vessel for an aggregate purchase price of $32,750,000. The Company continues to manage the ship operations of the vessel. (f)In February 2022, the Company entered into a $250,000,000 3-year sustainability-linked unsecured revolving credit facility (the “2022 RCF”). The 2022 RCF replaces the Company’s $150,000,000 2-year unsecured revolving credit facility and bears interest at market rate. (g)In March 2022, the Atlas Plan was amended and restated to increase the number of common shares issuable under the Atlas Plan from 10,000,000 to 20,000,000.
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Significant accounting policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Basis of preparation | Basis of preparation: The Reorganization was accounted for as a transaction among entities under common control under the pooling of interest method and represented a change in reporting entity whereby the financial information of Seaspan prior to the Reorganization was assumed by Atlas on a carry-over basis. Accordingly, the accompanying consolidated financial statements represent the consolidated historical operations and changes in consolidated financial position of Seaspan, which included the Company as a consolidated subsidiary from its incorporation on October 1, 2019 to February 27, 2020 and those of the Company thereafter, following the Reorganization. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the following accounting policies have been consistently applied in the preparation of the consolidated financial statements.
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| Principles of consolidation | Principles of consolidation : The accompanying consolidated financial statements include the accounts of Atlas Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. The Company also consolidates any variable interest entities (“VIEs”) of which it is the primary beneficiary. The primary beneficiary is the enterprise that has both the power to make decisions that most significantly affect the economic performance of the VIE and has the right to receive benefits or the obligation to absorb losses that in either case could potentially be significant to the VIE. The impact of the consolidation of these VIEs is described in note 15. The Company accounts for its investment in companies in which it has significant influence by the equity method. The Company’s proportionate share of earnings is included in earnings and added to or deducted from the cost of the investment.
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| Foreign currency translation | Foreign currency translation:The functional and reporting currency of the Company is the United States dollar. Transactions involving other currencies are converted into United States dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the United States dollar are translated into United States dollars using exchange rates at that date. Exchange gains and losses are included in net earnings. | ||||||||||||||||||||||||
| Cash equivalents | Cash equivalents:Cash equivalents include highly liquid securities with terms to maturity of three months or less when acquired. | ||||||||||||||||||||||||
| Inventories | Inventories: Inventories consist primarily of spare parts and consumables. Inventories are stated at the lower of cost or net realizable value. Inventory cost is primarily determined using average or weighted average cost method, depending on the nature of the inventory. Net realizable value is the estimated selling price in the ordinary course of business less costs to complete, disposal and transportation.
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| Property, plant and equipment | Property, plant and equipment: Vessels Except as described below, vessels are recorded at their cost, which consists of the purchase price, acquisition and delivery costs, less accumulated depreciation. Vessels purchased from Seaspan’s predecessor upon completion of Seaspan’s initial public offering in 2005 were initially recorded at the predecessor’s carrying value. Depreciation is calculated on a straight-line basis over the estimated useful life of each vessel, which is 30 years from the date of completion. The Company calculates depreciation based on the estimated remaining useful life and the expected salvage value of the vessel. Vessels under construction Vessels under construction include deposits, installment payments, interest, financing costs, transaction fees, construction design, supervision costs, and other pre-delivery costs incurred during the construction period. Power generating equipment Power generating equipment are recorded at their cost, which represent their original cost at the time of purchase, less accumulated depreciation. Costs incurred to mobilize and install power-generating equipment pursuant to a contract for the provision of power generation services are recorded in property, plant and equipment and are depreciated on a straight-line basis over the non-cancellable lease term to which the power generating equipment relates. A summary of the useful lives used for calculating depreciation and amortization is as follows:
2. Significant accounting policies (continued): (f) Property, plant and equipment (continued): Property, plant and equipment that are held for use are evaluated for impairment when events or circumstances indicate that their carrying amounts may not be recoverable from future undiscounted cash flows. Such evaluations include the comparison of current and anticipated operating cash flows, assessment of future operations and other relevant factors. If the carrying amount of the property, plant and equipment exceeds the estimated net undiscounted future cash flows expected to be generated over the asset’s remaining useful life, the carrying amount of the asset is reduced to its estimated fair value.
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| Vessel dry-dock activities | Vessel dry-dock activities:Classification society rules require that vessels be dry-docked for inspection including planned major maintenance and overhaul activities for ongoing certification. The Company generally dry-docks its vessels once every five years. Dry-docking activities include the inspection, refurbishment and replacement of steel, engine components, electrical, pipes and valves, and other parts of the vessel. The Company uses the deferral method of accounting for dry-dock activities whereby capital costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. | ||||||||||||||||||||||||
| Business combinations | Business combinations:Business combinations are accounted for under the acquisition method. The acquired identifiable net assets are measured at fair value at the date of acquisition. Deferred taxes are recognized for any differences between the fair value of net assets acquired and the related tax basis. Any excess of the purchase price over the fair value of net assets acquired is recognized as goodwill. Associated transaction costs are expensed as incurred. | ||||||||||||||||||||||||
| Goodwill | Goodwill:Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized, but reviewed for impairment annually or more frequently if impairment indicators arise. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. | ||||||||||||||||||||||||
| Asset retirement obligations | Asset retirement obligations:The Company records a provision and a corresponding long-lived asset for asset retirement obligations (“ARO”) when there is a legal obligation associated with the retirement of long-lived assets and the fair value of the liability can be reasonably estimated. The fair value of the ARO is measured using expected future cash flows discounted at the Company’s credit-adjusted risk-free interest rate. The liability is accreted up to the cost of retirement through interest expense over the non-cancellable lease term. The long-lived asset is depreciated straight-line over the same period. Changes in the amount or timing of the estimated ARO are recorded as an adjustment to the related asset and liability or to depreciation expense if the asset is fully depreciated. | ||||||||||||||||||||||||
| Deferred financing fees | Deferred financing fees:Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s credit facilities and other financing arrangements and are presented as a direct deduction from the related debt liability when available. Amortization of deferred financing fees on credit facilities is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. Amortization of deferred financing fees on other financing arrangements is provided on the effective interest rate method over the term of the underlying obligation. Amortization of deferred financing fees is recorded as interest expense.2. Significant accounting policies (continued): | ||||||||||||||||||||||||
| Revenue | Revenue: Containership leasing revenue The Company derives revenue from the charter of its containership vessels. Each charter agreement is evaluated and classified as an operating lease or financing lease based on the lease term, fair value associated with the lease and any purchase options or obligations. The assessment is done at lease commencement and reassessed only when a modification occurs that is not considered a separate contract. Charters classified as operating leases include a lease component associated with the use of the vessel and a non-lease component related to vessel management. Total consideration in the lease agreement is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the lease and non-lease components as a single lease component. Revenue is recognized each day the vessels are on-hire, managed and performance obligations are satisfied. For charters that are classified as direct financing leases and sales-type leases, the present value of minimum lease payments and any unguaranteed residual value are recognized as net investment in lease. The discount rate used in determining the present values is the interest rate implicit in the lease. The lower of the fair value of the vessel based on information available at lease commencement date and the present value of the minimum lease payments computed using the interest rate implicit specific to each lease, represents the price, from which the carrying value of the vessel and any initial direct costs are deducted in order to determine the selling profit or loss. For financing leases that are classified as direct financing leases, the unearned lease interest income including any selling profit and initial direct costs are deferred and amortized to income over the period of the lease so as to produce a constant periodic rate of return on the net investment in lease. Any selling loss is recognized at lease commencement date. For financing leases that are classified as sales-type leases, any selling profit or loss is recognized at lease commencement date. Initial direct costs are expensed at lease commencement date if the fair value of the vessel is different from its carrying amount. If the fair value of the vessel is equal to its carrying amount, initial direct costs are deferred and amortized to income over the term of the lease. Power generation revenue The Company also derives revenue from lease and service contracts that provide customers with comprehensive power generation services that include leasing of the power generation equipment, installation and dismantling services, operations and maintenance of the power generating equipment (“O&M”), operations monitoring and logistical support. The Company earns a fixed portion of revenue on these contracts by providing megawatt capacity to its customers. Each power equipment lease contract may, depending on its terms, contain a lease component, a non-lease component or both. Lease classification is determined on a contract-specific basis. Total consideration in contracts that include a lease component associated with the use of the power-generation equipment and a non-lease component related to O&M is allocated between the lease and non-lease components based on their relative standalone selling prices. For arrangements where the timing and pattern of transfer to the lessee is consistent between the lease and non-lease components and the lease component, if accounted for separately, would be classified as an operating lease, the Company has elected to treat the components as a single lease component. Revenue is recognized over the period in which the equipment is available to the customer for use and service is provided to the customer. Certain contracts provide for mobilization and decommissioning payments. Mobilization revenue received up front is deferred and recognized as revenue on a straight-line basis over the term of the contract. Decommissioning revenue is recognized ratably over the term of the contract, as it is earned.
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| Leases | Leases: Leases classified as operating leases, where the Company is the lessee, are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease for each individual lease arrangement or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms of twelve months or less are expensed as incurred. Transactions are accounted for as sale-leaseback transactions when control of the asset is transferred. For sale-leaseback transactions, where the Company is the seller-lessee, any gains or losses on sale are recognized upon transfer.
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| Derivative financial instruments | Derivative financial instruments: From time to time, the Company utilizes derivative financial instruments. All of the Company’s derivatives are measured at their fair value at the end of each period. Derivatives that mature within one year are classified as current. For derivatives not designated as accounting hedges, changes in their fair value are recorded in earnings. The Company’s hedging policies permit the use of various derivative financial instruments to manage interest rate risk. The Company had previously designated certain of its interest rate swaps as accounting hedges and applied hedge accounting to those instruments. By September 30, 2008, the Company de-designated all of the interest rate swaps it had accounted for as hedges to that date. Subsequent to their de-designation dates, changes in their fair value are recorded in earnings. The Company evaluates whether the occurrence of any of the previously hedged interest payments are considered to be remote. When the previously hedged interest payments are not considered remote of occurring, unrealized gains or losses in accumulated other comprehensive income associated with the previously designated interest rate swaps are recognized in earnings when and where the interest payments are recognized. If such interest payments are identified as being remote, the accumulated other comprehensive income balance pertaining to these amounts is reversed through earnings immediately.
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| Income taxes | Income taxes: The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the accounting basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits of uncertain tax positions only if it is more-likely-than-not that a tax position taken or expected to be taken in a tax return will be sustained upon examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of operations. | ||||||||||||||||||||||||
| Share-based compensation | Share-based compensation: The Company grants phantom share units, restricted shares, restricted stock units and stock options to certain of its officers, members of management and directors as compensation. Compensation cost is measured at the grant date fair values as follows: •Restricted shares, phantom share units and restricted stock units are measured based on the quoted market price of the Company’s common shares on the date of the grant. •Stock options are measured at fair value using the Black-Scholes model. The fair value of each grant is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures in share-based compensation expense as they occur.
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| Fair value measurement | Fair value measurement: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the “exit price”) in an orderly transaction between market participants at the measurement date. The hierarchy is broken down into three levels based on the observability of inputs as follows: •Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. •Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
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| Earnings per share | Earnings per share: The treasury stock method is used to compute the dilutive effect of the Company’s share-based compensation awards, warrants and convertible instruments, where the presumption of share settlement has been overcome. Under this method, the incremental number of shares used in computing diluted earnings per share (“EPS”) is the difference between the number of shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible instruments where the presumption of share settlement has not been overcome. Under the if-converted method, the instruments are assumed to have been converted at the share price applicable at the end of the period, if dilutive. Contingently issuable shares are included in diluted EPS as of the beginning of the period, if contingencies are satisfied by the end of the period. If contingencies have not been satisfied by the end of the period, the number of contingently issuable shares included in diluted EPS is based on the number of shares, if any, that would be issuable if the end of the reporting period were the end of the contingency period, if the result is dilutive. The cumulative dividends applicable to the Series D, E, G, H, I and J preferred shares reduce the earnings available to common shareholders, even if not declared.
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| Use of estimates | Use of estimates: The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the: •reported amounts of assets and liabilities, •disclosure of contingent assets and liabilities at the balance sheet dates; and •reported amounts of revenue and expenses during the reporting fiscal periods. Areas where accounting judgments and estimates are significant to the Company and where actual results could differ from those estimates, include, but are not limited to the: •assessment of going concern; •assessment of property, plant and equipment useful lives; •expected salvage values; •recoverability of the carrying value of property, plant and equipment and intangible assets with finite lives which are subject to future market events; •recoverable value of goodwill; •fair values of assets acquired and liabilities assumed from business combination; •fair value of asset retirement obligations; and •fair value of interest rate swaps, other derivative financial instruments and contingent consideration asset.
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| Comparative information | Comparative information:Certain information has been reclassified to conform to the financial statement presentation adopted for the current year. | ||||||||||||||||||||||||
| Recently adopted and future accounting pronouncements | Recently adopted and future accounting pronouncements: Measurement of credit loss Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Loss on Financial Instruments”. ASU 2016-13 replaces the current incurred loss impairment methodology with the expected credit loss impairment model (“CECL”), which requires consideration of a broader range of reasonable and supportable information to estimate expected credit losses over the life of the instrument instead of only when losses are incurred. This standard applies to financial assets measured at amortized cost basis and net investments in leases recognized by the lessor. Upon adoption, a cumulative effect adjustment of $2,293,000 was made to deficit as part of the modified retrospective transition approach. Simplifying test for goodwill impairment Effective January 1, 2020, the Company adopted ASU 2017-04, “Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the need to determine the fair value of individual assets and liabilities of a reporting unit to measure the implied goodwill impairment. As a result of the adoption, the Company now calculates goodwill impairment as the amount by which the carrying value exceeds fair value of a reporting unit, not to exceed the carrying amount of goodwill. 2. Significant accounting policies (continued): (u) Recently adopted and future accounting pronouncements: Discontinuation of LIBOR The Company adopted ASU 2020-04, “Reference Rate Reform (Topic 848)”, prospectively to contract modifications. The guidance provides optional relief for the discontinuation of LIBOR resulting from rate reform. Contract terms that are modified due to the replacement of a reference rate are not required to be remeasured or reassessed under FASB’s relevant U.S. GAAP Topic. The election is available by Topic. The Company has elected to apply the optional relief for contracts under ASC 470, “Debt”, ASC 840 and 842, “Leases”, and ASC 815, “Derivatives and Hedging”. There was no impact to the Company's financial statements upon initial adoption. The LIBOR replacement modifications for Debt contracts will be accounted for by prospectively adjusting the effective interest rate in the agreements. Existing lease and derivative contracts will require no reassessments. Transition activities are focused on the conversion of existing LIBOR based contracts to the Secured Overnight Financing Rate. Debt with conversion and other options Effective January 1, 2022, the Company adopted ASU 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20)”, using the modified retrospective method, whereby the accounting for convertible debt instruments is simplified by reducing the number of accounting models and circumstances when embedded conversion features are separately recognized. This update also revises the method in which diluted earnings per share is calculated related to certain instruments with conversion features, among other clarifications. As a result of the adoption, the Company recognizes the maximum potential dilutive effect of our exchangeable notes in diluted EPS using the if-converted method.
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Significant accounting policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Useful Lives for Property, Plant and Equipment | A summary of the useful lives used for calculating depreciation and amortization is as follows:
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Acquisition of Apple Bidco Limited (Tables) |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Purchase Price | The net purchase price of $287,700,000 comprises of the following. Adjustments have been made from what was originally reported as a result of settlement of purchase price adjustments: 3. Acquisition of Apple Bidco Limited (continued):
(1)The fair value was determined based on the closing market price of common shares on February 28, 2020, the acquisition date. (2)Pursuant to the acquisition agreement, the Sellers are required to compensate the Company for losses on cash repatriation from a foreign jurisdiction related to specified contracts. Losses on cash repatriation is recognized in other expenses in the period incurred. Subsequently, Fairfax had agreed, subject to definitive documentation, to compensate the Company for future losses realized on sale or disposal of certain property, plant and equipment and inventory items (note 12(d)). (3)During the year ended December 31, 2020, the Sellers forfeited their rights to receive 577,139 Holdback Shares and returned 1,849,641 previously issued common shares to the Company. Of this number, 1,122,290 shares were permanently forfeited as part of post-closing purchase price adjustments. The remaining 727,351 shares are held in reserve as treasury shares. The shares held in reserve will be issuable to the Sellers at a future date, subject to settlement of potential indemnified events. In addition, the Company agreed to issue 5-year warrants to purchase 5,000,000 common shares at an exercise price of $13.00 per share to Fairfax, subject to definitive documentation. The warrants were issued in April 2021. During the year ended December 31, 2021 and December 31, 2020, 350,138 and 318,637 common shares were released from holdback and issued to the Sellers.
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| Summary of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.
(1)Consists of indemnification assets recognized on acquisition. The Sellers are required to indemnify the Company for certain legal and tax matters through cancellation of the Holdback Shares or in cash, at the Sellers’ option. For certain of these arrangements, if the Holdback Shares are insufficient, Fairfax may be required to compensate the Company in cash. The amount to be indemnified is subject to the aggregate losses incurred at settlement of these legal and tax matters. The amount recognized is equal to the liabilities accrued for such legal and tax matters, based on the Company’s best estimates. For certain other indemnification arrangements, Fairfax is required to compensate the Company in cash, without minority shareholders. (2)The gross contractual accounts receivables acquired is $57.0 million. The amount not expected to be collected is $7.9 million. (3)Concurrent with the acquisition, the Company refinanced the debt facilities acquired (note 13).
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| Summary of Pro forma Financial Information | The following table presents unaudited pro forma results for the year ended December 31, 2020. The unaudited pro forma financial information combines the results of operations of the Company and APR Energy as though the acquisition had occurred as of January 1, 2020. The pro forma results contain adjustments that are directly attributable to the transaction, including depreciation of the fair value of property, plant and equipment, amortization of acquired intangible assets, and refinancing of debt. Additionally, pro forma net earnings were adjusted to exclude acquisition-related costs incurred.
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Segment reporting (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information by Segment |
4. Segment reporting (continued):
(1)The calculation of adjusted EBITDA does not include the Indemnity claim under acquisition agreement as an adjustment for the mobile power generation segment. Although the revenue reported for this segment is lower due to an injunction at one of the sites, the losses are recoverable through an indemnification agreement (note 3).
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Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Revenue Disaggregated by Segment and by Type | Revenue disaggregated by segment and by type for the year ended December 31, 2021 and December 31, 2020 is as follows:
5. Revenue (continued):
(1)Operating lease revenue includes both bareboat charter and time charter revenue.
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| Schedule of Future Minimum Revenues Committed | As at December 31, 2021, the minimum future revenues to be received on committed operating leases, interest income to be earned from direct financing leases and other revenue are as follows:
(1)Minimum future operating lease revenue includes payments from signed charter agreements that have not yet commenced. (2)Minimum future interest income includes direct financing leases currently in effect.
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| Schedule of Future Minimum Revenues Received Based on Segment | As at December 31, 2021, the minimum future revenues to be received based on each segment are as follows:
(1)Minimum future operating lease revenue includes payments from signed charter agreements that have not yet commenced. (2)Minimum future interest income includes direct financing leases currently in effect.
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| Schedule of Revenue Derived from Customers | The Company’s revenue during the years was derived from the following customers:
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Net investment in lease (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Investment In Lease | Net investment in lease:
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| Schedule of Minimum Lease Receivable from Direct Financing Leases | At December 31, 2021, the minimum lease receivable from direct financing leases are as follows:
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Property, plant and equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment | A summary of the useful lives used for calculating depreciation and amortization is as follows:
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Right-of-use assets (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Lease Right Of Use Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Right-of-Use Assets |
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Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
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Other assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Assets |
(a)Intangible assets:
12. Other assets (continued): (a)Intangible assets (continued):
As part of the acquisition of APR Energy on February 28, 2020, the Company recorded $27,400,000 related to the fair value of a trademark. The trademark is amortized on a straight-line basis over its estimated useful life of 20 years. Acquired customer contracts are amortized on a straight-line basis over their remaining useful lives. As of December 31, 2021, the weighted average remaining useful lives of acquired customer contracts was 3.9 years (2020 – 4.6 years; 2019 – 5.3 years). During the year ended December 31, 2021, the Company recorded $20,910,000 of amortization related to intangible assets (2020 – $21,396,000; 2019 – $20,729,000). Future amortization of intangible assets is as follows:
(b)Deferred dry-dock: During the years ended December 31, 2021 and 2020, changes in deferred dry-dock were as follows:
(1)Amortization of dry-docking costs is included in depreciation and amortization (c)Restricted cash: Restricted cash consists primarily of amounts held in reserve accounts related to the Company’s debt facilities. 12. Other assets (continued): (d)Contingent consideration asset: As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for certain losses that may be incurred on future cash repatriation from a foreign jurisdiction until the earlier of (1) reaching the maximum cash flows subject to compensation, (2) termination of specified contracts, (3) sustaining the ability to repatriate cash without losses and (4) April 30, 2022. The amount of compensation depends on the Company’s ability to generate cash flows on specific contracts in the foreign jurisdiction and the magnitude of losses incurred on repatriation. The maximum amount of cash flows subject to compensation is $110,000,000. The Company is also compensated for future losses realized on sale or disposal of certain property, plant and equipment and inventory items calculated as the difference between the proceeds on sale or disposal and the book value of the respective assets at February 28, 2020, prior to acquisition. The maximum amount of losses subject to compensation is $64,000,000.
(e)Indemnity claim under acquisition agreement As a part of the acquisition of APR Energy on February 28, 2020, the Company is compensated by the Sellers for losses resulting from an ongoing injunction on certain sites in Argentina. The losses will be settled through a combination of the cancellation of holdback shares and cash at the (i) lifting of the injunction or (ii) end of the contract in May 2022. (f)Deferred financing fees on undrawn financings The Company has entered into financing arrangements for certain of its vessels under construction. As the financing arrangements are undrawn as at December 31, 2021, the amounts incurred have been capitalized and recorded as long-term asset. As the financing is drawn, the amounts will be reclassified and presented as a direct deduction from the related debt liability.
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Long-term debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt |
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| Schedule of Future Minimum Repayments Under Revolving Credit Facilities and Term Loans | The following is a schedule of future minimum repayments under the Company’s term loan credit facilities as of December 31, 2021:
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Operating lease liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Lease Liabilities and Lease Costs |
Operating lease costs related to vessel sale-leaseback transactions and other leases are summarized as follows:
In September 2021, the Company amended an operating lease for one vessel to extend the term for an additional five years. The amendment resulted in the continuation of its treatment as an operating lease. The reassessment due to the modification resulted in an increase of $5,753,000 to lease liabilities and a corresponding increase to right-of-use assets.
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Other financing arrangements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Financing Arrangements |
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| Schedule of Repayments Due for Other Financing Arrangements | Based on amounts funded for other financing arrangements, payments due to lessors would be as follows:
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Other liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Long-Term Liabilities |
(a)Asset retirement obligations:
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| Schedule of Change in Asset Retirement Obligation | Asset retirement obligations were assumed as part of the APR Energy acquisition and consist of the contractual requirement to demobilize the Company’s mobile power generation sites when there is a legal obligation associated with the demobilization and the fair value of the liability can be reasonably estimated.
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Income tax (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income Tax Expense | Net earnings before income taxes for the year ended December 31, 2021 relates only to the foreign jurisdictions. Similarly, the Company’s income tax expense for the year ended December 31, 2021 related only to foreign jurisdictions and consists of the following:
17. Income tax (continued):
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| Reconciliation between Effective Tax Rate | For the year ended December 31, 2021 and December 31, 2020, the reconciliation between the effective tax rate of 7.61% and 7.94%, respectively, and the statutory UK income tax rate of 19.0% is as follows:
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| Schedule of Deferred Tax Assets and Liabilities | 17. Income tax (continued): The deferred tax assets and liabilities were as follows for the year ended December 31, 2021 and December 31, 2020:
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| Summary of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
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Preferred shares and share capital (Tables) |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preferred Shares Outstanding | As at December 31, 2021, the Company had the following preferred shares outstanding:
(1)Redeemable by the Company, in whole or in part, at a redemption price of $25.00 per share plus unpaid dividends. The preferred shares are not convertible into common shares and are not redeemable by the holder. (2)On July 1, 2021, the Company redeemed all of its outstanding 8.25% Series E Cumulative Redeemable Preferred Shares and outstanding 8.20% Series G Cumulative Redeemable Perpetual Preferred shares for cash at $25.00 per share plus all accrued and unpaid dividends. (3)Dividends will be payable on the Series J Cumulative Redeemable Preferred Shares at a rate of 7.0% for the first five years after the issue date, with 1.5% increases annually thereafter to a maximum of 11.5%.
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Earnings per share (“EPS”) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Reconciliation of Numerator and Denominator Used in Basic and Diluted EPS Computations |
19. Earnings per share (“EPS”) (continued):
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Share-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Outstanding Restricted Shares, Phantom Share Units, SARs and Restricted Stock Units | A summary of the Company’s outstanding restricted shares, phantom share units, and restricted stock units as of and for the twelve months ended December 31, 2021, 2020, and 2019 are presented below:
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Other Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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| Additional Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities: The principal components of accounts payable and accrued liabilities are:
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| Schedule of Supplemental Cash Flow Information | Supplemental cash flow information:
21. Other information (continued):
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| Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the amounts shown in the consolidated statements of cash flows:
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Commitment Under Operating Leases | At at December 31, 2021, the commitment under operating leases for vessels is $780,745,000 for 2022 to 2029 and for other leases is $10,418,000 for 2022 to 2031. Total commitments under these leases are as follows:
|
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| Summary of Outstanding Commitments for Remaining Installment Payments |
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Financial instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2021, the Company had the following outstanding interest rate derivatives:
(1)Over the term of the interest rate swaps, the notional amounts increase and decrease. These amounts represent the peak notional amount over the remaining term of the swap.
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| Summary of Financial Instruments Measured at Fair Value | The following provides information about the Company’s financial instruments measured at fair value:
|
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| Schedule of Gains and Losses Reclassified from Accumulated Other Comprehensive Loss into Earnings | The following table provides information about gains and losses included in net earnings and reclassified from accumulated other comprehensive loss (“AOCL”) into earnings:
(1)For the years ended December 31, 2021, 2020 and 2019, cash flows related to actual settlement of interest rate swaps were $26,758,000, $21,789,000 and $126,782,000 respectively. These are included in investing activities on the consolidated statements of cash flows. (2)The effective portion of changes in unrealized loss on interest rate swaps was recorded in accumulated other comprehensive loss until September 30, 2008 when these contracts were voluntarily de-designated as accounting hedges. The amounts in accumulated other comprehensive loss are recognized in earnings when and where the previously hedged interest is recognized in earnings.
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General - Additional Information (Detail) |
Feb. 28, 2020 |
|---|---|
| APR Energy Ltd | Apple Bidco | |
| Business Acquisition [Line Items] | |
| Equity method investment ownership percentage | 100.00% |
Significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Jan. 01, 2020 |
|
| Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||
| Summary Of Significant Accounting Policies [Line Items] | ||
| Credit loss on financial instruments | $ 2,293 | |
| Vessels | ||
| Summary Of Significant Accounting Policies [Line Items] | ||
| Estimated useful life | 30 years | |
| Number of years between dry-docking | 5 years |
Significant accounting policies - Summary of Useful Lives Used for Calculating Depreciation and Amortization (Detail) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Turbines | |
| Property Plant And Equipment [Line Items] | |
| Property plant and equipment, useful life | 25 years |
| Generators | |
| Property Plant And Equipment [Line Items] | |
| Property plant and equipment, useful life | 15 years |
| Transformers | |
| Property Plant And Equipment [Line Items] | |
| Property plant and equipment, useful life | 15 years |
Acquisition of Apple Bidco Limited - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2021 |
Feb. 28, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Business Acquisition [Line Items] | |||||
| Goodwill | $ 75,300 | $ 75,300 | $ 75,300 | ||
| APR Energy | |||||
| Business Acquisition [Line Items] | |||||
| Shares issued (in shares) | 29,891,266 | ||||
| Shares reserved for future issuance | 6,664,270 | ||||
| Net purchase price | 287,700 | $ 293,400 | |||
| Goodwill | $ 117,900 | $ 0 | 117,900 | ||
| APR Energy | Minimum | |||||
| Business Acquisition [Line Items] | |||||
| Period of issuance | 90 days | ||||
| APR Energy | Maximum | |||||
| Business Acquisition [Line Items] | |||||
| Period of issuance | 5 years | ||||
| APR Energy | General and Administrative Expense | |||||
| Business Acquisition [Line Items] | |||||
| Acquisition related costs | $ 130 | $ 1,498 | $ 2,294 | ||
| Fairfax Financial Holdings Limited | APR Energy | |||||
| Business Acquisition [Line Items] | |||||
| Acquired percentage | 67.80% | ||||
| Fairfax Financial Holdings Limited | APR Energy | |||||
| Business Acquisition [Line Items] | |||||
| Percentage of interest in acquired entity | 100.00% | ||||
Acquisition of Apple Bidco Limited - Summary of Pro forma Financial Information (Detail) - APR Energy $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
| |
| Business Acquisition [Line Items] | |
| Revenue | $ 1,464.6 |
| Net earnings | $ 179.3 |
Segment reporting - Additional Information (Detail) |
12 Months Ended |
|---|---|
|
Dec. 31, 2021
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Segment reporting - Assets and Capital Spending (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 10,569.6 | $ 9,289.1 |
| Elimination and Other | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | (50.7) | (16.2) |
| Containership Leasing | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 9,777.6 | 8,475.4 |
| Capital expenditures | 1,679.4 | 848.1 |
| Mobile Power Generation | ||
| Segment Reporting Information [Line Items] | ||
| Total assets | 842.7 | 829.9 |
| Capital expenditures | $ 29.9 | $ 17.6 |
Revenue - Schedule of Future Minimum Revenues Committed (Detail) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Operating lease revenue | |
| 2022 | $ 1,604.1 |
| 2023 | 1,470.5 |
| 2024 | 1,180.0 |
| 2025 | 806.8 |
| 2026 | 463.3 |
| Thereafter | 344.7 |
| Future minimum revenue to be received from operating leases | 5,869.4 |
| Direct financing leases | |
| 2022 | 63.5 |
| 2023 | 61.0 |
| 2024 | 58.2 |
| 2025 | 55.2 |
| 2026 | 53.1 |
| Thereafter | 393.1 |
| Future interest income to be earned from direct financing leases | 684.1 |
| Other | |
| 2022 | 4.1 |
| 2023 | 0.7 |
| 2024 | 0.0 |
| 2025 | 0.0 |
| 2026 | 0.0 |
| Thereafter | 0.0 |
| Future minimum revenue receivable other | 4.8 |
| Total committed revenue | |
| 2022 | 1,671.7 |
| 2023 | 1,532.2 |
| 2024 | 1,238.2 |
| 2025 | 862.0 |
| 2026 | 516.4 |
| Thereafter | 737.8 |
| Future minimum revenues receivable | $ 6,558.3 |
Revenue - Schedule of Future Minimum Revenues Received Based on Segment (Detail) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Segment Reporting Information Revenue [Line Items] | |
| 2022 | $ 1,671.7 |
| 2023 | 1,532.2 |
| 2024 | 1,238.2 |
| 2025 | 862.0 |
| 2026 | 516.4 |
| Thereafter | 737.8 |
| Future minimum revenues receivable | 6,558.3 |
| Containership Leasing | |
| Segment Reporting Information Revenue [Line Items] | |
| 2022 | 1,537.8 |
| 2023 | 1,467.1 |
| 2024 | 1,238.2 |
| 2025 | 862.0 |
| 2026 | 516.4 |
| Thereafter | 737.8 |
| Future minimum revenues receivable | 6,359.3 |
| Mobile Power Generation | |
| Segment Reporting Information Revenue [Line Items] | |
| 2022 | 133.9 |
| 2023 | 65.1 |
| 2024 | 0.0 |
| 2025 | 0.0 |
| 2026 | 0.0 |
| Thereafter | 0.0 |
| Future minimum revenues receivable | $ 199.0 |
Revenue - Additional Information (Detail) |
Dec. 31, 2021 |
|---|---|
| Revenue from Contract with Customer [Abstract] | |
| Percentage of future minimum revenues utilization to be received | 100.00% |
Revenue - Schedule of Revenue Derived from Customers (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Disaggregation Of Revenue [Line Items] | |||
| Revenue | $ 1,646.6 | $ 1,421.1 | $ 1,131.5 |
| COSCO | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue | 492.2 | 401.1 | 407.4 |
| Yang Ming Marine | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue | 249.9 | 255.7 | 257.5 |
| ONE | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue | 255.2 | 237.3 | 199.4 |
| Other | |||
| Disaggregation Of Revenue [Line Items] | |||
| Revenue | $ 649.3 | $ 527.0 | $ 267.2 |
Net investment in lease - Schedule of Net Investment in Lease (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| Undiscounted lease receivable | $ 1,448.2 | $ 773.2 |
| Unearned interest income | (689.9) | (343.9) |
| Net investment in lease | $ 758.3 | $ 429.3 |
Net investment in lease - Schedule of Net Investment in Lease (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| Lease receivables | $ 751.4 | $ 429.3 |
| Unguaranteed residual value | 6.9 | 0.0 |
| Net investment in lease | 758.3 | 429.3 |
| Current portion of net investment in lease | (16.8) | (10.7) |
| Long-term portion of net investment in lease | $ 741.5 | $ 418.6 |
Net investment in lease - Additional Information (Detail) |
1 Months Ended | |||
|---|---|---|---|---|
|
Nov. 30, 2021
vessel
TEU
|
Sep. 30, 2021
vessel
TEU
|
Feb. 28, 2021
TEU
|
Feb. 29, 2020
vessel
|
|
| Leases [Abstract] | ||||
| Number of vessels acquired | 6 | |||
| Extended leases term | 6 years | |||
| Term of agreement | 18 years | 18 years | 18 years | |
| Capacity in TEUs | TEU | 12,200 | 12,200 | 12,000 | |
| Number of vessels | 2 | 1 | ||
Net investment in lease - Schedule of Minimum Lease Receivable from Direct Financing Leases (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| 2022 | $ 79.3 | |
| 2023 | 79.3 | |
| 2024 | 79.5 | |
| 2025 | 79.3 | |
| 2026 | 79.3 | |
| Thereafter | 1,051.5 | |
| Minimum lease receivable from direct financing leases | $ 1,448.2 | $ 773.2 |
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Property Plant And Equipment [Line Items] | ||
| Cost | $ 9,968.2 | $ 9,692.0 |
| Accumulated depreciation | (3,016.0) | (2,717.3) |
| Net book value | 6,952.2 | 6,974.7 |
| Vessels | ||
| Property Plant And Equipment [Line Items] | ||
| Cost | 9,410.9 | 9,148.9 |
| Accumulated depreciation | (2,830.4) | (2,571.3) |
| Net book value | 6,580.5 | 6,577.6 |
| Equipment and other | ||
| Property Plant And Equipment [Line Items] | ||
| Cost | 557.3 | 543.1 |
| Accumulated depreciation | (185.6) | (146.0) |
| Net book value | $ 371.7 | $ 397.1 |
Vessels under construction (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Nov. 30, 2021
vessel
TEU
|
Sep. 30, 2021
vessel
TEU
|
Feb. 28, 2021
TEU
|
Dec. 31, 2021
USD ($)
TEU
vessel
|
Dec. 31, 2020
USD ($)
|
|
| Property Plant And Equipment [Line Items] | |||||
| Number of vessels | vessel | 2 | 1 | |||
| Capacity in TEUs | TEU | 12,200 | 12,200 | 12,000 | ||
| Term of agreement | 18 years | 18 years | 18 years | ||
| Asset under Construction | |||||
| Property Plant And Equipment [Line Items] | |||||
| Accumulated capitalized interest costs | $ 18,870 | $ 0 | |||
| Installment payments included in balance | $ 1,284,512 | $ 41,983 | |||
| Number of vessels | vessel | 3 | ||||
| Capacity in TEUs | TEU | 12,200 | ||||
| Aggregate purchase price of vessels | $ 251,895 | ||||
| Term of agreement | 18 years | ||||
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Operating Lease Right Of Use Assets [Line Items] | ||
| Cost | $ 1,082.4 | $ 1,074.5 |
| Accumulated amortization | (357.5) | (233.3) |
| Net book value | 724.9 | 841.2 |
| Vessel operating leases | ||
| Operating Lease Right Of Use Assets [Line Items] | ||
| Cost | 1,066.6 | 1,060.9 |
| Accumulated amortization | (350.0) | (228.0) |
| Net book value | 716.6 | 832.9 |
| Other operating leases | ||
| Operating Lease Right Of Use Assets [Line Items] | ||
| Cost | 15.8 | |
| Accumulated amortization | (7.5) | |
| Net book value | $ 8.3 | |
| Office operating leases | ||
| Operating Lease Right Of Use Assets [Line Items] | ||
| Cost | 13.6 | |
| Accumulated amortization | (5.3) | |
| Net book value | $ 8.3 |
Right-of-use assets - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Operating Lease Right Of Use Assets [Abstract] | |||
| Amortization expense | $ 125,800 | $ 120,140 | $ 111,810 |
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Goodwill [Roll Forward] | |||
| Balance, December 31, 2019 | $ 75.3 | ||
| Impairment loss recognized during the period | 0.0 | $ (117.9) | $ 0.0 |
| Balance, December 31, 2020 and 2021 | 75.3 | 75.3 | |
| Containership Leasing | |||
| Goodwill [Roll Forward] | |||
| Balance, December 31, 2019 | 75.3 | 75.3 | |
| Goodwill arising from acquisition of APR Energy (note 3) | 0.0 | ||
| Impairment loss recognized during the period | 0.0 | ||
| Balance, December 31, 2020 and 2021 | 75.3 | 75.3 | 75.3 |
| Mobile Power Generation | |||
| Goodwill [Roll Forward] | |||
| Balance, December 31, 2019 | 0.0 | 0.0 | |
| Goodwill arising from acquisition of APR Energy (note 3) | 117.9 | ||
| Impairment loss recognized during the period | (117.9) | ||
| Balance, December 31, 2020 and 2021 | $ 0.0 | $ 0.0 | $ 0.0 |
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Goodwill [Line Items] | |||
| Impairment loss | $ 0 | $ 117,900 | $ 0 |
| Mobile Power Generation | |||
| Goodwill [Line Items] | |||
| Goodwill arising from acquisition of APR Energy (note 3) | 117,900 | ||
| Impairment loss | 117,900 | ||
| APR Energy | Mobile Power Generation | |||
| Goodwill [Line Items] | |||
| Goodwill arising from acquisition of APR Energy (note 3) | 117,900 | ||
| Impairment loss | $ 117,900 | ||
Other assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Other Assets [Abstract] | |||
| Intangible assets | $ 90.1 | $ 104.8 | |
| Deferred dry-dock | 79.4 | 63.8 | $ 41.3 |
| Restricted cash | 38.2 | 38.2 | |
| Contingent consideration asset | 49.2 | 84.0 | |
| Business Combination, Indemnification Asset Claim, Noncurrent | 42.5 | 0.0 | |
| Deferred financing fees on undrawn financings | 77.0 | 0.0 | |
| Other | 48.0 | 42.9 | |
| Other assets (note 12) | $ 424.4 | $ 333.7 |
Long-term Debt - Schedule of Future Minimum Repayments Under Revolving Credit Facilities and Term Loans (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Long-term debt | $ 4,282.8 | $ 3,566.1 |
| Term Loan Credit Facility | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| 2022 | 555.5 | |
| 2023 | 376.4 | |
| 2024 | 148.9 | |
| 2025 | 146.1 | |
| 2026 | 851.6 | |
| Thereafter | 263.3 | |
| Long-term debt | $ 2,341.8 |
Long-term debt - Senior Unsecured Notes (Details) - Senior Unsecured Notes - USD ($) |
12 Months Ended | |||||
|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Jul. 31, 2021 |
Jul. 14, 2021 |
May 31, 2021 |
Apr. 30, 2021 |
Feb. 28, 2021 |
|
| Debt Instrument [Line Items] | ||||||
| Face value of debt | $ 750,000,000 | |||||
| The Bonds | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate | 6.50% | |||||
| Redemption price (in percent) | 100.50% | |||||
| 2024 Bonds | ||||||
| Debt Instrument [Line Items] | ||||||
| Face value of debt | $ 200,000,000 | |||||
| Interest rate | 6.50% | |||||
| 2026 Bonds | ||||||
| Debt Instrument [Line Items] | ||||||
| Face value of debt | $ 300,000,000 | |||||
| Senior Unsecured Notes Maturing 2029 | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest rate | 5.50% | |||||
| Atlas Notes | ||||||
| Debt Instrument [Line Items] | ||||||
| Face value of debt | $ 151,000 | $ 52,198,825 | ||||
| Interest rate | 7.125% |
Long-term debt - Fairfax Notes (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Aug. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Debt Instrument [Line Items] | |||||
| Gain (loss) on debt extinguishment | $ (127,000,000.0) | $ 0 | $ 0 | ||
| Series J cumulative redeemable | |||||
| Debt Instrument [Line Items] | |||||
| Dividend rate per annum (in percent) | 7.00% | 7.00% | |||
| Shares issued for debt conversion (in shares) | 12,000,000 | ||||
| Fairfax Notes | |||||
| Debt Instrument [Line Items] | |||||
| Warrants issued in conversion of debt | 1,000,000 | ||||
| Term of warrants | 5 years | ||||
| Warrants outstanding exercise price (in dollars per share) | $ 13.71 | ||||
| Fairfax Notes | 2027 Fairfax Notes | |||||
| Debt Instrument [Line Items] | |||||
| Debt converted | $ 100,000,000 | ||||
| Fairfax Notes | 2026 Fairfax Notes | |||||
| Debt Instrument [Line Items] | |||||
| Debt converted | 200,000,000 | ||||
| Fairfax Notes | 2025 and 2026 Fairfax Notes | |||||
| Debt Instrument [Line Items] | |||||
| Face value of debt | $ 300,000,000 | ||||
| Gain (loss) on debt extinguishment | $ (121,715,000) | $ 0 | $ 0 | ||
| Percentage of principal amount redeemed | 100.00% | 100.00% | |||
Long-term debt - Senior Secured Notes (Details) - Senior Secured Notes - USD ($) $ in Millions |
Aug. 31, 2021 |
May 31, 2021 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Face value of debt | $ 500.0 | |
| Series A, Series C, and Series D Senior Secured Notes | Minimum | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 3.91% | |
| Series A, Series C, and Series D Senior Secured Notes | Maximum | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 4.26% | |
| Series B Senior Secured Notes | ||
| Debt Instrument [Line Items] | ||
| Interest rate | 3.91% |
Operating lease liabilities - Schedule of Operating Lease Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| Operating lease liabilities to be paid | $ 791.2 | $ 927.0 |
| Impact of discounting | (104.6) | (141.5) |
| Impact of changes in variable rates | 30.8 | 44.7 |
| Operating lease liabilities | 717.4 | 830.2 |
| Current portion of operating lease liabilities | (155.1) | (160.9) |
| Operating lease liabilities | $ 562.3 | $ 669.3 |
Operating lease liabilities - Schedule of Operating Lease Costs Related To Vessel Sale-leaseback Transactions And Other Leases (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Lease costs: | ||
| Operating lease expense | $ 160.2 | $ 166.5 |
| Variable lease adjustments | (13.7) | (12.4) |
| Other information: | ||
| Operating cash outflow used for operating leases | $ 143.2 | $ 147.8 |
| Weighted average discount rate | 4.80% | 4.80% |
| Weighted average remaining lease term | 6 years | 7 years |
Operating lease liabilities - Additional Information (Details) $ in Thousands |
1 Months Ended |
|---|---|
|
Sep. 30, 2021
USD ($)
| |
| Leases [Abstract] | |
| Extension of lease term | 5 years |
| Increase in operating lease liability due to lease extension | $ 5,753 |
| Right-of-use asset obtained in exchange for finance lease liability | $ 5,753 |
Other financing arrangements - Schedule of Other Financing Arrangements (Detail) $ in Millions |
1 Months Ended | ||||
|---|---|---|---|---|---|
|
Nov. 30, 2021
TEU
|
Sep. 30, 2021
TEU
|
Feb. 28, 2021
TEU
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Leases [Abstract] | |||||
| Total other financing arrangements | $ 1,363.1 | $ 879.5 | |||
| Deferred financing fees | (23.3) | (13.7) | |||
| Other financing arrangements | 1,339.8 | 865.8 | |||
| Current portion of other financing arrangements | (100.5) | (64.1) | |||
| Other financing arrangements | $ 1,239.3 | $ 801.7 | |||
| Capacity in TEUs | TEU | 12,200 | 12,200 | 12,000 | ||
Other financing arrangements - Schedule of Repayments Due for Other Financing Arrangements (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| 2022 | $ 101.0 | |
| 2023 | 101.4 | |
| 2024 | 102.6 | |
| 2025 | 97.4 | |
| 2026 | 94.2 | |
| Thereafter | 866.5 | |
| Total other financing arrangements | $ 1,363.1 | $ 879.5 |
Other liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Other Liabilities Disclosure [Abstract] | ||
| Asset retirement obligations | $ 37.4 | $ 42.3 |
| Other | 22.3 | 23.4 |
| Other long-term liabilities | 59.7 | 65.7 |
| Current portion of other long-term liabilities | (42.0) | (24.8) |
| Other long-term liabilities | $ 17.7 | $ 40.9 |
Other liabilities - Schedule of Changes in Asset Retirement Obligations (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
| Asset retirement obligations, beginning balance | $ 42.3 | ||
| Liabilities incurred | 0.0 | $ (5.3) | $ 0.0 |
| Asset retirement obligations, ending balance | 37.4 | 42.3 | |
| APR Energy | |||
| Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
| Asset retirement obligations, beginning balance | 42.3 | 0.0 | |
| Liabilities acquired | 7.8 | 45.9 | |
| Liabilities incurred | (5.0) | (5.3) | |
| Liabilities settled | (6.6) | ||
| Provision reassessment | (7.9) | (2.9) | |
| Accretion expense | 0.2 | 0.6 | |
| Asset retirement obligations, ending balance | $ 37.4 | $ 42.3 | $ 0.0 |
Income tax - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Current tax | |||
| Domestic | $ 0.0 | $ 0.0 | |
| Foreign | 13.0 | 20.2 | |
| Total | 13.0 | 20.2 | |
| Deferred tax | |||
| Domestic | 0.0 | 0.0 | |
| Foreign | 20.0 | (3.6) | |
| Total | 20.0 | (3.6) | |
| Total tax expense | |||
| Domestic | 0.0 | 0.0 | |
| Foreign | 33.0 | 16.6 | |
| Total tax expense | $ 33.0 | $ 16.6 | $ 1.2 |
Income tax - Additional Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Income Tax [Line Items] | |||
| Effective income tax rate | 7.61% | 7.94% | |
| Tax losses carried forward | $ 82,300 | $ 40,400 | |
| Amount of tax losses carried forward for which a deferred tax asset has not been recognized | 329,526 | ||
| Income tax payable | 96,900 | 110,400 | |
| Unrecognized tax benefits | 96,400 | 92,900 | $ 0 |
| Adjustments | |||
| Income Tax [Line Items] | |||
| Income tax payable | (16,325) | ||
| Unrecognized tax benefits | 16,325 | ||
| Foreign | |||
| Income Tax [Line Items] | |||
| Tax losses carried forward | 331,024 | $ 207,800 | |
| Tax losses carried forward | $ 1,498 | ||
Income tax - Reconciliation between Effective Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Income Tax Disclosure [Abstract] | |||
| Computed tax expense on income from continuing operations | $ 82.4 | $ 39.7 | |
| Certain income from containership leasing segment that is exempt from tax | (73.2) | (58.0) | |
| Goodwill impairment not deductible for tax | 0.0 | 22.4 | |
| Change in valuation allowance | 73.5 | 25.4 | |
| Change in current year uncertain tax positions | 3.5 | 1.2 | |
| Change in tax law | (32.0) | (0.1) | |
| Foreign rate differential | (22.0) | (26.8) | |
| Withholding taxes | 6.8 | 7.8 | |
| Other, net | (6.0) | 5.0 | |
| Total tax expense | $ 33.0 | $ 16.6 | $ 1.2 |
Income tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Deferred tax assets | ||
| Decommission provisions | $ 15.3 | $ 16.6 |
| Property, plant and equipment | 10.1 | 25.9 |
| Reserves and accrued expenses | 86.0 | 63.9 |
| Tax losses carried forward | 82.3 | 40.4 |
| Interest allowance | 29.0 | 16.8 |
| Deferred revenue | 0.4 | 0.4 |
| Valuation allowance | (213.5) | (129.3) |
| Deferred tax assets, net of valuation allowance | 9.6 | 34.7 |
| Deferred tax liabilities | ||
| Deferred job costs | 0.0 | (3.8) |
| Accelerated asset costs | (2.0) | (2.7) |
| Inflation adjustment | (6.4) | (5.2) |
| Other timing differences | (1.4) | (3.7) |
| Deferred tax liabilities, net of valuation allowance | (9.8) | (15.4) |
| Net deferred tax liability | $ (0.2) | |
| Net deferred tax asset | $ 19.3 |
Income tax - Summary of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
| Beginning Balance | $ 92.9 | $ 0.0 |
| Acquired as part of APR Energy Acquisition | 0.0 | 91.7 |
| Increase in unrecognized tax benefit | 3.5 | 1.2 |
| Ending Balance | $ 96.4 | $ 92.9 |
Other information - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Additional Financial Information Disclosure [Abstract] | ||
| Accrued interest | $ 43.3 | $ 17.2 |
| Accounts payable and other accrued liabilities | 140.1 | 116.9 |
| Accounts payable and accrued liabilities, Total | $ 183.4 | $ 134.1 |
Other information - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|---|
| Supplemental Cash Flow Information [Line Items] | ||||
| Cash and cash equivalents | $ 288.6 | $ 304.3 | $ 195.0 | |
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | 326.8 | 342.5 | 197.3 | $ 371.4 |
| Prepaid and Other [Member] | ||||
| Supplemental Cash Flow Information [Line Items] | ||||
| Restricted cash | 0.0 | 0.0 | 2.3 | |
| Other Assets [Member] | ||||
| Supplemental Cash Flow Information [Line Items] | ||||
| Restricted cash | $ 38.2 | $ 38.2 | $ 0.0 |
Commitments and contingencies - Additional Information (Detail) $ in Thousands |
Dec. 31, 2021
USD ($)
Containership
|
Dec. 31, 2020
USD ($)
Containership
|
|---|---|---|
| Other Commitments [Line Items] | ||
| Operating lease liabilities to be paid | $ 791,200 | $ 927,000 |
| Number of containerships to be build under purchase order | Containership | 67 | 5 |
| Letters of credit outstanding | $ 10,350 | $ 11,686 |
| Vessels | ||
| Other Commitments [Line Items] | ||
| Operating lease liabilities to be paid | 780,745 | |
| Other leases | ||
| Other Commitments [Line Items] | ||
| Operating lease liabilities to be paid | $ 10,418 |
Commitments and contingencies - Schedule of Commitment Under Operating Leases (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Leases [Abstract] | ||
| 2022 | $ 145.1 | |
| 2023 | 147.7 | |
| 2024 | 150.6 | |
| 2025 | 126.8 | |
| 2026 | 111.9 | |
| Thereafter | 109.1 | |
| Operating lease liabilities to be paid | $ 791.2 | $ 927.0 |
Commitments and contingencies - Summary of Outstanding Commitments for Remaining Installment Payments (Detail) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Purchase Obligation, Fiscal Year Maturity [Abstract] | |
| 2022 | $ 1,103.2 |
| 2023 | 2,712.5 |
| 2024 | 2,457.8 |
| Total | $ 6,273.5 |
Financial instruments - Summary of Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Millions |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Offsetting Assets [Line Items] | ||
| Contingent consideration asset (note 12 (c)) | $ 55.3 | $ 90.9 |
| Interest rate swaps | ||
| Offsetting Assets [Line Items] | ||
| Fair value of derivative assets | 6.1 | 0.0 |
| Fair value of derivative liabilities | $ 28.5 | $ 63.0 |
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